UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 9/30/2023
| Item 1. Schedule of Investments. |
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 98.8% | ||||||||
| Brazil | 5.2% | ||||||||
| Dexco SA | 454,408 | $ | 696,092 | |||||
| Pagseguro Digital Ltd., Class A (*) | 105,794 | 910,886 | ||||||
| PRIO SA (*) | 146,400 | 1,370,056 | ||||||
| Rumo SA | 291,444 | 1,323,125 | ||||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 301,952 | 585,697 | ||||||
| 4,885,856 | ||||||||
| China | 31.8% | ||||||||
| Airtac International Group | 26,765 | 812,815 | ||||||
| Alibaba Group Holding Ltd. ADR (*) | 36,266 | 3,145,713 | ||||||
| Autohome, Inc. ADR | 35,519 | 1,078,002 | ||||||
| Baidu, Inc., Class A (*) | 52,300 | 881,603 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 89,800 | 1,321,072 | ||||||
| Chow Tai Seng Jewellery Co. Ltd., Class A | 504,950 | 1,222,821 | ||||||
| JD.com, Inc., Class A | 69,759 | 1,013,939 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | 77,300 | 621,227 | ||||||
| Minth Group Ltd. | 618,000 | 1,580,488 | ||||||
| Nexteer Automotive Group Ltd. | 1,031,000 | 559,395 | ||||||
| Ping An Insurance (Group) Co. of China Ltd., Class H | 251,500 | 1,424,546 | ||||||
| Shanghai Liangxin Electrical Co. Ltd., Class A | 774,992 | 1,187,267 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 131,890 | 1,208,360 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 58,692 | 720,112 | ||||||
| Tencent Holdings Ltd. | 102,800 | 3,984,020 | ||||||
| Topsports International Holdings Ltd. | 1,549,000 | 1,176,134 | ||||||
| Trip.com Group Ltd. ADR (*) | 53,729 | 1,878,903 | ||||||
| Weibo Corp. ADR | 36,484 | 457,509 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 78,900 | 1,703,987 | ||||||
| Xiaomi Corp., Class B (*) | 470,000 | 731,874 | ||||||
| Yadea Group Holdings Ltd. | 676,000 | 1,253,337 | ||||||
| Zhongsheng Group Holdings Ltd. | 195,500 | 550,357 | ||||||
| ZTO Express Cayman, Inc. ADR | 51,277 | 1,239,365 | ||||||
| 29,752,846 | ||||||||
| Hong Kong | 1.1% | ||||||||
| Techtronic Industries Co. Ltd. | 105,002 | 1,019,462 | ||||||
| Hungary | 2.3% | ||||||||
| Richter Gedeon Nyrt. | 88,586 | 2,146,261 | ||||||
| India | 12.7% | ||||||||
| Bajaj Finance Ltd. | 19,875 | 1,863,864 | ||||||
| HDFC Bank Ltd. ADR | 45,330 | 2,674,923 | ||||||
| Description | Shares | Fair Value | ||||||
| ICICI Bank Ltd. ADR | 137,259 | $ | 3,173,428 | |||||
| Jio Financial Services Ltd. (*) | 69,057 | 192,266 | ||||||
| Mphasis Ltd. | 39,964 | 1,143,381 | ||||||
| Reliance Industries Ltd. | 67,869 | 1,905,080 | ||||||
| UPL Ltd. | 126,195 | 935,262 | ||||||
| 11,888,204 | ||||||||
| Indonesia | 4.3% | ||||||||
| Bank Central Asia Tbk PT | 3,070,500 | 1,751,777 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 6,748,349 | 2,280,599 | ||||||
| 4,032,376 | ||||||||
| Macau | 0.9% | ||||||||
| Sands China Ltd. (*) | 268,800 | 817,412 | ||||||
| Mexico | 3.9% | ||||||||
| Arca Continental SAB de CV | 72,700 | 660,276 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 349,957 | 2,933,996 | ||||||
| 3,594,272 | ||||||||
| Peru | 0.7% | ||||||||
| Credicorp Ltd. | 4,734 | 605,810 | ||||||
| Philippines | 3.2% | ||||||||
| BDO Unibank, Inc. | 807,902 | 2,026,749 | ||||||
| International Container Terminal Services, Inc. | 258,389 | 944,117 | ||||||
| 2,970,866 | ||||||||
| Poland | 1.4% | ||||||||
| InPost SA (*) | 114,384 | 1,326,068 | ||||||
| South Africa | 3.7% | ||||||||
| Capitec Bank Holdings Ltd. | 16,021 | 1,440,983 | ||||||
| Foschini Group Ltd. | 110,558 | 576,938 | ||||||
| Standard Bank Group Ltd. | 152,737 | 1,480,406 | ||||||
| 3,498,327 | ||||||||
| South Korea | 8.6% | ||||||||
| CJ Logistics Corp. | 7,579 | 453,685 | ||||||
| Samsung Electronics Co. Ltd. | 105,145 | 5,327,168 | ||||||
| SK Hynix, Inc. | 26,493 | 2,250,247 | ||||||
| 8,031,100 | ||||||||
| Taiwan | 14.6% | ||||||||
| ASE Technology Holding Co. Ltd. | 397,289 | 1,349,807 | ||||||
| Bizlink Holding, Inc. | 164,078 | 1,374,569 | ||||||
| Chroma ATE, Inc. | 148,000 | 1,268,526 | ||||||
| Hiwin Technologies Corp. | 112,714 | 712,955 | ||||||
| Lotes Co. Ltd. | 65,687 | 1,676,305 | ||||||
| MediaTek, Inc. | 60,000 | 1,370,728 | ||||||
| RichWave Technology Corp. (*) | 124,000 | 555,839 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| Sercomm Corp. | 198,000 | $ | 757,916 | |||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 285,000 | 4,625,006 | ||||||
| 13,691,651 | ||||||||
| United States | 3.0% | ||||||||
| EPAM Systems, Inc. (*) | 3,032 | 775,252 | ||||||
| SharkNinja, Inc. (*) | 29,313 | 1,358,951 | ||||||
| Tenaris SA ADR | 21,804 | 689,006 | ||||||
| 2,823,209 | ||||||||
| Zambia | 1.4% | ||||||||
| First Quantum Minerals Ltd. | 56,444 | 1,333,545 | ||||||
| Total Common Stocks (Cost $80,655,190) | 92,417,265 | |||||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,045,497) | 1,045,497 | 1,045,497 | ||||||
| Total Investments | 99.9% (Cost $81,700,687) | $ | 93,462,762 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 54,691 | |||||||
| Net Assets | 100.0% | $ | 93,517,453 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 99.4% | ||||||||
| Brazil | 6.5% | ||||||||
| Banco BTG Pactual SA | 339,196 | $ | 2,096,631 | |||||
| BB Seguridade Participacoes SA | 192,200 | 1,193,376 | ||||||
| Centrais Eletricas Brasileiras SA | 111,900 | 821,237 | ||||||
| MercadoLibre, Inc. (*) | 745 | 944,571 | ||||||
| Petroleo Brasileiro SA ADR | 166,581 | 2,497,049 | ||||||
| 7,552,864 | ||||||||
| Canada | 1.0% | ||||||||
| Parex Resources, Inc. | 60,648 | 1,138,169 | ||||||
| China | 24.1% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 53,902 | 4,675,459 | ||||||
| China Merchants Bank Co. Ltd., Class H | 612,500 | 2,541,245 | ||||||
| CSPC Pharmaceutical Group Ltd. | 1,432,000 | 1,046,818 | ||||||
| Innovent Biologics, Inc. (*) | 235,500 | 1,143,958 | ||||||
| JD.com, Inc. ADR | 32,951 | 959,863 | ||||||
| JD.com, Inc., Class A | 7,651 | 111,206 | ||||||
| Li Ning Co. Ltd. | 223,000 | 936,573 | ||||||
| Midea Group Co. Ltd., Class A | 188,600 | 1,433,720 | ||||||
| NetEase, Inc. | 15,300 | 307,156 | ||||||
| NetEase, Inc. ADR | 16,454 | 1,648,033 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 104,200 | 954,667 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 29,800 | 1,103,573 | ||||||
| Tencent Holdings Ltd. | 142,092 | 5,506,783 | ||||||
| Trip.com Group Ltd. ADR (*) | 35,080 | 1,226,748 | ||||||
| Weichai Power Co. Ltd., Class H | 878,000 | 1,191,310 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 258,300 | 962,476 | ||||||
| Yum China Holdings, Inc. | 37,304 | 2,078,579 | ||||||
| 27,828,167 | ||||||||
| France | 1.2% | ||||||||
| Pernod Ricard SA ADR | 42,370 | 1,407,955 | ||||||
| Ghana | 1.1% | ||||||||
| Kosmos Energy Ltd. (*) | 158,380 | 1,295,548 | ||||||
| Greece | 1.0% | ||||||||
| OPAP SA | 70,663 | 1,184,517 | ||||||
| Hong Kong | 1.3% | ||||||||
| AIA Group Ltd. | 183,800 | 1,486,770 | ||||||
| India | 13.9% | ||||||||
| HDFC Bank Ltd. ADR | 58,120 | 3,429,661 | ||||||
| Hindalco Industries Ltd. | 187,871 | 1,110,272 | ||||||
| ICICI Bank Ltd. ADR | 80,055 | 1,850,872 | ||||||
| Description | Shares | Fair Value | ||||||
| ITC Ltd. | 225,530 | $ | 1,207,441 | |||||
| Jio Financial Services Ltd. (*) | 116,449 | 324,213 | ||||||
| Larsen & Toubro Ltd. | 52,478 | 1,908,851 | ||||||
| Reliance Industries Ltd. | 109,693 | 3,079,079 | ||||||
| Tata Consultancy Services Ltd. | 46,785 | 1,984,577 | ||||||
| UPL Ltd. | 150,416 | 1,114,770 | ||||||
| 16,009,736 | ||||||||
| Indonesia | 4.7% | ||||||||
| Astra International Tbk PT | 2,028,800 | 816,282 | ||||||
| Bank Mandiri Persero Tbk PT | 4,514,900 | 1,760,120 | ||||||
| Bank Central Asia Tbk PT | 3,038,300 | 1,733,407 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 46,264 | 1,114,962 | ||||||
| 5,424,771 | ||||||||
| Macau | 0.9% | ||||||||
| Galaxy Entertainment Group Ltd. | 182,000 | 1,088,654 | ||||||
| Mexico | 4.9% | ||||||||
| America Movil SAB de CV | 42,553 | 737,018 | ||||||
| Arca Continental SAB de CV | 119,345 | 1,083,915 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 6,688 | 1,099,307 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 229,877 | 1,927,260 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 398,374 | 793,205 | ||||||
| 5,640,705 | ||||||||
| Philippines | 2.1% | ||||||||
| BDO Unibank, Inc. | 486,959 | 1,221,613 | ||||||
| International Container Terminal Services, Inc. | 341,370 | 1,247,318 | ||||||
| 2,468,931 | ||||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC (*),(¢) | 45,259 | 0 | ||||||
| Sberbank of Russia PJSC (¢) | 213,889 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 1.7% | ||||||||
| Nahdi Medical Co. | 20,639 | 793,500 | ||||||
| Saudi National Bank | 127,092 | 1,112,380 | ||||||
| 1,905,880 | ||||||||
| South Africa | 3.3% | ||||||||
| Anglo American PLC | 52,797 | 1,461,756 | ||||||
| Bidvest Group Ltd. | 64,984 | 932,105 | ||||||
| Capitec Bank Holdings Ltd. | 15,058 | 1,354,367 | ||||||
| 3,748,228 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| South Korea | 10.3% | ||||||||
| Kia Corp. | 23,909 | $ | 1,435,028 | |||||
| LG Chem Ltd. | 2,820 | 1,036,798 | ||||||
| Samsung Electronics Co. Ltd. | 66,826 | 3,385,737 | ||||||
| Shinhan Financial Group Co. Ltd. | 115,909 | 3,060,647 | ||||||
| SK Hynix, Inc. | 35,104 | 2,981,643 | ||||||
| 11,899,853 | ||||||||
| Taiwan | 14.8% | ||||||||
| ASE Technology Holding Co. Ltd. | 373,000 | 1,267,284 | ||||||
| Chailease Holding Co. Ltd. | 240,240 | 1,347,109 | ||||||
| CTBC Financial Holding Co. Ltd. | 1,507,000 | 1,145,821 | ||||||
| Eclat Textile Co. Ltd. | 57,789 | 872,339 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 503,000 | 1,621,507 | ||||||
| MediaTek, Inc. | 67,000 | 1,530,646 | ||||||
| Nien Made Enterprise Co. Ltd. | 111,000 | 1,066,784 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 94,851 | 8,242,552 | ||||||
| 17,094,042 | ||||||||
| Thailand | 2.2% | ||||||||
| Home Product Center PCL (‡) | 2,322,800 | 797,391 | ||||||
| PTT Exploration & Production PCL (‡) | 360,900 | 1,694,855 | ||||||
| 2,492,246 | ||||||||
| United Arab Emirates | 1.7% | ||||||||
| Abu Dhabi Ports Co. PJSC (*) | 522,208 | 917,154 | ||||||
| ADNOC Drilling Co. PJSC | 948,800 | 1,038,547 | ||||||
| 1,955,701 | ||||||||
| United Kingdom | 1.7% | ||||||||
| Unilever PLC | 10,708 | 530,105 | ||||||
| Unilever PLC ADR | 27,983 | 1,382,360 | ||||||
| 1,912,465 | ||||||||
| United States | 1.0% | ||||||||
| Freeport-McMoRan, Inc. | 30,787 | 1,148,047 | ||||||
| Total Common Stocks (Cost $105,509,265) | 114,683,249 | |||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $224,289) | 224,289 | 224,289 | ||||||
| Description | Fair Value | |||
| Total Investments | 99.6% (Cost $105,733,554) | $ | 114,907,538 | ||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 487,402 | |||
| Net Assets | 100.0% | $ | 115,394,940 | ||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 97.4% | ||||||||
| Brazil | 2.5% | ||||||||
| Banco do Brasil SA | 98,300 | $ | 922,660 | |||||
| BB Seguridade Participacoes SA | 38,700 | 240,289 | ||||||
| Cia de Saneamento do Parana | 70,000 | 318,350 | ||||||
| Energisa SA | 29,100 | 270,648 | ||||||
| Pagseguro Digital Ltd., Class A (*) | 20,992 | 180,741 | ||||||
| PRIO SA (*) | 29,600 | 277,006 | ||||||
| Vale SA | 55,109 | 740,919 | ||||||
| YDUQS Participacoes SA | 60,900 | 240,738 | ||||||
| 3,191,351 | ||||||||
| Chile | 0.5% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 9,869 | 588,883 | ||||||
| China | 30.5% | ||||||||
| Alibaba Group Holding Ltd. (*) | 373,400 | 4,048,177 | ||||||
| Baidu, Inc. ADR (*) | 5,747 | 772,109 | ||||||
| Bank of China Ltd., Class H | 2,256,000 | 789,833 | ||||||
| Bank of Communications Co. Ltd., Class H | 567,000 | 342,900 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A | 677,900 | 564,718 | ||||||
| Beijing Enterprises Holdings Ltd. | 74,000 | 254,951 | ||||||
| Beijing New Building Materials PLC, Class A | 56,300 | 231,602 | ||||||
| BYD Co. Ltd., Class H | 28,000 | 861,879 | ||||||
| BYD Electronic International Co. Ltd. | 48,500 | 220,619 | ||||||
| Canmax Technologies Co. Ltd., Class A | 50,490 | 177,550 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 1,828,000 | 848,863 | ||||||
| China Construction Bank Corp., Class H | 1,821,000 | 1,026,068 | ||||||
| China Datang Corp. Renewable Power Co. Ltd., Class H | 784,000 | 186,053 | ||||||
| China Galaxy Securities Co. Ltd., Class H | 564,500 | 289,803 | ||||||
| China International Capital Corp. Ltd., Class H | 110,000 | 200,722 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 655,000 | 573,405 | ||||||
| China Merchants Bank Co. Ltd., Class H | 68,000 | 282,130 | ||||||
| China Pacific Insurance Group Co. Ltd., Class H | 78,000 | 193,762 | ||||||
| China Resources Beer Holdings Co. Ltd. | 32,000 | 174,974 | ||||||
| China Resources Land Ltd. | 46,000 | 181,286 | ||||||
| China Resources Mixc Lifestyle Services Ltd. | 42,800 | 171,220 | ||||||
| China Resources Power Holdings Co. Ltd. | 102,000 | 194,626 | ||||||
| China Taiping Insurance Holdings Co. Ltd. | 242,000 | 239,539 | ||||||
| China Tower Corp. Ltd., Class H | 7,366,000 | 704,880 | ||||||
| China United Network Communications Ltd., Class A | 346,400 | 233,070 | ||||||
| Description | Shares | Fair Value | ||||||
| Chongqing Brewery Co. Ltd., Class A | 16,400 | $ | 191,421 | |||||
| Contemporary Amperex Technology Co. Ltd., Class A | 16,880 | 473,219 | ||||||
| CSPC Pharmaceutical Group Ltd. | 681,840 | 498,437 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 106,897 | 255,068 | ||||||
| GD Power Development Co. Ltd., Class A | 804,200 | 406,453 | ||||||
| Haidilao International Holding Ltd. | 208,000 | 554,731 | ||||||
| Haier Smart Home Co. Ltd. Class H | 131,400 | 411,026 | ||||||
| Hisense Visual Technology Co. Ltd., Class A | 101,900 | 312,877 | ||||||
| Huaibei Mining Holdings Co. Ltd., Class A | 119,500 | 228,223 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 618,000 | 297,712 | ||||||
| JD.com, Inc., Class A | 51,354 | 746,424 | ||||||
| Jinan Acetate Chemical Co. Ltd. | 22,000 | 754,298 | ||||||
| KE Holdings, Inc. ADR | 22,571 | 350,302 | ||||||
| Kingnet Network Co. Ltd., Class A | 110,900 | 191,350 | ||||||
| Kuaishou Technology (*) | 73,800 | 586,170 | ||||||
| Kunlun Energy Co. Ltd. | 416,000 | 357,900 | ||||||
| Li Auto, Inc. ADR (*) | 17,219 | 613,857 | ||||||
| Meihua Holdings Group Co. Ltd., Class A | 143,800 | 189,477 | ||||||
| Meituan, Class B (*) | 84,170 | 1,221,925 | ||||||
| MINISO Group Holding Ltd. ADR | 14,403 | 373,038 | ||||||
| NetEase, Inc. | 61,500 | 1,234,647 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (*) | 5,514 | 322,845 | ||||||
| Nongfu Spring Co. Ltd., Class H | 35,400 | 202,529 | ||||||
| PDD Holdings, Inc. (*) | 13,096 | 1,284,325 | ||||||
| People’s Insurance Co. Group of China Ltd., Class H | 1,905,000 | 680,390 | ||||||
| PetroChina Co. Ltd., Class H | 1,374,000 | 1,031,453 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 454,000 | 580,576 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 208,000 | 1,178,154 | ||||||
| SF Holding Co. Ltd., Class A | 24,300 | 136,915 | ||||||
| Shanghai Aiko Solar Energy Co. Ltd., Class A | 63,600 | 194,461 | ||||||
| Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 75,000 | 194,981 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 7,600 | 281,448 | ||||||
| Sinopharm Group Co. Ltd., Class H | 76,400 | 221,795 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 23,600 | 164,516 | ||||||
| Suofeiya Home Collection Co. Ltd. Class A | 75,100 | 194,715 | ||||||
| Tencent Holdings Ltd. | 132,500 | 5,135,045 | ||||||
| Tencent Music Entertainment Group ADR (*) | 32,958 | 210,272 | ||||||
| Tian Di Science & Technology Co. Ltd., Class A | 380,600 | 282,649 | ||||||
| Tianqi Lithium Corp., Class H | 68,600 | 383,197 | ||||||
| Trip.com Group Ltd. ADR (*) | 7,304 | 255,421 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Vipshop Holdings Ltd. ADR (*) | 27,891 | $ | 446,535 | |||||
| Wuxi Biologics Cayman, Inc. (*) | 31,500 | 185,006 | ||||||
| Yihai International Holding Ltd. | 99,000 | 170,228 | ||||||
| Yum China Holdings, Inc. | 18,054 | 1,005,969 | ||||||
| ZBOM Home Collection Co. Ltd., Class A | 72,240 | 231,605 | ||||||
| ZTO Express Cayman, Inc. ADR | 19,312 | 466,771 | ||||||
| 39,455,095 | ||||||||
| Colombia | 0.2% | ||||||||
| Bancolombia SA ADR | 12,030 | 320,960 | ||||||
| Greece | 0.9% | ||||||||
| Danaos Corp. | 3,756 | 248,722 | ||||||
| Eurobank Ergasias Services & Holdings SA, Class A (*) | 205,917 | 317,125 | ||||||
| National Bank of Greece SA (*) | 59,086 | 333,020 | ||||||
| Piraeus Financial Holdings SA (*) | 75,541 | 223,935 | ||||||
| 1,122,802 | ||||||||
| Hungary | 0.4% | ||||||||
| MOL Hungarian Oil & Gas PLC | 34,564 | 262,065 | ||||||
| Richter Gedeon Nyrt | 12,549 | 304,037 | ||||||
| 566,102 | ||||||||
| India | 15.4% | ||||||||
| Axis Bank Ltd. GDR | 5,975 | 374,512 | ||||||
| Bajaj Finance Ltd. | 2,717 | 254,798 | ||||||
| Bank of Baroda | 238,452 | 614,323 | ||||||
| BEML Ltd. | 8,140 | 226,704 | ||||||
| Bharat Electronics Ltd. | 251,413 | 418,709 | ||||||
| Britannia Industries Ltd. | 10,384 | 567,369 | ||||||
| Can Fin Homes Ltd. | 26,069 | 239,427 | ||||||
| Ceat Ltd. | 12,662 | 323,167 | ||||||
| Cipla Ltd. | 66,569 | 950,856 | ||||||
| Coforge Ltd. | 3,491 | 214,151 | ||||||
| Dr Reddy’s Laboratories Ltd. ADR | 26,469 | 1,769,982 | ||||||
| Glenmark Pharmaceuticals Ltd. | 29,977 | 309,167 | ||||||
| HCL Technologies Ltd. | 18,430 | 273,396 | ||||||
| HDFC Bank Ltd. ADR | 8,759 | 516,869 | ||||||
| Hindustan Aeronautics Ltd. | 43,136 | 1,003,469 | ||||||
| ICICI Bank Ltd. ADR | 63,839 | 1,475,958 | ||||||
| IDFC First Bank Ltd. (*) | 278,981 | 320,783 | ||||||
| Infosys Ltd. ADR | 42,955 | 734,960 | ||||||
| Karnataka Bank Ltd. | 109,626 | 328,350 | ||||||
| Karur Vysya Bank Ltd. | 171,987 | 276,929 | ||||||
| KPIT Technologies Ltd. | 16,480 | 228,336 | ||||||
| Larsen & Toubro Ltd. GDR | 10,264 | 371,965 | ||||||
| Description | Shares | Fair Value | ||||||
| LIC Housing Finance Ltd. | 46,415 | $ | 259,794 | |||||
| Manappuram Finance Ltd. | 174,172 | 313,929 | ||||||
| Nestle India Ltd. | 1,781 | 482,217 | ||||||
| Rail Vikas Nigam Ltd. | 165,414 | 338,371 | ||||||
| Reliance Industries Ltd. GDR (#) | 18,053 | 1,008,406 | ||||||
| Shriram Finance Ltd. | 10,088 | 232,089 | ||||||
| Sonata Software Ltd. | 21,027 | 267,671 | ||||||
| State Bank of India GDR | 25,083 | 1,810,713 | ||||||
| Sun Pharmaceutical Industries Ltd. | 79,486 | 1,104,445 | ||||||
| Tata Consultancy Services Ltd. | 22,507 | 954,726 | ||||||
| Tata Motors Ltd. | 76,151 | 577,311 | ||||||
| Vedanta Ltd. | 181,255 | 485,039 | ||||||
| WNS Holdings Ltd. ADR (*) | 3,428 | 234,681 | ||||||
| 19,863,572 | ||||||||
| Indonesia | 2.8% | ||||||||
| Astra International Tbk PT | 1,031,200 | 414,900 | ||||||
| Bank Mandiri Persero Tbk PT | 4,027,200 | 1,569,992 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 3,465,300 | 1,171,095 | ||||||
| Sumber Alfaria Trijaya Tbk PT | 1,802,500 | 345,297 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 6,707 | 161,639 | ||||||
| 3,662,923 | ||||||||
| Luxembourg | 0.2% | ||||||||
| Reinet Investments SCA | 9,510 | 207,971 | ||||||
| Malaysia | 0.8% | ||||||||
| Agmo Holdings Bhd (*) | 2,054 | 253 | ||||||
| CIMB Group Holdings Bhd | 741,600 | 856,935 | ||||||
| My EG Services Bhd | 1,065,000 | 180,078 | ||||||
| 1,037,266 | ||||||||
| Mexico | 2.8% | ||||||||
| Arca Continental SAB de CV | 112,300 | 1,019,931 | ||||||
| Cemex SAB de CV (*) | 712,200 | 463,834 | ||||||
| Coca-Cola Femsa SAB de CV ADR | 16,550 | 1,298,182 | ||||||
| Grupo Mexico SAB de CV, Series B | 42,200 | 199,746 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 295,700 | 588,770 | ||||||
| 3,570,463 | ||||||||
| Peru | 0.2% | ||||||||
| Credicorp Ltd. | 1,803 | 230,730 | ||||||
| Philippines | 0.9% | ||||||||
| BDO Unibank, Inc. | 135,148 | 339,040 | ||||||
| International Container Terminal Services, Inc. | 135,900 | 496,559 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Metropolitan Bank & Trust Co. | 332,460 | $ | 316,793 | |||||
| 1,152,392 | ||||||||
| Poland | 1.2% | ||||||||
| KGHM Polska Miedz SA | 6,393 | 162,541 | ||||||
| Orange Polska SA | 150,692 | 257,463 | ||||||
| ORLEN SA | 81,060 | 1,085,686 | ||||||
| 1,505,690 | ||||||||
| Qatar | 0.2% | ||||||||
| Ooredoo QPSC | 67,647 | 198,417 | ||||||
| Romania | 0.1% | ||||||||
| NEPI Rockcastle NV | 35,013 | 192,289 | ||||||
| Russia | 0.0% | ||||||||
| PhosAgro PJSC (*), (¢) | 42 | 0 | ||||||
| Severstal PAO GDR (*), (¢) | 9,589 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 4.0% | ||||||||
| Almarai Co. JSC | 14,550 | 247,177 | ||||||
| Arabian Internet & Communications Services Co. | 8,954 | 764,775 | ||||||
| Co. for Cooperative Insurance | 8,982 | 301,773 | ||||||
| Elm Co. | 2,139 | 444,719 | ||||||
| Etihad Etisalat Co. | 34,679 | 412,266 | ||||||
| Nahdi Medical Co. | 8,932 | 343,405 | ||||||
| National Medical Care Co. | 6,685 | 218,817 | ||||||
| Riyadh Cables Group Co. | 21,499 | 395,111 | ||||||
| Saudi Arabian Oil Co. | 74,905 | 699,076 | ||||||
| Saudi Basic Industries Corp. | 17,518 | 385,529 | ||||||
| Saudi Research & Media Group (*) | 3,453 | 151,393 | ||||||
| Saudi Telecom Co. | 81,345 | 815,690 | ||||||
| 5,179,731 | ||||||||
| South Africa | 2.0% | ||||||||
| Absa Group Ltd. | 22,139 | 203,630 | ||||||
| African Rainbow Minerals Ltd. | 25,248 | 227,283 | ||||||
| FirstRand Ltd. | 123,552 | 416,393 | ||||||
| Gold Fields Ltd. ADR | 39,139 | 425,050 | ||||||
| Naspers Ltd., N Shares | 2,239 | 357,306 | ||||||
| Remgro Ltd. | 29,226 | 229,175 | ||||||
| Sappi Ltd. | 161,735 | 376,878 | ||||||
| Standard Bank Group Ltd. | 21,140 | 204,900 | ||||||
| Vodacom Group Ltd. | 23,257 | 129,647 | ||||||
| 2,570,262 | ||||||||
| South Korea | 13.0% | ||||||||
| BGF retail Co. Ltd. | 2,434 | 254,241 | ||||||
| CJ CheilJedang Corp. | 1,159 | 263,130 | ||||||
| Description | Shares | Fair Value | ||||||
| DB Insurance Co. Ltd. | 5,755 | $ | 381,146 | |||||
| Dongjin Semichem Co. Ltd. | 12,015 | 298,924 | ||||||
| Doosan Bobcat, Inc. | 12,347 | 463,947 | ||||||
| Ecopro Co. Ltd. | 274 | 180,769 | ||||||
| F&F Co. Ltd. | 2,615 | 219,699 | ||||||
| Hanwha Aerospace Co. Ltd. | 2,272 | 176,071 | ||||||
| HMM Co. Ltd. | 13,897 | 167,430 | ||||||
| Hyundai Marine & Fire Insurance Co. Ltd. | 10,691 | 257,039 | ||||||
| Hyundai Rotem Co. Ltd. (*) | 18,460 | 380,242 | ||||||
| Industrial Bank of Korea | 41,200 | 341,798 | ||||||
| KB Financial Group, Inc. | 23,180 | 953,403 | ||||||
| Kia Corp. | 29,627 | 1,778,225 | ||||||
| KT Corp. | 18,654 | 458,171 | ||||||
| LG Chem Ltd. | 1,246 | 458,103 | ||||||
| LG Electronics, Inc. | 2,380 | 177,875 | ||||||
| Meritz Financial Group, Inc. | 16,012 | 654,860 | ||||||
| OCI Holdings Co. Ltd. | 2,624 | 188,937 | ||||||
| Orion Corp. | 2,154 | 204,753 | ||||||
| POSCO Holdings, Inc. | 2,150 | 842,518 | ||||||
| Samsung C&T Corp. | 2,234 | 177,755 | ||||||
| Samsung Electro-Mechanics Co. Ltd. | 2,291 | 234,036 | ||||||
| Samsung Electronics Co. Ltd. GDR | 4,489 | 5,652,759 | ||||||
| Samsung Fire & Marine Insurance Co. Ltd. | 2,106 | 405,597 | ||||||
| Samsung SDI Co. Ltd. | 1,272 | 482,349 | ||||||
| SK Hynix, Inc. | 4,061 | 344,931 | ||||||
| SL Corp. | 8,531 | 206,022 | ||||||
| Woori Financial Group, Inc. | 26,853 | 244,578 | ||||||
| 16,849,308 | ||||||||
| Taiwan | 14.4% | ||||||||
| Accton Technology Corp. | 55,000 | 840,081 | ||||||
| Advantech Co. Ltd. | 19,797 | 212,527 | ||||||
| Asia Vital Components Co. Ltd. | 27,000 | 286,079 | ||||||
| China Motor Corp. | 81,000 | 244,857 | ||||||
| Delta Electronics, Inc. | 207,000 | 2,081,046 | ||||||
| Eva Airways Corp. | 480,000 | 442,391 | ||||||
| Feng TAY Enterprise Co. Ltd. | 42,560 | 241,875 | ||||||
| Global Unichip Corp. | 5,000 | 211,955 | ||||||
| International Games System Co. Ltd. | 40,000 | 808,533 | ||||||
| King Yuan Electronics Co. Ltd. | 133,000 | 313,782 | ||||||
| Lotes Co. Ltd. | 13,000 | 331,755 | ||||||
| MediaTek, Inc. | 71,000 | 1,622,028 | ||||||
| Micro-Star International Co. Ltd. | 72,000 | 366,256 | ||||||
| Nan Ya Printed Circuit Board Corp. | 23,000 | 190,149 | ||||||
| Novatek Microelectronics Corp. | 43,000 | 564,166 | ||||||
| Poya International Co. Ltd. | 14,130 | 211,304 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Sunonwealth Electric Machine Industry Co. Ltd. | 106,000 | $ | 382,599 | |||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 469,000 | 7,610,975 | ||||||
| Tong Yang Industry Co. Ltd. | 119,000 | 288,787 | ||||||
| Unimicron Technology Corp. | 41,000 | 220,820 | ||||||
| United Microelectronics Corp. | 278,000 | 389,769 | ||||||
| Voltronic Power Technology Corp. | 7,000 | 343,709 | ||||||
| Wiwynn Corp. | 5,000 | 232,353 | ||||||
| Wowprime Corp. | 23,089 | 187,622 | ||||||
| 18,625,418 | ||||||||
| Thailand | 2.1% | ||||||||
| Bangkok Bank PCL (‡) | 110,600 | 508,768 | ||||||
| Bangkok Dusit Medical Services PCL NVDR | 420,900 | 308,816 | ||||||
| Bumrungrad Hospital PCL (‡) | 88,500 | 651,370 | ||||||
| Delta Electronics Thailand PCL (‡) | 83,000 | 188,623 | ||||||
| Krung Thai Bank PCL NVDR | 1,376,200 | 717,458 | ||||||
| TMBThanachart Bank PCL NVDR | 6,950,700 | 328,177 | ||||||
| 2,703,212 | ||||||||
| Turkey | 1.0% | ||||||||
| Akbank TAS | 170,324 | 206,849 | ||||||
| Turk Hava Yollari AO (*) | 39,891 | 351,069 | ||||||
| Turkcell Iletisim Hizmetleri AS | 128,310 | 249,229 | ||||||
| Turkiye Is Bankasi AS, C Shares | 481,112 | 449,634 | ||||||
| 1,256,781 | ||||||||
| United Arab Emirates | 1.3% | ||||||||
| Abu Dhabi Islamic Bank PJSC | 67,286 | 206,219 | ||||||
| Americana Restaurants International PLC | 228,898 | 255,552 | ||||||
| Emaar Properties PJSC | 347,037 | 759,732 | ||||||
| Emirates NBD Bank PJSC | 61,904 | 300,067 | ||||||
| National Marine Dredging Co. (*) | 34,763 | 218,047 | ||||||
| 1,739,617 | ||||||||
| Total Common Stocks (Cost $125,370,615) | 125,791,235 | |||||||
| Preferred Stocks | 1.6% | ||||||||
| Brazil | 1.6% | ||||||||
| Metalurgica Gerdau SA | 158,900 | 352,475 | ||||||
| Petroleo Brasileiro SA | 243,139 | 1,675,570 | ||||||
| Total Preferred Stocks (Cost $1,704,153) | 2,028,045 | |||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,608,381) | 1,608,381 | 1,608,381 | ||||||
| Description | Fair Value | |||
| Total Investments | 100.2% (Cost $128,683,149) | $ | 129,427,661 | ||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (276,627) | |||
| Net Assets | 100.0% | $ | 129,151,034 | ||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 96.5% | ||||||||
| Brazil | 11.8% | ||||||||
| Banco do Brasil SA | 6,033,126 | $ | 56,627,883 | |||||
| BB Seguridade Participacoes SA | 9,842,717 | 61,113,726 | ||||||
| CCR SA | 14,264,517 | 36,579,687 | ||||||
| Engie Brasil Energia SA | 2,617,800 | 21,576,519 | ||||||
| Petroleo Brasileiro SA ADR | 4,198,474 | 62,935,125 | ||||||
| Vale SA ADR | 2,280,502 | 30,558,727 | ||||||
| Vibra Energia SA | 6,861,500 | 25,826,776 | ||||||
| 295,218,443 | ||||||||
| Chile | 1.0% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 430,405 | 25,682,266 | ||||||
| China | 23.1% | ||||||||
| Anhui Conch Cement Co. Ltd., Class H | 11,529,451 | 30,493,136 | ||||||
| China Construction Bank Corp., Class H | 124,736,224 | 70,284,381 | ||||||
| China Medical System Holdings Ltd. | 13,739,000 | 20,720,160 | ||||||
| China Merchants Bank Co. Ltd., Class H | 7,976,994 | 33,096,326 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 5,786,110 | 18,768,324 | ||||||
| China Vanke Co. Ltd., Class H | 16,074,349 | 17,557,710 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 8,394,253 | 20,029,639 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 7,631,576 | 37,957,678 | ||||||
| Hengan International Group Co. Ltd. | 9,359,500 | 29,865,283 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 11,116,648 | 28,586,409 | ||||||
| Lenovo Group Ltd. | 54,376,000 | 54,632,647 | ||||||
| Midea Group Co. Ltd., Class A | 4,914,899 | 37,362,610 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 7,901,000 | 44,752,843 | ||||||
| Sinopharm Group Co. Ltd., Class H | 15,738,414 | 45,689,816 | ||||||
| Tingyi Cayman Islands Holding Corp. | 26,064,000 | 36,443,190 | ||||||
| Want Want China Holdings Ltd. | 26,671,000 | 17,383,016 | ||||||
| Weichai Power Co. Ltd., Class H | 27,548,288 | 37,378,759 | ||||||
| 581,001,927 | ||||||||
| Egypt | 0.8% | ||||||||
| Commercial International Bank Egypt SAE GDR | 15,042,936 | 19,815,398 | ||||||
| Greece | 0.7% | ||||||||
| OPAP SA | 1,113,977 | 18,673,491 | ||||||
| Hong Kong | 0.8% | ||||||||
| ASMPT Ltd. | 2,113,600 | 18,877,166 | ||||||
| Hungary | 3.1% | ||||||||
| MOL Hungarian Oil & Gas PLC | 2,679,134 | 20,313,238 | ||||||
| OTP Bank Nyrt | 1,587,478 | 57,279,589 | ||||||
| 77,592,827 | ||||||||
| Description | Shares | Fair Value | ||||||
| India | 8.9% | ||||||||
| Axis Bank Ltd. | 1,993,289 | $ | 24,764,689 | |||||
| Bajaj Auto Ltd. | 327,808 | 19,956,816 | ||||||
| Bharat Petroleum Corp. Ltd. | 4,463,725 | 18,623,113 | ||||||
| Hindalco Industries Ltd. | 2,280,569 | 13,477,614 | ||||||
| Indus Towers Ltd. (*) | 16,099,002 | 37,230,186 | ||||||
| Infosys Ltd. ADR | 1,560,266 | 26,696,151 | ||||||
| Petronet LNG Ltd. | 9,299,816 | 26,837,439 | ||||||
| Tata Consultancy Services Ltd. | 487,317 | 20,671,544 | ||||||
| UPL Ltd. | 4,863,069 | 36,041,394 | ||||||
| 224,298,946 | ||||||||
| Indonesia | 4.4% | ||||||||
| Astra International Tbk PT | 52,833,300 | 21,257,334 | ||||||
| Bank Mandiri Persero Tbk PT | 115,463,084 | 45,012,929 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 990,535 | 23,871,893 | ||||||
| United Tractors Tbk PT | 11,206,200 | 20,460,239 | ||||||
| 110,602,395 | ||||||||
| Mexico | 4.8% | ||||||||
| America Movil SAB de CV | 1,661,268 | 28,773,162 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 3,308,037 | 27,734,172 | ||||||
| Grupo Mexico SAB de CV, Series B | 3,611,985 | 17,096,695 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 14,620,195 | 29,110,358 | ||||||
| Ternium SA ADR | 453,716 | 18,103,268 | ||||||
| 120,817,655 | ||||||||
| Portugal | 3.0% | ||||||||
| Galp Energia SGPS SA | 5,148,254 | 76,261,952 | ||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC (*), (¢) | 4,695,624 | 5 | ||||||
| Sberbank of Russia PJSC (¢) | 13,596,421 | 13 | ||||||
| 18 | ||||||||
| South Africa | 8.0% | ||||||||
| Anglo American PLC | 933,817 | 25,853,971 | ||||||
| Bidvest Group Ltd. | 1,624,800 | 23,305,504 | ||||||
| Life Healthcare Group Holdings Ltd. | 18,474,778 | 19,736,576 | ||||||
| Nedbank Group Ltd. | 3,609,959 | 38,573,187 | ||||||
| Sanlam Ltd. | 11,261,200 | 38,961,159 | ||||||
| Standard Bank Group Ltd. | 3,184,613 | 30,866,917 | ||||||
| Vodacom Group Ltd. | 4,400,762 | 24,532,285 | ||||||
| 201,829,599 | ||||||||
| South Korea | 10.4% | ||||||||
| Coway Co. Ltd. | 553,700 | 16,906,012 | ||||||
| Hyundai Mobis Co. Ltd. | 156,210 | 27,829,648 | ||||||
| KB Financial Group, Inc. | 1,088,406 | 44,766,607 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| Kia Corp. | 293,175 | $ | 17,596,482 | |||||
| KT Corp. | 1,292,383 | 31,742,912 | ||||||
| KT&G Corp. | 300,395 | 19,208,628 | ||||||
| Samsung Electronics Co. Ltd. | 747,459 | 37,869,985 | ||||||
| Shinhan Financial Group Co. Ltd. | 1,278,020 | 33,746,888 | ||||||
| SK Hynix, Inc. | 360,391 | 30,610,680 | ||||||
| 260,277,842 | ||||||||
| Taiwan | 12.2% | ||||||||
| ASE Technology Holding Co. Ltd. | 16,242,000 | 55,182,917 | ||||||
| Globalwafers Co. Ltd. | 1,560,000 | 21,941,023 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 6,644,425 | 21,419,453 | ||||||
| MediaTek, Inc. | 2,271,000 | 51,882,048 | ||||||
| Novatek Microelectronics Corp. | 3,067,000 | 40,239,494 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5,437,913 | 88,246,952 | ||||||
| Yageo Corp. | 1,694,000 | 27,575,319 | ||||||
| 306,487,206 | ||||||||
| Thailand | 2.0% | ||||||||
| Kasikornbank PCL | 6,597,254 | 22,877,457 | ||||||
| PTT Exploration & Production PCL (‡) | 5,968,500 | 28,029,207 | ||||||
| 50,906,664 | ||||||||
| United Kingdom | 1.5% | ||||||||
| Unilever PLC | 750,954 | 37,176,333 | ||||||
| Total Common Stocks (Cost $2,351,458,820) | 2,425,520,128 | |||||||
| Short-Term Investments | 3.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $86,429,395) | 86,429,395 | 86,429,395 | ||||||
| Total Investments | 99.9% (Cost $2,437,888,215) | $ | 2,511,949,523 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 1,582,266 | |||||||
| Net Assets | 100.0% | $ | 2,513,531,789 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 96.3% | ||||||||
| Belgium | 2.0% | ||||||||
| Anheuser-Busch InBev SA | 39,743 | $ | 2,188,572 | |||||
| Germany | 10.4% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 156,190 | 6,746,003 | ||||||
| Knorr-Bremse AG | 71,127 | 4,523,251 | ||||||
| 11,269,254 | ||||||||
| Ireland | 1.5% | ||||||||
| Kerry Group PLC, Class A | 19,832 | 1,655,534 | ||||||
| Italy | 6.0% | ||||||||
| Nexi SpA (*) | 703,756 | 4,295,427 | ||||||
| Snam SpA | 463,541 | 2,176,154 | ||||||
| 6,471,581 | ||||||||
| Luxembourg | 3.4% | ||||||||
| SES SA | 553,272 | 3,623,398 | ||||||
| United Kingdom | 10.0% | ||||||||
| National Grid PLC | 455,430 | 5,436,353 | ||||||
| United Utilities Group PLC | 465,635 | 5,369,132 | ||||||
| 10,805,485 | ||||||||
| United States | 63.0% | ||||||||
| Alphabet, Inc., Class C (*) | 24,094 | 3,176,794 | ||||||
| Cognizant Technology Solutions Corp., Class A | 64,424 | 4,364,082 | ||||||
| CSX Corp. | 23,576 | 724,962 | ||||||
| CVS Health Corp. | 103,460 | 7,223,577 | ||||||
| DaVita, Inc. (*) | 23,074 | 2,181,185 | ||||||
| eBay, Inc. | 154,380 | 6,806,614 | ||||||
| Ferrovial SE | 144,130 | 4,394,696 | ||||||
| Fiserv, Inc. (*) | 18,785 | 2,121,954 | ||||||
| H&R Block, Inc. | 173,973 | 7,491,277 | ||||||
| Henry Schein, Inc. (*) | 37,714 | 2,800,265 | ||||||
| International Game Technology PLC | 144,650 | 4,385,788 | ||||||
| Kraft Heinz Co. | 34,000 | 1,143,760 | ||||||
| Norfolk Southern Corp. | 14,334 | 2,822,795 | ||||||
| Omnicom Group, Inc. | 88,239 | 6,572,041 | ||||||
| Pediatrix Medical Group, Inc. (*) | 255,979 | 3,253,493 | ||||||
| Scotts Miracle-Gro Co. | 21,505 | 1,111,378 | ||||||
| Tapestry, Inc. | 72,867 | 2,094,926 | ||||||
| Visa, Inc., A Shares | 23,381 | 5,377,864 | ||||||
| 68,047,451 | ||||||||
| Total Common Stocks (Cost $101,809,911) | 104,061,275 | |||||||
| Description | Shares | Fair Value | ||||||
| Preferred Stocks | 1.1% | ||||||||
| Germany | 1.1% | ||||||||
| Henkel AG & Co. KGaA (Cost $1,189,232) | 16,765 | $ | 1,196,558 | |||||
| Short-Term Investments | 3.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $3,812,833) | 3,812,833 | 3,812,833 | ||||||
