UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-06312
The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2024
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 98.7% | ||||||||
| Brazil | 7.9% | ||||||||
| Dexco SA | 388,808 | $ | 595,375 | |||||
| MercadoLibre, Inc. (*) | 441 | 666,774 | ||||||
| Pagseguro Digital Ltd., Class A (*) | 144,390 | 2,061,889 | ||||||
| PRIO SA | 125,300 | 1,217,674 | ||||||
| Rumo SA | 129,644 | 575,403 | ||||||
| TOTVS SA | 301,000 | 1,703,230 | ||||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 258,252 | 429,957 | ||||||
| 7,250,302 | ||||||||
| China | 23.4% | ||||||||
| Airtac International Group | 23,765 | 824,319 | ||||||
| Alibaba Group Holding Ltd. | 181,400 | 1,637,101 | ||||||
| Autohome, Inc. ADR | 21,068 | 552,403 | ||||||
| Baidu, Inc., Class A (*) | 44,850 | 587,379 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 77,100 | 922,566 | ||||||
| Chow Tai Seng Jewellery Co. Ltd., Class A | 431,950 | 1,102,279 | ||||||
| Foxconn Industrial Internet Co. Ltd., Class A | 270,500 | 880,731 | ||||||
| JD.com, Inc., Class A | 39,959 | 543,613 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A | 66,200 | 543,972 | ||||||
| Nexteer Automotive Group Ltd. | 880,000 | 414,031 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 214,500 | 912,499 | ||||||
| Shanghai Liangxin Electrical Co. Ltd., Class A | 461,692 | 484,253 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 158,490 | 1,320,752 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 50,392 | 719,829 | ||||||
| Tencent Holdings Ltd. | 71,200 | 2,778,558 | ||||||
| Topsports International Holdings Ltd. | 802,000 | 537,029 | ||||||
| Trip.com Group Ltd. ADR (*) | 48,775 | 2,140,735 | ||||||
| Weibo Corp. ADR | 31,227 | 283,853 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 67,900 | 1,441,894 | ||||||
| Xiaomi Corp., Class B (*) | 401,800 | 833,028 | ||||||
| Yadea Group Holdings Ltd. | 760,000 | 1,232,739 | ||||||
| ZTO Express Cayman, Inc. ADR | 43,887 | 918,994 | ||||||
| 21,612,557 | ||||||||
| Hong Kong | 1.3% | ||||||||
| Techtronic Industries Co. Ltd. | 89,502 | 1,213,435 | ||||||
| Hungary | 2.4% | ||||||||
| Richter Gedeon Nyrt. | 88,840 | 2,253,653 | ||||||
| India | 11.5% | ||||||||
| Bajaj Finance Ltd. | 12,318 | 1,071,773 | ||||||
| Description | Shares | Fair Value | ||||||
| HDFC Bank Ltd. ADR | 38,797 | $ | 2,171,468 | |||||
| ICICI Bank Ltd. ADR | 117,475 | 3,102,515 | ||||||
| Jio Financial Services Ltd. (*) | 59,101 | 251,096 | ||||||
| Mphasis Ltd. | 34,206 | 979,715 | ||||||
| Reliance Industries Ltd. | 67,780 | 2,421,655 | ||||||
| UPL Ltd. | 108,005 | 590,618 | ||||||
| 10,588,840 | ||||||||
| Indonesia | 4.2% | ||||||||
| Bank Central Asia Tbk PT | 2,627,800 | 1,669,969 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 5,775,249 | 2,207,405 | ||||||
| 3,877,374 | ||||||||
| Macau | 1.6% | ||||||||
| Sands China Ltd. (*) | 532,400 | 1,501,477 | ||||||
| Mexico | 4.4% | ||||||||
| Arca Continental SAB de CV | 77,700 | 848,022 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 299,457 | 3,217,108 | ||||||
| 4,065,130 | ||||||||
| Peru | 1.7% | ||||||||
| Credicorp Ltd. | 9,198 | 1,558,417 | ||||||
| Philippines | 3.4% | ||||||||
| BDO Unibank, Inc. | 691,442 | 1,901,086 | ||||||
| International Container Terminal Services, Inc. | 221,139 | 1,269,138 | ||||||
| 3,170,224 | ||||||||
| Poland | 1.6% | ||||||||
| InPost SA (*) | 97,897 | 1,508,772 | ||||||
| South Africa | 4.0% | ||||||||
| Capitec Bank Holdings Ltd. | 15,642 | 1,730,835 | ||||||
| Foschini Group Ltd. | 130,822 | 687,425 | ||||||
| Standard Bank Group Ltd. | 130,723 | 1,278,976 | ||||||
| 3,697,236 | ||||||||
| South Korea | 9.2% | ||||||||
| CJ Logistics Corp. | 6,491 | 576,929 | ||||||
| Samsung Electronics Co. Ltd. | 89,991 | 5,388,196 | ||||||
| SK Hynix, Inc. | 18,700 | 2,485,174 | ||||||
| 8,450,299 | ||||||||
| Taiwan | 19.6% | ||||||||
| ASE Technology Holding Co. Ltd. | 338,289 | 1,642,517 | ||||||
| Bizlink Holding, Inc. | 140,078 | 1,125,675 | ||||||
| Chroma ATE, Inc. | 183,000 | 1,444,034 | ||||||
| Hiwin Technologies Corp. | 95,714 | 835,045 | ||||||
| Lotes Co. Ltd. | 45,687 | 1,983,252 | ||||||
| MediaTek, Inc. | 51,000 | 1,852,691 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| RichWave Technology Corp. (*) | 106,000 | $ | 678,170 | |||||
| Sercomm Corp. | 168,000 | 756,002 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 323,000 | 7,782,340 | ||||||
| 18,099,726 | ||||||||
| United States | 2.5% | ||||||||
| EPAM Systems, Inc. (*) | 2,599 | 717,740 | ||||||
| SharkNinja, Inc. | 14,279 | 889,439 | ||||||
| Tenaris SA ADR | 18,664 | 732,935 | ||||||
| 2,340,114 | ||||||||
| Total Common Stocks (Cost $67,410,508) | 91,187,556 | |||||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $1,218,553) | 1,218,553 | 1,218,553 | ||||||
| Total Investments | 100.0% (Cost $68,629,061) | $ | 92,406,109 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 14,602 | |||||||
| Net Assets | 100.0% | $ | 92,420,711 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 99.8% | ||||||||
| Brazil | 6.4% | ||||||||
| Banco BTG Pactual SA | 296,696 | $ | 2,155,089 | |||||
| Centrais Eletricas Brasileiras SA | 97,200 | 808,159 | ||||||
| MercadoLibre, Inc. (*) | 1,074 | 1,623,845 | ||||||
| NU Holdings Ltd., Class A (*) | 110,031 | 1,312,670 | ||||||
| Petroleo Brasileiro SA ADR | 108,537 | 1,650,848 | ||||||
| 7,550,611 | ||||||||
| Canada | 0.8% | ||||||||
| Parex Resources, Inc. | 55,039 | 879,291 | ||||||
| China | 19.9% | ||||||||
| Alibaba Group Holding Ltd. ADR | 47,620 | 3,445,783 | ||||||
| China Merchants Bank Co. Ltd., Class H | 540,000 | 2,138,693 | ||||||
| CSPC Pharmaceutical Group Ltd. | 1,250,000 | 984,811 | ||||||
| Innovent Biologics, Inc. (*) | 208,000 | 1,003,826 | ||||||
| JD.com, Inc. ADR | 31,813 | 871,358 | ||||||
| Li Ning Co. Ltd. | 232,000 | 617,154 | ||||||
| Midea Group Co. Ltd., Class A | 166,700 | 1,489,463 | ||||||
| NetEase, Inc. ADR | 12,523 | 1,295,755 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 133,499 | 1,112,494 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 26,700 | 1,035,223 | ||||||
| Tencent Holdings Ltd. | 125,792 | 4,908,994 | ||||||
| Trip.com Group Ltd. ADR (*) | 31,443 | 1,380,033 | ||||||
| Weichai Power Co. Ltd., Class H | 775,000 | 1,477,523 | ||||||
| Yum China Holdings, Inc. | 38,488 | 1,531,438 | ||||||
| 23,292,548 | ||||||||
| France | 1.3% | ||||||||
| Pernod Ricard SA ADR | 46,114 | 1,491,327 | ||||||
| Ghana | 0.7% | ||||||||
| Kosmos Energy Ltd. (*) | 145,658 | 868,122 | ||||||
| Greece | 2.2% | ||||||||
| National Bank of Greece SA (*) | 190,247 | 1,489,462 | ||||||
| OPAP SA | 62,421 | 1,123,272 | ||||||
| 2,612,734 | ||||||||
| Hong Kong | 1.0% | ||||||||
| AIA Group Ltd. | 172,600 | 1,158,317 | ||||||
| India | 14.4% | ||||||||
| HDFC Bank Ltd. ADR | 51,065 | 2,858,108 | ||||||
| Hindalco Industries Ltd. | 162,513 | 1,092,085 | ||||||
| ICICI Bank Ltd. ADR | 70,719 | 1,867,689 | ||||||
| ITC Ltd. | 199,221 | 1,023,638 | ||||||
| Larsen & Toubro Ltd. | 46,364 | 2,092,914 | ||||||
| Description | Shares | Fair Value | ||||||
| Macrotech Developers Ltd. (*) | 102,207 | $ | 1,394,385 | |||||
| Reliance Industries Ltd. | 97,172 | 3,471,778 | ||||||
| Supreme Industries Ltd. | 23,492 | 1,194,264 | ||||||
| Tata Consultancy Services Ltd. | 40,920 | 1,905,364 | ||||||
| 16,900,225 | ||||||||
| Indonesia | 4.0% | ||||||||
| Astra International Tbk PT | 1,791,900 | 582,459 | ||||||
| Bank Central Asia Tbk PT | 2,683,800 | 1,705,557 | ||||||
| Bank Mandiri Persero Tbk PT | 3,224,900 | 1,476,383 | ||||||
| Telkom Indonesia Persero Tbk. PT ADR | 40,871 | 909,788 | ||||||
| 4,674,187 | ||||||||
| Macau | 0.7% | ||||||||
| Galaxy Entertainment Group Ltd. | 159,000 | 799,264 | ||||||
| Mexico | 5.6% | ||||||||
| Arca Continental SAB de CV | 104,845 | 1,144,283 | ||||||
| Corp. Inmobiliaria Vesta SAB de CV ADR | 29,415 | 1,154,245 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 201,877 | 2,168,793 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 357,574 | 861,843 | ||||||
| Regional SAB de CV | 123,400 | 1,218,772 | ||||||
| 6,547,936 | ||||||||
| Peru | 0.8% | ||||||||
| Credicorp Ltd. | 5,557 | 941,522 | ||||||
| Philippines | 2.5% | ||||||||
| BDO Unibank, Inc. | 430,149 | 1,182,674 | ||||||
| International Container Terminal Services, Inc. | 301,550 | 1,730,625 | ||||||
| 2,913,299 | ||||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 45,259 | 0 | ||||||
| Sberbank of Russia PJSC (¢) | 213,889 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 2.2% | ||||||||
| Nahdi Medical Co. | 18,239 | 719,817 | ||||||
| Saudi National Bank | 175,503 | 1,910,923 | ||||||
| 2,630,740 | ||||||||
| South Africa | 4.3% | ||||||||
| Anglo American PLC | 60,471 | 1,494,256 | ||||||
| Bidvest Group Ltd. | 87,326 | 1,118,465 | ||||||
| Capitec Bank Holdings Ltd. | 10,621 | 1,175,246 | ||||||
| Shoprite Holdings Ltd. | 99,350 | 1,297,651 | ||||||
| 5,085,618 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| South Korea | 11.1% | ||||||||
| Kia Corp. | 15,323 | $ | 1,274,920 | |||||
| LG Chem Ltd. | 2,481 | 811,212 | ||||||
| Samsung Electronics Co. Ltd. | 78,723 | 4,713,526 | ||||||
| Shinhan Financial Group Co. Ltd. | 58,319 | 2,060,190 | ||||||
| SK Hynix, Inc. | 31,015 | 4,121,801 | ||||||
| 12,981,649 | ||||||||
| Taiwan | 17.6% | ||||||||
| ASE Technology Holding Co. Ltd. | 329,000 | 1,597,416 | ||||||
| Chailease Holding Co. Ltd. | 279,240 | 1,496,421 | ||||||
| CTBC Financial Holding Co. Ltd. | 1,328,000 | 1,345,687 | ||||||
| Eclat Textile Co. Ltd. | 51,789 | 884,941 | ||||||
| MediaTek, Inc. | 73,000 | 2,651,890 | ||||||
| Nien Made Enterprise Co. Ltd. | 99,000 | 1,099,106 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 241,000 | 5,806,638 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 41,990 | 5,712,739 | ||||||
| 20,594,838 | ||||||||
| United Arab Emirates | 1.9% | ||||||||
| Abu Dhabi Ports Co. PJSC (*) | 461,289 | 722,186 | ||||||
| ADNOC Drilling Co. PJSC | 1,432,426 | 1,548,788 | ||||||
| 2,270,974 | ||||||||
| United Kingdom | 1.3% | ||||||||
| Unilever PLC | 3,227 | 161,960 | ||||||
| Unilever PLC ADR | 27,983 | 1,404,467 | ||||||
| 1,566,427 | ||||||||
| United States | 1.1% | ||||||||
| Freeport-McMoRan, Inc. | 27,995 | 1,316,325 | ||||||
| Total Common Stocks (Cost $97,880,863) | 117,075,954 | |||||||
| Short-Term Investments | 0.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $788,099) | 788,099 | 788,099 | ||||||
| Total Investments | 100.5% (Cost $98,668,962) | $ | 117,864,053 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (624,534) | |||||||
| Net Assets | 100.0% | $ | 117,239,519 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 97.4% | ||||||||
| Brazil | 2.8% | ||||||||
| Banco do Brasil SA | 72,100 | $ | 813,953 | |||||
| BB Seguridade Participacoes SA | 40,600 | 263,252 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 10,300 | 173,946 | ||||||
| Cia De Sanena Do Parana | 114,600 | 594,776 | ||||||
| EcoRodovias Infraestrutura e Logistica SA | 16,500 | 26,812 | ||||||
| Energisa SA | 17,700 | 168,940 | ||||||
| Klabin SA | 32,100 | 161,671 | ||||||
| PRIO SA | 17,700 | 172,010 | ||||||
| Telefonica Brasil SA | 40,200 | 405,575 | ||||||
| Vale SA | 37,709 | 457,359 | ||||||
| 3,238,294 | ||||||||
| Chile | 0.2% | ||||||||
| Enel Chile SA ADR | 68,443 | 208,751 | ||||||
| China | 26.2% | ||||||||
| Alibaba Group Holding Ltd. | 310,500 | 2,802,204 | ||||||
| Anker Innovations Technology Co. Ltd., Class A | 10,000 | 105,927 | ||||||
| ANTA Sports Products Ltd. | 19,200 | 204,915 | ||||||
| Baidu, Inc. ADR (*) | 4,231 | 445,440 | ||||||
| Bank of China Ltd., Class H | 994,000 | 410,577 | ||||||
| Bank of Shanghai Co. Ltd., Class A | 257,100 | 238,785 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A | 562,100 | 503,201 | ||||||
| Beijing New Building Materials PLC, Class A | 43,500 | 172,204 | ||||||
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 52,800 | 117,363 | ||||||
| Bosideng International Holdings Ltd. | 234,000 | 116,959 | ||||||
| BYD Co. Ltd., Class H | 41,000 | 1,048,203 | ||||||
| BYD Electronic International Co. Ltd. | 43,000 | 158,788 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 698,000 | 372,010 | ||||||
| China Construction Bank Corp., Class H | 1,859,000 | 1,122,117 | ||||||
| China International Capital Corp. Ltd., Class H | 188,800 | 223,874 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 921,000 | 648,252 | ||||||
| China Merchants Bank Co. Ltd., Class H | 133,000 | 526,752 | ||||||
| China Nonferrous Mining Corp. Ltd. | 138,000 | 115,439 | ||||||
| China Pacific Insurance Group Co. Ltd., Class H | 78,800 | 138,145 | ||||||
| China Resources Power Holdings Co. Ltd. | 92,000 | 214,661 | ||||||
| China Tower Corp. Ltd., Class H | 2,356,000 | 268,836 | ||||||
| China United Network Communications Ltd., Class A | 242,800 | 154,880 | ||||||
| Chongqing Changan Automobile Co., Ltd. | 62,900 | 150,069 | ||||||
| Description | Shares | Fair Value | ||||||
| Chow Tai Fook Jewellery Group Ltd. | 80,400 | $ | 118,734 | |||||
| Contemporary Amperex Technology Co. Ltd., Class A | 5,980 | 156,612 | ||||||
| CSPC Pharmaceutical Group Ltd. | 709,840 | 559,247 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 74,097 | 196,483 | ||||||
| Ganfeng Lithium Group Co. Ltd., Class H | 98,800 | 302,926 | ||||||
| H World Group Ltd., ADR | 5,986 | 231,658 | ||||||
| Haidilao International Holding Ltd. | 181,000 | 409,362 | ||||||
| Huaibei Mining Holdings Co. Ltd., Class A | 74,500 | 168,843 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 373,000 | 187,930 | ||||||
| JD Logistics, Inc. (*) | 258,700 | 264,048 | ||||||
| JD.com, Inc., Class A | 53,454 | 727,202 | ||||||
| Jinan Acetate Chemical Co. Ltd. | 6,102 | 170,860 | ||||||
| Kanzhun, Ltd. ADR | 13,801 | 241,932 | ||||||
| KE Holdings, Inc. ADR | 20,026 | 274,957 | ||||||
| Kingdee International Software Group Co. Ltd. (*) | 114,000 | 128,933 | ||||||
| Kingnet Network Co. Ltd., Class A | 106,300 | 164,611 | ||||||
| Kuaishou Technology (*) | 89,700 | 563,137 | ||||||
| Kunlun Energy Co. Ltd. | 352,000 | 293,920 | ||||||
| Li Auto, Inc. ADR (*) | 16,690 | 505,373 | ||||||
| Lingyi iTech Guangdong Co., Class A | 315,100 | 237,677 | ||||||
| Meihua Holdings Group Co. Ltd., Class A | 121,800 | 169,665 | ||||||
| Meitu, Inc. | 370,000 | 155,339 | ||||||
| Meituan, Class B (*) | 72,370 | 894,011 | ||||||
| MINISO Group Holding Ltd. ADR | 13,673 | 280,296 | ||||||
| NetEase, Inc. | 59,300 | 1,232,364 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (*) | 5,813 | 504,685 | ||||||
| PDD Holdings, Inc., ADR (*) | 10,509 | 1,221,671 | ||||||
| People’s Insurance Co. Group of China Ltd., Class H | 1,309,000 | 418,128 | ||||||
| PetroChina Co. Ltd., Class H | 494,000 | 422,557 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 292,000 | 385,031 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 84,500 | 359,469 | ||||||
| Satellite Chemical Co. Ltd., Class A (*) | 106,500 | 251,349 | ||||||
| Shanghai Aiko Solar Energy Co. Ltd., Class A | 61,200 | 115,793 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 6,400 | 248,143 | ||||||
| Shenzhen Sinexcel Electric Co. Ltd., Class A | 35,200 | 144,937 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 18,700 | 267,122 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 76,800 | 392,797 | ||||||
| Suofeiya Home Collection Co. Ltd. Class A | 66,600 | 141,956 | ||||||
| Tencent Holdings Ltd. | 108,200 | 4,222,471 | ||||||
| Tencent Music Entertainment Group ADR (*) | 23,665 | 264,811 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Tian Di Science & Technology Co. Ltd., Class A | 290,300 | $ | 273,110 | |||||
| Tongcheng Travel Holdings Ltd. (*) | 97,200 | 256,770 | ||||||
| Trip.com Group Ltd. ADR (*) | 6,134 | 269,221 | ||||||
| Vipshop Holdings Ltd. ADR | 23,384 | 387,005 | ||||||
| Weichai Power Co. Ltd., Class H | 113,000 | 215,432 | ||||||
| Xiaomi Corp., Class B (*) | 353,000 | 731,853 | ||||||
| Yihai International Holding Ltd. | 144,000 | 272,682 | ||||||
| Yum China Holdings, Inc. | 1,868 | 74,328 | ||||||
| ZBOM Home Collection Co. Ltd., Class A | 77,840 | 174,869 | ||||||
| 30,911,911 | ||||||||
| Colombia | 0.2% | ||||||||
| Bancolombia SA ADR | 7,289 | 249,430 | ||||||
| Egypt | 0.1% | ||||||||
| Commercial International Bank - Egypt (CIB) GDR | 100,188 | 159,700 | ||||||
| Greece | 0.6% | ||||||||
| Danaos Corp. | 2,280 | 164,616 | ||||||
| National Bank of Greece SA (*) | 49,381 | 386,608 | ||||||
| Piraeus Financial Holdings SA (*) | 45,481 | 190,077 | ||||||
| 741,301 | ||||||||
| Hungary | 0.1% | ||||||||
| Richter Gedeon Nyrt. | 5,459 | 138,481 | ||||||
| India | 17.2% | ||||||||
| Adani Enterprises Ltd. | 2,856 | 109,991 | ||||||
| Adani Green Energy Ltd. (*) | 4,812 | 106,536 | ||||||
| Adani Ports & Special Economic Zone Ltd. | 24,862 | 401,718 | ||||||
| Angel One Ltd. | 5,523 | 201,896 | ||||||
| Axis Bank Ltd. GDR | 3,190 | 201,909 | ||||||
| Bajaj Finance Ltd. | 1,660 | 144,434 | ||||||
| Bajaj Finserv Ltd. | 12,356 | 244,010 | ||||||
| Bank of Baroda | 143,629 | 454,911 | ||||||
| BEML Ltd. | 6,927 | 264,539 | ||||||
| Birlasoft Ltd. | 24,870 | 222,073 | ||||||
| Britannia Industries Ltd. | 6,213 | 365,913 | ||||||
| Can Fin Homes Ltd. | 15,988 | 144,382 | ||||||
| Ceat Ltd. | 6,991 | 224,957 | ||||||
| Chennai Petroleum Corp. Ltd. | 10,391 | 113,003 | ||||||
| Cipla Ltd. | 61,776 | 1,108,689 | ||||||
| Coforge Ltd. | 2,959 | 195,328 | ||||||
| Dr Reddy’s Laboratories Ltd. ADR | 19,412 | 1,423,870 | ||||||
| HCL Technologies Ltd. | 45,851 | 848,939 | ||||||
| HDFC Bank Ltd. ADR | 4,277 | 239,384 | ||||||
| Hindustan Aeronautics Ltd. | 17,629 | 705,991 | ||||||
| ICICI Bank Ltd. ADR | 38,344 | 1,012,665 | ||||||
| Description | Shares | Fair Value | ||||||
| Indiabulls Housing Finance Ltd. | 79,680 | $ | 160,884 | |||||
| Infibeam Avenues Ltd. | 423,729 | 173,351 | ||||||
| Infosys Ltd. ADR | 25,763 | 461,931 | ||||||
| Jindal Stainless Ltd. | 33,735 | 281,650 | ||||||
| Jio Financial Services Ltd. (*) | 22,782 | 96,791 | ||||||
| Jupiter Wagons Ltd. | 14,758 | 66,253 | ||||||
| Karur Vysya Bank Ltd. | 105,950 | 232,705 | ||||||
| KPIT Technologies Ltd. | 8,747 | 156,288 | ||||||
| Larsen & Toubro Ltd. GDR | 9,136 | 413,719 | ||||||
| LIC Housing Finance Ltd. | 87,492 | 641,144 | ||||||
| Life Insurance Corp. of India | 54,402 | 600,488 | ||||||
| Manappuram Finance Ltd. | 257,609 | 535,983 | ||||||
| Motilal Oswal Financial Services Ltd. | 10,909 | 218,151 | ||||||
| Nestle India Ltd. | 10,650 | 335,288 | ||||||
| NMDC Steel Ltd. (*) | 280,292 | 183,916 | ||||||
| Oil & Natural Gas Corp. Ltd. | 74,884 | 240,759 | ||||||
| Piramal Enterprises Ltd. | 16,608 | 169,321 | ||||||
| PTC India Ltd. | 72,183 | 161,036 | ||||||
| Reliance Industries Ltd. GDR (#) | 10,761 | 768,131 | ||||||
| Shriram Finance Ltd. | 10,864 | 307,529 | ||||||
| Sonata Software Ltd. | 25,912 | 224,995 | ||||||
| State Bank of India GDR | 17,400 | 1,578,523 | ||||||
| Sun Pharmaceutical Industries Ltd. | 41,889 | 814,034 | ||||||
| Tata Communications Ltd. | 14,313 | 345,105 | ||||||
| Tata Consultancy Services Ltd. | 13,287 | 618,685 | ||||||
| Tata Motors Ltd. | 51,667 | 615,291 | ||||||
| Torrent Pharmaceuticals Ltd. | 5,297 | 165,188 | ||||||
| Union Bank of India Ltd. | 318,035 | 585,589 | ||||||
| Varun Beverages Ltd. | 10,174 | 170,837 | ||||||
| Vedanta Ltd. | 74,721 | 244,306 | ||||||
| 20,303,009 | ||||||||
| Indonesia | 2.3% | ||||||||
| Bank Mandiri Persero Tbk PT | 3,295,200 | 1,508,566 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 2,692,300 | 1,029,046 | ||||||
| Telkom Indonesia Persero Tbk. PT ADR | 6,411 | 142,709 | ||||||
| 2,680,321 | ||||||||
| Malaysia | 1.3% | ||||||||
| CIMB Group Holdings Bhd. | 854,300 | 1,186,681 | ||||||
| IJM Corp. Bhd. | 252,500 | 129,268 | ||||||
| My EG Services Bhd | 989,100 | 165,470 | ||||||
| Scientex Bhd. | 73,500 | 64,088 | ||||||
| 1,545,507 | ||||||||
| Mexico | 3.3% | ||||||||
| Arca Continental SAB de CV | 83,800 | 914,597 | ||||||
| Cemex SAB de CV (*) | 524,600 | 473,625 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Coca-Cola Femsa SAB de CV ADR | 11,229 | $ | 1,091,459 | |||||
| Fibra Uno Administracion SA de CV REIT | 271,300 | 452,318 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 243,500 | 586,896 | ||||||
| Southern Copper Corp. | 3,392 | 361,316 | ||||||
| 3,880,211 | ||||||||
| Philippines | 0.8% | ||||||||
| International Container Terminal Services, Inc. | 123,490 | 708,721 | ||||||
| Metropolitan Bank & Trust Co. | 201,380 | 234,049 | ||||||
| 942,770 | ||||||||
| Poland | 1.4% | ||||||||
| Benefit Systems SA | 203 | 143,856 | ||||||
| Budimex SA | 969 | 169,754 | ||||||
| KGHM Polska Miedz SA | 6,393 | 182,848 | ||||||
| Orange Polska SA | 118,437 | 240,341 | ||||||
| ORLEN SA | 37,753 | 614,696 | ||||||
| PGE Polska Grupa Energetyczna SA (*) | 77,193 | 139,066 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 8,398 | 124,638 | ||||||
| 1,615,199 | ||||||||
| Qatar | 0.3% | ||||||||
| Ooredoo QPSC | 106,827 | 311,016 | ||||||
| Russia | 0.0% | ||||||||
| PhosAgro PJSC (*), (¢) | 42 | 0 | ||||||
| Severstal PAO GDR (*), (¢) | 9,589 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 3.4% | ||||||||
| Alinma Bank | 19,533 | 228,198 | ||||||
| Almarai Co. JSC | 6,778 | 103,375 | ||||||
| Astra Industrial Group | 6,208 | 314,175 | ||||||
| Banque Saudi Fransi | 22,487 | 233,687 | ||||||
| Co. for Cooperative Insurance | 2,142 | 92,571 | ||||||
| Elm Co. | 1,816 | 464,352 | ||||||
| Etihad Etisalat Co. | 28,161 | 394,879 | ||||||
| Leejam Sports Co. JSC | 6,240 | 363,543 | ||||||
| National Agriculture Development Co. (*) | 13,783 | 108,780 | ||||||
| National Medical Care Co. | 5,975 | 297,882 | ||||||
| Riyadh Cables Group Co. | 17,430 | 469,451 | ||||||
| Saudi Arabian Mining Co. (*) | 17,545 | 236,254 | ||||||
| Saudi Arabian Oil Co. | 61,789 | 506,600 | ||||||
| Saudi Awwal Bank | 10,514 | 116,349 | ||||||
| Saudi Basic Industries Corp. | 6,009 | 125,132 | ||||||
| 4,055,228 | ||||||||
| South Africa | 1.9% | ||||||||
| Description | Shares | Fair Value | ||||||
| African Rainbow Minerals Ltd. | 17,583 | $ | 152,376 | |||||
| FirstRand Ltd. | 75,730 | 246,823 | ||||||
| Gold Fields Ltd. ADR | 24,530 | 389,781 | ||||||
| Harmony Gold Mining Co. Ltd. ADR | 38,332 | 313,172 | ||||||
| Mr Price Group Ltd. | 25,726 | 235,965 | ||||||
| Naspers Ltd., N Shares | 1,365 | 241,322 | ||||||
| Sappi Ltd. | 153,052 | 406,028 | ||||||
| Standard Bank Group Ltd. | 24,309 | 237,836 | ||||||
| 2,223,303 | ||||||||
| South Korea | 13.4% | ||||||||
| BNK Financial Group, Inc. | 22,501 | 133,146 | ||||||
| Chong Kun Dang Pharmaceutical Corp. | 2,330 | 196,462 | ||||||
| CJ CheilJedang Corp. | 698 | 151,428 | ||||||
| DB Insurance Co. Ltd. | 6,422 | 460,068 | ||||||
| Dongjin Semichem Co. Ltd. | 5,546 | 192,071 | ||||||
| Doosan Bobcat, Inc. | 10,273 | 412,238 | ||||||
| Hana Financial Group, Inc. | 15,633 | 684,157 | ||||||
| Hanwha Aerospace Co. Ltd. | 4,606 | 711,384 | ||||||
| HMM Co. Ltd. | 13,902 | 162,693 | ||||||
| Hyundai Marine & Fire Insurance Co. Ltd. | 13,519 | 309,846 | ||||||
| Hyundai Rotem Co. Ltd. | 15,967 | 408,064 | ||||||
| JB Financial Group Co. Ltd. | 11,610 | 112,264 | ||||||
| KB Financial Group, Inc. | 25,845 | 1,344,414 | ||||||
| Kia Corp. | 21,062 | 1,752,422 | ||||||
| KIWOOM Securities Co. Ltd. | 1,290 | 118,190 | ||||||
| LG Chem Ltd. | 1,989 | 650,343 | ||||||
| LG Electronics, Inc. | 2,440 | 175,499 | ||||||
| Mirae Asset Securities Co. Ltd. | 16,710 | 100,943 | ||||||
| Orion Corp. | 2,070 | 141,031 | ||||||
| POSCO Holdings, Inc. | 1,134 | 354,748 | ||||||
| Samsung C&T Corp. | 2,021 | 240,429 | ||||||
| Samsung Electronics Co. Ltd. GDR | 3,215 | 4,779,253 | ||||||
| Samsung Fire & Marine Insurance Co. Ltd. | 1,053 | 240,988 | ||||||
| Samsung Life Insurance Co. Ltd. | 3,384 | 240,107 | ||||||
| SK Hynix, Inc. | 3,955 | 525,608 | ||||||
| SK Telecom Co. Ltd. | 6,516 | 258,001 | ||||||
| Woori Financial Group, Inc. | 83,528 | 903,937 | ||||||
| 15,759,734 | ||||||||
| Taiwan | 17.7% | ||||||||
| Accton Technology Corp. | 48,000 | 687,808 | ||||||
| Advantech Co. Ltd. | 14,797 | 188,349 | ||||||
| Airoha Technology Corp. | 11,000 | 210,060 | ||||||
| Alchip Technologies Ltd. | 3,000 | 296,790 | ||||||
| Asia Vital Components Co. Ltd. | 20,000 | 339,689 | ||||||
| ASMedia Technology, Inc. | 4,000 | 289,168 | ||||||
| Asustek Computer, Inc. | 19,000 | 251,812 | ||||||
| Chicony Electronics Co. Ltd. | 82,000 | 567,907 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Delta Electronics, Inc. | 144,000 | $ | 1,542,823 | |||||
| Elan Microelectronics Corp. | 43,000 | 215,673 | ||||||
| Eva Airways Corp. | 345,000 | 340,602 | ||||||
| Global Unichip Corp. | 3,000 | 114,393 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 81,000 | 393,590 | ||||||
| International Games System Co. Ltd. | 21,000 | 738,314 | ||||||
| ITE Technology, Inc. | 52,000 | 286,833 | ||||||
| Lite-On Technology Corp. | 62,000 | 205,400 | ||||||
| Lotes Co. Ltd. | 5,000 | 217,048 | ||||||
| MediaTek, Inc. | 60,000 | 2,179,636 | ||||||
| Novatek Microelectronics Corp. | 32,000 | 589,603 | ||||||
| Quanta Computer, Inc. | 32,000 | 280,439 | ||||||
| Realtek Semiconductor Corp. | 30,000 | 522,856 | ||||||
| Sunonwealth Electric Machine Industry Co. Ltd. | 92,000 | 378,138 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 371,000 | 8,938,849 | ||||||
| Tong Yang Industry Co. Ltd. | 112,000 | 437,510 | ||||||
| Wistron Corp. | 50,000 | 188,346 | ||||||
| Wiwynn Corp. | 7,000 | 479,278 | ||||||
| 20,880,914 | ||||||||
| Thailand | 1.9% | ||||||||
| Bumrungrad Hospital PCL (‡) | 51,200 | 312,918 | ||||||
| Krung Thai Bank PCL NVDR | 949,100 | 437,348 | ||||||
| PTT Exploration & Production PCL | 214,700 | 882,631 | ||||||
| PTT PCL NVDR | 382,200 | 350,941 | ||||||
| TMBThanachart Bank PCL NVDR | 4,279,000 | 213,635 | ||||||
| 2,197,473 | ||||||||
| Turkey | 0.9% | ||||||||
| Akbank TAS | 152,462 | 220,736 | ||||||
| Turk Hava Yollari AO (*) | 20,714 | 190,765 | ||||||
| Turkcell Iletisim Hizmetleri AS | 82,386 | 174,224 | ||||||
| Turkiye Garanti Bankasi AS | 108,164 | 239,205 | ||||||
| Turkiye Is Bankasi AS, Class C | 713,786 | 248,116 | ||||||
| 1,073,046 | ||||||||
| United Arab Emirates | 1.4% | ||||||||
| Abu Dhabi Islamic Bank PJSC | 103,396 | 307,485 | ||||||
| ADNOC Logistics & Services | 189,391 | 208,940 | ||||||
| Aldar Properties PJSC | 161,690 | 243,039 | ||||||
| Emaar Development PJSC | 87,595 | 195,620 | ||||||
| Emaar Properties PJSC | 204,242 | 453,165 | ||||||
| Emirates NBD Bank PJSC | 58,747 | 276,825 | ||||||
| 1,685,074 | ||||||||
| Total Common Stocks (Cost $102,519,362) | 114,800,673 | |||||||
| Description | Shares | Fair Value | ||||||
| Preferred Stocks | 1.1% | ||||||||
| Brazil | 1.1% | ||||||||
| Petroleo Brasileiro SA (Cost $937,491) | 180,939 | $ | 1,347,825 | |||||
| Short-Term Investments | 1.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $1,308,076) | 1,308,076 | 1,308,076 | ||||||
| Total Investments | 99.6% (Cost $104,764,929) | $ | 117,456,574 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 457,653 | |||||||
| Net Assets | 100.0% | $ | 117,914,227 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 97.5% | ||||||||
| Brazil | 10.8% | ||||||||
| Banco do Brasil SA | 5,742,126 | $ | 64,824,176 | |||||
| BB Seguridade Participacoes SA | 9,566,817 | 62,031,521 | ||||||
| CCR SA | 11,099,417 | 30,584,588 | ||||||
| Engie Brasil Energia SA | 2,491,300 | 19,998,353 | ||||||
| Petroleo Brasileiro SA ADR | 3,377,778 | 51,376,003 | ||||||
| Vale SA ADR | 2,494,703 | 30,410,430 | ||||||
| Vibra Energia SA | 6,530,500 | 32,565,260 | ||||||
| 291,790,331 | ||||||||
| Chile | 0.9% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 468,317 | 23,022,464 | ||||||
| China | 24.7% | ||||||||
| Alibaba Group Holding Ltd. ADR | 362,070 | 26,199,385 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 10,972,451 | 22,847,482 | ||||||
| China Construction Bank Corp., Class H | 118,715,224 | 71,658,104 | ||||||
| China Medical System Holdings Ltd. | 13,077,000 | 13,737,435 | ||||||
| China Merchants Bank Co. Ltd., Class H | 7,592,494 | 30,070,402 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 5,506,610 | 21,648,268 | ||||||
| China Vanke Co. Ltd., Class H | 15,298,449 | 10,607,187 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 7,988,953 | 21,184,310 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 7,263,276 | 39,399,827 | ||||||
| Hengan International Group Co. Ltd. | 8,907,500 | 28,070,712 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 10,580,148 | 24,096,348 | ||||||
| JD.com, Inc. ADR | 877,787 | 24,042,586 | ||||||
| Lenovo Group Ltd. | 54,372,000 | 63,026,859 | ||||||
| Midea Group Co. Ltd., Class A | 4,677,899 | 41,797,000 | ||||||
| NetEase, Inc. ADR | 192,784 | 19,947,361 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 7,520,000 | 31,990,646 | ||||||
| Sinopharm Group Co. Ltd., Class H | 17,930,814 | 45,993,423 | ||||||
| Tencent Holdings Ltd. | 729,000 | 28,448,999 | ||||||
| Tingyi Cayman Islands Holding Corp. | 31,570,000 | 34,611,072 | ||||||
| Want Want China Holdings Ltd. | 32,449,000 | 19,154,673 | ||||||
| Weichai Power Co. Ltd., Class H | 26,218,288 | 49,984,664 | ||||||
| 668,516,743 | ||||||||
| Egypt | 0.7% | ||||||||
| Commercial International Bank - Egypt (CIB) GDR | 11,941,523 | 19,034,573 | ||||||
| Greece | 1.8% | ||||||||
| National Bank of Greece SA (*) | 3,660,314 | 28,656,954 | ||||||
| OPAP SA | 1,060,222 | 19,078,791 | ||||||
| 47,735,745 | ||||||||
| Description | Shares | Fair Value | ||||||
| Hong Kong | 0.9% | ||||||||
| ASMPT Ltd. | 2,014,400 | $ | 25,352,240 | |||||
| Hungary | 3.0% | ||||||||
| MOL Hungarian Oil & Gas PLC | 3,196,958 | 25,923,027 | ||||||
| OTP Bank Nyrt | 1,220,586 | 56,176,056 | ||||||
| 82,099,083 | ||||||||
| India | 6.2% | ||||||||
| Axis Bank Ltd. | 1,897,093 | 23,868,380 | ||||||
| Hindalco Industries Ltd. | 2,615,123 | 17,573,584 | ||||||
| Indus Towers Ltd. (*) | 15,322,024 | 53,516,737 | ||||||
| Infosys Ltd. ADR | 1,484,967 | 26,625,458 | ||||||
| Tata Consultancy Services Ltd. | 463,803 | 21,596,127 | ||||||
| UPL Ltd. | 4,628,366 | 25,309,894 | ||||||
| 168,490,180 | ||||||||
| Indonesia | 4.3% | ||||||||
| Astra International Tbk PT | 87,287,800 | 28,373,007 | ||||||
| Bank Mandiri Persero Tbk PT | 86,877,684 | 39,773,230 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 1,244,181 | 27,695,469 | ||||||
| United Tractors Tbk PT | 13,362,700 | 20,376,930 | ||||||
| 116,218,636 | ||||||||
| Mexico | 6.1% | ||||||||
| America Movil SAB de CV ADR | 1,794,482 | 33,485,034 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 128,543 | 20,974,361 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 3,148,437 | 33,824,097 | ||||||
| Grupo Mexico SAB de CV, Series B | 4,140,285 | 24,525,368 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 13,914,695 | 33,537,919 | ||||||
| Ternium SA ADR | 431,823 | 17,972,473 | ||||||
| 164,319,252 | ||||||||
| Portugal | 2.1% | ||||||||
| Galp Energia SGPS SA | 3,446,343 | 57,047,216 | ||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 4,695,624 | 5 | ||||||
| Sberbank of Russia PJSC (¢) | 13,596,421 | 13 | ||||||
| 18 | ||||||||
| South Africa | 7.8% | ||||||||
| Anglo American PLC | 932,873 | 23,051,564 | ||||||
| Bidvest Group Ltd. | 2,028,492 | 25,980,765 | ||||||
| Life Healthcare Group Holdings Ltd. | 30,134,890 | 27,350,897 | ||||||
| Nedbank Group Ltd. | 3,435,738 | 41,481,045 | ||||||
| Sanlam Ltd. | 8,762,419 | 32,116,040 | ||||||
| Standard Bank Group Ltd. | 3,030,920 | 29,654,098 | ||||||
| Vodacom Group Ltd. | 6,015,717 | 31,285,582 | ||||||
| 210,919,991 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| South Korea | 11.2% | ||||||||
| Coway Co. Ltd. | 526,982 | $ | 22,048,170 | |||||
| Doosan Bobcat, Inc. | 249,183 | 9,999,292 | ||||||
| Hyundai Mobis Co. Ltd. | 148,674 | 28,888,483 | ||||||
| KB Financial Group, Inc. | 912,906 | 47,487,859 | ||||||
| Kia Corp. | 214,685 | 17,862,445 | ||||||
| KT Corp. | 1,230,012 | 34,681,744 | ||||||
| KT&G Corp. | 285,901 | 19,902,265 | ||||||
| Samsung Electronics Co. Ltd. | 482,287 | 28,876,850 | ||||||
| Shinhan Financial Group Co. Ltd. | 1,322,263 | 46,710,548 | ||||||
| SK Hynix, Inc. | 343,000 | 45,583,680 | ||||||
| 302,041,336 | ||||||||
| Taiwan | 14.0% | ||||||||
| ASE Technology Holding Co. Ltd. | 15,459,000 | 75,059,120 | ||||||
| Globalwafers Co. Ltd. | 1,485,000 | 25,756,515 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 6,324,425 | 30,731,205 | ||||||
| MediaTek, Inc. | 1,462,000 | 53,110,458 | ||||||
| Novatek Microelectronics Corp. | 1,909,000 | 35,173,530 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5,173,913 | 124,659,906 | ||||||
| Yageo Corp. | 1,749,000 | 32,484,628 | ||||||
| 376,975,362 | ||||||||
| Thailand | 1.7% | ||||||||
| Kasikornbank PCL | 6,279,054 | 21,343,177 | ||||||
| PTT Exploration & Production PCL | 5,680,400 | 23,352,107 | ||||||
| 44,695,284 | ||||||||
| United Kingdom | 1.3% | ||||||||
| Unilever PLC | 721,438 | 36,208,288 | ||||||
| Total Common Stocks (Cost $2,328,007,211) | 2,634,466,742 | |||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $56,992,157) | 56,992,157 | 56,992,157 | ||||||
| Total Investments | 99.6% (Cost $2,384,999,368) | $ | 2,691,458,899 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 10,637,339 | |||||||
| Net Assets | 100.0% | $ | 2,702,096,238 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 93.6% | ||||||||
| Germany | 7.3% | ||||||||
| Fresenius Medical Care AG | 154,174 | $ | 5,929,390 | |||||
| Knorr-Bremse AG | 92,039 | 6,961,232 | ||||||
| 12,890,622 | ||||||||
| Ireland | 4.1% | ||||||||
| Kerry Group PLC, Class A | 83,125 | 7,134,205 | ||||||
| Italy | 9.1% | ||||||||
| Nexi SpA (*) | 1,679,198 | 10,648,270 | ||||||
| Snam SpA | 1,148,016 | 5,418,764 | ||||||
| 16,067,034 | ||||||||
| Luxembourg | 3.7% | ||||||||
| SES SA | 985,230 | 6,565,867 | ||||||
| United Kingdom | 17.5% | ||||||||
| National Grid PLC | 788,039 | 10,601,856 | ||||||
| Reckitt Benckiser Group PLC | 47,294 | 2,690,507 | ||||||
| Rentokil Initial PLC | 594,891 | 3,550,130 | ||||||
| Severn Trent PLC | 226,134 | 7,056,518 | ||||||
| United Utilities Group PLC | 533,399 | 6,935,615 | ||||||
| 30,834,626 | ||||||||
| United States | 51.9% | ||||||||
| Cisco Systems, Inc. | 75,461 | 3,766,259 | ||||||
| Cognizant Technology Solutions Corp., Class A | 72,615 | 5,321,953 | ||||||
| CVS Health Corp. | 152,549 | 12,167,308 | ||||||
| DENTSPLY SIRONA, Inc. | 185,010 | 6,140,482 | ||||||
| eBay, Inc. | 166,914 | 8,809,721 | ||||||
| Exelon Corp. | 27,573 | 1,035,918 | ||||||
| Ferrovial SE | 91,181 | 3,608,656 | ||||||
| Fiserv, Inc. (*) | 44,204 | 7,064,683 | ||||||
| H&R Block, Inc. | 217,111 | 10,662,321 | ||||||
| Henry Schein, Inc. (*) | 93,720 | 7,077,734 | ||||||
| International Game Technology PLC | 473,137 | 10,688,165 | ||||||
| Kraft Heinz Co. | 72,301 | 2,667,907 | ||||||
| Omnicom Group, Inc. | 111,020 | 10,742,295 | ||||||
| Visa, Inc., A Shares | 6,460 | 1,802,857 | ||||||
| 91,556,259 | ||||||||
| Total Common Stocks (Cost $158,164,091) | 165,048,613 | |||||||
| Preferred Stocks | 3.8% | ||||||||
| Germany | 3.8% | ||||||||
| Henkel AG & Co. KGaA (Cost $6,217,970) | 84,660 | 6,803,898 | ||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 2.5% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $4,389,728) | 4,389,728 | $ | 4,389,728 | |||||
| Total Investments | 99.9% (Cost $168,771,789) | $ | 176,242,239 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 149,169 | |||||||
| Net Assets | 100.0% | $ | 176,391,408 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 98.7% | ||||||||
| Australia | 0.8% | ||||||||
| Computershare Ltd. | 51,305 | $ | 873,091 | |||||
| Canada | 4.9% | ||||||||
| Dollarama, Inc. | 18,474 | 1,407,354 | ||||||
| National Bank of Canada | 25,865 | 2,177,965 | ||||||
| Toromont Industries Ltd. | 15,525 | 1,493,990 | ||||||
| 5,079,309 | ||||||||
| China | 2.4% | ||||||||
| NXP Semiconductors NV | 6,751 | 1,672,696 | ||||||
| Tencent Holdings Ltd. | 22,323 | 871,148 | ||||||
| 2,543,844 | ||||||||
| Denmark | 0.8% | ||||||||
| Carlsberg AS, Class B | 5,812 | 796,320 | ||||||
| Finland | 0.8% | ||||||||
| Kone OYJ, Class B | 18,028 | 838,559 | ||||||
| France | 4.4% | ||||||||
| Legrand SA | 8,319 | 880,133 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,715 | 1,551,110 | ||||||
| Pernod Ricard SA | 5,011 | 810,225 | ||||||
| Thales SA | 7,876 | 1,342,673 | ||||||
| 4,584,141 | ||||||||
| Germany | 0.8% | ||||||||
| Merck KGaA | 4,806 | 848,202 | ||||||
| Hong Kong | 0.7% | ||||||||
| AIA Group Ltd. | 101,383 | 680,380 | ||||||
| India | 1.1% | ||||||||
| HDFC Bank Ltd. ADR | 19,720 | 1,103,728 | ||||||
| Japan | 3.2% | ||||||||
| FANUC Corp. | 33,700 | 942,552 | ||||||
| Kadokawa Corp. | 36,800 | 645,691 | ||||||
| Nintendo Co. Ltd. | 22,200 | 1,215,070 | ||||||
| Shimano, Inc. | 3,900 | 582,363 | ||||||
| 3,385,676 | ||||||||
| Netherlands | 3.2% | ||||||||
| ASM International NV | 2,132 | 1,298,826 | ||||||
| Wolters Kluwer NV | 13,397 | 2,098,085 | ||||||
| 3,396,911 | ||||||||
| Spain | 1.3% | ||||||||
| Industria de Diseno Textil SA | 26,373 | 1,328,061 | ||||||
| Sweden | 2.8% | ||||||||
| Assa Abloy AB, Class B | 24,629 | 706,478 | ||||||
| Description | Shares | Fair Value | ||||||
| Epiroc AB, Class A | 54,886 | $ | 1,034,903 | |||||
| Hexagon AB, B Shares | 104,442 | 1,236,287 | ||||||
| 2,977,668 | ||||||||
| Switzerland | 3.1% | ||||||||
| ABB Ltd. | 40,516 | 1,880,456 | ||||||
| Partners Group Holding AG | 983 | 1,404,669 | ||||||
| 3,285,125 | ||||||||
| Taiwan | 2.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 17,864 | 2,430,397 | ||||||
| United Kingdom | 6.5% | ||||||||
| Coca-Cola Europacific Partners PLC | 19,439 | 1,359,758 | ||||||
| Diageo PLC | 30,981 | 1,144,147 | ||||||
| RELX PLC | 58,985 | 2,554,693 | ||||||
| Unilever PLC | 33,823 | 1,698,461 | ||||||
| 6,757,059 | ||||||||
| United States | 59.6% | ||||||||
| Accenture PLC, Class A | 7,686 | 2,664,044 | ||||||
| Alphabet, Inc., Class A (*) | 28,978 | 4,373,650 | ||||||
| Amazon.com, Inc. (*) | 22,522 | 4,062,518 | ||||||
| Amphenol Corp., Class A | 13,800 | 1,591,830 | ||||||
| Aon PLC, Class A | 6,329 | 2,112,114 | ||||||
| Avery Dennison Corp. | 4,232 | 944,794 | ||||||
| Bank of America Corp. | 32,519 | 1,233,121 | ||||||
| Booz Allen Hamilton Holding Corp. | 16,895 | 2,507,894 | ||||||
| BRP, Inc. | 10,086 | 677,215 | ||||||
| Charles Schwab Corp. | 20,755 | 1,501,417 | ||||||
| Coca-Cola Co. | 27,327 | 1,671,866 | ||||||
| Danaher Corp. | 7,842 | 1,958,304 | ||||||
| Deere & Co. | 2,641 | 1,084,764 | ||||||
| Estee Lauder Cos., Inc., Class A | 6,197 | 955,268 | ||||||
| Intercontinental Exchange, Inc. | 15,621 | 2,146,794 | ||||||
| IQVIA Holdings, Inc. (*) | 8,768 | 2,217,340 | ||||||
| Johnson & Johnson | 11,840 | 1,872,970 | ||||||
| McDonald’s Corp. | 4,692 | 1,322,909 | ||||||
| Microsoft Corp. | 12,485 | 5,252,689 | ||||||
| Motorola Solutions, Inc. | 6,336 | 2,249,153 | ||||||
| NIKE, Inc., Class B | 9,549 | 897,415 | ||||||
| Procter & Gamble Co. | 10,183 | 1,652,192 | ||||||
| PTC, Inc. (*) | 8,759 | 1,654,925 | ||||||
| Rockwell Automation, Inc. | 4,156 | 1,210,767 | ||||||
| S&P Global, Inc. | 4,125 | 1,754,981 | ||||||
| Sysco Corp. | 9,854 | 799,948 | ||||||
| Texas Instruments, Inc. | 8,797 | 1,532,525 | ||||||
| Thermo Fisher Scientific, Inc. | 3,994 | 2,321,353 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| TopBuild Corp. (*) | 3,085 | 1,359,652 | ||||||
| UnitedHealth Group, Inc. | 2,631 | 1,301,556 | ||||||
| Visa, Inc., A Shares | 8,288 | 2,313,015 | ||||||
| Warner Music Group Corp., Class A | 16,248 | 536,509 | ||||||
| Wells Fargo & Co. | 25,579 | 1,482,559 | ||||||
| Zoetis, Inc. | 7,481 | 1,265,860 | ||||||
| 62,483,911 | ||||||||
| Total Common Stocks (Cost $65,254,399) | 103,392,382 | |||||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $1,272,011) | 1,272,011 | 1,272,011 | ||||||
| Total Investments | 99.9% (Cost $66,526,410) | $ | 104,664,393 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 154,004 | |||||||
| Net Assets | 100.0% | $ | 104,818,397 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 92.0% | ||||||||
| Australia | 5.4% | ||||||||
| Atlas Arteria Ltd. (^) | 83,962,746 | $ | 291,647,170 | |||||
| Transurban Group | 21,855,042 | 189,987,742 | ||||||
| 481,634,912 | ||||||||
| Canada | 2.2% | ||||||||
| Algonquin Power & Utilities Corp. | 30,786,363 | 194,552,632 | ||||||
| France | 5.3% | ||||||||
| Eutelsat Communications SACA (*) | 13,575,587 | 59,184,906 | ||||||
| Vinci SA | 3,271,805 | 419,078,393 | ||||||
| 478,263,299 | ||||||||
| Hong Kong | 4.4% | ||||||||
| CK Infrastructure Holdings Ltd. | 25,246,500 | 147,745,190 | ||||||
| Power Assets Holdings Ltd. | 41,668,265 | 243,849,044 | ||||||
| 391,594,234 | ||||||||
| Italy | 14.7% | ||||||||
| Hera SpA | 71,933,603 | 253,459,761 | ||||||
| Italgas SpA (^) | 41,420,708 | 241,308,325 | ||||||
| Snam SpA | 85,822,759 | 405,093,018 | ||||||
| Terna - Rete Elettrica Nazionale | 49,753,518 | 412,604,502 | ||||||
| 1,312,465,606 | ||||||||
| Luxembourg | 1.6% | ||||||||
| SES SA (^) | 21,121,589 | 140,760,576 | ||||||
| Portugal | 0.7% | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 29,065,003 | 68,976,346 | ||||||
| Spain | 1.2% | ||||||||
| Atlantica Sustainable Infrastructure PLC | 5,728,606 | 105,864,639 | ||||||
| Switzerland | 2.1% | ||||||||
| Flughafen Zurich AG | 831,615 | 188,631,659 | ||||||
| United Kingdom | 18.5% | ||||||||
| National Grid PLC | 53,180,129 | 715,457,080 | ||||||
| Pennon Group PLC (^) | 15,739,198 | 128,767,403 | ||||||
| Severn Trent PLC | 12,880,451 | 401,934,826 | ||||||
| United Utilities Group PLC | 31,330,320 | 407,378,032 | ||||||
| 1,653,537,341 | ||||||||
| United States | 35.9% | ||||||||
| American Electric Power Co., Inc. | 4,665,915 | 401,735,281 | ||||||
| CSX Corp. | 10,407,836 | 385,818,481 | ||||||
| Exelon Corp. | 18,984,188 | 713,235,943 | ||||||
| Ferrovial SE | 18,500,635 | 732,196,741 | ||||||
| Norfolk Southern Corp. | 1,608,819 | 410,039,699 | ||||||
| Pinnacle West Capital Corp. | 3,905,028 | 291,822,742 | ||||||
| Description | Shares | Fair Value | ||||||
| PPL Corp. | 9,930,500 | $ | 273,386,665 | |||||
| 3,208,235,552 | ||||||||
| Total Common Stocks (Cost $7,523,859,993) | 8,224,516,796 | |||||||
| Short-Term Investments | 7.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $640,953,530) | 640,953,530 | 640,953,530 | ||||||
| Total Investments | 99.2% (Cost $8,164,813,523) (») | $ | 8,865,470,326 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.8% | 74,346,892 | |||||||
| Net Assets | 100.0% | $ | 8,939,817,218 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2024:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 54,409,143 | USD | 35,642,336 | HSB | 06/26/24 | $ | — | $ | 103,306 | |||||||||
| USD | 61,350,938 | AUD | 93,788,696 | BNP | 06/26/24 | 89,924 | — | |||||||||||
| USD | 109,958,494 | AUD | 168,234,120 | CIT | 06/26/24 | 71,128 | — | |||||||||||
| USD | 122,218,622 | AUD | 186,950,091 | HSB | 06/26/24 | 106,336 | — | |||||||||||
| USD | 98,596,462 | AUD | 150,725,237 | MSC | 06/26/24 | 145,570 | — | |||||||||||
| USD | 119,332,911 | AUD | 182,563,928 | SSB | 06/26/24 | 85,585 | — | |||||||||||
| USD | 5,857,308 | CAD | 7,936,858 | BNP | 06/26/24 | — | 9,254 | |||||||||||
| USD | 63,056,845 | CAD | 85,457,915 | CIT | 06/26/24 | — | 109,736 | |||||||||||
| USD | 6,821,490 | CAD | 9,242,744 | HSB | 06/26/24 | — | 10,323 | |||||||||||
| USD | 20,161,730 | CAD | 27,361,657 | HSB | 06/26/24 | — | 62,755 | |||||||||||
| USD | 38,171,730 | CAD | 51,721,014 | MSC | 06/26/24 | — | 58,078 | |||||||||||
| USD | 52,571,640 | CAD | 71,231,943 | SCB | 06/26/24 | — | 79,754 | |||||||||||
| USD | 38,240,955 | CHF | 33,628,905 | BNP | 06/26/24 | 603,236 | — | |||||||||||
| USD | 15,068,214 | CHF | 13,393,344 | SCB | 06/26/24 | 78,284 | — | |||||||||||
| USD | 62,146,175 | CHF | 54,650,103 | SCB | 06/26/24 | 981,374 | — | |||||||||||
| USD | 72,199,610 | CHF | 63,488,005 | SSB | 06/26/24 | 1,143,364 | — | |||||||||||
| USD | 338,978,629 | EUR | 311,045,214 | BNP | 06/26/24 | 2,260,849 | — | |||||||||||
| USD | 438,466,213 | EUR | 402,598,695 | CAN | 06/26/24 | 2,638,453 | — | |||||||||||
| USD | 413,609,425 | EUR | 379,821,981 | CIT | 06/26/24 | 2,438,288 | — | |||||||||||
| USD | 380,501,000 | EUR | 349,403,399 | HSB | 06/26/24 | 2,259,087 | — | |||||||||||
| USD | 373,795,240 | EUR | 343,204,717 | MEL | 06/26/24 | 2,263,626 | — | |||||||||||
| USD | 350,195,802 | EUR | 321,547,230 | RBC | 06/26/24 | 2,109,207 | — | |||||||||||
| USD | 412,952,063 | EUR | 379,251,752 | SSB | 06/26/24 | 2,398,220 | — | |||||||||||
| USD | 179,775,578 | GBP | 141,628,060 | CAN | 06/26/24 | 941,104 | — | |||||||||||
| USD | 584,021,572 | GBP | 459,866,747 | HSB | 06/26/24 | 3,345,485 | — | |||||||||||
| USD | 224,515,407 | GBP | 176,771,258 | MSC | 06/26/24 | 1,305,438 | — | |||||||||||
| USD | 365,032,260 | GBP | 287,543,579 | RBC | 06/26/24 | 1,949,517 | — | |||||||||||
| USD | 282,079,130 | GBP | 222,226,789 | SSB | 06/26/24 | 1,472,231 | — | |||||||||||
| USD | 89,587,916 | HKD | 699,287,435 | BNP | 06/26/24 | 30,736 | — | |||||||||||
| USD | 41,324,467 | HKD | 322,496,144 | HSB | 06/26/24 | 22,645 | — | |||||||||||
| USD | 101,578,686 | HKD | 792,781,015 | MSC | 06/26/24 | 47,859 | — | |||||||||||
| USD | 31,162,585 | HKD | 243,192,810 | SCB | 06/26/24 | 17,077 | — | |||||||||||
| USD | 134,579,335 | HKD | 1,050,223,487 | SSB | 06/26/24 | 78,057 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 28,882,680 | $ | 433,206 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio | ||||||||