| Total Investments | 100.9% (Cost $106,811,976) | $ | 109,070,666 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (991,774) | |||||||
| Net Assets | 100.0% | $ | 108,078,892 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 98.4% | ||||||||
| Australia | 1.0% | ||||||||
| Computershare Ltd. | 51,258 | $ | 857,426 | |||||
| Canada | 4.8% | ||||||||
| Dollarama, Inc. | 18,457 | 1,271,641 | ||||||
| National Bank of Canada | 25,842 | 1,716,711 | ||||||
| Toromont Industries Ltd. | 15,511 | 1,263,263 | ||||||
| 4,251,615 | ||||||||
| China | 2.5% | ||||||||
| NXP Semiconductors NV | 6,745 | 1,348,460 | ||||||
| Tencent Holdings Ltd. | 22,223 | 861,254 | ||||||
| 2,209,714 | ||||||||
| Denmark | 0.8% | ||||||||
| Carlsberg AS, Class B | 5,807 | 731,746 | ||||||
| Finland | 0.8% | ||||||||
| Kone Oyj, Class B | 18,012 | 759,448 | ||||||
| France | 4.5% | ||||||||
| Legrand SA | 8,312 | 762,848 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,714 | 1,293,087 | ||||||
| Pernod Ricard SA | 5,007 | 833,470 | ||||||
| Thales SA | 7,869 | 1,104,126 | ||||||
| 3,993,531 | ||||||||
| Germany | 0.9% | ||||||||
| Merck KGaA | 4,802 | 802,611 | ||||||
| Hong Kong | 0.9% | ||||||||
| AIA Group Ltd. | 101,383 | 820,094 | ||||||
| India | 1.3% | ||||||||
| HDFC Bank Ltd. ADR | 19,702 | 1,162,615 | ||||||
| Japan | 3.1% | ||||||||
| BayCurrent Consulting, Inc. | 18,000 | 601,438 | ||||||
| Kadokawa Corp. | 36,800 | 736,057 | ||||||
| Nintendo Co. Ltd. | 22,100 | 920,692 | ||||||
| Shimano, Inc. | 3,900 | 526,608 | ||||||
| 2,784,795 | ||||||||
| Netherlands | 3.5% | ||||||||
| ASM International NV | 2,130 | 889,486 | ||||||
| Wolters Kluwer NV | 18,278 | 2,213,571 | ||||||
| 3,103,057 | ||||||||
| Spain | 1.1% | ||||||||
| Industria de Diseno Textil SA | 26,348 | 980,655 | ||||||
| Sweden | 1.6% | ||||||||
| Assa Abloy AB, Class B | 24,606 | 536,062 | ||||||
| Description | Shares | Fair Value | ||||||
| Hexagon AB, B Shares | 104,344 | $ | 888,063 | |||||
| 1,424,125 | ||||||||
| Switzerland | 4.1% | ||||||||
| ABB Ltd. | 40,479 | 1,446,568 | ||||||
| Partners Group Holding AG | 982 | 1,104,996 | ||||||
| Swatch Group AG | 4,464 | 1,144,530 | ||||||
| 3,696,094 | ||||||||
| Taiwan | 1.7% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 17,848 | 1,550,991 | ||||||
| United Kingdom | 6.8% | ||||||||
| Coca-Cola Europacific Partners PLC | 19,421 | 1,213,424 | ||||||
| Diageo PLC | 30,953 | 1,141,510 | ||||||
| RELX PLC | 58,930 | 1,988,712 | ||||||
| Unilever PLC | 33,791 | 1,667,523 | ||||||
| 6,011,169 | ||||||||
| United States | 59.0% | ||||||||
| Accenture PLC, Class A | 7,679 | 2,358,298 | ||||||
| Alphabet, Inc., Class A (*) | 28,952 | 3,788,659 | ||||||
| Amazon.com, Inc. (*) | 22,502 | 2,860,454 | ||||||
| Amphenol Corp., Class A | 13,787 | 1,157,970 | ||||||
| Aon PLC, Class A | 6,324 | 2,050,367 | ||||||
| Avery Dennison Corp. | 4,229 | 772,511 | ||||||
| Bank of America Corp. | 32,489 | 889,549 | ||||||
| Booz Allen Hamilton Holding Corp. | 16,879 | 1,844,368 | ||||||
| BRP, Inc. | 10,077 | 762,758 | ||||||
| Charles Schwab Corp. | 20,736 | 1,138,406 | ||||||
| Coca-Cola Co. | 27,302 | 1,528,366 | ||||||
| Danaher Corp. | 7,836 | 1,944,112 | ||||||
| Deere & Co. | 2,640 | 996,283 | ||||||
| Estee Lauder Cos., Inc., Class A | 6,192 | 895,054 | ||||||
| Intercontinental Exchange, Inc. | 15,606 | 1,716,972 | ||||||
| IQVIA Holdings, Inc. (*) | 8,906 | 1,752,256 | ||||||
| Johnson & Johnson | 11,830 | 1,842,523 | ||||||
| McDonald’s Corp. | 4,688 | 1,235,007 | ||||||
| Microsoft Corp. | 12,474 | 3,938,666 | ||||||
| Motorola Solutions, Inc. | 6,331 | 1,723,551 | ||||||
| NIKE, Inc., Class B | 9,541 | 912,310 | ||||||
| Procter & Gamble Co. | 10,173 | 1,483,834 | ||||||
| PTC, Inc. (*) | 8,752 | 1,239,983 | ||||||
| Rockwell Automation, Inc. | 4,153 | 1,187,218 | ||||||
| S&P Global, Inc. | 4,121 | 1,505,855 | ||||||
| Sysco Corp. | 9,846 | 650,328 | ||||||
| Texas Instruments, Inc. | 8,790 | 1,397,698 | ||||||
| Thermo Fisher Scientific, Inc. | 3,991 | 2,020,124 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| TopBuild Corp. (*) | 3,083 | $ | 775,683 | |||||
| UnitedHealth Group, Inc. | 2,629 | 1,325,516 | ||||||
| Visa, Inc., A Shares | 8,281 | 1,904,713 | ||||||
| Warner Music Group Corp., Class A | 16,233 | 509,716 | ||||||
| Wells Fargo & Co. | 25,555 | 1,044,177 | ||||||
| Zoetis, Inc. | 7,476 | 1,300,674 | ||||||
| 52,453,959 | ||||||||
| Total Common Stocks (Cost $65,172,052) | 87,593,645 | |||||||
| Short-Term Investments | 1.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,292,335) | 1,292,335 | 1,292,335 | ||||||
| Total Investments | 99.9% (Cost $66,464,387) | $ | 88,885,980 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 71,105 | |||||||
| Net Assets | 100.0% | $ | 88,957,085 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 90.4% | ||||||||
| Australia | 5.8% | ||||||||
| Atlas Arteria Ltd. (^) | 83,962,746 | $ | 298,389,705 | |||||
| Transurban Group | 21,382,136 | 174,123,679 | ||||||
| 472,513,384 | ||||||||
| Canada | 2.9% | ||||||||
| Algonquin Power & Utilities Corp. | 5,675,300 | 33,594,266 | ||||||
| Canadian National Railway Co. | 1,889,473 | 204,618,136 | ||||||
| 238,212,402 | ||||||||
| France | 5.8% | ||||||||
| Eutelsat Communications SA (^) | 13,450,587 | 79,310,668 | ||||||
| Vinci SA | 3,581,805 | 396,529,977 | ||||||
| 475,840,645 | ||||||||
| Hong Kong | 3.9% | ||||||||
| CK Infrastructure Holdings Ltd. | 25,126,500 | 118,883,802 | ||||||
| Power Assets Holdings Ltd. | 41,468,265 | 200,020,930 | ||||||
| 318,904,732 | ||||||||
| Italy | 13.3% | ||||||||
| Hera SpA | 69,843,401 | 190,760,394 | ||||||
| Italgas SpA | 38,265,997 | 195,714,402 | ||||||
| Snam SpA | 78,471,499 | 368,394,754 | ||||||
| Terna - Rete Elettrica Nazionale | 44,253,518 | 332,915,681 | ||||||
| 1,087,785,231 | ||||||||
| Luxembourg | 1.7% | ||||||||
| SES SA (^) | 21,066,589 | 137,965,834 | ||||||
| Portugal | 0.9% | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 28,915,003 | 73,911,957 | ||||||
| Spain | 2.2% | ||||||||
| Aena SME SA | 1,113,200 | 167,443,315 | ||||||
| Atlantica Sustainable Infrastructure PLC | 727,190 | 13,889,329 | ||||||
| 181,332,644 | ||||||||
| Switzerland | 1.9% | ||||||||
| Flughafen Zurich AG | 831,615 | 158,565,756 | ||||||
| United Kingdom | 18.9% | ||||||||
| National Grid PLC | 55,652,279 | 664,307,207 | ||||||
| Pennon Group PLC (^) | 14,334,169 | 102,028,824 | ||||||
| Severn Trent PLC | 14,165,081 | 408,142,612 | ||||||
| United Utilities Group PLC | 32,204,383 | 371,341,461 | ||||||
| 1,545,820,104 | ||||||||
| United States | 33.1% | ||||||||
| American Electric Power Co., Inc. | 2,470,586 | 185,837,479 | ||||||
| CSX Corp. | 13,257,836 | 407,678,457 | ||||||
| Description | Shares | Fair Value | ||||||
| Exelon Corp. | 8,340,015 | $ | 315,169,167 | |||||
| Ferrovial SE | 20,887,335 | 636,879,831 | ||||||
| Norfolk Southern Corp. | 3,406,819 | 670,904,866 | ||||||
| Pinnacle West Capital Corp. | 2,241,619 | 165,162,488 | ||||||
| PPL Corp. | 6,816,300 | 160,592,028 | ||||||
| Union Pacific Corp. | 795,200 | 161,926,576 | ||||||
| 2,704,150,892 | ||||||||
| Total Common Stocks (Cost $7,600,064,702) | 7,395,003,581 | |||||||
| Short-Term Investments | 9.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $776,917,089) | 776,917,089 | 776,917,089 | ||||||
| Total Investments | 99.9% (Cost $8,376,981,791) (») | $ | 8,171,920,670 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 9,440,678 | |||||||
| Net Assets | 100.0% | $ | 8,181,361,348 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at September 30, 2023:
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||
| CHF | 13,383,003 | USD | 14,843,521 | SSB | 12/27/23 | $ | — | $ | 81,108 | |||||||||
| USD | 60,735,215 | AUD | 93,788,696 | BNP | 12/27/23 | 255,132 | — | |||||||||||
| USD | 108,956,996 | AUD | 168,234,120 | CIT | 12/27/23 | 470,431 | — | |||||||||||
| USD | 126,301,855 | AUD | 194,953,894 | HSB | 12/27/23 | 584,918 | — | |||||||||||
| USD | 97,636,417 | AUD | 150,725,237 | MSC | 12/27/23 | 440,538 | — | |||||||||||
| USD | 118,225,661 | AUD | 182,563,928 | SSB | 12/27/23 | 498,452 | — | |||||||||||
| USD | 5,911,580 | CAD | 7,936,858 | BNP | 12/27/23 | 59,938 | — | |||||||||||
| USD | 63,630,208 | CAD | 85,457,915 | CIT | 12/27/23 | 624,275 | — | |||||||||||
| USD | 77,880,203 | CAD | 104,578,705 | HSB | 12/27/23 | 777,001 | — | |||||||||||
| USD | 38,508,799 | CAD | 51,721,014 | MSC | 12/27/23 | 376,219 | — | |||||||||||
| USD | 72,867,027 | CAD | 97,861,510 | SCB | 12/27/23 | 716,240 | — | |||||||||||
| USD | 37,808,311 | CHF | 33,628,905 | BNP | 12/27/23 | 713,215 | — | |||||||||||
| USD | 61,486,131 | CHF | 54,650,103 | SCB | 12/27/23 | 1,203,144 | — | |||||||||||
| USD | 74,848,795 | CHF | 66,581,446 | SSB | 12/27/23 | 1,404,679 | — | |||||||||||
| USD | 334,529,439 | EUR | 311,045,214 | BNP | 12/27/23 | 4,320,594 | — | |||||||||||
| USD | 433,241,287 | EUR | 402,598,695 | CAN | 12/27/23 | 5,838,312 | — | |||||||||||
| USD | 245,887,928 | EUR | 228,498,294 | CIT | 12/27/23 | 3,311,755 | — | |||||||||||
| USD | 62,595,954 | EUR | 58,657,601 | HSB | 12/27/23 | 324,433 | — | |||||||||||
| USD | 312,931,156 | EUR | 290,745,798 | HSB | 12/27/23 | 4,272,384 | — | |||||||||||
| USD | 369,197,326 | EUR | 343,204,717 | MEL | 12/27/23 | 4,847,618 | — | |||||||||||
| USD | 525,394,083 | EUR | 487,948,432 | RBC | 12/27/23 | 7,382,937 | — | |||||||||||
| USD | 407,936,458 | EUR | 379,251,752 | SSB | 12/27/23 | 5,318,842 | — | |||||||||||
| USD | 175,751,217 | GBP | 141,628,060 | CAN | 12/27/23 | 2,841,386 | — | |||||||||||
| USD | 112,993,840 | GBP | 92,422,542 | HSB | 12/27/23 | 157,683 | — | |||||||||||
| USD | 418,729,715 | GBP | 337,343,829 | HSB | 12/27/23 | 6,875,845 | — | |||||||||||
| USD | 219,383,737 | GBP | 176,771,258 | MSC | 12/27/23 | 3,568,536 | — | |||||||||||
| USD | 356,853,083 | GBP | 287,543,579 | RBC | 12/27/23 | 5,798,979 | — | |||||||||||
| USD | 275,783,445 | GBP | 222,226,789 | SSB | 12/27/23 | 4,472,827 | — | |||||||||||
| USD | 89,555,791 | HKD | 699,287,435 | BNP | 12/27/23 | 102,248 | — | |||||||||||
| USD | 64,023,898 | HKD | 499,931,502 | HSB | 12/27/23 | 72,164 | — | |||||||||||
| USD | 101,520,672 | HKD | 792,781,015 | MSC | 12/27/23 | 107,338 | — | |||||||||||
| USD | 9,673,823 | HKD | 75,539,980 | SCB | 12/27/23 | 10,674 | — | |||||||||||
| USD | 71,085,268 | HKD | 555,119,073 | SSB | 12/27/23 | 73,885 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 67,822,622 | $ | 81,108 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 99.7% | ||||||||
| Austria | 0.7% | ||||||||
| BAWAG Group AG | 1,546 | $ | 71,024 | |||||
| Canada | 4.2% | ||||||||
| Canadian Pacific Kansas City Ltd. | 1,872 | 139,148 | ||||||
| Toromont Industries Ltd. | 1,815 | 147,819 | ||||||
| Trisura Group Ltd. (*) | 5,637 | 125,045 | ||||||
| 412,012 | ||||||||
| China | 3.1% | ||||||||
| Tencent Holdings Ltd. | 3,200 | 124,016 | ||||||
| Wuxi Biologics Cayman, Inc. (*) | 21,000 | 123,337 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 15,100 | 56,266 | ||||||
| 303,619 | ||||||||
| Denmark | 5.6% | ||||||||
| Genmab AS (*) | 263 | 93,071 | ||||||
| Novo Nordisk AS, Class B | 4,026 | 366,228 | ||||||
| Vestas Wind Systems AS (*) | 4,208 | 89,817 | ||||||
| 549,116 | ||||||||
| France | 1.5% | ||||||||
| Pernod Ricard SA | 863 | 143,656 | ||||||
| Germany | 4.1% | ||||||||
| Continental AG | 1,213 | 85,701 | ||||||
| Gerresheimer AG | 1,577 | 165,683 | ||||||
| Hensoldt AG | 2,206 | 65,081 | ||||||
| MTU Aero Engines AG | 427 | 77,580 | ||||||
| 394,045 | ||||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group Ltd. | 18,600 | 150,457 | ||||||
| India | 1.4% | ||||||||
| HDFC Bank Ltd. ADR | 2,226 | 131,356 | ||||||
| Ireland | 1.0% | ||||||||
| Ryanair Holdings PLC ADR (*) | 1,030 | 100,126 | ||||||
| Israel | 3.9% | ||||||||
| Bank Leumi Le-Israel BM | 23,037 | 190,481 | ||||||
| Tel Aviv Stock Exchange Ltd. (*) | 32,059 | 184,119 | ||||||
| 374,600 | ||||||||
| Italy | 1.1% | ||||||||
| BFF Bank SpA | 10,930 | 109,180 | ||||||
| Japan | 7.1% | ||||||||
| Advantest Corp. | 3,200 | 88,957 | ||||||
| BayCurrent Consulting, Inc. | 5,100 | 170,407 | ||||||
| Hoya Corp. | 900 | 92,748 | ||||||
| Description | Shares | Fair Value | ||||||
| Kadokawa Corp. | 3,100 | $ | 62,005 | |||||
| Koito Manufacturing Co. Ltd. | 5,000 | 75,421 | ||||||
| Nippon Sanso Holdings Corp. | 2,400 | 56,881 | ||||||
| Renesas Electronics Corp. (*) | 9,700 | 148,823 | ||||||
| 695,242 | ||||||||
| Mexico | 1.8% | ||||||||
| Arca Continental SAB de CV | 19,500 | 177,103 | ||||||
| Netherlands | 3.7% | ||||||||
| Akzo Nobel NV | 904 | 65,237 | ||||||
| ASML Holding NV | 155 | 91,022 | ||||||
| Universal Music Group NV | 7,891 | 205,203 | ||||||
| 361,462 | ||||||||
| Portugal | 1.3% | ||||||||
| EDP - Energias de Portugal SA | 30,647 | 127,533 | ||||||
| Switzerland | 2.2% | ||||||||
| ABB Ltd. | 2,665 | 95,237 | ||||||
| Idorsia Ltd. (*) | 3,447 | 9,628 | ||||||
| Partners Group Holding AG | 100 | 112,525 | ||||||
| 217,390 | ||||||||
| Taiwan | 2.7% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 16,000 | 259,650 | ||||||
| United Kingdom | 4.9% | ||||||||
| Allfunds Group PLC | 11,020 | 60,835 | ||||||
| Coca-Cola Europacific Partners PLC | 3,196 | 200,282 | ||||||
| RELX PLC | 6,366 | 214,833 | ||||||
| 475,950 | ||||||||
| United States | 47.8% | ||||||||
| Accenture PLC, Class A | 619 | 190,101 | ||||||
| Advanced Micro Devices, Inc. (*) | 1,125 | 115,672 | ||||||
| Alphabet, Inc., Class A (*) | 3,441 | 450,289 | ||||||
| Amphenol Corp., Class A | 2,209 | 185,534 | ||||||
| Analog Devices, Inc. | 579 | 101,377 | ||||||
| Aon PLC, Class A | 610 | 197,774 | ||||||
| Applied Materials, Inc. | 1,205 | 166,832 | ||||||
| Aptiv PLC (*) | 1,048 | 103,322 | ||||||
| Bank of America Corp. | 3,382 | 92,599 | ||||||
| Boston Scientific Corp. (*) | 1,990 | 105,072 | ||||||
| CyberArk Software Ltd. (*) | 195 | 31,935 | ||||||
| Estee Lauder Cos., Inc., Class A | 741 | 107,112 | ||||||
| Helmerich & Payne, Inc. | 2,397 | 101,058 | ||||||
| Intercontinental Exchange, Inc. | 1,781 | 195,946 | ||||||
| IQVIA Holdings, Inc. (*) | 1,221 | 240,232 | ||||||
| Johnson & Johnson | 243 | 37,847 | ||||||
| Marsh & McLennan Cos., Inc. | 551 | 104,855 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Microsoft Corp. | 1,830 | $ | 577,822 | |||||
| S&P Global, Inc. | 821 | 300,002 | ||||||
| Synopsys, Inc. (*) | 349 | 160,181 | ||||||
| Thermo Fisher Scientific, Inc. | 584 | 295,603 | ||||||
| UnitedHealth Group, Inc. | 646 | 325,707 | ||||||
| Visa, Inc., A Shares | 721 | 165,837 | ||||||
| Watsco, Inc. NA | 258 | 97,452 | ||||||
| Zoetis, Inc. | 1,224 | 212,952 | ||||||
| 4,663,113 | ||||||||
| Total Common Stocks (Cost $9,908,109) | 9,716,634 | |||||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $130,771) | 130,771 | 130,771 | ||||||
| Total Investments | 101.0% (Cost $10,038,880) | $ | 9,847,405 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.0)% | (99,928) | |||||||
| Net Assets | 100.0% | $ | 9,747,477 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 96.6% | ||||||||
| Australia | 4.7% | ||||||||
| Allkem Ltd. (*) | 426 | $ | 3,210 | |||||
| Aristocrat Leisure Ltd. | 890 | 23,355 | ||||||
| BlueScope Steel Ltd. | 674 | 8,417 | ||||||
| Brambles Ltd. | 3,474 | 31,974 | ||||||
| Cochlear Ltd. | 60 | 9,835 | ||||||
| Coronado Global Resources, Inc. | 2,153 | 2,696 | ||||||
| New Hope Corp. Ltd. | 650 | 2,649 | ||||||
| Northern Star Resources Ltd. | 418 | 2,798 | ||||||
| Perseus Mining Ltd. | 6,667 | 6,997 | ||||||
| Pilbara Minerals Ltd. | 5,100 | 14,038 | ||||||
| Qantas Airways Ltd. (*) | 2,778 | 9,247 | ||||||
| Ramelius Resources Ltd. | 3,676 | 3,364 | ||||||
| Sonic Healthcare Ltd. | 863 | 16,511 | ||||||
| South32 Ltd. | 1,034 | 2,262 | ||||||
| 137,353 | ||||||||
| Brazil | 0.4% | ||||||||
| Banco Santander Brasil SA | 400 | 2,073 | ||||||
| Cia de Saneamento do Parana | 700 | 3,183 | ||||||
| Klabin SA | 700 | 3,316 | ||||||
| Vale SA | 200 | 2,689 | ||||||
| 11,261 | ||||||||
| Canada | 8.0% | ||||||||
| Agnico Eagle Mines Ltd. | 195 | 8,861 | ||||||
| ARC Resources Ltd. | 311 | 4,964 | ||||||
| Canadian Natural Resources Ltd. | 100 | 6,467 | ||||||
| CGI, Inc. (*) | 313 | 30,852 | ||||||
| Constellation Software, Inc. | 26 | 53,676 | ||||||
| Dollarama, Inc. | 580 | 39,961 | ||||||
| Element Fleet Management Corp. | 502 | 7,203 | ||||||
| iA Financial Corp., Inc. | 68 | 4,266 | ||||||
| Manulife Financial Corp. | 2,269 | 41,463 | ||||||
| Metro, Inc. | 153 | 7,946 | ||||||
| Shopify, Inc. Class A (*) | 129 | 7,041 | ||||||
| Torex Gold Resources, Inc. (*) | 741 | 7,709 | ||||||
| Tourmaline Oil Corp. | 224 | 11,272 | ||||||
| Vermilion Energy, Inc. | 205 | 2,999 | ||||||
| 234,680 | ||||||||
| China | 9.8% | ||||||||
| Alibaba Group Holding Ltd. (*) | 3,000 | 32,524 | ||||||
| Alibaba Group Holding Ltd. ADR (*) | 94 | 8,154 | ||||||
| Baidu, Inc. ADR (*) | 68 | 9,136 | ||||||
| Bank of China Ltd., Class H | 29,000 | 10,153 | ||||||
| Description | Shares | Fair Value | ||||||
| Beijing Enterprises Holdings Ltd. | 1,500 | $ | 5,168 | |||||
| China Longyuan Power Group Corp. Ltd., Class H | 19,000 | 16,633 | ||||||
| China Merchants Bank Co. Ltd., Class H | 500 | 2,074 | ||||||
| China Overseas Property Holdings Ltd. | 5,000 | 5,601 | ||||||
| China Tower Corp. Ltd., Class H | 190,000 | 18,182 | ||||||
| China Yongda Automobiles Services Holdings Ltd. | 7,000 | 2,710 | ||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 200 | 5,607 | ||||||
| CSPC Pharmaceutical Group Ltd. | 10,000 | 7,310 | ||||||
| Foxconn Industrial Internet Co. Ltd., Class A | 1,800 | 4,854 | ||||||
| Haidilao International Holding Ltd. | 4,000 | 10,668 | ||||||
| Hisense Home Appliances Group Co. Ltd., Class H | 1,000 | 2,547 | ||||||
| JD.com, Inc., Class A | 350 | 5,087 | ||||||
| KE Holdings, Inc. ADR | 208 | 3,228 | ||||||
| Kunlun Energy Co. Ltd. | 4,000 | 3,441 | ||||||
| NetEase, Inc. | 1,300 | 26,098 | ||||||
| PDD Holdings, Inc. (*) | 79 | 7,747 | ||||||
| PetroChina Co. Ltd., Class H | 14,000 | 10,510 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 2,000 | 2,558 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 3,000 | 16,993 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 200 | 7,406 | ||||||
| Sinopharm Group Co. Ltd., Class H | 800 | 2,322 | ||||||
| Tencent Holdings Ltd. | 700 | 27,129 | ||||||
| Tencent Music Entertainment Group ADR (*) | 1,324 | 8,447 | ||||||
| Vipshop Holdings Ltd. ADR (*) | 478 | 7,653 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 9,600 | 11,650 | ||||||
| ZTO Express Cayman, Inc. ADR | 204 | 4,931 | ||||||
| 286,521 | ||||||||
| Colombia | 0.1% | ||||||||
| Bancolombia SA ADR | 78 | 2,081 | ||||||
| Denmark | 4.3% | ||||||||
| AP Moller - Maersk AS, Class B | 9 | 16,219 | ||||||
| Novo Nordisk AS, Class B | 1,118 | 101,700 | ||||||
| Pandora AS | 67 | 6,907 | ||||||
| 124,826 | ||||||||
| France | 6.3% | ||||||||
| AXA SA | 586 | 17,358 | ||||||
| BNP Paribas SA | 458 | 29,158 | ||||||
| Capgemini SE | 68 | 11,807 | ||||||
| Cie de Saint-Gobain SA | 397 | 23,784 | ||||||
| Hermes International SCA | 12 | 21,815 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| La Francaise des Jeux SAEM | 434 | $ | 14,094 | |||||
| Rexel SA | 145 | 3,245 | ||||||
| Societe Generale SA | 408 | 9,870 | ||||||
| Verallia SA | 270 | 10,616 | ||||||
| Vinci SA | 394 | 43,618 | ||||||
| 185,365 | ||||||||
| Germany | 2.5% | ||||||||
| Beiersdorf AG | 45 | 5,811 | ||||||
| Deutsche Bank AG | 1,377 | 15,205 | ||||||
| Deutsche Post AG | 85 | 3,464 | ||||||
| GEA Group AG | 62 | 2,292 | ||||||
| Hapag-Lloyd AG | 21 | 3,823 | ||||||
| Hugo Boss AG | 66 | 4,178 | ||||||
| Infineon Technologies AG | 848 | 28,124 | ||||||
| Merck KGaA | 7 | 1,170 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG | 16 | 6,242 | ||||||
| Rational AG | 3 | 1,899 | ||||||
| 72,208 | ||||||||
| Greece | 0.5% | ||||||||
| Eurobank Ergasias Services & Holdings SA, Class A (*) | 3,920 | 6,037 | ||||||
| National Bank of Greece SA (*) | 979 | 5,518 | ||||||
| Piraeus Financial Holdings SA (*) | 1,153 | 3,418 | ||||||
| 14,973 | ||||||||
| Hong Kong | 1.5% | ||||||||
| Link REIT | 2,000 | 9,749 | ||||||
| Swire Pacific Ltd., Class A | 2,000 | 13,503 | ||||||
| United Energy Group Ltd. | 30,000 | 4,405 | ||||||
| WH Group Ltd. | 31,500 | 16,436 | ||||||
| 44,093 | ||||||||
| India | 4.2% | ||||||||
| Dr Reddy’s Laboratories Ltd. ADR | 501 | 33,502 | ||||||
| GAIL India Ltd. GDR | 1,510 | 13,515 | ||||||
| Larsen & Toubro Ltd. GDR | 405 | 14,701 | ||||||
| Mahindra & Mahindra Ltd. GDR | 693 | 13,063 | ||||||
| Reliance Industries Ltd. GDR | 193 | 10,789 | ||||||
| State Bank of India GDR | 496 | 35,811 | ||||||
| 121,381 | ||||||||
| Indonesia | 0.8% | ||||||||
| Bank Mandiri Persero Tbk PT | 1,144 | 17,709 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 184 | 3,114 | ||||||
| First Resources Ltd. | 2,300 | 2,568 | ||||||
| 23,391 | ||||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 0.6% | ||||||||
| AerCap Holdings NV (*) | 177 | $ | 11,092 | |||||
| Ryanair Holdings PLC ADR (*) | 61 | 5,930 | ||||||
| 17,022 | ||||||||
| Israel | 0.1% | ||||||||
| Check Point Software Technologies Ltd. (*) | 22 | 2,932 | ||||||
| Italy | 2.8% | ||||||||
| Banco BPM SpA | 1,925 | 9,183 | ||||||
| Buzzi SpA | 104 | 2,848 | ||||||
| Ferrari NV | 120 | 35,366 | ||||||
| Poste Italiane SpA | 296 | 3,112 | ||||||
| Telecom Italia SpA (*) | 8,924 | 2,787 | ||||||
| UniCredit SpA | 1,134 | 27,136 | ||||||
| 80,432 | ||||||||
| Japan | 14.5% | ||||||||
| Bandai Namco Holdings, Inc. | 400 | 8,135 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 700 | 21,690 | ||||||
| Daiwa Securities Group, Inc. | 600 | 3,462 | ||||||
| Denso Corp. | 800 | 12,840 | ||||||
| East Japan Railway Co. | 100 | 5,723 | ||||||
| Electric Power Development Co. Ltd. | 300 | 4,854 | ||||||
| Honda Motor Co. Ltd. | 1,500 | 16,866 | ||||||
| Japan Post Bank Co. Ltd. | 1,700 | 14,770 | ||||||
| Japan Post Holdings Co. Ltd. | 6,500 | 51,964 | ||||||
| Japan Tobacco, Inc. | 2,000 | 46,026 | ||||||
| JFE Holdings, Inc. | 400 | 5,878 | ||||||
| Komatsu Ltd. | 100 | 2,703 | ||||||
| Lawson, Inc. | 100 | 4,596 | ||||||
| Mitsui & Co. Ltd. | 600 | 21,747 | ||||||
| Mizuho Financial Group, Inc. | 2,900 | 49,122 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 200 | 7,315 | ||||||
| NSK Ltd. | 1,000 | 5,624 | ||||||
| Ono Pharmaceutical Co. Ltd. | 600 | 11,508 | ||||||
| ORIX Corp. | 700 | 13,070 | ||||||
| Otsuka Holdings Co. Ltd. | 1,000 | 35,575 | ||||||
| Panasonic Holdings Corp. | 300 | 3,373 | ||||||
| Sega Sammy Holdings, Inc. | 200 | 3,689 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 665 | 19,301 | ||||||
| SKY Perfect JSAT Holdings, Inc. | 1,200 | 5,594 | ||||||
| Softbank Corp. | 800 | 9,047 | ||||||
| Subaru Corp. | 300 | 5,828 | ||||||
| Takara Holdings, Inc. | 300 | 2,409 | ||||||
| Tokyo Kiraboshi Financial Group, Inc. | 100 | 3,012 | ||||||
| Toyota Motor Corp. | 1,000 | 17,969 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Yakult Honsha Co. Ltd. | 400 | $ | 9,716 | |||||
| 423,406 | ||||||||
| Luxembourg | 0.1% | ||||||||
| Reinet Investments SCA | 130 | 2,843 | ||||||
| Mexico | 0.9% | ||||||||
| Arca Continental SAB de CV | 300 | 2,725 | ||||||
| Cemex SAB de CV ADR (*) | 875 | 5,687 | ||||||
| Coca-Cola Femsa SAB de CV ADR | 145 | 11,374 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 2,900 | 5,774 | ||||||
| 25,560 | ||||||||
| Netherlands | 3.0% | ||||||||
| ASML Holding NV | 90 | 52,851 | ||||||
| Wolters Kluwer NV | 291 | 35,242 | ||||||
| 88,093 | ||||||||
| Philippines | 0.2% | ||||||||
| International Container Terminal Services, Inc. | 1,510 | 5,517 | ||||||
| Poland | 0.3% | ||||||||
| ORLEN SA | 752 | 10,072 | ||||||
| Portugal | 0.4% | ||||||||
| Jeronimo Martins SGPS SA | 532 | 11,940 | ||||||
| Saudi Arabia | 0.8% | ||||||||
| Arabian Internet & Communications Services Co. | 140 | 11,958 | ||||||
| Saudi Chemical Co. Holding | 2,612 | 3,186 | ||||||
| Saudi Telecom Co. | 710 | 7,119 | ||||||
| 22,263 | ||||||||
| Singapore | 1.3% | ||||||||
| Singapore Airlines Ltd. | 500 | 2,361 | ||||||
| STMicroelectronics NV | 825 | 35,545 | ||||||
| 37,906 | ||||||||
| South Africa | 0.5% | ||||||||
| Gold Fields Ltd. ADR | 1,277 | 13,868 | ||||||
| South Korea | 3.8% | ||||||||
| DB Insurance Co. Ltd. | 106 | 7,020 | ||||||
| Doosan Bobcat, Inc. | 251 | 9,432 | ||||||
| Hyundai Rotem Co. Ltd. (*) | 110 | 2,266 | ||||||
| Industrial Bank of Korea | 355 | 2,945 | ||||||
| KB Financial Group, Inc. | 151 | 6,211 | ||||||
| Kia Corp. | 481 | 28,870 | ||||||
| Meritz Financial Group, Inc. | 195 | 7,975 | ||||||
| POSCO Holdings, Inc. | 10 | 3,919 | ||||||
| Samsung Electronics Co. Ltd. | 799 | 40,481 | ||||||
| Description | Shares | Fair Value | ||||||
| Samsung SDI Co. Ltd. | 6 | $ | 2,275 | |||||
| 111,394 | ||||||||
| Spain | 2.5% | ||||||||
| Banco Santander SA | 757 | 2,874 | ||||||
| Iberdrola SA | 4,030 | 44,997 | ||||||
| Industria de Diseno Textil SA | 666 | 24,788 | ||||||
| 72,659 | ||||||||
| Sweden | 1.1% | ||||||||
| Atlas Copco AB, A Shares | 990 | 13,264 | ||||||
| Betsson AB, Class B | 811 | 8,923 | ||||||
| SKF AB, B Shares | 288 | 4,775 | ||||||
| Volvo AB, B Shares | 204 | 4,199 | ||||||
| 31,161 | ||||||||
| Switzerland | 2.5% | ||||||||
| Belimo Holding AG | 11 | 5,214 | ||||||
| Georg Fischer AG | 79 | 4,432 | ||||||
| Novartis AG | 208 | 21,225 | ||||||
| UBS Group AG | 1,683 | 41,600 | ||||||
| 72,471 | ||||||||
| Taiwan | 4.8% | ||||||||
| Accton Technology Corp. | 1,000 | 15,274 | ||||||
| Delta Electronics, Inc. | 4,000 | 40,214 | ||||||
| Grape King Bio Ltd. | 2,000 | 9,665 | ||||||
| International Games System Co. Ltd. | 1,000 | 20,213 | ||||||
| Micro-Star International Co. Ltd. | 2,000 | 10,174 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,000 | 32,456 | ||||||
| Unimicron Technology Corp. | 1,000 | 5,386 | ||||||
| United Microelectronics Corp. | 5,000 | 7,010 | ||||||
| 140,392 | ||||||||
| Thailand | 0.4% | ||||||||
| Bumrungrad Hospital PCL (‡) | 1,700 | 12,512 | ||||||
| Turkey | 0.5% | ||||||||
| Haci Omer Sabanci Holding AS ADR | 17,413 | 7,905 | ||||||
| Turkcell Iletisim Hizmetleri AS ADR | 1,605 | 7,592 | ||||||
| 15,497 | ||||||||
| United Kingdom | 8.2% | ||||||||
| 3i Group PLC | 572 | 14,397 | ||||||
| 4imprint Group PLC | 59 | 3,748 | ||||||
| Ashtead Group PLC | 115 | 6,990 | ||||||
| AstraZeneca PLC ADR | 95 | 6,433 | ||||||
| BAE Systems PLC | 265 | 3,217 | ||||||
| Barclays PLC | 4,618 | 8,944 | ||||||
| BP PLC | 648 | 4,184 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Britvic PLC | 464 | $ | 4,923 | |||||
| Centrica PLC | 5,480 | 10,288 | ||||||
| Compass Group PLC | 366 | 8,916 | ||||||
| Global Ship Lease, Inc., Class A | 164 | 3,008 | ||||||
| HSBC Holdings PLC | 1,424 | 11,156 | ||||||
| IG Group Holdings PLC | 381 | 2,978 | ||||||
| International Consolidated Airlines Group SA (*) | 8,077 | 14,534 | ||||||
| J Sainsbury PLC | 865 | 2,661 | ||||||
| Johnson Service Group PLC | 4,049 | 6,645 | ||||||
| Man Group PLC | 1,910 | 5,190 | ||||||
| Marks & Spencer Group PLC (*) | 2,963 | 8,525 | ||||||
| NatWest Group PLC | 2,647 | 7,574 | ||||||
| RELX PLC | 202 | 6,812 | ||||||
| Rolls-Royce Holdings PLC (*) | 2,761 | 7,401 | ||||||
| Standard Chartered PLC | 4,079 | 37,698 | ||||||
| Tesco PLC | 1,486 | 4,778 | ||||||
| Unilever PLC | 743 | 36,783 | ||||||
| Virgin Money UK PLC | 2,707 | 5,558 | ||||||
| Vodafone Group PLC | 5,526 | 5,160 | ||||||
| 238,501 | ||||||||
| United States | 4.2% | ||||||||
| GSK PLC | 1,791 | 32,377 | ||||||
| Nestle SA | 102 | 11,518 | ||||||
| Roche Holding AG | 144 | 39,278 | ||||||
| Schneider Electric SE | 121 | 19,949 | ||||||
| Stellantis NV | 981 | 18,806 | ||||||
| 121,928 | ||||||||
| Total Common Stocks (Cost $2,729,381) | 2,816,502 | |||||||
| Preferred Stocks | 3.2% | ||||||||
| Brazil | 1.2% | ||||||||
| Petroleo Brasileiro SA | 5,000 | 34,457 | ||||||
| Germany | 2.0% | ||||||||
| Bayerische Motoren Werke AG | 582 | 54,340 | ||||||
| Dr Ing hc F Porsche AG | 24 | 2,257 | ||||||
| Schaeffler AG | 381 | 2,197 | ||||||
| 58,794 | ||||||||
| Total Preferred Stocks (Cost $96,448) | 93,251 | |||||||
| Description | Shares | Fair Value | ||||||
| Warrants | 0.0% | ||||||||
| Canada | 0.0% | ||||||||
| Constellation Software, Inc. Expires 03/31/40 (*), (¢) | 26 | $ | 0 | |||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $34,675) | 34,675 | 34,675 | ||||||
| Total Investments | 101.0% (Cost $2,860,504) | $ | 2,944,428 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.0)% | (28,605) | |||||||
| Net Assets | 100.0% | $ | 2,915,823 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 93.3% | ||||||||
| Belgium | 0.9% | ||||||||
| KBC Group NV | 157,239 | $ | 9,803,450 | |||||
| Canada | 3.8% | ||||||||
| Gildan Activewear, Inc. | 341,879 | 9,582,428 | ||||||
| Suncor Energy, Inc. | 682,373 | 23,466,698 | ||||||
| TMX Group Ltd. | 419,135 | 9,007,584 | ||||||
| 42,056,710 | ||||||||
| China | 4.5% | ||||||||
| Alibaba Group Holding Ltd. (*) | 1,313,100 | 14,235,836 | ||||||
| Autohome, Inc. ADR | 282,122 | 8,562,403 | ||||||
| ENN Energy Holdings Ltd. | 1,068,200 | 8,828,793 | ||||||
| ESR Group Ltd. | 4,063,200 | 5,697,148 | ||||||
| Li Ning Co. Ltd. | 1,787,500 | 7,507,284 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 1,283,186 | 4,781,398 | ||||||
| 49,612,862 | ||||||||
| Denmark | 1.6% | ||||||||
| AP Moller - Maersk AS, Class B | 3,521 | 6,345,222 | ||||||
| Carlsberg AS, Class B | 87,484 | 11,023,953 | ||||||
| 17,369,175 | ||||||||
| Finland | 1.8% | ||||||||
| Nordea Bank Abp | 1,818,818 | 19,986,676 | ||||||
| France | 12.6% | ||||||||
| Air Liquide SA | 123,126 | 20,748,825 | ||||||
| Airbus SE | 109,084 | 14,593,522 | ||||||
| Bureau Veritas SA | 554,889 | 13,745,468 | ||||||
| Capgemini SE | 81,009 | 14,066,298 | ||||||
| Engie SA | 2,079,616 | 31,887,601 | ||||||
| Orange SA | 1,317,882 | 15,123,235 | ||||||
| Pernod Ricard SA | 80,764 | 13,444,045 | ||||||
| Thales SA | 110,555 | 15,512,338 | ||||||
| 139,121,332 | ||||||||
| Germany | 10.6% | ||||||||
| Continental AG | 242,969 | 17,166,288 | ||||||
| Covestro AG (*) | 173,510 | 9,365,396 | ||||||
| Infineon Technologies AG | 343,437 | 11,390,063 | ||||||
| Merck KGaA | 111,959 | 18,712,928 | ||||||
| MTU Aero Engines AG | 38,218 | 6,943,704 | ||||||
| Rheinmetall AG | 50,896 | 13,122,124 | ||||||
| SAP SE | 122,331 | 15,879,299 | ||||||
| Siemens Healthineers AG | 298,600 | 15,167,341 | ||||||
| Description | Shares | Fair Value | ||||||
| Vonovia SE | 382,668 | $ | 9,222,901 | |||||
| 116,970,044 | ||||||||
| Hong Kong | 1.1% | ||||||||
| AIA Group Ltd. | 1,467,000 | 11,866,660 | ||||||
| Ireland | 1.9% | ||||||||
| Ryanair Holdings PLC ADR (*) | 216,297 | 21,026,231 | ||||||
| Israel | 1.4% | ||||||||
| Bank Leumi Le-Israel BM | 1,883,377 | 15,572,614 | ||||||
| Italy | 2.3% | ||||||||
| Enel SpA | 2,652,084 | 16,273,800 | ||||||
| UniCredit SpA | 371,236 | 8,883,411 | ||||||
| 25,157,211 | ||||||||
| Japan | 14.0% | ||||||||
| Asics Corp. | 359,600 | 12,555,386 | ||||||
| Bandai Namco Holdings, Inc. | 476,600 | 9,693,344 | ||||||
| BayCurrent Consulting, Inc. | 326,200 | 10,899,393 | ||||||
| Daikin Industries Ltd. | 99,700 | 15,641,457 | ||||||
| Disco Corp. | 55,000 | 10,100,144 | ||||||
| Hitachi Ltd. | 198,900 | 12,330,676 | ||||||
| MatsukiyoCocokara & Co. | 1,250,400 | 22,416,875 | ||||||
| Recruit Holdings Co. Ltd. | 281,400 | 8,665,563 | ||||||
| Renesas Electronics Corp. (*) | 601,900 | 9,234,663 | ||||||
| Shimano, Inc. | 44,800 | 6,049,244 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 422,900 | 20,731,904 | ||||||
| Suzuki Motor Corp. | 397,400 | 15,981,574 | ||||||
| 154,300,223 | ||||||||
| Mexico | 1.7% | ||||||||
| Arca Continental SAB de CV | 2,008,712 | 18,243,519 | ||||||
| Netherlands | 3.0% | ||||||||
| Akzo Nobel NV | 184,288 | 13,299,057 | ||||||
| Universal Music Group NV | 740,222 | 19,249,299 | ||||||
| 32,548,356 | ||||||||
| Portugal | 0.7% | ||||||||
| Galp Energia SGPS SA | 486,332 | 7,204,118 | ||||||
| Singapore | 1.1% | ||||||||
| DBS Group Holdings Ltd. | 513,720 | 12,614,134 | ||||||
| South Africa | 1.2% | ||||||||
| Anglo American PLC | 458,459 | 12,693,050 | ||||||
| Spain | 1.3% | ||||||||
| Industria de Diseno Textil SA | 377,812 | 14,061,905 | ||||||
| Sweden | 1.0% | ||||||||
| Sandvik AB | 630,010 | 11,550,645 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Switzerland | 2.1% | ||||||||
| ABB Ltd. | 417,986 | $ | 14,937,252 | |||||
| DSM-Firmenich AG | 103,029 | 8,703,391 | ||||||
| 23,640,643 | ||||||||
| Taiwan | 1.4% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 172,767 | 15,013,452 | ||||||
| United Kingdom | 15.5% | ||||||||
| 3i Group PLC | 882,276 | 22,207,267 | ||||||
| BP PLC | 4,280,898 | 27,641,098 | ||||||
| Coca-Cola Europacific Partners PLC | 335,280 | 21,010,792 | ||||||
| Compass Group PLC | 676,206 | 16,473,552 | ||||||
| London Stock Exchange Group PLC | 104,494 | 10,489,826 | ||||||
| RELX PLC | 1,166,677 | 39,345,727 | ||||||
| Unilever PLC | 505,724 | 24,956,539 | ||||||
| WPP PLC | 901,119 | 8,030,622 | ||||||
| 170,155,423 | ||||||||
| United States | 7.8% | ||||||||
| Aon PLC, Class A | 99,192 | 32,160,030 | ||||||
| ICON PLC (*) | 101,001 | 24,871,496 | ||||||
| Roche Holding AG | 107,088 | 29,209,878 | ||||||
| 86,241,404 | ||||||||
| Total Common Stocks (Cost $938,131,128) | 1,026,809,837 | |||||||
| Preferred Stocks | 2.0% | ||||||||
| Brazil | 1.1% | ||||||||
| Itau Unibanco Holding SA | 2,169,000 | 11,741,351 | ||||||
| Germany | 0.9% | ||||||||
| Henkel AG & Co. KGaA | 139,463 | 9,953,805 | ||||||
| Total Preferred Stocks (Cost $22,175,054) | 21,695,156 | |||||||
| Short-Term Investments | 3.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $41,065,180) | 41,065,180 | 41,065,180 | ||||||
| Total Investments | 99.0% (Cost $1,001,371,362) | $ | 1,089,570,173 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.0% | 10,646,685 | |||||||
| Net Assets | 100.0% | $ | 1,100,216,858 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 95.7% | ||||||||
| Belgium | 1.0% | ||||||||
| KBC Group NV | 8,372 | $ | 521,973 | |||||
| Canada | 2.2% | ||||||||
| Suncor Energy, Inc. | 32,197 | 1,107,250 | ||||||
| China | 8.8% | ||||||||
| Alibaba Group Holding Ltd. (*) | 110,100 | 1,193,637 | ||||||
| Autohome, Inc. ADR | 10,996 | 333,728 | ||||||
| ENN Energy Holdings Ltd. | 74,700 | 617,404 | ||||||
| ESR Group Ltd. | 187,800 | 263,321 | ||||||
| Li Ning Co. Ltd. | 124,000 | 520,785 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 35,500 | 435,562 | ||||||
| Tencent Holdings Ltd. | 20,700 | 802,230 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 59,298 | 220,956 | ||||||
| 4,387,623 | ||||||||
| Denmark | 3.9% | ||||||||
| Carlsberg AS, Class B | 4,448 | 560,497 | ||||||
| Novo Nordisk AS, Class B | 15,098 | 1,373,402 | ||||||
| 1,933,899 | ||||||||
| Finland | 1.4% | ||||||||
| Sampo Oyj, A Shares | 15,537 | 671,698 | ||||||
| France | 13.0% | ||||||||
| Air Liquide SA | 6,404 | 1,079,183 | ||||||
| Airbus SE | 7,120 | 952,531 | ||||||
| Bureau Veritas SA | 29,298 | 725,757 | ||||||
| Capgemini SE | 2,875 | 499,211 | ||||||
| Engie SA | 83,159 | 1,275,111 | ||||||
| Legrand SA | 6,646 | 609,948 | ||||||
| Pernod Ricard SA | 3,167 | 527,182 | ||||||
| Thales SA | 5,614 | 787,719 | ||||||
| 6,456,642 | ||||||||
| Germany | 7.3% | ||||||||
| Continental AG | 9,488 | 670,348 | ||||||
| Covestro AG (*) | 8,235 | 444,493 | ||||||
| Infineon Technologies AG | 13,503 | 447,826 | ||||||
| Merck KGaA | 3,846 | 642,824 | ||||||
| MTU Aero Engines AG | 1,511 | 274,529 | ||||||
| SAP SE | 4,751 | 616,708 | ||||||
| Siemens Healthineers AG | 10,176 | 516,888 | ||||||
| 3,613,616 | ||||||||
| Hong Kong | 2.0% | ||||||||
| AIA Group Ltd. | 122,000 | 986,866 | ||||||
| Description | Shares | Fair Value | ||||||
| India | 2.2% | ||||||||
| ICICI Bank Ltd. ADR | 48,017 | $ | 1,110,153 | |||||
| Indonesia | 2.4% | ||||||||
| Bank Mandiri Persero Tbk PT | 2,167,400 | 844,954 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 15,495 | 373,430 | ||||||
| 1,218,384 | ||||||||
| Ireland | 2.2% | ||||||||
| Ryanair Holdings PLC ADR (*) | 11,060 | 1,075,143 | ||||||
| Japan | 9.0% | ||||||||
| Bandai Namco Holdings, Inc. | 18,300 | 372,195 | ||||||
| Daikin Industries Ltd. | 4,300 | 674,606 | ||||||
| Disco Corp. | 2,700 | 495,825 | ||||||
| Hoya Corp. | 6,200 | 638,932 | ||||||
| Nomura Research Institute Ltd. | 32,200 | 837,972 | ||||||
| Recruit Holdings Co. Ltd. | 13,200 | 406,487 | ||||||
| Renesas Electronics Corp. (*) | 22,500 | 345,207 | ||||||
| Shimano, Inc. | 2,200 | 297,061 | ||||||
| Suzuki Motor Corp. | 10,500 | 422,261 | ||||||
| 4,490,546 | ||||||||
| Mexico | 1.9% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 110,300 | 924,741 | ||||||
| Netherlands | 7.1% | ||||||||
| Akzo Nobel NV | 8,517 | 614,625 | ||||||
| ASM International NV | 1,223 | 510,724 | ||||||
| IMCD NV | 2,752 | 347,860 | ||||||
| Shell PLC | 22,894 | 726,885 | ||||||
| Universal Music Group NV | 36,066 | 937,888 | ||||||
| Wolters Kluwer NV | 3,372 | 408,369 | ||||||
| 3,546,351 | ||||||||
| Singapore | 1.1% | ||||||||
| DBS Group Holdings Ltd. | 22,000 | 540,199 | ||||||
| South Africa | 0.7% | ||||||||
| Anglo American PLC | 13,369 | 370,139 | ||||||
| Spain | 0.3% | ||||||||
| Amadeus IT Group SA | 2,267 | 136,618 | ||||||
| Switzerland | 3.4% | ||||||||
| ABB Ltd. | 17,069 | 609,982 | ||||||
| Cie Financiere Richemont SA, Class A | 5,164 | 629,194 | ||||||
| DSM-Firmenich AG | 5,550 | 468,837 | ||||||
| 1,708,013 | ||||||||
| Taiwan | 3.2% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 97,000 | 1,574,125 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| United Kingdom | 14.6% | ||||||||
| BP PLC | 256,442 | $ | 1,655,806 | |||||
| Coca-Cola Europacific Partners PLC | 9,268 | 580,792 | ||||||
| Compass Group PLC | 47,209 | 1,150,093 | ||||||
| HSBC Holdings PLC | 120,104 | 940,899 | ||||||
| London Stock Exchange Group PLC | 4,063 | 407,872 | ||||||
| RELX PLC | 45,750 | 1,542,901 | ||||||
| Unilever PLC | 20,261 | 999,843 | ||||||
| 7,278,206 | ||||||||
| United States | 8.0% | ||||||||
| Aon PLC, Class A | 4,115 | 1,334,165 | ||||||
| ICON PLC (*) | 3,523 | 867,539 | ||||||
| Linde PLC | 1,926 | 720,557 | ||||||
| Roche Holding AG | 3,965 | 1,081,514 | ||||||
| 4,003,775 | ||||||||
| Total Common Stocks (Cost $45,026,559) | 47,655,960 | |||||||
| Preferred Stocks | 1.9% | ||||||||
| Brazil | 1.2% | ||||||||
| Itau Unibanco Holding SA | 106,500 | 576,512 | ||||||
| Germany | 0.7% | ||||||||
| Henkel AG & Co. KGaA | 5,154 | 367,853 | ||||||
| Total Preferred Stocks (Cost $886,471) | 944,365 | |||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $905,029) | 905,029 | 905,029 | ||||||
| Total Investments | 99.4% (Cost $46,818,059) | $ | 49,505,354 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 316,338 | |||||||
| Net Assets | 100.0% | $ | 49,821,692 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 95.3% | ||||||||
| Australia | 1.8% | ||||||||
| Computershare Ltd. | 227,104 | $ | 3,798,916 | |||||
| Canada | 7.6% | ||||||||
| Dollarama, Inc. | 99,587 | 6,861,293 | ||||||
| National Bank of Canada | 68,524 | 4,552,123 | ||||||
| Toromont Industries Ltd. | 56,726 | 4,619,937 | ||||||
| 16,033,353 | ||||||||
| China | 2.1% | ||||||||
| Tencent Holdings Ltd. | 116,200 | 4,503,338 | ||||||
| Denmark | 4.0% | ||||||||
| Coloplast AS, Class B | 22,606 | 2,385,346 | ||||||
| Genmab AS (*) | 17,217 | 6,092,756 | ||||||
| 8,478,102 | ||||||||
| France | 8.0% | ||||||||
| Legrand SA | 47,426 | 4,352,603 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 10,129 | 7,641,588 | ||||||
| Pernod Ricard SA | 29,542 | 4,917,587 | ||||||
| 16,911,778 | ||||||||
| Germany | 4.7% | ||||||||
| SAP SE | 43,933 | 5,702,768 | ||||||
| Scout24 SE | 60,620 | 4,209,457 | ||||||
| 9,912,225 | ||||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group Ltd. | 423,200 | 3,423,293 | ||||||
| India | 3.1% | ||||||||
| HDFC Bank Ltd. ADR | 111,337 | 6,569,996 | ||||||
| Israel | 2.4% | ||||||||
| Check Point Software Technologies Ltd. (*) | 38,149 | 5,084,499 | ||||||
| Japan | 9.9% | ||||||||
| Advantest Corp. | 166,800 | 4,636,883 | ||||||
| Hoya Corp. | 39,500 | 4,070,615 | ||||||
| Keyence Corp. | 11,300 | 4,199,886 | ||||||
| Pigeon Corp. | 75,400 | 851,562 | ||||||
| Shimano, Inc. | 13,700 | 1,849,881 | ||||||
| SMS Co. Ltd. | 141,300 | 2,403,720 | ||||||
| Toei Animation Co. Ltd. | 31,600 | 2,793,127 | ||||||
| 20,805,674 | ||||||||
| Netherlands | 8.3% | ||||||||
| ASML Holding NV | 12,469 | 7,322,285 | ||||||
| Universal Music Group NV | 179,192 | 4,659,846 | ||||||
| Description | Shares | Fair Value | ||||||
| Wolters Kluwer NV | 45,247 | $ | 5,479,670 | |||||
| 17,461,801 | ||||||||
| Norway | 1.7% | ||||||||
| AutoStore Holdings Ltd. (*) | 862,479 | 1,212,239 | ||||||
| Gjensidige Forsikring ASA | 159,244 | 2,340,047 | ||||||
| 3,552,286 | ||||||||
| South Africa | 2.4% | ||||||||
| Clicks Group Ltd. | 365,003 | 4,974,706 | ||||||
| Spain | 2.6% | ||||||||
| Industria de Diseno Textil SA | 144,926 | 5,394,047 | ||||||
| Sweden | 3.8% | ||||||||
| Assa Abloy AB, Class B | 211,544 | 4,608,660 | ||||||
| Hexagon AB, B Shares | 404,337 | 3,441,280 | ||||||
| 8,049,940 | ||||||||
| Switzerland | 3.3% | ||||||||
| Partners Group Holding AG | 6,124 | 6,891,033 | ||||||
| Taiwan | 4.0% | ||||||||
| Lotes Co. Ltd. | 73,000 | 1,862,930 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 77,014 | 6,692,517 | ||||||
| 8,555,447 | ||||||||
| United Kingdom | 14.5% | ||||||||
| Allfunds Group PLC | 191,093 | 1,054,907 | ||||||
| Dechra Pharmaceuticals PLC | 75,387 | 3,482,615 | ||||||
| Diageo PLC | 128,737 | 4,747,670 | ||||||
| Diploma PLC | 48,518 | 1,772,571 | ||||||
| London Stock Exchange Group PLC | 47,404 | 4,758,739 | ||||||
| RELX PLC | 267,524 | 9,028,138 | ||||||
| Unilever PLC | 115,487 | 5,717,239 | ||||||
| 30,561,879 | ||||||||
| United States | 9.5% | ||||||||
| Accenture PLC, Class A | 22,524 | 6,917,345 | ||||||
| Aon PLC, Class A | 28,344 | 9,189,692 | ||||||
| BRP, Inc. | 52,152 | 3,947,541 | ||||||
| 20,054,578 | ||||||||
| Total Common Stocks (Cost $209,768,690) | 201,016,891 | |||||||
| Preferred Stocks | 1.2% | ||||||||
| Germany | 1.2% | ||||||||
| Sartorius AG (Cost $3,051,310) | 7,589 | 2,575,214 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio (Concluded) | ||||||||
| Short-Term Investments | 3.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $6,815,197) | 6,815,197 | $ | 6,815,197 | |||||
| Total Investments | 99.7% (Cost $219,635,197) | $ | 210,407,302 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.3% | 584,073 | |||||||
| Net Assets | 100.0% | $ | 210,991,375 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 95.9% | ||||||||
| Australia | 6.0% | ||||||||
| ALS Ltd. | 14,970 | $ | 110,153 | |||||
| AUB Group Ltd. | 9,840 | 184,235 | ||||||
| GUD Holdings Ltd. | 22,328 | 168,518 | ||||||
| National Storage REIT | 52,635 | 73,906 | ||||||
| SmartGroup Corp. Ltd. | 27,129 | 144,395 | ||||||
| 681,207 | ||||||||
| Austria | 2.7% | ||||||||
| BAWAG Group AG | 3,616 | 166,122 | ||||||
| Schoeller-Bleckmann Oilfield Equipment AG | 2,370 | 139,655 | ||||||
| 305,777 | ||||||||
| Belgium | 2.3% | ||||||||
| Azelis Group NV | 5,621 | 110,539 | ||||||
| Shurgard Self Storage Ltd. REIT | 3,858 | 152,817 | ||||||
| 263,356 | ||||||||
| Canada | 4.5% | ||||||||
| Descartes Systems Group, Inc. (*) | 1,184 | 86,901 | ||||||
| Dream Industrial REIT | 19,327 | 182,704 | ||||||
| Stelco Holdings, Inc. | 1,841 | 50,869 | ||||||
| Toromont Industries Ltd. | 1,027 | 83,642 | ||||||
| Trisura Group Ltd. (*) | 4,608 | 102,219 | ||||||
| 506,335 | ||||||||
| Denmark | 2.3% | ||||||||
| Royal Unibrew AS | 1,899 | 146,220 | ||||||
| Zealand Pharma AS (*) | 2,668 | 115,409 | ||||||
| 261,629 | ||||||||
| Finland | 1.2% | ||||||||
| Kemira Oyj | 8,434 | 131,269 | ||||||
| France | 2.0% | ||||||||
| Gaztransport Et Technigaz SA | 1,091 | 134,031 | ||||||
| Remy Cointreau SA | 777 | 94,661 | ||||||
| 228,692 | ||||||||
| Germany | 8.0% | ||||||||
| Covestro AG (*) | 2,931 | 158,204 | ||||||
| CTS Eventim AG & Co. KGaA | 1,575 | 89,636 | ||||||
| Gerresheimer AG | 604 | 63,457 | ||||||
| Hensoldt AG | 5,057 | 149,191 | ||||||
| JOST Werke SE | 3,259 | 156,477 | ||||||
| Sirius Real Estate Ltd. | 179,713 | 188,370 | ||||||
| Stabilus SE | 1,857 | 103,955 | ||||||
| 909,290 | ||||||||
| Description | Shares | Fair Value | ||||||
| Greece | 1.8% | ||||||||
| JUMBO SA | 7,627 | $ | 209,796 | |||||
| Ireland | 0.7% | ||||||||
| Uniphar PLC | 34,212 | 81,179 | ||||||
| Israel | 2.0% | ||||||||
| Camtek Ltd. (*) | 1,446 | 89,994 | ||||||
| Israel Discount Bank Ltd., Class A | 25,495 | 137,623 | ||||||
| 227,617 | ||||||||
| Italy | 5.0% | ||||||||
| Italgas SpA | 38,679 | 197,827 | ||||||
| Sanlorenzo SpA | 3,812 | 143,014 | ||||||
| Sesa SpA | 971 | 101,777 | ||||||
| SOL SpA | 887 | 25,112 | ||||||
| Tinexta SpA | 6,265 | 102,348 | ||||||
| 570,078 | ||||||||
| Japan | 27.4% | ||||||||
| Ariake Japan Co. Ltd. | 3,800 | 128,954 | ||||||
| BayCurrent Consulting, Inc. | 4,300 | 143,677 | ||||||
| Bell System24 Holdings, Inc. | 20,200 | 213,338 | ||||||
| GMO internet group, Inc. | 6,300 | 97,490 | ||||||
| Hulic Co. Ltd. | 23,600 | 211,657 | ||||||
| Koito Manufacturing Co. Ltd. | 6,600 | 99,556 | ||||||
| MatsukiyoCocokara & Co. | 10,500 | 188,242 | ||||||
| MINEBEA MITSUMI, Inc. | 6,800 | 110,916 | ||||||
| MISUMI Group, Inc. | 7,800 | 121,782 | ||||||
| Nihon Kohden Corp. | 7,200 | 177,786 | ||||||
| Nippon Gas Co. Ltd. | 12,700 | 188,215 | ||||||
| Open House Group Co. Ltd. | 3,600 | 122,140 | ||||||
| Persol Holdings Co. Ltd. | 73,000 | 118,760 | ||||||
| Relo Group, Inc. | 12,400 | 134,180 | ||||||
| Shin Nippon Biomedical Laboratories Ltd. | 8,500 | 106,284 | ||||||
| Taiyo Yuden Co. Ltd. | 4,300 | 116,372 | ||||||
| TechnoPro Holdings, Inc. | 6,835 | 148,587 | ||||||
| Tokyo Century Corp. | 3,400 | 135,606 | ||||||
| Trend Micro, Inc. | 2,900 | 109,867 | ||||||
| Trusco Nakayama Corp. | 6,900 | 112,994 | ||||||
| USS Co. Ltd. | 10,400 | 171,961 | ||||||
| Zenkoku Hosho Co. Ltd. | 5,042 | 165,624 | ||||||
| 3,123,988 | ||||||||
| Jersey | 1.7% | ||||||||
| JTC PLC | 22,135 | 195,890 | ||||||
| Mexico | 1.4% | ||||||||
| Arca Continental SAB de CV | 17,300 | 157,122 | ||||||
| Netherlands | 5.1% | ||||||||
| Aalberts NV | 2,597 | 94,711 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Akzo Nobel NV | 1,862 | $ | 134,371 | |||||
| Arcadis NV | 4,449 | 199,761 | ||||||
| ASM International NV | 376 | 157,017 | ||||||
| 585,860 | ||||||||
| Norway | 0.9% | ||||||||
| Crayon Group Holding ASA (*) | 15,964 | 98,511 | ||||||
| Portugal | 1.1% | ||||||||
| Galp Energia SGPS SA | 8,255 | 122,283 | ||||||
| Spain | 1.3% | ||||||||
| Bankinter SA | 22,741 | 144,966 | ||||||
| Sweden | 0.8% | ||||||||
| Lindab International AB | 6,447 | 94,212 | ||||||
| Switzerland | 1.2% | ||||||||
| Emmi AG | 143 | 134,737 | ||||||
| United Kingdom | 15.5% | ||||||||
| Allfunds Group PLC | 14,413 | 79,565 | ||||||
| Auto Trader Group PLC | 16,513 | 123,780 | ||||||
| Britvic PLC | 11,645 | 123,545 | ||||||
| Cab Payments Holdings PLC | 29,444 | 83,045 | ||||||
| ConvaTec Group PLC | 58,494 | 155,496 | ||||||
| Dowlais Group PLC | 88,599 | 115,803 | ||||||
| Genuit Group PLC | 25,639 | 102,746 | ||||||
| GlobalData PLC | 57,115 | 105,907 | ||||||
| Jet2 PLC | 10,879 | 143,196 | ||||||
| Life Science REIT PLC | 124,196 | 105,319 | ||||||
| Marlowe PLC (*) | 14,009 | 99,600 | ||||||
| Tate & Lyle PLC | 14,117 | 117,803 | ||||||
| Urban Logistics REIT PLC | 106,961 | 142,548 | ||||||
| Volution Group PLC | 27,797 | 122,163 | ||||||
| Weir Group PLC | 6,390 | 147,455 | ||||||
| 1,767,971 | ||||||||
| United States | 1.0% | ||||||||
| ICON PLC (*) | 475 | 116,969 | ||||||
| Total Common Stocks (Cost $12,092,411) | 10,918,734 | |||||||
| Short-Term Investments | 3.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $361,755) | 361,755 | 361,755 | ||||||
| Description | Fair Value | |||||||
| Total Investments | 99.1% (Cost $12,454,166) | $ | 11,280,489 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.9% | 105,518 | |||||||
| Net Assets | 100.0% | $ | 11,386,007 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 96.8% | ||||||||
| Belgium | 0.9% | ||||||||
| KBC Group NV | 591,523 | $ | 36,879,948 | |||||
| Canada | 6.4% | ||||||||
| CAE, Inc. (*) | 2,483,303 | 57,975,732 | ||||||
| Canadian Pacific Kansas City Ltd. | 773,388 | 57,486,657 | ||||||
| National Bank of Canada | 890,899 | 59,183,373 | ||||||
| Suncor Energy, Inc. | 2,669,231 | 91,794,427 | ||||||
| 266,440,189 | ||||||||
| China | 1.8% | ||||||||
| Alibaba Group Holding Ltd. ADR (*) | 481,616 | 41,775,372 | ||||||
| ESR Group Ltd. | 22,969,800 | 32,206,719 | ||||||
| 73,982,091 | ||||||||
| Denmark | 9.9% | ||||||||
| Carlsberg AS, Class B | 816,915 | 102,940,339 | ||||||
| Genmab AS (*) | 148,261 | 52,466,641 | ||||||
| Novo Nordisk AS, Class B | 2,382,061 | 216,686,176 | ||||||
| Vestas Wind Systems AS (*) | 1,681,365 | 35,887,556 | ||||||
| 407,980,712 | ||||||||
| Finland | 1.8% | ||||||||
| Sampo Oyj, A Shares | 1,742,414 | 75,328,351 | ||||||
| France | 8.7% | ||||||||
| Airbus SE | 779,201 | 104,243,401 | ||||||
| Bureau Veritas SA | 2,304,876 | 57,095,381 | ||||||
| Engie SA | 3,486,709 | 53,463,132 | ||||||
| Pernod Ricard SA | 442,494 | 73,657,934 | ||||||
| Thales SA | 511,650 | 71,791,303 | ||||||
| 360,251,151 | ||||||||
| Germany | 7.8% | ||||||||
| Continental AG | 1,016,582 | 71,823,728 | ||||||
| Gerresheimer AG | 374,578 | 39,353,927 | ||||||
| Infineon Technologies AG | 1,183,317 | 39,244,623 | ||||||
| Merck KGaA | 418,604 | 69,965,849 | ||||||
| Schott Pharma AG & Co. KGaA (*) | 847,720 | 28,357,415 | ||||||
| Siemens AG | 506,824 | 72,659,959 | ||||||
| 321,405,501 | ||||||||
| Hong Kong | 1.4% | ||||||||
| AIA Group Ltd. | 7,148,200 | 57,822,264 | ||||||
| India | 1.2% | ||||||||
| HDFC Bank Ltd. | 2,690,833 | 49,276,308 | ||||||
| Ireland | 2.0% | ||||||||
| Ryanair Holdings PLC ADR (*) | 845,738 | 82,214,191 | ||||||
| Description | Shares | Fair Value | ||||||
| Israel | 2.4% | ||||||||
| Bank Leumi Le-Israel BM | 12,061,704 | $ | 99,731,629 | |||||
| Italy | 1.2% | ||||||||
| UniCredit SpA | 2,121,243 | 50,759,821 | ||||||
| Japan | 10.4% | ||||||||
| Advantest Corp. | 1,908,400 | 53,051,729 | ||||||
| BayCurrent Consulting, Inc. | 1,780,600 | 59,495,583 | ||||||
| Daikin Industries Ltd. | 414,700 | 65,060,304 | ||||||
| Hoya Corp. | 554,900 | 57,184,414 | ||||||
| Kobe Bussan Co. Ltd. | 1,749,800 | 41,038,003 | ||||||
| Koito Manufacturing Co. Ltd. | 2,410,200 | 36,355,971 | ||||||
| Renesas Electronics Corp. (*) | 4,560,700 | 69,972,630 | ||||||
| Suzuki Motor Corp. | 1,178,072 | 47,376,559 | ||||||
| 429,535,193 | ||||||||
| Mexico | 2.0% | ||||||||
| Arca Continental SAB de CV | 9,165,000 | 83,238,342 | ||||||
| Netherlands | 5.5% | ||||||||
| Akzo Nobel NV | 900,841 | 65,008,770 | ||||||
| ASML Holding NV | 113,577 | 66,696,859 | ||||||
| Universal Music Group NV | 3,760,838 | 97,799,704 | ||||||
| 229,505,333 | ||||||||
| Portugal | 1.5% | ||||||||
| EDP - Energias de Portugal SA | 14,442,140 | 60,098,770 | ||||||
| Singapore | 1.6% | ||||||||
| DBS Group Holdings Ltd. | 2,762,600 | 67,834,243 | ||||||
| Sweden | 1.2% | ||||||||
| Hexagon AB, B Shares | 5,941,638 | 50,568,813 | ||||||
| Switzerland | 3.0% | ||||||||
| ABB Ltd. | 1,381,380 | 49,365,342 | ||||||
| Idorsia Ltd. (*) | 1,277,594 | 3,568,473 | ||||||
| Partners Group Holding AG | 44,512 | 50,087,141 | ||||||
| Sonova Holding AG | 83,864 | 19,873,942 | ||||||
| 122,894,898 | ||||||||
| Taiwan | 1.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3,858,000 | 62,607,979 | ||||||
| United Kingdom | 15.7% | ||||||||
| Allfunds Group PLC | 5,911,875 | 32,635,819 | ||||||
| Coca-Cola Europacific Partners PLC | 2,316,593 | 145,172,552 | ||||||
| Compass Group PLC | 3,847,268 | 93,726,124 | ||||||
| HSBC Holdings PLC | 12,782,789 | 100,140,766 | ||||||
| Informa PLC | 7,116,323 | 64,846,499 | ||||||
| RELX PLC | 4,887,340 | 164,823,635 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| WPP PLC | 5,474,749 | $ | 48,790,050 | |||||
| 650,135,445 | ||||||||
| United States | 8.9% | ||||||||
| Accenture PLC, Class A | 300,602 | 92,317,880 | ||||||
| Aon PLC, Class A | 446,021 | 144,608,928 | ||||||
| CyberArk Software Ltd. (*) | 118,362 | 19,384,145 | ||||||
| ICON PLC (*) | 456,447 | 112,400,074 | ||||||
| 368,711,027 | ||||||||
| Total Common Stocks (Cost $3,458,388,304) | 4,007,202,199 | |||||||
| Short-Term Investments | 1.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $61,943,730) | 61,943,730 | 61,943,730 | ||||||
| Total Investments | 98.3% (Cost $3,520,332,034) | $ | 4,069,145,929 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.7% | 68,988,067 | |||||||
| Net Assets | 100.0% | $ | 4,138,133,996 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 97.7% | ||||||||
| Australia | 2.5% | ||||||||
| Brambles Ltd. | 10,046 | $ | 92,460 | |||||
| Coles Group Ltd. | 10,061 | 100,199 | ||||||
| Medibank Pvt Ltd. | 31,322 | 69,236 | ||||||
| Telstra Group Ltd. | 54,733 | 135,348 | ||||||
| Yancoal Australia Ltd. | 10,729 | 35,647 | ||||||
| 432,890 | ||||||||
| Austria | 0.3% | ||||||||
| ANDRITZ AG | 896 | 45,094 | ||||||
| Belgium | 0.2% | ||||||||
| Warehouses De Pauw CVA REIT | 1,171 | 28,864 | ||||||
| Bermuda | 0.3% | ||||||||
| RenaissanceRe Holdings Ltd. | 228 | 45,126 | ||||||
| Canada | 2.5% | ||||||||
| CGI, Inc. (*) | 430 | 42,384 | ||||||
| Constellation Software, Inc. | 22 | 45,418 | ||||||
| Dollarama, Inc. | 656 | 45,197 | ||||||
| Hydro One Ltd. | 1,331 | 33,886 | ||||||
| Manulife Financial Corp. | 2,356 | 43,052 | ||||||
| Metro, Inc. | 3,458 | 179,590 | ||||||
| Teekay Tankers Ltd., Class A | 1,158 | 48,208 | ||||||
| 437,735 | ||||||||
| China | 0.2% | ||||||||
| Wilmar International Ltd. | 16,300 | 44,323 | ||||||
| Denmark | 1.0% | ||||||||
| Novo Nordisk AS, Class B | 1,990 | 181,022 | ||||||
| France | 1.5% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 1,727 | 52,932 | ||||||
| Orange SA | 18,543 | 212,789 | ||||||
| 265,721 | ||||||||
| Germany | 0.6% | ||||||||
| Beiersdorf AG | 819 | 105,753 | ||||||
| Hong Kong | 0.8% | ||||||||
| Jardine Matheson Holdings Ltd. | 800 | 37,121 | ||||||
| Link REIT | 7,700 | 37,534 | ||||||
| Sun Hung Kai Properties Ltd. | 3,500 | 37,227 | ||||||
| WH Group Ltd. | 63,500 | 33,133 | ||||||
| 145,015 | ||||||||
| Israel | 0.5% | ||||||||
| Bank Hapoalim BM | 5,561 | 49,446 | ||||||
| Description | Shares | Fair Value | ||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 32,877 | $ | 46,281 | |||||
| 95,727 | ||||||||
| Italy | 0.2% | ||||||||
| Ferrari NV | 132 | 38,902 | ||||||
| Japan | 17.5% | ||||||||
| ABC-Mart, Inc. | 3,800 | 68,534 | ||||||
| ANA Holdings, Inc. (*) | 1,800 | 37,720 | ||||||
| Central Japan Railway Co. | 2,000 | 48,631 | ||||||
| Chubu Electric Power Co., Inc. | 7,300 | 93,382 | ||||||
| Chugoku Electric Power Co., Inc. | 6,300 | 38,858 | ||||||
| Daiwa Securities Group, Inc. | 11,700 | 67,509 | ||||||
| East Japan Railway Co. | 800 | 45,783 | ||||||
| Electric Power Development Co. Ltd. | 6,000 | 97,088 | ||||||
| FUJIFILM Holdings Corp. | 700 | 40,531 | ||||||
| Hachijuni Bank Ltd. | 17,800 | 98,382 | ||||||
| Japan Post Bank Co. Ltd. | 22,800 | 198,089 | ||||||
| Japan Post Holdings Co. Ltd. | 30,400 | 243,032 | ||||||
| Japan Real Estate Investment Corp. REIT | 28 | 109,200 | ||||||
| Japan Tobacco, Inc. | 2,300 | 52,930 | ||||||
| KDDI Corp. | 3,200 | 97,956 | ||||||
| Kyushu Railway Co. | 4,700 | 99,958 | ||||||
| Lawson, Inc. | 2,800 | 128,692 | ||||||
| Mebuki Financial Group, Inc. | 24,500 | 67,568 | ||||||
| Mizuho Financial Group, Inc. | 3,700 | 62,672 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 2,900 | 106,069 | ||||||
| Nagoya Railroad Co. Ltd. | 2,700 | 39,866 | ||||||
| Nihon Kohden Corp. | 2,400 | 59,262 | ||||||
| Ono Pharmaceutical Co. Ltd. | 6,300 | 120,832 | ||||||
| Osaka Gas Co. Ltd. | 9,900 | 163,318 | ||||||
| Otsuka Holdings Co. Ltd. | 3,500 | 124,512 | ||||||
| Rengo Co. Ltd. | 6,200 | 42,606 | ||||||
| Sankyo Co. Ltd. | 700 | 31,959 | ||||||
| Sega Sammy Holdings, Inc. | 6,300 | 116,213 | ||||||
| Seven & i Holdings Co. Ltd. | 1,100 | 43,075 | ||||||
| Shizuoka Financial Group, Inc. | 6,500 | 52,865 | ||||||
| Softbank Corp. | 3,500 | 39,582 | ||||||
| Sompo Holdings, Inc. | 900 | 38,525 | ||||||
| Tokyo Gas Co. Ltd. | 11,700 | 265,879 | ||||||
| Yamaguchi Financial Group, Inc. | 5,700 | 49,866 | ||||||
| Yamazaki Baking Co. Ltd. | 1,900 | 34,928 | ||||||
| 3,025,872 | ||||||||
| Netherlands | 0.5% | ||||||||
| Koninklijke Ahold Delhaize NV | 1,497 | 45,139 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Koninklijke KPN NV | 11,141 | $ | 36,720 | |||||
| 81,859 | ||||||||
| New Zealand | 0.5% | ||||||||
| Spark New Zealand Ltd. | 31,902 | 91,968 | ||||||
| Norway | 0.3% | ||||||||
| Orkla ASA | 6,394 | 47,754 | ||||||
| Singapore | 0.8% | ||||||||
| Jardine Cycle & Carriage Ltd. | 3,900 | 90,814 | ||||||
| Sembcorp Industries Ltd. | 11,600 | 43,124 | ||||||
| 133,938 | ||||||||
| Spain | 0.2% | ||||||||
| Iberdrola SA | 3,265 | 36,455 | ||||||
| Switzerland | 1.0% | ||||||||
| Swisscom AG | 282 | 167,527 | ||||||
| United Kingdom | 2.9% | ||||||||
| BAE Systems PLC | 4,209 | 51,093 | ||||||
| HSBC Holdings PLC | 13,220 | 103,566 | ||||||
| IG Group Holdings PLC | 3,151 | 24,626 | ||||||
| Serco Group PLC | 18,656 | 33,828 | ||||||
| Standard Chartered PLC | 9,012 | 83,288 | ||||||
| Unilever PLC | 3,425 | 169,017 | ||||||
| Vodafone Group PLC | 42,303 | 39,502 | ||||||
| 504,920 | ||||||||
| United States | 63.4% | ||||||||
| AbbVie, Inc. | 414 | 61,711 | ||||||
| Activision Blizzard, Inc. | 1,268 | 118,723 | ||||||
| Agree Realty Corp. REIT | 2,647 | 146,220 | ||||||
| Allison Transmission Holdings, Inc. | 1,375 | 81,207 | ||||||
| Alnylam Pharmaceuticals, Inc. (*) | 229 | 40,556 | ||||||
| Alphabet, Inc., Class C (*) | 938 | 123,675 | ||||||
| Altria Group, Inc. | 2,952 | 124,132 | ||||||
| Amdocs Ltd. | 2,722 | 229,982 | ||||||
| Ameren Corp. | 553 | 41,381 | ||||||
| American Homes 4 Rent, Class A REIT | 1,201 | 40,462 | ||||||
| American International Group, Inc. | 750 | 45,450 | ||||||
| AMN Healthcare Services, Inc. (*) | 551 | 46,934 | ||||||
| Aon PLC, Class A | 414 | 134,227 | ||||||
| AptarGroup, Inc. | 572 | 71,523 | ||||||
| Arcosa, Inc. | 567 | 40,767 | ||||||
| Assurant, Inc. | 340 | 48,817 | ||||||
| AT&T, Inc. | 4,041 | 60,696 | ||||||
| Atmos Energy Corp. | 388 | 41,101 | ||||||
| Automatic Data Processing, Inc. | 379 | 91,180 | ||||||
| Becton Dickinson & Co. | 173 | 44,726 | ||||||
| Description | Shares | Fair Value | ||||||
| Biogen, Inc. (*) | 269 | $ | 69,136 | |||||
| Boston Scientific Corp. (*) | 1,149 | 60,667 | ||||||
| Brady Corp., Class A | 757 | 41,574 | ||||||
| Bristol-Myers Squibb Co. | 3,006 | 174,468 | ||||||
| Broadcom, Inc. | 100 | 83,058 | ||||||
| Cadence Design Systems, Inc. (*) | 152 | 35,614 | ||||||
| Cal-Maine Foods, Inc. | 2,487 | 120,421 | ||||||
| Campbell Soup Co. | 1,003 | 41,203 | ||||||
| Cardinal Health, Inc. | 449 | 38,982 | ||||||
| Casey’s General Stores, Inc. | 181 | 49,145 | ||||||
| Cboe Global Markets, Inc. | 285 | 44,520 | ||||||
| CDW Corp. | 425 | 85,748 | ||||||
| Cencora, Inc. | 813 | 146,316 | ||||||
| Centene Corp. (*) | 672 | 46,287 | ||||||
| Chubb Ltd. | 401 | 83,480 | ||||||
| Cigna Group | 225 | 64,366 | ||||||
| Cirrus Logic, Inc. (*) | 538 | 39,790 | ||||||
| Cisco Systems, Inc. | 2,961 | 159,183 | ||||||
| Clearway Energy, Inc., Class C | 2,707 | 57,280 | ||||||
| Clorox Co. | 851 | 111,532 | ||||||
| Cognizant Technology Solutions Corp., Class A | 931 | 63,066 | ||||||
| Colgate-Palmolive Co. | 3,284 | 233,525 | ||||||
| CommVault Systems, Inc. (*) | 816 | 55,170 | ||||||
| Consolidated Edison, Inc. | 2,498 | 213,654 | ||||||
| Corebridge Financial, Inc. | 2,556 | 50,481 | ||||||
| Coterra Energy, Inc. | 3,483 | 94,215 | ||||||
| CTS Corp. | 870 | 36,314 | ||||||
| CVS Health Corp. | 2,197 | 153,395 | ||||||
| DaVita, Inc. (*) | 440 | 41,593 | ||||||
| Deckers Outdoor Corp. (*) | 104 | 53,465 | ||||||
| Deere & Co. | 100 | 37,738 | ||||||
| Electronic Arts, Inc. | 846 | 101,858 | ||||||
| Elevance Health, Inc. | 79 | 34,398 | ||||||
| Eli Lilly & Co. | 287 | 154,156 | ||||||
| Equinix, Inc. REIT | 69 | 50,112 | ||||||
| Everest Group Ltd. | 309 | 114,846 | ||||||
| Fiserv, Inc. (*) | 1,110 | 125,386 | ||||||
| Flowers Foods, Inc. | 3,352 | 74,347 | ||||||
| General Mills, Inc. | 2,405 | 153,896 | ||||||
| Gilead Sciences, Inc. | 2,664 | 199,640 | ||||||
| Global Payments, Inc. | 421 | 48,579 | ||||||
| Globe Life, Inc. | 589 | 64,042 | ||||||
| GoDaddy, Inc., Class A (*) | 506 | 37,687 | ||||||
| Graco, Inc. | 1,437 | 104,729 | ||||||
| GSK PLC | 2,389 | 43,188 | ||||||
| H&R Block, Inc. | 1,131 | 48,701 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Haemonetics Corp. (*) | 483 | $ | 43,267 | |||||
| Hershey Co. | 1,074 | 214,886 | ||||||
| Home Depot, Inc. | 192 | 58,015 | ||||||
| Huntington Ingalls Industries, Inc. | 194 | 39,688 | ||||||
| International Seaways, Inc. | 1,145 | 51,525 | ||||||
| J M Smucker Co. | 469 | 57,645 | ||||||
| Johnson & Johnson | 615 | 95,786 | ||||||
| Kellogg Co. | 2,009 | 119,556 | ||||||
| Kilroy Realty Corp. REIT | 1,557 | 49,217 | ||||||
| Kimberly-Clark Corp. | 1,997 | 241,337 | ||||||
| Kroger Co. | 2,043 | 91,424 | ||||||
| Lamb Weston Holdings, Inc. | 388 | 35,874 | ||||||
| Lockheed Martin Corp. | 93 | 38,033 | ||||||
| MasterCard, Inc., Class A | 175 | 69,284 | ||||||
| McDonald’s Corp. | 710 | 187,042 | ||||||
| McKesson Corp. | 251 | 109,147 | ||||||
| Merck & Co., Inc. | 2,428 | 249,963 | ||||||
| Meta Platforms, Inc., Class A (*) | 132 | 39,628 | ||||||
| Microsoft Corp. | 113 | 35,680 | ||||||
| Molina Healthcare, Inc. (*) | 189 | 61,971 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 512 | 50,253 | ||||||
| Nasdaq, Inc. | 1,083 | 52,623 | ||||||
| National Fuel Gas Co. | 1,993 | 103,457 | ||||||
| NewMarket Corp. | 197 | 89,643 | ||||||
| NiSource, Inc. | 3,505 | 86,503 | ||||||
| Northrop Grumman Corp. | 101 | 44,459 | ||||||
| NVR, Inc. (*) | 8 | 47,706 | ||||||
| ONE Gas, Inc. | 586 | 40,012 | ||||||
| PACCAR, Inc. | 664 | 56,453 | ||||||
| PepsiCo, Inc. | 1,216 | 206,039 | ||||||
| Pfizer, Inc. | 3,176 | 105,348 | ||||||
| Pinnacle West Capital Corp. | 667 | 49,145 | ||||||
| PNM Resources, Inc. | 3,311 | 147,704 | ||||||
| Procter & Gamble Co. | 1,843 | 268,820 | ||||||
| Public Service Enterprise Group, Inc. | 671 | 38,187 | ||||||
| Public Storage | 131 | 34,521 | ||||||
| Qualys, Inc. (*) | 484 | 73,834 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 123 | 101,224 | ||||||
| RingCentral, Inc., Class A Class A (*) | 449 | 13,304 | ||||||
| Roche Holding AG | 518 | 141,292 | ||||||
| Rollins, Inc. | 994 | 37,106 | ||||||
| Sanofi | 727 | 78,009 | ||||||
| SBA Communications Corp. | 413 | 82,670 | ||||||
| Stryker Corp. | 148 | 40,444 | ||||||
| Super Micro Computer, Inc. (*) | 172 | 47,166 | ||||||
| Synopsys, Inc. (*) | 149 | 68,387 | ||||||
| Description | Shares | Fair Value | ||||||
| TJX Cos., Inc. | 1,140 | $ | 101,323 | |||||
| Travelers Cos., Inc. | 302 | 49,320 | ||||||
| United Therapeutics Corp. (*) | 219 | 49,466 | ||||||
| UnitedHealth Group, Inc. | 191 | 96,300 | ||||||
| VeriSign, Inc. (*) | 428 | 86,683 | ||||||
| Verizon Communications, Inc. | 5,955 | 193,002 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 178 | 61,898 | ||||||
| Virtu Financial, Inc., Class A | 2,835 | 48,960 | ||||||
| VMware, Inc., Class A (*) | 928 | 154,493 | ||||||
| Walmart, Inc. | 962 | 153,853 | ||||||
| Waste Management, Inc. | 834 | 127,135 | ||||||
| Western Union Co. | 4,299 | 56,661 | ||||||
| White Mountains Insurance Group Ltd. | 51 | 76,280 | ||||||
| Xcel Energy, Inc. | 2,019 | 115,527 | ||||||
| Zoom Video Communications, Inc. Class A (*) | 584 | 40,845 | ||||||
| 10,979,444 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $16,653,805) | 16,935,909 | |||||||
| Warrants | 0.0% | ||||||||
| Canada | 0.0% | ||||||||
| Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0) | 22 | 0 | ||||||
| Short-Term Investments | 1.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $256,640) | 256,640 | 256,640 | ||||||
| Total Investments | 99.2% (Cost $16,910,445) | $ | 17,192,549 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.8% | 134,256 | |||||||
| Net Assets | 100.0% | $ | 17,326,805 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 99.3% | ||||||||
| Capital Markets | 7.2% | ||||||||
| S&P Global, Inc. | 67,512 | $ | 24,669,560 | |||||
| Commercial Services & Supplies | 5.1% | ||||||||
| Waste Management, Inc. | 115,222 | 17,564,442 | ||||||
| Construction Materials | 3.7% | ||||||||
| Vulcan Materials Co. | 63,936 | 12,916,351 | ||||||
| Distributors | 5.0% | ||||||||
| LKQ Corp. | 348,972 | 17,277,604 | ||||||
| Entertainment | 2.4% | ||||||||
| Live Nation Entertainment, Inc. (*) | 99,092 | 8,228,600 | ||||||
| Financial Services | 8.7% | ||||||||
| Fidelity National Information Services, Inc. | 261,877 | 14,473,942 | ||||||
| Visa, Inc., Class A | 67,934 | 15,625,499 | ||||||
| 30,099,441 | ||||||||
| Health Care Equipment & Supplies | 4.5% | ||||||||
| Envista Holdings Corp. (*) | 559,971 | 15,611,992 | ||||||
| Health Care Providers & Services | 10.9% | ||||||||
| Laboratory Corp. of America Holdings | 186,206 | 37,436,716 | ||||||
| Hotels, Restaurants & Leisure | 2.6% | ||||||||
| Vail Resorts, Inc. | 40,515 | 8,989,873 | ||||||
| Interactive Media & Services | 10.8% | ||||||||
| Alphabet, Inc., A Shares (*) | 284,347 | 37,209,648 | ||||||
| IT Services | 4.6% | ||||||||
| VeriSign, Inc. (*) | 77,910 | 15,779,112 | ||||||
| Machinery | 5.0% | ||||||||
| Otis Worldwide Corp. | 215,727 | 17,325,035 | ||||||
| Personal Care Products | 3.0% | ||||||||
| Estee Lauder Cos., Inc., Class A | 71,766 | 10,373,775 | ||||||
| Pharmaceuticals | 5.0% | ||||||||
| Johnson & Johnson | 111,499 | 17,365,969 | ||||||
| Professional Services | 4.3% | ||||||||
| Verisk Analytics, Inc. | 62,831 | 14,843,196 | ||||||
| Semiconductors & Semiconductor Equipment | 7.8% | ||||||||
| Analog Devices, Inc. | 88,463 | 15,488,987 | ||||||
| Skyworks Solutions, Inc. | 117,480 | 11,582,353 | ||||||
| 27,071,340 | ||||||||
| Specialized REITs | 8.7% | ||||||||
| American Tower Corp. | 48,953 | 8,050,321 | ||||||
| Public Storage | 52,852 | 13,927,559 | ||||||
| Description | Shares | Fair Value | ||||||
| SBA Communications Corp. | 39,855 | $ | 7,977,775 | |||||
| 29,955,655 | ||||||||
| Total Common Stocks (Cost $266,910,989) | 342,718,309 | |||||||
| Short-Term Investments | 0.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $3,236,432) | 3,236,432 | 3,236,432 | ||||||
| Total Investments | 100.2% (Cost $270,147,421) | $ | 345,954,741 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (821,332) | |||||||
| Net Assets | 100.0% | $ | 345,133,409 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 96.3% | ||||||||
| Automobile Components | 1.1% | ||||||||
| Aptiv PLC (*) | 8,830 | $ | 870,550 | |||||
| Banks | 3.5% | ||||||||
| Bank of America Corp. | 105,482 | 2,888,097 | ||||||
| Broadline Retail | 5.8% | ||||||||
| Amazon.com, Inc. (*) | 37,772 | 4,801,577 | ||||||
| Capital Markets | 6.6% | ||||||||
| Goldman Sachs Group, Inc. | 6,541 | 2,116,471 | ||||||
| Intercontinental Exchange, Inc. | 30,250 | 3,328,105 | ||||||
| 5,444,576 | ||||||||
| Commercial Services & Supplies | 2.8% | ||||||||
| Waste Management, Inc. | 14,880 | 2,268,307 | ||||||
| Consumer Finance | 2.9% | ||||||||
| American Express Co. | 15,861 | 2,366,303 | ||||||
| Consumer Staples Distribution & Retail | 2.5% | ||||||||
| Sysco Corp. | 31,395 | 2,073,640 | ||||||
| Containers & Packaging | 2.1% | ||||||||
| Avery Dennison Corp. | 9,647 | 1,762,217 | ||||||
| Financial Services | 4.2% | ||||||||
| Visa, Inc., A Shares | 14,880 | 3,422,549 | ||||||
| Ground Transportation | 3.1% | ||||||||
| Norfolk Southern Corp. | 12,918 | 2,543,942 | ||||||
| Health Care Equipment & Supplies | 2.1% | ||||||||
| Medtronic PLC | 22,238 | 1,742,570 | ||||||
| Health Care Providers & Services | 3.9% | ||||||||
| UnitedHealth Group, Inc. | 6,377 | 3,215,220 | ||||||
| Hotels, Restaurants & Leisure | 3.3% | ||||||||
| McDonald’s Corp. | 10,320 | 2,718,701 | ||||||
| Industrial Conglomerates | 3.4% | ||||||||
| Honeywell International, Inc. | 15,207 | 2,809,341 | ||||||
| Industrial REITs | 2.1% | ||||||||
| Prologis, Inc. | 15,697 | 1,761,360 | ||||||
| Insurance | 4.6% | ||||||||
| Marsh & McLennan Cos., Inc. | 19,785 | 3,765,085 | ||||||
| Interactive Media & Services | 8.1% | ||||||||
| Alphabet, Inc., Class A (*) | 51,016 | 6,675,954 | ||||||
| IT Services | 2.8% | ||||||||
| Accenture PLC, Class A | 7,594 | 2,332,193 | ||||||
| Life Sciences Tools & Services | 6.4% | ||||||||
| Danaher Corp. | 14,389 | 3,569,911 | ||||||
| Description | Shares | Fair Value | ||||||
| IQVIA Holdings, Inc. (*) | 8,830 | $ | 1,737,302 | |||||
| 5,307,213 | ||||||||
| Oil, Gas & Consumable Fuels | 3.4% | ||||||||
| ConocoPhillips | 23,689 | 2,837,942 | ||||||
| Personal Care Products | 2.8% | ||||||||
| Estee Lauder Cos., Inc., Class A | 10,465 | 1,512,716 | ||||||
| Kenvue, Inc. | 37,772 | 758,462 | ||||||
| 2,271,178 | ||||||||
| Pharmaceuticals | 3.2% | ||||||||
| Johnson & Johnson | 16,678 | 2,597,598 | ||||||
| Semiconductors & Semiconductor Equipment | 6.2% | ||||||||
| Analog Devices, Inc. | 18,150 | 3,177,883 | ||||||