| Common Stocks | 97.9% | ||||||||
| Australia | 0.9% | ||||||||
| Steadfast Group Ltd. | 26,808 | $ | 102,909 | |||||
| Canada | 4.3% | ||||||||
| Canadian Pacific Kansas City Ltd. | 1,810 | 159,587 | ||||||
| Toromont Industries Ltd. | 1,743 | 167,731 | ||||||
| Trisura Group Ltd. (*) | 5,452 | 167,639 | ||||||
| 494,957 | ||||||||
| Denmark | 4.3% | ||||||||
| Novo Nordisk AS, Class B | 3,853 | 493,554 | ||||||
| France | 1.4% | ||||||||
| Pernod Ricard SA | 1,009 | 163,144 | ||||||
| Germany | 5.5% | ||||||||
| Continental AG | 1,178 | 85,027 | ||||||
| Gerresheimer AG | 1,920 | 216,233 | ||||||
| Hensoldt AG | 2,107 | 98,652 | ||||||
| MTU Aero Engines AG | 708 | 179,649 | ||||||
| Schott Pharma AG & Co. KGaA | 1,363 | 58,235 | ||||||
| 637,796 | ||||||||
| Greece | 1.0% | ||||||||
| National Bank of Greece SA (*) | 14,617 | 114,438 | ||||||
| Israel | 4.1% | ||||||||
| Tel Aviv Stock Exchange Ltd. | 35,273 | 238,013 | ||||||
| Wix.com Ltd. (*) | 1,672 | 229,867 | ||||||
| 467,880 | ||||||||
| Italy | 2.7% | ||||||||
| BFF Bank SpA | 13,979 | 187,007 | ||||||
| Ryanair Holdings PLC ADR | 822 | 119,675 | ||||||
| 306,682 | ||||||||
| Japan | 9.0% | ||||||||
| BayCurrent Consulting, Inc. | 5,500 | 107,849 | ||||||
| FANUC Corp. | 6,100 | 170,610 | ||||||
| Kadokawa Corp. | 8,200 | 143,877 | ||||||
| Mitsubishi Electric Corp. | 6,900 | 115,654 | ||||||
| Nippon Sanso Holdings Corp. | 6,100 | 191,498 | ||||||
| Renesas Electronics Corp. | 10,900 | 195,092 | ||||||
| Zuken, Inc. | 3,600 | 105,640 | ||||||
| 1,030,220 | ||||||||
| Mexico | 1.3% | ||||||||
| Arca Continental SAB de CV | 13,600 | 148,431 | ||||||
| Netherlands | 2.1% | ||||||||
| ASML Holding NV | 247 | 237,141 | ||||||
| Description | Shares | Fair Value | ||||||
| Norway | 1.0% | ||||||||
| Borregaard ASA | 6,669 | $ | 116,221 | |||||
| Sweden | 1.0% | ||||||||
| Munters Group AB | 6,193 | 111,050 | ||||||
| Switzerland | 1.0% | ||||||||
| VAT Group AG | 229 | 118,439 | ||||||
| Taiwan | 3.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 15,000 | 361,409 | ||||||
| United Kingdom | 3.5% | ||||||||
| JD Sports Fashion PLC | 82,718 | 140,246 | ||||||
| RELX PLC | 6,157 | 266,665 | ||||||
| 406,911 | ||||||||
| United States | 51.7% | ||||||||
| Accenture PLC, Class A | 599 | 207,619 | ||||||
| Alphabet, Inc., Class A (*) | 3,304 | 498,673 | ||||||
| Amphenol Corp., Class A | 2,137 | 246,503 | ||||||
| Analog Devices, Inc. | 794 | 157,045 | ||||||
| Applied Materials, Inc. | 1,352 | 278,823 | ||||||
| Broadcom, Inc. | 159 | 210,740 | ||||||
| Chubb Ltd. | 681 | 176,468 | ||||||
| Datadog, Inc., Class A (*) | 1,216 | 150,298 | ||||||
| Intercontinental Exchange, Inc. | 1,701 | 233,768 | ||||||
| IQVIA Holdings, Inc. (*) | 1,368 | 345,953 | ||||||
| Marsh & McLennan Cos., Inc. | 1,496 | 308,146 | ||||||
| Microsoft Corp. | 1,462 | 615,093 | ||||||
| NVIDIA Corp. | 571 | 515,933 | ||||||
| Onto Innovation, Inc. (*) | 949 | 171,845 | ||||||
| S&P Global, Inc. | 795 | 338,233 | ||||||
| Synopsys, Inc. (*) | 338 | 193,167 | ||||||
| Take-Two Interactive Software, Inc. (*) | 712 | 105,725 | ||||||
| Thermo Fisher Scientific, Inc. | 560 | 325,478 | ||||||
| Titan Cement International SA | 4,012 | 114,944 | ||||||
| UnitedHealth Group, Inc. | 229 | 113,286 | ||||||
| Verra Mobility Corp. (*) | 4,786 | 119,506 | ||||||
| Visa, Inc., A Shares | 697 | 194,519 | ||||||
| Watsco, Inc. NA | 284 | 122,679 | ||||||
| Zoetis, Inc. | 1,185 | 200,514 | ||||||
| 5,944,958 | ||||||||
| Total Common Stocks (Cost $9,392,092) | 11,256,140 | |||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Strategic Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 2.4% | ||||||||
| State Street
Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $280,409) | 280,409 | $ | 280,409 | |||||
| Total Investments | 100.3% (Cost $9,672,501) | $ | 11,536,549 | ||||||
| Liabilities in Excess of Cash
and Other Assets | (0.3)% | (38,681) | |||||||
| Net Assets | 100.0% | $ | 11,497,868 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 96.7% | ||||||||
| Australia | 4.4% | ||||||||
| Aristocrat Leisure Ltd. | 6,240 | $ | 174,870 | |||||
| BlueScope Steel Ltd. | 4,242 | 66,007 | ||||||
| Brambles Ltd. | 21,490 | 226,593 | ||||||
| Cettire Ltd. (*) | 6,380 | 16,841 | ||||||
| Cochlear Ltd. | 379 | 83,367 | ||||||
| Fortescue Ltd. | 5,903 | 98,918 | ||||||
| Northern Star Resources Ltd. | 5,084 | 48,527 | ||||||
| Perseus Mining Ltd. | 56,289 | 79,738 | ||||||
| Qantas Airways Ltd. (*) | 17,606 | 62,597 | ||||||
| Ramelius Resources Ltd. | 22,504 | 27,593 | ||||||
| Westgold Resources Ltd. | 15,515 | 26,717 | ||||||
| 911,768 | ||||||||
| Austria | 0.2% | ||||||||
| Raiffeisen Bank International AG | 2,505 | 50,028 | ||||||
| Belgium | 0.3% | ||||||||
| Colruyt Group NV | 1,336 | 61,617 | ||||||
| Brazil | 0.2% | ||||||||
| Cia De Sanena Do Parana | 4,100 | 21,279 | ||||||
| Vale SA | 1,400 | 16,980 | ||||||
| 38,259 | ||||||||
| Canada | 7.9% | ||||||||
| Air Canada (*) | 2,635 | 38,147 | ||||||
| Brookfield Corp. | 1,864 | 77,997 | ||||||
| CGI, Inc. (*) | 1,956 | 215,795 | ||||||
| Constellation Software, Inc. | 136 | 371,489 | ||||||
| Dollarama, Inc. | 3,370 | 256,728 | ||||||
| Fairfax Financial Holdings Ltd. | 114 | 122,883 | ||||||
| Kinross Gold Corp. | 3,513 | 21,552 | ||||||
| Manulife Financial Corp. | 15,013 | 374,951 | ||||||
| Metro, Inc. | 594 | 31,889 | ||||||
| Shopify, Inc. Class A (*) | 829 | 63,955 | ||||||
| Torex Gold Resources, Inc. (*) | 4,481 | 65,964 | ||||||
| Vermilion Energy, Inc. | 1,249 | 15,528 | ||||||
| 1,656,878 | ||||||||
| China | 8.0% | ||||||||
| Alibaba Group Holding Ltd. | 18,900 | 170,569 | ||||||
| Alibaba Group Holding Ltd. ADR | 590 | 42,692 | ||||||
| Baidu, Inc. ADR (*) | 439 | 46,218 | ||||||
| Bank of China Ltd., Class H | 190,000 | 78,480 | ||||||
| Beijing Enterprises Holdings Ltd. | 5,000 | 14,511 | ||||||
| BYD Co. Ltd., Class H | 2,000 | 51,132 | ||||||
| BYD Electronic International Co. Ltd. | 4,000 | 14,771 | ||||||
| Description | Shares | Fair Value | ||||||
| China Construction Bank Corp., Class H | 65,000 | $ | 39,235 | |||||
| China Longyuan Power Group Corp. Ltd., Class H | 150,000 | 105,578 | ||||||
| China Merchants Bank Co. Ltd., Class H | 3,500 | 13,862 | ||||||
| China Overseas Property Holdings Ltd. | 20,000 | 11,086 | ||||||
| CSPC Pharmaceutical Group Ltd. | 58,000 | 45,695 | ||||||
| Haidilao International Holding Ltd. | 25,000 | 56,542 | ||||||
| Hisense Home Appliances Group Co. Ltd., Class H | 7,000 | 21,799 | ||||||
| JD.com, Inc., Class A | 7,050 | 95,910 | ||||||
| KE Holdings, Inc. ADR | 1,220 | 16,751 | ||||||
| Kuaishou Technology (*) | 2,500 | 15,695 | ||||||
| Kunlun Energy Co. Ltd. | 22,000 | 18,370 | ||||||
| Meitu, Inc. | 36,000 | 15,114 | ||||||
| Meituan, Class B (*) | 2,700 | 33,354 | ||||||
| NetEase, Inc. | 7,900 | 164,177 | ||||||
| New Oriental Education & Technology Group, Inc. ADR (*) | 274 | 23,789 | ||||||
| PDD Holdings, Inc., ADR (*) | 510 | 59,287 | ||||||
| PetroChina Co. Ltd., Class H | 92,000 | 78,695 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 16,000 | 21,098 | ||||||
| Sinopharm Group Co. Ltd., Class H | 5,200 | 13,338 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 2,000 | 10,229 | ||||||
| Tencent Holdings Ltd. | 5,400 | 210,733 | ||||||
| Tencent Music Entertainment Group ADR (*) | 4,878 | 54,585 | ||||||
| Vipshop Holdings Ltd. ADR | 2,892 | 47,863 | ||||||
| Xiaomi Corp., Class B (*) | 39,600 | 82,100 | ||||||
| 1,673,258 | ||||||||
| Colombia | 0.1% | ||||||||
| Bancolombia SA ADR | 488 | 16,699 | ||||||
| Denmark | 3.6% | ||||||||
| AP Moller - Maersk AS, Class B | 8 | 10,402 | ||||||
| Novo Nordisk AS, Class B | 5,228 | 669,685 | ||||||
| Pandora AS | 429 | 69,294 | ||||||
| 749,381 | ||||||||
| Finland | 0.5% | ||||||||
| Nordea Bank Abp | 9,865 | 111,472 | ||||||
| France | 6.3% | ||||||||
| BNP Paribas SA | 2,861 | 203,612 | ||||||
| Capgemini SE | 426 | 98,232 | ||||||
| Cie de Saint-Gobain SA | 618 | 47,923 | ||||||
| Dassault Systemes SE | 669 | 29,591 | ||||||
| Eurazeo SE | 1,373 | 120,274 | ||||||
| La Francaise des Jeux SAEM | 2,629 | 107,157 | ||||||
| Societe Generale SA | 2,582 | 69,467 | ||||||
| Teleperformance SE | 687 | 66,618 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| TotalEnergies SE | 594 | $ | 40,843 | |||||
| Unibail-Rodamco-Westfield REIT (*) | 1,113 | 89,411 | ||||||
| Verallia SA | 1,736 | 67,466 | ||||||
| Vinci SA | 2,842 | 364,026 | ||||||
| 1,304,620 | ||||||||
| Germany | 3.3% | ||||||||
| Deutsche Bank AG | 11,381 | 179,014 | ||||||
| Infineon Technologies AG | 10,538 | 358,247 | ||||||
| Rational AG | 17 | 14,651 | ||||||
| SAP SE | 326 | 63,470 | ||||||
| Siemens Energy AG (*) | 2,760 | 50,636 | ||||||
| TUI AG (*) | 3,919 | 32,280 | ||||||
| 698,298 | ||||||||
| Greece | 0.4% | ||||||||
| National Bank of Greece SA (*) | 5,925 | 46,387 | ||||||
| Piraeus Financial Holdings SA (*) | 7,252 | 30,308 | ||||||
| 76,695 | ||||||||
| Hong Kong | 1.4% | ||||||||
| Link REIT | 31,500 | 135,682 | ||||||
| Swire Pacific Ltd., Class A | 9,500 | 78,227 | ||||||
| United Energy Group Ltd. | 184,000 | 13,168 | ||||||
| WH Group Ltd. | 90,500 | 59,725 | ||||||
| 286,802 | ||||||||
| India | 4.4% | ||||||||
| Dr Reddy’s Laboratories Ltd. ADR | 4,872 | 357,361 | ||||||
| GAIL India Ltd. GDR | 2,413 | 31,128 | ||||||
| Larsen & Toubro Ltd. GDR | 647 | 29,309 | ||||||
| Mahindra & Mahindra Ltd. GDR | 1,064 | 24,791 | ||||||
| Reliance Industries Ltd. GDR | 602 | 42,983 | ||||||
| State Bank of India GDR | 4,687 | 425,111 | ||||||
| 910,683 | ||||||||
| Indonesia | 0.8% | ||||||||
| Bank Mandiri Persero Tbk. PT ADR | 7,116 | 128,515 | ||||||
| Bank Rakyat Indonesia Persero Tbk. PT ADR | 1,138 | 21,815 | ||||||
| First Resources Ltd. | 12,500 | 12,685 | ||||||
| 163,015 | ||||||||
| Ireland | 0.5% | ||||||||
| AerCap Holdings NV (*) | 1,139 | 98,991 | ||||||
| Israel | 0.1% | ||||||||
| Check Point Software Technologies Ltd. (*) | 141 | 23,125 | ||||||
| Italy | 3.0% | ||||||||
| Buzzi SpA | 636 | 24,976 | ||||||
| Ferrari NV | 690 | 300,740 | ||||||
| Description | Shares | Fair Value | ||||||
| Telecom Italia SpA (*) | 119,503 | $ | 28,929 | |||||
| UniCredit SpA | 6,950 | 263,742 | ||||||
| 618,387 | ||||||||
| Japan | 15.3% | ||||||||
| ANA Holdings, Inc. | 2,200 | 45,935 | ||||||
| Anycolor, Inc. (*) | 900 | 15,422 | ||||||
| Bandai Namco Holdings, Inc. | 600 | 11,108 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 3,200 | 122,308 | ||||||
| Daiwa Securities Group, Inc. | 16,000 | 121,764 | ||||||
| East Japan Railway Co. | 900 | 17,256 | ||||||
| GS Yuasa Corp. | 1,100 | 22,874 | ||||||
| Hachijuni Bank Ltd. | 3,100 | 20,910 | ||||||
| Honda Motor Co. Ltd. | 15,800 | 195,413 | ||||||
| Hyakugo Bank Ltd. | 5,200 | 22,016 | ||||||
| Japan Post Bank Co. Ltd. | 1,200 | 12,913 | ||||||
| Japan Post Holdings Co. Ltd. | 34,000 | 342,248 | ||||||
| Japan Tobacco, Inc. | 10,400 | 277,241 | ||||||
| Kansai Paint Co. Ltd. | 3,500 | 50,138 | ||||||
| Mitsui & Co. Ltd. | 400 | 18,689 | ||||||
| Mizuho Financial Group, Inc. | 16,200 | 320,535 | ||||||
| NGK Insulators Ltd. | 5,400 | 72,503 | ||||||
| NIDEC Corp. | 5,200 | 214,647 | ||||||
| NSK Ltd. | 3,200 | 18,239 | ||||||
| Ono Pharmaceutical Co. Ltd. | 6,000 | 98,338 | ||||||
| ORIX Corp. | 4,200 | 91,830 | ||||||
| Otsuka Holdings Co. Ltd. | 3,300 | 136,859 | ||||||
| Panasonic Holdings Corp. | 35,800 | 341,553 | ||||||
| Sankyo Co. Ltd. | 6,100 | 66,600 | ||||||
| Sega Sammy Holdings, Inc. | 1,200 | 14,841 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 965 | 42,340 | ||||||
| SKY Perfect JSAT Holdings, Inc. | 1,900 | 12,966 | ||||||
| SoftBank Corp. | 5,400 | 69,350 | ||||||
| Subaru Corp. | 1,800 | 40,968 | ||||||
| Takara Holdings, Inc. | 2,100 | 15,103 | ||||||
| Tokyo Electron Ltd. ADR | 261 | 33,912 | ||||||
| Tokyo Kiraboshi Financial Group, Inc. | 800 | 24,794 | ||||||
| Tokyu Fudosan Holdings Corp. | 4,500 | 36,368 | ||||||
| Toyota Motor Corp. | 9,700 | 243,820 | ||||||
| 3,191,801 | ||||||||
| Malaysia | 0.1% | ||||||||
| IJM Corp. Bhd. | 44,200 | 22,628 | ||||||
| Mexico | 0.8% | ||||||||
| Arca Continental SAB de CV | 3,800 | 41,473 | ||||||
| Coca-Cola Femsa SAB de CV ADR | 662 | 64,347 | ||||||
| Fibra Uno Administracion SA de CV REIT | 13,300 | 22,174 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 16,200 | $ | 39,046 | |||||
| 167,040 | ||||||||
| Netherlands | 4.9% | ||||||||
| ASML Holding NV | 598 | 574,130 | ||||||
| EXOR NV | 194 | 21,560 | ||||||
| NN Group NV | 311 | 14,386 | ||||||
| Shell PLC | 3,941 | 130,757 | ||||||
| Wolters Kluwer NV | 1,818 | 284,714 | ||||||
| 1,025,547 | ||||||||
| Philippines | 0.3% | ||||||||
| International Container Terminal Services, Inc. | 9,710 | 55,727 | ||||||
| Poland | 0.3% | ||||||||
| ORLEN SA | 3,584 | 58,355 | ||||||
| Portugal | 0.3% | ||||||||
| Jeronimo Martins SGPS SA | 770 | 15,278 | ||||||
| Mota-Engil SGPS SA | 8,247 | 42,805 | ||||||
| 58,083 | ||||||||
| Saudi Arabia | 0.5% | ||||||||
| Arabian Internet & Communications Services Co. | 427 | 43,061 | ||||||
| Elm Co. | 80 | 20,456 | ||||||
| Riyadh Cables Group Co. | 768 | 20,685 | ||||||
| Saudi Chemical Co. Holding | 16,275 | 30,404 | ||||||
| 114,606 | ||||||||
| Singapore | 1.7% | ||||||||
| Sembcorp Industries Ltd. | 7,800 | 31,204 | ||||||
| Singapore Airlines Ltd. | 20,700 | 98,229 | ||||||
| STMicroelectronics NV | 5,040 | 216,953 | ||||||
| 346,386 | ||||||||
| South Africa | 0.7% | ||||||||
| Gold Fields Ltd. ADR | 3,221 | 51,182 | ||||||
| Harmony Gold Mining Co. Ltd. ADR | 6,397 | 52,263 | ||||||
| Momentum Metropolitan Holdings | 15,564 | 16,716 | ||||||
| Sappi Ltd. | 8,562 | 22,714 | ||||||
| 142,875 | ||||||||
| South Korea | 3.7% | ||||||||
| DB Insurance Co. Ltd. | 639 | 45,778 | ||||||
| Doosan Bobcat, Inc. | 2,207 | 88,563 | ||||||
| Hanmi Pharm Co. Ltd. | 80 | 20,326 | ||||||
| Hyundai Rotem Co. Ltd. | 648 | 16,561 | ||||||
| KB Financial Group, Inc. | 946 | 49,209 | ||||||
| Kia Corp. | 2,825 | 235,049 | ||||||
| Description | Shares | Fair Value | ||||||
| Samsung Electronics Co. Ltd. | 4,992 | $ | 298,895 | |||||
| Samsung Life Insurance Co. Ltd. | 256 | 18,164 | ||||||
| 772,545 | ||||||||
| Spain | 1.0% | ||||||||
| Acciona SA | 519 | 63,197 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 6,403 | 76,279 | ||||||
| Banco Santander SA | 13,476 | 65,847 | ||||||
| 205,323 | ||||||||
| Sweden | 1.3% | ||||||||
| Betsson AB, Class B | 4,910 | 48,544 | ||||||
| Boliden AB | 1,030 | 28,536 | ||||||
| Fastighets AB Balder, B Shares (*) | 15,414 | 113,057 | ||||||
| Hemnet Group AB | 639 | 19,546 | ||||||
| SKF AB, B Shares | 1,775 | 36,180 | ||||||
| Volvo AB, B Shares | 1,280 | 34,666 | ||||||
| 280,529 | ||||||||
| Switzerland | 3.5% | ||||||||
| ABB Ltd. | 7,717 | 358,167 | ||||||
| Givaudan SA | 32 | 142,977 | ||||||
| Logitech International SA | 2,075 | 185,685 | ||||||
| UBS Group AG | 1,498 | 46,039 | ||||||
| 732,868 | ||||||||
| Taiwan | 5.0% | ||||||||
| Accton Technology Corp. | 4,000 | 57,317 | ||||||
| Asia Vital Components Co. Ltd. | 2,000 | 33,969 | ||||||
| Chicony Electronics Co. Ltd. | 6,000 | 41,554 | ||||||
| Delta Electronics, Inc. | 17,000 | 182,139 | ||||||
| Fortune Electric Co. Ltd. | 1,000 | 20,940 | ||||||
| Grape King Bio Ltd. | 6,000 | 30,282 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 17,000 | 82,605 | ||||||
| International Games System Co. Ltd. | 2,000 | 70,316 | ||||||
| MediaTek, Inc. | 6,000 | 217,964 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13,000 | 313,221 | ||||||
| 1,050,307 | ||||||||
| Thailand | 0.4% | ||||||||
| Bumrungrad Hospital PCL (‡) | 10,800 | 66,006 | ||||||
| PTT Exploration & Production PCL | 4,400 | 18,089 | ||||||
| 84,095 | ||||||||
| Turkey | 0.2% | ||||||||
| Haci Omer Sabanci Holding AS ADR (#), (‡) | 35,538 | 16,703 | ||||||
| Turkcell Iletisim Hizmetleri AS ADR | 6,484 | 33,652 | ||||||
| 50,355 | ||||||||
| United Kingdom | 6.8% | ||||||||
| 3i Group PLC | 2,338 | 82,821 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| AstraZeneca PLC ADR | 598 | $ | 40,514 | |||||
| BAE Systems PLC | 3,378 | 57,538 | ||||||
| Barclays PLC | 79,346 | 184,381 | ||||||
| BP PLC | 4,076 | 25,611 | ||||||
| Britvic PLC | 1,136 | 11,775 | ||||||
| Compass Group PLC | 1,052 | 30,831 | ||||||
| Darktrace PLC (*) | 4,353 | 23,987 | ||||||
| Global Ship Lease, Inc., Class A | 996 | 20,219 | ||||||
| HSBC Holdings PLC | 9,173 | 71,701 | ||||||
| IG Group Holdings PLC | 2,320 | 21,364 | ||||||
| International Consolidated Airlines Group SA (*) | 50,637 | 113,104 | ||||||
| Investec PLC | 4,192 | 28,086 | ||||||
| J Sainsbury PLC | 5,389 | 18,417 | ||||||
| Johnson Service Group PLC | 23,955 | 39,718 | ||||||
| Man Group PLC | 4,559 | 15,408 | ||||||
| Marks & Spencer Group PLC | 19,090 | 63,982 | ||||||
| NatWest Group PLC | 25,081 | 83,995 | ||||||
| RELX PLC | 1,302 | 56,258 | ||||||
| Rolls-Royce Holdings PLC (*) | 24,372 | 131,068 | ||||||
| Standard Chartered PLC | 19,527 | 165,478 | ||||||
| Tesco PLC | 14,789 | 55,342 | ||||||
| Virgin Money UK PLC | 17,287 | 46,779 | ||||||
| Vodafone Group PLC | 33,630 | 29,776 | ||||||
| 1,418,153 | ||||||||
| United States | 4.5% | ||||||||
| Experian PLC | 1,942 | 84,780 | ||||||
| GSK PLC | 22,240 | 477,647 | ||||||
| Roche Holding AG | 1,094 | 279,273 | ||||||
| Stellantis NV | 3,131 | 88,841 | ||||||
| 930,541 | ||||||||
| Total Common Stocks (Cost $18,618,050) | 20,157,740 | |||||||
| Preferred Stocks | 2.7% | ||||||||
| Brazil | 1.2% | ||||||||
| Azul SA | 7,000 | 18,200 | ||||||
| Petroleo Brasileiro SA | 31,300 | 233,155 | ||||||
| 251,355 | ||||||||
| Germany | 1.5% | ||||||||
| Bayerische Motoren Werke AG | 2,984 | 319,960 | ||||||
| Total Preferred Stocks (Cost $543,139) | 571,315 | |||||||
| Description | Shares | Fair Value | ||||||
| Warrants | 0.0% | ||||||||
| Canada | 0.0% | ||||||||
| Constellation Software, Inc. Expires 03/31/40 (*),
(¢) (Cost $0) | 26 | $ | 0 | |||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $37,884) | 37,884 | 37,884 | ||||||
| Total Investments | 99.6% (Cost $19,199,073) | $ | 20,766,939 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 81,063 | |||||||
| Net Assets | 100.0% | $ | 20,848,002 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 93.7% | ||||||||
| Belgium | 1.2% | ||||||||
| KBC Group NV | 190,135 | $ | 14,286,048 | |||||
| Canada | 3.0% | ||||||||
| Gildan Activewear, Inc. | 441,826 | 16,397,027 | ||||||
| Suncor Energy, Inc. | 531,059 | 19,598,863 | ||||||
| 35,995,890 | ||||||||
| China | 3.4% | ||||||||
| Autohome, Inc. ADR | 264,119 | 6,925,200 | ||||||
| ESR Group Ltd. | 4,354,800 | 4,664,235 | ||||||
| Li Ning Co. Ltd. | 3,338,500 | 8,880,897 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 518,400 | 7,405,125 | ||||||
| Tencent Holdings Ltd. | 322,200 | 12,573,755 | ||||||
| 40,449,212 | ||||||||
| Denmark | 0.9% | ||||||||
| Carlsberg AS, Class B | 78,188 | 10,712,775 | ||||||
| Finland | 1.7% | ||||||||
| Fortum OYJ | 847,768 | 10,462,894 | ||||||
| Nordea Bank Abp | 919,498 | 10,241,692 | ||||||
| 20,704,586 | ||||||||
| France | 11.7% | ||||||||
| Air Liquide SA | 100,182 | 20,878,025 | ||||||
| Airbus SE | 101,180 | 18,663,264 | ||||||
| Bureau Veritas SA | 524,909 | 15,999,438 | ||||||
| Capgemini SE | 75,687 | 17,452,872 | ||||||
| Engie SA | 1,136,585 | 19,100,041 | ||||||
| Orange SA | 1,371,339 | 16,110,004 | ||||||
| Pernod Ricard SA | 87,818 | 14,199,227 | ||||||
| Thales SA | 103,519 | 17,647,566 | ||||||
| 140,050,437 | ||||||||
| Germany | 9.9% | ||||||||
| Continental AG | 227,480 | 16,419,400 | ||||||
| Merck KGaA | 118,651 | 20,940,501 | ||||||
| MTU Aero Engines AG | 50,352 | 12,776,415 | ||||||
| Rheinmetall AG | 35,156 | 19,757,410 | ||||||
| SAP SE | 114,722 | 22,335,587 | ||||||
| Siemens AG | 46,346 | 8,847,686 | ||||||
| Siemens Healthineers AG | 283,963 | 17,377,202 | ||||||
| 118,454,201 | ||||||||
| Greece | 1.0% | ||||||||
| National Bank of Greece SA (*) | 1,457,563 | 11,411,402 | ||||||
| Hong Kong | 1.8% | ||||||||
| AIA Group Ltd. | 1,388,600 | 9,318,881 | ||||||
| Description | Shares | Fair Value | ||||||
| Techtronic Industries Co. Ltd. | 873,500 | $ | 11,842,590 | |||||
| 21,161,471 | ||||||||
| Israel | 0.9% | ||||||||
| Wix.com Ltd. (*) | 80,420 | 11,056,142 | ||||||
| Italy | 3.1% | ||||||||
| Ryanair Holdings PLC ADR | 166,208 | 24,198,223 | ||||||
| UniCredit SpA | 350,615 | 13,305,329 | ||||||
| 37,503,552 | ||||||||
| Japan | 16.1% | ||||||||
| Asics Corp. | 340,100 | 16,061,733 | ||||||
| Bandai Namco Holdings, Inc. | 453,700 | 8,399,553 | ||||||
| BayCurrent Consulting, Inc. | 301,500 | 5,912,065 | ||||||
| FANUC Corp. | 569,400 | 15,925,501 | ||||||
| Hitachi Ltd. | 186,600 | 17,043,992 | ||||||
| Kokusai Electric Corp. | 430,500 | 11,048,118 | ||||||
| MatsukiyoCocokara & Co. | 1,170,400 | 18,798,515 | ||||||
| Nippon Sanso Holdings Corp. | 507,100 | 15,919,416 | ||||||
| Nitori Holdings Co. Ltd. | 102,900 | 15,511,330 | ||||||
| Recruit Holdings Co. Ltd. | 263,600 | 11,612,124 | ||||||
| Renesas Electronics Corp. | 1,060,003 | 18,972,306 | ||||||
| Shimadzu Corp. | 381,100 | 10,628,469 | ||||||
| Suzuki Motor Corp. | 1,490,700 | 17,004,783 | ||||||
| ZOZO, Inc. | 416,000 | 10,323,710 | ||||||
| 193,161,615 | ||||||||
| Mexico | 1.1% | ||||||||
| Arca Continental SAB de CV | 1,232,912 | 13,456,059 | ||||||
| Netherlands | 3.6% | ||||||||
| Akzo Nobel NV | 134,808 | 10,054,853 | ||||||
| ING Groep NV | 1,156,059 | 19,039,252 | ||||||
| Universal Music Group NV | 461,321 | 13,871,341 | ||||||
| 42,965,446 | ||||||||
| Singapore | 1.9% | ||||||||
| DBS Group Holdings Ltd. | 496,720 | 13,285,864 | ||||||
| STMicroelectronics NV | 226,355 | 9,753,312 | ||||||
| 23,039,176 | ||||||||
| South Korea | 1.3% | ||||||||
| Samsung Electronics Co. Ltd. | 252,180 | 15,099,234 | ||||||
| Spain | 1.5% | ||||||||
| Industria de Diseno Textil SA | 352,779 | 17,764,829 | ||||||
| Sweden | 1.7% | ||||||||
| Sandvik AB | 899,767 | 19,964,108 | ||||||
| Switzerland | 2.7% | ||||||||
| ABB Ltd. | 396,423 | 18,399,057 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Cie Financiere Richemont SA, Class A | 89,848 | $ | 13,744,428 | |||||
| 32,143,485 | ||||||||
| Taiwan | 1.8% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 157,674 | 21,451,548 | ||||||
| United Kingdom | 15.2% | ||||||||
| 3i Group PLC | 492,711 | 17,453,762 | ||||||
| AstraZeneca PLC | 92,411 | 12,442,317 | ||||||
| BP PLC | 3,406,192 | 21,402,245 | ||||||
| Coca-Cola Europacific Partners PLC | 186,220 | 13,153,187 | ||||||
| Compass Group PLC | 633,092 | 18,554,073 | ||||||
| London Stock Exchange Group PLC | 121,736 | 14,581,384 | ||||||
| RELX PLC | 938,425 | 40,548,453 | ||||||
| Rentokil Initial PLC | 2,040,946 | 12,179,751 | ||||||
| Unilever PLC | 473,476 | 23,776,143 | ||||||
| WPP PLC | 841,400 | 7,962,755 | ||||||
| 182,054,070 | ||||||||
| United States | 8.2% | ||||||||