| Applied Materials, Inc. | 13,899 | 1,924,317 | ||||||
| 5,102,200 | ||||||||
| Software | 9.4% | ||||||||
| Microsoft Corp. | 24,496 | 7,734,612 | ||||||
| Total Common Stocks (Cost $60,603,104) | 79,312,925 | |||||||
| Short-Term Investments | 4.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $3,914,862) | 3,914,862 | 3,914,862 | ||||||
| Total Investments | 101.0% (Cost $64,517,966) | $ | 83,227,787 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.0)% | (794,823) | |||||||
| Net Assets | 100.0% | $ | 82,432,964 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio | ||||||||
| Common Stocks | 97.0% | ||||||||
| Aerospace & Defense | 2.4% | ||||||||
| Curtiss-Wright Corp. | 2,350 | $ | 459,730 | |||||
| HEICO Corp. | 2,742 | 444,012 | ||||||
| 903,742 | ||||||||
| Automobile Components | 1.0% | ||||||||
| Gentherm, Inc. (*) | 6,919 | 375,425 | ||||||
| Banks | 6.7% | ||||||||
| Comerica, Inc. | 10,105 | 419,863 | ||||||
| Commerce Bancshares, Inc. | 14,294 | 685,826 | ||||||
| Home BancShares, Inc. | 30,877 | 646,564 | ||||||
| Wintrust Financial Corp. | 9,826 | 741,863 | ||||||
| 2,494,116 | ||||||||
| Biotechnology | 3.0% | ||||||||
| Halozyme Therapeutics, Inc. (*) | 11,727 | 447,972 | ||||||
| United Therapeutics Corp. (*) | 2,883 | 651,183 | ||||||
| 1,099,155 | ||||||||
| Building Products | 2.5% | ||||||||
| Armstrong World Industries, Inc. | 6,183 | 445,176 | ||||||
| Carlisle Cos., Inc. | 1,932 | 500,890 | ||||||
| 946,066 | ||||||||
| Capital Markets | 2.5% | ||||||||
| Evercore, Inc., Class A | 3,439 | 474,169 | ||||||
| Stifel Financial Corp. | 7,260 | 446,055 | ||||||
| 920,224 | ||||||||
| Chemicals | 1.6% | ||||||||
| Ingevity Corp. (*) | 9,181 | 437,108 | ||||||
| Livent Corp. (*) | 9,525 | 175,355 | ||||||
| 612,463 | ||||||||
| Communications Equipment | 2.6% | ||||||||
| Ciena Corp. (*) | 11,229 | 530,683 | ||||||
| F5, Inc. (*) | 2,824 | 455,059 | ||||||
| 985,742 | ||||||||
| Construction Materials | 0.8% | ||||||||
| Eagle Materials, Inc. | 1,713 | 285,249 | ||||||
| Consumer Staples Distribution & Retail | 2.8% | ||||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 7,579 | 540,913 | ||||||
| U.S. Foods Holding Corp. (*) | 13,043 | 517,807 | ||||||
| 1,058,720 | ||||||||
| Containers & Packaging | 3.2% | ||||||||
| Avery Dennison Corp. | 3,589 | 655,603 | ||||||
| Description | Shares | Fair Value | ||||||
| Graphic Packaging Holding Co. | 24,507 | $ | 546,016 | |||||
| 1,201,619 | ||||||||
| Electrical Equipment | 4.1% | ||||||||
| Array Technologies, Inc. (*) | 20,163 | 447,417 | ||||||
| Atkore, Inc. (*) | 3,363 | 501,726 | ||||||
| EnerSys | 5,935 | 561,866 | ||||||
| 1,511,009 | ||||||||
| Electronic Equipment, Instruments & Components | 1.2% | ||||||||
| Cognex Corp. | 10,592 | 449,524 | ||||||
| Energy Equipment & Services | 3.6% | ||||||||
| Cactus, Inc., Class A | 12,226 | 613,868 | ||||||
| Liberty Energy, Inc. | 38,868 | 719,835 | ||||||
| 1,333,703 | ||||||||
| Entertainment | 1.5% | ||||||||
| Take-Two Interactive Software, Inc. (*) | 4,070 | 571,387 | ||||||
| Financial Services | 0.7% | ||||||||
| Voya Financial, Inc. | 3,890 | 258,490 | ||||||
| Gas Utilities | 1.9% | ||||||||
| New Jersey Resources Corp. | 17,820 | 724,027 | ||||||
| Health Care Equipment & Supplies | 4.5% | ||||||||
| Envista Holdings Corp. (*) | 19,660 | 548,121 | ||||||
| Lantheus Holdings, Inc. (*) | 8,581 | 596,208 | ||||||
| QuidelOrtho Corp. (*) | 7,525 | 549,626 | ||||||
| 1,693,955 | ||||||||
| Health Care Providers & Services | 1.6% | ||||||||
| Henry Schein, Inc. (*) | 8,093 | 600,905 | ||||||
| Health Care Technology | 0.5% | ||||||||
| Phreesia, Inc. (*) | 10,472 | 195,617 | ||||||
| Hotel & Resort REITs | 1.0% | ||||||||
| Summit Hotel Properties, Inc. | 65,442 | 379,564 | ||||||
| Hotels, Restaurants & Leisure | 2.7% | ||||||||
| Brinker International, Inc. (*) | 12,107 | 382,460 | ||||||
| Wyndham Hotels & Resorts, Inc. | 8,901 | 618,976 | ||||||
| 1,001,436 | ||||||||
| Household Durables | 1.7% | ||||||||
| Helen of Troy Ltd. (*) | 5,521 | 643,528 | ||||||
| Insurance | 4.3% | ||||||||
| Brown & Brown, Inc. | 6,878 | 480,360 | ||||||
| Globe Life, Inc. | 3,884 | 422,307 | ||||||
| Reinsurance Group of America, Inc. | 4,754 | 690,233 | ||||||
| 1,592,900 | ||||||||
| Interactive Media & Services | 3.5% | ||||||||
| Cars.com, Inc. (*) | 28,112 | 473,968 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio (concluded) | ||||||||
| Ziff Davis, Inc. (*) | 7,276 | $ | 463,408 | |||||
| ZoomInfo Technologies, Inc. (*) | 22,457 | 368,295 | ||||||
| 1,305,671 | ||||||||
| IT Services | 1.1% | ||||||||
| Squarespace, Inc., Class A (*) | 13,532 | 392,022 | ||||||
| Leisure Products | 1.1% | ||||||||
| Brunswick Corp. | 5,375 | 424,625 | ||||||
| Life Sciences Tools & Services | 4.3% | ||||||||
| AbCellera Biologics, Inc. (*) | 67,224 | 309,230 | ||||||
| Charles River Laboratories International, Inc. (*) | 2,220 | 435,076 | ||||||
| ICON PLC (*) | 2,151 | 529,684 | ||||||
| Stevanato Group SpA | 11,318 | 336,371 | ||||||
| 1,610,361 | ||||||||
| Machinery | 4.9% | ||||||||
| Columbus McKinnon Corp. | 11,861 | 414,067 | ||||||
| Gates Industrial Corp. PLC (*) | 35,165 | 408,266 | ||||||
| Middleby Corp. (*) | 5,136 | 657,408 | ||||||
| Nordson Corp. | 1,471 | 328,283 | ||||||
| 1,808,024 | ||||||||
| Oil, Gas & Consumable Fuels | 3.8% | ||||||||
| Antero Resources Corp. (*) | 27,353 | 694,219 | ||||||
| Magnolia Oil & Gas Corp., Class A | 32,146 | 736,465 | ||||||
| 1,430,684 | ||||||||
| Professional Services | 4.6% | ||||||||
| Jacobs Solutions, Inc. | 5,034 | 687,141 | ||||||
| Leidos Holdings, Inc. | 4,446 | 409,743 | ||||||
| Sterling Check Corp. (*) | 48,377 | 610,518 | ||||||
| 1,707,402 | ||||||||
| Residential REITs | 1.5% | ||||||||
| Camden Property Trust | 5,809 | 549,415 | ||||||
| Retail REITs | 1.6% | ||||||||
| Brixmor Property Group, Inc. | 28,220 | 586,412 | ||||||
| Semiconductors & Semiconductor Equipment | 1.2% | ||||||||
| MKS Instruments, Inc. | 4,934 | 426,988 | ||||||
| Software | 6.5% | ||||||||
| CyberArk Software Ltd. (*) | 2,098 | 343,589 | ||||||
| Dolby Laboratories, Inc., Class A | 5,601 | 443,935 | ||||||
| Dynatrace, Inc. (*) | 6,782 | 316,923 | ||||||
| N-Able, Inc. (*) | 30,873 | 398,262 | ||||||
| PTC, Inc. (*) | 3,407 | 482,704 | ||||||
| Tyler Technologies, Inc. (*) | 1,149 | 443,675 | ||||||
| 2,429,088 | ||||||||
| Description | Shares | Fair Value | ||||||
| Specialized REITs | 1.1% | ||||||||
| CubeSmart | 11,083 | $ | 422,595 | |||||
| Specialty Retail | 2.2% | ||||||||
| Five Below, Inc. (*) | 3,390 | 545,451 | ||||||
| Warby Parker, Inc., Class A (*) | 21,886 | 288,020 | ||||||
| 833,471 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.2% | ||||||||
| Steven Madden Ltd. | 14,419 | 458,092 | ||||||
| Total Common Stocks (Cost $31,169,134) | 36,223,416 | |||||||
| Total Investments | 97.0% (Cost $31,169,134) | $ | 36,223,416 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.0% | 1,111,384 | |||||||
| Net Assets | 100.0% | $ | 37,334,800 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 97.2% | ||||||||
| Automobile Components | 1.1% | ||||||||
| Aptiv PLC (*) | 1,648 | $ | 162,476 | |||||
| Banks | 2.4% | ||||||||
| Commerce Bancshares, Inc. | 7,552 | 362,345 | ||||||
| Building Products | 2.5% | ||||||||
| AZEK Co., Inc. (*) | 3,044 | 90,528 | ||||||
| Carlisle Cos., Inc. | 433 | 112,260 | ||||||
| Trane Technologies PLC | 904 | 183,431 | ||||||
| 386,219 | ||||||||
| Capital Markets | 5.1% | ||||||||
| Charles Schwab Corp. | 6,886 | 378,042 | ||||||
| Intercontinental Exchange, Inc. | 3,659 | 402,563 | ||||||
| 780,605 | ||||||||
| Chemicals | 0.4% | ||||||||
| Livent Corp. (*) | 2,877 | 52,966 | ||||||
| Commercial Services & Supplies | 3.2% | ||||||||
| MSA Safety, Inc. | 849 | 133,845 | ||||||
| Waste Management, Inc. | 2,283 | 348,020 | ||||||
| 481,865 | ||||||||
| Communications Equipment | 2.1% | ||||||||
| Cisco Systems, Inc. | 6,030 | 324,173 | ||||||
| Consumer Finance | 1.5% | ||||||||
| American Express Co. | 1,503 | 224,233 | ||||||
| Consumer Staples Distribution & Retail | 1.5% | ||||||||
| Sysco Corp. | 3,512 | 231,968 | ||||||
| Containers & Packaging | 2.6% | ||||||||
| Avery Dennison Corp. | 1,348 | 246,239 | ||||||
| Ball Corp. | 2,919 | 145,308 | ||||||
| 391,547 | ||||||||
| Electrical Equipment | 2.4% | ||||||||
| Rockwell Automation, Inc. | 1,259 | 359,910 | ||||||
| Electronic Equipment, Instruments & Components | 2.0% | ||||||||
| Amphenol Corp., Class A | 2,044 | 171,675 | ||||||
| Cognex Corp. | 3,056 | 129,697 | ||||||
| 301,372 | ||||||||
| Financial Services | 3.9% | ||||||||
| Visa, Inc., A Shares | 2,547 | 585,835 | ||||||
| Ground Transportation | 2.1% | ||||||||
| Norfolk Southern Corp. | 1,610 | 317,057 | ||||||
| Description | Shares | Fair Value | ||||||
| Health Care Equipment & Supplies | 3.3% | ||||||||
| Boston Scientific Corp. (*) | 6,045 | $ | 319,176 | |||||
| Medtronic PLC | 2,326 | 182,265 | ||||||
| 501,441 | ||||||||
| Health Care Providers & Services | 6.0% | ||||||||
| Humana, Inc. | 527 | 256,396 | ||||||
| UnitedHealth Group, Inc. | 1,301 | 655,951 | ||||||
| 912,347 | ||||||||
| Household Products | 2.7% | ||||||||
| Procter & Gamble Co. | 2,839 | 414,097 | ||||||
| Industrial REITs | 2.4% | ||||||||
| Prologis, Inc. | 3,249 | 364,570 | ||||||
| IT Services | 3.6% | ||||||||
| Accenture PLC, Class A | 1,773 | 544,506 | ||||||
| Life Sciences Tools & Services | 9.2% | ||||||||
| Agilent Technologies, Inc. | 2,111 | 236,052 | ||||||
| Danaher Corp. | 1,869 | 463,699 | ||||||
| Fortrea Holdings, Inc. (*) | 2,582 | 73,819 | ||||||
| IQVIA Holdings, Inc. (*) | 1,171 | 230,394 | ||||||
| Thermo Fisher Scientific, Inc. | 788 | 398,862 | ||||||
| 1,402,826 | ||||||||
| Machinery | 4.7% | ||||||||
| Deere & Co. | 732 | 276,242 | ||||||
| Nordson Corp. | 683 | 152,425 | ||||||
| Watts Water Technologies, Inc., Class A | 820 | 141,712 | ||||||
| Xylem, Inc. | 1,522 | 138,548 | ||||||
| 708,927 | ||||||||
| Personal Care Products | 1.2% | ||||||||
| Estee Lauder Cos., Inc., Class A | 1,301 | 188,060 | ||||||
| Pharmaceuticals | 4.4% | ||||||||
| Johnson & Johnson | 1,953 | 304,180 | ||||||
| Zoetis, Inc. | 2,049 | 356,485 | ||||||
| 660,665 | ||||||||
| Semiconductors & Semiconductor Equipment | 5.9% | ||||||||
| Analog Devices, Inc. | 2,839 | 497,081 | ||||||
| Applied Materials, Inc. | 1,727 | 239,103 | ||||||
| ON Semiconductor Corp. (*) | 1,279 | 118,883 | ||||||
| SolarEdge Technologies, Inc. (*) | 310 | 40,148 | ||||||
| 895,215 | ||||||||
| Software | 16.9% | ||||||||
| Adobe, Inc. (*) | 498 | 253,930 | ||||||
| CyberArk Software Ltd. (*) | 820 | 134,291 | ||||||
| Intuit, Inc. | 556 | 284,083 | ||||||
| Microsoft Corp. | 4,664 | 1,472,658 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Salesforce, Inc. (*) | 2,078 | $ | 421,377 | |||||
| 2,566,339 | ||||||||
| Specialty Retail | 3.0% | ||||||||
| Home Depot, Inc. | 1,514 | 457,470 | ||||||
| Textiles, Apparel & Luxury Goods | 1.1% | ||||||||
| NIKE, Inc., Class B | 1,756 | 167,909 | ||||||
| Total Common Stocks (Cost $12,719,226) | 14,746,943 | |||||||
| Short-Term Investments | 4.6% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $699,263) | 699,263 | 699,263 | ||||||
| Total Investments | 101.8% (Cost $13,418,489) | $ | 15,446,206 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.8)% | (266,388) | |||||||
| Net Assets | 100.0% | $ | 15,179,818 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio | ||||||||
| Common Stocks | 99.0% | ||||||||
| Aerospace & Defense | 0.3% | ||||||||
| V2X, Inc. (*) | 2,044 | $ | 105,593 | |||||
| Air Freight & Logistics | 0.3% | ||||||||
| Radiant Logistics, Inc. (*) | 15,905 | 89,863 | ||||||
| Automobile Components | 2.1% | ||||||||
| Adient PLC (*) | 3,185 | 116,889 | ||||||
| Autoliv, Inc. | 1,172 | 113,075 | ||||||
| BorgWarner, Inc. | 2,381 | 96,121 | ||||||
| Cooper-Standard Holdings, Inc. (*) | 5,202 | 69,811 | ||||||
| Gentherm, Inc. (*) | 1,317 | 71,460 | ||||||
| Lear Corp. | 550 | 73,810 | ||||||
| Modine Manufacturing Co. (*) | 1,590 | 72,743 | ||||||
| Phinia, Inc. | 177 | 4,742 | ||||||
| Standard Motor Products, Inc. | 2,783 | 93,564 | ||||||
| 712,215 | ||||||||
| Automobiles | 0.3% | ||||||||
| Harley-Davidson, Inc. | 3,498 | 115,644 | ||||||
| Banks | 1.9% | ||||||||
| ACNB Corp. | 767 | 24,245 | ||||||
| Amalgamated Financial Corp. | 5,330 | 91,782 | ||||||
| BOK Financial Corp. | 858 | 68,623 | ||||||
| City Holding Co. | 896 | 80,954 | ||||||
| Coastal Financial Corp. (*) | 1,557 | 66,811 | ||||||
| Five Star Bancorp | 1,766 | 35,426 | ||||||
| Orange County Bancorp, Inc. | 1,180 | 50,941 | ||||||
| Orrstown Financial Services, Inc. | 915 | 19,224 | ||||||
| Pinnacle Financial Partners, Inc. | 1,059 | 70,995 | ||||||
| Southern States Bancshares, Inc. | 557 | 12,583 | ||||||
| Webster Financial Corp. | 1,669 | 67,277 | ||||||
| Westamerica BanCorp | 1,099 | 47,532 | ||||||
| 636,393 | ||||||||
| Beverages | 0.5% | ||||||||
| Coca-Cola Consolidated, Inc. | 118 | 75,086 | ||||||
| Primo Water Corp. | 8,009 | 110,524 | ||||||
| 185,610 | ||||||||
| Biotechnology | 4.7% | ||||||||
| ADMA Biologics, Inc. (*) | 47,404 | 169,706 | ||||||
| Alkermes PLC (*) | 4,373 | 122,488 | ||||||
| Anika Therapeutics, Inc. (*) | 4,018 | 74,855 | ||||||
| Arcturus Therapeutics Holdings, Inc. (*) | 4,407 | 112,599 | ||||||
| Biohaven Ltd. (*) | 280 | 7,283 | ||||||
| Catalyst Pharmaceuticals, Inc. (*) | 12,566 | 146,896 | ||||||
| Deciphera Pharmaceuticals, Inc. (*) | 5,186 | 65,966 | ||||||
| Description | Shares | Fair Value | ||||||
| Denali Therapeutics, Inc. (*) | 3,185 | $ | 65,707 | |||||
| Emergent BioSolutions, Inc. (*) | 14,887 | 50,616 | ||||||
| Exelixis, Inc. (*) | 2,262 | 49,425 | ||||||
| Halozyme Therapeutics, Inc. (*) | 2,749 | 105,012 | ||||||
| Immatics NV (*) | 6,442 | 74,598 | ||||||
| Ironwood Pharmaceuticals, Inc. (*) | 7,625 | 73,429 | ||||||
| MiNK Therapeutics, Inc. (*) | 518 | 606 | ||||||
| Myriad Genetics, Inc. (*) | 4,472 | 71,731 | ||||||
| Neurocrine Biosciences, Inc. (*) | 591 | 66,487 | ||||||
| United Therapeutics Corp. (*) | 623 | 140,717 | ||||||
| Vanda Pharmaceuticals, Inc. (*) | 6,740 | 29,117 | ||||||
| Veracyte, Inc. (*) | 1,458 | 32,557 | ||||||
| Vericel Corp. (*) | 2,675 | 89,666 | ||||||
| Voyager Therapeutics, Inc. (*) | 582 | 4,510 | ||||||
| Xencor, Inc. (*) | 3,425 | 69,014 | ||||||
| 1,622,985 | ||||||||
| Broadline Retail | 0.5% | ||||||||
| Macy’s, Inc. | 6,464 | 75,047 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc. (*) | 1,273 | 98,250 | ||||||
| 173,297 | ||||||||
| Building Products | 2.5% | ||||||||
| American Woodmark Corp. (*) | 734 | 55,498 | ||||||
| Builders FirstSource, Inc. (*) | 2,082 | 259,188 | ||||||
| Owens Corning | 197 | 26,873 | ||||||
| Simpson Manufacturing Co., Inc. | 976 | 146,214 | ||||||
| Tecnoglass, Inc. | 4,824 | 158,999 | ||||||
| UFP Industries, Inc. | 1,290 | 132,096 | ||||||
| Zurn Elkay Water Solutions Corp. | 2,898 | 81,202 | ||||||
| 860,070 | ||||||||
| Capital Markets | 1.0% | ||||||||
| Bain Capital Specialty Finance, Inc. | 4,760 | 72,876 | ||||||
| Carlyle Secured Lending, Inc. | 8,239 | 119,465 | ||||||
| Patria Investments Ltd., Class A | 4,983 | 72,652 | ||||||
| PennantPark Investment Corp. | 12,176 | 80,118 | ||||||
| 345,111 | ||||||||
| Chemicals | 0.5% | ||||||||
| AdvanSix, Inc. | 3,716 | 115,493 | ||||||
| Ingevity Corp. (*) | 773 | 36,803 | ||||||
| Trinseo PLC | 2,911 | 23,783 | ||||||
| 176,079 | ||||||||
| Commercial Services & Supplies | 3.1% | ||||||||
| Brady Corp., Class A | 2,333 | 128,128 | ||||||
| Deluxe Corp. | 2,525 | 47,697 | ||||||
| Ennis, Inc. | 7,689 | 163,161 | ||||||
| Healthcare Services Group, Inc. | 5,780 | 60,285 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Heritage-Crystal Clean, Inc. (*) | 5,026 | $ | 227,929 | |||||
| HNI Corp. | 2,359 | 81,692 | ||||||
| Liquidity Services, Inc. (*) | 2,412 | 42,500 | ||||||
| MillerKnoll, Inc. | 1,763 | 43,105 | ||||||
| OPENLANE, Inc. (*) | 4,845 | 72,288 | ||||||
| Steelcase, Inc.,Class A | 17,543 | 195,955 | ||||||
| 1,062,740 | ||||||||
| Communications Equipment | 2.1% | ||||||||
| Aviat Networks, Inc. (*) | 1,168 | 36,442 | ||||||
| Cambium Networks Corp. (*) | 8,770 | 64,284 | ||||||
| Ciena Corp. (*) | 2,028 | 95,843 | ||||||
| Comtech Telecommunications Corp. | 2,667 | 23,336 | ||||||
| Extreme Networks, Inc. (*) | 5,071 | 122,769 | ||||||
| Gilat Satellite Networks Ltd. (*) | 7,710 | 49,575 | ||||||
| Harmonic, Inc. (*) | 2,783 | 26,800 | ||||||
| Ituran Location & Control Ltd. | 3,644 | 108,956 | ||||||
| Juniper Networks, Inc. | 4,661 | 129,529 | ||||||
| NetScout Systems, Inc. (*) | 2,787 | 78,092 | ||||||
| 735,626 | ||||||||
| Construction & Engineering | 1.5% | ||||||||
| API Group Corp. (*) | 4,737 | 122,830 | ||||||
| Argan, Inc. | 169 | 7,693 | ||||||
| Bowman Consulting Group Ltd. (*) | 856 | 23,994 | ||||||
| IES Holdings, Inc. (*) | 2,288 | 150,711 | ||||||
| Limbach Holdings, Inc. (*) | 4,578 | 145,260 | ||||||
| Stantec, Inc. | 1,235 | 80,114 | ||||||
| 530,602 | ||||||||
| Construction Materials | 0.8% | ||||||||
| Eagle Materials, Inc. | 1,105 | 184,005 | ||||||
| U.S. Lime & Minerals, Inc. | 476 | 95,676 | ||||||
| 279,681 | ||||||||
| Consumer Finance | 0.6% | ||||||||
| Enova International, Inc. (*) | 1,513 | 76,967 | ||||||
| PROG Holdings, Inc. (*) | 4,401 | 146,157 | ||||||
| 223,124 | ||||||||
| Consumer Staples Distribution & Retail | 0.3% | ||||||||
| Andersons, Inc. | 1,860 | 95,809 | ||||||
| Containers & Packaging | 0.9% | ||||||||
| Berry Global Group, Inc. | 1,257 | 77,821 | ||||||
| Greif, Inc.,Class A | 2,322 | 155,133 | ||||||
| O-I Glass, Inc. (*) | 2,849 | 47,663 | ||||||
| Westrock Co. | 500 | 17,900 | ||||||
| 298,517 | ||||||||
| Description | Shares | Fair Value | ||||||
| Distributors | 0.2% | ||||||||
| Weyco Group, Inc. | 2,597 | $ | 65,834 | |||||
| Diversified Consumer Services | 2.1% | ||||||||
| Afya Ltd., Class A (*) | 9,144 | 144,475 | ||||||
| Frontdoor, Inc. (*) | 2,424 | 74,150 | ||||||
| Grand Canyon Education, Inc. (*) | 662 | 77,375 | ||||||
| Laureate Education, Inc. | 9,309 | 131,257 | ||||||
| Lincoln Educational Services Corp. (*) | 4,698 | 39,698 | ||||||
| Perdoceo Education Corp. | 8,238 | 140,870 | ||||||
| Stride, Inc. (*) | 1,873 | 84,341 | ||||||
| Vitru Ltd. (*) | 1,347 | 23,694 | ||||||
| 715,860 | ||||||||
| Diversified REITs | 0.2% | ||||||||
| Essential Properties Realty Trust, Inc. | 3,092 | 66,880 | ||||||
| Diversified Telecommunication Services | 0.4% | ||||||||
| IDT Corp.,Class B | 2,702 | 59,579 | ||||||
| Liberty Latin America Ltd., Class C (*) | 8,470 | 69,115 | ||||||
| 128,694 | ||||||||
| Electrical Equipment | 2.6% | ||||||||
| Acuity Brands, Inc. | 653 | 111,212 | ||||||
| Atkore, Inc. (*) | 1,219 | 181,863 | ||||||
| LSI Industries, Inc. | 2,120 | 33,666 | ||||||
| nVent Electric PLC | 2,545 | 134,859 | ||||||
| Powell Industries, Inc. | 578 | 47,916 | ||||||
| Preformed Line Products Co. | 1,514 | 246,146 | ||||||
| Regal Rexnord Corp. | 265 | 37,863 | ||||||
| Thermon Group Holdings, Inc. (*) | 3,129 | 85,954 | ||||||
| 879,479 | ||||||||
| Electronic Equipment, Instruments & Components | 5.6% | ||||||||
| Arrow Electronics, Inc. (*) | 346 | 43,333 | ||||||
| Avnet, Inc. | 2,665 | 128,426 | ||||||
| Badger Meter, Inc. | 523 | 75,244 | ||||||
| Bel Fuse, Inc. Class B | 1,806 | 86,182 | ||||||
| Belden, Inc. | 951 | 91,819 | ||||||
| Celestica, Inc. (*) | 7,894 | 193,561 | ||||||
| Cognex Corp. | 1,701 | 72,191 | ||||||
| CTS Corp. | 1,861 | 77,678 | ||||||
| Daktronics, Inc. (*) | 17,026 | 151,872 | ||||||
| ePlus, Inc. (*) | 1,336 | 84,863 | ||||||
| Flex Ltd. (*) | 4,707 | 126,995 | ||||||
| Itron, Inc. (*) | 1,146 | 69,425 | ||||||
| Jabil, Inc. | 1,369 | 173,712 | ||||||
| Kimball Electronics, Inc. (*) | 4,442 | 121,622 | ||||||
| Methode Electronics, Inc. | 3,324 | 75,953 | ||||||
| nLight, Inc. (*) | 2,941 | 30,586 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Novanta, Inc. (*) | 271 | $ | 38,872 | |||||
| OSI Systems, Inc. (*) | 591 | 69,762 | ||||||
| Sanmina Corp. (*) | 1,739 | 94,393 | ||||||
| ScanSource, Inc. (*) | 834 | 25,279 | ||||||
| Vishay Intertechnology, Inc. | 3,596 | 88,893 | ||||||
| 1,920,661 | ||||||||
| Energy Equipment & Services | 0.1% | ||||||||
| North American Construction Group Ltd. | 2,067 | 44,895 | ||||||
| Entertainment | 1.0% | ||||||||
| IMAX Corp. (*) | 4,214 | 81,415 | ||||||
| Playstudios, Inc. (*) | 21,499 | 68,367 | ||||||
| Reservoir Media, Inc. (*) | 8,854 | 54,009 | ||||||
| Sciplay Corp.,Class A (*) | 5,473 | 124,620 | ||||||
| 328,411 | ||||||||
| Financial Services | 1.1% | ||||||||
| Cass Information Systems, Inc. | 1,547 | 57,626 | ||||||
| Euronet Worldwide, Inc. (*) | 597 | 47,390 | ||||||
| Jackson Financial, Inc., Class A | 2,171 | 82,976 | ||||||
| NMI Holdings, Inc., Class A (*) | 5,012 | 135,775 | ||||||
| Voya Financial, Inc. | 1,028 | 68,310 | ||||||
| 392,077 | ||||||||
| Food Products | 0.9% | ||||||||
| Darling Ingredients, Inc. (*) | 1,794 | 93,647 | ||||||
| Dole PLC | 6,960 | 80,597 | ||||||
| Flowers Foods, Inc. | 2,764 | 61,305 | ||||||
| Ingredion, Inc. | 721 | 70,946 | ||||||
| 306,495 | ||||||||
| Gas Utilities | 0.2% | ||||||||
| Northwest Natural Holding Co. | 2,037 | 77,732 | ||||||
| Ground Transportation | 0.7% | ||||||||
| Knight-Swift Transportation Holdings, Inc. | 738 | 37,011 | ||||||
| Ryder System, Inc. | 831 | 88,875 | ||||||
| Saia, Inc. (*) | 328 | 130,757 | ||||||
| 256,643 | ||||||||
| Health Care Equipment & Supplies | 4.5% | ||||||||
| Artivion, Inc. (*) | 1,377 | 20,875 | ||||||
| AtriCure, Inc. (*) | 1,535 | 67,233 | ||||||
| Avanos Medical, Inc. (*) | 4,113 | 83,165 | ||||||
| Haemonetics Corp. (*) | 1,669 | 149,509 | ||||||
| ICU Medical, Inc. (*) | 287 | 34,156 | ||||||
| Inmode Ltd. (*) | 3,369 | 102,620 | ||||||
| iRadimed Corp. | 3,740 | 165,944 | ||||||
| Lantheus Holdings, Inc. (*) | 1,805 | 125,411 | ||||||
| Nevro Corp. (*) | 4,120 | 79,186 | ||||||
| Description | Shares | Fair Value | ||||||
| OraSure Technologies, Inc. (*) | 18,897 | $ | 112,059 | |||||
| Penumbra, Inc. (*) | 287 | 69,428 | ||||||
| Sanara Medtech, Inc. (*) | 1,358 | 42,275 | ||||||
| Shockwave Medical, Inc. (*) | 646 | 128,619 | ||||||
| Surmodics, Inc. (*) | 1,824 | 58,532 | ||||||
| UFP Technologies, Inc. (*) | 904 | 145,951 | ||||||
| Utah Medical Products, Inc. | 181 | 15,566 | ||||||
| Varex Imaging Corp. (*) | 3,382 | 63,548 | ||||||
| Zimvie, Inc. (*) | 7,327 | 68,947 | ||||||
| 1,533,024 | ||||||||
| Health Care Providers & Services | 1.2% | ||||||||
| Alignment Healthcare, Inc. (*) | 5,080 | 35,255 | ||||||
| Chemed Corp. | 157 | 81,593 | ||||||
| PetIQ, Inc. (*) | 5,624 | 110,793 | ||||||
| Premier, Inc., Class A | 2,769 | 59,533 | ||||||
| R1 RCM, Inc. (*) | 2,300 | 34,661 | ||||||
| RadNet, Inc. (*) | 1,220 | 34,392 | ||||||
| Talkspace, Inc. (*) | 28,958 | 56,468 | ||||||
| 412,695 | ||||||||
| Health Care REITs | 0.3% | ||||||||
| Community Healthcare Trust, Inc. | 2,098 | 62,311 | ||||||
| Global Medical REIT, Inc. | 3,663 | 32,857 | ||||||
| 95,168 | ||||||||
| Health Care Technology | 0.8% | ||||||||
| Computer Programs & Systems, Inc. (*) | 2,488 | 39,659 | ||||||
| HealthStream, Inc. | 2,672 | 57,662 | ||||||
| NextGen Healthcare, Inc. (*) | 4,356 | 103,368 | ||||||
| Simulations Plus, Inc. | 939 | 39,156 | ||||||
| Teladoc Health, Inc. (*) | 1,611 | 29,948 | ||||||
| 269,793 | ||||||||
| Hotel & Resort REITs | 0.4% | ||||||||
| Chatham Lodging Trust | 7,846 | 75,086 | ||||||
| Sunstone Hotel Investors, Inc. | 6,237 | 58,316 | ||||||
| 133,402 | ||||||||
| Hotels, Restaurants & Leisure | 1.3% | ||||||||
| Accel Entertainment, Inc. (*) | 13,601 | 148,931 | ||||||
| Aramark | 2,172 | 75,368 | ||||||
| Boyd Gaming Corp. | 621 | 37,776 | ||||||
| Denny’s Corp. (*) | 3,979 | 33,702 | ||||||
| Dine Brands Global, Inc. | 525 | 25,961 | ||||||
| Hilton Grand Vacations, Inc. (*) | 1,773 | 72,161 | ||||||
| Krispy Kreme, Inc. | 3,166 | 39,480 | ||||||
| 433,379 | ||||||||
| Household Durables | 3.4% | ||||||||
| Beazer Homes USA, Inc. (*) | 3,586 | 89,327 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Cavco Industries, Inc. (*) | 279 | $ | 74,119 | |||||
| Cricut, Inc., Class A Class A | 7,415 | 68,885 | ||||||
| KB Home | 4,193 | 194,052 | ||||||
| M/I Homes, Inc. (*) | 2,292 | 192,620 | ||||||
| Meritage Homes Corp. | 1,000 | 122,390 | ||||||
| Newell Brands, Inc. | 7,824 | 70,651 | ||||||
| Skyline Champion Corp. (*) | 1,857 | 118,328 | ||||||
| Sonos, Inc. (*) | 4,790 | 61,839 | ||||||
| Taylor Morrison Home Corp. (*) | 2,963 | 126,254 | ||||||
| Toll Brothers, Inc. | 499 | 36,906 | ||||||
| 1,155,371 | ||||||||
| Household Products | 0.2% | ||||||||
| Oil-Dri Corp. of America | 1,142 | 70,518 | ||||||
| Independent Power & Renewable Electricity Producers | 0.2% | ||||||||
| Atlantica Sustainable Infrastructure PLC | 3,658 | 69,868 | ||||||
| Industrial REITs | 1.1% | ||||||||
| Americold Realty Trust, Inc. | 2,183 | 66,385 | ||||||
| EastGroup Properties, Inc. | 257 | 42,798 | ||||||
| First Industrial Realty Trust, Inc. | 1,313 | 62,486 | ||||||
| LXP Industrial Trust | 6,770 | 60,253 | ||||||
| STAG Industrial, Inc. | 1,969 | 67,950 | ||||||
| Terreno Realty Corp. | 1,139 | 64,695 | ||||||
| 364,567 | ||||||||
| Insurance | 1.2% | ||||||||
| International General Insurance Holdings Ltd. | 3,466 | 39,097 | ||||||
| Palomar Holdings, Inc. (*) | 1,341 | 68,056 | ||||||
| Primerica, Inc. | 396 | 76,828 | ||||||
| Reinsurance Group of America, Inc. | 528 | 76,660 | ||||||
| Unum Group | 1,610 | 79,196 | ||||||
| White Mountains Insurance Group Ltd. | 48 | 71,793 | ||||||
| 411,630 | ||||||||
| Interactive Media & Services | 1.4% | ||||||||
| Cargurus, Inc. (*) | 3,980 | 69,729 | ||||||
| Cars.com, Inc. (*) | 6,052 | 102,037 | ||||||
| IAC, Inc. (*) | 601 | 30,284 | ||||||
| VTEX, Class A Class A (*) | 15,422 | 77,264 | ||||||
| Yelp, Inc. (*) | 2,791 | 116,078 | ||||||
| ZoomInfo Technologies, Inc. (*) | 4,547 | 74,571 | ||||||
| 469,963 | ||||||||
| IT Services | 1.6% | ||||||||
| BigBear.ai Holdings, Inc. (*) | 24,613 | 37,166 | ||||||
| BigCommerce Holdings, Inc., Series 1 (*) | 3,662 | 36,144 | ||||||
| CI&T, Inc., Class A (*) | 10,454 | 67,951 | ||||||
| Description | Shares | Fair Value | ||||||
| Hackett Group, Inc. | 4,620 | $ | 108,986 | |||||
| Kyndryl Holdings, Inc. (*) | 6,196 | 93,559 | ||||||
| Okta, Inc. (*) | 1,153 | 93,981 | ||||||
| Rackspace Technology, Inc. (*) | 16,221 | 38,119 | ||||||
| Squarespace, Inc., Class A (*) | 2,603 | 75,409 | ||||||
| 551,315 | ||||||||
| Leisure Products | 2.0% | ||||||||
| BRP, Inc. | 1,809 | 137,231 | ||||||
| Brunswick Corp. | 1,313 | 103,727 | ||||||
| Malibu Boats, Inc. ,Class A (*) | 1,649 | 80,834 | ||||||
| Marine Products Corp. | 4,579 | 65,068 | ||||||
| MasterCraft Boat Holdings, Inc. (*) | 4,309 | 95,746 | ||||||
| Polaris, Inc. | 1,218 | 126,842 | ||||||
| Solo Brands, Inc., Class A (*) | 13,195 | 67,294 | ||||||
| 676,742 | ||||||||
| Life Sciences Tools & Services | 1.6% | ||||||||
| Bruker Corp. | 2,021 | 125,908 | ||||||
| Charles River Laboratories International, Inc. (*) | 371 | 72,709 | ||||||
| Medpace Holdings, Inc. (*) | 979 | 237,045 | ||||||
| Mesa Laboratories, Inc. | 993 | 104,335 | ||||||
| 539,997 | ||||||||
| Machinery | 4.0% | ||||||||
| AGCO Corp. | 706 | 83,506 | ||||||
| Alamo Group, Inc. | 672 | 116,162 | ||||||
| Allison Transmission Holdings, Inc. | 3,381 | 199,682 | ||||||
| CIRCOR International, Inc. (*) | 3,990 | 222,443 | ||||||
| Luxfer Holdings PLC | 6,639 | 86,639 | ||||||
| Mueller Industries, Inc. | 1,990 | 149,568 | ||||||
| Pentair PLC | 2,272 | 147,112 | ||||||
| REV Group, Inc. | 7,198 | 115,168 | ||||||
| Tennant Co. | 1,289 | 95,579 | ||||||
| Terex Corp. | 658 | 37,914 | ||||||
| Timken Co. | 1,508 | 110,823 | ||||||
| 1,364,596 | ||||||||
| Marine Transportation | 1.1% | ||||||||
| Danaos Corp. | 2,243 | 148,531 | ||||||
| Global Ship Lease, Inc., Class A | 2,220 | 40,715 | ||||||
| Grindrod Shipping Holdings Ltd. | 5,203 | 48,856 | ||||||
| Matson, Inc. | 1,407 | 124,829 | ||||||
| 362,931 | ||||||||
| Media | 1.9% | ||||||||
| Daily Journal Corp. (*) | 171 | 50,274 | ||||||
| Emerald Holding, Inc. (*) | 14,430 | 65,224 | ||||||
| EW Scripps Co., Class A Class A (*) | 8,110 | 44,443 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Gambling.com Group Ltd. (*) | 6,547 | $ | 85,635 | |||||
| Gannett Co., Inc. (*) | 27,694 | 67,850 | ||||||
| Integral Ad Science Holding Corp. (*) | 8,479 | 100,815 | ||||||
| John Wiley & Sons, Inc. Class A | 996 | 37,021 | ||||||
| New York Times Co., Class A | 1,849 | 76,179 | ||||||
| Stagwell, Inc. (*) | 4,721 | 22,141 | ||||||
| TEGNA, Inc. | 5,112 | 74,482 | ||||||
| Urban One, Inc. (*) | 4,243 | 21,300 | ||||||
| 645,364 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.7% | ||||||||
| Franklin BSP Realty Trust, Inc. | 5,568 | 73,720 | ||||||
| PennyMac Mortgage Investment Trust | 6,353 | 78,777 | ||||||
| Two Harbors Investment Corp. | 6,161 | 81,572 | ||||||
| 234,069 | ||||||||
| Office REITs | 0.7% | ||||||||
| COPT Defense Properties | 2,515 | 59,932 | ||||||
| Cousins Properties, Inc. | 3,070 | 62,536 | ||||||
| Kilroy Realty Corp. | 2,028 | 64,105 | ||||||
| Postal Realty Trust, Inc., Class A | 4,001 | 54,014 | ||||||
| 240,587 | ||||||||
| Oil, Gas & Consumable Fuels | 1.0% | ||||||||
| Enerplus Corp. | 7,093 | 125,050 | ||||||
| Permian Basin Royalty Trust | 4,110 | 87,338 | ||||||
| Sabine Royalty Trust | 728 | 47,975 | ||||||
| San Juan Basin Royalty Trust | 11,982 | 83,035 | ||||||
| 343,398 | ||||||||
| Paper & Forest Products | 0.3% | ||||||||
| Mercer International, Inc. | 3,516 | 30,167 | ||||||
| Resolute Forest Products, Inc. (*), (¢) | 10,077 | 0 | ||||||
| Sylvamo Corp. | 2,017 | 88,627 | ||||||
| 118,794 | ||||||||
| Personal Care Products | 0.4% | ||||||||
| elf Beauty, Inc. (*) | 627 | 68,863 | ||||||
| Medifast, Inc. | 332 | 24,850 | ||||||
| Thorne HealthTech, Inc. (*) | 2,640 | 26,902 | ||||||
| 120,615 | ||||||||
| Pharmaceuticals | 0.3% | ||||||||
| Amphastar Pharmaceuticals, Inc. (*) | 1,900 | 87,381 | ||||||
| Professional Services | 4.0% | ||||||||
| ASGN, Inc. (*) | 1,281 | 104,632 | ||||||
| Barrett Business Services, Inc. | 1,478 | 133,375 | ||||||
| Clarivate PLC (*) | 3,362 | 22,559 | ||||||
| CRA International, Inc. | 1,316 | 132,600 | ||||||
| Exlservice Holdings, Inc. (*) | 2,379 | 66,707 | ||||||
| Description | Shares | Fair Value | ||||||
| Franklin Covey Co. (*) | 3,011 | $ | 129,232 | |||||
| FTI Consulting, Inc. (*) | 474 | 84,566 | ||||||
| Genpact Ltd. | 805 | 29,141 | ||||||
| Huron Consulting Group, Inc. (*) | 980 | 102,077 | ||||||
| IBEX Holdings Ltd. (*) | 2,155 | 33,295 | ||||||
| ICF International, Inc. | 334 | 40,351 | ||||||
| Kforce, Inc. | 1,878 | 112,041 | ||||||
| Korn Ferry | 1,860 | 88,238 | ||||||
| Resources Connection, Inc. | 7,245 | 108,023 | ||||||
| TriNet Group, Inc. (*) | 585 | 68,141 | ||||||
| TrueBlue, Inc. (*) | 5,664 | 83,091 | ||||||
| Willdan Group, Inc. (*) | 2,034 | 41,555 | ||||||
| 1,379,624 | ||||||||
| Real Estate Management & Development | 0.3% | ||||||||
| FirstService Corp. | 480 | 69,859 | ||||||
| RMR Group, Inc., Class A | 1,831 | 44,896 | ||||||
| 114,755 | ||||||||
| Residential REITs | 0.3% | ||||||||
| Apartment Income REIT Corp. | 1,829 | 56,150 | ||||||
| Elme Communities | 3,885 | 52,992 | ||||||
| 109,142 | ||||||||
| Retail REITs | 1.4% | ||||||||
| Brixmor Property Group, Inc. | 2,470 | 51,327 | ||||||
| Federal Realty Investment Trust | 631 | 57,187 | ||||||
| Kimco Realty Corp. | 2,455 | 43,183 | ||||||
| Kite Realty Group Trust | 3,152 | 67,516 | ||||||
| Phillips Edison & Co., Inc. | 2,044 | 68,556 | ||||||
| Retail Opportunity Investments Corp. | 5,256 | 65,069 | ||||||
| Spirit Realty Capital, Inc. | 1,622 | 54,386 | ||||||
| Tanger Factory Outlet Centers, Inc. | 3,110 | 70,286 | ||||||
| 477,510 | ||||||||
| Semiconductors & Semiconductor Equipment | 3.1% | ||||||||
| Axcelis Technologies, Inc. (*) | 1,967 | 320,719 | ||||||
| Cirrus Logic, Inc. (*) | 1,672 | 123,661 | ||||||
| Diodes, Inc. (*) | 728 | 57,395 | ||||||
| Kulicke & Soffa Industries, Inc. | 1,568 | 76,252 | ||||||
| MaxLinear, Inc. (*) | 3,579 | 79,633 | ||||||
| MKS Instruments, Inc. | 840 | 72,694 | ||||||
| NVE Corp. | 598 | 49,120 | ||||||
| Photronics, Inc. (*) | 6,150 | 124,291 | ||||||
| Universal Display Corp. | 535 | 83,990 | ||||||
| Veeco Instruments, Inc. (*) | 2,746 | 77,190 | ||||||
| 1,064,945 | ||||||||
| Software | 10.2% | ||||||||
| A10 Networks, Inc. | 4,349 | 65,365 | ||||||
| Alarm.com Holdings, Inc. (*) | 614 | 37,540 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Alkami Technology, Inc. (*) | 5,191 | $ | 94,580 | |||||
| Cellebrite DI Ltd. (*) | 14,927 | 114,192 | ||||||
| Clearwater Analytics Holdings, Inc., Class A (*) | 4,832 | 93,451 | ||||||
| CommVault Systems, Inc. (*) | 1,804 | 121,968 | ||||||
| Confluent, Inc., Class A (*) | 3,241 | 95,966 | ||||||
| Descartes Systems Group, Inc. (*) | 1,448 | 106,254 | ||||||
| DocuSign, Inc. (*) | 1,875 | 78,750 | ||||||
| Dolby Laboratories, Inc., Class A | 1,060 | 84,016 | ||||||
| E2open Parent Holdings, Inc. (*) | 5,555 | 25,220 | ||||||
| Elastic NV (*) | 1,568 | 127,384 | ||||||
| EngageSmart, Inc. (*) | 3,671 | 66,041 | ||||||
| Five9, Inc. (*) | 698 | 44,881 | ||||||
| Freshworks, Inc., Class A (*) | 5,542 | 110,397 | ||||||
| Gitlab, Inc.,Class A (*) | 1,146 | 51,822 | ||||||
| Instructure Holdings, Inc. (*) | 1,557 | 39,548 | ||||||
| InterDigital, Inc. | 1,063 | 85,295 | ||||||
| JFrog Ltd. (*) | 1,686 | 42,757 | ||||||
| Kaltura, Inc. (*) | 5,545 | 9,593 | ||||||
| Karooooo Ltd. | 470 | 9,358 | ||||||
| Magic Software Enterprises Ltd. | 1,706 | 19,261 | ||||||
| Manhattan Associates, Inc. (*) | 415 | 82,029 | ||||||
| Mitek Systems, Inc. (*) | 7,744 | 83,016 | ||||||
| Model N, Inc. (*) | 2,483 | 60,610 | ||||||
| Monday.com Ltd. (*) | 686 | 109,225 | ||||||
| N-Able, Inc. (*) | 10,455 | 134,869 | ||||||
| nCino, Inc. (*) | 1,413 | 44,933 | ||||||
| Open Text Corp. | 2,451 | 86,030 | ||||||
| PagerDuty, Inc. (*) | 3,563 | 80,132 | ||||||
| Procore Technologies, Inc. (*) | 1,224 | 79,952 | ||||||
| Progress Software Corp. | 2,488 | 130,819 | ||||||
| Qualys, Inc. (*) | 723 | 110,294 | ||||||
| RingCentral, Inc., Class A Class A (*) | 2,804 | 83,083 | ||||||
| Samsara, Inc. Class A (*) | 6,298 | 158,773 | ||||||
| SEMrush Holdings, Inc.,Class A (*) | 3,549 | 30,167 | ||||||
| SentinelOne, Inc. Class A (*) | 4,964 | 83,693 | ||||||
| Smartsheet, Inc.,Class A (*) | 1,924 | 77,845 | ||||||
| Sprinklr, Inc., Class A (*) | 6,093 | 84,327 | ||||||
| SPS Commerce, Inc. (*) | 971 | 165,662 | ||||||
| Tenable Holdings, Inc. (*) | 2,188 | 98,022 | ||||||
| Teradata Corp. (*) | 2,764 | 124,435 | ||||||
| Weave Communications, Inc. (*) | 7,395 | 60,269 | ||||||
| 3,491,824 | ||||||||
| Specialized REITs | 0.4% | ||||||||
| Extra Space Storage, Inc. | 570 | 69,301 | ||||||
| Description | Shares | Fair Value | ||||||
| Lamar Advertising Co., Class A | 845 | $ | 70,532 | |||||
| 139,833 | ||||||||
| Specialty Retail | 2.9% | ||||||||
| Asbury Automotive Group, Inc. (*) | 323 | 74,313 | ||||||
| AutoNation, Inc. (*) | 691 | 104,617 | ||||||
| Boot Barn Holdings, Inc. (*) | 1,228 | 99,701 | ||||||
| Buckle, Inc. | 2,258 | 75,395 | ||||||
| Build-A-Bear Workshop, Inc. | 3,618 | 106,405 | ||||||
| CarParts.com, Inc. (*) | 6,655 | 27,419 | ||||||
| Group 1 Automotive, Inc. | 371 | 99,691 | ||||||
| J Jill, Inc. (*) | 2,602 | 77,019 | ||||||
| Lithia Motors, Inc. | 136 | 40,165 | ||||||
| Murphy USA, Inc. | 440 | 150,361 | ||||||
| ODP Corp. (*) | 753 | 34,751 | ||||||
| Signet Jewelers Ltd. | 995 | 71,451 | ||||||
| Winmark Corp. | 112 | 41,791 | ||||||
| 1,003,079 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.1% | ||||||||
| Super Micro Computer, Inc. (*) | 1,054 | 289,028 | ||||||
| Xerox Holdings Corp. | 4,609 | 72,315 | ||||||
| 361,343 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.0% | ||||||||
| Crocs, Inc. (*) | 651 | 57,438 | ||||||
| Kontoor Brands, Inc. | 1,771 | 77,765 | ||||||
| Movado Group, Inc. | 2,777 | 75,951 | ||||||
| Oxford Industries, Inc. | 1,404 | 134,966 | ||||||
| 346,120 | ||||||||
| Trading Companies & Distributors | 3.3% | ||||||||
| Air Lease Corp. | 1,795 | 70,741 | ||||||
| Applied Industrial Technologies, Inc. | 810 | 125,234 | ||||||
| BlueLinx Holdings, Inc. (*) | 1,109 | 91,038 | ||||||
| Boise Cascade Co. | 1,583 | 163,112 | ||||||
| GMS, Inc. (*) | 2,181 | 139,519 | ||||||
| Karat Packaging, Inc. | 3,456 | 79,695 | ||||||
| McGrath RentCorp | 876 | 87,810 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 965 | 94,715 | ||||||
| NOW, Inc. (*) | 13,781 | 163,581 | ||||||
| Titan Machinery, Inc. (*) | 3,666 | 97,442 | ||||||
| 1,112,887 | ||||||||
| Transportation Infrastructure | 0.2% | ||||||||
| Corp. America Airports SA (*) | 4,084 | 54,481 | ||||||
| Water Utilities | 0.1% | ||||||||
| Pure Cycle Corp. (*) | 1,821 | 17,482 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | ||||||||
| Wireless Telecommunication Services | 0.1% | ||||||||
| Spok Holdings, Inc. | 3,506 | $ | 50,031 | |||||
| Total Common Stocks (Cost $31,775,780) | 33,860,843 | |||||||
| Rights | 0.0% | ||||||||
| Biotechnology | 0.0% | ||||||||
| Adamas Pharmaceuticals, Inc. CVR | ||||||||
| Expires 2024 (¢) | 1,139 | 0 | ||||||
| Expires 2025 (¢) | 1,139 | 0 | ||||||
| Epizyme, Inc. CVR | ||||||||
| Expires 2499 (¢) | 41,136 | 823 | ||||||
| Radius Health, Inc. CVR | ||||||||
| Expires 2499 (¢) | 7,231 | 578 | ||||||
| (Cost $1,538) | 1,401 | |||||||
| Short-Term Investments | 0.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $317,576) | 317,576 | 317,576 | ||||||
| Total Investments | 99.9% (Cost $32,094,894) | $ | 34,179,820 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 21,629 | |||||||
| Net Assets | 100.0% | $ | 34,201,449 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio | ||||||||
| Convertible Corporate Bonds | 91.5% | ||||||||
| Automobile Components | 1.1% | ||||||||
| Luminar Technologies, Inc., 1.250%, 12/15/26 | $ | 146 | $ | 96,652 | ||||
| Automobiles | 2.9% | ||||||||
| Ford Motor Co., 0.000%, 03/15/26 | 178 | 175,775 | ||||||
| Rivian Automotive, Inc., 4.625%, 03/15/29 | 52 | 75,556 | ||||||
| 251,331 | ||||||||
| Biotechnology | 7.2% | ||||||||
| BioMarin Pharmaceutical, Inc., 0.599%, 08/01/24 | 137 | 133,232 | ||||||
| Bridgebio Pharma, Inc., 2.500%, 03/15/27 | 46 | 44,160 | ||||||
| Exact Sciences Corp., 0.375%, 03/01/28 | 207 | 179,697 | ||||||
| Halozyme Therapeutics, Inc., 0.250%, 03/01/27 | 108 | 91,670 | ||||||
| Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 | 100 | 98,150 | ||||||
| Sarepta Therapeutics, Inc., 1.250%, 09/15/27 | 73 | 81,899 | ||||||
| 628,808 | ||||||||
| Broadline Retail | 1.6% | ||||||||
| Etsy, Inc., 0.125%, 09/01/27 | 172 | 138,460 | ||||||
| Commercial Services & Supplies | 0.8% | ||||||||
| Sabre GLBL, Inc., 4.000%, 04/15/25 | 70 | 69,566 | ||||||
| Communications Equipment | 1.0% | ||||||||
| Lumentum Holdings, Inc., 0.500%, 06/15/28 | 123 | 89,950 | ||||||
| Construction & Engineering | 1.0% | ||||||||
| FLUOR Corp., 1.125%, 08/15/29 | 89 | 92,315 | ||||||
| Consumer Staples Distribution & Retail | 0.5% | ||||||||
| Chefs’ Warehouse, Inc., 2.375%, 12/15/28 | 50 | 40,685 | ||||||
| Diversified REITs | 0.9% | ||||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 | 90 | 75,096 | ||||||
| Electric Utilities | 2.4% | ||||||||
| Alliant Energy Corp., 3.875%, 03/15/26 | 84 | 81,564 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Southern Co., 3.875%, 12/15/25 | $ | 128 | $ | 125,056 | ||||
| 206,620 | ||||||||
| Electrical Equipment | 0.5% | ||||||||
| Array Technologies, Inc., 1.000%, 12/01/28 | 36 | 41,094 | ||||||
| Entertainment | 2.8% | ||||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 | 21 | 30,765 | ||||||
| Live Nation Entertainment, Inc., 2.000%, 02/15/25 | 212 | 216,974 | ||||||
| 247,739 | ||||||||
| Ground Transportation | 2.0% | ||||||||
| Uber Technologies, Inc., 0.000%, 12/15/25 | 192 | 180,080 | ||||||
| Health Care Equipment & Supplies | 5.9% | ||||||||
| CONMED Corp., 2.250%, 06/15/27 | 46 | 44,022 | ||||||
| Dexcom, Inc.: | ||||||||
| 0.250%, 11/15/25 | 260 | 246,350 | ||||||
| 0.375%, 05/15/28 | 87 | 77,604 | ||||||
| Insulet Corp., 0.375%, 09/01/26 | 53 | 52,099 | ||||||
| Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 | 91 | 83,447 | ||||||
| Novocure Ltd., 0.000%, 11/01/25 | 12 | 10,426 | ||||||
| 513,948 | ||||||||
| Health Care Providers & Services | 1.1% | ||||||||
| Guardant Health, Inc., 0.000%, 11/15/27 | 143 | 99,028 | ||||||
| Health Care Technology | 1.7% | ||||||||
| Teladoc Health, Inc., 1.250%, 06/01/27 | 188 | 150,757 | ||||||
| Hotels, Restaurants & Leisure | 5.6% | ||||||||
| Airbnb, Inc., 0.000%, 03/15/26 | 59 | 52,068 | ||||||
| Booking Holdings, Inc., 0.750%, 05/01/25 | 62 | 103,850 | ||||||
| Carnival Corp., 5.750%, 10/01/24 | 45 | 67,477 | ||||||
| Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 | 103 | 90,691 | ||||||
| NCL Corp. Ltd., 5.375%, 08/01/25 | 72 | 84,060 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (continued) | ||||||||
| Vail Resorts, Inc., 0.000%, 01/01/26 | $ | 103 | $ | 91,155 | ||||
| 489,301 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.7% | ||||||||
| NextEra Energy Partners LP, 0.000%, 11/15/25 | 74 | 62,160 | ||||||
| Interactive Media & Services | 5.1% | ||||||||
| Match Group Financeco 3, Inc., 2.000%, 01/15/30 | 250 | 218,893 | ||||||
| Snap, Inc., 0.750%, 08/01/26 | 136 | 119,646 | ||||||
| Ziff Davis, Inc., 1.750%, 11/01/26 | 120 | 110,940 | ||||||
| 449,479 | ||||||||
| IT Services | 7.6% | ||||||||
| Akamai Technologies, Inc., 0.375%, 09/01/27 | 151 | 158,021 | ||||||
| Block, Inc., 0.125%, 03/01/25 | 171 | 159,543 | ||||||
| Cloudflare, Inc., 0.000%, 08/15/26 | 169 | 144,495 | ||||||
| MongoDB, Inc., 0.250%, 01/15/26 | 73 | 125,031 | ||||||
| Okta, Inc., 0.125%, 09/01/25 | 84 | 76,482 | ||||||
| 663,572 | ||||||||
| Leisure Products | 1.6% | ||||||||
| Royal Caribbean Cruises Ltd., 6.000%, 08/15/25 | 71 | 140,332 | ||||||
| Machinery | 0.8% | ||||||||
| Middleby Corp., 1.000%, 09/01/25 | 66 | 74,217 | ||||||
| Media | 4.5% | ||||||||
| Cable One, Inc., 1.125%, 03/15/28 | 117 | 87,633 | ||||||
| Liberty Broadband Corp., 3.125%, 03/31/53 | 135 | 141,278 | ||||||
| Liberty Media Corp., 3.750%, 03/15/28 | 88 | 100,452 | ||||||
| Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27 | 67 | 65,526 | ||||||
| 394,889 | ||||||||
| Metals & Mining | 0.9% | ||||||||
| MP Materials Corp., 0.250%, 04/01/26 | 94 | 81,197 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Multi-Utilities | 1.4% | ||||||||
| CMS Energy Corp., 3.375%, 05/01/28 | $ | 130 | $ | 122,525 | ||||
| Oil, Gas & Consumable Fuels | 3.4% | ||||||||
| EQT Corp., 1.750%, 05/01/26 | 41 | 114,004 | ||||||
| Pioneer Natural Resources Co., 0.250%, 05/15/25 | 77 | 188,989 | ||||||
| 302,993 | ||||||||
| Passenger Airlines | 4.3% | ||||||||
| JetBlue Airways Corp., 0.500%, 04/01/26 | 191 | 148,617 | ||||||
| Southwest Airlines Co., 1.250%, 05/01/25 | 164 | 163,385 | ||||||
| Spirit Airlines, Inc., 1.000%, 05/15/26 | 77 | 64,411 | ||||||
| 376,413 | ||||||||
| Real Estate Management & Development | 1.0% | ||||||||
| Zillow Group, Inc., 1.375%, 09/01/26 | 74 | 88,911 | ||||||
| Semiconductors & Semiconductor Equipment | 7.6% | ||||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 | 151 | 133,257 | ||||||
| Microchip Technology, Inc., 0.125%, 11/15/24 | 132 | 139,260 | ||||||
| ON Semiconductor Corp., 0.500%, 03/01/29 | 172 | 189,716 | ||||||
| Wolfspeed, Inc., 0.250%, 02/15/28 | 305 | 207,095 | ||||||
| 669,328 | ||||||||
| Software | 11.5% | ||||||||
| Bill Holdings, Inc., 0.000%, 12/01/25 | 98 | 98,980 | ||||||
| Five9, Inc., 0.500%, 06/01/25 | 109 | 101,970 | ||||||
| HubSpot, Inc., 0.375%, 06/01/25 | 46 | 82,087 | ||||||
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 105 | 247,852 | ||||||
| Splunk, Inc., 1.125%, 09/15/25 | 147 | 158,319 | ||||||
| Tyler Technologies, Inc., 0.250%, 03/15/26 | 80 | 77,640 | ||||||
| Workiva, Inc., 1.250%, 08/15/28 | 66 | 65,439 | ||||||
| Zscaler, Inc., 0.125%, 07/01/25 | 148 | 178,488 | ||||||
| 1,010,775 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (concluded) | ||||||||
| Specialty Retail | 2.1% | ||||||||
| Burlington Stores, Inc., 2.250%, 04/15/25 | $ | 72 | $ | 70,517 | ||||
| Wayfair, Inc., 3.250%, 09/15/27 | 96 | 116,064 | ||||||
| 186,581 | ||||||||
| Total Convertible Corporate Bonds (Cost $7,947,292) | 8,034,802 | |||||||
| Description | Shares | Fair Value | ||||||
| Preferred Stocks | 7.7% | ||||||||
| Banks | 3.5% | ||||||||
| Bank of America Corp. Series L | 193 | $ | 214,657 | |||||
| Wells Fargo & Co. Series L | 83 | 92,545 | ||||||
| 307,202 | ||||||||
| Electric Utilities | 0.9% | ||||||||
| NextEra Energy, Inc. | 2,012 | 76,114 | ||||||
| Financial Services | 1.8% | ||||||||
| AMG Capital Trust II | 1,426 | 69,874 | ||||||
| Apollo Global Management, Inc. | 1,700 | 93,670 | ||||||
| 163,544 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.8% | ||||||||
| AES Corp., Series A | 1,211 | 73,871 | ||||||
| Machinery | 0.7% | ||||||||
| Chart Industries, Inc., Series B | 880 | 58,678 | ||||||
| Total Preferred Stocks (Cost $763,194) | 679,409 | |||||||
| Short-Term Investments | 2.2% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 5.28% (7 day yield) (Cost $193,857) | 193,857 | 193,857 | ||||||
| Total Investments | 101.4% (Cost $8,904,343) | $ | 8,908,068 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.4)% | (125,887) | |||||||
| Net Assets | 100.0% | $ | 8,782,181 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio | ||||||||
| Corporate Bonds | 79.2% | ||||||||
| Aerospace & Defense | 0.6% | ||||||||
| Howmet Aerospace, Inc., 3.000%, 01/15/29 | $ | 1,500 | $ | 1,269,689 | ||||
| Automobile Components | 0.7% | ||||||||
| Goodyear Tire & Rubber Co.: | ||||||||
| 5.000%, 05/31/26 | 250 | 238,709 | ||||||
| 5.250%, 07/15/31 | 1,500 | 1,241,100 | ||||||
| 1,479,809 | ||||||||
| Automobiles | 0.4% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 866,265 | ||||||
| Building Products | 1.5% | ||||||||
| Builders FirstSource, Inc., 4.250%, 02/01/32 (#) | 2,000 | 1,640,131 | ||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,588,588 | ||||||
| 3,228,719 | ||||||||
| Chemicals | 3.0% | ||||||||
| Ashland, Inc., 3.375%, 09/01/31 (#) | 1,500 | 1,166,454 | ||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,750 | 1,614,328 | ||||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | 1,750 | 1,362,006 | ||||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | 1,500 | 1,162,130 | ||||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 917,438 | ||||||
| 6,222,356 | ||||||||
| Commercial Services & Supplies | 3.3% | ||||||||
| ADT Security Corp., 4.125%, 08/01/29 (#) | 250 | 211,378 | ||||||
| Aramark Services, Inc., 5.000%, 04/01/25 (#) | 2,000 | 1,965,820 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 1,884,674 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,506,593 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 08/31/27 (#) | 1,500 | 1,314,146 | ||||||
| 6,882,611 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Construction Materials | 0.8% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | $ | 1,760 | $ | 1,641,712 | ||||
| Consumer Finance | 0.8% | ||||||||
| Ford Motor Credit Co. LLC: | ||||||||
| 2.700%, 08/10/26 | 1,000 | 892,366 | ||||||
| 4.125%, 08/17/27 | 1,000 | 910,776 | ||||||
| 1,803,142 | ||||||||
| Consumer Staples Distribution & Retail | 2.2% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.500%, 03/15/29 (#) | 2,000 | 1,705,171 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,554,909 | ||||||
| U.S. Foods, Inc., 4.625%, 06/01/30 (#) | 1,500 | 1,303,202 | ||||||
| 4,563,282 | ||||||||
| Containers & Packaging | 3.7% | ||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/29 (#) | 1,200 | 939,085 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 08/15/26 (#) | 1,200 | 1,096,820 | ||||||
| Ball Corp., 2.875%, 08/15/30 | 2,000 | 1,584,788 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,403,748 | ||||||
| Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 02/01/28 (#) | 1,000 | 968,521 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 1,996 | 1,785,722 | ||||||
| 7,778,684 | ||||||||
| Diversified Consumer Services | 0.9% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 1,853,480 | ||||||
| Diversified REITs | 4.7% | ||||||||
| HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 06/15/26 (#) | 1,500 | 1,333,250 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 438,222 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,028,079 | ||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.875%, 05/15/29 (#) | 1,500 | 1,268,925 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| RHP Hotel Properties LP/RHP Finance Corp., 4.500%, 02/15/29 (#) | $ | 1,750 | $ | 1,499,671 | ||||
| SBA Communications Corp., 3.125%, 02/01/29 | 1,500 | 1,251,109 | ||||||
| VICI Properties LP/VICI Note Co., Inc.: | ||||||||
| 4.500%, 09/01/26 (#) | 1,800 | 1,691,019 | ||||||
| 4.250%, 12/01/26 (#) | 1,500 | 1,397,627 | ||||||
| 9,907,902 | ||||||||
| Diversified Telecommunication Services | 2.1% | ||||||||
| Connect Finco Sarl/Connect U.S. Finco LLC, 6.750%, 10/01/26 (#) | 1,500 | 1,396,365 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 2,091 | 1,880,195 | ||||||
| Level 3 Financing, Inc.: | ||||||||
| 4.250%, 07/01/28 (#) | 1,000 | 623,034 | ||||||
| 3.625%, 01/15/29 (#) | 1,000 | 560,000 | ||||||
| 4,459,594 | ||||||||
| Electric Utilities | 0.5% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,137,983 | ||||||
| Electrical Equipment | 1.2% | ||||||||
| Sensata Technologies, Inc.: | ||||||||
| 4.375%, 02/15/30 (#) | 1,100 | 949,856 | ||||||
| 3.750%, 02/15/31 (#) | 250 | 202,331 | ||||||
| Vistra Operations Co. LLC, 4.375%, 05/01/29 (#) | 1,500 | 1,289,448 | ||||||
| 2,441,635 | ||||||||
| Entertainment | 1.5% | ||||||||
| Cinemark USA, Inc., 5.250%, 07/15/28 (#) | 1,500 | 1,331,490 | ||||||
| Live Nation Entertainment, Inc., 3.750%, 01/15/28 (#) | 500 | 441,250 | ||||||
| WMG Acquisition Corp., 3.000%, 02/15/31 (#) | 1,800 | 1,413,846 | ||||||
| 3,186,586 | ||||||||
| Financial Services | 0.7% | ||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/31 (#) | 1,750 | 1,460,778 | ||||||
| Food Products | 3.9% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 1,500 | 1,471,984 | ||||||
| Darling Ingredients, Inc., 6.000%, 06/15/30 (#) | 2,000 | 1,893,465 | ||||||
| Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#) | 2,000 | 1,710,297 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | $ | 2,000 | $ | 1,664,587 | ||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,419,688 | ||||||
| 8,160,021 | ||||||||
| Health Care Equipment & Supplies | 2.1% | ||||||||
| Avantor Funding, Inc., 3.875%, 11/01/29 (#) | 1,500 | 1,282,005 | ||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | 2,000 | 1,840,315 | ||||||
| Medline Borrower LP, 3.875%, 04/01/29 (#) | 1,500 | 1,268,134 | ||||||
| 4,390,454 | ||||||||
| Health Care Providers & Services | 3.6% | ||||||||
| Centene Corp., 3.375%, 02/15/30 | 1,500 | 1,251,108 | ||||||
| Encompass Health Corp., 4.625%, 04/01/31 | 1,849 | 1,567,358 | ||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | 1,250 | 1,075,000 | ||||||
| Molina Healthcare, Inc., 3.875%, 05/15/32 (#) | 1,750 | 1,403,474 | ||||||
| Tenet Healthcare Corp.: | ||||||||
| 4.875%, 01/01/26 | 1,000 | 958,030 | ||||||
| 4.375%, 01/15/30 | 1,500 | 1,290,186 | ||||||
| 7,545,156 | ||||||||
| Hotels, Restaurants & Leisure | 5.5% | ||||||||
| 1011778 BC ULC/New Red Finance, Inc., 3.875%, 01/15/28 (#) | 2,100 | 1,883,784 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 4.750%, 12/01/27 | 850 | 782,498 | ||||||
| 4.750%, 06/15/31 (#) | 1,250 | 1,063,720 | ||||||
| Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.375%, 04/15/27 | 1,550 | 1,451,713 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,612,392 | ||||||
| International Game Technology PLC, 4.125%, 04/15/26 (#) | 1,500 | 1,411,074 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 747,186 | ||||||
| Station Casinos LLC, 4.625%, 12/01/31 (#) | 1,750 | 1,399,796 | ||||||
| Travel & Leisure Co., 4.500%, 12/01/29 (#) | 1,500 | 1,258,125 | ||||||
| 11,610,288 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (continued) | ||||||||
| Household Durables | 0.7% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | $ | 1,750 | $ | 1,460,551 | ||||
| Household Products | 0.5% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,036,413 | ||||||
| Independent Power & Renewable Electricity Producers | 1.4% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,351,840 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,586,474 | ||||||
| 2,938,314 | ||||||||
| Interactive Media & Services | 0.6% | ||||||||
| Ziff Davis, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,269,974 | ||||||
| IT Services | 0.5% | ||||||||
| Block, Inc., 3.500%, 06/01/31 | 1,450 | 1,139,064 | ||||||
| Machinery | 3.5% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,656,515 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 706,885 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 846,740 | ||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | 2,000 | 1,741,811 | ||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 1,000 | 895,525 | ||||||
| Vertiv Group Corp., 4.125%, 11/15/28 (#) | 1,750 | 1,538,269 | ||||||
| 7,385,745 | ||||||||
| Media | 8.8% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp.: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 465,858 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,259,177 | ||||||
| Clear Channel Outdoor Holdings, Inc., 5.125%, 08/15/27 (#) | 2,000 | 1,775,985 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,221,540 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,334,874 | ||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp., 5.000%, 08/15/27 (#) | 2,300 | 2,026,487 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,500 | 1,128,056 | ||||||
| Sinclair Television Group, Inc.: | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| 5.125%, 02/15/27 (#) | $ | 1,750 | $ | 1,400,000 | ||||
| 4.125%, 12/01/30 (#) | 1,000 | 620,070 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| 5.000%, 08/01/27 (#) | 1,750 | 1,598,450 | ||||||
| 3.875%, 09/01/31 (#) | 1,000 | 757,461 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,469,913 | ||||||
| Univision Communications, Inc., 5.125%, 02/15/25 (#) | 1,407 | 1,371,354 | ||||||
| Videotron Ltd., 5.125%, 04/15/27 (#) | 500 | 473,125 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 1,652,199 | ||||||
| 18,554,549 | ||||||||
| Metals & Mining | 1.4% | ||||||||
| FMG Resources August 2006 Pty. Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,583,750 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,298,175 | ||||||
| 2,881,925 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.7% | ||||||||
| Starwood Property Trust, Inc., 3.625%, 07/15/26 (#) | 1,743 | 1,545,649 | ||||||
| Oil, Gas & Consumable Fuels | 7.3% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,316,248 | ||||||
| Cheniere Energy Partners LP, 3.250%, 01/31/32 | 1,750 | 1,390,896 | ||||||
| DT Midstream, Inc., 4.375%, 06/15/31 (#) | 1,350 | 1,135,234 | ||||||
| Hess Midstream Operations LP, 4.250%, 02/15/30 (#) | 1,850 | 1,559,991 | ||||||
| Holly Energy Partners LP/Holly Energy Finance Corp., 5.000%, 02/01/28 (#) | 2,000 | 1,840,086 | ||||||
| Occidental Petroleum Corp., 3.400%, 04/15/26 | 1,750 | 1,633,384 | ||||||
| Range Resources Corp., 4.750%, 02/15/30 (#) | 1,750 | 1,553,125 | ||||||
| Southwestern Energy Co.: | ||||||||
| 5.700%, 01/23/25 | 1,800 | 1,773,705 | ||||||
| 4.750%, 02/01/32 | 250 | 214,572 | ||||||
| Sunoco LP/Sunoco Finance Corp., 4.500%, 04/30/30 | 2,000 | 1,731,945 | ||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.500%, 01/15/28 (#) | 1,250 | 1,137,500 | ||||||
| 15,286,686 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Corporate Income Portfolio (concluded) | ||||||||
| Paper & Forest Products | 0.4% | ||||||||
| Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25 | $ | 750 | $ | 759,948 | ||||
| Passenger Airlines | 0.5% | ||||||||
| United Airlines Pass-Through Trust, Series 2012-1, Class A, 4.150%, 10/11/25 | 1,016 | 1,001,844 | ||||||
| Software | 1.9% | ||||||||
| Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#) | 1,200 | 1,038,840 | ||||||
| Crowdstrike Holdings, Inc., 3.000%, 02/15/29 | 1,500 | 1,263,416 | ||||||
| NCR Corp.: | ||||||||
| 5.750%, 09/01/27 (#) | 1,000 | 1,007,444 | ||||||
| 5.125%, 04/15/29 (#) | 750 | 660,794 | ||||||
| 3,970,494 | ||||||||
| Specialty Retail | 1.8% | ||||||||
| Asbury Automotive Group, Inc.: | ||||||||
| 4.500%, 03/01/28 | 987 | 883,576 | ||||||
| 5.000%, 02/15/32 (#) | 750 | 621,404 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 868,101 | ||||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,473,048 | ||||||
| 3,846,129 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.8% | ||||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 | 2,083 | 1,797,087 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 1,905,697 | ||||||
| 3,702,784 | ||||||||
| Trading Companies & Distributors | 3.7% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) | 1,100 | 975,012 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 07/15/27 (#) | 2,000 | 1,892,939 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 2,000 | 1,891,309 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,545,962 | ||||||
| United Rentals North America, Inc.: | ||||||||
| 5.500%, 05/15/27 | 500 | 485,893 | ||||||
| 3.875%, 11/15/27 | 1,100 | 995,725 | ||||||
| 7,786,840 | ||||||||
| Total Corporate Bonds (Cost $190,082,362) | 166,457,055 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Mortgage-Backed Securities | 11.7% | ||||||||
| Federal Farm Credit Banks Funding Corp., 5.900%, 01/10/33 | $ | 5,000 | $ | 4,867,324 | ||||
| Federal National Mortgage Association, 4.500%, 07/24/26 | 10,000 | 9,825,175 | ||||||
| Federal Home Loan Mortgage Corp., 6.000%, 07/26/27 | 10,000 | 9,915,187 | ||||||
| 24,607,686 | ||||||||
| Total Mortgage-Backed Securities (Cost $24,812,908) | 24,607,686 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 4.2% | ||||||||
| Invesco Fundamental High Yield Corporate Bond ETF (Cost $8,996,561) | 510,310 | $ | 8,716,095 | |||||
| Short-Term Investments | 4.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $8,502,059) | 8,502,059 | 8,502,059 | ||||||
| Total Investments | 99.1% (Cost $232,393,890) | $ | 208,282,895 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.9% | 1,917,829 | |||||||
| Net Assets | 100.0% | $ | 210,200,724 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 7.0% | ||||||||
| Financial Services | 4.8% | ||||||||
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61 (#) | $ | 500 | $ | 431,149 | ||||
| AMSR Trust, Series 2020-SFR4, Class A, 1.355%, 11/17/37 (#) | 750 | 680,585 | ||||||
| CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.530%, 03/15/61 (#) | 471 | 413,709 | ||||||
| 1,525,443 | ||||||||
| Real Estate Management & Development | 2.2% | ||||||||
| Progress Residential Trust, Series 2020-SFR3, Class A, 1.294%, 10/17/27 (#) | 744 | 676,773 | ||||||
| Total Asset-Backed Securities (Cost $2,200,253) | 2,202,216 | |||||||
| Corporate Bonds | 14.5% | ||||||||
| Automobiles | 2.5% | ||||||||
| American Honda Finance Corp., 5.250%, 07/07/26 | 800 | 795,055 | ||||||
| Banks | 8.9% | ||||||||
| Citigroup, Inc., 2.014% (SOFR + 0.694%), 01/25/26 (§) | 1,075 | 1,015,125 | ||||||
| Goldman Sachs Group, Inc., 3.500%, 04/01/25 | 900 | 866,584 | ||||||
| JPMorgan Chase & Co., 2.301% (SOFR + 1.160%), 10/15/25 (§) | 1,000 | 959,150 | ||||||
| 2,840,859 | ||||||||
| Consumer Finance | 3.1% | ||||||||
| American Express Co., 2.500%, 07/30/24 | 1,000 | 972,544 | ||||||
| Total Corporate Bonds (Cost $4,657,666) | 4,608,458 | |||||||
| Mortgage-Backed Securities | 2.0% | ||||||||
| Federal Home Loan Mortgage Corp. 4.250%, 08/14/26 | ||||||||
| (Cost $639,558) | 650 | 630,058 | ||||||
| U.S. Treasury Securities | 75.9% | ||||||||
| U.S. Treasury Notes: | ||||||||
| 4.625%, 06/30/25 | 3,950 | 3,916,209 | ||||||
| 0.250%, 07/31/25 | 10,200 | 9,339,375 | ||||||
| 2.875%, 07/31/25 | 11,255 | 10,814,472 | ||||||
| Total U.S. Treasury Securities (Cost $24,508,568) | 24,070,056 | |||||||
| Description | Fair Value | |||||||
| Total Investments | 99.4% (Cost $32,006,045) | $ | 31,510,788 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% |
184,003 | |||||||
| Net Assets | 100.0% | $ | 31,694,791 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 2.0% | ||||||||
| Canada | 0.3% | ||||||||
| Dye & Durham Ltd. (±) | 2,195 | $ | 122,367 | |||||
| Germany | 0.5% | ||||||||
| Schott Pharma AG & Co. KGaA (*) | 5,339 | 178,597 | ||||||
| United States | 1.2% | ||||||||
| Advanced Energy Industries, Inc. (±) | 436 | 44,960 | ||||||
| Altair Engineering, Inc., Class A (*) | 1,017 | 63,624 | ||||||
| Bentley Systems, Inc., Class B (±) | 533 | 26,735 | ||||||
| Cutera, Inc. (*), (±) | 225 | 1,355 | ||||||
| Envista Holdings Corp. (*), (±) | 86 | 2,398 | ||||||
| Five9, Inc. (*) | 278 | 17,875 | ||||||
| Match Group, Inc. (*) | 274 | 10,734 | ||||||
| Maxeon Solar Technologies Ltd. (*), (±) | 11,331 | 131,326 | ||||||
| Revance Therapeutics, Inc. (*), (±) | 2,239 | 25,681 | ||||||
| Tetra Tech, Inc. (±) | 160 | 24,325 | ||||||
| Topgolf Callaway Brands Corp. (*), (±) | 5,662 | 78,362 | ||||||
| Workiva, Inc. (*), (±) | 500 | 50,670 | ||||||
| 478,045 | ||||||||
| Total Common Stocks (Cost $750,736) | 779,009 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 108.6% | ||||||||||
| Australia | 0.1% | ||||||||||
| Zip Co. Ltd., 5.000%, 04/23/28 (±), (Ø) | AUD | 150 | $ | 48,704 | ||||||
| Austria | 1.2% | ||||||||||
| ams-OSRAM AG, 2.125%, 11/03/27 (±) | EUR | 600 | 478,889 | |||||||
| Brazil | 1.8% | ||||||||||
| GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±) | USD | 829 | 681,469 | |||||||
| Canada | 2.6% | ||||||||||
| Ivanhoe Mines Ltd., 2.500%, 04/15/26 (±) | USD | 350 | 441,935 | |||||||
| Lithium Americas Corp., 1.750%, 01/15/27 (±) | USD | 199 | 145,270 | |||||||
| Shopify, Inc., 0.125%, 11/01/25 (±) | USD | 374 | 335,291 | |||||||
| StorageVault Canada, Inc., 5.000%, 03/31/28 (±) | CAD | 121 | 77,504 | |||||||
| 1,000,000 | ||||||||||
| China | 2.9% | ||||||||||
| NIO, Inc.: | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 0.000%, 02/01/26 (±) | USD | 64 | $ | 62,240 | ||||||
| 4.500%, 02/01/24 (±) | USD | 146 | 163,202 | |||||||
| 3.875%, 10/15/29 (±) | USD | 285 | 295,117 | |||||||
| 4.625%, 10/15/30 (±) | USD | 561 | 585,780 | |||||||
| 1,106,339 | ||||||||||
| Hong Kong | 2.0% | ||||||||||
| Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±) | HKD | 6,000 | 785,728 | |||||||
| Netherlands | 2.0% | ||||||||||
| Basic-Fit NV, 1.500%, 06/17/28 (±) | EUR | 500 | 460,860 | |||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 300 | 306,190 | |||||||
| 767,050 | ||||||||||
| Singapore | 3.0% | ||||||||||
| Sea Ltd.: | ||||||||||
| 0.250%, 09/15/26 (±) | USD | 722 | 579,405 | |||||||
| 2.375%, 12/01/25 (±) | USD | 610 | 586,210 | |||||||
| 1,165,615 | ||||||||||
| Sweden | 0.8% | ||||||||||
| Fastighets AB Balder, 3.500%, 02/23/28 (±) | EUR | 300 | 302,647 | |||||||
| Switzerland | 0.8% | ||||||||||
| MBT Systems GmbH, 3.500%, 07/08/27 (±) | EUR | 300 | 311,466 | |||||||
| United Kingdom | 0.5% | ||||||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 200 | 179,084 | |||||||
| United States | 90.9% | ||||||||||
| 8x8, Inc., 4.000%, 02/01/28 (±) | USD | 93 | 67,016 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 47 | 50,384 | |||||||
| Amyris, Inc., 1.500%, 11/15/26 (±),(«) | USD | 938 | 117,250 | |||||||
| Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±) | USD | 233 | 289,363 | |||||||
| Arbor Realty Trust, Inc., 7.500%, 08/01/25 (±) | USD | 705 | 716,016 | |||||||
| Array Technologies, Inc., 1.000%, 12/01/28 (±) | USD | 372 | 424,638 | |||||||
| Avid SPV LLC, 1.250%, 03/15/26 (±) | USD | 186 | 162,712 | |||||||
| Bill Holdings, Inc., 0.000%, 12/01/25 (±) | USD | 691 | 697,910 | |||||||
| Blackline, Inc., 0.125%, 08/01/24 (±) | USD | 285 | 284,829 | |||||||
| Bloom Energy Corp.: | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| 2.500%, 08/15/25 (±) | USD | 362 | $ | 395,666 | ||||||
| 3.000%, 06/01/28 (±) | USD | 322 | 322,998 | |||||||
| Braemar Hotels & Resorts, Inc., 4.500%, 06/01/26 (±) | USD | 109 | 92,759 | |||||||
| Bread Financial Holdings, Inc., 4.250%, 06/15/28 (±) | USD | 324 | 352,544 | |||||||
| Carnival Corp.: | ||||||||||
| 5.750%, 10/01/24 (±) | USD | 455 | 682,272 | |||||||
| 5.750%, 12/01/27 (±) | USD | 203 | 272,020 | |||||||
| CenterPoint Energy, Inc., 4.250%, 08/15/26 (±) | USD | 66 | 64,713 | |||||||
| Century Aluminum Co., 2.750%, 05/01/28 (±) | USD | 293 | 203,049 | |||||||
| Cerence, Inc., 3.000%, 06/01/25 (±) | USD | 324 | 316,038 | |||||||
| Chefs’ Warehouse, Inc., 2.375%, 12/15/28 (±) | USD | 522 | 424,751 | |||||||
| Chegg, Inc., 0.125%, 03/15/25 (±) | USD | 381 | 344,424 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 142 | 208,030 | |||||||
| CONMED Corp., 2.250%, 06/15/27 (±) | USD | 250 | 239,250 | |||||||
| CSG Systems International, Inc., 3.875%, 09/15/28 (±) | USD | 19 | 18,584 | |||||||
| Danimer Scientific, Inc., 3.250%, 12/15/26 (±) | USD | 264 | 95,040 | |||||||
| Desktop Metal, Inc., 6.000%, 05/15/27 (±) | USD | 377 | 393,965 | |||||||
| DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±) | USD | 1,023 | 787,096 | |||||||
| DISH Network Corp., 0.000%, 12/15/25 (±) | USD | 36 | 24,210 | |||||||
| Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±) | USD | 1,041 | 1,478,845 | |||||||
| Encore Capital Group, Inc., 4.000%, 03/15/29 (±) | USD | 513 | 493,983 | |||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 (±) | USD | 9 | 7,943 | |||||||
| Everbridge, Inc.: | ||||||||||
| 0.125%, 12/15/24 (±) | USD | 200 | 185,000 | |||||||
| 0.000%, 03/15/26 (±) | USD | 215 | 182,750 | |||||||
| Evolent Health, Inc., 1.500%, 10/15/25 (±) | USD | 652 | 696,401 | |||||||
| Expedia Group, Inc., 0.000%, 02/15/26 (±) | USD | 92 | 80,390 | |||||||
| EZCORP, Inc.: | ||||||||||
| 2.875%, 07/01/24 (±) | USD | 637 | 655,473 | |||||||
| 3.750%, 12/15/29 (±) | USD | 437 | 425,245 | |||||||
| Fisker, Inc., 2.500%, 09/15/26 (±) | USD | 911 | 474,267 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Freshpet, Inc., 3.000%, 04/01/28 (±) | USD | 271 | $ | 321,609 | ||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 16 | 10,608 | |||||||
| Green Plains, Inc., 2.250%, 03/15/27 (±) | USD | 247 | 287,459 | |||||||
| Greenbrier Cos., Inc., 2.875%, 04/15/28 (±) | USD | 652 | 617,444 | |||||||
| Groupon, Inc., 1.125%, 03/15/26 (±) | USD | 35 | 19,121 | |||||||
| Guess?, Inc., 3.750%, 04/15/28 (±) | USD | 617 | 647,110 | |||||||
| Guidewire Software, Inc., 1.250%, 03/15/25 (±) | USD | 357 | 363,426 | |||||||
| Harmonic, Inc., 2.000%, 09/01/24 (±) | USD | 325 | 394,062 | |||||||
| HAT Holdings I LLC/HAT Holdings II LLC, 3.750%, 08/15/28 (±) | USD | 187 | 182,676 | |||||||
| Health Catalyst, Inc., 2.500%, 04/15/25 (±) | USD | 576 | 554,054 | |||||||
| Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±) | USD | 854 | 1,473,577 | |||||||
| Herbalife Ltd., 4.250%, 06/15/28 (±) | USD | 217 | 232,949 | |||||||
| i3 Verticals LLC, 1.000%, 02/15/25 (±) | USD | 370 | 343,869 | |||||||
| Innoviva, Inc., 2.125%, 03/15/28 (±) | USD | 725 | 598,257 | |||||||
| Insmed, Inc., 0.750%, 06/01/28 (±) | USD | 231 | 230,307 | |||||||
| Kaman Corp., 3.250%, 05/01/24 (±) | USD | 186 | 181,480 | |||||||
| Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±) | USD | 109 | 67,644 | |||||||
| Liberty Broadband Corp., 3.125%, 03/31/53 (±) | USD | 247 | 258,485 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 1,079 | 264,355 | |||||||
| 3.750%, 02/15/30 (±) | USD | 1,489 | 375,972 | |||||||
| Liberty Media Corp.: | ||||||||||
| 3.750%, 03/15/28 (±) | USD | 18 | 20,547 | |||||||
| 2.750%, 12/01/49 (±) | USD | 948 | 893,490 | |||||||
| 2.375%, 09/30/53 (±) | USD | 372 | 375,162 | |||||||
| Livent Corp., 4.125%, 07/15/25 (±) | USD | 387 | 840,177 | |||||||
| Marcus Corp., 5.000%, 09/15/25 (±) | USD | 398 | 616,104 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 455 | 410,637 | |||||||
| Mirum Pharmaceuticals, Inc., 4.000%, 05/01/29 (±) | USD | 18 | 22,826 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Mitek Systems, Inc., 0.750%, 02/01/26 (±) | USD | 454 | $ | 399,520 | ||||||
| Model N, Inc., 2.625%, 06/01/25 (±) | USD | 51 | 52,249 | |||||||
| NCL Corp. Ltd.: | ||||||||||
| 1.125%, 02/15/27 (±) | USD | 21 | 17,483 | |||||||
| 2.500%, 02/15/27 (±) | USD | 46 | 39,882 | |||||||
| NeoGenomics, Inc., 1.250%, 05/01/25 (±) | USD | 414 | 388,125 | |||||||
| Pacira BioSciences, Inc., 0.750%, 08/01/25 (±) | USD | 768 | 694,560 | |||||||
| Penn Entertainment, Inc., 2.750%, 05/15/26 (±) | USD | 582 | 709,283 | |||||||
| PennyMac Corp., 5.500%, 11/01/24 (±) | USD | 42 | 41,108 | |||||||
| Plug Power, Inc., 3.750%, 06/01/25 (±) | USD | 558 | 881,361 | |||||||
| Porch Group, Inc., 0.750%, 09/15/26 (±) | USD | 965 | 253,891 | |||||||
| PureCycle Technologies, Inc., 7.250%, 08/15/30 (±) | USD | 104 | 74,464 | |||||||
| Q2 Holdings, Inc.: | ||||||||||
| 0.125%, 11/15/25 (±) | USD | 401 | 354,404 | |||||||
| 0.750%, 06/01/26 (±) | USD | 728 | 638,383 | |||||||