| Aon PLC, Class A | 52,146 | 17,402,163 | ||||||
| Chubb Ltd. | 29,710 | 7,698,752 | ||||||
| CRH PLC | 101,351 | 8,742,537 | ||||||
| Experian PLC | 300,698 | 13,127,282 | ||||||
| ICON PLC (*) | 78,605 | 26,407,350 | ||||||
| Roche Holding AG | 99,331 | 25,356,904 | ||||||
| 98,734,988 | ||||||||
| Total Common Stocks (Cost $897,589,366) | 1,121,620,274 | |||||||
| Preferred Stocks | 2.6% | ||||||||
| Brazil | 1.2% | ||||||||
| Itau Unibanco Holding SA | 2,020,900 | 13,957,805 | ||||||
| Germany | 1.4% | ||||||||
| Henkel AG & Co. KGaA | 214,454 | 17,235,095 | ||||||
| Total Preferred Stocks (Cost $27,131,352) | 31,192,900 | |||||||
| Short-Term Investments | 1.4% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $16,228,140) | 16,228,140 | 16,228,140 | ||||||
| Description | Fair Value | |||||||
| Total Investments | 97.7% (Cost $940,948,858) | $ | 1,169,041,314 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.3% | 27,437,395 | |||||||
| Net Assets | 100.0% | $ | 1,196,478,709 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 94.9% | ||||||||
| Belgium | 1.3% | ||||||||
| KBC Group NV | 10,209 | $ | 767,067 | |||||
| Canada | 1.5% | ||||||||
| Suncor Energy, Inc. | 22,975 | 847,898 | ||||||
| China | 6.5% | ||||||||
| Alibaba Group Holding Ltd. | 60,500 | 546,001 | ||||||
| Autohome, Inc. ADR | 10,704 | 280,659 | ||||||
| ENN Energy Holdings Ltd. | 72,700 | 561,386 | ||||||
| ESR Group Ltd. | 184,800 | 197,931 | ||||||
| Li Ning Co. Ltd. | 120,500 | 320,548 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 47,200 | 674,232 | ||||||
| Tencent Holdings Ltd. | 28,900 | 1,127,813 | ||||||
| 3,708,570 | ||||||||
| Denmark | 3.6% | ||||||||
| Carlsberg AS, Class B | 4,330 | 593,266 | ||||||
| Novo Nordisk AS, Class B | 11,485 | 1,471,182 | ||||||
| 2,064,448 | ||||||||
| Finland | 1.1% | ||||||||
| Sampo OYJ, A Shares | 15,124 | 644,752 | ||||||
| France | 10.7% | ||||||||
| Air Liquide SA | 5,070 | 1,056,593 | ||||||
| Airbus SE | 6,931 | 1,278,465 | ||||||
| Bureau Veritas SA | 28,520 | 869,301 | ||||||
| Capgemini SE | 3,369 | 776,867 | ||||||
| Engie SA | 50,249 | 844,423 | ||||||
| Pernod Ricard SA | 3,838 | 620,563 | ||||||
| Thales SA | 4,220 | 719,411 | ||||||
| 6,165,623 | ||||||||
| Germany | 8.0% | ||||||||
| Continental AG | 9,236 | 666,650 | ||||||
| Covestro AG (*) | 10,121 | 553,683 | ||||||
| Merck KGaA | 3,744 | 660,772 | ||||||
| MTU Aero Engines AG | 2,324 | 589,696 | ||||||
| SAP SE | 4,624 | 900,261 | ||||||
| Siemens AG | 2,346 | 447,864 | ||||||
| Siemens Healthineers AG | 12,390 | 758,210 | ||||||
| 4,577,136 | ||||||||
| Greece | 0.8% | ||||||||
| Piraeus Financial Holdings SA (*) | 102,399 | 427,952 | ||||||
| Hong Kong | 1.9% | ||||||||
| AIA Group Ltd. | 78,800 | 528,826 | ||||||
| Description | Shares | Fair Value | ||||||
| Techtronic Industries Co. Ltd. | 42,500 | $ | 576,199 | |||||
| 1,105,025 | ||||||||
| India | 1.5% | ||||||||
| ICICI Bank Ltd. ADR | 32,639 | 861,996 | ||||||
| Indonesia | 2.5% | ||||||||
| Bank Mandiri Persero Tbk PT | 2,109,800 | 965,881 | ||||||
| Telkom Indonesia Persero Tbk PT ADR | 21,972 | 489,097 | ||||||
| 1,454,978 | ||||||||
| Italy | 2.7% | ||||||||
| Ryanair Holdings PLC ADR | 10,766 | 1,567,422 | ||||||
| Japan | 11.1% | ||||||||
| Daikin Industries Ltd. | 2,600 | 355,654 | ||||||
| FANUC Corp. | 28,000 | 783,129 | ||||||
| Hoya Corp. | 6,100 | 763,610 | ||||||
| Nitori Holdings Co. Ltd. | 2,600 | 391,929 | ||||||
| Nomura Research Institute Ltd. | 31,300 | 883,461 | ||||||
| Recruit Holdings Co. Ltd. | 12,900 | 568,272 | ||||||
| Renesas Electronics Corp. | 39,200 | 701,615 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 14,700 | 644,976 | ||||||
| Suzuki Motor Corp. | 40,800 | 465,416 | ||||||
| Tokyo Electron Ltd. | 3,000 | 786,748 | ||||||
| 6,344,810 | ||||||||
| Mexico | 2.0% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 107,400 | 1,153,813 | ||||||
| Netherlands | 6.4% | ||||||||
| Akzo Nobel NV | 6,646 | 495,702 | ||||||
| ASM International NV | 1,724 | 1,050,270 | ||||||
| IMCD NV | 3,762 | 663,008 | ||||||
| ING Groep NV | 49,897 | 821,759 | ||||||
| Universal Music Group NV | 21,164 | 636,375 | ||||||
| 3,667,114 | ||||||||
| Singapore | 1.8% | ||||||||
| DBS Group Holdings Ltd. | 21,400 | 572,390 | ||||||
| STMicroelectronics NV | 11,235 | 484,100 | ||||||
| 1,056,490 | ||||||||
| South Korea | 1.0% | ||||||||
| Samsung Electronics Co. Ltd. | 9,286 | 555,998 | ||||||
| Sweden | 1.0% | ||||||||
| Epiroc AB, Class A | 30,052 | 566,646 | ||||||
| Switzerland | 3.7% | ||||||||
| ABB Ltd. | 18,788 | 872,002 | ||||||
| Cie Financiere Richemont SA, Class A | 6,272 | 959,454 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| VAT Group AG | 557 | $ | 288,081 | |||||
| 2,119,537 | ||||||||
| Taiwan | 3.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 94,000 | 2,264,830 | ||||||
| United Kingdom | 13.2% | ||||||||
| BP PLC | 283,322 | 1,780,207 | ||||||
| Coca-Cola Europacific Partners PLC | 9,022 | 637,246 | ||||||
| Compass Group PLC | 45,955 | 1,346,806 | ||||||
| London Stock Exchange Group PLC | 5,352 | 641,056 | ||||||
| RELX PLC | 37,144 | 1,604,957 | ||||||
| Rentokil Initial PLC | 81,866 | 488,552 | ||||||
| Unilever PLC | 21,887 | 1,099,081 | ||||||
| 7,597,905 | ||||||||
| United States | 8.7% | ||||||||
| Aon PLC, Class A | 3,539 | 1,181,035 | ||||||
| Chubb Ltd. | 2,836 | 734,893 | ||||||
| CRH PLC | 5,125 | 442,082 | ||||||
| Experian PLC | 14,682 | 640,958 | ||||||
| ICON PLC (*) | 2,933 | 985,341 | ||||||
| Roche Holding AG | 3,860 | 985,369 | ||||||
| 4,969,678 | ||||||||
| Total Common Stocks (Cost $45,024,240) | 54,489,688 | |||||||
| Preferred Stocks | 2.1% | ||||||||
| Brazil | 1.2% | ||||||||
| Itau Unibanco Holding SA | 103,600 | 715,537 | ||||||
| Germany | 0.9% | ||||||||
| Henkel AG & Co. KGaA | 6,159 | 494,982 | ||||||
| Total Preferred Stocks (Cost $946,000) | 1,210,519 | |||||||
| Short-Term Investments | 3.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $1,799,481) | 1,799,481 | 1,799,481 | ||||||
| Total Investments | 100.1% (Cost $47,769,721) | $ | 57,499,688 | ||||||
| Liabilities in Excess of Cash and
Other Assets | (0.1)% | (56,745) | |||||||
| Net Assets | 100.0% | $ | 57,442,943 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 94.8% | ||||||||
| Australia | 1.5% | ||||||||
| Computershare Ltd. | 252,851 | $ | 4,302,933 | |||||
| Canada | 7.4% | ||||||||
| Dollarama, Inc. | 109,170 | 8,316,601 | ||||||
| National Bank of Canada | 76,291 | 6,424,090 | ||||||
| Toromont Industries Ltd. | 63,739 | 6,133,682 | ||||||
| 20,874,373 | ||||||||
| China | 1.8% | ||||||||
| Tencent Holdings Ltd. | 129,100 | 5,038,088 | ||||||
| Denmark | 2.0% | ||||||||
| Coloplast AS, Class B | 41,963 | 5,679,158 | ||||||
| France | 7.5% | ||||||||
| Legrand SA | 53,361 | 5,645,484 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 11,099 | 10,038,348 | ||||||
| Pernod Ricard SA | 32,890 | 5,317,960 | ||||||
| 21,001,792 | ||||||||
| Germany | 5.1% | ||||||||
| SAP SE | 47,857 | 9,317,430 | ||||||
| Scout24 SE | 67,490 | 5,086,902 | ||||||
| 14,404,332 | ||||||||
| Hong Kong | 1.1% | ||||||||
| AIA Group Ltd. | 477,000 | 3,201,142 | ||||||
| India | 2.5% | ||||||||
| HDFC Bank Ltd. ADR | 123,955 | 6,937,761 | ||||||
| Israel | 2.5% | ||||||||
| Check Point Software Technologies Ltd. (*) | 42,809 | 7,021,104 | ||||||
| Japan | 9.6% | ||||||||
| Hoya Corp. | 44,900 | 5,620,670 | ||||||
| Keyence Corp. | 12,400 | 5,765,992 | ||||||
| M3, Inc. | 408,000 | 5,879,617 | ||||||
| Pigeon Corp. | 88,500 | 852,829 | ||||||
| Shimano, Inc. | 15,600 | 2,329,452 | ||||||
| SMS Co. Ltd. | 252,600 | 4,333,053 | ||||||
| Toei Animation Co. Ltd. | 108,500 | 2,179,380 | ||||||
| 26,960,993 | ||||||||
| Netherlands | 6.9% | ||||||||
| ASML Holding NV | 8,091 | 7,768,030 | ||||||
| Universal Music Group NV | 199,506 | 5,998,894 | ||||||
| Wolters Kluwer NV | 35,511 | 5,561,328 | ||||||
| 19,328,252 | ||||||||
| Norway | 2.0% | ||||||||
| AutoStore Holdings Ltd. (*) | 960,275 | 1,771,775 | ||||||
| Description | Shares | Fair Value | ||||||
| Gjensidige Forsikring ASA | 259,912 | $ | 3,772,613 | |||||
| 5,544,388 | ||||||||
| South Africa | 2.2% | ||||||||
| Clicks Group Ltd. | 405,372 | 6,342,820 | ||||||
| Spain | 2.8% | ||||||||
| Industria de Diseno Textil SA | 158,363 | 7,974,658 | ||||||
| Sweden | 4.3% | ||||||||
| Assa Abloy AB, Class B | 235,526 | 6,756,013 | ||||||
| Hexagon AB, B Shares | 450,182 | 5,328,833 | ||||||
| 12,084,846 | ||||||||
| Switzerland | 5.4% | ||||||||
| Partners Group Holding AG | 6,683 | 9,549,746 | ||||||
| VAT Group AG | 10,978 | 5,677,839 | ||||||
| 15,227,585 | ||||||||
| Taiwan | 4.9% | ||||||||
| Lotes Co. Ltd. | 144,000 | 6,250,975 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 56,260 | 7,654,173 | ||||||
| 13,905,148 | ||||||||
| United Kingdom | 15.0% | ||||||||
| Allfunds Group PLC | 212,748 | 1,538,483 | ||||||
| Diageo PLC | 143,329 | 5,293,228 | ||||||
| Diploma PLC | 81,888 | 3,852,402 | ||||||
| Halma PLC | 286,853 | 8,571,320 | ||||||
| London Stock Exchange Group PLC | 70,572 | 8,453,025 | ||||||
| RELX PLC | 186,021 | 8,056,734 | ||||||
| Unilever PLC | 128,579 | 6,453,258 | ||||||
| 42,218,450 | ||||||||
| United States | 10.3% | ||||||||
| Accenture PLC, Class A | 24,500 | 8,491,945 | ||||||
| Aon PLC, Class A | 31,047 | 10,361,005 | ||||||
| BRP, Inc. | 58,063 | 3,898,586 | ||||||
| Experian PLC | 144,313 | 6,300,133 | ||||||
| 29,051,669 | ||||||||
| Total Common Stocks (Cost $242,115,419) | 267,099,492 | |||||||
| Preferred Stocks | 2.2% | ||||||||
| Germany | 2.2% | ||||||||
| Sartorius AG (Cost $5,714,855) | 15,027 | 5,976,349 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio (concluded) | ||||||||
| Short-Term Investments | 3.0% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $8,515,541) | 8,515,541 | $ | 8,515,541 | |||||
| Total Investments | 100.0% (Cost $256,345,815) | $ | 281,591,382 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.0% | 130,629 | |||||||
| Net Assets | 100.0% | $ | 281,722,011 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Australia | 5.7% | ||||||||
| ALS Ltd. | 12,799 | $ | 109,812 | |||||
| AUB Group Ltd. | 8,413 | 163,266 | ||||||
| GUD Holdings Ltd. | 19,092 | 146,835 | ||||||
| National Storage REIT | 57,873 | 90,747 | ||||||
| SmartGroup Corp. Ltd. | 23,200 | 147,067 | ||||||
| 657,727 | ||||||||
| Austria | 1.9% | ||||||||
| BAWAG Group AG | 3,095 | 196,155 | ||||||
| Schoeller-Bleckmann Oilfield Equipment AG | 505 | 24,202 | ||||||
| 220,357 | ||||||||
| Belgium | 2.1% | ||||||||
| Azelis Group NV | 4,804 | 101,426 | ||||||
| Shurgard Self Storage Ltd. REIT | 3,301 | 147,306 | ||||||
| 248,732 | ||||||||
| Canada | 5.5% | ||||||||
| Descartes Systems Group, Inc. (*) | 1,014 | 92,750 | ||||||
| Dream Industrial REIT | 11,177 | 108,754 | ||||||
| Spin Master Corp. | 5,832 | 149,228 | ||||||
| Stelco Holdings, Inc. | 2,608 | 86,006 | ||||||
| Toromont Industries Ltd. | 880 | 84,683 | ||||||
| Trisura Group Ltd. (*) | 3,941 | 121,179 | ||||||
| 642,600 | ||||||||
| Denmark | 0.6% | ||||||||
| Zealand Pharma AS (*) | 732 | 72,617 | ||||||
| Finland | 1.2% | ||||||||
| Kemira OYJ | 7,211 | 136,245 | ||||||
| France | 6.2% | ||||||||
| Gaztransport Et Technigaz SA | 1,099 | 164,380 | ||||||
| Remy Cointreau SA | 2,246 | 226,215 | ||||||
| SEB SA | 1,071 | 137,353 | ||||||
| SOITEC (*) | 694 | 71,771 | ||||||
| Technip Energies NV | 4,745 | 120,129 | ||||||
| 719,848 | ||||||||
| Germany | 7.9% | ||||||||
| Covestro AG (*) | 2,241 | 122,597 | ||||||
| CTS Eventim AG & Co. KGaA | 1,349 | 119,988 | ||||||
| Gerresheimer AG | 1,119 | 126,023 | ||||||
| Hensoldt AG | 3,084 | 144,396 | ||||||
| JOST Werke SE | 2,372 | 121,812 | ||||||
| Sirius Real Estate Ltd. | 146,543 | 181,170 | ||||||
| Description | Shares | Fair Value | ||||||
| Stabilus SE | 1,590 | $ | 101,176 | |||||
| 917,162 | ||||||||
| Greece | 2.7% | ||||||||
| Jumbo SA | 7,081 | 203,903 | ||||||
| National Bank of Greece SA (*) | 14,340 | 112,269 | ||||||
| 316,172 | ||||||||
| Italy | 8.0% | ||||||||
| BFF Bank SpA | 6,860 | 91,771 | ||||||
| Italgas SpA | 33,077 | 192,700 | ||||||
| OVS SpA | 36,947 | 97,100 | ||||||
| Sanlorenzo SpA | 3,556 | 161,704 | ||||||
| Sesa SpA | 1,251 | 138,338 | ||||||
| SOL SpA | 3,730 | 133,399 | ||||||
| Tinexta SpA | 5,356 | 109,812 | ||||||
| 924,824 | ||||||||
| Japan | 28.2% | ||||||||
| Ai Holdings Corp. | 6,700 | 107,819 | ||||||
| BayCurrent Consulting, Inc. | 4,100 | 80,396 | ||||||
| Bell System24 Holdings, Inc. | 17,300 | 178,879 | ||||||
| GMO internet group, Inc. | 5,400 | 97,774 | ||||||
| Hulic Co. Ltd. | 15,100 | 155,026 | ||||||
| Koito Manufacturing Co. Ltd. | 6,600 | 88,880 | ||||||
| MatsukiyoCocokara & Co. | 6,900 | 110,825 | ||||||
| MINEBEA MITSUMI, Inc. | 7,000 | 137,217 | ||||||
| Money Forward, Inc. (*) | 4,400 | 195,454 | ||||||
| Nihon Kohden Corp. | 6,200 | 164,193 | ||||||
| Nippon Gas Co. Ltd. | 10,800 | 181,499 | ||||||
| Nippon Sanso Holdings Corp. | 5,200 | 163,244 | ||||||
| Open Up Group, Inc. | 6,700 | 93,255 | ||||||
| Sanken Electric Co. Ltd. | 3,300 | 144,792 | ||||||
| SBI Sumishin Net Bank Ltd. | 10,400 | 151,595 | ||||||
| Shimadzu Corp. | 5,200 | 145,022 | ||||||
| Sumitomo Forestry Co. Ltd. | 3,800 | 119,560 | ||||||
| TechnoPro Holdings, Inc. | 5,935 | 118,604 | ||||||
| Tokyo Century Corp. | 12,900 | 134,133 | ||||||
| Toyo Suisan Kaisha Ltd. | 2,500 | 153,232 | ||||||
| Trend Micro, Inc. | 1,600 | 81,381 | ||||||
| Trusco Nakayama Corp. | 5,900 | 99,897 | ||||||
| USS Co. Ltd. | 14,800 | 122,331 | ||||||
| Zenkoku Hosho Co. Ltd. | 4,142 | 148,235 | ||||||
| ZOZO, Inc. | 4,700 | 116,638 | ||||||
| 3,289,881 | ||||||||
| Jersey | 1.9% | ||||||||
| JTC PLC | 21,468 | 222,460 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Mexico | 1.1% | ||||||||
| Arca Continental SAB de CV | 12,000 | $ | 130,969 | |||||
| Netherlands | 3.7% | ||||||||
| Aalberts NV | 2,691 | 129,256 | ||||||
| Arcadis NV | 3,130 | 191,531 | ||||||
| CTP NV | 6,397 | 113,933 | ||||||
| 434,720 | ||||||||
| Sweden | 2.5% | ||||||||
| Lindab International AB | 3,822 | 81,971 | ||||||
| Munters Group AB | 5,814 | 104,254 | ||||||
| Swedish Orphan Biovitrum AB (*) | 4,162 | 103,811 | ||||||
| 290,036 | ||||||||
| Switzerland | 2.5% | ||||||||
| Emmi AG | 86 | 85,336 | ||||||
| Swissquote Group Holding SA | 411 | 115,382 | ||||||
| Tecan Group AG | 220 | 91,087 | ||||||
| 291,805 | ||||||||
| United Kingdom | 14.6% | ||||||||
| Allfunds Group PLC | 14,873 | 107,554 | ||||||
| Alphawave IP Group PLC (*) | 46,437 | 102,718 | ||||||
| Auto Trader Group PLC | 15,365 | 135,683 | ||||||
| Britvic PLC | 9,958 | 103,220 | ||||||
| ConvaTec Group PLC | 47,468 | 171,486 | ||||||
| Dowlais Group PLC | 96,252 | 94,739 | ||||||
| Genuit Group. PLC | 27,503 | 152,950 | ||||||
| GlobalData PLC | 61,492 | 141,247 | ||||||
| JET2 PLC | 7,441 | 135,360 | ||||||
| Life Science REIT PLC | 106,205 | 52,731 | ||||||
| Marlowe PLC (*) | 11,978 | 78,615 | ||||||
| Urban Logistics REIT PLC | 109,794 | 158,755 | ||||||
| Volution Group PLC | 23,770 | 130,533 | ||||||
| Weir Group PLC | 5,463 | 139,399 | ||||||
| 1,704,990 | ||||||||
| United States | 1.0% | ||||||||
| Samsonite International SA (*) | 31,800 | 120,394 | ||||||
| Total Common Stocks (Cost $10,985,245) | 11,341,539 | |||||||
| Short-Term Investments | 2.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $249,675) | 249,675 | 249,675 | ||||||
| Description | Fair Value | |||||||
| Total Investments | 99.4% (Cost $11,234,920) | $ | 11,591,214 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 65,380 | |||||||
| Net Assets | 100.0% | $ | 11,656,594 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 97.1% | ||||||||
| Belgium | 1.3% | ||||||||
| KBC Group NV | 710,905 | $ | 53,414,800 | |||||
| Canada | 4.9% | ||||||||
| Canadian Pacific Kansas City Ltd. | 943,409 | 83,179,903 | ||||||
| National Bank of Canada | 489,169 | 41,190,518 | ||||||
| Suncor Energy, Inc. | 2,103,629 | 77,634,944 | ||||||
| 202,005,365 | ||||||||
| Denmark | 7.0% | ||||||||
| Carlsberg AS, Class B | 643,817 | 88,211,323 | ||||||
| Novo Nordisk AS, Class B | 1,547,212 | 198,191,549 | ||||||
| 286,402,872 | ||||||||
| Finland | 1.9% | ||||||||
| Sampo OYJ, A Shares | 1,856,060 | 79,125,790 | ||||||
| France | 5.7% | ||||||||
| Airbus SE | 614,095 | 113,273,540 | ||||||
| Engie SA | 3,587,690 | 60,290,279 | ||||||
| Pernod Ricard SA | 381,116 | 61,622,364 | ||||||
| 235,186,183 | ||||||||
| Germany | 10.3% | ||||||||
| Continental AG | 801,172 | 57,828,220 | ||||||
| Douglas AG | 1,400,671 | 32,277,390 | ||||||
| Gerresheimer AG | 378,387 | 42,614,409 | ||||||
| Merck KGaA | 504,706 | 89,074,651 | ||||||
| MTU Aero Engines AG | 255,345 | 64,791,737 | ||||||
| Schott Pharma AG & Co. KGaA | 888,344 | 37,954,742 | ||||||
| Siemens AG | 527,375 | 100,678,561 | ||||||
| 425,219,710 | ||||||||
| Greece | 1.3% | ||||||||
| Piraeus Financial Holdings SA (*) | 12,990,563 | 54,290,934 | ||||||
| India | 0.9% | ||||||||
| HDFC Bank Ltd. | 2,154,431 | 37,481,729 | ||||||
| Israel | 3.0% | ||||||||
| Bank Leumi Le-Israel BM | 9,505,871 | 78,961,305 | ||||||
| Wix.com Ltd. (*) | 312,903 | 43,017,904 | ||||||
| 121,979,209 | ||||||||
| Italy | 4.7% | ||||||||
| BFF Bank SpA | 2,356,855 | 31,529,391 | ||||||
| Ryanair Holdings PLC ADR | 666,530 | 97,040,103 | ||||||
| UniCredit SpA | 1,671,754 | 63,440,632 | ||||||
| 192,010,126 | ||||||||
| Japan | 12.7% | ||||||||
| BayCurrent Consulting, Inc. | 1,614,500 | 31,658,471 | ||||||
| Description | Shares | Fair Value | ||||||
| Daikin Industries Ltd. | 327,000 | $ | 44,730,305 | |||||
| FANUC Corp. | 2,053,800 | 57,442,559 | ||||||
| Hoya Corp. | 649,200 | 81,268,125 | ||||||
| Kobe Bussan Co. Ltd. | 1,378,800 | 33,772,648 | ||||||
| Koito Manufacturing Co. Ltd. | 2,270,700 | 30,578,663 | ||||||
| Renesas Electronics Corp. | 3,593,700 | 64,321,304 | ||||||
| Shimadzu Corp. | 645,300 | 17,996,722 | ||||||
| Suzuki Motor Corp. | 3,713,888 | 42,365,237 | ||||||
| Tokyo Electron Ltd. | 331,700 | 86,988,137 | ||||||
| Ulvac, Inc. | 455,900 | 29,391,478 | ||||||
| 520,513,649 | ||||||||
| Mexico | 1.9% | ||||||||
| Arca Continental SAB de CV | 7,108,400 | 77,581,407 | ||||||
| Netherlands | 3.4% | ||||||||
| ASML Holding NV | 146,267 | 140,428,441 | ||||||
| Portugal | 1.1% | ||||||||
| EDP - Energias de Portugal SA | 11,381,897 | 44,402,774 | ||||||
| Singapore | 1.3% | ||||||||
| STMicroelectronics NV | 1,292,608 | 55,696,625 | ||||||
| South Korea | 1.4% | ||||||||
| Samsung Electronics Co. Ltd. | 987,001 | 59,096,513 | ||||||
| Sweden | 1.7% | ||||||||
| Hexagon AB, B Shares | 5,907,358 | 69,925,771 | ||||||
| Switzerland | 1.9% | ||||||||
| ABB Ltd. | 1,716,165 | 79,651,831 | ||||||
| Taiwan | 2.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,263,000 | 102,712,431 | ||||||
| United Kingdom | 15.6% | ||||||||
| Allfunds Group PLC | 4,659,163 | 33,692,645 | ||||||
| Ashtead Group PLC | 576,039 | 40,945,487 | ||||||
| Coca-Cola Europacific Partners PLC | 1,276,006 | 90,127,514 | ||||||
| Compass Group PLC | 3,032,042 | 88,860,274 | ||||||
| Informa PLC | 5,608,397 | 58,799,795 | ||||||
| London Stock Exchange Group PLC | 634,605 | 76,012,182 | ||||||
| RELX PLC | 3,851,730 | 166,429,594 | ||||||
| Weir Group PLC | 1,716,768 | 43,806,713 | ||||||
| WPP PLC | 4,314,663 | 40,832,665 | ||||||
| 639,506,869 | ||||||||
| United States | 12.6% | ||||||||
| Accenture PLC, Class A | 236,911 | 82,115,722 | ||||||
| Aon PLC, Class A | 322,071 | 107,481,534 | ||||||
| Chubb Ltd. | 314,849 | 81,586,821 | ||||||
| CRH PLC | 803,527 | 69,312,239 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Experian PLC | 1,312,611 | $ | 57,303,390 | |||||
| ICON PLC (*) | 359,731 | 120,851,630 | ||||||
| 518,651,336 | ||||||||
| Total Common Stocks (Cost $2,996,936,250) | 3,995,284,365 | |||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $113,361,409) | 113,361,409 | 113,361,409 | ||||||
| Total Investments | 99.9% (Cost $3,110,297,659) | $ | 4,108,645,774 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 2,525,772 | |||||||
| Net Assets | 100.0% | $ | 4,111,171,546 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio | ||||||||
| Common Stocks | 99.3% | ||||||||
| Australia | 2.1% | ||||||||
| Brambles Ltd. | 9,165 | $ | 96,637 | |||||
| Coles Group Ltd. | 9,178 | 101,514 | ||||||
| Telstra Group Ltd. | 59,729 | 150,365 | ||||||
| Woolworths Group Ltd. | 1,816 | 39,256 | ||||||
| 387,772 | ||||||||
| Austria | 0.2% | ||||||||
| CA Immobilien Anlagen AG | 1,016 | 35,897 | ||||||
| Bermuda | 0.4% | ||||||||
| Fidelis Insurance Holdings Ltd. | 1,314 | 25,597 | ||||||
| RenaissanceRe Holdings Ltd. | 212 | 49,826 | ||||||
| 75,423 | ||||||||
| Canada | 4.4% | ||||||||
| CGI, Inc. (*) | 1,242 | 137,023 | ||||||
| Dollarama, Inc. | 611 | 46,546 | ||||||
| Fairfax Financial Holdings Ltd. | 78 | 84,078 | ||||||
| Hydro One Ltd. | 1,229 | 35,839 | ||||||
| Loblaw Cos. Ltd. | 1,471 | 163,004 | ||||||
| Manulife Financial Corp. | 2,125 | 53,072 | ||||||
| Metro, Inc. | 4,261 | 228,755 | ||||||
| Teekay Tankers Ltd., Class A | 730 | 42,639 | ||||||
| 790,956 | ||||||||
| China | 0.4% | ||||||||
| BOC Hong Kong Holdings Ltd. | 14,500 | 38,855 | ||||||
| Wilmar International Ltd. | 14,700 | 37,291 | ||||||
| 76,146 | ||||||||
| Denmark | 1.1% | ||||||||
| Novo Nordisk AS, Class B | 1,614 | 206,747 | ||||||
| France | 1.5% | ||||||||
| Cie Generale des Etablissements Michelin SCA | 1,576 | 60,424 | ||||||
| Orange SA | 17,154 | 201,519 | ||||||
| 261,943 | ||||||||
| Hong Kong | 0.4% | ||||||||
| WH Group Ltd. | 97,000 | 64,014 | ||||||
| Israel | 0.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 29,994 | 38,555 | ||||||
| Italy | 0.3% | ||||||||
| Banco BPM SpA | 7,827 | 52,083 | ||||||
| Japan | 14.5% | ||||||||
| ANA Holdings, Inc. | 2,500 | 52,199 | ||||||
| Description | Shares | Fair Value | ||||||
| Central Japan Railway Co. | 3,500 | $ | 86,891 | |||||
| Chubu Electric Power Co., Inc. | 5,300 | 69,130 | ||||||
| Chugoku Electric Power Co., Inc. | 5,900 | 44,352 | ||||||
| East Japan Railway Co. | 8,700 | 166,804 | ||||||
| Ezaki Glico Co. Ltd. | 1,400 | 39,028 | ||||||
| Hachijuni Bank Ltd. | 11,900 | 80,268 | ||||||
| Japan Post Bank Co. Ltd. | 5,400 | 58,109 | ||||||
| Japan Post Holdings Co. Ltd. | 23,800 | 239,574 | ||||||
| Japan Real Estate Investment Corp. REIT | 33 | 117,656 | ||||||
| Japan Tobacco, Inc. | 2,100 | 55,981 | ||||||
| KDDI Corp. | 2,900 | 85,747 | ||||||
| Kyushu Railway Co. | 4,300 | 98,025 | ||||||
| Mizuho Financial Group, Inc. | 3,400 | 67,273 | ||||||
| Morinaga Milk Industry Co. Ltd. | 2,900 | 59,284 | ||||||
| Nagoya Railroad Co. Ltd. | 4,700 | 65,624 | ||||||
| NGK Insulators Ltd. | 6,000 | 80,559 | ||||||
| Nissin Foods Holdings Co. Ltd. | 2,800 | 77,198 | ||||||
| Nomura Real Estate Master Fund, Inc. REIT | 41 | 40,543 | ||||||
| Ono Pharmaceutical Co. Ltd. | 5,800 | 95,060 | ||||||