| Rapid7, Inc., 1.250%, 03/15/29 (±) | USD | 142 | 138,308 | |||||||
| Realogy Group LLC/Realogy Co.-Issuer Corp., 0.250%, 06/15/26 (±) | USD | 19 | 14,535 | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 111 | 64,935 | |||||||
| Redwood Trust, Inc., 7.750%, 06/15/27 (±) | USD | 194 | 174,479 | |||||||
| Repay Holdings Corp., 0.000%, 02/01/26 (±) | USD | 470 | 382,768 | |||||||
| Repligen Corp., 0.375%, 07/15/24 (±) | USD | 355 | 508,111 | |||||||
| RingCentral, Inc.: | ||||||||||
| 0.000%, 03/01/25 (±) | USD | 127 | 117,716 | |||||||
| 0.000%, 03/15/26 (±) | USD | 366 | 309,746 | |||||||
| Sabre GLBL, Inc., 4.000%, 04/15/25 (±) | USD | 222 | 220,624 | |||||||
| Shift4 Payments, Inc.: | ||||||||||
| 0.000%, 12/15/25 (±) | USD | 700 | 692,300 | |||||||
| 0.500%, 08/01/27 (±) | USD | 44 | 37,814 | |||||||
| SMART Global Holdings, Inc., 2.000%, 02/01/29 (±) | USD | 199 | 262,083 | |||||||
| Snap, Inc., 0.250%, 05/01/25 (±) | USD | 409 | 378,325 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 344 | 290,680 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Sunnova Energy International, Inc., 2.625%, 02/15/28 (±) | USD | 9 | $ | 5,576 | ||||||
| Tandem Diabetes Care, Inc., 1.500%, 05/01/25 (±) | USD | 514 | 488,742 | |||||||
| Transocean, Inc., 4.625%, 09/30/29 (±) | USD | 112 | 291,066 | |||||||
| Two Harbors Investment Corp., 6.250%, 01/15/26 (±) | USD | 238 | 220,150 | |||||||
| U.S. Steel Corp., 5.000%, 11/01/26 (±) | USD | 185 | 456,580 | |||||||
| Upstart Holdings, Inc., 0.250%, 08/15/26 (±) | USD | 175 | 116,484 | |||||||
| Upwork, Inc., 0.250%, 08/15/26 (±) | USD | 75 | 61,914 | |||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 608 | 690,445 | |||||||
| Veeco Instruments, Inc.: | ||||||||||
| 3.500%, 01/15/25 (±) | USD | 63 | 81,605 | |||||||
| 3.750%, 06/01/27 (±) | USD | 130 | 273,731 | |||||||
| Ventas Realty LP, 3.750%, 06/01/26 (±) | USD | 9 | 8,816 | |||||||
| Virgin Galactic Holdings, Inc., 2.500%, 02/01/27 (±) | USD | 90 | 33,750 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 09/15/30 (±) | USD | 19 | 18,706 | |||||||
| Winnebago Industries, Inc., 1.500%, 04/01/25 (±) | USD | 485 | 544,655 | |||||||
| WisdomTree, Inc., 5.750%, 08/15/28 (±) | USD | 79 | 81,567 | |||||||
| Wolfspeed, Inc., 0.250%, 02/15/28 (±) | USD | 329 | 223,391 | |||||||
| 35,065,546 | ||||||||||
| Total Convertible Corporate Bonds (Cost $44,769,591) | 41,892,537 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Purchased Options | 0.1% | ||||||||||||||||
| Call | ||||||||||||||||
| Akamai Technologies, Inc., Expires 10/20/23 | MSC | 5 | $ | 105 | $ | 500 | $ | 1,870 | ||||||||
| American Airlines Group, Inc., Expires 01/19/24 | MSC | 19 | 16 | 1,900 | 437 | |||||||||||
| Anywhere Real Estate, Inc., Expires 12/15/23 | MSC | 16 | 8 | 1,600 | 560 | |||||||||||
| Anywhere Real Estate, Inc., Expires 12/15/23 | MSC | 38 | 10 | 3,800 | 190 | |||||||||||
| Description | Counterparty | Number
of Contracts | Exercise Price | Notional Amount | Fair Value |
||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | |||||||||||||||
| Fluor Corp., Expires 10/20/23 | MSC | 14 | $ | 35 | $ | 1,400 | $ | 3,290 | |||||||
| Jetblue Airways Corp., Expires 01/19/24 | MSC | 19 | 7 | 1,900 | 266 | ||||||||||
| Plug Power, Inc., Expires 10/27/23 | MSC | 19 | 9 | 1,900 | 380 | ||||||||||
| Porch Group, Inc., Expires 01/19/24 | MSC | 18 | 3 | 1,800 | 144 | ||||||||||
| Redfin Corp., Expires 01/19/24 | MSC | 38 | 13 | 3,800 | 760 | ||||||||||
| Sirius XM Holdings, Inc., Expires 10/20/23 | MSC | 18 | 6 | 1,800 | 108 | ||||||||||
| Put | |||||||||||||||
| Carnival Corp., Expires 10/06/23 | MSC | 18 | 13 | 1,800 | 270 | ||||||||||
| Groupon, Inc., Expires 10/20/23 | MSC | 6 | 4 | 600 | 24 | ||||||||||
| Helix Energy Solutions Group I, Expires 12/15/23 | MSC | 111 | 9 | 11,100 | 2,220 | ||||||||||
| Norwegian Cruise Line Holdings,, Expires 10/06/23 | MSC | 18 | 16 | 1,800 | 486 | ||||||||||
| Total Purchased Options | |||||||||||||||
| (Cost $15,612) | 11,005 | ||||||||||||||
| U.S. Treasury Securities | 38.5% | |||||||||||||||
| U.S. Treasury Bill: | |||||||||||||||
| 0.000%, 03/07/24 | USD | 4,600 | 4,493,339 | ||||||||||||
| 0.000%, 03/14/24 | USD | 4,090 | 3,991,086 | ||||||||||||
| 0.000%, 03/21/24 | USD | 4,295 | 4,186,445 | ||||||||||||
| 4.125%, 10/31/27 (±) | USD | 2,224 | 2,176,653 | ||||||||||||
| Total U.S. Treasury Securities (Cost $14,909,252) | 14,847,523 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 6.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $2,324,528) | 2,324,528 | $ | 2,324,528 | |||||
| Total Investments excluding Securities Sold Short | 155.2% (Cost $62,769,719) |
$ | 59,854,602 | ||||||
| Description | Shares | Fair Value | ||||||
| Securities Sold Short | (80.3)% | ||||||||
| Common Stocks | (42.5)% | ||||||||
| Austria | 0.0% | ||||||||
| ams-OSRAM AG | (3,221 | ) | $ | (15,095 | ) | |||
| Canada | (1.0)% | ||||||||
| Ivanhoe Mines Ltd., Class A | (38,124 | ) | (326,717 | ) | ||||
| Lithium Americas Corp. | (1,322 | ) | (22,487 | ) | ||||
| Shopify, Inc., Class A | (75 | ) | (4,093 | ) | ||||
| StorageVault Canada, Inc. | (6,110 | ) | (20,333 | ) | ||||
| (373,630 | ) | |||||||
| China | (1.6)% | ||||||||
| NIO, Inc. ADR | (69,167 | ) | (625,270 | ) | ||||
| Hong Kong | (1.2)% | ||||||||
| Cathay Pacific Airways Ltd. | (441,700 | ) | (452,723 | ) | ||||
| Israel | 0.0% | ||||||||
| Camtek Ltd. | (23 | ) | (1,432 | ) | ||||
| Netherlands | (0.2)% | ||||||||
| Basic-Fit NV | (1,350 | ) | (38,226 | ) | ||||
| Pharming Group NV | (46,393 | ) | (59,355 | ) | ||||
| (97,581 | ) | |||||||
| Singapore | (0.2)% | ||||||||
| Sea Ltd. ADR | (1,726 | ) | (75,858 | ) | ||||
| Sweden | (0.4)% | ||||||||
| Fastighets AB Balder, B Shares | (32,888 | ) | (147,244 | ) | ||||
| Switzerland | (0.4)% | ||||||||
| Meyer Burger Technology AG | (382,498 | ) | (153,307 | ) | ||||
| United States | (37.5)% | ||||||||
| 8x8, Inc. | (8,289 | ) | (20,888 | ) | ||||
| American Airlines Group, Inc. | (1,499 | ) | (19,202 | ) | ||||
| Anywhere Real Estate, Inc. | (4,020 | ) | (25,849 | ) | ||||
| Apellis Pharmaceuticals, Inc. | (3,468 | ) | (131,923 | ) | ||||
| Arbor Realty Trust, Inc. REIT | (21,253 | ) | (322,621 | ) | ||||
| Array Technologies, Inc. | (13,161 | ) | (292,043 | ) | ||||
| ATI, Inc. | (164 | ) | (6,749 | ) | ||||
| Beauty Health Co. | (555 | ) | (3,341 | ) | ||||
| Bill Holdings, Inc. | (2,176 | ) | (236,248 | ) | ||||
| BlackLine, Inc. | (315 | ) | (17,473 | ) | ||||
| Bloom Energy Corp., Class A | (20,349 | ) | (269,828 | ) | ||||
| Braemar Hotels & Resorts, Inc. REIT | (7,466 | ) | (20,681 | ) | ||||
| Bread Financial Holdings, Inc. | (6,263 | ) | (214,195 | ) | ||||
| Carnival Corp. | (50,022 | ) | (686,302 | ) | ||||
| CenterPoint Energy, Inc. | (24 | ) | (644 | ) | ||||
| Century Aluminum Co. | (10,627 | ) | (76,408 | ) | ||||
| Cerence, Inc. | (2,275 | ) | (46,342 | ) | ||||
| Charter Communications, Inc., Class A | (302 | ) | (132,826 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Chefs’ Warehouse, Inc. | (6,254 | ) | $ | (132,460 | ) | |||
| Cinemark Holdings, Inc. | (2,619 | ) | (48,059 | ) | ||||
| Coherus Biosciences, Inc. | (860 | ) | (3,216 | ) | ||||
| CONMED Corp. | (949 | ) | (95,707 | ) | ||||
| CSG Systems International, Inc. | (86 | ) | (4,396 | ) | ||||
| Danimer Scientific, Inc. | (7,265 | ) | (15,039 | ) | ||||
| Datadog, Inc., Class A | (899 | ) | (81,890 | ) | ||||
| Desktop Metal, Inc., Class A | (173,240 | ) | (252,930 | ) | ||||
| DISH Network Corp., Class A | (1,309 | ) | (7,671 | ) | ||||
| Dynavax Technologies Corp. | (11,505 | ) | (169,929 | ) | ||||
| Eagle Bulk Shipping, Inc. | (29,387 | ) | (1,235,136 | ) | ||||
| Encore Capital Group, Inc. | (5,541 | ) | (264,638 | ) | ||||
| Enphase Energy, Inc. | (5 | ) | (601 | ) | ||||
| Etsy, Inc. | (59 | ) | (3,810 | ) | ||||
| Evolent Health, Inc., Class A | (10,754 | ) | (292,831 | ) | ||||
| EZCORP, Inc. Class A | (51,805 | ) | (427,391 | ) | ||||
| Freshpet, Inc. | (3,165 | ) | (208,510 | ) | ||||
| Green Plains, Inc. | (6,078 | ) | (182,948 | ) | ||||
| Greenbrier Cos., Inc. | (7,029 | ) | (281,160 | ) | ||||
| Guess?, Inc. | (9,349 | ) | (202,312 | ) | ||||
| Guidewire Software, Inc. | (1,348 | ) | (121,320 | ) | ||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | (3,711 | ) | (78,673 | ) | ||||
| Health Catalyst, Inc. | (54 | ) | (546 | ) | ||||
| Helix Energy Solutions Group, Inc. | (116,525 | ) | (1,301,584 | ) | ||||
| Herbalife Ltd. | (9,901 | ) | (138,515 | ) | ||||
| HubSpot, Inc. | (27 | ) | (13,297 | ) | ||||
| I3 Verticals, Inc., Class A | (111 | ) | (2,347 | ) | ||||
| Innoviva, Inc. | (10,624 | ) | (138,006 | ) | ||||
| Insmed, Inc. | (5,435 | ) | (137,234 | ) | ||||
| LCI Industries | (181 | ) | (21,253 | ) | ||||
| Liberty Media Corp.-Liberty SiriusXM, Class A | (439 | ) | (11,173 | ) | ||||
| Live Nation Entertainment, Inc. | (2,182 | ) | (181,193 | ) | ||||
| Livent Corp. | (42,147 | ) | (775,926 | ) | ||||
| Marcus Corp. | (33,965 | ) | (526,458 | ) | ||||
| Mirum Pharmaceuticals, Inc. | (473 | ) | (14,947 | ) | ||||
| Mitek Systems, Inc. | (6,872 | ) | (73,668 | ) | ||||
| Model N, Inc. | (704 | ) | (17,185 | ) | ||||
| MongoDB, Inc. | (301 | ) | (104,104 | ) | ||||
| National Vision Holdings, Inc. | (309 | ) | (5,000 | ) | ||||
| Norwegian Cruise Line Holdings Ltd. | (3,367 | ) | (55,488 | ) | ||||
| Penn Entertainment, Inc. | (17,176 | ) | (394,189 | ) | ||||
| PetIQ, Inc. | (2,229 | ) | (43,911 | ) | ||||
| Plug Power, Inc. | (97,334 | ) | (739,738 | ) | ||||
| PureCycle Technologies, Inc. | (4,897 | ) | (27,472 | ) | ||||
| Q2 Holdings, Inc. | (1,423 | ) | (45,920 | ) | ||||
| Description | Shares | Fair Value | ||||||
| Rapid7, Inc. | (1,539 | ) | $ | (70,455 | ) | |||
| Redfin Corp. | (506 | ) | (3,562 | ) | ||||
| Redwood Trust, Inc. REIT | (6,112 | ) | (43,579 | ) | ||||
| Repligen Corp. | (2,688 | ) | (427,419 | ) | ||||
| Sabre Corp. | (16,380 | ) | (73,546 | ) | ||||
| Shift4 Payments, Inc., Class A | (4,585 | ) | (253,871 | ) | ||||
| SMART Global Holdings, Inc. | (7,989 | ) | (194,532 | ) | ||||
| Snap, Inc., Class A | (633 | ) | (5,640 | ) | ||||
| SoFi Technologies, Inc. | (973 | ) | (7,774 | ) | ||||
| Summit Hotel Properties, Inc. REIT | (7,402 | ) | (42,932 | ) | ||||
| Sunnova Energy International, Inc. | (159 | ) | (1,665 | ) | ||||
| TechTarget, Inc. | (17 | ) | (516 | ) | ||||
| Transocean Ltd. | (35,201 | ) | (289,000 | ) | ||||
| Travere Therapeutics, Inc. | (150 | ) | (1,341 | ) | ||||
| U.S. Steel Corp. | (12,863 | ) | (417,790 | ) | ||||
| Varex Imaging Corp. | (18,560 | ) | (348,742 | ) | ||||
| Veeco Instruments, Inc. | (10,643 | ) | (299,175 | ) | ||||
| Virgin Galactic Holdings, Inc. | (4,894 | ) | (8,809 | ) | ||||
| Vishay Intertechnology, Inc. | (378 | ) | (9,344 | ) | ||||
| Winnebago Industries, Inc. | (5,099 | ) | (303,136 | ) | ||||
| WisdomTree, Inc. | (5,647 | ) | (39,529 | ) | ||||
| Wolfspeed, Inc. | (1,155 | ) | (44,005 | ) | ||||
| Xometry, Inc., Class A | (38 | ) | (645 | ) | ||||
| Zillow Group, Inc. Class C | (1,033 | ) | (47,683 | ) | ||||
| Zscaler, Inc. | (754 | ) | (117,315 | ) | ||||
| (14,455,349 | ) | |||||||
| Total Common Stocks (Proceeds $17,367,807) | (16,397,489 | ) | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertiable Corporate Bonds | (1.3)% | ||||||||||
| United States | (1.3)% | ||||||||||
| Advanced Energy Industries, Inc., 2.500%, 09/15/28 | USD | (92 | ) | $ | (93,255 | ) | ||||
| Bentley Systems, Inc., 0.375%, 07/01/27 | USD | (94 | ) | (81,686 | ) | |||||
| Fluor Corp., 1.125%, 08/15/29 | USD | (91 | ) | (94,390 | ) | |||||
| JetBlue Airways Corp., 0.500%, 04/01/26 | USD | (14 | ) | (10,893 | ) | |||||
| Tetra Tech, Inc., 2.250%, 08/15/28 | USD | (94 | ) | (93,060 | ) | |||||
| Wayfair, Inc., 0.625%, 10/01/25 | USD | (56 | ) | (48,513 | ) | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Workiva, Inc., 1.250%, 08/15/28 | USD | (95 | ) | $ | (94,192 | ) | ||||
| (515,989 | ) | |||||||||
| Total Convertiable Corporate Bonds (Proceeds $510,778) | (515,989 | ) | ||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | (8.0)% | ||||||||
| United States | (8.0)% | ||||||||
| Invesco QQQ Trust Series 1 | (2,405 | ) | $ | (861,639 | ) | |||
| iShares iBoxx High Yield Corporate Bond ETF | (29,929 | ) | (2,206,366 | ) | ||||
| (3,068,005 | ) | |||||||
| Total Exchange-Traded Funds (Proceeds $3,096,955) | (3,068,005 | ) | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| U.S. Treasury Securities | (28.5)% | ||||||||||
| United States | (28.5)% | ||||||||||
| U.S. Treasury Bill, 0.000%, 10/12/23 | USD | (11,000 | ) | $ | (10,983,874 | ) | ||||
| (Proceeds $10,982,236) | (10,983,874 | ) | ||||||||
| Total Securities Sold Short (Proceeds $31,957,776) | (30,965,357 | ) | ||||||||
| Total Investments | 74.9% (Cost and short proceeds $30,811,943) (») | 28,889,245 | |||||||||
| Cash and Other Assets in Excess of Liabilities | 25.1% | 9,682,670 | |||||||||
| Net Assets | 100.0% | $ | 38,571,915 | ||||||||
Lazard Enhanced Opportunities Portfolio (continued)
Forward Currency Contracts open at September 30, 2023:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| EUR | 500,000 | USD | 530,374 | SSB | 12/27/23 | $ | 431 | $ | — | |||||||||
| USD | 54,026 | AUD | 84,000 | SSB | 12/27/23 | — | 142 | |||||||||||
| USD | 50,547 | CAD | 68,000 | SSB | 12/27/23 | 413 | — | |||||||||||
| USD | 2,176,888 | EUR | 2,049,000 | SSB | 12/27/23 | 1,649 | — | |||||||||||
| USD | 325,011 | HKD | 2,537,000 | SSB | 12/27/23 | 475 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 2,968 | $ | 142 | ||||||||||||||
Written Options open at September 30, 2023:
| Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Notional Amount | Premiums | Fair Value | |||||||||||||||
| Put | ||||||||||||||||||||||
| Plug Power, Inc. | MSC | 89 | $ | 7.5 | 12/15/23 | $ | 8,900 | $ | 7,201 | $ | (8,455) | |||||||||||
Total Return Swap Agreements open at September 30, 2023:
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Long Position Contract | ||||||||||||||||||||||
| USD | NIP | $ | 237,193 | 11/30/27 | 3D Systems Corp. 0.000%, 11/15/26 | 5.32 | % | $ | — | $ | 5,280 | |||||||||||
| USD | BNP | 243,372 | 10/17/24 | Airbnb, Inc. 0.000%, 03/15/26 | 5.32 | 1,081 | — | |||||||||||||||
| USD | NIP | 209,401 | 11/30/27 | Alphatec Holdings, Inc. 0.750%, 08/01/26 | 5.32 | — | 32,186 | |||||||||||||||
| USD | NIP | 934,544 | 11/30/27 | ATI, Inc. 3.500%, 06/15/25 | 5.32 | 57,032 | — | |||||||||||||||
| USD | BNP | 499,817 | 10/17/24 | Beauty Health Co. 1.250%, 10/01/26 | 5.32 | — | 15,449 | |||||||||||||||
| USD | BNP | 539,529 | 10/17/24 | Blackline, Inc. 0.000%, 03/15/26 | 5.32 | 7,075 | — | |||||||||||||||
| USD | NIP | 845,491 | 11/30/27 | Block, Inc. 0.125%, 03/01/25 | 5.32 | 5,405 | — | |||||||||||||||
| USD | NIP | 15,829 | 11/30/27 | Camtek, Ltd. 0.000%, 12/01/26 | 5.32 | 5,987 | — | |||||||||||||||
| USD | BNP | 254,368 | 10/17/24 | Cerence, Inc. 1.500%, 07/01/28 | 5.32 | — | 26,959 | |||||||||||||||
| USD | BNP | 147,820 | 10/17/24 | Cheesecake Factory Inc. 0.375%, 06/15/26 | 5.32 | — | 2,351 | |||||||||||||||
| USD | NIP | 453,481 | 11/30/27 | Cloudflare, Inc. 0.000%, 08/15/26 | 5.32 | 6,509 | — | |||||||||||||||
| USD | BNP | 410,136 | 10/17/24 | Coherus Biosciences, Inc. 1.500%, 04/15/26 | 5.32 | 12,489 | — | |||||||||||||||
| USD | BNP | 496,381 | 10/17/24 | Collegium Pharmaceutical, Inc. 2.875%, 02/15/29 | 5.32 | — | 28,898 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 137,276 | 11/30/27 | Cutera, Inc. 2.250%, 06/01/28 | 5.32 | % | $ | — | $ | 8,787 | |||||||||||
| USD | NIP | 105,427 | 11/30/27 | Cutera, Inc. 2.250%, 03/01/26 | 5.32 | — | 5,327 | |||||||||||||||
| USD | NIP | 717,363 | 11/30/27 | Datadog, Inc. 0.125%, 06/15/25 | 5.32 | 9,772 | — | |||||||||||||||
| USD | NIP | 353,761 | 11/30/27 | DISH Network Corp. 3.375%,08/15/26 | 5.32 | — | 39,853 | |||||||||||||||
| USD | NIP | 482,160 | 11/30/27 | DocuSign, Inc. 0.000%, 01/15/24 | 5.32 | 2,461 | — | |||||||||||||||
| USD | BNP | 10,424 | 10/17/24 | Duke Energy Corp. | 5.32 | — | 363 | |||||||||||||||
| CAD | BNP | 455,900 | 10/17/24 | Dye & Durham, Ltd. 3.750%, 03/01/26 | 5.32 | — | 19,391 | |||||||||||||||
| USD | NIP | 1,177,115 | 11/30/27 | Dynavax Technologies Corp. 2.500%, 05/15/26 | 5.32 | 98,848 | — | |||||||||||||||
| USD | BNP | 470,113 | 10/17/24 | Encore Capital Group, Inc. 3.250%, 10/01/25 | 5.32 | — | 62,797 | |||||||||||||||
| USD | BNP | 408,996 | 10/17/24 | Envestnet, Inc. 0.750%, 08/15/25 | 5.32 | 5,798 | — | |||||||||||||||
| USD | NIP | 84,537 | 11/30/27 | Envista Holdings Corp. | 5.32 | — | 11,519 | |||||||||||||||
| USD | BNP | 80,498 | 10/17/24 | Etsy, Inc. 0.250%, 06/15/28 | 5.32 | 380 | — | |||||||||||||||
| USD | BNP | 237,503 | 10/17/24 | Etsy, Inc. 0.125%, 10/01/26 | 5.32 | — | 101,843 | |||||||||||||||
| USD | BNP | 818,137 | 10/17/24 | Five9, Inc. 0.500%, 06/01/25 | 5.32 | — | 5,187 | |||||||||||||||
| USD | NIP | 693,390 | 11/30/27 | Fiverr International, Ltd. 0.000%, 11/01/25 | 5.32 | 1,514 | — | |||||||||||||||
| USD | BNP | 50,718 | 10/17/24 | Granite Construction, Inc. 3.750%, 05/15/28 | 5.32 | — | 3,307 | |||||||||||||||
| USD | BNP | 34,369 | 10/17/24 | Groupon, Inc. 1.125%, 03/15/26 | 5.32 | — | 5,415 | |||||||||||||||
| USD | BNP | 362,427 | 10/17/24 | HAT Holdings I LLC/HAT Holdings II LLC 0.000%, 05/01/25 | 5.32 | 6,173 | — | |||||||||||||||
| USD | NIP | 891,649 | 11/30/27 | HubSpot, Inc. 0.375%, 06/01/25 | 5.32 | — | 2,968 | |||||||||||||||
| USD | BNP | 254,763 | 10/17/24 | Inotiv, Inc. 3.250%, 10/15/27 | 5.32 | 6,827 | — | |||||||||||||||
| USD | BNP | 1,354,198 | 10/17/24 | Kaman Corp. 3.250%, 05/01/24 | 5.32 | 7,880 | — | |||||||||||||||
| USD | NIP | 590,283 | 11/30/27 | LCI Industries 1.125%, 05/15/26 | 5.32 | — | 6,533 | |||||||||||||||
| USD | NIP | 359,484 | 11/30/27 | LendingTree, Inc. 0.500%, 07/15/25 | 5.32 | 10,556 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 192,299 | 11/30/27 | Lucid Group, Inc. 1.250%, 12/15/26 | 5.32 | % | $ | — | $ | 11,487 | |||||||||||
| USD | NIP | 590,707 | 11/30/27 | MannKind Corp. 0.250%, 03/01/26 | 5.32 | — | 82,498 | |||||||||||||||
| USD | BNP | 279,986 | 10/17/24 | Marriott Vacations Worldwide Corp. 3.250%, 12/15/27 | 5.32 | — | 13,986 | |||||||||||||||
| USD | BNP | 457,418 | 10/17/24 | Marriott Vacations Worldwide Corp. 0.000%, 01/15/26 | 5.32 | — | 23,332 | |||||||||||||||
| USD | BNP | 638,426 | 10/17/24 | Match Group Financeco 2, Inc. 0.875%, 06/15/26 | 5.32 | — | 1,751 | |||||||||||||||
| USD | BNP | 125,337 | 10/17/24 | Match Group Financeco 3, Inc. 2.000%, 01/15/30 | 5.32 | — | 1,006 | |||||||||||||||
| USD | BNP | 877,014 | 10/17/24 | Maxeon Solar Technologies, Ltd. 6.500%, 07/15/25 | 5.32 | — | 327,695 | |||||||||||||||
| USD | NIP | 1,932,196 | 11/30/27 | MercadoLibre, Inc. 2.000%, 08/15/28 | 5.32 | 137,169 | — | |||||||||||||||
| USD | BOA | 1,149,851 | 05/31/24 | MongoDB, Inc. 0.250%, 01/15/26 | 5.32 | — | 45,128 | |||||||||||||||
| USD | NIP | 669,845 | 11/30/27 | National Vision Holdings, Inc. 2.500%, 05/15/25 | 5.32 | — | 28,785 | |||||||||||||||
| USD | BNP | 704,918 | 10/17/24 | NCL Corp., Ltd. 5.375%, 08/01/25 | 5.32 | — | 12,591 | |||||||||||||||
| USD | BNP | 273,650 | 10/17/24 | NCL Corp., Ltd. 6.000%, 05/15/24 | 5.32 | 17,518 | — | |||||||||||||||
| USD | BNP | 442,489 | 10/17/24 | NCL Corp., Ltd. 1.125%, 02/15/27 | 5.32 | 43,691 | — | |||||||||||||||
| USD | BNP | 44,347 | 10/17/24 | NCL Corp., Ltd. 2.500%, 02/15/27 | 5.32 | 3,338 | — | |||||||||||||||
| USD | NIP | 615,215 | 11/30/27 | NuVasive, Inc. 0.375%, 03/15/25 | 5.32 | — | 1,088 | |||||||||||||||
| USD | BNP | 189,641 | 10/17/24 | PagerDuty, Inc. 1.250%, 07/01/25 | 5.32 | — | 4,255 | |||||||||||||||
| USD | BNP | 660,512 | 10/17/24 | Pebblebrook Hotel Trust 1.750%, 12/15/26 | 5.32 | — | 23,030 | |||||||||||||||
| USD | NIP | 548,116 | 11/30/27 | Pegasystems, Inc. 0.750%, 03/01/25 | 5.32 | 527 | — | |||||||||||||||
| USD | BNP | 424,343 | 10/17/24 | PennyMac Corp. 5.500%, 03/15/26 | 5.32 | — | 4,680 | |||||||||||||||
| USD | BNP | 417,824 | 10/17/24 | PetIQ, Inc. 4.000%, 06/01/26 | 5.32 | 55,115 | — | |||||||||||||||
| USD | NIP | 528,613 | 11/30/27 | Realogy Group LLC/Realogy Co.-Issuer Corp. 0.250%, 06/15/26 | 5.32 | 25,247 | — | |||||||||||||||
| USD | BNP | 201,096 | 10/17/24 | Redfin Corp. 0.500%, 04/01/27 | 5.32 | 33,489 | — | |||||||||||||||
| USD | BNP | 236,566 | 10/17/24 | Shift Technologies Inc. 4.750%, 05/15/26 | 5.32 | — | 202,566 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 469,698 | 10/17/24 | Shopify, Inc. 0.125%, 11/01/25 | 5.32 | % | $ | 10,826 | $ | — | |||||||||||
| USD | NIP | 509,057 | 11/30/27 | Snap, Inc. 0.750%, 08/01/26 | 5.32 | — | 17,277 | |||||||||||||||
| USD | NIP | 464,352 | 11/30/27 | Snap, Inc. 0.125%, 03/01/28 | 5.32 | — | 18,804 | |||||||||||||||
| USD | BNP | 371,026 | 10/17/24 | SoFi Technologies, Inc. 0.000%, 10/15/26 | 5.32 | 13,870 | — | |||||||||||||||
| USD | BNP | 33,900 | 10/17/24 | SolarEdge Technologies, Inc. 0.000%, 09/15/25 | 5.32 | 11 | — | |||||||||||||||
| USD | BNP | 519,010 | 10/17/24 | Spotify USA, Inc. 0.000%, 03/15/26 | 5.32 | 1,701 | — | |||||||||||||||
| USD | BNP | 14,758 | 10/17/24 | TechTarget, Inc. 0.000%, 12/15/26 | 5.32 | 540 | — | |||||||||||||||
| USD | NIP | 596,290 | 11/30/27 | Topgolf Callaway Brands Corp. 2.750%, 05/01/26 | 5.32 | — | 134,463 | |||||||||||||||
| USD | NIP | 359,994 | 11/30/27 | Travere Therapeutics, Inc. 2.250%, 03/01/29 | 5.32 | — | 119,938 | |||||||||||||||
| USD | NIP | 709,970 | 11/30/27 | Unity Software, Inc. 0.000%, 11/15/26 | 5.32 | 508 | — | |||||||||||||||
| USD | NIP | 32,155 | 11/30/27 | Veeco Instruments, Inc. 2.875%, 06/01/29 | 5.32 | — | 227 | |||||||||||||||
| USD | NIP | 15,437 | 11/30/27 | Wayfair, Inc. 1.000%, 08/15/26 | 5.32 | — | 632 | |||||||||||||||
| USD | NIP | 446,780 | 11/30/27 | Wix.com, Ltd. 0.000%, 08/15/25 | 5.32 | 257 | — | |||||||||||||||
| USD | BNP | 37,193 | 10/17/24 | Xometry, Inc. 1.000%, 02/01/27 | 5.32 | 2,903 | — | |||||||||||||||
| USD | BNP | 522,789 | 10/17/24 | Zillow Group, Inc. 0.750%, 09/01/24 | 5.32 | — | 19,474 | |||||||||||||||
| USD | NIP | 668,591 | 11/30/27 | Zscaler, Inc. 0.125%, 07/01/25 | 5.32 | 46,567 | — | |||||||||||||||
| Short Position Contract | ||||||||||||||||||||||
| USD | NIP | 43,880 | 11/30/27 | 2U, Inc. 2.250%, 05/01/25 | 5.32 | 176 | — | |||||||||||||||
| USD | NIP | 5,112 | 11/30/27 | 3D Systems Corp. | 5.32 | 1,175 | — | |||||||||||||||
| USD | BNP | 26,635 | 10/17/24 | Airbnb, Inc. | 5.32 | 154 | — | |||||||||||||||
| USD | BNP | 91,920 | 10/17/24 | Akamai Technologies, Inc. 0.375%, 09/01/27 | 5.32 | — | 3,311 | |||||||||||||||
| USD | NIP | 107,489 | 11/30/27 | Alphatec Holdings, Inc. | 5.32 | 25,130 | — | |||||||||||||||
| USD | NIP | 21,561 | 11/30/27 | Anywhere Real Estate, Inc. | 5.32 | 2,329 | — | |||||||||||||||
| USD | BOA | 2,825 | 05/31/24 | Arbor Realty Trust, Inc. | 5.32 | — | 576 | |||||||||||||||
| USD | NIP | 885,030 | 11/30/27 | ATI, Inc. | 5.32 | — | 69,115 | |||||||||||||||
| USD | NIP | 73,686 | 11/30/27 | Avid Bioservices, Inc. | 5.32 | 35,143 | — | |||||||||||||||
| USD | BNP | 19,378 | 10/17/24 | Beauty Health Co. | 5.32 | 4,382 | — | |||||||||||||||
| USD | BNP | 30,885 | 10/17/24 | Blackline, Inc. | 5.32 | — | 1,510 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 9,640 | 11/30/27 | Block, Inc. | 5.32 | % | $ | 1,629 | $ | — | |||||||||||
| USD | NIP | 9,387 | 11/30/27 | Camtek, Ltd. | 5.32 | — | 4,871 | |||||||||||||||
| USD | BNP | 114,687 | 10/17/24 | Cerence, Inc. | 5.32 | 24,040 | — | |||||||||||||||
| USD | BNP | 5,408 | 10/17/24 | Cheesecake Factory Inc. | 5.32 | 712 | — | |||||||||||||||
| USD | BOA | 93,610 | 05/31/24 | Cinemark Holdings, Inc. | 5.32 | — | 13,682 | |||||||||||||||
| USD | NIP | 52,529 | 11/30/27 | Cloudflare, Inc. | 5.32 | 2,601 | — | |||||||||||||||
| USD | BNP | 43,766 | 10/17/24 | CMS Energy Corp. 3.375%, 05/01/28 | 5.32 | 1,354 | — | |||||||||||||||
| USD | BNP | 58,278 | 10/17/24 | Coherus Biosciences, Inc. | 5.32 | 1,071 | — | |||||||||||||||
| USD | BNP | 249,538 | 10/17/24 | Collegium Pharmaceutical, Inc. | 5.32 | 17,635 | — | |||||||||||||||
| USD | NIP | 25,224 | 11/30/27 | Cutera, Inc. | 5.32 | 6,929 | — | |||||||||||||||
| USD | NIP | 312,682 | 11/30/27 | Datadog, Inc. | 5.32 | — | 19,250 | |||||||||||||||
| USD | NIP | 13,475 | 11/30/27 | DISH Network Corp. | 5.32 | 7,598 | — | |||||||||||||||
| USD | BNP | 7 | 10/17/24 | DISH Network Corp. | 5.32 | 1 | — | |||||||||||||||
| USD | BNP | 47,152 | 10/17/24 | Duke Energy Corp. 4.125%, 04/15/26 | 5.32 | 1,421 | — | |||||||||||||||
| USD | NIP | 694,128 | 11/30/27 | Dynavax Technologies Corp. | 5.32 | — | 148,294 | |||||||||||||||
| USD | BNP | 366,681 | 10/17/24 | Encore Capital Group, Inc. | 5.32 | 59,441 | — | |||||||||||||||
| USD | BNP | 4,409 | 10/17/24 | Envestnet, Inc. | 5.32 | 666 | — | |||||||||||||||
| USD | NIP | 176,343 | 11/30/27 | Envista Holdings Corp. 1.750%, 08/15/28 | 5.32 | 7,811 | — | |||||||||||||||
| USD | BNP | 134,567 | 10/17/24 | Etsy, Inc. | 5.32 | 74,443 | — | |||||||||||||||
| USD | BOA | 108,518 | 05/31/24 | Fisker, Inc. | 5.32 | — | 2,419 | |||||||||||||||
| USD | BNP | 101,562 | 10/17/24 | Five9, Inc. | 5.32 | 14,114 | — | |||||||||||||||
| USD | BNP | 26,512 | 10/17/24 | Granite Construction, Inc. | 5.32 | 2,521 | — | |||||||||||||||
| USD | BOA | 8,830 | 05/31/24 | Greenbrier Cos. Inc. | 5.32 | — | 4,170 | |||||||||||||||
| USD | BNP | 4,252 | 10/17/24 | Groupon, Inc. | 5.32 | — | 7,483 | |||||||||||||||
| USD | BNP | 107,700 | 10/17/24 | Guess?, Inc. | 5.32 | — | 47,913 | |||||||||||||||
| USD | BNP | 428,442 | 10/17/24 | Harmonic, Inc. | 5.32 | 156,626 | — | |||||||||||||||
| USD | NIP | 19,467 | 11/30/27 | Health Catalyst, Inc. | 5.32 | 2,718 | — | |||||||||||||||
| USD | NIP | 782,920 | 11/30/27 | HubSpot, Inc. | 5.32 | 3,785 | — | |||||||||||||||
| USD | BNP | 31,056 | 10/17/24 | I3 Verticals, Inc. | 5.32 | 3,638 | — | |||||||||||||||
| USD | BNP | 4,044 | 10/17/24 | Innoviva, Inc. | 5.32 | — | 113 | |||||||||||||||
| USD | BNP | 6,643 | 10/17/24 | Inotiv, Inc. | 5.32 | 1,724 | — | |||||||||||||||
| USD | BOA | 346,538 | 05/31/24 | iShares iBoxx High Yield Corporate Bond ETF | 5.32 | 1,824 | — | |||||||||||||||
| USD | BNP | 15,601 | 10/17/24 | Karyopharm Therapeutics, Inc. | 5.32 | 11,460 | — | |||||||||||||||
| USD | NIP | 193,078 | 11/30/27 | LCI Industries | 5.32 | 2,623 | — | |||||||||||||||
| USD | NIP | 306,076 | 11/30/27 | MannKind Corp. | 5.32 | 66,664 | — | |||||||||||||||
| USD | BNP | 104,542 | 10/17/24 | Marriott Vacations Worldwide Corp. | 5.32 | 7,434 | — | |||||||||||||||
| USD | BNP | 125,017 | 10/17/24 | Match Group, Inc. | 5.32 | 2,517 | — | |||||||||||||||
| USD | BNP | 743,728 | 10/17/24 | Maxeon Solar Technologies, Ltd. | 5.32 | 435,839 | — | |||||||||||||||
| USD | NIP | 1,924,864 | 11/30/27 | MercadoLibre, Inc. | 5.32 | — | 144,316 | |||||||||||||||
| USD | BOA | 693,240 | 05/31/24 | MongoDB, Inc. | 5.32 | — | 127,140 | |||||||||||||||
| USD | NIP | 161,879 | 11/30/27 | National Vision Holdings, Inc. | 5.32 | 87,921 | — | |||||||||||||||
| USD | BNP | 40,585 | 10/17/24 | NeoGenomics, Inc. | 5.32 | 12,898 | — | |||||||||||||||
| USD | BNP | 600,021 | 10/17/24 | Norwegian Cruise Line Holdings, Ltd. | 5.32 | — | 30,635 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate* | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 37,976 | 10/17/24 | Pacira BioSciences, Inc. | 5.32 | % | $ | 6,590 | $ | — | |||||||||||
| USD | BNP | 39,670 | 10/17/24 | PagerDuty, Inc. | 5.32 | 2,584 | — | |||||||||||||||
| USD | BNP | 173,853 | 10/17/24 | Pebblebrook Hotel Trust | 5.32 | 3,584 | — | |||||||||||||||
| USD | BNP | 33,952 | 10/17/24 | PennyMac Mortgage Investment Trust | 5.32 | 2,009 | — | |||||||||||||||
| USD | BNP | 72,596 | 10/17/24 | PetIQ, Inc. | 5.32 | — | 74,662 | |||||||||||||||
| USD | BNP | 1,447 | 10/17/24 | Porch Group, Inc. | 5.32 | 932 | — | |||||||||||||||
| USD | BNP | 86,932 | 10/17/24 | PPL Capital Funding, Inc. 2.875%, 05/01/25 | 5.32 | 2,752 | — | |||||||||||||||
| USD | NIP | 32,643 | 11/30/27 | Q2 Holdings, Inc. | 5.32 | — | 4,080 | |||||||||||||||
| USD | BNP | 1,739 | 10/17/24 | Redfin Corp. | 5.32 | — | 711 | |||||||||||||||
| USD | BOA | 15,635 | 05/31/24 | Redwood Trust, Inc. | 5.32 | — | 3,196 | |||||||||||||||
| USD | BNP | 4,274 | 10/17/24 | Repay Holdings Corp. | 5.32 | — | 98 | |||||||||||||||
| USD | BNP | 118,891 | 10/17/24 | Revance Therapeutics, Inc. 1.750%, 02/15/27 | 5.32 | 1,615 | — | |||||||||||||||
| USD | BNP | 39,789 | 10/17/24 | Shopify, Inc. | 5.32 | 3,227 | — | |||||||||||||||
| USD | NIP | 160,716 | 11/30/27 | Snap, Inc. | 5.32 | 21,595 | — | |||||||||||||||
| USD | BNP | 69,458 | 10/17/24 | SoFi Technologies, Inc. | 5.32 | — | 7,470 | |||||||||||||||
| USD | BNP | 5,759 | 10/17/24 | SolarEdge Technologies, Inc. | 5.32 | 61 | — | |||||||||||||||
| USD | NIP | 422,264 | 11/30/27 | Topgolf Callaway Brands Corp. | 5.32 | 142,640 | — | |||||||||||||||
| USD | NIP | 140,348 | 11/30/27 | Travere Therapeutics, Inc. | 5.32 | 76,722 | — | |||||||||||||||
| USD | BNP | 1,329 | 10/17/24 | Travere Therapeutics, Inc. | 5.32 | 766 | — | |||||||||||||||
| USD | NIP | 17,180 | 11/30/27 | Veeco Instruments, Inc. | 5.32 | — | 4,239 | |||||||||||||||
| USD | NIP | 5,207 | 11/30/27 | Wayfair, Inc. | 5.32 | 785 | — | |||||||||||||||
| USD | BNP | 8,800 | 10/17/24 | Xometry, Inc. | 5.32 | 1,923 | — | |||||||||||||||
| USD | BNP | 198,378 | 10/17/24 | Zillow Group, Inc. | 5.32 | — | 6,388 | |||||||||||||||
| USD | NIP | 271,776 | 11/30/27 | Zscaler, Inc. | 5.32 | — | 38,159 | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 1,996,996 | $ | 2,242,907 | ||||||||||||||||||
| ^ | 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 | 63.5% | ||||||||
| Australia | 1.2% | ||||||||
| Brambles Ltd. | 2,520 | $ | 23,193 | |||||
| Cochlear Ltd. | 31 | 5,082 | ||||||
| Coles Group Ltd. | 890 | 8,864 | ||||||
| Computershare Ltd. ADR | 1,249 | 20,883 | ||||||
| Coronado Global Resources, Inc. | 3,340 | 4,183 | ||||||
| GrainCorp Ltd., Class A | 877 | 3,984 | ||||||
| Incitec Pivot Ltd. | 1,635 | 3,299 | ||||||
| Medibank Pvt Ltd. | 2,844 | 6,287 | ||||||
| Newcrest Mining Ltd. | 292 | 4,625 | ||||||
| Northern Star Resources Ltd. | 562 | 3,762 | ||||||
| Perseus Mining Ltd. | 5,950 | 6,244 | ||||||
| Pilbara Minerals Ltd. | 1,628 | 4,481 | ||||||
| Qantas Airways Ltd. (*) | 3,777 | 12,572 | ||||||
| REA Group Ltd. | 51 | 5,049 | ||||||
| Telstra Group Ltd. | 4,915 | 12,154 | ||||||
| Yancoal Australia Ltd. | 963 | 3,200 | ||||||
| 127,862 | ||||||||
| Austria | 0.0% | ||||||||
| ANDRITZ AG | 78 | 3,926 | ||||||
| Belgium | 0.0% | ||||||||
| Warehouses De Pauw CVA REIT | 107 | 2,637 | ||||||
| Bermuda | 0.0% | ||||||||
| RenaissanceRe Holdings Ltd. | 21 | 4,156 | ||||||
| Canada | 2.1% | ||||||||
| Birchcliff Energy Ltd. | 573 | 3,265 | ||||||
| Canadian Natural Resources Ltd. | 80 | 5,174 | ||||||
| CGI, Inc. (*) | 38 | 3,746 | ||||||
| Constellation Software, Inc. | 20 | 41,289 | ||||||
| Dollarama, Inc. | 431 | 29,695 | ||||||
| Fairfax Financial Holdings Ltd. | 7 | 5,714 | ||||||
| Hydro One Ltd. | 119 | 3,030 | ||||||
| International Petroleum Corp. (*) | 707 | 6,788 | ||||||
| Manulife Financial Corp. | 2,431 | 44,423 | ||||||
| Metro, Inc. | 310 | 16,100 | ||||||
| Parex Resources, Inc. | 271 | 5,086 | ||||||
| Shopify, Inc. Class A (*) | 96 | 5,240 | ||||||
| Teck Resources Ltd., Class B | 134 | 5,767 | ||||||
| Teekay Tankers Ltd., Class A | 102 | 4,246 | ||||||
| Toronto-Dominion Bank | 597 | 35,975 | ||||||
| Tourmaline Oil Corp. | 105 | 5,284 | ||||||
| 220,822 | ||||||||
| Description | Shares | Fair Value | ||||||
| China | 0.4% | ||||||||
| NXP Semiconductors NV | 199 | $ | 39,784 | |||||
| Wilmar International Ltd. | 1,400 | 3,807 | ||||||
| 43,591 | ||||||||
| Denmark | 0.9% | ||||||||
| Carlsberg AS, Class B ADR | 952 | 23,952 | ||||||
| Novo Nordisk AS, Class B | 810 | 73,683 | ||||||
| 97,635 | ||||||||
| Finland | 0.2% | ||||||||
| Kone Oyj, ADR | 850 | 17,876 | ||||||
| Nordea Bank Abp | 229 | 2,511 | ||||||
| 20,387 | ||||||||
| France | 2.0% | ||||||||
| BNP Paribas SA | 440 | 28,012 | ||||||
| Bureau Veritas SA ADR | 349 | 17,331 | ||||||
| Cie de Saint-Gobain SA | 303 | 18,152 | ||||||
| Cie Generale des Etablissements Michelin SCA | 154 | 4,720 | ||||||
| Legrand SA ADR | 1,017 | 18,682 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 178 | 26,898 | ||||||
| Orange SA | 1,664 | 19,095 | ||||||
| Pernod Ricard SA ADR | 563 | 18,709 | ||||||
| Societe Generale SA | 505 | 12,216 | ||||||
| Thales SA ADR | 979 | 27,471 | ||||||
| TotalEnergies SE | 46 | 3,027 | ||||||
| Vinci SA | 120 | 13,285 | ||||||
| 207,598 | ||||||||
| Germany | 0.7% | ||||||||
| Bayerische Motoren Werke AG | 199 | 20,270 | ||||||
| Beiersdorf AG | 73 | 9,426 | ||||||
| Commerzbank AG | 437 | 4,986 | ||||||
| Mercedes-Benz Group AG | 132 | 9,194 | ||||||
| Merck KGaA ADR | 612 | 20,410 | ||||||
| Rheinmetall AG | 17 | 4,383 | ||||||
| 68,669 | ||||||||
| Hong Kong | 0.4% | ||||||||
| AIA Group Ltd. ADR | 552 | 17,830 | ||||||
| Jardine Matheson Holdings Ltd. | 100 | 4,640 | ||||||
| Link REIT | 700 | 3,412 | ||||||
| Sun Hung Kai Properties Ltd. | 500 | 5,318 | ||||||
| Swire Pacific Ltd., Class A | 500 | 3,376 | ||||||
| WH Group Ltd. | 5,500 | 2,870 | ||||||
| 37,446 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Israel | 0.2% | ||||||||
| Bank Hapoalim BM | 1,123 | $ | 9,985 | |||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 6,201 | 8,729 | ||||||
| Perion Network Ltd. (*) | 130 | 3,982 | ||||||
| 22,696 | ||||||||
| Italy | 0.5% | ||||||||
| Banco BPM SpA | 1,234 | 5,887 | ||||||
| Ferrari NV | 29 | 8,547 | ||||||
| Intesa Sanpaolo SpA | 5,396 | 13,867 | ||||||
| Poste Italiane SpA | 875 | 9,200 | ||||||
| Saras SpA | 4,033 | 5,775 | ||||||
| UniCredit SpA | 464 | 11,103 | ||||||
| 54,379 | ||||||||
| Japan | 5.3% | ||||||||
| ABC-Mart, Inc. | 300 | 5,411 | ||||||
| ANA Holdings, Inc. (*) | 200 | 4,191 | ||||||
| Bank of Kyoto Ltd. (*), (¢) | 100 | 5,690 | ||||||
| Chubu Electric Power Co., Inc. | 1,900 | 24,305 | ||||||
| Chugoku Electric Power Co., Inc. | 600 | 3,701 | ||||||
| Daiwa House Industry Co. Ltd. | 200 | 5,371 | ||||||
| Daiwa Securities Group, Inc. | 1,000 | 5,770 | ||||||
| East Japan Railway Co. | 100 | 5,723 | ||||||
| Electric Power Development Co. Ltd. | 1,900 | 30,744 | ||||||
| FUJIFILM Holdings Corp. | 100 | 5,790 | ||||||
| Hachijuni Bank Ltd. | 1,600 | 8,843 | ||||||
| Honda Motor Co. Ltd. | 2,400 | 26,986 | ||||||
| Japan Post Bank Co. Ltd. | 2,000 | 17,376 | ||||||
| Japan Post Holdings Co. Ltd. | 3,000 | 23,983 | ||||||
| Japan Real Estate Investment Corp. REIT | 3 | 11,700 | ||||||
| Japan Tobacco, Inc. | 200 | 4,603 | ||||||
| Kawasaki Heavy Industries Ltd. | 200 | 4,840 | ||||||
| KDDI Corp. | 300 | 9,183 | ||||||