| Oracle Corp. | 200 | 15,134 | ||||||
| Osaka Gas Co. Ltd. | 10,100 | 227,475 | ||||||
| Otsuka Holdings Co. Ltd. | 3,300 | 136,859 | ||||||
| Rengo Co. Ltd. | 5,600 | 42,674 | ||||||
| Sankyo Co. Ltd. | 5,600 | 61,141 | ||||||
| Sanrio Co. Ltd. | 2,200 | 44,325 | ||||||
| Seven & i Holdings Co. Ltd. | 2,900 | 42,212 | ||||||
| SoftBank Corp. | 3,100 | 39,812 | ||||||
| Sompo Holdings, Inc. | 2,700 | 56,600 | ||||||
| Tokyo Gas Co. Ltd. | 9,800 | 223,219 | ||||||
| Yamaguchi Financial Group, Inc. | 4,300 | 43,634 | ||||||
| 2,612,390 | ||||||||
| Netherlands | 1.5% | ||||||||
| Koninklijke Ahold Delhaize NV | 1,350 | 40,365 | ||||||
| Koninklijke KPN NV | 10,369 | 38,775 | ||||||
| Shell PLC | 1,138 | 37,757 | ||||||
| Wolters Kluwer NV | 1,035 | 162,090 | ||||||
| 278,987 | ||||||||
| New Zealand | 0.5% | ||||||||
| Spark New Zealand Ltd. | 29,104 | 82,856 | ||||||
| Norway | 0.2% | ||||||||
| Orkla ASA | 5,768 | 40,695 | ||||||
| Singapore | 0.4% | ||||||||
| Jardine Cycle & Carriage Ltd. | 3,600 | 64,457 | ||||||
| Switzerland | 0.8% | ||||||||
| Givaudan SA | 19 | 84,893 |
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (continued) | ||||||||
| Logitech International SA | 764 | $ | 68,368 | |||||
| 153,261 | ||||||||
| United Kingdom | 4.9% | ||||||||
| AstraZeneca PLC | 556 | 74,860 | ||||||
| BAE Systems PLC | 8,732 | 148,732 | ||||||
| BP PLC | 5,943 | 37,342 | ||||||
| HSBC Holdings PLC | 7,428 | 58,061 | ||||||
| RELX PLC | 4,238 | 183,120 | ||||||
| Serco Group PLC | 21,766 | 52,176 | ||||||
| Standard Chartered PLC | 8,609 | 72,956 | ||||||
| Unilever PLC | 3,084 | 154,867 | ||||||
| Vodafone Group PLC | 62,338 | 55,194 | ||||||
| Yellow Cake PLC (*) | 5,304 | 40,269 | ||||||
| 877,577 | ||||||||
| United States | 65.5% | ||||||||
| Adtalem Global Education, Inc. (*) | 616 | 31,662 | ||||||
| Agree Realty Corp. REIT | 1,509 | 86,194 | ||||||
| Alkermes PLC (*) | 1,469 | 39,766 | ||||||
| Allison Transmission Holdings, Inc. | 1,287 | 104,453 | ||||||
| Alphabet, Inc., Class C (*) | 986 | 150,128 | ||||||
| Altria Group, Inc. | 3,402 | 148,395 | ||||||
| Amdocs Ltd. | 1,533 | 138,537 | ||||||
| Ameren Corp. | 590 | 43,636 | ||||||
| American Tower Corp. REIT | 265 | 52,361 | ||||||
| Aon PLC, Class A | 385 | 128,482 | ||||||
| AptarGroup, Inc. | 269 | 38,706 | ||||||
| Arcosa, Inc. | 322 | 27,647 | ||||||
| Assurant, Inc. | 427 | 80,379 | ||||||
| Atlassian Corp., Class A (*) | 290 | 56,582 | ||||||
| Atmos Energy Corp. | 1,111 | 132,065 | ||||||
| Automatic Data Processing, Inc. | 426 | 106,389 | ||||||
| AutoZone, Inc. (*) | 16 | 50,426 | ||||||
| Axis Capital Holdings Ltd. | 903 | 58,713 | ||||||
| Biogen, Inc. (*) | 251 | 54,123 | ||||||
| Boston Scientific Corp. (*) | 772 | 52,874 | ||||||
| Brady Corp., Class A | 700 | 41,496 | ||||||
| Bristol-Myers Squibb Co. | 5,238 | 284,057 | ||||||
| Broadcom, Inc. | 40 | 53,016 | ||||||
| Cadence Design Systems, Inc. (*) | 137 | 42,645 | ||||||
| Cal-Maine Foods, Inc. | 1,947 | 114,581 | ||||||
| Cardinal Health, Inc. | 692 | 77,435 | ||||||
| Cboe Global Markets, Inc. | 797 | 146,433 | ||||||
| CDW Corp. | 466 | 119,194 | ||||||
| Cencora, Inc. | 966 | 234,728 | ||||||
| Centene Corp. (*) | 861 | 67,571 | ||||||
| Description | Shares | Fair Value | ||||||
| Central Garden & Pet Co., Class A (*) | 1,618 | $ | 59,737 | |||||
| Chemed Corp. | 139 | 89,228 | ||||||
| Chubb Ltd. | 141 | 36,537 | ||||||
| Cigna Group | 322 | 116,947 | ||||||
| Cisco Systems, Inc. | 2,619 | 130,714 | ||||||
| Clorox Co. | 317 | 48,536 | ||||||
| CMS Energy Corp. | 738 | 44,531 | ||||||
| Cognizant Technology Solutions Corp., Class A | 897 | 65,741 | ||||||
| Colgate-Palmolive Co. | 3,072 | 276,634 | ||||||
| Comcast Corp., Class A | 2,455 | 106,424 | ||||||
| Comfort Systems USA, Inc. | 215 | 68,308 | ||||||
| CommVault Systems, Inc. (*) | 759 | 76,985 | ||||||
| Consolidated Edison, Inc. | 1,533 | 139,212 | ||||||
| Corebridge Financial, Inc. | 1,775 | 50,996 | ||||||
| Coterra Energy, Inc. | 1,391 | 38,781 | ||||||
| CSG Systems International, Inc. | 330 | 17,008 | ||||||
| CVS Health Corp. | 1,727 | 137,746 | ||||||
| Datadog, Inc., Class A (*) | 349 | 43,136 | ||||||
| DaVita, Inc. (*) | 418 | 57,705 | ||||||
| Deckers Outdoor Corp. (*) | 40 | 37,650 | ||||||
| Dell Technologies, Inc., Class C | 387 | 44,161 | ||||||
| DocuSign, Inc. (*) | 799 | 47,581 | ||||||
| Dropbox, Inc., Class A (*) | 1,482 | 36,013 | ||||||
| Electronic Arts, Inc. | 1,214 | 161,061 | ||||||
| Elevance Health, Inc. | 113 | 58,595 | ||||||
| Eli Lilly & Co. | 67 | 52,123 | ||||||
| Enact Holdings, Inc. | 1,441 | 44,930 | ||||||
| Entergy Corp. | 1,303 | 137,701 | ||||||
| Everest Group Ltd. | 168 | 66,780 | ||||||
| Fastenal Co. | 938 | 72,357 | ||||||
| Fiserv, Inc. (*) | 1,048 | 167,491 | ||||||
| General Mills, Inc. | 2,227 | 155,823 | ||||||
| Gilead Sciences, Inc. | 3,628 | 265,751 | ||||||
| Globe Life, Inc. | 1,183 | 137,666 | ||||||
| GoDaddy, Inc., Class A (*) | 475 | 56,373 | ||||||
| GSK PLC | 8,070 | 173,319 | ||||||
| Hartford Financial Services Group, Inc. | 540 | 55,647 | ||||||
| Humana, Inc. | 92 | 31,898 | ||||||
| Huron Consulting Group, Inc. (*) | 400 | 38,648 | ||||||
| International Business Machines Corp. | 621 | 118,586 | ||||||
| International Seaways, Inc. | 1,051 | 55,913 | ||||||
| Johnson & Johnson | 526 | 83,208 | ||||||
| Juniper Networks, Inc. | 1,447 | 53,626 | ||||||
| Kellanova | 874 | 50,072 | ||||||
| Kimberly-Clark Corp. | 1,981 | 256,242 | ||||||
| Kroger Co. | 1,864 | 106,490 |
| Description | Shares | Fair Value | ||||||
| Lazard Managed Equity Volatility Portfolio (concluded) | ||||||||
| Lantheus Holdings, Inc. (*) | 714 | $ | 44,439 | |||||
| Lockheed Martin Corp. | 459 | 208,785 | ||||||
| M&T Bank Corp. | 344 | 50,031 | ||||||
| Masco Corp. | 554 | 43,700 | ||||||
| MasterCard, Inc., Class A | 164 | 78,978 | ||||||
| McKesson Corp. | 178 | 95,559 | ||||||
| Merck & Co., Inc. | 1,781 | 235,003 | ||||||
| Meta Platforms, Inc., Class A | 176 | 85,462 | ||||||
| Microsoft Corp. | 107 | 45,017 | ||||||
| Molina Healthcare, Inc. (*) | 183 | 75,182 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 512 | 49,685 | ||||||
| Murphy USA, Inc. | 164 | 68,749 | ||||||
| National Fuel Gas Co. | 1,182 | 63,497 | ||||||
| National HealthCare Corp. | 660 | 62,377 | ||||||
| Neurocrine Biosciences, Inc. (*) | 501 | 69,098 | ||||||
| NewMarket Corp. | 425 | 269,714 | ||||||
| NiSource, Inc. | 3,238 | 89,563 | ||||||
| Northrop Grumman Corp. | 132 | 63,183 | ||||||
| NVR, Inc. (*) | 5 | 40,500 | ||||||
| PACCAR, Inc. | 439 | 54,388 | ||||||
| PepsiCo, Inc. | 1,377 | 240,989 | ||||||
| PNM Resources, Inc. | 1,042 | 39,221 | ||||||
| Procter & Gamble Co. | 1,601 | 259,762 | ||||||
| QUALCOMM, Inc. | 535 | 90,576 | ||||||
| Qualys, Inc. (*) | 250 | 41,718 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 141 | 135,711 | ||||||
| RingCentral, Inc., Class A (*) | 1,088 | 37,797 | ||||||
| Roche Holding AG | 992 | 253,235 | ||||||
| SBA Communications Corp. REIT | 461 | 99,899 | ||||||
| Sempra | 928 | 66,658 | ||||||
| ServiceNow, Inc. (*) | 55 | 41,932 | ||||||
| SLM Corp. | 2,136 | 46,543 | ||||||
| Squarespace, Inc., Class A (*) | 1,248 | 45,477 | ||||||
| Starbucks Corp. | 430 | 39,298 | ||||||
| Super Micro Computer, Inc. (*) | 157 | 158,575 | ||||||
| Synopsys, Inc. (*) | 107 | 61,151 | ||||||
| TJX Cos., Inc. | 1,040 | 105,477 | ||||||
| Tradeweb Markets, Inc., Class A | 451 | 46,981 | ||||||
| Travelers Cos., Inc. | 177 | 40,735 | ||||||
| United Therapeutics Corp. (*) | 124 | 28,485 | ||||||
| UnitedHealth Group, Inc. | 249 | 123,180 | ||||||
| Unum Group | 870 | 46,684 | ||||||
| Verizon Communications, Inc. | 3,594 | 150,804 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 163 | 68,136 | ||||||
| W.R. Berkley Corp. | 567 | 50,146 | ||||||
| Walmart, Inc. | 3,835 | 230,752 | ||||||
| Description | Shares | Fair Value | ||||||
| Waste Management, Inc. | 771 | $ | 164,339 | |||||
| WD-40 Co. | 327 | 82,832 | ||||||
| Western Union Co. | 3,992 | 55,808 | ||||||
| WK Kellogg Co. | 585 | 10,998 | ||||||
| Xcel Energy, Inc. | 3,079 | 165,496 | ||||||
| Zoom Video Communications, Inc. Class A (*) | 648 | 42,360 | ||||||
| 11,797,950 | ||||||||
| Total Common Stocks (Cost $16,077,531) | 17,897,709 | |||||||
| Warrants | 0.0% | ||||||||
| Canada | 0.0% | ||||||||
Constellation Software, Inc. (Cost $0) | 22 | 0 | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Money Market Fund,
Premier Class, 5.24% (7 day yield) (Cost $82,413) | 82,413 | 82,413 | ||||||
| Total Investments | 99.8% (Cost $16,159,944) | $ | 17,980,122 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 44,654 | |||||||
| Net Assets | 100.0% | $ | 18,024,776 |
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 96.4% | ||||||||
| Capital Markets | 6.8% | ||||||||
| S&P Global, Inc. | 22,948 | $ | 9,763,227 | |||||
| Commercial Services & Supplies | 4.7% | ||||||||
| Waste Management, Inc. | 31,558 | 6,726,588 | ||||||
| Construction Materials | 3.4% | ||||||||
| Vulcan Materials Co. | 17,786 | 4,854,155 | ||||||
| Distributors | 3.9% | ||||||||
| LKQ Corp. | 103,456 | 5,525,585 | ||||||
| Electrical Equipment | 2.7% | ||||||||
| Rockwell Automation, Inc. | 13,196 | 3,844,391 | ||||||
| Entertainment | 3.6% | ||||||||
| Live Nation Entertainment, Inc. (*) | 48,958 | 5,178,288 | ||||||
| Financial Services | 12.4% | ||||||||
| Corpay, Inc. (*) | 9,981 | 3,079,538 | ||||||
| Fidelity National Information Services, Inc. | 101,420 | 7,523,336 | ||||||
| Visa, Inc., A Shares | 25,518 | 7,121,563 | ||||||
| 17,724,437 | ||||||||
| Health Care Providers & Services | 11.3% | ||||||||
| Laboratory Corp. of America Holdings | 73,994 | 16,164,729 | ||||||
| Hotels, Restaurants & Leisure | 3.8% | ||||||||
| McDonald’s Corp. | 19,086 | 5,381,298 | ||||||
| Interactive Media & Services | 8.1% | ||||||||
| Alphabet, Inc., Class A (*) | 76,389 | 11,529,392 | ||||||
| IT Services | 4.6% | ||||||||
| VeriSign, Inc. (*) | 35,114 | 6,654,454 | ||||||
| Machinery | 4.9% | ||||||||
| Otis Worldwide Corp. | 70,967 | 7,044,894 | ||||||
| Professional Services | 4.9% | ||||||||
| Verisk Analytics, Inc. | 24,968 | 5,885,707 | ||||||
| Verra Mobility Corp. (*) | 43,058 | 1,075,158 | ||||||
| 6,960,865 | ||||||||
| Semiconductors & Semiconductor Equipment | 5.5% | ||||||||
| Analog Devices, Inc. | 39,455 | 7,803,804 | ||||||
| Software | 6.2% | ||||||||
| Oracle Corp. | 70,655 | 8,874,974 | ||||||
| Specialized REITs | 9.6% | ||||||||
| Crown Castle, Inc. | 64,036 | 6,776,930 | ||||||
| Public Storage | 23,812 | 6,906,908 | ||||||
| 13,683,838 | ||||||||
| Total Common Stocks (Cost $92,109,098) | 137,714,919 | |||||||
| Description | Shares | Fair | ||||||
| Short-Term Investments | 3.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $5,272,358) | 5,272,358 | $ | 5,272,358 | |||||
| Total Investments | 100.1% (Cost $97,381,456) | $ | 142,987,277 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (115,664) | |||||||
| Net Assets | 100.0% | $ | 142,871,613 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Automobile Components | 0.7% | ||||||||
| Aptiv PLC (*) | 8,209 | $ | 653,847 | |||||
| Banks | 3.2% | ||||||||
| Bank of America Corp. | 76,317 | 2,893,941 | ||||||
| Broadline Retail | 6.9% | ||||||||
| Amazon.com, Inc. (*) | 35,118 | 6,334,585 | ||||||
| Capital Markets | 7.9% | ||||||||
| Goldman Sachs Group, Inc. | 7,905 | 3,301,839 | ||||||
| Intercontinental Exchange, Inc. | 28,125 | 3,865,219 | ||||||
| 7,167,058 | ||||||||
| Commercial Services & Supplies | 3.2% | ||||||||
| Waste Management, Inc. | 13,834 | 2,948,717 | ||||||
| Consumer Finance | 3.2% | ||||||||
| American Express Co. | 12,618 | 2,872,992 | ||||||
| Consumer Staples Distribution & Retail | 1.9% | ||||||||
| Sysco Corp. | 21,740 | 1,764,853 | ||||||
| Containers & Packaging | 1.9% | ||||||||
| Avery Dennison Corp. | 7,753 | 1,730,857 | ||||||
| Financial Services | 4.2% | ||||||||
| Visa, Inc., A Shares | 13,834 | 3,860,793 | ||||||
| Ground Transportation | 3.4% | ||||||||
| Norfolk Southern Corp. | 12,010 | 3,060,989 | ||||||
| Health Care Equipment & Supplies | 2.0% | ||||||||
| Medtronic PLC | 20,676 | 1,801,913 | ||||||
| Health Care Providers & Services | 3.4% | ||||||||
| UnitedHealth Group, Inc. | 6,233 | 3,083,465 | ||||||
| Hotels, Restaurants & Leisure | 3.0% | ||||||||
| McDonald’s Corp. | 9,578 | 2,700,517 | ||||||
| Industrial Conglomerates | 2.1% | ||||||||
| Honeywell International, Inc. | 9,122 | 1,872,290 | ||||||
| Industrial REITs | 2.1% | ||||||||
| Prologis, Inc. | 14,595 | 1,900,561 | ||||||
| Insurance | 3.6% | ||||||||
| Marsh & McLennan Cos., Inc. | 16,115 | 3,319,368 | ||||||
| Interactive Media & Services | 6.3% | ||||||||
| Alphabet, Inc., Class A (*) | 38,250 | 5,773,072 | ||||||
| IT Services | 2.8% | ||||||||
| Accenture PLC, Class A | 7,449 | 2,581,898 | ||||||
| Life Sciences Tools & Services | 6.4% | ||||||||
| Danaher Corp. | 15,051 | 3,758,536 | ||||||
| Description | Shares | Fair Value | ||||||
| IQVIA Holdings, Inc. (*) | 8,209 | $ | 2,075,974 | |||||
| 5,834,510 | ||||||||
| Oil, Gas & Consumable Fuels | 3.4% | ||||||||
| ConocoPhillips | 24,628 | 3,134,652 | ||||||
| Personal Care Products | 1.6% | ||||||||
| Estee Lauder Cos., Inc., Class A | 9,730 | 1,499,880 | ||||||
| Pharmaceuticals | 2.7% | ||||||||
| Johnson & Johnson | 15,507 | 2,453,052 | ||||||
| Semiconductors & Semiconductor Equipment | 7.8% | ||||||||
| Analog Devices, Inc. | 16,875 | 3,337,706 | ||||||
| Applied Materials, Inc. | 12,922 | 2,664,904 | ||||||
| Broadcom, Inc. | 832 | 1,102,741 | ||||||
| 7,105,351 | ||||||||
| Software | 10.5% | ||||||||
| Microsoft Corp. | 22,804 | 9,594,099 | ||||||
| Technology Hardware, Storage & Peripherals | 3.1% | ||||||||
| Apple, Inc. | 16,723 | 2,867,660 | ||||||
| Total Common Stocks (Cost $56,125,491) | 88,810,920 | |||||||
| Short-Term Investments | 2.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $2,511,748) | 2,511,748 | 2,511,748 | ||||||
| Total Investments | 100.1% (Cost $58,637,239) | $ | 91,322,668 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (49,033) | |||||||
| Net Assets | 100.0% | $ | 91,273,635 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio | ||||||||
| Common Stocks | 98.5% | ||||||||
| Aerospace & Defense | 1.1% | ||||||||
| Curtiss-Wright Corp. | 1,780 | $ | 455,573 | |||||
| Automobile Components | 1.1% | ||||||||
| Gentherm, Inc. (*) | 7,716 | 444,287 | ||||||
| Banks | 6.5% | ||||||||
| Comerica, Inc. | 9,646 | 530,434 | ||||||
| Commerce Bancshares, Inc. | 12,356 | 657,339 | ||||||
| Home BancShares, Inc. | 25,253 | 620,466 | ||||||
| Wintrust Financial Corp. | 8,276 | 863,932 | ||||||
| 2,672,171 | ||||||||
| Biotechnology | 3.0% | ||||||||
| Halozyme Therapeutics, Inc. (*) | 14,585 | 593,318 | ||||||
| United Therapeutics Corp. (*) | 2,754 | 632,649 | ||||||
| 1,225,967 | ||||||||
| Building Products | 2.5% | ||||||||
| Carlisle Cos., Inc. | 1,593 | 624,217 | ||||||
| Hayward Holdings, Inc. (*) | 26,528 | 406,144 | ||||||
| 1,030,361 | ||||||||
| Capital Markets | 4.9% | ||||||||
| Evercore, Inc., Class A | 2,720 | 523,845 | ||||||
| StepStone Group, Inc., Class A | 19,821 | 708,402 | ||||||
| Stifel Financial Corp. | 10,264 | 802,337 | ||||||
| 2,034,584 | ||||||||
| Chemicals | 1.0% | ||||||||
| Ingevity Corp. (*) | 8,817 | 420,571 | ||||||
| Commercial Services & Supplies | 1.4% | ||||||||
| Casella Waste Systems, Inc., Class A (*) | 6,011 | 594,308 | ||||||
| Communications Equipment | 1.3% | ||||||||
| Ciena Corp. (*) | 10,593 | 523,824 | ||||||
| Construction Materials | 1.3% | ||||||||
| Eagle Materials, Inc. | 1,988 | 540,239 | ||||||
| Consumer Staples Distribution & Retail | 3.9% | ||||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 6,155 | 465,626 | ||||||
| Chefs’ Warehouse Inc. (*) | 17,654 | 664,849 | ||||||
| U.S. Foods Holding Corp. (*) | 8,765 | 473,047 | ||||||
| 1,603,522 | ||||||||
| Containers & Packaging | 2.7% | ||||||||
| Avery Dennison Corp. | 2,060 | 459,895 | ||||||
| Graphic Packaging Holding Co. | 23,169 | 676,071 | ||||||
| 1,135,966 | ||||||||
| Description | Shares | Fair Value | ||||||
| Electrical Equipment | 2.3% | ||||||||
| EnerSys | 5,243 | $ | 495,254 | |||||
| Generac Holdings, Inc. (*) | 3,542 | 446,788 | ||||||
| 942,042 | ||||||||
| Electronic Equipment, Instruments & Components | 1.4% | ||||||||
| Cognex Corp. | 13,763 | 583,826 | ||||||
| Energy Equipment & Services | 3.6% | ||||||||
| Atlas Energy Solutions, Inc. | 20,922 | 473,255 | ||||||
| Cactus, Inc., Class A | 13,374 | 669,904 | ||||||
| Liberty Energy, Inc. | 16,987 | 351,971 | ||||||
| 1,495,130 | ||||||||
| Financial Services | 1.2% | ||||||||
| AvidXchange Holdings, Inc. (*) | 37,700 | 495,755 | ||||||
| Health Care Equipment & Supplies | 4.6% | ||||||||
| Enovis Corp. (*) | 13,368 | 834,831 | ||||||
| Inspire Medical Systems, Inc. (*) | 2,125 | 456,429 | ||||||
| Lantheus Holdings, Inc. (*) | 9,715 | 604,662 | ||||||
| 1,895,922 | ||||||||
| Health Care Providers & Services | 0.9% | ||||||||
| Henry Schein, Inc. (*) | 5,137 | 387,946 | ||||||
| Health Care Technology | 2.0% | ||||||||
| Evolent Health, Inc., Class A (*) | 12,571 | 412,203 | ||||||
| Phreesia, Inc. (*) | 18,204 | 435,622 | ||||||
| 847,825 | ||||||||
| Hotels, Restaurants & Leisure | 3.1% | ||||||||
| Dave & Buster’s Entertainment, Inc. (*) | 5,002 | 313,125 | ||||||
| Kura Sushi USA, Inc., Class A (*) | 4,333 | 498,989 | ||||||
| Wyndham Hotels & Resorts, Inc. | 5,891 | 452,134 | ||||||
| 1,264,248 | ||||||||
| Household Durables | 1.1% | ||||||||
| Helen of Troy Ltd. (*) | 3,915 | 451,165 | ||||||
| Insurance | 2.8% | ||||||||
| Hanover Insurance Group, Inc. | 3,280 | 446,638 | ||||||
| Reinsurance Group of America, Inc. | 3,717 | 716,935 | ||||||
| 1,163,573 | ||||||||
| Interactive Media & Services | 3.4% | ||||||||
| Cars.com, Inc. (*) | 29,893 | 513,562 | ||||||
| Ziff Davis, Inc. (*) | 8,446 | 532,436 | ||||||
| ZoomInfo Technologies, Inc. (*) | 21,688 | 347,658 | ||||||
| 1,393,656 | ||||||||
| IT Services | 2.6% | ||||||||
| DigitalOcean Holdings, Inc. (*) | 13,701 | 523,104 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio (concluded) | ||||||||
| Squarespace, Inc., Class A (*) | 15,294 | $ | 557,314 | |||||
| 1,080,418 | ||||||||
| Leisure Products | 0.8% | ||||||||
| Brunswick Corp. | 3,239 | 312,628 | ||||||
| Life Sciences Tools & Services | 4.4% | ||||||||
| AbCellera Biologics, Inc. (*) | 72,085 | 326,545 | ||||||
| Charles River Laboratories International, Inc. (*) | 2,421 | 655,970 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A (*) | 43,385 | 376,148 | ||||||
| Stevanato Group SpA | 14,540 | 466,734 | ||||||
| 1,825,397 | ||||||||
| Machinery | 5.4% | ||||||||
| Columbus McKinnon Corp. | 12,477 | 556,849 | ||||||
| Gates Industrial Corp. PLC (*) | 33,685 | 596,561 | ||||||
| Middleby Corp. (*) | 4,853 | 780,314 | ||||||
| Nordson Corp. | 1,086 | 298,150 | ||||||
| 2,231,874 | ||||||||
| Oil, Gas & Consumable Fuels | 3.6% | ||||||||
| Antero Resources Corp. (*) | 23,106 | 670,074 | ||||||
| Magnolia Oil & Gas Corp., Class A | 31,046 | 805,644 | ||||||
| 1,475,718 | ||||||||
| Professional Services | 1.1% | ||||||||
| Jacobs Solutions, Inc. | 2,992 | 459,960 | ||||||
| Real Estate Management & Development | 1.7% | ||||||||
| DigitalBridge Group, Inc. | 36,640 | 706,053 | ||||||
| Residential REITs | 1.3% | ||||||||
| Camden Property Trust | 5,483 | 539,527 | ||||||
| Retail REITs | 1.5% | ||||||||
| Brixmor Property Group, Inc. | 27,146 | 636,574 | ||||||
| Semiconductors & Semiconductor Equipment | 5.4% | ||||||||
| Allegro MicroSystems, Inc. (*) | 14,498 | 390,866 | ||||||
| Credo Technology Group Holding Ltd. (*) | 18,006 | 381,547 | ||||||
| MKS Instruments, Inc. | 4,712 | 626,696 | ||||||
| Onto Innovation, Inc. (*) | 3,309 | 599,194 | ||||||
| Wolfspeed, Inc. (*) | 7,789 | 229,775 | ||||||
| 2,228,078 | ||||||||
| Software | 5.4% | ||||||||
| CyberArk Software Ltd. (*) | 1,315 | 349,303 | ||||||
| Dolby Laboratories, Inc., Class A | 5,432 | 455,039 | ||||||
| DoubleVerify Holdings, Inc. (*) | 16,275 | 572,229 | ||||||
| Dynatrace, Inc. (*) | 8,289 | 384,941 | ||||||
| Description | Shares | Fair Value | ||||||
| N-able, Inc. (*) | 35,523 | $ | 464,286 | |||||
| 2,225,798 | ||||||||
| Specialized REITs | 1.3% | ||||||||
| CubeSmart | 11,796 | 533,415 | ||||||
| Specialty Retail | 6.1% | ||||||||
| Boot Barn Holdings, Inc. (*) | 6,270 | 596,590 | ||||||
| Chewy, Inc., Class A (*) | 29,258 | 465,495 | ||||||
| Five Below, Inc. (*) | 1,937 | 351,333 | ||||||
| RH (*) | 1,520 | 529,355 | ||||||
| Warby Parker, Inc., Class A (*) | 42,870 | 583,461 | ||||||
| 2,526,234 | ||||||||
| Trading Companies & Distributors | 0.8% | ||||||||
| Hudson Technologies, Inc. (*) | 29,547 | 325,312 | ||||||
| Total Common Stocks (Cost $32,218,408) | 40,709,447 | |||||||
| Total Investments | 98.5% (Cost $32,218,408) | $ | 40,709,447 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.5% | 624,257 | |||||||
| Net Assets | 100.0% | $ | 41,333,704 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 97.0% | ||||||||
| Automobile Components | 0.7% | ||||||||
| Aptiv PLC (*) | 1,188 | $ | 94,624 | |||||
| Banks | 2.3% | ||||||||
| Commerce Bancshares, Inc. | 5,644 | 300,261 | ||||||
| Building Products | 2.3% | ||||||||
| Carlisle Cos., Inc. | 278 | 108,934 | ||||||
| Trane Technologies PLC | 646 | 193,929 | ||||||
| 302,863 | ||||||||
| Capital Markets | 5.5% | ||||||||
| Charles Schwab Corp. | 4,938 | 357,215 | ||||||
| Intercontinental Exchange, Inc. | 2,604 | 357,868 | ||||||
| 715,083 | ||||||||
| Chemicals | 0.2% | ||||||||
| Arcadium Lithium PLC (*) | 4,959 | 21,373 | ||||||
| Commercial Services & Supplies | 3.6% | ||||||||
| MSA Safety, Inc. | 498 | 96,408 | ||||||
| Waste Management, Inc. | 1,729 | 368,536 | ||||||
| 464,944 | ||||||||
| Communications Equipment | 1.0% | ||||||||
| Cisco Systems, Inc. | 2,554 | 127,470 | ||||||
| Consumer Finance | 1.9% | ||||||||
| American Express Co. | 1,083 | 246,588 | ||||||
| Consumer Staples Distribution & Retail | 1.2% | ||||||||
| Sysco Corp. | 1,911 | 155,135 | ||||||
| Containers & Packaging | 1.6% | ||||||||
| Avery Dennison Corp. | 958 | 213,874 | ||||||
| Electrical Equipment | 2.8% | ||||||||
| Rockwell Automation, Inc. | 1,142 | 332,699 | ||||||
| Shoals Technologies Group, Inc., Class A (*) | 3,114 | 34,814 | ||||||
| 367,513 | ||||||||
| Electronic Equipment, Instruments & Components | 1.3% | ||||||||
| Amphenol Corp., Class A | 1,459 | 168,296 | ||||||
| Financial Services | 3.9% | ||||||||
| Visa, Inc., A Shares | 1,813 | 505,972 | ||||||
| Ground Transportation | 2.3% | ||||||||
| Norfolk Southern Corp. | 1,147 | 292,336 | ||||||
| Health Care Equipment & Supplies | 3.8% | ||||||||
| Boston Scientific Corp. (*) | 3,946 | 270,261 | ||||||
| Lantheus Holdings, Inc. (*) | 1,229 | 76,493 | ||||||
| Medtronic PLC | 1,666 | 145,192 | ||||||
| 491,946 | ||||||||
| Description | Shares | Fair Value | ||||||
| Health Care Providers & Services | 4.8% | ||||||||
| Humana, Inc. | 374 | $ | 129,673 | |||||
| UnitedHealth Group, Inc. | 996 | 492,721 | ||||||
| 622,394 | ||||||||
| Household Products | 2.6% | ||||||||
| Procter & Gamble Co. | 2,104 | 341,374 | ||||||
| Industrial REITs | 2.3% | ||||||||
| Prologis, Inc. | 2,312 | 301,069 | ||||||
| IT Services | 3.4% | ||||||||
| Accenture PLC, Class A | 1,291 | 447,474 | ||||||
| Life Sciences Tools & Services | 9.1% | ||||||||
| Agilent Technologies, Inc. | 1,521 | 221,321 | ||||||
| Danaher Corp. | 1,445 | 360,845 | ||||||
| IQVIA Holdings, Inc. (*) | 956 | 241,763 | ||||||
| Thermo Fisher Scientific, Inc. | 608 | 353,376 | ||||||
| 1,177,305 | ||||||||
| Machinery | 4.9% | ||||||||
| Deere & Co. | 520 | 213,585 | ||||||
| Nordson Corp. | 562 | 154,291 | ||||||
| Watts Water Technologies, Inc., Class A | 583 | 123,917 | ||||||
| Xylem, Inc. | 1,083 | 139,967 | ||||||
| 631,760 | ||||||||
| Personal Care Products | 1.1% | ||||||||
| Estee Lauder Cos., Inc., Class A | 938 | 144,593 | ||||||
| Pharmaceuticals | 3.3% | ||||||||
| Johnson & Johnson | 1,114 | 176,224 | ||||||
| Zoetis, Inc. | 1,459 | 246,877 | ||||||
| 423,101 | ||||||||
| Semiconductors & Semiconductor Equipment | 7.3% | ||||||||
| Analog Devices, Inc. | 2,021 | 399,733 | ||||||
| Applied Materials, Inc. | 1,229 | 253,457 | ||||||
| Broadcom, Inc. | 122 | 161,700 | ||||||
| Marvell Technology, Inc. | 883 | 62,587 | ||||||
| ON Semiconductor Corp. (*) | 916 | 67,372 | ||||||
| 944,849 | ||||||||
| Software | 16.7% | ||||||||
| Adobe, Inc. (*) | 411 | 207,391 | ||||||
| CyberArk Software Ltd. (*) | 434 | 115,283 | ||||||
| Intuit, Inc. | 353 | 229,450 | ||||||
| Microsoft Corp. | 3,230 | 1,358,926 | ||||||
| Salesforce, Inc. | 842 | 253,593 | ||||||
| 2,164,643 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Specialty Retail | 3.2% | ||||||||
| Home Depot, Inc. | 1,083 | $ | 415,439 | |||||
| Technology Hardware, Storage & Peripherals | 3.0% | ||||||||
| Apple, Inc. | 2,238 | 383,772 | ||||||
| Textiles, Apparel & Luxury Goods | 0.9% | ||||||||
| NIKE, Inc., Class B | 1,250 | 117,475 | ||||||
| Total Common Stocks (Cost $8,913,798) | 12,583,526 | |||||||
| Short-Term Investments | 3.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $400,056) | 400,056 | 400,056 | ||||||
| Total Investments | 100.1% (Cost $9,313,854) | $ | 12,983,582 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (14,679) | |||||||
| Net Assets | 100.0% | $ | 12,968,903 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio | ||||||||
| Closed-End Management Investment Companies | 0.4% | ||||||||
| BlackRock Credit Allocation Income Trust | 7,676 | $ | 82,056 | |||||
| Kayne Anderson Energy Infrastructure Fund | 9,991 | 100,010 | ||||||
| (Cost $172,503) | 182,066 | |||||||
| Common Stocks | 98.5% | ||||||||
| Aerospace & Defense | 0.1% | ||||||||
| AAR Corp. (*) | 684 | 40,951 | ||||||
| Automobile Components | 1.3% | ||||||||
| Adient PLC (*) | 2,588 | 85,197 | ||||||
| Autoliv, Inc. | 700 | 84,301 | ||||||
| BorgWarner, Inc. | 2,314 | 80,388 | ||||||
| Gentex Corp. | 2,497 | 90,192 | ||||||
| Gentherm, Inc. (*) | 1,656 | 95,352 | ||||||
| Phinia, Inc. | 170 | 6,533 | ||||||
| Standard Motor Products, Inc. | 2,705 | 90,753 | ||||||
| 532,716 | ||||||||
| Automobiles | 0.4% | ||||||||
| Harley-Davidson, Inc. | 3,406 | 148,978 | ||||||
| Banks | 1.5% | ||||||||
| Amalgamated Financial Corp. | 5,190 | 124,560 | ||||||
| Cadence Bank | 2,892 | 83,868 | ||||||
| Capital City Bank Group, Inc. | 2,345 | 64,957 | ||||||
| Financial Institutions, Inc. | 3,131 | 58,925 | ||||||
| First Business Financial Services, Inc. | 862 | 32,325 | ||||||
| FS Bancorp, Inc. | 897 | 31,135 | ||||||
| OFG Bancorp | 2,068 | 76,123 | ||||||
| Orange County Bancorp, Inc. | 1,149 | 52,854 | ||||||
| UMB Financial Corp. | 1,050 | 91,340 | ||||||
| VersaBank | 1,132 | 11,999 | ||||||
| 628,086 | ||||||||
| Beverages | 0.2% | ||||||||
| Coca-Cola Consolidated, Inc. | 114 | 96,491 | ||||||
| Biotechnology | 5.1% | ||||||||
| AC Immune SA (*) | 1,801 | 5,331 | ||||||
| ACADIA Pharmaceuticals, Inc. (*) | 3,725 | 68,875 | ||||||
| ADMA Biologics, Inc. (*) | 46,193 | 304,874 | ||||||
| Alkermes PLC (*) | 4,990 | 135,079 | ||||||
| Anika Therapeutics, Inc. (*) | 3,697 | 93,904 | ||||||
| Apellis Pharmaceuticals, Inc. (*) | 1,374 | 80,764 | ||||||
| Biohaven Ltd. (*) | 272 | 14,876 | ||||||
| Blueprint Medicines Corp. (*) | 981 | 93,058 | ||||||
| Catalyst Pharmaceuticals, Inc. (*) | 12,233 | 194,994 | ||||||
| Description | Shares | Fair Value | ||||||
| Deciphera Pharmaceuticals, Inc. (*) | 5,052 | $ | 79,468 | |||||
| Exelixis, Inc. (*) | 2,200 | 52,206 | ||||||
| Halozyme Therapeutics, Inc. (*) | 3,301 | 134,285 | ||||||
| Ironwood Pharmaceuticals, Inc. (*) | 7,426 | 64,680 | ||||||
| MiMedx Group, Inc. (*) | 9,632 | 74,166 | ||||||
| Myriad Genetics, Inc. (*) | 4,357 | 92,891 | ||||||
| Neurocrine Biosciences, Inc. (*) | 574 | 79,166 | ||||||
| PTC Therapeutics, Inc. (*) | 2,944 | 85,641 | ||||||
| Puma Biotechnology, Inc. (*) | 25,363 | 134,424 | ||||||
| Sage Therapeutics, Inc. (*) | 3,510 | 65,777 | ||||||
| Ultragenyx Pharmaceutical, Inc. (*) | 1,831 | 85,489 | ||||||
| United Therapeutics Corp. (*) | 641 | 147,251 | ||||||
| Vanda Pharmaceuticals, Inc. (*) | 1,330 | 5,466 | ||||||
| 2,092,665 | ||||||||
| Broadline Retail | 0.5% | ||||||||
| Dillard’s, Inc., Class A | 249 | 117,438 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc. (*) | 1,240 | 98,667 | ||||||
| 216,105 | ||||||||
| Building Products | 2.5% | ||||||||
| American Woodmark Corp. (*) | 709 | 72,077 | ||||||
| AZEK Co., Inc. (*) | 2,341 | 117,565 | ||||||
| Builders FirstSource, Inc. (*) | 2,027 | 422,731 | ||||||
| Gibraltar Industries, Inc. (*) | 1,213 | 97,683 | ||||||
| Owens Corning | 191 | 31,859 | ||||||
| Simpson Manufacturing Co., Inc. | 281 | 57,656 | ||||||
| Tecnoglass, Inc. | 87 | 4,527 | ||||||
| UFP Industries, Inc. | 1,255 | 154,377 | ||||||
| Zurn Elkay Water Solutions Corp. | 2,684 | 89,833 | ||||||
| 1,048,308 | ||||||||
| Capital Markets | 1.8% | ||||||||
| Affiliated Managers Group, Inc. | 507 | 84,907 | ||||||
| Bain Capital Specialty Finance, Inc. | 7,801 | 122,320 | ||||||
| Carlyle Secured Lending, Inc. | 8,511 | 138,559 | ||||||
| Federated Hermes, Inc. | 2,207 | 79,717 | ||||||
| Golub Capital BDC, Inc. | 5,039 | 83,799 | ||||||
| Houlihan Lokey, Inc. | 632 | 81,016 | ||||||
| New Mountain Finance Corp. | 6,385 | 80,898 | ||||||
| SEI Investments Co. | 1,180 | 84,842 | ||||||
| 756,058 | ||||||||
| Chemicals | 1.1% | ||||||||
| Avient Corp. | 2,270 | 98,518 | ||||||
| Bioceres Crop Solutions Corp. (*) | 9,321 | 118,004 | ||||||
| Cabot Corp. | 1,110 | 102,342 | ||||||
| Ingevity Corp. (*) | 752 | 35,870 |
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Minerals Technologies, Inc. | 1,305 | $ | 98,241 | |||||
| 452,975 | ||||||||
| Commercial Services & Supplies | 3.8% | ||||||||
| ACCO Brands Corp. | 16,728 | 93,844 | ||||||
| Aris Water Solutions, Inc., Class A | 7,592 | 107,427 | ||||||
| BrightView Holdings, Inc. (*) | 16,093 | 191,507 | ||||||
| CECO Environmental Corp. (*) | 7,115 | 163,787 | ||||||
| Civeo Corp. | 5,164 | 138,654 | ||||||
| Clean Harbors, Inc. (*) | 491 | 98,843 | ||||||
| CompX International, Inc. | 1,262 | 43,287 | ||||||
| Deluxe Corp. | 2,460 | 50,651 | ||||||
| Ennis, Inc. | 990 | 20,305 | ||||||
| HNI Corp. | 2,294 | 103,528 | ||||||
| Interface, Inc. | 5,884 | 98,969 | ||||||
| Liquidity Services, Inc. (*) | 5,929 | 110,279 | ||||||
| OPENLANE, Inc. (*) | 4,720 | 81,656 | ||||||
| Steelcase, Inc.,Class A | 14,075 | 184,101 | ||||||
| Viad Corp. (*) | 2,570 | 101,489 | ||||||
| 1,588,327 | ||||||||
| Communications Equipment | 1.3% | ||||||||
| Calix, Inc. (*) | 2,549 | 84,525 | ||||||
| Ceragon Networks Ltd. (*) | 51,000 | 163,200 | ||||||
| Ciena Corp. (*) | 1,776 | 87,823 | ||||||
| Extreme Networks, Inc. (*) | 5,250 | 60,585 | ||||||
| Gilat Satellite Networks Ltd. (*) | 7,512 | 40,790 | ||||||
| Ituran Location & Control Ltd. | 3,539 | 98,951 | ||||||
| 535,874 | ||||||||
| Construction & Engineering | 1.5% | ||||||||
| API Group Corp. (*) | 800 | 31,416 | ||||||
| Argan, Inc. | 729 | 36,844 | ||||||
| IES Holdings, Inc. (*) | 2,141 | 260,431 | ||||||
| Limbach Holdings, Inc. (*) | 4,456 | 184,567 | ||||||
| Stantec, Inc. | 1,201 | 99,731 | ||||||
| 612,989 | ||||||||
| Construction Materials | 0.3% | ||||||||
| U.S. Lime & Minerals, Inc. | 460 | 137,144 | ||||||
| Consumer Finance | 1.1% | ||||||||
| Bread Financial Holdings, Inc. | 2,414 | 89,897 | ||||||
| Enova International, Inc. (*) | 1,919 | 120,571 | ||||||
| FirstCash Holdings, Inc. | 672 | 85,707 | ||||||
| PROG Holdings, Inc. | 4,285 | 147,575 | ||||||
| 443,750 | ||||||||
| Consumer Staples Distribution & Retail | 0.5% | ||||||||
| Andersons, Inc. | 1,811 | 103,897 | ||||||
| Description | Shares | Fair Value | ||||||
| PriceSmart, Inc. | 1,097 | $ | 92,148 | |||||
| 196,045 | ||||||||
| Containers & Packaging | 1.0% | ||||||||
| Greif, Inc.,Class A | 2,257 | 155,846 | ||||||
| Myers Industries, Inc. | 4,217 | 97,708 | ||||||
| Pactiv Evergreen, Inc. | 3,670 | 52,554 | ||||||
| Sonoco Products Co. | 1,548 | 89,536 | ||||||
| 395,644 | ||||||||
| Distributors | 0.2% | ||||||||
| Weyco Group, Inc. | 2,523 | 80,433 | ||||||
| Diversified Consumer Services | 2.7% | ||||||||
| Afya Ltd., Class A (*) | 8,907 | 165,492 | ||||||
| American Public Education, Inc. (*) | 6,404 | 90,937 | ||||||
| Frontdoor, Inc. (*) | 3,441 | 112,108 | ||||||
| Grand Canyon Education, Inc. (*) | 982 | 133,758 | ||||||
| Laureate Education, Inc. | 11,252 | 163,942 | ||||||
| Lincoln Educational Services Corp. (*) | 4,577 | 47,280 | ||||||
| Perdoceo Education Corp. | 5,043 | 88,555 | ||||||
| Strategic Education, Inc. | 851 | 88,606 | ||||||
| Stride, Inc. (*) | 1,824 | 115,003 | ||||||
| Universal Technical Institute, Inc. (*) | 6,009 | 95,784 | ||||||
| Vitru Ltd. (*) | 1,341 | 19,337 | ||||||
| 1,120,802 | ||||||||
| Diversified REITs | 0.4% | ||||||||
| Broadstone Net Lease, Inc. | 4,518 | 70,797 | ||||||
| Essential Properties Realty Trust, Inc. | 3,012 | 80,300 | ||||||
| 151,097 | ||||||||
| Diversified Telecommunication Services | 0.2% | ||||||||
| Liberty Latin America Ltd., Class C (*) | 14,335 | 100,202 | ||||||
| Electrical Equipment | 2.9% | ||||||||
| Acuity Brands, Inc. | 633 | 170,106 | ||||||
| Allient, Inc. | 4,060 | 144,861 | ||||||
| Atkore, Inc. | 1,181 | 224,815 | ||||||
| nVent Electric PLC | 2,853 | 215,116 | ||||||
| Powell Industries, Inc. | 599 | 85,238 | ||||||
| Preformed Line Products Co. | 1,489 | 191,590 | ||||||
| Regal Rexnord Corp. | 256 | 46,105 | ||||||
| Thermon Group Holdings, Inc. (*) | 3,337 | 109,187 | ||||||
| 1,187,018 | ||||||||
| Electronic Equipment, Instruments & Components | 4.8% | ||||||||
| Advanced Energy Industries, Inc. | 420 | 42,832 | ||||||
| Bel Fuse, Inc. Class B | 1,749 | 105,482 | ||||||
| Benchmark Electronics, Inc. | 3,056 | 91,710 | ||||||
| Celestica, Inc. (*) | 8,695 | 390,753 | ||||||
| Climb Global Solutions, Inc. | 1,624 | 115,109 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Coherent Corp. (*) | 1,376 | $ | 83,413 | |||||
| Daktronics, Inc. (*) | 14,404 | 143,464 | ||||||
| ePlus, Inc. (*) | 1,298 | 101,945 | ||||||
| Itron, Inc. (*) | 1,609 | 148,865 | ||||||
| Jabil, Inc. | 1,331 | 178,287 | ||||||
| Kimball Electronics, Inc. (*) | 4,322 | 93,571 | ||||||
| Mirion Technologies, Inc. (*) | 12,064 | 137,168 | ||||||
| nLight, Inc. (*) | 2,865 | 37,245 | ||||||
| Novanta, Inc. (*) | 263 | 45,964 | ||||||
| OSI Systems, Inc. (*) | 574 | 81,979 | ||||||
| PC Connection, Inc. | 1,319 | 86,962 | ||||||
| Sanmina Corp. (*) | 609 | 37,868 | ||||||
| ScanSource, Inc. (*) | 1,439 | 63,374 | ||||||
| 1,985,991 | ||||||||
| Energy Equipment & Services | 0.6% | ||||||||
| North American Construction Group Ltd. | 2,013 | 44,850 | ||||||
| NOV, Inc. | 5,129 | 100,118 | ||||||
| Select Water Solutions, Inc. | 10,550 | 97,376 | ||||||
| 242,344 | ||||||||
| Entertainment | 0.2% | ||||||||
| Cinemark Holdings, Inc. (*) | 4,484 | 80,577 | ||||||
| Financial Services | 1.4% | ||||||||
| Cass Information Systems, Inc. | 1,503 | 72,399 | ||||||
| Enact Holdings, Inc. | 2,917 | 90,952 | ||||||
| Euronet Worldwide, Inc. (*) | 772 | 84,866 | ||||||
| Merchants Bancorp | 1,763 | 76,126 | ||||||
| NMI Holdings, Inc., Class A (*) | 4,881 | 157,852 | ||||||
| WEX, Inc. (*) | 386 | 91,687 | ||||||
| 573,882 | ||||||||
| Ground Transportation | 0.5% | ||||||||
| FTAI Infrastructure, Inc. | 19,068 | 119,747 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 718 | 39,504 | ||||||
| XPO, Inc. (*) | 458 | 55,890 | ||||||
| 215,141 | ||||||||
| Health Care Equipment & Supplies | 3.7% | ||||||||
| Artivion, Inc. (*) | 1,340 | 28,354 | ||||||
| CONMED Corp. | 1,026 | 82,162 | ||||||
| DENTSPLY SIRONA, Inc. | 1,275 | 42,317 | ||||||
| Glaukos Corp. (*) | 461 | 43,468 | ||||||
| Haemonetics Corp. (*) | 1,619 | 138,182 | ||||||
| ICU Medical, Inc. (*) | 278 | 29,835 | ||||||
| iRadimed Corp. | 3,636 | 159,948 | ||||||
| Neogen Corp. (*) | 4,877 | 76,959 | ||||||
| OraSure Technologies, Inc. (*) | 19,014 | 116,936 | ||||||
| Penumbra, Inc. (*) | 278 | 62,044 | ||||||
| Description | Shares | Fair Value | ||||||
| RxSight, Inc. (*) | 2,829 | $ | 145,920 | |||||
| Sanara Medtech, Inc. (*) | 1,322 | 48,914 | ||||||
| Semler Scientific, Inc. (*) | 3,110 | 90,843 | ||||||
| Shockwave Medical, Inc. (*) | 155 | 50,473 | ||||||
| Surmodics, Inc. (*) | 2,164 | 63,492 | ||||||
| UFP Technologies, Inc. (*) | 876 | 220,927 | ||||||
| Utah Medical Products, Inc. | 855 | 60,799 | ||||||
| Varex Imaging Corp. (*) | 3,293 | 59,603 | ||||||
| 1,521,176 | ||||||||
| Health Care Providers & Services | 2.1% | ||||||||
| Addus HomeCare Corp. (*) | 1,581 | 163,381 | ||||||
| Chemed Corp. | 151 | 96,931 | ||||||
| DocGo, Inc. (*) | 21,629 | 87,381 | ||||||
| Encompass Health Corp. | 589 | 48,640 | ||||||
| NeoGenomics, Inc. (*) | 2,362 | 37,131 | ||||||
| Option Care Health, Inc. (*) | 3,917 | 131,376 | ||||||
| PetIQ, Inc. (*) | 5,479 | 100,156 | ||||||
| RadNet, Inc. (*) | 1,187 | 57,759 | ||||||
| Talkspace, Inc. (*) | 28,217 | 100,735 | ||||||
| Viemed Healthcare, Inc. (*) | 3,644 | 34,363 | ||||||
| 857,853 | ||||||||
| Health Care REITs | 0.7% | ||||||||
| Healthpeak Properties, Inc. | 7,892 | 147,975 | ||||||
| LTC Properties, Inc. | 2,092 | 68,011 | ||||||
| Omega Healthcare Investors, Inc. | 2,611 | 82,690 | ||||||
| 298,676 | ||||||||
| Health Care Technology | 0.2% | ||||||||
| HealthStream, Inc. | 2,594 | 69,156 | ||||||
| Hotels, Restaurants & Leisure | 1.4% | ||||||||
| Accel Entertainment, Inc. (*) | 13,249 | 156,206 | ||||||
| Arcos Dorados Holdings, Inc., Class A (*) | 3,542 | 39,387 | ||||||
| Boyd Gaming Corp. | 1,611 | 108,453 | ||||||
| Denny’s Corp. (*) | 3,876 | 34,729 | ||||||
| Despegar.com Corp. (*) | 8,714 | 104,219 | ||||||
| International Game Technology PLC | 4,271 | 96,482 | ||||||
| Krispy Kreme, Inc. | 3,083 | 46,969 | ||||||
| 586,445 | ||||||||
| Household Durables | 2.1% | ||||||||
| Beazer Homes USA, Inc. (*) | 3,494 | 114,603 | ||||||
| Cavco Industries, Inc. (*) | 271 | 108,145 | ||||||
| Dream Finders Homes, Inc., Class A (*) | 1,168 | 51,077 | ||||||
| Hamilton Beach Brands Holding Co., Class A | 3,749 | 91,326 | ||||||
| Helen of Troy Ltd. (*) | 352 | 40,565 | ||||||
| Hooker Furnishings Corp. | 2,085 | 50,061 | ||||||
| Hovnanian Enterprises, Inc., Class A (*) | 1,036 | 162,590 | ||||||
| KB Home | 372 | 26,367 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| M/I Homes, Inc. (*) | 351 | $ | 47,838 | |||||
| MDC Holdings, Inc. | 1,385 | 87,130 | ||||||
| Tri Pointe Homes, Inc. (*) | 2,467 | 95,374 | ||||||
| 875,076 | ||||||||
| Household Products | 0.2% | ||||||||
| Oil-Dri Corp. of America | 1,166 | 86,937 | ||||||
| Independent Power & Renewable Electricity Producers | 0.4% | ||||||||
| Atlantica Sustainable Infrastructure PLC | 4,981 | 92,049 | ||||||
| Brookfield Renewable Corp., Class A | 3,048 | 74,889 | ||||||
| 166,938 | ||||||||
| Industrial REITs | 0.7% | ||||||||
| Americold Realty Trust, Inc. | 2,126 | 52,980 | ||||||
| EastGroup Properties, Inc. | 249 | 44,763 | ||||||
| First Industrial Realty Trust, Inc. | 1,278 | 67,146 | ||||||
| LXP Industrial Trust | 6,595 | 59,487 | ||||||
| STAG Industrial, Inc. | 1,918 | 73,728 | ||||||
| 298,104 | ||||||||
| Insurance | 2.1% | ||||||||
| Assurant, Inc. | 420 | 79,061 | ||||||
| Enstar Group Ltd. (*) | 289 | 89,810 | ||||||
| International General Insurance Holdings Ltd. | 3,376 | 45,711 | ||||||
| Palomar Holdings, Inc. (*) | 1,306 | 109,482 | ||||||
| Primerica, Inc. | 385 | 97,390 | ||||||
| Reinsurance Group of America, Inc. | 512 | 98,754 | ||||||
| RLI Corp. | 561 | 83,292 | ||||||
| Selective Insurance Group, Inc. | 804 | 87,773 | ||||||
| Unum Group | 1,567 | 84,085 | ||||||
| White Mountains Insurance Group Ltd. | 45 | 80,743 | ||||||
| 856,101 | ||||||||
| Interactive Media & Services | 1.6% | ||||||||
| Cargurus, Inc. (*) | 3,875 | 89,435 | ||||||
| Cars.com, Inc. (*) | 4,989 | 85,711 | ||||||
| IAC, Inc. (*) | 584 | 31,151 | ||||||
| Match Group, Inc. (*) | 2,448 | 88,813 | ||||||
| MediaAlpha, Inc., Class A (*) | 4,443 | 90,504 | ||||||
| VTEX, Class A (*) | 11,794 | 96,357 | ||||||
| Yelp, Inc. (*) | 2,832 | 111,581 | ||||||
| ZipRecruiter, Inc., Class A (*) | 7,392 | 84,934 | ||||||
| 678,486 | ||||||||
| IT Services | 1.4% | ||||||||
| Amdocs Ltd. | 890 | 80,429 | ||||||
| Backblaze, Inc., Class A (*) | 8,265 | 84,551 | ||||||
| BigBear.ai Holdings, Inc. (*) | 23,983 | 49,165 | ||||||
| Description | Shares | Fair Value | ||||||
| CI&T, Inc., Class A (*) | 2,358 | $ | 9,739 | |||||
| Hackett Group, Inc. | 4,498 | 109,301 | ||||||
| Okta, Inc. (*) | 1,122 | 117,384 | ||||||
| Rackspace Technology, Inc. (*) | 15,805 | 24,972 | ||||||
| Squarespace, Inc., Class A (*) | 2,535 | 92,375 | ||||||
| 567,916 | ||||||||
| Leisure Products | 2.1% | ||||||||
| BRP, Inc. | 1,827 | 122,592 | ||||||
| Brunswick Corp. | 1,276 | 123,159 | ||||||
| Escalade, Inc. | 1,307 | 17,971 | ||||||
| JAKKS Pacific, Inc. (*) | 4,723 | 116,658 | ||||||
| Johnson Outdoors, Inc., Class A | 1,969 | 90,791 | ||||||
| Malibu Boats, Inc. ,Class A (*) | 1,405 | 60,808 | ||||||
| Marine Products Corp. | 4,454 | 52,334 | ||||||
| MasterCraft Boat Holdings, Inc. (*) | 4,280 | 101,522 | ||||||
| Polaris, Inc. | 1,180 | 118,142 | ||||||
| YETI Holdings, Inc. (*) | 2,189 | 84,386 | ||||||
| 888,363 | ||||||||
| Life Sciences Tools & Services | 2.0% | ||||||||
| Azenta, Inc. (*) | 1,380 | 83,186 | ||||||
| Bruker Corp. | 1,963 | 184,404 | ||||||
| ChromaDex Corp. (*) | 7,425 | 25,839 | ||||||
| CryoPort, Inc. (*) | 2,836 | 50,197 | ||||||
| Medpace Holdings, Inc. (*) | 948 | 383,134 | ||||||
| Mesa Laboratories, Inc. | 965 | 105,890 | ||||||
| 832,650 | ||||||||
| Machinery | 3.8% | ||||||||
| AGCO Corp. | 684 | 84,146 | ||||||
| Alamo Group, Inc. | 653 | 149,099 | ||||||
| Allison Transmission Holdings, Inc. | 3,416 | 277,243 | ||||||
| Blue Bird Corp. (*) | 1,428 | 54,750 | ||||||
| Columbus McKinnon Corp. | 2,115 | 94,392 | ||||||
| Energy Recovery, Inc. (*) | 5,994 | 94,645 | ||||||
| Hyster-Yale Materials Handling, Inc. | 729 | 46,780 | ||||||
| Mueller Industries, Inc. | 3,876 | 209,033 | ||||||
| REV Group, Inc. | 8,927 | 197,197 | ||||||
| Tennant Co. | 1,339 | 162,836 | ||||||
| Terex Corp. | 1,438 | 92,607 | ||||||
| Watts Water Technologies, Inc., Class A | 432 | 91,822 | ||||||
| 1,554,550 | ||||||||
| Marine Transportation | 1.4% | ||||||||
| Danaos Corp. | 2,181 | 157,468 | ||||||
| Euroseas Ltd. | 4,206 | 150,785 | ||||||
| Global Ship Lease, Inc., Class A | 2,158 | 43,807 | ||||||
| Golden Ocean Group Ltd. | 6,839 | 88,634 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Grindrod Shipping Holdings Ltd. | 5,069 | $ | 53,579 | |||||
| Safe Bulkers, Inc. | 18,210 | 90,322 | ||||||
| 584,595 | ||||||||
| Media | 0.9% | ||||||||
| Emerald Holding, Inc. (*) | 9,342 | 63,619 | ||||||
| Gambling.com Group Ltd. (*) | 6,107 | 55,757 | ||||||
| Innovid Corp. (*) | 13,185 | 32,831 | ||||||
| Scholastic Corp. | 2,469 | 93,106 | ||||||
| Sinclair, Inc. | 2,507 | 33,769 | ||||||
| Thryv Holdings, Inc. (*) | 4,763 | 105,881 | ||||||
| 384,963 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.7% | ||||||||
| Claros Mortgage Trust, Inc. | 9,133 | 89,138 | ||||||
| Franklin BSP Realty Trust, Inc. | 5,637 | 75,311 | ||||||
| PennyMac Mortgage Investment Trust | 8,993 | 132,017 | ||||||
| 296,466 | ||||||||
| Office REITs | 0.3% | ||||||||
| COPT Defense Properties | 2,450 | 59,217 | ||||||
| Postal Realty Trust, Inc., Class A | 3,897 | 55,805 | ||||||
| 115,022 | ||||||||
| Oil, Gas & Consumable Fuels | 0.3% | ||||||||
| Sabine Royalty Trust | 709 | 45,085 | ||||||
| San Juan Basin Royalty Trust | 11,674 | 61,756 | ||||||
| 106,841 | ||||||||
| Paper & Forest Products | 0.3% | ||||||||
| Clearwater Paper Corp. (*) | 3,173 | 138,755 | ||||||
| Personal Care Products | 0.8% | ||||||||
| Edgewell Personal Care Co. | 2,211 | 85,433 | ||||||
| elf Beauty, Inc. (*) | 610 | 119,578 | ||||||
| Herbalife Ltd. (*) | 5,130 | 51,557 | ||||||
| Nature’s Sunshine Products, Inc. (*) | 2,398 | 49,807 | ||||||
| Nu Skin Enterprises, Inc., Class A | 2,362 | 32,666 | ||||||
| 339,041 | ||||||||
| Pharmaceuticals | 0.3% | ||||||||
| Amphastar Pharmaceuticals, Inc. (*) | 1,850 | 81,234 | ||||||
| Tilray Brands, Inc. (*) | 21,873 | 54,026 | ||||||
| 135,260 | ||||||||
| Professional Services | 4.8% | ||||||||
| ASGN, Inc. (*) | 1,244 | 130,321 | ||||||
| Barrett Business Services, Inc. | 1,323 | 167,651 | ||||||
| Clarivate PLC (*) | 8,765 | 65,124 | ||||||
| Conduent, Inc. (*) | 12,227 | 41,327 | ||||||
| CRA International, Inc. | 1,276 | 190,864 | ||||||
| CSG Systems International, Inc. | 2,273 | 117,150 | ||||||
| Description | Shares | Fair Value | ||||||
| ExlService Holdings, Inc. (*) | 2,317 | $ | 73,681 | |||||
| Franklin Covey Co. (*) | 3,099 | 121,667 | ||||||
| FTI Consulting, Inc. (*) | 460 | 96,733 | ||||||
| Heidrick & Struggles International, Inc. | 4,378 | 147,363 | ||||||
| Huron Consulting Group, Inc. (*) | 1,241 | 119,905 | ||||||
| IBEX Holdings Ltd. (*) | 1,804 | 27,836 | ||||||
| ICF International, Inc. | 323 | 48,654 | ||||||
| Kelly Services, Inc., Class A | 3,939 | 98,633 | ||||||
| Legalzoom.com, Inc. (*) | 7,389 | 98,569 | ||||||
| Resources Connection, Inc. | 7,051 | 92,791 | ||||||
| Science Applications International Corp. | 966 | 125,957 | ||||||
| Sterling Check Corp. (*) | 5,784 | 93,007 | ||||||
| Willdan Group, Inc. (*) | 3,817 | 110,655 | ||||||
| 1,967,888 | ||||||||
| Real Estate Management & Development | 0.4% | ||||||||
| FirstService Corp. | 466 | 77,263 | ||||||
| FRP Holdings, Inc. (*) | 683 | 41,936 | ||||||
| RMR Group, Inc., Class A | 1,783 | 42,792 | ||||||
| 161,991 | ||||||||