| Kyushu Railway Co. | 400 | 8,507 | ||||||
| Lawson, Inc. | 400 | 18,385 | ||||||
| Mazda Motor Corp. | 500 | 5,669 | ||||||
| Mebuki Financial Group, Inc. | 2,200 | 6,067 | ||||||
| Mitsubishi Motors Corp. | 1,300 | 5,658 | ||||||
| Mizuho Financial Group, Inc. | 2,100 | 35,571 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 300 | 10,973 | ||||||
| Nagoya Railroad Co. Ltd. | 200 | 2,953 | ||||||
| Nihon Kohden Corp. | 200 | 4,938 | ||||||
| Nintendo Co. Ltd. ADR | 2,114 | 21,880 | ||||||
| Nippon Express Holdings, Inc. | 200 | 10,435 | ||||||
| Nisshinbo Holdings, Inc. | 1,300 | 9,674 | ||||||
| Description | Shares | Fair Value | ||||||
| Ono Pharmaceutical Co. Ltd. | 1,300 | $ | 24,934 | |||||
| Osaka Gas Co. Ltd. | 900 | 14,847 | ||||||
| Otsuka Holdings Co. Ltd. | 1,300 | 46,247 | ||||||
| Rengo Co. Ltd. | 500 | 3,436 | ||||||
| Sankyo Co. Ltd. | 100 | 4,566 | ||||||
| Sega Sammy Holdings, Inc. | 600 | 11,068 | ||||||
| Seven & i Holdings Co. Ltd. | 100 | 3,916 | ||||||
| Shimano, Inc. ADR | 979 | 13,109 | ||||||
| Shizuoka Financial Group, Inc. | 1,400 | 11,386 | ||||||
| Softbank Corp. | 1,400 | 15,833 | ||||||
| Sompo Holdings, Inc. | 100 | 4,280 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 100 | 4,902 | ||||||
| Tokyo Gas Co. Ltd. | 1,000 | 22,725 | ||||||
| Tokyu Fudosan Holdings Corp. | 1,900 | 11,676 | ||||||
| Toyota Motor Corp. | 300 | 5,391 | ||||||
| Yamaguchi Financial Group, Inc. | 500 | 4,374 | ||||||
| Yamazaki Baking Co. Ltd. | 200 | 3,677 | ||||||
| 551,287 | ||||||||
| Netherlands | 0.9% | ||||||||
| ASM International NV | 52 | 21,864 | ||||||
| Eurocommercial Properties NV REIT | 385 | 8,528 | ||||||
| Koninklijke Ahold Delhaize NV | 131 | 3,950 | ||||||
| Koninklijke KPN NV | 1,006 | 3,316 | ||||||
| NN Group NV | 106 | 3,397 | ||||||
| Wolters Kluwer NV ADR | 384 | 46,460 | ||||||
| 87,515 | ||||||||
| New Zealand | 0.1% | ||||||||
| Spark New Zealand Ltd. | 2,823 | 8,138 | ||||||
| Norway | 0.0% | ||||||||
| Orkla ASA | 564 | 4,212 | ||||||
| Singapore | 0.4% | ||||||||
| Jardine Cycle & Carriage Ltd. | 300 | 6,986 | ||||||
| Sembcorp Industries Ltd. | 4,300 | 15,986 | ||||||
| Singapore Airlines Ltd. | 1,000 | 4,722 | ||||||
| STMicroelectronics NV | 291 | 12,537 | ||||||
| 40,231 | ||||||||
| Spain | 0.6% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 1,435 | 11,685 | ||||||
| Banco Santander SA | 966 | 3,668 | ||||||
| Iberdrola SA | 1,722 | 19,227 | ||||||
| Industria de Diseno Textil SA ADR | 1,267 | 23,553 | ||||||
| 58,133 | ||||||||
| Sweden | 0.8% | ||||||||
| Assa Abloy AB ADR | 1,474 | 15,949 | ||||||
| Epiroc AB ADR | 2,080 | 39,395 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Hexagon AB ADR | 2,678 | $ | 22,656 | |||||
| 78,000 | ||||||||
| Switzerland | 0.7% | ||||||||
| ABB Ltd. ADR | 999 | 35,554 | ||||||
| Swatch Group AG ADR | 2,063 | 26,303 | ||||||
| Swisscom AG | 25 | 14,852 | ||||||
| 76,709 | ||||||||
| United Kingdom | 2.2% | ||||||||
| BAE Systems PLC | 368 | 4,467 | ||||||
| Barclays PLC | 2,634 | 5,102 | ||||||
| Coca-Cola Europacific Partners PLC | 477 | 29,803 | ||||||
| Diageo PLC ADR | 230 | 34,311 | ||||||
| HSBC Holdings PLC | 1,891 | 14,814 | ||||||
| IG Group Holdings PLC | 283 | 2,212 | ||||||
| Investec PLC | 1,191 | 6,945 | ||||||
| Man Group PLC | 1,578 | 4,287 | ||||||
| RELX PLC ADR | 1,479 | 49,842 | ||||||
| Serco Group PLC | 1,647 | 2,986 | ||||||
| Standard Chartered PLC | 1,570 | 14,510 | ||||||
| Unilever PLC | 307 | 15,150 | ||||||
| Unilever PLC ADR | 813 | 40,162 | ||||||
| Vodafone Group PLC | 3,797 | 3,546 | ||||||
| 228,137 | ||||||||
| United States | 43.9% | ||||||||
| AbbVie, Inc. | 108 | 16,098 | ||||||
| Accenture PLC, Class A | 200 | 61,422 | ||||||
| Activision Blizzard, Inc. | 114 | 10,674 | ||||||
| Adobe, Inc. (*) | 117 | 59,658 | ||||||
| Agilent Technologies, Inc. | 35 | 3,914 | ||||||
| Agree Realty Corp. REIT | 238 | 13,147 | ||||||
| Align Technology, Inc. (*) | 8 | 2,443 | ||||||
| Allison Transmission Holdings, Inc. | 214 | 12,639 | ||||||
| Alnylam Pharmaceuticals, Inc. (*) | 20 | 3,542 | ||||||
| Alphabet, Inc., Class A (*) | 655 | 85,713 | ||||||
| Alphabet, Inc., Class C (*) | 645 | 85,043 | ||||||
| Altria Group, Inc. | 323 | 13,582 | ||||||
| Amazon.com, Inc. (*) | 639 | 81,230 | ||||||
| Amdocs Ltd. | 244 | 20,616 | ||||||
| Ameren Corp. | 47 | 3,517 | ||||||
| American Homes 4 Rent, Class A REIT | 106 | 3,571 | ||||||
| American International Group, Inc. | 340 | 20,604 | ||||||
| AMN Healthcare Services, Inc. (*) | 46 | 3,918 | ||||||
| Amphenol Corp., Class A | 485 | 40,735 | ||||||
| Aon PLC, Class A | 196 | 63,547 | ||||||
| Apple, Inc. | 1,367 | 234,044 | ||||||
| Description | Shares | Fair Value | ||||||
| AptarGroup, Inc. | 52 | $ | 6,502 | |||||
| Arcosa, Inc. | 51 | 3,667 | ||||||
| Assurant, Inc. | 30 | 4,307 | ||||||
| AT&T, Inc. | 363 | 5,452 | ||||||
| Atmos Energy Corp. | 35 | 3,708 | ||||||
| Autodesk, Inc. (*) | 24 | 4,966 | ||||||
| Automatic Data Processing, Inc. | 34 | 8,180 | ||||||
| Avery Dennison Corp. | 104 | 18,998 | ||||||
| Axos Financial, Inc. (*) | 125 | 4,732 | ||||||
| Bank of America Corp. | 845 | 23,136 | ||||||
| Becton Dickinson & Co. | 15 | 3,878 | ||||||
| Biogen, Inc. (*) | 24 | 6,168 | ||||||
| Booking Holdings, Inc. (*) | 7 | 21,588 | ||||||
| Booz Allen Hamilton Holding Corp. | 416 | 45,456 | ||||||
| BorgWarner, Inc. | 98 | 3,956 | ||||||
| Boston Scientific Corp. (*) | 104 | 5,491 | ||||||
| Brady Corp., Class A | 68 | 3,735 | ||||||
| Brighthouse Financial, Inc. (*) | 193 | 9,445 | ||||||
| Bristol-Myers Squibb Co. | 507 | 29,426 | ||||||
| Broadcom, Inc. | 62 | 51,496 | ||||||
| BRP, Inc. | 282 | 21,393 | ||||||
| Cadence Design Systems, Inc. (*) | 13 | 3,046 | ||||||
| Cal-Maine Foods, Inc. | 223 | 10,798 | ||||||
| California Resources Corp. | 99 | 5,545 | ||||||
| Campbell Soup Co. | 90 | 3,697 | ||||||
| Cardinal Health, Inc. | 356 | 30,908 | ||||||
| Casey’s General Stores, Inc. | 16 | 4,344 | ||||||
| Caterpillar, Inc. | 124 | 33,852 | ||||||
| Cboe Global Markets, Inc. | 46 | 7,186 | ||||||
| CDW Corp. | 116 | 23,404 | ||||||
| Cencora, Inc. | 201 | 36,174 | ||||||
| Centene Corp. (*) | 59 | 4,064 | ||||||
| Charles Schwab Corp. | 454 | 24,925 | ||||||
| Charter Communications, Inc., Class A (*) | 21 | 9,236 | ||||||
| Chegg, Inc. (*) | 473 | 4,219 | ||||||
| Chesapeake Energy Corp. | 54 | 4,656 | ||||||
| Chipotle Mexican Grill, Inc. (*) | 10 | 18,318 | ||||||
| Chubb Ltd. | 36 | 7,494 | ||||||
| Cigna Group | 20 | 5,721 | ||||||
| Cirrus Logic, Inc. (*) | 47 | 3,476 | ||||||
| Cisco Systems, Inc. | 910 | 48,922 | ||||||
| Clearway Energy, Inc., Class C | 244 | 5,163 | ||||||
| Clorox Co. | 76 | 9,961 | ||||||
| Coca-Cola Co. | 854 | 47,807 | ||||||
| Cognizant Technology Solutions Corp., Class A | 268 | 18,154 | ||||||
| Colgate-Palmolive Co. | 295 | 20,977 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Commercial Metals Co. | 50 | $ | 2,470 | |||||
| CommVault Systems, Inc. (*) | 74 | 5,003 | ||||||
| Consolidated Edison, Inc. | 224 | 19,159 | ||||||
| Core & Main, Inc., Class A (*) | 178 | 5,135 | ||||||
| Corebridge Financial, Inc. | 1,051 | 20,757 | ||||||
| Coterra Energy, Inc. | 501 | 13,552 | ||||||
| CTS Corp. | 79 | 3,297 | ||||||
| CVS Health Corp. | 342 | 23,878 | ||||||
| Danaher Corp. | 192 | 47,635 | ||||||
| Darden Restaurants, Inc. | 32 | 4,583 | ||||||
| Dave & Buster’s Entertainment, Inc. (*) | 123 | 4,560 | ||||||
| DaVita, Inc. (*) | 87 | 8,224 | ||||||
| Deckers Outdoor Corp. (*) | 9 | 4,627 | ||||||
| Deere & Co. | 75 | 28,303 | ||||||
| DR Horton, Inc. | 84 | 9,027 | ||||||
| Eaton Corp. PLC | 24 | 5,119 | ||||||
| Electronic Arts, Inc. | 142 | 17,097 | ||||||
| Elevance Health, Inc. | 7 | 3,048 | ||||||
| Eli Lilly & Co. | 152 | 81,644 | ||||||
| EOG Resources, Inc. | 123 | 15,591 | ||||||
| EQT Corp. | 120 | 4,870 | ||||||
| Equinix, Inc. REIT | 9 | 6,536 | ||||||
| Equitable Holdings, Inc. | 542 | 15,387 | ||||||
| Estee Lauder Cos., Inc., Class A | 246 | 35,559 | ||||||
| Everest Group Ltd. | 61 | 22,672 | ||||||
| Expedia Group, Inc. (*) | 73 | 7,524 | ||||||
| Fair Isaac Corp. (*) | 7 | 6,080 | ||||||
| First Citizens BancShares, Inc., Class A | 4 | 5,520 | ||||||
| Fiserv, Inc. (*) | 227 | 25,642 | ||||||
| Flowers Foods, Inc. | 304 | 6,743 | ||||||
| Fortinet, Inc. (*) | 306 | 17,956 | ||||||
| Freeport-McMoRan, Inc. | 103 | 3,841 | ||||||
| General Electric Co. | 90 | 9,949 | ||||||
| General Mills, Inc. | 216 | 13,822 | ||||||
| General Motors Co. | 464 | 15,298 | ||||||
| Gilead Sciences, Inc. | 286 | 21,433 | ||||||
| Global Payments, Inc. | 182 | 21,001 | ||||||
| Globe Life, Inc. | 53 | 5,763 | ||||||
| GMS, Inc. (*) | 84 | 5,373 | ||||||
| GoDaddy, Inc., Class A (*) | 45 | 3,352 | ||||||
| Graco, Inc. | 130 | 9,474 | ||||||
| GSK PLC | 532 | 9,617 | ||||||
| H&R Block, Inc. | 100 | 4,306 | ||||||
| Haemonetics Corp. (*) | 42 | 3,762 | ||||||
| Hartford Financial Services Group, Inc. | 72 | 5,106 | ||||||
| HCA Healthcare, Inc. | 140 | 34,437 | ||||||
| Description | Shares | Fair Value | ||||||
| Hershey Co. | 96 | $ | 19,208 | |||||
| Hess Corp. | 30 | 4,590 | ||||||
| Hess Midstream LP, Class A | 131 | 3,816 | ||||||
| Home Depot, Inc. | 66 | 19,943 | ||||||
| Huntington Ingalls Industries, Inc. | 18 | 3,682 | ||||||
| Intercontinental Exchange, Inc. | 430 | 47,309 | ||||||
| International Seaways, Inc. | 101 | 4,545 | ||||||
| Intuit, Inc. | 10 | 5,109 | ||||||
| Intuitive Surgical, Inc. (*) | 96 | 28,060 | ||||||
| IQVIA Holdings, Inc. (*) | 200 | 39,350 | ||||||
| J M Smucker Co. | 41 | 5,039 | ||||||
| Johnson & Johnson | 429 | 66,817 | ||||||
| Kellogg Co. | 181 | 10,771 | ||||||
| Kilroy Realty Corp. | 288 | 9,104 | ||||||
| Kimberly-Clark Corp. | 629 | 76,015 | ||||||
| Kroger Co. | 289 | 12,933 | ||||||
| Lam Research Corp. | 8 | 5,014 | ||||||
| Lamb Weston Holdings, Inc. | 35 | 3,236 | ||||||
| Lennar Corp., Class A | 85 | 9,540 | ||||||
| Lockheed Martin Corp. | 24 | 9,815 | ||||||
| Lululemon Athletica, Inc. (*) | 14 | 5,399 | ||||||
| Marathon Oil Corp. | 197 | 5,270 | ||||||
| Marathon Petroleum Corp. | 34 | 5,146 | ||||||
| Martin Marietta Materials, Inc. | 23 | 9,441 | ||||||
| Masco Corp. | 90 | 4,810 | ||||||
| MasterCard, Inc., Class A | 125 | 49,489 | ||||||
| McDonald’s Corp. | 192 | 50,580 | ||||||
| McKesson Corp. | 36 | 15,655 | ||||||
| Medpace Holdings, Inc. (*) | 19 | 4,600 | ||||||
| Merck & Co., Inc. | 800 | 82,360 | ||||||
| Meta Platforms, Inc., Class A (*) | 337 | 101,171 | ||||||
| MetLife, Inc. | 165 | 10,380 | ||||||
| Microchip Technology, Inc. | 289 | 22,556 | ||||||
| Microsoft Corp. | 640 | 202,080 | ||||||
| Molina Healthcare, Inc. (*) | 17 | 5,574 | ||||||
| Moody’s Corp. | 16 | 5,059 | ||||||
| Motorola Solutions, Inc. | 82 | 22,324 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 46 | 4,515 | ||||||
| Nasdaq, Inc. | 95 | 4,616 | ||||||
| National Fuel Gas Co. | 179 | 9,292 | ||||||
| Netflix, Inc. (*) | 93 | 35,117 | ||||||
| NewMarket Corp. | 18 | 8,191 | ||||||
| NIKE, Inc., Class B | 267 | 25,531 | ||||||
| NiSource, Inc. | 315 | 7,774 | ||||||
| Northrop Grumman Corp. | 9 | 3,962 | ||||||
| Nucor Corp. | 18 | 2,814 | ||||||
| NVIDIA Corp. | 231 | 100,483 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| NVR, Inc. (*) | 1 | $ | 5,963 | |||||
| ON Semiconductor Corp. (*) | 86 | 7,994 | ||||||
| ONE Gas, Inc. | 53 | 3,619 | ||||||
| Oracle Corp. | 259 | 27,433 | ||||||
| Ovintiv, Inc. | 111 | 5,280 | ||||||
| Owens Corning | 78 | 10,640 | ||||||
| PACCAR, Inc. | 59 | 5,016 | ||||||
| Paychex, Inc. | 22 | 2,537 | ||||||
| PepsiCo, Inc. | 290 | 49,138 | ||||||
| Pfizer, Inc. | 286 | 9,487 | ||||||
| PG&E Corp. (*) | 313 | 5,049 | ||||||
| Piedmont Lithium, Inc. (*) | 80 | 3,176 | ||||||
| Pinnacle West Capital Corp. | 59 | 4,347 | ||||||
| Pioneer Natural Resources Co. | 18 | 4,132 | ||||||
| PNM Resources, Inc. | 297 | 13,249 | ||||||
| Procter & Gamble Co. | 494 | 72,055 | ||||||
| PTC, Inc. (*) | 211 | 29,894 | ||||||
| Public Service Enterprise Group, Inc. | 61 | 3,472 | ||||||
| Public Storage | 12 | 3,162 | ||||||
| PulteGroup, Inc. | 207 | 15,328 | ||||||
| QUALCOMM, Inc. | 46 | 5,109 | ||||||
| Qualys, Inc. (*) | 44 | 6,712 | ||||||
| Regency Centers Corp. REIT | 65 | 3,864 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 11 | 9,053 | ||||||
| RingCentral, Inc., Class A Class A (*) | 39 | 1,156 | ||||||
| Roche Holding AG | 93 | 25,367 | ||||||
| Rockwell Automation, Inc. | 104 | 29,730 | ||||||
| Rollins, Inc. | 90 | 3,360 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 65 | 5,413 | ||||||
| S&P Global, Inc. | 118 | 43,118 | ||||||
| SandRidge Energy, Inc. | 270 | 4,228 | ||||||
| Sanofi | 65 | 6,975 | ||||||
| SBA Communications Corp. | 35 | 7,006 | ||||||
| ServiceNow, Inc. (*) | 44 | 24,594 | ||||||
| Sherwin-Williams Co. | 43 | 10,967 | ||||||
| SilverBow Resources, Inc. (*) | 128 | 4,579 | ||||||
| Simon Property Group, Inc. REIT | 124 | 13,396 | ||||||
| Southwestern Energy Co. (*) | 548 | 3,535 | ||||||
| Starbucks Corp. | 214 | 19,532 | ||||||
| Stellantis NV | 1,407 | 26,987 | ||||||
| Stryker Corp. | 107 | 29,240 | ||||||
| Super Micro Computer, Inc. (*) | 15 | 4,113 | ||||||
| Synchrony Financial | 107 | 3,271 | ||||||
| Synopsys, Inc. (*) | 112 | 51,405 | ||||||
| Sysco Corp. | 246 | 16,248 | ||||||
| Tecnoglass, Inc. | 124 | 4,087 | ||||||
| Description | Shares | Fair Value | ||||||
| Terex Corp. | 92 | $ | 5,301 | |||||
| Tesla, Inc. (*) | 249 | 62,305 | ||||||
| Texas Instruments, Inc. | 223 | 35,459 | ||||||
| Texas Pacific Land Corp. | 2 | 3,647 | ||||||
| Thermo Fisher Scientific, Inc. | 86 | 43,531 | ||||||
| TJX Cos., Inc. | 363 | 32,263 | ||||||
| Toll Brothers, Inc. | 137 | 10,133 | ||||||
| TopBuild Corp. (*) | 72 | 18,115 | ||||||
| Trane Technologies PLC | 25 | 5,073 | ||||||
| Travelers Cos., Inc. | 26 | 4,246 | ||||||
| U-Haul Holding Co. (*) | 61 | 3,329 | ||||||
| UMH Properties, Inc. REIT | 238 | 3,337 | ||||||
| United Parcel Service, Inc., Class B | 26 | 4,053 | ||||||
| United Therapeutics Corp. (*) | 19 | 4,292 | ||||||
| UnitedHealth Group, Inc. | 100 | 50,419 | ||||||
| Universal Health Services, Inc., Class B | 35 | 4,401 | ||||||
| Unum Group | 244 | 12,002 | ||||||
| Valero Energy Corp. | 68 | 9,636 | ||||||
| VeriSign, Inc. (*) | 38 | 7,696 | ||||||
| Verizon Communications, Inc. | 534 | 17,307 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 64 | 22,255 | ||||||
| Virtu Financial, Inc., Class A | 248 | 4,283 | ||||||
| Visa, Inc., A Shares | 199 | 45,772 | ||||||
| VMware, Inc., Class A (*) | 83 | 13,818 | ||||||
| Walmart, Inc. | 86 | 13,754 | ||||||
| Warner Music Group Corp., Class A | 409 | 12,843 | ||||||
| Waste Management, Inc. | 75 | 11,433 | ||||||
| Wells Fargo & Co. | 753 | 30,768 | ||||||
| Western Union Co. | 390 | 5,140 | ||||||
| Westlake Corp. | 21 | 2,618 | ||||||
| White Mountains Insurance Group Ltd. | 4 | 5,983 | ||||||
| Williams-Sonoma, Inc. | 33 | 5,128 | ||||||
| Workday, Inc., Class A (*) | 22 | 4,727 | ||||||
| Xcel Energy, Inc. | 181 | 10,357 | ||||||
| Zoetis, Inc. | 185 | 32,186 | ||||||
| Zoom Video Communications, Inc. Class A (*) | 51 | 3,567 | ||||||
| 4,554,394 | ||||||||
| Total Common Stocks (Cost $5,912,927) | 6,598,560 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 11.6% | ||||||||||
| Canada | 0.5% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 60 | $ | 54,399 | ||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Denmark | 0.4% | ||||||||||
| Nykredit Realkredit AS, 1.000%, 01/01/27 | DKK | 315 | $ | 41,137 | ||||||
| Germany | 0.5% | ||||||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 61 | 52,162 | |||||||
| Switzerland | 0.4% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 47 | 39,257 | |||||||
| United States | 9.8% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 35 | 29,451 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 40 | 31,137 | |||||||
| American Express Co., 4.050%, 05/03/29 | USD | 25 | 23,268 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 50 | 44,431 | |||||||
| Apple, Inc., 1.125%, 05/11/25 | USD | 20 | 18,706 | |||||||
| AT&T, Inc., 3.500%, 06/01/41 | USD | 50 | 34,736 | |||||||
| Ball Corp., 4.875%, 03/15/26 | USD | 35 | 33,613 | |||||||
| Bank of America Corp., 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 35 | 22,983 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 65 | 61,390 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 30 | 28,270 | |||||||
| Comcast Corp., 4.650%, 02/15/33 | USD | 35 | 32,768 | |||||||
| Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 65 | 48,725 | |||||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 25 | 25,761 | |||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 35 | 24,772 | |||||||
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.750%, 09/15/30 | USD | 50 | 38,902 | |||||||
| JPMorgan Chase & Co., 3.540% (SOFR 3 Month + 1.642%), 05/01/28 (§) | USD | 65 | 59,767 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 18 | 16,357 | |||||||
| Lowe’s Cos., Inc., 5.000%, 04/15/33 | USD | 35 | 32,942 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 90 | $ | 64,015 | ||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 60 | 47,043 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 50 | 46,677 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 55 | 35,948 | |||||||
| Procter & Gamble Co., 1.200%, 10/29/30 | USD | 20 | 15,480 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 35 | 26,121 | |||||||
| Service Corp. International, 4.625%, 12/15/27 | USD | 25 | 23,168 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 40 | 31,719 | |||||||
| Sysco Corp., 2.400%, 02/15/30 | USD | 40 | 32,943 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 30 | 24,740 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 25 | 23,353 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 24 | 21,978 | |||||||
| Waste Management, Inc., 4.625%, 02/15/30 | USD | 25 | 23,877 | |||||||
| 1,025,041 | ||||||||||
| Total Corporate Bonds (Cost $1,320,984) | 1,211,996 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Exchange-Traded Funds | 1.1% | ||||||||||
| iShares MSCI World ETF (Cost $79,381) | 942 | $ | 113,200 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Foreign Government Obligations | 15.9% | ||||||||||
| Australia | 1.1% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 125 | $ | 63,594 | ||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 100 | 50,364 | |||||||
| 113,958 | ||||||||||
| Bahamas | 0.5% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 70 | 56,782 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Canada | 2.2% | ||||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 155 | $ | 88,536 | ||||||
| Export Development Canada, 1.650%, 07/31/24 | CAD | 40 | 28,594 | |||||||
| Quebec, 1.850%, 02/13/27 | CAD | 70 | 46,975 | |||||||
| Vancouver, 2.900%, 11/20/25 | CAD | 95 | 66,808 | |||||||
| 230,913 | ||||||||||
| Colombia | 0.5% | ||||||||||
| Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 205,000 | 47,328 | |||||||
| Croatia | 0.6% | ||||||||||
| Croatia Government International Bonds, 1.750%, 03/04/41 | EUR | 83 | 58,887 | |||||||
| Czech Republic | 0.8% | ||||||||||
| Czech Republic Government Bonds, 7.120% (PRIBOR 6 Month - 0.100%), 11/19/27 (§) | CZK | 1,980 | 85,500 | |||||||
| Denmark | 0.5% | ||||||||||
| Denmark Government Bonds, 0.000%, 11/15/31 | DKK | 425 | 47,559 | |||||||
| France | 0.4% | ||||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 55 | 45,127 | |||||||
| Hungary | 0.3% | ||||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 40 | 28,456 | |||||||
| Ireland | 0.7% | ||||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 75 | 69,822 | |||||||
| Israel | 0.6% | ||||||||||
| Israel Government Bonds - Fixed, 1.750%, 08/31/25 | ILS | 235 | 58,554 | |||||||
| Italy | 0.2% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 4.000%, 04/30/35 | EUR | 25 | 24,574 | |||||||
| Japan | 0.2% | ||||||||||
| Japan Government Ten Year Bonds, 0.400%, 06/20/25 | JPY | 3,000 | 20,208 | |||||||
| Mexico | 1.0% | ||||||||||
| Mexico Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 930 | 51,736 | |||||||
| 7.500%, 06/03/27 | MXN | 920 | 48,253 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Mexico Government International Bonds, 6.750%, 02/06/24 | GBP | 5 | $ | 6,104 | ||||||
| 106,093 | ||||||||||
| New Zealand | 1.7% | ||||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 150 | 81,295 | |||||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||||
| 2.250%, 04/15/24 | NZD | 80 | 47,021 | |||||||
| 2.000%, 04/15/37 | NZD | 140 | 51,755 | |||||||
| 180,071 | ||||||||||
| Peru | 0.8% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 174 | 42,773 | |||||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 50 | 38,373 | |||||||
| 81,146 | ||||||||||
| Poland | 0.2% | ||||||||||
| Poland Government Bonds, 6.950% (WIBOR 6 Month), 05/25/28 (§) | PLN | 95 | 21,039 | |||||||
| Portugal | 0.6% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 65 | 58,844 | |||||||
| Singapore | 0.5% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 75 | 54,657 | |||||||
| Slovenia | 0.2% | ||||||||||
| Slovenia Government Bonds, 1.500%, 03/25/35 | EUR | 25 | 20,202 | |||||||
| Spain | 0.7% | ||||||||||
| Spain Government Bonds, 1.000%, 07/30/42 | EUR | 122 | 74,330 | |||||||
| Switzerland | 0.5% | ||||||||||
| Swiss Confederation Government Bonds: | ||||||||||
| 1.500%, 07/24/25 | CHF | 20 | 21,949 | |||||||
| 0.500%, 06/27/32 | CHF | 30 | 31,229 | |||||||
| 53,178 | ||||||||||
| Thailand | 0.7% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 3,065 | 69,507 | |||||||
| United Kingdom | 0.4% | ||||||||||
| U.K. Gilts, 0.875%, 07/31/33 | GBP | 53 | 46,499 | |||||||
| Total Foreign Government Obligations (Cost $1,821,244) |
1,653,234 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Quasi Government Bonds | 1.2% | ||||||||||
| Germany | 1.2% | ||||||||||
| Kreditanstalt fuer Wiederaufbau: | ||||||||||
| 0.000%, 09/15/28 | EUR | 35 | $ | 31,457 | ||||||
| 1.750%, 09/14/29 | USD | 75 | 63,659 | |||||||
| 0.000%, 04/18/36 | USD | 50 | 27,095 | |||||||
| (Cost $131,988) | 122,211 | |||||||||
| Supranational Bonds | 4.1% | ||||||||||
| Asian Development Bank: | ||||||||||
| 2.125%, 03/19/25 | USD | 48 | 45,793 | |||||||
| 6.200%, 10/06/26 | INR | 1,800 | 21,009 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 80 | 50,525 | |||||||
| European Union, 0.400%, 02/04/37 | EUR | 65 | 45,590 | |||||||
| Inter-American Development Bank, 5.100%, 11/17/26 | IDR | 540,000 | 33,957 | |||||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 37 | 21,433 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.900%, 11/26/25 | AUD | 35 | 21,757 | |||||||
| 1.250%, 03/16/26 | NOK | 660 | 57,049 | |||||||
| 1.125%, 09/13/28 | USD | 37 | 31,159 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 50 | 46,619 | |||||||
| 1.500%, 04/15/35 | AUD | 117 | 50,101 | |||||||
| Total Supranational Bonds (Cost $491,580) | 424,992 | |||||||||
| U.S. Treasury Securities | 1.7% | ||||||||||
| U.S. Treasury Bonds: | ||||||||||
| 0.000%, 03/07/24 | USD | 20 | 19,536 | |||||||
| 4.125%, 11/15/32 | USD | 25 | 24,111 | |||||||
| 2.250%, 05/15/41 | USD | 130 | 89,192 | |||||||
| U.S. Treasury Inflation-Indexed Note, 1.250%, 04/15/28 (††) | USD | 46 | 43,599 | |||||||
| Total U.S. Treasury Securities (Cost $184,057) | 176,438 | |||||||||
| Description | Shares | Fair Value | ||||||||
| Warrants | 0.0% | ||||||||||
| Canada | 0.0% | ||||||||||
| Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0) |
19 | $ | 0 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $122,143) | 122,143 | $ | 122,143 | |||||
| Total Investments | 100.3% (Cost $10,064,304) (») | $ | 10,422,774 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.3)% | (34,378) | |||||||
| Net Assets | 100.0% | $ | 10,388,396 | ||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Forward Currency Contracts open at September 30, 2023: | ||||||||||||||||||
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 1,762 | USD | 1,129 | JPM | 01/18/24 | $ | 8 | $ | — | |||||||||
| CAD | 24,000 | USD | 17,767 | CIT | 12/27/23 | — | 72 | |||||||||||
| CAD | 14,575 | USD | 10,766 | CIT | 01/18/24 | — | 16 | |||||||||||
| CAD | 111,323 | USD | 81,744 | HSB | 01/18/24 | 361 | — | |||||||||||
| CHF | 22,255 | USD | 24,840 | SSB | 12/27/23 | — | 291 | |||||||||||
| CNH | 2,021,944 | USD | 283,067 | HSB | 11/09/23 | — | 5,727 | |||||||||||
| CNH | 1,000,386 | USD | 139,963 | JPM | 11/09/23 | — | 2,745 | |||||||||||
| CZK | 72,980 | USD | 3,193 | CIT | 01/18/24 | — | 37 | |||||||||||
| EUR | 307,677 | USD | 332,565 | CIT | 01/18/24 | — | 5,557 | |||||||||||
| EUR | 54,979 | USD | 58,850 | JPM | 12/27/23 | — | 484 | |||||||||||
| EUR | 19,046 | USD | 20,586 | JPM | 01/18/24 | — | 344 | |||||||||||
| EUR | 2,351 | USD | 2,517 | SSB | 12/27/23 | — | 21 | |||||||||||
| GBP | 7,057 | USD | 8,803 | CIT | 01/18/24 | — | 185 | |||||||||||
| GBP | 8,819 | USD | 11,000 | HSB | 01/18/24 | — | 231 | |||||||||||
| GBP | 62,500 | USD | 77,958 | JPM | 01/18/24 | — | 1,641 | |||||||||||
| GBP | 16,923 | USD | 20,791 | SSB | 12/27/23 | — | 131 | |||||||||||
| HUF | 2,555,284 | USD | 7,006 | HSB | 10/10/23 | — | 77 | |||||||||||
| INR | 2,207,469 | USD | 26,721 | HSB | 11/09/23 | — | 210 | |||||||||||
| JPY | 8,964,773 | USD | 62,191 | CIT | 01/18/24 | — | 1,123 | |||||||||||
| JPY | 85,830,739 | USD | 595,627 | HSB | 01/18/24 | — | 10,956 | |||||||||||
| KRW | 69,330,262 | USD | 54,017 | JPM | 11/09/23 | — | 2,664 | |||||||||||
| NZD | 38,002 | USD | 22,310 | HSB | 01/18/24 | 466 | — | |||||||||||
| PLN | 208,041 | USD | 47,496 | HSB | 01/18/24 | — | 82 | |||||||||||
| PLN | 11,466 | USD | 2,650 | JPM | 01/18/24 | — | 37 | |||||||||||
| RON | 191,024 | USD | 42,323 | HSB | 11/09/23 | — | 1,753 | |||||||||||
| SEK | 310,601 | USD | 28,172 | HSB | 01/18/24 | 418 | — | |||||||||||
| USD | 153,752 | AUD | 239,974 | JPM | 01/18/24 | — | 1,114 | |||||||||||
| USD | 4,890 | AUD | 7,551 | SSB | 12/27/23 | 21 | — | |||||||||||
| USD | 4,257 | CAD | 5,717 | CIT | 12/27/23 | 42 | — | |||||||||||
| USD | 135,385 | CAD | 184,413 | CIT | 01/18/24 | — | 625 | |||||||||||
| USD | 240,970 | CAD | 328,616 | JPM | 01/18/24 | — | 1,396 | |||||||||||
| USD | 19,765 | CHF | 17,361 | HSB | 01/18/24 | 565 | — | |||||||||||
| USD | 24,000 | CNH | 174,497 | HSB | 11/09/23 | 65 | — | |||||||||||
| USD | 43,000 | CNH | 311,709 | HSB | 11/09/23 | 245 | — | |||||||||||
| USD | 49,116 | CNH | 350,833 | HSB | 11/09/23 | 994 | — | |||||||||||
| USD | 37,878 | COP | 157,372,597 | HSB | 11/09/23 | — | 286 | |||||||||||
| USD | 44,023 | CZK | 1,006,049 | CIT | 01/18/24 | 508 | — | |||||||||||
| USD | 18,096 | CZK | 413,181 | HSB | 01/18/24 | 225 | — | |||||||||||
| USD | 3,639 | DKK | 25,146 | CIT | 01/18/24 | 51 | — | |||||||||||
| USD | 47,521 | DKK | 328,378 | HSB | 01/18/24 | 672 | — | |||||||||||
| USD | 18,895 | DKK | 130,583 | JPM | 01/18/24 | 265 | — | |||||||||||
| USD | 11,357 | DKK | 79,017 | SSB | 12/27/23 | 99 | — | |||||||||||
| USD | 95,260 | EUR | 88,132 | CIT | 01/18/24 | 1,592 | — | |||||||||||
| USD | 15,594 | IDR | 236,894,520 | JPM | 11/09/23 | 298 | — | |||||||||||
| USD | 17,187 | ILS | 62,962 | CIT | 03/27/24 | 531 | — | |||||||||||
| USD | 22,641 | ILS | 81,706 | HSB | 03/27/24 | 1,026 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 22,524 | ILS | 81,897 | JPM | 03/27/24 | $ | 859 | $ | — | |||||||||
| USD | 244,305 | JPY | 35,204,638 | HSB | 01/18/24 | 4,494 | — | |||||||||||
| USD | 128,993 | JPY | 18,846,043 | JPM | 12/27/23 | 1,091 | — | |||||||||||
| USD | 59,335 | JPY | 8,666,863 | SSB | 12/27/23 | 516 | — | |||||||||||
| USD | 9,536 | MXN | 165,467 | CIT | 11/09/23 | 101 | — | |||||||||||
| USD | 4,865 | MXN | 84,464 | HSB | 11/09/23 | 49 | — | |||||||||||
| USD | 48,963 | MXN | 849,794 | JPM | 11/09/23 | 504 | — | |||||||||||
| USD | 52,082 | NOK | 552,893 | JPM | 01/18/24 | 240 | — | |||||||||||
| USD | 201,816 | NZD | 343,761 | HSB | 01/18/24 | — | 4,218 | |||||||||||
| USD | 22,943 | PEN | 85,784 | CIT | 03/27/24 | 466 | — | |||||||||||
| USD | 17,396 | PEN | 64,923 | HSB | 03/27/24 | 385 | — | |||||||||||
| USD | 59,845 | PLN | 258,777 | HSB | 01/18/24 | 867 | — | |||||||||||
| USD | 11,216 | RON | 50,622 | HSB | 11/09/23 | 465 | — | |||||||||||
| USD | 4,482 | SEK | 49,414 | HSB | 01/18/24 | — | 66 | |||||||||||
| USD | 22,432 | SGD | 29,987 | HSB | 11/09/23 | 460 | — | |||||||||||
| USD | 25,321 | SGD | 33,866 | JPM | 11/09/23 | 507 | — | |||||||||||
| USD | 65,070 | THB | 2,236,458 | HSB | 11/09/23 | 3,457 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 22,913 | $ | 42,089 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 93.4% | ||||||||
| Commodity | 8.1% | ||||||||
| Invesco DB Agriculture Fund | 87,189 | $ | 1,866,716 | |||||
| U.S. Oil Fund LP | 9,827 | 794,611 | ||||||
| WisdomTree Aluminium | 133,955 | 421,283 | ||||||
| 3,082,610 | ||||||||
| Equity Funds | 61.3% | ||||||||
| Consumer Staples Select Sector SPDR Fund | 33,091 | 2,276,992 | ||||||
| Franklin FTSE Japan ETF | 129,754 | 3,431,993 | ||||||
| Health Care Select Sector SPDR Fund | 15,773 | 2,030,616 | ||||||
| Invesco QQQ Trust Series 1 | 5,280 | 1,891,666 | ||||||
| iShares Core Dividend Growth ETF | 48,938 | 2,423,899 | ||||||
| iShares Expanded Tech-Software Sector ETF | 7,198 | 2,456,390 | ||||||
| iShares MSCI Eurozone ETF | 58,246 | 2,460,311 | ||||||
| iShares MSCI Pacific ex Japan ETF | 48,251 | 1,919,425 | ||||||
| SPDR S&P Global Infrastructure ETF | 26,609 | 1,310,759 | ||||||
| Vanguard S&P 500 Value ETF | 21,416 | 3,184,345 | ||||||
| 23,386,396 | ||||||||
| Fixed-Income Funds | 24.0% | ||||||||
| iShares 1-3 Year Treasury Bond ETF | 16,937 | 1,371,389 | ||||||
| iShares 20+ Year Treasury Bond ETF | 33,561 | 2,976,525 | ||||||
| iShares iBoxx Investment Grade Corporate Bond ETF | 15,038 | 1,534,177 | ||||||
| iShares U.S. Treasury Bond ETF | 71,359 | 1,572,752 | ||||||
| Vanguard Mega Cap ETF | 11,124 | 1,689,402 | ||||||
| 9,144,245 | ||||||||
| Total Exchange-Traded Funds (Cost $33,458,966) | 35,613,251 | |||||||
| Short-Term Investments | 6.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $2,558,575) | 2,558,575 | 2,558,575 | ||||||
| Total Investments | 100.1% (Cost $36,017,541) | $ | 38,171,826 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (27,693) | |||||||
| Net Assets | 100.0% | $ | 38,144,133 | ||||||
Lazard Opportunistic Strategies Portfolio (continued)
Total Return Swap Agreements open at September 30, 2023:
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Rate | Payment Frequency | Unrealized Appreciation | ||||||||||
| USD | GSC | $481,342 | 10/23/23 | Net appreciation and dividends paid, on securities in a 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) | $ | 8,596 | |||||||||
| USD | GSC | 389,688 | 10/23/23 | Net appreciation and dividends paid, on securities in a 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) | 9,908 | ||||||||||
| Total gross unrealized appreciation on Total Return Swap Agreements | $ | 18,504 | * | |||||||||||||||
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
| * | Include accrued dividends and financing charges of $43,729. |
The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of September 30, 2023:
| Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair Value | ||||||
| Affirm Holdings Inc. | 512 | $ | 10,890 | |||||
| Alkami Technology Inc. | 803 | 14,631 | ||||||
| Bentley Systems Inc., Class B | 349 | 17,506 | ||||||
| Bigcommerce Holdings., Series 1 | 708 | 6,988 | ||||||
| Chewy Inc., Class A | 325 | 5,935 | ||||||
| Ci&T Inc., Class A | 1,259 | 8,184 | ||||||
| Cloudflare Inc., Class A | 189 | 11,915 | ||||||
| Coinbase Global Inc., Class A | 167 | 12,538 | ||||||
| Confluent Inc., Class A | 460 | 13,621 | ||||||
| Doordash Inc., Class A | 196 | 15,576 | ||||||
| Doximity Inc., Class A | 370 | 7,851 | ||||||
| Enfusion Inc., Class A | 923 | 8,279 | ||||||
| Expensify Inc., Class A | 726 | 2,360 | ||||||
| Fiverr International Ltd. | 361 | 8,834 | ||||||
| Freshworks Inc., Class A | 775 | 15,438 | ||||||
| Hireright Holdings Corp. | 719 | 6,838 | ||||||
| Jfrog Ltd. | 577 | 14,633 | ||||||
| Lyft Inc., Class A | 706 | 7,441 | ||||||
| Marqeta Inc., Class A | 1,591 | 9,514 | ||||||
| Meridianlink Inc. | 686 | 11,703 | ||||||
| Monday.Com Ltd. | 86 | 13,693 | ||||||
| Ncino Inc. | 331 | 10,526 | ||||||
| Nuvei Corp-Subordinate Vtg. | 365 | 5,475 | ||||||
| Payoneer Global Inc. | 1,894 | 11,591 | ||||||
| Pinterest Inc., Class A | 453 | 12,245 | ||||||
| Powerschool Holdings Inc., Class A | 628 | 14,230 | ||||||
| Procore Technologies Inc. | 217 | 14,174 | ||||||
| Remitly Global Inc. | 1,092 | 27,540 | ||||||
| Riskified Ltd. Class A | 2,666 | 11,944 | ||||||
| Robinhood Markets Inc., Class A | 1,123 | 11,017 | ||||||
| Rocket Cos Inc., Class A | 1,517 | 12,409 | ||||||
| Sentinelone Inc., Class A | 422 | 7,115 | ||||||
| Shift4 Payments Inc., Class A | 240 | 13,289 | ||||||
| Sofi Technologies Inc. | 1,905 | 15,221 | ||||||
| Squarespace Inc., Class A | 525 | 15,209 | ||||||
| Thoughtworks Holding Inc. | 915 | 3,733 | ||||||
Lazard Opportunistic Strategies Portfolio (concluded)
| Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair Value | ||||||
| Toast Inc., Class A | 609 | $ | 11,407 | |||||
| Uber Technologies Inc. | 365 | 16,786 | ||||||
| Uipath Inc., Class A | 825 | 14,116 | ||||||
| Unity Software Inc. | 314 | 9,856 | ||||||
| Upstart Holdings Inc. | 493 | 14,070 | ||||||
| Vertex Inc., Class A | 838 | 19,358 | ||||||
| Vimeo Inc. | 2,337 | 8,273 | ||||||
| Zoom Video Communications., Class A | 148 | 10,351 | ||||||
| Total Fair Value | $ | 514,303 | ||||||
| Securities within GSCBLZCL (SOFR+0.29bps) | Shares | Fair Value | ||||||
| Bill Holdings Inc. | 190 | $ | 20,628 | |||||
| Cloudflare Inc., Class A | 454 | 28,620 | ||||||
| Crowdstrike Holdings Inc., Class A | 158 | 26,446 | ||||||
| Datadog Inc., Class A | 298 | 27,145 | ||||||
| Docusign Inc. | 490 | 20,580 | ||||||
| Elastic NV | 339 | 27,540 | ||||||
| Hubspot Inc. | 95 | 46,788 | ||||||
| Mongodb Inc. | 126 | 43,578 | ||||||
| Okta Inc. | 471 | 38,391 | ||||||
| Shopify Inc., Class A | 847 | 46,221 | ||||||
| Snowflake Inc., Class A | 149 | 22,763 | ||||||
| Twilio Inc., Class A | 367 | 21,481 | ||||||
| Unity Software Inc. | 756 | 23,731 | ||||||
| Zscaler Inc. | 160 | 24,894 | ||||||
| Total Fair Value | $ | 418,806 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 63.0% | ||||||||
| Australia | 1.6% | ||||||||
| Atlas Arteria Ltd. | 9,519 | $ | 33,829 | |||||
| Aurizon Holdings Ltd. | 62,999 | 141,177 | ||||||
| Dexus REIT | 15,763 | 74,110 | ||||||
| Goodman Group REIT | 17,957 | 248,762 | ||||||
| Transurban Group | 2,053 | 16,719 | ||||||
| 514,597 | ||||||||
| Brazil | 0.7% | ||||||||
| Aliansce Sonae Shopping Centers SA | 12,600 | 56,626 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 6,100 | 74,063 | ||||||
| Energisa SA | 11,000 | 102,307 | ||||||
| 232,996 | ||||||||
| Canada | 4.3% | ||||||||
| Agnico Eagle Mines Ltd. | 2,140 | 97,263 | ||||||
| Algonquin Power & Utilities Corp. | 700 | 4,144 | ||||||
| Atco Ltd., Class I | 4,446 | 112,602 | ||||||
| Boardwalk Real Estate Investment Trust | 1,703 | 83,768 | ||||||
| Canadian National Railway Co. | 1,778 | 192,546 | ||||||
| Canadian Utilities Ltd., Class A | 11,483 | 242,637 | ||||||
| Enbridge, Inc. | 7,486 | 248,293 | ||||||
| Hydro One Ltd. | 9,417 | 239,750 | ||||||
| RioCan Real Estate Investment Trust REIT | 4,343 | 57,779 | ||||||
| SmartCentres REIT | 4,419 | 74,048 | ||||||
| West Fraser Timber Co. Ltd. | 775 | 56,266 | ||||||
| 1,409,096 | ||||||||
| China | 0.9% | ||||||||
| C&D International Investment Group Ltd. | 46,000 | 111,710 | ||||||
| China Resources Land Ltd. | 18,000 | 70,938 | ||||||
| Hopson Development Holdings Ltd. (*) | 65,880 | 39,437 | ||||||
| Midea Real Estate Holding Ltd. | 41,600 | 32,439 | ||||||
| Seazen Group Ltd. (*) | 152,000 | 27,662 | ||||||
| 282,186 | ||||||||
| France | 2.4% | ||||||||
| Aeroports de Paris SA | 879 | 103,585 | ||||||
| Engie SA | 5,864 | 89,915 | ||||||
| Eutelsat Communications SA | 2,087 | 12,306 | ||||||
| Unibail-Rodamco-Westfield REIT (*) | 1,443 | 71,020 | ||||||
| Vinci SA | 4,538 | 502,387 | ||||||
| 779,213 | ||||||||
| Hong Kong | 1.4% | ||||||||
| CK Infrastructure Holdings Ltd. | 2,700 | 12,775 | ||||||
| Description | Shares | Fair Value | ||||||
| Link REIT | 72,500 | $ | 353,404 | |||||
| Power Assets Holdings Ltd. | 4,500 | 21,706 | ||||||
| Swire Properties Ltd. | 27,400 | 57,170 | ||||||
| 445,055 | ||||||||
| Italy | 1.9% | ||||||||
| Enel SpA | 9,252 | 56,772 | ||||||
| Hera SpA | 4,936 | 13,481 | ||||||
| Italgas SpA | 4,151 | 21,231 | ||||||
| Snam SpA | 10,424 | 48,937 | ||||||
| Terna - Rete Elettrica Nazionale | 61,923 | 465,842 | ||||||
| 606,263 | ||||||||
| Japan | 3.7% | ||||||||
| Aeon Mall Co. Ltd. | 9,200 | 108,313 | ||||||
| Chubu Electric Power Co., Inc. | 5,000 | 63,960 | ||||||
| East Japan Railway Co. | 1,900 | 108,735 | ||||||
| Hankyu Hanshin Holdings, Inc. | 5,700 | 194,450 | ||||||
| Hoshino Resorts REIT, Inc. | 8 | 35,056 | ||||||
| Hulic Co. Ltd. | 16,900 | 151,568 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 102 | 94,302 | ||||||
| Japan Prime Realty Investment Corp. REIT | 34 | 82,110 | ||||||
| Japan Real Estate Investment Corp. REIT | 16 | 62,400 | ||||||
| Katitas Co. Ltd. | 2,600 | 37,849 | ||||||
| Nippon Building Fund, Inc. REIT | 26 | 105,405 | ||||||
| Tokyo Gas Co. Ltd. | 6,600 | 149,983 | ||||||
| 1,194,131 | ||||||||
| Luxembourg | 0.0% | ||||||||
| SES SA | 2,284 | 14,958 | ||||||
| Mexico | 0.2% | ||||||||
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 3,800 | 62,457 | ||||||
| Singapore | 0.2% | ||||||||
| Parkway Life REIT | 25,400 | 68,516 | ||||||
| South Africa | 0.6% | ||||||||
| Growthpoint Properties Ltd. REIT | 285,488 | 158,989 | ||||||
| Northam Platinum Holdings Ltd. | 7,700 | 46,758 | ||||||
| 205,747 | ||||||||
| Spain | 1.4% | ||||||||
| Aena SME SA | 1,038 | 156,132 | ||||||
| Atlantica Sustainable Infrastructure PLC | 79 | 1,509 | ||||||
| Iberdrola SA | 25,719 | 287,163 | ||||||
| 444,804 | ||||||||
| Switzerland | 0.1% | ||||||||
| Flughafen Zurich AG | 109 | 20,783 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Taiwan | 0.2% | ||||||||
| Ruentex Development Co. Ltd. | 53,100 | $ | 57,904 | |||||
| United Kingdom | 4.0% | ||||||||
| Drax Group PLC | 8,508 | 45,515 | ||||||
| LondonMetric Property PLC REIT | 60,789 | 127,188 | ||||||
| National Grid PLC | 40,852 | 487,640 | ||||||
| Pennon Group PLC | 1,873 | 13,332 | ||||||
| Segro PLC REIT | 7,929 | 69,167 | ||||||
| Severn Trent PLC | 1,648 | 47,484 | ||||||
| SSE PLC | 20,728 | 406,162 | ||||||
| Tritax Big Box REIT PLC | 45,524 | 77,594 | ||||||
| United Utilities Group PLC | 3,750 | 43,240 | ||||||
| 1,317,322 | ||||||||
| United States | 39.4% | ||||||||
| Agree Realty Corp. REIT | 1,631 | 90,096 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 2,645 | 264,764 | ||||||
| Ameren Corp. | 2,029 | 151,830 | ||||||
| American Electric Power Co., Inc. | 1,172 | 88,158 | ||||||
| American Homes 4 Rent, Class A REIT | 9,039 | 304,524 | ||||||
| American Tower Corp. REIT | 2,953 | 485,621 | ||||||
| American Water Works Co., Inc. | 435 | 53,866 | ||||||
| Apartment Income REIT Corp. | 5,219 | 160,223 | ||||||
| Apple Hospitality REIT, Inc. | 9,688 | 148,614 | ||||||
| AvalonBay Communities, Inc. REIT | 2,181 | 374,565 | ||||||
| Brixmor Property Group, Inc. | 11,906 | 247,407 | ||||||
| Camden Property Trust | 585 | 55,329 | ||||||
| CF Industries Holdings, Inc. | 1,177 | 100,916 | ||||||
| Cheniere Energy, Inc. | 2,156 | 357,810 | ||||||
| Chesapeake Energy Corp. | 1,363 | 117,531 | ||||||
| Consolidated Edison, Inc. | 3,641 | 311,415 | ||||||
| Cousins Properties, Inc. | 5,914 | 120,468 | ||||||
| Crown Castle, Inc. REIT | 4,627 | 425,823 | ||||||
| CSX Corp. | 2,528 | 77,736 | ||||||
| CubeSmart | 3,697 | 140,967 | ||||||
| Digital Realty Trust, Inc. REIT | 3,236 | 391,621 | ||||||
| Duke Energy Corp. | 1,668 | 147,218 | ||||||
| EastGroup Properties, Inc. | 1,129 | 188,012 | ||||||
| Edison International | 1,046 | 66,201 | ||||||
| Energy Transfer LP | 29,908 | 419,609 | ||||||
| Enterprise Products Partners LP | 12,470 | 341,304 | ||||||
| Equinix, Inc. REIT | 1,010 | 733,522 | ||||||
| Equity Residential REIT | 1,862 | 109,318 | ||||||
| Essex Property Trust, Inc. REIT | 1,069 | 226,724 | ||||||
| Exelon Corp. | 988 | 37,336 | ||||||
| Extra Space Storage, Inc. | 879 | 106,869 | ||||||
| Description | Shares | Fair Value | ||||||
| Ferrovial SE | 2,376 | $ | 72,447 | |||||
| First Industrial Realty Trust, Inc. | 3,155 | 150,146 | ||||||
| Four Corners Property Trust, Inc. REIT | 2,348 | 52,102 | ||||||
| Healthpeak Properties, Inc. REIT | 2,550 | 46,818 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,020 | 153,184 | ||||||
| Host Hotels & Resorts, Inc. REIT | 8,838 | 142,027 | ||||||
| Invitation Homes, Inc., REIT | 5,685 | 180,158 | ||||||
| Iron Mountain, Inc. REIT | 4,202 | 249,809 | ||||||
| Kilroy Realty Corp. | 2,344 | 74,094 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 2,963 | 381,190 | ||||||
| National Storage Affiliates Trust REIT | 5,419 | 171,999 | ||||||
| NextEra Energy, Inc. | 1,430 | 81,925 | ||||||
| NiSource, Inc. | 4,116 | 101,583 | ||||||
| NNN REIT, Inc. | 3,126 | 110,473 | ||||||
| Norfolk Southern Corp. | 381 | 75,030 | ||||||
| Pinnacle West Capital Corp. | 241 | 17,757 | ||||||
| PPL Corp. | 750 | 17,670 | ||||||
| Prologis, Inc. | 5,957 | 668,435 | ||||||
| Public Storage | 933 | 245,864 | ||||||
| Realty Income Corp. REIT | 1,854 | 92,589 | ||||||
| Regency Centers Corp. REIT | 4,590 | 272,830 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 1,311 | 109,180 | ||||||
| SBA Communications Corp. | 2,918 | 584,096 | ||||||
| Simon Property Group, Inc. REIT | 3,632 | 392,365 | ||||||
| SL Green Realty Corp. REIT | 7,539 | 281,205 | ||||||
| STAG Industrial, Inc. | 3,660 | 126,307 | ||||||
| Sunstone Hotel Investors, Inc. | 13,346 | 124,785 | ||||||
| Targa Resources Corp. | 4,491 | 384,968 | ||||||
| Union Pacific Corp. | 1,256 | 255,759 | ||||||
| Welltower, Inc. REIT | 1,576 | 129,106 | ||||||
| Xcel Energy, Inc. | 3,113 | 178,125 | ||||||
| 12,769,423 | ||||||||
| Total Common Stocks (Cost $21,363,983) | 20,425,451 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 9.3% | ||||||||||
| Canada | 1.7% | ||||||||||
| Canadian Pacific Railway Co., 1.350%, 12/02/24 |
USD | 300 | $ | 284,407 | ||||||
| Enbridge, Inc., 2.150%, 02/16/24 |
USD | 275 | 271,064 | |||||||
| 555,471 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||||
| United States | 7.6% | ||||||||||
| American Electric Power Co., Inc., 2.031%, 03/15/24 | USD | 275 | $ | 269,861 | ||||||
| Eversource Energy, 4.200%, 06/27/24 | USD | 275 | 271,286 | |||||||
| Kimco Realty OP LLC, 3.300%, 02/01/25 | USD | 300 | 288,608 | |||||||
| NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/24 | USD | 275 | 270,559 | |||||||
| ONEOK, Inc., 2.750%, 09/01/24 | USD | 300 | 291,103 | |||||||
| Southern Co., 4.475%, 08/01/24 (Ø) | USD | 275 | 271,010 | |||||||
| Tampa Electric Co., 3.875%, 07/12/24 | USD | 275 | 270,525 | |||||||
| VICI Properties LP/VICI Note Co., Inc., 5.625%, 05/01/24 | USD | 275 | 273,259 | |||||||
| Vistra Operations Co. LLC, 4.875%, 05/13/24 (#) | USD | 275 | 271,854 | |||||||
| 2,478,065 | ||||||||||
| Total Corporate Bonds (Cost $3,041,531) | 3,033,536 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 4.8% | ||||||||
| iShares Gold Trust (Δ) | 31,550 | 1,103,935 | ||||||
| iShares Silver Trust (Δ) | 21,854 | 444,510 | ||||||
| Total Exchange-Traded Funds (Cost $1,471,791) | 1,548,445 | |||||||
| Short-Term Investments | 18.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Δ) (Cost $5,880,699) | 5,880,699 | 5,880,699 | ||||||
| Total Investments (») | 95.2% (Cost $31,758,004) | $ | 30,888,131 | ||||||
| Cash and Other Assets in Excess of Liabilities | 4.8% | 1,541,031 | |||||||
| Net Assets | 100.0% | $ | 32,429,162 | ||||||
Lazard Real Assets Portfolio (•) (continued)
Forward Currency Contracts open at September 30, 2023:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | ||||||||
| USD | 53,291 | AUD | 82,257 | HSB | 12/27/23 | $ | 247 | |||||||
| USD | 1,589 | AUD | 2,453 | SSB | 12/27/23 | 7 | ||||||||
| USD | 1,077 | CAD | 1,446 | HSB | 12/27/23 | 11 | ||||||||
| USD | 17,343 | CAD | 23,293 | JPM | 12/27/23 | 170 | ||||||||
| USD | 7,221 | CAD | 9,699 | SSB | 12/27/23 | 70 | ||||||||
| USD | 22,148 | CHF | 19,702 | SSB | 12/27/23 | 416 | ||||||||
| USD | 48,420 | EUR | 44,979 | JPM | 12/27/23 | 670 | ||||||||
| USD | 273,916 | EUR | 254,655 | SSB | 12/27/23 | 3,571 | ||||||||
| USD | 14,379 | GBP | 11,586 | JPM | 12/27/23 | 234 | ||||||||
| USD | 158,101 | GBP | 127,398 | SSB | 12/27/23 | 2,564 | ||||||||
| USD | 9,023 | HKD | 70,460 | HSB | 12/27/23 | 10 | ||||||||
| USD | 27,288 | HKD | 213,101 | SSB | 12/27/23 | 28 | ||||||||
| Total gross unrealized appreciation on Forward Currency Contracts | $ | 7,998 | ||||||||||||
| Futures Contracts open at September 30, 2023 (Δ): | ||||||||||||||||||||||||
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Natural Gas | 15 | $ | 150,000 | 12/27/2023 | $ | 530,286 | $ | 534,750 | $ | 4,464 | $ | — | ||||||||||||
| Low Sulphur Gasoil | 4 | 400 | 01/11/2024 | 359,854 | 360,700 | 846 | — | |||||||||||||||||
| Soybean Oil | 8 | 480,000 | 01/12/2024 | 274,296 | 265,056 | — | 9,240 | |||||||||||||||||
| Sugar 11 | 6 | 672,000 | 02/29/2024 | 179,712 | 177,946 | — | 1,766 | |||||||||||||||||
| Total gross unrealized appreciation/depreciationon Futures Contracts | $ | 5,310 | $ | 11,006 | ||||||||||||||||||||
Total Return Swap Agreements open at September 30, 2023 (Δ):
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Depreciation | |||||||||
| USD | GSC | 5,699,069 | 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) | $ | 70,700 | ||||||||
(a) For swap agreements, the net settlement will occur on the expiration date.
Lazard Real Assets Portfolio (concluded) (•)
The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2023:
| Commodity | Commodity Index Ticker Symbol |
Commodity Exposure Expressed as a Percentage of Notional Amount | |
| Aluminum | BCOMAL | 8.53% | |
| Bean Oil | BCOMBO | 0.73 | |
| Brent Crude | BCOMCO | 14.76 | |
| Coffee | BCOMKC | 2.71 | |
| Copper | BCOMHG | 5.74 | |
| Corn | BCOMCN | 3.39 | |
| Cotton | BCOMCT | 0.19 | |
| Crude Oil | BCOMCL | 16.69 | |
| Gasoline (RBOB) | BCOMRB | 2.27 | |
| Gold | BCOMGC | 0.05 | |
| Heating Oil | BCOMHO | 5.61 | |
| Kansas Wheat | BCOMKW | 3.06 | |
| Lean Hogs | BCOMLH | 0.16 | |
| Live Cattle | BCOMLC | 8.22 | |
| Natural Gas | BCOMNG | 0.12 | |
| Nickel | BCOMNI | 0.03 | |
| Silver | BCOMSI | 0.71 | |
| Soy Meal | BCOMSM | 5.37 | |
| Soybeans | BCOMSY | 8.85 | |
| Sugar | BCOMSB | 3.49 | |
| Wheat | BCOMWH | 4.08 | |
| Zinc | BCOMZS | 5.24 | |
| Total | 100.00% | ||
The Lazard Funds, Inc. Notes to Portfolios of Investments
September 30, 2023 (unaudited)
| (*) | Non-income producing security. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2023, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets |
|
| Emerging Markets Equity Advantage Portfolio | 0.8% | |
| U.S. Corporate Income | 56.3% | |
| U.S. Short Duration Fixed Income Portfolio | 6.9% | |
| Enhanced Opportunities Portfolio | 1.8% | |
| Real Assets Portfolio | 0.8% |
| (^) | The Investment Company Act of 1940 defines “affiliated persons” to include a portfolio company in which a portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Global Listed Infrastructure Portfolio for the period ended September 30, 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 September 30, 2023 |
Values
at September 30, 2023 |
|||||||||
| Global Listed Infrastructure | |||||||||||||||||
| Atlas Arteria, Ltd. | $355,284,219 | $21,238,470 | $- | $- | $(78,132,984) | $10,760,550 | $83,962,746 | $298,389,705 | |||||||||
| Eutelsat Communications SA | 92,035,457 | 7,705,930 | - | - | (20,430,719) | - | 13,450,587 | 79,310,668 | |||||||||
| SES SA | 132,690,782 | 4,467,344 | - | - | 807,708 | 9,465,529 | 21,066,589 | 137,965,834 | |||||||||
| Pennon Group PLC | 154,093,807 | - | - | - | (52,064,983) | 2,297,426 | 14,334,169 | 102,028,824 | |||||||||
| Italgas SpA** | 246,294,741 | 8,562,892 | (45,269,692) | (371,808) | (13,501,731) | 11,221,577 | - | - | |||||||||
| Total Securities | $980,399,006 | $41,974,636 | $(45,269,692) | $(371,808) | $(163,322,709) | $33,745,082 | $132,814,091 | $617,695,031 | |||||||||
| ** | This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 2023. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at September 30, 2023 which may step up at a future date. |
| («) | Issue in default. |
| (††) | A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation. |
| (•) | Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis. |
| (Δ) | The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio. |
| Security Abbreviations: | |||
| ADR | - American Depositary Receipt | NVDR | - Non-Voting Depository Receipt |
| CDOR | - Canadian Dollar Offered Rate | PJSC | - Public Joint Stock Company |
| CVA | - Certificaten Van Aandelen | PRIBOR | -Prague Interbank Offered Rate |
| CVR | - Contingent Value Rights | REIT | - Real Estate Investment Trust |
| ETF | - Exchange-Traded Fund | SOFR | - Secured Overnight Financing Rate |
| GDR | - Global Depositary Receipt | WIBOR | - Warsaw Interbank Offered Rate |
| Currency Abbreviations: | |||
| AUD | - Australian Dollar | JPY | - Japanese Yen |
| CAD | - Canadian Dollar | KRW | - South Korean Won |
| CHF | - Swiss Franc | MXN | - Mexican New Peso |
| CNH | - Chinese Yuan Renminbi | NOK | - Norwegian Krone |
| COP | - Colombian Peso | NZD | - New Zealand Dollar |
| CZK | - Czech Koruna | PEN | - Peruvian Nuevo Sol |
| DKK | - Danish Krone | PLN | - Polish Zloty |
| EUR | - Euro | RON | - New Romanian Leu |
| GBP | - British Pound Sterling | SEK | - Swedish Krona |
| HKD | - Hong-Kong Dollar | SGD | - Singapore Dollar |
| HUF | - Hungarian Forint | THB | - Thai Baht |
| IDR | - Indonesian rupiah | USD | -United States Dollar |
| ILS | - Israeli Shekel | ||
| INR | - Indian rupee | ||
| Counterparty Abbreviations: | |||
| BNP | - BNP Paribas SA | MEL | - Bank of New York Mellon Corp. |
| BOA | - Bank of America | MSC | - Morgan Stanley & Co. |
| CAN | - Canadian Imperial Bank of Commerce | NIP | - Nomura International Plc |
| CIT | - Citibank N.A. | RBC | - Royal Bank of Canada |
| GSC | - Goldman sachs International | SCB | - Standard Chartered Bank |
| HSB | - HSBC Bank USA N.A. | SSB | - State Street Bank & Trust Co. |
| 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 Equity Franchise Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | — | % | — | % | 1.2 | % | — | % | — | % | |||||
| Air Freight & Logistics | 3.2 | — | 0.5 | — | — | ||||||||||
| Automobile Components | 2.3 | — | 0.6 | 2.2 | — | ||||||||||
| Automobiles | 1.3 | 1.2 | 3.2 | 1.5 | — | ||||||||||
| Banks | 19.6 | 18.3 | 15.9 | 20.1 | — | ||||||||||
| Beverages | 3.2 | 2.2 | 2.2 | — | 2.0 | ||||||||||
| Biotechnology | — | 1.0 | — | — | — | ||||||||||
| Broadline Retail | 4.4 | 5.8 | 5.8 | — | 6.3 | ||||||||||
| Building Products | — | — | 0.4 | — | — | ||||||||||
| Capital Markets | — | 1.8 | 0.5 | — | — | ||||||||||
| Chemicals | 1.0 | 1.9 | 2.2 | 1.4 | 1.0 | ||||||||||
| Communications Equipment | 0.8 | — | 0.8 | — | — | ||||||||||
| Construction & Engineering | — | 1.7 | 0.6 | — | 4.1 | ||||||||||
| Construction Materials | — | — | 0.4 | 1.2 | — | ||||||||||
| Consumer Finance | 2.0 | — | 0.6 | — | — | ||||||||||
| Consumer Staples Distribution & Retail | — | 0.7 | 0.7 | — | — | ||||||||||
| Containers & Packaging | — | — | — | — | — | ||||||||||
| Diversified Consumer Services | — | — | 0.4 | — | 6.9 | ||||||||||
| Diversified Telecommunication Services | — | 1.0 | 2.0 | 3.7 | — | ||||||||||
| Electric Utilities | — | 0.7 | 0.2 | — | — | ||||||||||
| Electrical Equipment | 3.5 | — | 1.4 | 1.0 | — | ||||||||||
| Electronic Equipment, Instruments & Components | 3.2 | 1.4 | 3.0 | 1.9 | — | ||||||||||
| Energy Equipment & Services | 0.7 | 0.9 | — | — | — | ||||||||||
| Entertainment | — | 1.7 | 1.9 | — | — | ||||||||||
| Financial Services | 1.2 | 1.4 | 1.5 | — | 10.9 | ||||||||||
| Food Products | — | — | 1.6 | 2.1 | 2.6 | ||||||||||
| Gas Utilities | — | — | 0.7 | 0.8 | 2.1 | ||||||||||
| Ground Transportation | 2.0 | — | — | — | 3.3 | ||||||||||
| Health Care Equipment & Supplies | — | 1.0 | 0.2 | — | — | ||||||||||
| Health Care Providers & Services | — | — | 1.1 | 2.6 | 20.5 | ||||||||||
| Hotels, Restaurants & Leisure | 2.9 | 4.8 | 2.7 | 0.7 | 4.1 | ||||||||||
| Household Durables | 1.5 | 2.2 | 0.8 | 3.7 | — | ||||||||||
| Household Products | — | 0.7 | 0.5 | 1.2 | 1.1 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 1.1 | 0.9 | — | ||||||||||
| Industrial Conglomerates | — | 1.5 | 0.5 | 1.8 | — | ||||||||||
| Insurance | 1.5 | 2.3 | 3.5 | 5.8 | — | ||||||||||
| Interactive Media & Services | 6.9 | 4.8 | 5.0 | — | 2.9 | ||||||||||
| IT Services | 2.1 | 1.7 | 2.8 | 1.9 | 4.0 | ||||||||||
| Life Sciences Tools & Services | — | — | 0.1 | — | — | ||||||||||
| Machinery | 4.0 | 2.7 | 1.3 | 1.5 | 4.2 | ||||||||||
| Marine Transportation | — | — | 0.3 | — | — | ||||||||||
| Media | — | — | 0.1 | — | 9.4 | ||||||||||
| Metals & Mining | 1.4 | 3.2 | 3.3 | 4.2 | — | ||||||||||
| Multi-Utilities | — | — | — | — | 5.0 | ||||||||||
| Oil, Gas & Consumable Fuels | 3.5 | 8.4 | 4.8 | 10.8 | — | ||||||||||
| Paper & Forest Products | 0.7 | — | 0.3 | — | — | ||||||||||
| Passenger Airlines | — | — | 0.6 | — | — | ||||||||||
| Personal Care Products | — | 1.7 | — | 2.7 | — | ||||||||||
| Pharmaceuticals | 2.3 | 0.9 | 3.8 | 0.8 | — | ||||||||||
| Professional Services | — | — | 0.3 | — | — | ||||||||||
| Real Estate Management & Development | — | — | 1.3 | 0.7 | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 10.9 | 12.2 | 8.7 | 12.2 | — | ||||||||||
| Software | — | — | 0.3 | — | — | ||||||||||
| Specialty Retail | 3.9 | 0.7 | — | 1.0 | — | ||||||||||
| Technology Hardware, Storage & Peripherals | 6.5 | 2.9 | 5.2 | 3.7 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | 1.3 | 1.6 | 0.4 | — | 2.0 | ||||||||||
| Tobacco | — | 1.0 | — | 0.8 | — | ||||||||||
| Trading Companies & Distributors | — | — | 0.2 | — | — | ||||||||||
| Transportation Infrastructure | 1.0 | 2.8 | 0.4 | 1.5 | — | ||||||||||
| Water Utilities | — | — | 0.3 | — | 5.0 | ||||||||||
| Wireless Telecommunication Services | — | 0.6 | 0.8 | 2.1 | — | ||||||||||
| Subtotal | 98.8 | 99.4 | 99.0 | 96.5 | 97.4 | ||||||||||
| Short-Term Investments | 1.1 | 0.2 | 1.2 | 3.4 | 3.5 | ||||||||||
| Total Investments | 99.9 | % | 99.6 | % | 100.2 | % | 99.9 | % | 100.9 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Global Equity Select Portfolio |
Lazard Global Listed Infrastructure Portfolio |
Lazard Global Strategic Equity Portfolio |
Lazard International Equity Advantage Portfolio |
Lazard International Equity Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | 1.3 | % | — | % | 1.5 | % | 0.4 | % | 4.6 | % | |||||
| Air Freight & Logistics | — | — | — | 0.3 | — | ||||||||||
| Automobile Components | — | — | 2.7 | 0.5 | 1.6 | ||||||||||
| Automobiles | — | — | — | 6.6 | 1.5 | ||||||||||
| Banks | 5.4 | — | 5.0 | 11.0 | 9.0 | ||||||||||
| Beverages | 6.1 | — | 5.3 | 0.7 | 5.8 | ||||||||||
| Biotechnology | — | — | 1.1 | — | — | ||||||||||
| Broadline Retail | 4.6 | — | — | 3.5 | 1.3 | ||||||||||
| Building Products | 0.6 | — | — | 1.0 | 1.4 | ||||||||||
| Capital Markets | 6.1 | — | 8.8 | 2.9 | 3.8 | ||||||||||
| Chemicals | — | — | 1.3 | 0.7 | 4.7 | ||||||||||
| Commercial Services & Suppliers | — | — | — | 1.3 | — | ||||||||||
| Communications Equipment | 1.9 | — | — | 0.5 | — | ||||||||||
| Construction & Engineering | — | 12.6 | — | 2.0 | — | ||||||||||
| Construction Materials | — | — | — | 0.3 | — | ||||||||||
| Consumer Staples Distribution & Retail | 0.7 | — | — | 1.4 | 2.0 | ||||||||||
| Containers & Packaging | 0.9 | — | — | 0.5 | — | ||||||||||
| Diversified Telecommunication Services | — | — | — | 1.0 | 1.4 | ||||||||||
| Electric Utilities | — | 18.0 | 1.3 | 1.5 | 1.5 | ||||||||||
| Electrical Equipment | 3.8 | — | 1.9 | 0.9 | 1.3 | ||||||||||
| Electronic Equipment, Instruments & Components | 2.3 | — | 1.9 | 1.8 | — | ||||||||||
| Energy Equipment & Services | — | — | 1.0 | — | — | ||||||||||
| Entertainment | 1.6 | — | 2.1 | 1.9 | 1.7 | ||||||||||
| Financial Services | 2.2 | — | 2.8 | 1.0 | — | ||||||||||
| Food Products | — | — | — | 1.4 | — | ||||||||||
| Gas Utilities | — | 6.8 | — | 0.8 | 0.8 | ||||||||||
| Ground Transportation | — | 17.7 | 1.4 | 0.2 | — | ||||||||||
| Health Care Equipment & Supplies | — | — | 2.0 | 0.6 | 1.4 | ||||||||||
| Health Care Providers & Services | 1.5 | — | 3.3 | 1.2 | — | ||||||||||
| Hotels, Restaurants & Leisure | 1.4 | — | — | 2.3 | 1.5 | ||||||||||
| Household Durables | 0.9 | — | — | 0.2 | — | ||||||||||
| Household Products | 1.7 | — | — | 0.2 | 0.9 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | 0.2 | — | 0.7 | — | ||||||||||
| Industrial Conglomerates | — | — | — | — | 1.1 | ||||||||||
| Insurance | 3.2 | — | 5.9 | 5.4 | 4.0 | ||||||||||
| Interactive Media & Services | 5.2 | — | 5.9 | 1.2 | 0.8 | ||||||||||
| IT Services | 2.7 | — | 2.0 | 2.1 | 1.3 | ||||||||||
| Leisure Products | 1.4 | — | — | 0.4 | 1.4 | ||||||||||
| Life Sciences Tools & Services | 6.4 | — | 8.5 | — | 2.3 | ||||||||||
| Machinery | 2.0 | — | 0.6 | 2.2 | 1.5 | ||||||||||
| Marine Transportation | — | — | — | 0.8 | 0.6 | ||||||||||
| Media | 0.8 | 2.7 | 0.6 | 0.3 | 0.7 | ||||||||||
| Metals & Mining | — | — | — | 3.0 | 1.1 | ||||||||||
| Multi-Utilities | — | 11.8 | — | 0.4 | 2.9 | ||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | 3.5 | 5.3 | ||||||||||
| Passenger Airlines | — | — | 1.0 | 1.1 | 1.9 | ||||||||||
| Personal Care Products | 2.9 | — | 1.1 | 1.8 | 2.3 | ||||||||||
| Pharmaceuticals | 4.4 | — | 6.3 | 10.7 | 4.3 | ||||||||||
| Professional Services | 8.4 | — | 4.0 | 1.5 | 6.6 | ||||||||||
| Real Estate Management & Development | — | — | — | 0.8 | 1.4 | ||||||||||
| Retail REITs | — | — | — | 0.3 | — | ||||||||||
| Semiconductors & Semiconductor Equipment | 5.8 | — | 10.0 | 5.3 | 4.2 | ||||||||||
| Software | 5.9 | — | 7.9 | 1.9 | 1.4 | ||||||||||
| Specialty Retail | 1.1 | — | — | 0.9 | 1.3 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | 1.7 | — | ||||||||||
| Textiles, Apparel & Luxury Goods | 3.8 | — | — | 1.1 | 2.7 | ||||||||||
| Tobacco | — | — | — | 1.6 | — | ||||||||||
| Trading Companies & Distributors | 1.4 | — | 2.5 | 1.5 | — | ||||||||||
| Transportation Infrastructure | — | 9.8 | — | 0.2 | — | ||||||||||
| Water Utilities | — | 10.8 | — | 0.1 | — | ||||||||||
| Wireless Telecommunication Services | — | — | — | 0.7 | — | ||||||||||
| Subtotal | 98.4 | 90.4 | 99.7 | 99.8 | 95.3 | ||||||||||
| Short-Term Investments | 1.5 | 9.5 | 1.3 | 1.2 | 3.7 | ||||||||||
| Total Investments | 99.9 | % | 99.9 | % | 101.0 | % | 101.0 | % | 99.0 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Equity Select Portfolio |
Lazard International Quality Growth Portfolio |
Lazard International Small Cap Equity Portfolio |
Lazard International Strategic Equity Portfolio |
Lazard Managed Equity Volatility Portfolio | ||||||||||
| Common & Preferred Stocks | |||||||||||||||
| Aerospace & Defense | 4.1 | % | — | % | 1.3 | % | 5.6 | % | 1.0 | % | |||||
| Automobile Components | 1.3 | — | 3.3 | 2.6 | 0.3 | ||||||||||
| Automobiles | 0.8 | — | — | 1.1 | 0.2 | ||||||||||
| Banks | 11.0 | 5.3 | 3.9 | 11.2 | 4.4 | ||||||||||
| Beverages | 3.4 | 4.6 | 4.6 | 9.7 | 1.2 | ||||||||||
| Biotechnology | — | 2.9 | 1.0 | 1.4 | 3.4 | ||||||||||
| Broadline Retail | 2.4 | 3.3 | — | 1.0 | 0.3 | ||||||||||
| Building Products | 1.4 | 2.2 | 2.8 | 1.6 | — | ||||||||||
| Capital Markets | 0.8 | 6.0 | 2.4 | 1.9 | 1.4 | ||||||||||
| Chemicals | 6.7 | — | 3.9 | 1.6 | 0.5 | ||||||||||
| Commercial Services & Suppliers | — | — | — | — | 1.9 | ||||||||||
| Communications Equipment | — | — | — | — | 0.9 | ||||||||||
| Construction & Engineering | — | — | — | — | 0.2 | ||||||||||
| Consumer Staples Distribution & Retail | — | 2.4 | 1.7 | 1.0 | 4.6 | ||||||||||
| Containers & Packaging | — | — | — | — | 0.7 | ||||||||||
| Diversified Consumer Services | — | — | — | — | 0.3 | ||||||||||
| Diversified Telecommunication Services | 0.8 | — | — | — | 5.5 | ||||||||||
| Electric Utilities | — | — | — | 1.5 | 3.0 | ||||||||||
| Electrical Equipment | 3.3 | 2.1 | — | 2.1 | — | ||||||||||
| Electronic Equipment, Instruments & Components | — | 4.5 | 1.9 | 1.2 | 0.7 | ||||||||||
| Energy Equipment & Services | — | — | 1.2 | — | — | ||||||||||
| Entertainment | 1.9 | 3.5 | 0.7 | 2.4 | 1.3 | ||||||||||
| Financial Services | — | — | 3.4 | — | 2.0 | ||||||||||
| Food Products | — | — | 3.4 | — | 5.6 | ||||||||||
| Gas Utilities | 1.2 | — | 3.4 | — | 3.5 | ||||||||||
| Ground Transportation | — | — | — | 1.4 | 1.4 | ||||||||||
| Health Care Equipment & Supplies | 2.3 | 3.1 | 2.9 | 1.9 | 1.4 | ||||||||||
| Health Care Providers & Services | — | — | 0.7 | 0.7 | 4.8 | ||||||||||
| Health Care REITs | — | — | 0.9 | — | — | ||||||||||
| Hotels, Restaurants & Leisure | 2.6 | — | — | 2.3 | 1.1 | ||||||||||
| Household Durables | — | — | 1.1 | — | 0.3 | ||||||||||
| Household Products | 0.7 | 0.4 | — | — | 4.9 | ||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.9 | ||||||||||
| Industrial Conglomerates | — | — | — | 1.8 | 0.7 | ||||||||||
| Industrial REITs | — | — | 2.9 | — | 0.2 | ||||||||||
| Insurance | 6.0 | 7.1 | 2.5 | 6.7 | 6.7 | ||||||||||
| Interactive Media & Services | 2.3 | 4.1 | 1.1 | — | 0.9 | ||||||||||
| IT Services | 2.7 | 3.3 | 0.9 | 2.2 | 2.7 | ||||||||||
| Leisure Products | 1.3 | 2.7 | 1.3 | — | 0.9 | ||||||||||
| Life Sciences Tools & Services | 1.7 | 1.2 | 2.5 | 3.7 | — | ||||||||||
| Machinery | 0.4 | 0.6 | 6.5 | — | 1.9 | ||||||||||
| Media | — | — | — | 2.7 | — | ||||||||||
| Metals & Mining | 0.7 | — | 0.4 | — | — | ||||||||||
| Multi-Utilities | 2.6 | — | — | 1.3 | 2.4 | ||||||||||
| Office REITs | — | — | — | — | 0.9 | ||||||||||
| Oil, Gas & Consumable Fuels | 7.0 | — | 2.3 | 2.2 | 1.3 | ||||||||||
| Passenger Airlines | 2.2 | — | 1.3 | 2.0 | 0.2 | ||||||||||
| Personal Care Products | 2.1 | 2.7 | — | — | 1.6 | ||||||||||
| Pharmaceuticals | 6.2 | 1.7 | — | 6.9 | 8.5 | ||||||||||
| Professional Services | 6.2 | 9.8 | 12.2 | 6.8 | 0.5 | ||||||||||
| Real Estate Management & Development | 0.5 | — | 6.0 | 0.8 | 0.2 | ||||||||||
| Residential REITs | — | — | — | — | 0.2 | ||||||||||
| Retail REITs | — | — | — | — | 1.1 | ||||||||||
| Semiconductors & Semiconductor Equipment | 6.8 | 8.8 | 2.2 | 7.0 | 0.7 | ||||||||||
| Software | 1.2 | 5.1 | 2.6 | 0.5 | 3.0 | ||||||||||
| Specialized REITs | — | — | 0.6 | — | 1.0 | ||||||||||
| Specialty Retail | — | 2.5 | 3.4 | — | 1.3 | ||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | — | 0.5 | ||||||||||
| Textiles, Apparel & Luxury Goods | 2.3 | 3.6 | — | — | 0.3 | ||||||||||
| Tobacco | — | — | — | — | 1.0 | ||||||||||
| Trading Companies & Distributors | 0.7 | 3.0 | 2.7 | — | 0.3 | ||||||||||
| Wireless Telecommunication Services | — | — | — | — | 1.0 | ||||||||||
| Subtotal | 97.6 | 96.5 | 95.9 | 96.8 | 97.7 | ||||||||||
| Short-Term Investments | 1.8 | 3.2 | 3.2 | 1.5 | 1.5 | ||||||||||
| Total Investments | 99.4 | % | 99.7 | % | 99.1 | % | 98.3 | % | 99.2 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Global Dynamic Multi-Asset Portfolio |
Lazard Real Assets Portfolio | ||||
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | ||||||
| Aerospace & Defense | 0.5 | % | — | % | ||
| Air Freight & Logistics | 0.1 | — | ||||
| Automobile Components | 0.1 | — | ||||
| Automobiles | 2.5 | — | ||||
| Banks | 6.7 | — | ||||
| Beverages | 2.3 | — | ||||
| Biotechnology | 1.2 | — | ||||
| Broadline Retail | 1.1 | — | ||||
| Building Products | 0.9 | — | ||||
| Capital Markets | 2.4 | — | ||||
| Chemicals | 0.2 | 0.3 | ||||
| Commercial Services & Suppliers | 0.9 | — | ||||
| Communications Equipment | 0.7 | — | ||||
| Construction & Engineering | 0.2 | 1.8 | ||||
| Construction Materials | 0.1 | — | ||||
| Consumer Finance | 0.3 | — | ||||
| Consumer Staples Distribution & Retail | 1.3 | — | ||||
| Containers & Packaging | 0.6 | — | ||||
| Diversified Consumer Services | 0.3 | — | ||||
| Diversified REITs | 0.3 | 1.3 | ||||
| Diversified Telecommunication Services | 1.4 | — | ||||
| Electric Utilities | 0.8 | 10.4 | ||||
| Electrical Equipment | 0.9 | 1.7 | ||||
| Electronic Equipment, Instruments & Components | 1.2 | — | ||||
| Entertainment | 0.9 | — | ||||
| Financial Services | 1.8 | — | ||||
| Food Products | 0.8 | — | ||||
| Gas Utilities | 0.5 | 0.7 | ||||
| Ground Transportation | 0.2 | 3.2 | ||||
| Health Care Equipment & Supplies | 0.8 | — | ||||
| Health Care Providers & Services | 2.2 | — | ||||
| Health Care REITs | — | 0.8 | ||||
| Hotel & Resort REITs | 0.1 | 1.7 | ||||
| Hotels, Restaurants & Leisure | 2.1 | 0.5 | ||||
| Household Durables | 0.7 | — | ||||
| Household Products | 2.0 | — | ||||
| Independent Power & Renewable Electricity Producers | 0.3 | 0.1 | ||||
| Industrial Conglomerates | 0.3 | — | ||||
| Industrial REITs | — | 5.4 | ||||
| Insurance | 2.9 | — | ||||
| Interactive Media & Services | 3.0 | — | ||||
| IT Services | 1.2 | — | ||||
| Leisure Products | 0.5 | — | ||||
| Life Sciences Tools & Services | 1.3 | — | ||||
| Machinery | 1.8 | — | ||||
| Marine Transportation | — | 0.9 | ||||
| Media | 0.4 | 0.1 | ||||
| Metals & Mining | 0.4 | 0.4 | ||||
| Multi-Utilities | 0.5 | 4.7 | ||||
| Office REITs | 0.2 | 3.2 | ||||
| Oil, Gas & Consumable Fuels | 1.4 | 7.5 | ||||
| Passenger Airlines | 0.2 | — | ||||
| Paper & Forest Products | — | 0.2 | ||||
| Personal Care Products | 1.0 | — | ||||
| Pharmaceuticals | 4.9 | — | ||||
| Professional Services | 1.8 | — | ||||
| Real Estate Management & Development | 0.2 | 2.3 | ||||
| Residential REITs | 0.1 | 5.8 | ||||
| Retail REITs | 0.4 | 6.3 | ||||
| Semiconductors & Semiconductor Equipment | 2.9 | — | ||||
| Software | 5.6 | — | ||||
| Specialized REITs | 0.2 | 11.1 | ||||
| Specialty Retail | 1.4 | — | ||||
| Technology Hardware, Storage & Peripherals | 2.5 | — | ||||
| Textiles, Apparel & Luxury Goods | 0.9 | — | ||||
| Tobacco | 0.2 | — | ||||
| Trading Companies & Distributors | 0.4 | — | ||||
| Transportation Infrastructure | — | 1.2 | ||||
| Water Utilities | — | 0.7 | ||||
| Wireless Telecommunication Services | 0.3 | — | ||||
| Subtotal | 76.3 | 72.3 | ||||
| Exchange-Traded Funds | 1.1 | 4.8 | ||||
| Foreign Government Obligations | 15.9 | — | ||||
| Supranationals | 4.1 | — | ||||
| U.S. Treasury Securities | 1.7 | — | ||||
| Short-Term Investments | 1.2 | 18.1 | ||||
| Total Investments | 100.3 | % | 95.2 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Lazard Enhanced Opportunities Portfolio | ||||||
| Industry† | Long | Short | ||||
| Common Stocks and Convertible Corporate Bonds | ||||||
| Aerospace & Defense | 0.6 | % | 0.0 | % | ||
| Automobile Components | — | -0.1 | ||||
| Automobiles | 5.6 | -2.4 | ||||
| Banks | 2.5 | — | ||||
| Biotechnology | 2.8 | -1.3 | ||||
| Broadline Retail | 0.7 | 0.0 | ||||
| Capital Markets | 0.2 | -0.1 | ||||
| Chemicals | 2.9 | -2.1 | ||||
| Commercial Services & Supplies | 0.6 | -0.2 | ||||
| Communications Equipment | 1.0 | — | ||||
| Construction & Engineering | — | -0.2 | ||||
| Consumer Finance | 5.4 | -2.4 | ||||
| Consumer Staples Distribution & Retail | 1.1 | -0.3 | ||||
| Diversified Consumer Services | 0.9 | — | ||||
| Diversified REITs | 1.0 | — | ||||
| Electrical Equipment | 5.2 | -3.4 | ||||
| Electronic Equipment, Instruments & Components | 0.2 | -0.3 | ||||
| Energy Equipment & Services | 3.8 | -4.1 | ||||
| Entertainment | 5.2 | -2.2 | ||||
| Financial Services | 2.9 | -0.7 | ||||
| Food Products | 0.8 | -0.5 | ||||
| Health Care Equipment & Supplies | 4.8 | -1.2 | ||||
| Health Care Providers & Services | 0.5 | -0.1 | ||||
| Health Care Technology | 3.2 | -0.7 | ||||
| Hotel & Resort REITs Total | — | -0.2 | ||||
| Hotels, Restaurants & Leisure | 5.9 | -3.2 | ||||
| Interactive Media & Services | 1.0 | 0.0 | ||||
| IT Services | 4.3 | -0.3 | ||||
| Leisure Products | 0.2 | — | ||||
| Life Sciences Tools & Services | 2.3 | -1.1 | ||||
| Machinery | 2.6 | -1.4 | ||||
| Marine Transportation | 3.8 | -3.2 | ||||
| Media | 5.7 | -0.4 | ||||
| Metals & Mining | 3.2 | -2.2 | ||||
| Mortgage Real Estate Investment Trusts (REITs) | 3.0 | -1.2 | ||||
| Multi-Utilities | 0.2 | 0.0 | ||||
| Oil, Gas & Consumable Fuels | 2.3 | -0.4 | ||||
| Passenger Airlines | 1.9 | -1.3 | ||||
| Personal Care Products | — | -0.4 | ||||
| Pharmaceuticals | 4.0 | -0.4 | ||||
| Professional Services | 0.2 | 0.0 | ||||
| Real Estate Management & Development | 1.2 | -0.6 | ||||
| Semiconductors & Semiconductor Equipment | 3.8 | -1.8 | ||||
| Software | 11.4 | -2.7 | ||||
| Specialty Retail | 1.7 | -0.7 | ||||
| Subtotal | 110.6 | -43.8 | ||||
| Exchange-Traded Funds | — | -8.0 | ||||
| Purchased Options | 0.1 | — | ||||
| U.S. Treasury Securities | 38.5 | -28.5 | ||||
| Short-Term Investments | 6.0 | — | ||||
| Total Investments | 155.2 | % | -80.3 | % | ||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Lazard Funds, Inc.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: November 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: November 24, 2023
| By: | /s/ Christina Kennedy |
| Christina Kennedy | |
| Chief Financial Officer |
Date: November 24, 2023