| Residential REITs | 0.4% | ||||||||
| Apartment Income REIT Corp. | 1,781 | 57,829 | ||||||
| Camden Property Trust | 739 | 72,718 | ||||||
| Elme Communities | 3,784 | 52,673 | ||||||
| 183,220 | ||||||||
| Retail REITs | 1.8% | ||||||||
| Agree Realty Corp. | 1,168 | 66,716 | ||||||
| Alexander’s, Inc. | 361 | 78,388 | ||||||
| Brixmor Property Group, Inc. | 3,511 | 82,333 | ||||||
| Federal Realty Investment Trust | 614 | 62,702 | ||||||
| Kite Realty Group Trust | 3,070 | 66,558 | ||||||
| NNN REIT, Inc. | 1,999 | 85,437 | ||||||
| Phillips Edison & Co., Inc. | 1,990 | 71,381 | ||||||
| Realty Income Corp. | 1,202 | 65,028 | ||||||
| Retail Opportunity Investments Corp. | 6,372 | 81,689 | ||||||
| Tanger, Inc. | 3,029 | 89,446 | ||||||
| 749,678 | ||||||||
| Semiconductors & Semiconductor Equipment | 2.0% | ||||||||
| Axcelis Technologies, Inc. (*) | 1,966 | 219,248 | ||||||
| Cirrus Logic, Inc. (*) | 1,671 | 154,668 | ||||||
| Diodes, Inc. (*) | 709 | 49,985 | ||||||
| Kulicke & Soffa Industries, Inc. | 1,843 | 92,721 | ||||||
| NVE Corp. | 578 | 52,124 | ||||||
| Photronics, Inc. (*) | 5,990 | 169,637 | ||||||
| Silicon Laboratories, Inc. (*) | 645 | 92,699 | ||||||
| 831,082 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Software | 11.6% | ||||||||
| Agilysys, Inc. (*) | 1,251 | $ | 105,409 | |||||
| Alarm.com Holdings, Inc. (*) | 597 | 43,265 | ||||||
| Alkami Technology, Inc. (*) | 5,058 | 124,275 | ||||||
| Appfolio, Inc., Class A (*) | 573 | 141,382 | ||||||
| BILL Holdings, Inc. (*) | 680 | 46,730 | ||||||
| Blackline, Inc. (*) | 1,742 | 112,498 | ||||||
| Box, Inc., Class A (*) | 3,083 | 87,311 | ||||||
| Cellebrite DI Ltd. (*) | 14,542 | 161,125 | ||||||
| Cerence, Inc. (*) | 5,326 | 83,884 | ||||||
| Clear Secure, Inc., Class A | 2,262 | 48,113 | ||||||
| Clearwater Analytics Holdings, Inc., Class A (*) | 4,708 | 83,284 | ||||||
| CommVault Systems, Inc. (*) | 1,860 | 188,660 | ||||||
| Confluent, Inc., Class A (*) | 3,157 | 96,352 | ||||||
| Daily Journal Corp. (*) | 267 | 96,550 | ||||||
| Dave, Inc. (*) | 2,604 | 96,713 | ||||||
| Docebo, Inc. (*) | 897 | 43,935 | ||||||
| DocuSign, Inc. (*) | 1,826 | 108,738 | ||||||
| Dolby Laboratories, Inc., Class A | 1,136 | 95,163 | ||||||
| E2open Parent Holdings, Inc. (*) | 11,872 | 52,712 | ||||||
| Elastic NV (*) | 1,524 | 152,766 | ||||||
| Freshworks, Inc., Class A (*) | 5,399 | 98,316 | ||||||
| Gitlab, Inc., Class A (*) | 1,115 | 65,027 | ||||||
| JFrog Ltd. (*) | 2,689 | 118,908 | ||||||
| Karooooo Ltd. | 1,074 | 26,914 | ||||||
| Magic Software Enterprises Ltd. | 1,661 | 19,018 | ||||||
| Manhattan Associates, Inc. (*) | 403 | 100,843 | ||||||
| MeridianLink, Inc. (*) | 2,076 | 38,821 | ||||||
| Mitek Systems, Inc. (*) | 7,541 | 106,328 | ||||||
| Monday.com Ltd. (*) | 666 | 150,429 | ||||||
| nCino, Inc. (*) | 2,651 | 99,094 | ||||||
| Open Text Corp. | 2,901 | 112,646 | ||||||
| Pegasystems, Inc. | 2,392 | 154,619 | ||||||
| Procore Technologies, Inc. (*) | 1,191 | 97,864 | ||||||
| Progress Software Corp. | 2,419 | 128,957 | ||||||
| Qualys, Inc. (*) | 698 | 116,475 | ||||||
| Red Violet, Inc. (*) | 674 | 13,177 | ||||||
| ReposiTrak, Inc. | 3,281 | 52,004 | ||||||
| RingCentral, Inc., Class A (*) | 2,731 | 94,875 | ||||||
| Samsara, Inc. Class A (*) | 6,136 | 231,879 | ||||||
| Sapiens International Corp. NV | 2,969 | 95,483 | ||||||
| SEMrush Holdings, Inc.,Class A (*) | 3,456 | 45,827 | ||||||
| SentinelOne, Inc. Class A (*) | 4,835 | 112,704 | ||||||
| Smartsheet, Inc.,Class A (*) | 1,873 | 72,110 | ||||||
| SolarWinds Corp. (*) | 6,616 | 83,494 | ||||||
| Description | Shares | Fair Value | ||||||
| Sprinklr, Inc., Class A (*) | 9,606 | $ | 117,866 | |||||
| Sprout Social, Inc., Class A (*) | 1,517 | 90,580 | ||||||
| SPS Commerce, Inc. (*) | 267 | 49,368 | ||||||
| Tenable Holdings, Inc. (*) | 2,130 | 105,286 | ||||||
| Vertex, Inc., Class A (*) | 2,700 | 85,752 | ||||||
| Weave Communications, Inc. (*) | 7,204 | 82,702 | ||||||
| Workiva, Inc. (*) | 820 | 69,536 | ||||||
| 4,805,767 | ||||||||
| Specialized REITs | 0.4% | ||||||||
| Extra Space Storage, Inc. | 554 | 81,438 | ||||||
| Four Corners Property Trust, Inc. | 3,486 | 85,302 | ||||||
| 166,740 | ||||||||
| Specialty Retail | 3.4% | ||||||||
| American Eagle Outfitters, Inc. | 3,848 | 99,240 | ||||||
| Asbury Automotive Group, Inc. (*) | 313 | 73,799 | ||||||
| AutoNation, Inc. (*) | 671 | 111,104 | ||||||
| Betterware de Mexico SAPI de CV | 8,181 | 163,456 | ||||||
| Boot Barn Holdings, Inc. (*) | 590 | 56,139 | ||||||
| Buckle, Inc. | 2,199 | 88,554 | ||||||
| Build-A-Bear Workshop, Inc. | 4,266 | 127,425 | ||||||
| Group 1 Automotive, Inc. | 361 | 105,495 | ||||||
| Lithia Motors, Inc. | 131 | 39,413 | ||||||
| Murphy USA, Inc. | 427 | 178,998 | ||||||
| Signet Jewelers Ltd. | 1,191 | 119,183 | ||||||
| Upbound Group, Inc. | 2,697 | 94,961 | ||||||
| Urban Outfitters, Inc. (*) | 2,125 | 92,268 | ||||||
| Winmark Corp. | 108 | 39,064 | ||||||
| 1,389,099 | ||||||||
| Technology Hardware, Storage & Peripherals | 1.1% | ||||||||
| Super Micro Computer, Inc. (*) | 351 | 354,521 | ||||||
| Xerox Holdings Corp. | 4,489 | 80,353 | ||||||
| 434,874 | ||||||||
| Textiles, Apparel & Luxury Goods | 2.4% | ||||||||
| Carter’s, Inc. | 1,052 | 89,083 | ||||||
| Crocs, Inc. (*) | 633 | 91,025 | ||||||
| G-III Apparel Group Ltd. (*) | 2,664 | 77,283 | ||||||
| Gildan Activewear, Inc. | 3,387 | 125,759 | ||||||
| Kontoor Brands, Inc. | 1,724 | 103,871 | ||||||
| Movado Group, Inc. | 2,705 | 75,551 | ||||||
| Oxford Industries, Inc. | 1,363 | 153,201 | ||||||
| PVH Corp. | 743 | 104,473 | ||||||
| Superior Group of Cos., Inc. | 4,059 | 67,055 | ||||||
| Tapestry, Inc. | 2,652 | 125,917 | ||||||
| 1,013,218 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | ||||||||
| Trading Companies & Distributors | 2.7% | ||||||||
| Applied Industrial Technologies, Inc. | 786 | $ | 155,274 | |||||
| Beacon Roofing Supply, Inc. (*) | 1,067 | 104,587 | ||||||
| Boise Cascade Co. | 1,536 | 235,576 | ||||||
| DNOW, Inc. (*) | 8,064 | 122,573 | ||||||
| GMS, Inc. (*) | 62 | 6,035 | ||||||
| Karat Packaging, Inc. | 3,365 | 96,273 | ||||||
| McGrath RentCorp | 851 | 104,988 | ||||||
| MRC Global, Inc. (*) | 8,050 | 101,189 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 939 | 91,121 | ||||||
| Titan Machinery, Inc. (*) | 3,846 | 95,419 | ||||||
| 1,113,035 | ||||||||
| Wireless Telecommunication Services | 0.1% | ||||||||
| Spok Holdings, Inc. | 3,410 | 54,390 | ||||||
| Total Common Stocks (Cost $33,534,564) | 40,770,945 | |||||||
| 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 | ||||||
| 1,401 | ||||||||
| Paper & Forest Products | 0.0% | ||||||||
| Resolute Forest Products, Inc. CVR Expires 2499 (*), (¢) | 10,077 | 0 | ||||||
| Total Rights (Cost $15,847) | 1,401 | |||||||
| Short-Term Investments | 0.9% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $378,876) | 378,876 | 378,876 | ||||||
| Total Investments | 99.8% (Cost $34,101,790) | $ | 41,333,288 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 62,784 | |||||||
| Net Assets | 100.0% | $ | 41,396,072 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio | ||||||||
| Convertible Corporate Bonds | 88.6% | ||||||||
| Automobiles | 3.0% | ||||||||
| Ford Motor Co., 0.000%, 03/15/26 | $ | 238 | $ | 247,163 | ||||
| Rivian Automotive, Inc., 4.625%, 03/15/29 | 164 | 132,102 | ||||||
| 379,265 | ||||||||
| Biotechnology | 7.2% | ||||||||
| Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/27 | 186 | 175,747 | ||||||
| Bridgebio Pharma, Inc., 2.500%, 03/15/27 | 76 | 81,804 | ||||||
| Exact Sciences Corp., 0.375%, 03/01/28 | 227 | 209,839 | ||||||
| Halozyme Therapeutics, Inc., 0.250%, 03/01/27 | 280 | 249,157 | ||||||
| Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 | 100 | 98,942 | ||||||
| Sarepta Therapeutics, Inc., 1.250%, 09/15/27 | 73 | 85,454 | ||||||
| 900,943 | ||||||||
| Broadline Retail | 1.2% | ||||||||
| Etsy, Inc., 0.125%, 10/01/26 | 143 | 151,866 | ||||||
| Capital Markets | 0.4% | ||||||||
| Coinbase Global, Inc., 0.500%, 06/01/26 | 43 | 47,269 | ||||||
| Communications Equipment | 0.8% | ||||||||
| Lumentum Holdings, Inc., 0.500%, 06/15/28 | 123 | 95,542 | ||||||
| Construction & Engineering | 1.2% | ||||||||
| Fluor Corp., 1.125%, 08/15/29 | 135 | 152,314 | ||||||
| Consumer Staples Distribution & Retail | 1.0% | ||||||||
| Chefs’ Warehouse, Inc., 2.375%, 12/15/28 | 107 | 117,647 | ||||||
| Diversified REITs | 1.5% | ||||||||
| Welltower OP LLC, 2.750%, 05/15/28 | 166 | 185,605 | ||||||
| Electric Utilities | 3.1% | ||||||||
| Alliant Energy Corp., 3.875%, 03/15/26 | 84 | 83,034 | ||||||
| PG&E Corp., 4.250%, 12/01/27 | 176 | 177,012 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Southern Co., 3.875%, 12/15/25 | $ | 128 | $ | 127,520 | ||||
| 387,566 | ||||||||
| Electrical Equipment | 0.4% | ||||||||
| Bloom Energy Corp., 3.000%, 06/01/28 | 50 | 45,563 | ||||||
| Entertainment | 2.6% | ||||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 | 21 | 29,217 | ||||||
| Live Nation Entertainment, Inc., 2.000%, 02/15/25 | 268 | 297,989 | ||||||
| 327,206 | ||||||||
| Financial Services | 1.6% | ||||||||
| Global Payments, Inc., 1.500%, 03/01/31 | 152 | 161,424 | ||||||
| Shift4 Payments, Inc., 0.000%, 12/15/25 | 35 | 37,625 | ||||||
| 199,049 | ||||||||
| Ground Transportation | 2.7% | ||||||||
| Uber Technologies, Inc., 0.000%, 12/15/25 | 301 | 339,377 | ||||||
| Health Care Equipment & Supplies | 5.8% | ||||||||
| Dexcom, Inc., 0.250%, 11/15/25 | 260 | 286,359 | ||||||
| Enovis Corp., 3.875%, 10/15/28 | 80 | 102,760 | ||||||
| Insulet Corp., 0.375%, 09/01/26 | 85 | 88,676 | ||||||
| Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 | 91 | 87,051 | ||||||
| Shockwave Medical, Inc., 1.000%, 08/15/28 | 78 | 99,937 | ||||||
| TransMedics Group, Inc., 1.500%, 06/01/28 | 57 | 62,755 | ||||||
| 727,538 | ||||||||
| Health Care Technology | 1.3% | ||||||||
| Teladoc Health, Inc., 1.250%, 06/01/27 | 188 | 158,860 | ||||||
| Hotels, Restaurants & Leisure | 7.0% | ||||||||
| Airbnb, Inc., 0.000%, 03/15/26 | 192 | 179,025 | ||||||
| Booking Holdings, Inc., 0.750%, 05/01/25 | 94 | 181,890 | ||||||
| Carnival Corp., 5.750%, 10/01/24 | 45 | 75,515 | ||||||
| Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 | 103 | 98,107 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (continued) | ||||||||
| NCL Corp. Ltd., 5.375%, 08/01/25 | $ | 120 | $ | 157,440 | ||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 | 90 | 81,171 | ||||||
| Vail Resorts, Inc., 0.000%, 01/01/26 | 103 | 94,760 | ||||||
| 867,908 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.5% | ||||||||
| NextEra Energy Partners LP, 0.000%, 11/15/25 | 74 | 65,953 | ||||||
| Interactive Media & Services | 4.3% | ||||||||
| Match Group Financeco 3, Inc., 2.000%, 01/15/30 | 250 | 215,636 | ||||||
| Snap, Inc., 0.750%, 08/01/26 | 213 | 204,853 | ||||||
| Ziff Davis, Inc., 1.750%, 11/01/26 | 120 | 114,144 | ||||||
| 534,633 | ||||||||
| IT Services | 6.9% | ||||||||
| Akamai Technologies, Inc., 0.375%, 09/01/27 | 209 | 221,018 | ||||||
| Block, Inc., 0.125%, 03/01/25 | 171 | 175,489 | ||||||
| Cloudflare, Inc., 0.000%, 08/15/26 | 274 | 257,491 | ||||||
| MongoDB, Inc., 0.250%, 01/15/26 | 73 | 128,165 | ||||||
| Okta, Inc., 0.125%, 09/01/25 | 84 | 80,850 | ||||||
| 863,013 | ||||||||
| Leisure Products | 2.1% | ||||||||
| Royal Caribbean Cruises Ltd., 6.000%, 08/15/25 | 93 | 264,771 | ||||||
| Machinery | 0.7% | ||||||||
| Middleby Corp., 1.000%, 09/01/25 | 66 | 86,856 | ||||||
| Media | 4.4% | ||||||||
| Cable One, Inc., 1.125%, 03/15/28 | 117 | 88,405 | ||||||
| Liberty Broadband Corp., 3.125%, 03/31/53 | 225 | 214,042 | ||||||
| Liberty Media Corp., 3.750%, 03/15/28 | 139 | 170,901 | ||||||
| Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27 | 67 | 68,854 | ||||||
| 542,202 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Multi-Utilities | 1.8% | ||||||||
| CMS Energy Corp., 3.375%, 05/01/28 | $ | 224 | $ | 220,864 | ||||
| Oil, Gas & Consumable Fuels | 1.8% | ||||||||
| Pioneer Natural Resources Co., 0.250%, 05/15/25 | 77 | 220,555 | ||||||
| Passenger Airlines | 2.5% | ||||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 | 120 | 139,380 | ||||||
| Southwest Airlines Co., 1.250%, 05/01/25 | 164 | 166,583 | ||||||
| 305,963 | ||||||||
| Professional Services | 1.0% | ||||||||
| Parsons Corp., 2.625%, 03/01/29 | 114 | 123,975 | ||||||
| Real Estate Management & Development | 1.4% | ||||||||
| Zillow Group, Inc., 1.375%, 09/01/26 | 144 | 178,830 | ||||||
| Semiconductors & Semiconductor Equipment | 5.1% | ||||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 | 151 | 139,335 | ||||||
| Microchip Technology, Inc., 0.125%, 11/15/24 | 132 | 140,712 | ||||||
| ON Semiconductor Corp., 0.500%, 03/01/29 | 265 | 262,085 | ||||||
| Wolfspeed, Inc., 0.250%, 02/15/28 | 161 | 94,749 | ||||||
| 636,881 | ||||||||
| Software | 11.7% | ||||||||
| Bill Holdings, Inc., 0.000%, 12/01/25 | 98 | 91,728 | ||||||
| Five9, Inc., 0.500%, 06/01/25 | 109 | 102,874 | ||||||
| HubSpot, Inc., 0.375%, 06/01/25 | 49 | 109,981 | ||||||
| MicroStrategy, Inc., 0.750%, 12/15/25 | 44 | 188,980 | ||||||
| Nutanix, Inc., 0.250%, 10/01/27 | 139 | 170,970 | ||||||
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 133 | 380,247 | ||||||
| Tyler Technologies, Inc., 0.250%, 03/15/26 | 141 | 142,339 | ||||||
| Workiva, Inc., 1.250%, 08/15/28 | 172 | 160,562 | ||||||
| Zscaler, Inc., 0.125%, 07/01/25 | 80 | 109,396 | ||||||
| 1,457,077 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (continued) | ||||||||
| Specialty Retail | 1.0% | ||||||||
| Wayfair, Inc., 3.250%, 09/15/27 | $ | 96 | $ | 126,480 | ||||
| Technology Hardware, Storage & Peripherals | 2.6% | ||||||||
| Seagate HDD Cayman, 3.500%, 06/01/28 | 153 | 194,539 | ||||||
| Western Digital Corp., 3.000%, 11/15/28 | 88 | 129,184 | ||||||
| 323,723 | ||||||||
| Total Convertible Corporate Bonds (Cost $10,428,934) | 11,035,294 | |||||||
| Description | Shares | Fair Value | ||||||
| Preferred Stocks | 7.6% | ||||||||
| Banks | 4.2% | ||||||||
| Bank of America Corp. Series L | 293 | $ | 349,766 | |||||
| Wells Fargo & Co., Series L | 145 | 176,805 | ||||||
| 526,571 | ||||||||
| Electric Utilities | 1.1% | ||||||||
| NextEra Energy, Inc. | 3,602 | 140,226 | ||||||
| Financial Services | 1.4% | ||||||||
| Apollo Global Management, Inc. | 2,652 | 169,065 | ||||||
| Machinery | 0.9% | ||||||||
| Chart Industries, Inc., Series B | 1,698 | 109,029 | ||||||
| Total Preferred Stocks (Cost $942,939) | 944,891 | |||||||
| Short-Term Investments | 2.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $340,157) | 340,157 | 340,157 | ||||||
| Total Investments | 98.9% (Cost $11,712,030) | $ | 12,320,342 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.1% | 138,758 | |||||||
| Net Assets | 100.0% | $ | 12,459,100 | ||||||
Lazard US Convertibles Portfolio (concluded)
Futures Contracts open at March 31, 2024:
| Financial Futures | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | ||||||||||||
| CME E-Mini S&P 500 Index | 1 | $50 | 06/21/24 | $ | 259,583 | $ | 265,425 | $ | 5,842 | |||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio | ||||||||
| Corporate Bonds | 95.7% | ||||||||
| Aerospace & Defense | 3.0% | ||||||||
| Bombardier, Inc.: | ||||||||
| 7.125%, 06/15/26 (#) | $ | 1,250 | $ | 1,267,991 | ||||
| 8.750%, 11/15/30 (#) | 2,250 | 2,402,496 | ||||||
| TransDigm, Inc.: | ||||||||
| 6.750%, 08/15/28 (#) | 1,000 | 1,013,198 | ||||||
| 4.625%, 01/15/29 | 500 | 464,003 | ||||||
| 5,147,688 | ||||||||
| Automobile Components | 1.5% | ||||||||
| American Axle & Manufacturing, Inc., 5.000%, 10/01/29 | 1,000 | 900,665 | ||||||
| Goodyear Tire & Rubber Co.: | ||||||||
| 5.000%, 05/31/26 | 250 | 244,688 | ||||||
| 5.250%, 07/15/31 | 1,500 | 1,367,379 | ||||||
| 2,512,732 | ||||||||
| Automobiles | 0.6% | ||||||||
| Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#) | 1,000 | 945,450 | ||||||
| Building Products | 2.1% | ||||||||
| Builders FirstSource, Inc., 4.250%, 02/01/32 (#) | 2,000 | 1,793,740 | ||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,713,646 | ||||||
| 3,507,386 | ||||||||
| Chemicals | 2.4% | ||||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,750 | 1,692,651 | ||||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | 1,750 | 1,498,759 | ||||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 950,381 | ||||||
| 4,141,791 | ||||||||
| Commercial Services & Supplies | 3.8% | ||||||||
| ADT Security Corp., 4.125%, 08/01/29 (#) | 250 | 229,043 | ||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (#) | 2,000 | 1,940,003 | ||||||
| GFL Environmental, Inc., 3.500%, 09/01/28 (#) | 1,750 | 1,602,988 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 08/31/27 (#) | 1,500 | 1,377,786 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | $ | 1,500 | $ | 1,293,014 | ||||
| 6,442,834 | ||||||||
| Construction Materials | 1.0% | ||||||||
| James Hardie International Finance DAC, 5.000%, 01/15/28 (#) | 1,760 | 1,714,674 | ||||||
| Consumer Staples Distribution & Retail | 2.9% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.500%, 03/15/29 (#) | 2,000 | 1,795,169 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,649,542 | ||||||
| U.S. Foods, Inc., 4.625%, 06/01/30 (#) | 1,500 | 1,391,533 | ||||||
| 4,836,244 | ||||||||
| Containers & Packaging | 3.8% | ||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/29 (#) | 1,200 | 967,262 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.125%, 08/15/26 (#) | 1,200 | 1,085,657 | ||||||
| Graphic Packaging International LLC, 3.500%, 03/15/28 (#) | 1,600 | 1,477,172 | ||||||
| Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 02/01/28 (#) | 1,000 | 1,002,075 | ||||||
| Silgan Holdings, Inc., 4.125%, 02/01/28 | 1,996 | 1,888,568 | ||||||
| 6,420,734 | ||||||||
| Diversified Consumer Services | 1.1% | ||||||||
| Service Corp. International, 4.625%, 12/15/27 | 2,000 | 1,932,895 | ||||||
| Diversified REITs | 4.4% | ||||||||
| HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 06/15/26 (#) | 1,500 | 1,412,858 | ||||||
| Iron Mountain, Inc.: | ||||||||
| 4.875%, 09/15/29 (#) | 500 | 469,095 | ||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,127,797 | ||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.875%, 05/15/29 (#) | 1,500 | 1,394,883 | ||||||
| RHP Hotel Properties LP/RHP Finance Corp., 4.500%, 02/15/29 (#) | 1,750 | 1,634,064 | ||||||
| SBA Communications Corp., 3.125%, 02/01/29 | 1,500 | 1,323,758 | ||||||
| 7,362,455 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio (continued) | ||||||||
| Diversified Telecommunication Services | 2.3% | ||||||||
| Connect Finco Sarl/Connect U.S. Finco LLC, 6.750%, 10/01/26 (#) | $ | 1,500 | $ | 1,470,000 | ||||
| Frontier Communications Holdings LLC, 8.750%, 05/15/30 (#) | 1,500 | 1,534,834 | ||||||
| Hughes Satellite Systems Corp., 5.250%, 08/01/26 | 1,091 | 907,998 | ||||||
| 3,912,832 | ||||||||
| Electric Utilities | 0.8% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,294,437 | ||||||
| Electrical Equipment | 1.5% | ||||||||
| Sensata Technologies, Inc.: | ||||||||
| 4.375%, 02/15/30 (#) | 1,100 | 1,001,160 | ||||||
| 3.750%, 02/15/31 (#) | 250 | 216,251 | ||||||
| Vistra Operations Co. LLC, 4.375%, 05/01/29 (#) | 1,500 | 1,389,577 | ||||||
| 2,606,988 | ||||||||
| Entertainment | 1.1% | ||||||||
| Cinemark USA, Inc., 5.250%, 07/15/28 (#) | 1,500 | 1,419,979 | ||||||
| Live Nation Entertainment, Inc., 3.750%, 01/15/28 (#) | 500 | 462,573 | ||||||
| 1,882,552 | ||||||||
| Financial Services | 0.9% | ||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/31 (#) | 1,750 | 1,595,446 | ||||||
| Food Products | 3.4% | ||||||||
| B&G Foods, Inc., 5.250%, 04/01/25 | 526 | 523,072 | ||||||
| Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#) | 2,000 | 1,823,606 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,798,984 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,569,773 | ||||||
| 5,715,435 | ||||||||
| Gas Utilities | 0.9% | ||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 06/01/28 (#) | 1,500 | 1,553,265 | ||||||
| Health Care Equipment & Supplies | 2.7% | ||||||||
| Avantor Funding, Inc., 3.875%, 11/01/29 (#) | 1,500 | 1,352,159 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Hologic, Inc., 4.625%, 02/01/28 (#) | $ | 2,000 | $ | 1,925,474 | ||||
| Medline Borrower LP, 3.875%, 04/01/29 (#) | 1,500 | 1,365,310 | ||||||
| 4,642,943 | ||||||||
| Health Care Providers & Services | 2.5% | ||||||||
| Encompass Health Corp., 4.625%, 04/01/31 | 1,849 | 1,681,112 | ||||||
| Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#) | 1,250 | 1,191,144 | ||||||
| Tenet Healthcare Corp., 4.375%, 01/15/30 | 1,500 | 1,386,408 | ||||||
| 4,258,664 | ||||||||
| Hotels, Restaurants & Leisure | 7.3% | ||||||||
| 1011778 BC ULC/New Red Finance, Inc., 3.875%, 01/15/28 (#) | 2,100 | 1,973,610 | ||||||
| Boyd Gaming Corp.: | ||||||||
| 4.750%, 12/01/27 | 850 | 818,836 | ||||||
| 4.750%, 06/15/31 (#) | 1,250 | 1,148,684 | ||||||
| Carnival Corp., 7.625%, 03/01/26 (#) | 1,500 | 1,517,639 | ||||||
| Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.375%, 04/15/27 | 1,550 | 1,526,836 | ||||||
| Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#) | 2,000 | 1,722,004 | ||||||
| MGM Resorts International, 4.625%, 09/01/26 | 800 | 782,604 | ||||||
| Station Casinos LLC, 4.625%, 12/01/31 (#) | 1,750 | 1,572,891 | ||||||
| Travel & Leisure Co., 4.500%, 12/01/29 (#) | 1,500 | 1,379,300 | ||||||
| 12,442,404 | ||||||||
| Household Durables | 0.9% | ||||||||
| Tempur Sealy International, Inc., 4.000%, 04/15/29 (#) | 1,750 | 1,588,143 | ||||||
| Household Products | 0.7% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | 1,200 | 1,111,438 | ||||||
| Independent Power & Renewable Electricity Producers | 1.8% | ||||||||
| Calpine Corp., 4.500%, 02/15/28 (#) | 1,500 | 1,422,710 | ||||||
| NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,637,938 | ||||||
| 3,060,648 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio (continued) | ||||||||
| Interactive Media & Services | 0.8% | ||||||||
| Ziff Davis, Inc., 4.625%, 10/15/30 (#) | $ | 1,500 | $ | 1,352,239 | ||||
| Machinery | 5.1% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,727,429 | ||||||
| Amsted Industries, Inc.: | ||||||||
| 5.625%, 07/01/27 (#) | 750 | 738,737 | ||||||
| 4.625%, 05/15/30 (#) | 1,000 | 913,248 | ||||||
| Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | 2,000 | 1,814,063 | ||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 2,000 | 1,888,175 | ||||||
| Vertiv Group Corp., 4.125%, 11/15/28 (#) | 1,750 | 1,628,273 | ||||||
| 8,709,925 | ||||||||
| Media | 10.1% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp.: | ||||||||
| 5.125%, 05/01/27 (#) | 500 | 476,386 | ||||||
| 4.750%, 03/01/30 (#) | 1,500 | 1,287,961 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,316,145 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,438,980 | ||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp., 5.000%, 08/15/27 (#) | 2,300 | 2,213,659 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,500 | 1,192,753 | ||||||
| Sinclair Television Group, Inc., 5.125%, 02/15/27 (#) | 1,750 | 1,592,565 | ||||||
| Sirius XM Radio, Inc.: | ||||||||
| 5.000%, 08/01/27 (#) | 1,750 | 1,683,644 | ||||||
| 3.875%, 09/01/31 (#) | 1,000 | 833,814 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,568,760 | ||||||
| Univision Communications, Inc., 6.625%, 06/01/27 (#) | 1,750 | 1,711,561 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 1,724,698 | ||||||
| 17,040,926 | ||||||||
| Metals & Mining | 1.8% | ||||||||
| FMG Resources August 2006 Pty. Ltd., 4.500%, 09/15/27 (#) | 1,750 | 1,681,067 | ||||||
| Novelis Corp., 4.750%, 01/30/30 (#) | 1,500 | 1,383,934 | ||||||
| 3,065,001 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 1.0% | ||||||||
| Starwood Property Trust, Inc., 3.625%, 07/15/26 (#) | $ | 1,743 | $ | 1,635,386 | ||||
| Oil, Gas & Consumable Fuels | 10.5% | ||||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,425,028 | ||||||
| Civitas Resources, Inc., 8.750%, 07/01/31 (#) | 2,000 | 2,140,120 | ||||||
| CVR Energy, Inc., 8.500%, 01/15/29 (#) | 1,500 | 1,518,790 | ||||||
| DT Midstream, Inc., 4.375%, 06/15/31 (#) | 1,350 | 1,222,592 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp., 8.000%, 01/15/27 | 1,000 | 1,011,628 | ||||||
| Hess Midstream Operations LP, 4.250%, 02/15/30 (#) | 1,850 | 1,699,979 | ||||||
| Range Resources Corp., 4.750%, 02/15/30 (#) | 1,750 | 1,631,613 | ||||||
| Southwestern Energy Co.: | ||||||||
| 5.700%, 01/23/25 | 1,800 | 1,791,564 | ||||||
| 4.750%, 02/01/32 | 250 | 230,139 | ||||||
| Sunoco LP/Sunoco Finance Corp., 4.500%, 04/30/30 | 2,000 | 1,831,442 | ||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.500%, 01/15/28 (#) | 1,250 | 1,204,353 | ||||||
| Transocean, Inc., 8.750%, 02/15/30 (#) | 2,070 | 2,158,339 | ||||||
| 17,865,587 | ||||||||
| Passenger Airlines | 0.6% | ||||||||
| United Airlines Pass-Through Trust, Series 2012-1, Class A, 4.150%, 10/11/25 | 966 | 965,608 | ||||||
| Software | 2.2% | ||||||||
| Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#) | 1,200 | 1,110,231 | ||||||
| Cloud Software Group, Inc.: | ||||||||
| 6.500%, 03/31/29 (#) | 1,000 | 948,961 | ||||||
| 9.000%, 09/30/29 (#) | 1,000 | 959,117 | ||||||
| NCR Voyix Corp., 5.125%, 04/15/29 (#) | 750 | 695,590 | ||||||
| 3,713,899 | ||||||||
| Specialty Retail | 3.4% | ||||||||
| Asbury Automotive Group, Inc.: | ||||||||
| 4.500%, 03/01/28 | 987 | 939,708 | ||||||
| 5.000%, 02/15/32 (#) | 750 | 679,532 | ||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.: | ||||||||
| 4.625%, 01/15/29 (#) | 500 | 458,488 | ||||||
| 6.750%, 01/15/30 (#) | 1,250 | 1,122,390 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio (concluded) | ||||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | $ | 1,000 | $ | 921,645 | ||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,569,442 | ||||||
| 5,691,205 | ||||||||
| Technology Hardware, Storage & Peripherals | 2.9% | ||||||||
| NCR Atleos Corp., 9.500%, 04/01/29 (#) | 1,000 | 1,069,609 | ||||||
| Seagate HDD Cayman, 4.091%, 06/01/29 | 2,083 | 1,917,881 | ||||||
| Western Digital Corp., 4.750%, 02/15/26 | 2,000 | 1,953,767 | ||||||
| 4,941,257 | ||||||||
| Trading Companies & Distributors | 3.9% | ||||||||
| American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#) | 1,100 | 1,029,859 | ||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 07/15/27 (#) | 2,000 | 1,935,902 | ||||||
| Herc Holdings, Inc., 5.500%, 07/15/27 (#) | 2,000 | 1,964,378 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,676,927 | ||||||
| 6,607,066 | ||||||||
| Total Corporate Bonds (Cost $172,461,808) | 162,218,177 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 1.8% | ||||||||
iShares iBoxx $ High Yield Corporate Bond ETF (Cost $3,009,906) | 38,882 | $ | 3,022,298 | |||||
| Short-Term Investments | 1.3% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $2,208,994) | 2,208,994 | 2,208,994 | ||||||
| Total Investments | 98.8% (Cost $177,680,708) | $ | 167,449,469 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.2% | 2,050,997 | |||||||
| Net Assets | 100.0% | $ | 169,500,466 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 10.5% | ||||||||
| Financial Services | 4.6% | ||||||||
| AMSR Trust, Series 2020-SFR4, Class A, 1.355%, 11/17/37 (#) | $ | 750 | $ | 702,913 | ||||
| CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.530%, 03/15/61 (#) | 471 | 426,113 | ||||||
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61 (#) | 500 | 437,871 | ||||||
| 1,566,897 | ||||||||
| Real Estate Management & Development | 4.0% | ||||||||
| Progress Residential Trust, Series 2020-SFR3, Class A, 1.294%, 10/17/27 (#) | 742 | 695,623 | ||||||
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943%, 07/17/38 | 749 | 693,783 | ||||||
| 1,389,406 | ||||||||
| Specialty Retail | 1.9% | ||||||||
| CARS-DB4 LP, Series 2020-1A, Class A1, 2.690%, 02/15/50 (#) | 665 | 646,097 | ||||||
| Total Asset-Backed Securities (Cost $3,546,249) | 3,602,400 | |||||||
| Corporate Bonds | 24.7% | ||||||||
| Automobiles | 2.3% | ||||||||
| American Honda Finance Corp., 5.250%, 07/07/26 | 800 | 804,587 | ||||||
| Banks | 11.5% | ||||||||
| Bank of America Corp., 4.000%, 01/22/25 | 1,050 | 1,036,046 | ||||||
| Citigroup, Inc., 2.014% (SOFR + 0.694%), 01/25/26 (§) | 1,075 | 1,042,308 | ||||||
| Goldman Sachs Group, Inc., 3.500%, 04/01/25 | 900 | 882,962 | ||||||
| JPMorgan Chase & Co., 2.301% (SOFR + 1.160%), 10/15/25 (§) | 1,000 | 982,381 | ||||||
| 3,943,697 | ||||||||
| Biotechnology | 2.0% | ||||||||
| Amgen, Inc., 5.250%, 03/02/25 | 675 | 672,954 | ||||||
| Consumer Finance | 2.9% | ||||||||
| American Express Co., 2.500%, 07/30/24 | 1,000 | 989,744 | ||||||
| Diversified Telecommunication Services | 2.0% | ||||||||
| T-Mobile USA, Inc., 2.625%, 04/15/26 | 725 | 688,676 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Oil, Gas & Consumable Fuels | 2.0% | ||||||||
| Phillips 66 Co., 3.605%, 02/15/25 | $ | 700 | $ | 688,270 | ||||
| Software | 2.0% | ||||||||
| Oracle Corp., 2.500%, 04/01/25 | 700 | 678,887 | ||||||
| Total Corporate Bonds (Cost $8,460,013) | 8,466,815 | |||||||
| Mortgage-Backed Securities | 1.8% | ||||||||
Federal Home Loan Mortgage Corp. 4.250%, 08/14/26 | 650 | 638,989 | ||||||
| U.S. Treasury Securities | 61.8% | ||||||||
| U.S. Treasury Notes: | ||||||||
| 4.625%, 02/28/26 | 4,115 | 4,111,624 | ||||||
| 4.125%, 06/15/26 | 6,605 | 6,539,982 | ||||||
| 4.375%, 12/15/26 | 10,590 | 10,563,939 | ||||||
| (Cost $21,314,207) | 21,215,545 | |||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.5% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $165,130) | 165,130 | $ | 165,130 | |||||
| Total Investments | 99.3% (Cost $34,126,871) | $ | 34,088,879 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 241,356 | |||||||
| Net Assets | 100.0% | $ | 34,330,235 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.5% | ||||||||
| Singapore | 0.0% | ||||||||
| Sea Ltd. ADR (*) | 71 | $ | 3,813 | |||||
| United States | 0.5% | ||||||||
| EchoStar Corp., Class A (*), (±) | 341 | 4,859 | ||||||
| Harmonic, Inc. (*), (±) | 965 | 12,970 | ||||||
| JetBlue Airways Corp. (*), (±) | 110 | 816 | ||||||
| Maxeon Solar Technologies Ltd. (*), (±) | 6,127 | 20,403 | ||||||
| Penn Entertainment, Inc. (*), (±) | 2,386 | 43,449 | ||||||
| Rivian Automotive, Inc., Class A (*), (±) | 3,395 | 37,175 | ||||||
| Shift4 Payments, Inc., Class A (*), (±) | 1,068 | 70,563 | ||||||
| 190,235 | ||||||||
| Total Common Stocks (Cost $209,736) | 194,048 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 131.5% | ||||||||||
| Austria | 0.8% | ||||||||||
| ams-OSRAM AG, 2.125%, 11/03/27 (±) | EUR | 400 | $ | 313,730 | ||||||
| Brazil | 0.3% | ||||||||||
| GOL Equity Finance SA, 3.750%, 07/15/24 (#), («), (±) | USD | 829 | 116,060 | |||||||
| Canada | 4.7% | ||||||||||
| Ivanhoe Mines Ltd., 2.500%, 04/15/26 (±) | USD | 347 | 559,433 | |||||||
| Shopify, Inc., 0.125%, 11/01/25 (±) | USD | 1,181 | 1,124,312 | |||||||
| SSR Mining, Inc., 2.500%, 04/01/39 (±) | USD | 2 | 1,793 | |||||||
| StorageVault Canada, Inc., 5.000%, 03/31/28 (±) | CAD | 121 | 83,969 | |||||||
| 1,769,507 | ||||||||||
| Hong Kong | 2.2% | ||||||||||
| Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±) | HKD | 6,000 | 841,329 | |||||||
| Netherlands | 0.8% | ||||||||||
| Pharming Group NV, 3.000%, 01/21/25 (±) | EUR | 300 | 318,446 | |||||||
| Singapore | 0.3% | ||||||||||
| Sea Ltd.: | ||||||||||
| 2.375%, 12/01/25 (±) | USD | 79 | 79,395 | |||||||
| 0.250%, 09/15/26 (±) | USD | 19 | 16,331 | |||||||
| 95,726 | ||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| United Kingdom | 0.5% | ||||||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±) | EUR | 200 | $ | 196,065 | ||||||
| United States | 121.9% | ||||||||||
| Advanced Energy Industries, Inc., 2.500%, 09/15/28 (±) | USD | 19 | 19,416 | |||||||
| Air Transport Services Group, Inc., 3.875%, 08/15/29 (±) | USD | 207 | 172,283 | |||||||
| Airbnb, Inc., 0.000%, 03/15/26 (±) | USD | 209 | 194,876 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 9 | 10,454 | |||||||
| Amyris, Inc., 1.500%, 11/15/26 («), (±) | USD | 938 | 37,051 | |||||||
| Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±) | USD | 145 | 236,573 | |||||||
| Arbor Realty Trust, Inc., 7.500%, 08/01/25 (±) | USD | 709 | 698,152 | |||||||
| Bentley Systems, Inc., 0.375%, 07/01/27 (±) | USD | 84 | 75,754 | |||||||
| Bill Holdings, Inc., 0.000%, 12/01/25 (±) | USD | 627 | 586,872 | |||||||
| BioMarin Pharmaceutical, Inc., 0.599%, 08/01/24 (±) | USD | 794 | 781,614 | |||||||
| Blackline, Inc., 0.125%, 08/01/24 (±) | USD | 280 | 286,917 | |||||||
| BlackLine, Inc., 0.000%, 03/15/26 (±) | USD | 710 | 645,969 | |||||||
| Block, Inc.: | ||||||||||
| 0.125%, 03/01/25 (±) | USD | 1,067 | 1,095,009 | |||||||
| 0.000%, 05/01/26 (±) | USD | 145 | 130,225 | |||||||
| Bloom Energy Corp.: | ||||||||||
| 2.500%, 08/15/25 (±) | USD | 1,154 | 1,222,663 | |||||||
| 3.000%, 06/01/28 (±) | USD | 19 | 17,314 | |||||||
| Bread Financial Holdings, Inc., 4.250%, 06/15/28 (±) | USD | 322 | 376,933 | |||||||
| Burlington Stores, Inc., 2.250%, 04/15/25 (±) | USD | 295 | 347,923 | |||||||
| Cardlytics, Inc., 4.250%, 04/01/29 | USD | 167 | 183,074 | |||||||
| Carnival Corp., 5.750%, 10/01/24 (±) | USD | 455 | 763,535 | |||||||
| Century Aluminum Co., 2.750%, 05/01/28 (±) | USD | 219 | 223,489 | |||||||
| Cerence, Inc., 3.000%, 06/01/25 (±) | USD | 98 | 95,991 | |||||||
| Chart Industries, Inc., 1.000%, 11/15/24 (±) | USD | 559 | 1,571,852 | |||||||
| Cheesecake Factory, Inc., 0.375%, 06/15/26 (±) | USD | 80 | 71,596 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Chefs’ Warehouse, Inc., 2.375%, 12/15/28 (±) | USD | 378 | $ | 415,611 | ||||||
| Chegg, Inc., 0.125%, 03/15/25 (±) | USD | 360 | 337,140 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 527 | 338,731 | |||||||
| Coinbase Global, Inc.: | ||||||||||
| 0.500%, 06/01/26 (±) | USD | 136 | 149,503 | |||||||
| 0.250%, 04/01/30 (±) | USD | 115 | 121,718 | |||||||
| Confluent, Inc., 0.000%, 01/15/27 (±) | USD | 209 | 180,018 | |||||||
| CONMED Corp., 2.250%, 06/15/27 (±) | USD | 414 | 379,348 | |||||||
| CSG Systems International, Inc., 3.875%, 09/15/28 (±) | USD | 404 | 399,595 | |||||||
| Danimer Scientific, Inc., 3.250%, 12/15/26 (±) | USD | 146 | 19,170 | |||||||
| Datadog, Inc., 0.125%, 06/15/25 (±) | USD | 24 | 33,936 | |||||||
| Dayforce, Inc., 0.250%, 03/15/26 (±) | USD | 142 | 130,640 | |||||||
| Desktop Metal, Inc., 6.000%, 05/15/27 (±) | USD | 336 | 243,271 | |||||||
| DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±) | USD | 1,109 | 934,998 | |||||||
| DraftKings Holdings, Inc., 0.000%, 03/15/28 (±) | USD | 209 | 181,308 | |||||||
| Dropbox, Inc.: | ||||||||||
| 0.000%, 03/01/26 (±) | USD | 198 | 188,694 | |||||||
| 0.000%, 03/01/28 (±) | USD | 84 | 78,803 | |||||||
| Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±) | USD | 1,041 | 2,060,659 | |||||||
| Encore Capital Group, Inc., 4.000%, 03/15/29 (±) | USD | 502 | 471,880 | |||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 (±) | USD | 314 | 289,743 | |||||||
| Envestnet, Inc.: | ||||||||||
| 0.750%, 08/15/25 (±) | USD | 538 | 524,281 | |||||||
| 2.625%, 12/01/27 (±) | USD | 9 | 9,554 | |||||||
| Evolent Health, Inc., 3.500%, 12/01/29 (±) | USD | 89 | 102,417 | |||||||
| EZCORP, Inc.: | ||||||||||
| 2.875%, 07/01/24 (±) | USD | 637 | 710,553 | |||||||
| 3.750%, 12/15/29 (±) | USD | 371 | 449,395 | |||||||
| Fisker, Inc., 2.500%, 09/15/26 (±) | USD | 772 | 7,720 | |||||||
| Five9, Inc., 1.000%, 03/15/29 (±) | USD | 10 | 10,375 | |||||||
| Glaukos Corp., 2.750%, 06/15/27 (±) | USD | 736 | 1,310,080 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Green Plains, Inc., 2.250%, 03/15/27 (±) | USD | 325 | $ | 332,930 | ||||||
| Greenbrier Cos., Inc., 2.875%, 04/15/28 (±) | USD | 714 | 794,004 | |||||||
| Guidewire Software, Inc., 1.250%, 03/15/25 (±) | USD | 1,038 | 1,202,523 | |||||||
| Haemonetics Corp., 0.000%, 03/01/26 (±) | USD | 61 | 56,309 | |||||||
| Halozyme Therapeutics, Inc., 0.250%, 03/01/27 (±) | USD | 188 | 167,291 | |||||||
| Harmonic, Inc., 2.000%, 09/01/24 (±) | USD | 325 | 513,577 | |||||||
| Health Catalyst, Inc., 2.500%, 04/15/25 (±) | USD | 42 | 39,711 | |||||||
| INOTIV, Inc., 3.250%, 10/15/27 (±) | USD | 420 | 255,618 | |||||||
| Insmed, Inc., 0.750%, 06/01/28 (±) | USD | 189 | 202,892 | |||||||
| Insulet Corp., 0.375%, 09/01/26 (±) | USD | 564 | 588,393 | |||||||
| iRhythm Technologies, Inc., 1.500%, 09/01/29 (±) | USD | 20 | 21,207 | |||||||
| Ironwood Pharmaceuticals, Inc.: | ||||||||||
| 0.750%, 06/15/24 (±) | USD | 494 | 492,456 | |||||||
| 1.500%, 06/15/26 (±) | USD | 84 | 85,531 | |||||||
| Jamf Holding Corp., 0.125%, 09/01/26 (±) | USD | 344 | 308,534 | |||||||
| Jazz Investments I Ltd., 1.500%, 08/15/24 (±) | USD | 538 | 531,140 | |||||||
| Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±) | USD | 70 | 37,976 | |||||||
| Lantheus Holdings, Inc., 2.625%, 12/15/27 (±) | USD | 189 | 209,743 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 347 | 143,138 | |||||||
| 3.750%, 02/15/30 (±) | USD | 1,033 | 421,002 | |||||||
| Liberty Media Corp., 2.375%, 09/30/53 (±) | USD | 672 | 784,560 | |||||||
| Live Nation Entertainment, Inc., 3.125%, 01/15/29 (±) | USD | 20 | 24,088 | |||||||
| Livent Corp., 4.125%, 07/15/25 (±) | USD | 478 | 635,740 | |||||||
| Lyft, Inc., 0.625%, 03/01/29 (±) | USD | 20 | 23,462 | |||||||
| Marcus Corp., 5.000%, 09/15/25 (±) | USD | 398 | 573,120 | |||||||
| Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 (±) | USD | 846 | 805,815 | |||||||
| Match Group Financeco 2, Inc., 0.875%, 06/15/26 (±) | USD | 1,077 | 986,119 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Match Group Financeco 3, Inc., 2.000%, 01/15/30 (±) | USD | 31 | $ | 26,739 | ||||||
| Maxeon Solar Technologies Ltd., 6.500%, 07/15/25 (±) | USD | 531 | 289,407 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 409 | 386,504 | |||||||
| MicroStrategy, Inc.: | ||||||||||
| 0.000%, 02/15/27 (±) | USD | 209 | 285,557 | |||||||
| 0.875%, 03/15/31 (±) | USD | 20 | 20,390 | |||||||
| Middleby Corp., 1.000%, 09/01/25 (±) | USD | 963 | 1,267,308 | |||||||
| Mirum Pharmaceuticals, Inc., 4.000%, 05/01/29 (±) | USD | 18 | 20,374 | |||||||
| Model N, Inc., 2.625%, 06/01/25 (±) | USD | 51 | 55,814 | |||||||
| Natera, Inc., 2.250%, 05/01/27 (±) | USD | 369 | 903,029 | |||||||
| NCL Corp. Ltd.: | ||||||||||
| 5.375%, 08/01/25 (±) | USD | 26 | 34,112 | |||||||
| 1.125%, 02/15/27 (±) | USD | 352 | 333,731 | |||||||
| NeoGenomics, Inc., 1.250%, 05/01/25 (±) | USD | 642 | 622,339 | |||||||
| Okta, Inc.: | ||||||||||
| 0.125%, 09/01/25 (±) | USD | 611 | 588,087 | |||||||
| 0.375%, 06/15/26 (±) | USD | 723 | 665,883 | |||||||
| Omnicell, Inc., 0.250%, 09/15/25 (±) | USD | 52 | 49,009 | |||||||
| OPKO Health, Inc., 3.750%, 01/15/29 (±) | USD | 336 | 356,370 | |||||||
| Pacira BioSciences, Inc., 0.750%, 08/01/25 (±) | USD | 847 | 806,767 | |||||||
| PAR Technology Corp., 2.875%, 04/15/26 (±) | USD | 222 | 276,834 | |||||||
| Pegasystems, Inc., 0.750%, 03/01/25 (±) | USD | 1,386 | 1,331,253 | |||||||
| PennyMac Corp. , 5.500%, 03/15/26 (±) | USD | 360 | 343,368 | |||||||
| Perficient, Inc., 0.125%, 11/15/26 (±) | USD | 140 | 121,355 | |||||||
| Plug Power, Inc., 7.000%, 06/01/26 | USD | 19 | 19,230 | |||||||
| Porch Group, Inc., 0.750%, 09/15/26 (±) | USD | 666 | 379,620 | |||||||
| Progress Software Corp., 3.500%, 03/01/30 (±) | USD | 20 | 20,300 | |||||||
| PureCycle Technologies, Inc., 7.250%, 08/15/30 (±) | USD | 59 | 33,071 | |||||||
| Q2 Holdings, Inc., 0.750%, 06/01/26 (±) | USD | 908 | 864,870 | |||||||
| Rapid7, Inc., 1.250%, 03/15/29 (±) | USD | 10 | 10,190 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 190 | $ | 106,400 | ||||||
| Repay Holdings Corp., 0.000%, 02/01/26 (±) | USD | 637 | 592,783 | |||||||
| RingCentral, Inc., 0.000%, 03/15/26 (±) | USD | 279 | 252,774 | |||||||
| Rocket Lab USA, Inc., 4.250%, 02/01/29 (±) | USD | 20 | 21,263 | |||||||
| Seagate HDD Cayman, 3.500%, 06/01/28 (±) | USD | 10 | 12,715 | |||||||
| Shift Technologies, Inc., 4.750%, 05/15/26 («), (±) | USD | 850 | 10,413 | |||||||
| Shift4 Payments, Inc.: | ||||||||||
| 0.000%, 12/15/25 (±) | USD | 111 | 119,325 | |||||||
| 0.500%, 08/01/27 (±) | USD | 62 | 57,815 | |||||||
| SMART Global Holdings, Inc., 2.000%, 02/01/29 (±) | USD | 197 | 272,355 | |||||||
| Snap, Inc.: | ||||||||||
| 0.250%, 05/01/25 (±) | USD | 324 | 315,252 | |||||||
| 0.750%, 08/01/26 (±) | USD | 449 | 431,826 | |||||||
| 0.000%, 05/01/27 (±) | USD | 19 | 15,367 | |||||||
| SoFi Technologies, Inc., 1.250%, 03/15/29 (±) | USD | 20 | 20,180 | |||||||
| Sphere Entertainment Co., 3.500%, 12/01/28 (±) | USD | 39 | 60,768 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 331 | 296,410 | |||||||
| Super Micro Computer, Inc., 0.000%, 03/01/29 (±) | USD | 209 | 232,404 | |||||||
| Transocean, Inc., 4.625%, 09/30/29 (±) | USD | 579 | 1,172,128 | |||||||
| Unity Software, Inc., 0.000%, 11/15/26 (±) | USD | 393 | 335,032 | |||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 576 | 639,706 | |||||||
| Veeco Instruments, Inc.: | ||||||||||
| 3.500%, 01/15/25 (±) | USD | 63 | 95,117 | |||||||
| 3.750%, 06/01/27 (±) | USD | 130 | 332,365 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 09/15/30 (±) | USD | 48 | 46,080 | |||||||
| Wayfair, Inc., 0.625%, 10/01/25 (±) | USD | 314 | 291,643 | |||||||
| Western Digital Corp., 3.000%, 11/15/28 (±) | USD | 20 | 29,360 | |||||||
| Winnebago Industries, Inc., 3.250%, 01/15/30 (±) | USD | 135 | 146,374 | |||||||
| WisdomTree, Inc., 5.750%, 08/15/28 (±) | USD | 119 | 138,338 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Zillow Group, Inc., 1.375%, 09/01/26 (±) | USD | 105 | $ | 130,397 | ||||||
| 46,447,656 | ||||||||||
| Total Convertible Corporate Bonds (Cost $50,674,922) | 50,098,519 | |||||||||
| Description | Counterparty | Number of Contracts | Exercise Price | Notional Amount | Fair Value | |||||||||||
| Purchased Options | 0.1% | ||||||||||||||||
| Call | ||||||||||||||||
| Arcadium Lithium PLC, Expires 05/17/24 | MSC | 62 | $ | 5 | $ | 6,200 | $ | 930 | ||||||||
| Beauty Health Co., Expires 05/17/24 | MSC | 39 | 5 | 3,900 | 1,755 | |||||||||||
| Danimer Scientific, Inc., Expires 05/17/24 | MSC | 47 | 2 | 4,700 | 235 | |||||||||||
| OPKO Health, Inc., Expires 05/17/24 | MSC | 204 | 1 | 20,400 | 5,100 | |||||||||||
| OPKO Health, Inc., Expires 06/21/24 | MSC | 184 | 1 | 18,400 | 4,600 | |||||||||||
| Revance Therapeutics, Inc., Expires 04/19/24 | MSC | 6 | 13 | 600 | 30 | |||||||||||
| Shift4 Payments, Inc., Expires 05/17/24 | MSC | 11 | 90 | 1,100 | 1,188 | |||||||||||
| Snap, Inc., Expires 04/19/24 | MSC | 42 | 26 | 4,200 | 903 | |||||||||||
| Put | ||||||||||||||||
| Bloom Energy Corp., Expires 04/19/24 | MSC | 21 | 10 | 2,100 | 462 | |||||||||||
| Health Catalyst, Inc., Expires 05/17/24 | MSC | 40 | 8 | 4,000 | 2,800 | |||||||||||
| Inotiv, Inc., Expires 07/19/24 | MSC | 36 | 5 | 3,600 | 180 | |||||||||||
| Maxeon Solar Technologies, Ltd., Expires 06/21/24 | MSC | 50 | 3 | 5,000 | 2,750 | |||||||||||
| NeoGenomics, Inc., Expires 05/17/24 | MSC | 20 | 13 | 2,000 | 500 | |||||||||||
| OPKO Health, Inc., Expires 06/21/24 | MSC | 207 | 1 | 20,700 | 3,105 | |||||||||||
| iShares Russell 2000 ETF, Expires 04/19/24 | MSC | 49 | 186 | 4,900 | 833 | |||||||||||
| Total Purchased Options (Cost $29,138) | 25,371 | |||||||||||||||
| Description | Principal Amount (000) | Fair Value | ||||||||
| U.S. Treasury Securities | 36.8% | ||||||||||
| U.S. Treasury Bills: | ||||||||||
| 0.000%, 04/11/24 (±) | USD | 6,375 | $ | 6,365,723 | ||||||
| 0.000%, 05/07/24 | USD | 2,715 | 2,700,750 | |||||||
| 0.000%, 05/07/24 (±) | USD | 89 | 88,533 | |||||||
| 0.000%, 05/23/24 (±) | USD | 805 | 798,896 | |||||||
| 0.000%, 05/23/24 | USD | 400 | 396,967 | |||||||
| 0.000%, 07/16/24 (±) | USD | 3,080 | 3,032,774 | |||||||
| U.S. Treasury Note, 4.125%, 10/31/27 (±) | USD | 656 | 650,798 | |||||||
| Total U.S. Treasury Securities (Cost $14,045,441) | 14,034,441 | |||||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 3.7% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $1,408,199) | 1,408,199 | $ | 1,408,199 | |||||
| Total Investments excluding Securities Sold Short | 172.6% (Cost $66,367,436) | $ | 65,760,578 | ||||||
| Securities Sold Short | (88.8)% | ||||||||
| Common Stocks | (56.0)% | ||||||||
| Canada | (1.8)% | ||||||||
| Ivanhoe Mines Ltd., Class A | (42,613) | (508,380) | ||||||
| Shopify, Inc., Class A | (1,966) | (151,716) | ||||||
| SSR Mining, Inc. | (495) | (2,208) | ||||||
| StorageVault Canada, Inc. | (6,339) | (24,147) | ||||||
| (686,451) | ||||||||
| Ghana | (0.0)% | ||||||||
| Kosmos Energy Ltd. | (277) | (1,651) | ||||||
| Hong Kong | (1.4)% | ||||||||
| Cathay Pacific Airways Ltd. | (471,000) | (535,343) | ||||||
| Jersey | (1.1)% | ||||||||
| Arcadium Lithium PLC | (96,907) | (417,669) | ||||||
| Netherlands | (0.0)% | ||||||||
| Pharming Group NV | (4,893) | (5,374) | ||||||
| United States | (51.7)% | ||||||||
| Advanced Energy Industries, Inc. | (84) | (8,566) | ||||||
| Air Transport Services Group, Inc. | (3,067) | (42,202) | ||||||
| Airbnb, Inc., Class A | (164) | (27,053) | ||||||
| American Airlines Group, Inc. | (322) | (4,943) | ||||||
| Anywhere Real Estate, Inc. | (179) | (1,106) | ||||||
| Apellis Pharmaceuticals, Inc. | (3,044) | (178,926) | ||||||
| Arbor Realty Trust, Inc. REIT | (13,023) | (172,555) | ||||||
| ATI, Inc. | (393) | (20,110) | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Bentley Systems, Inc., Class B | (379) | $ | (19,791) | |||||
| Bill Holdings, Inc. | (640) | (43,981) | ||||||
| BlackLine, Inc. | (920) | (59,414) | ||||||
| Block, Inc. | (2,696) | (228,028) | ||||||
| Bloom Energy Corp., Class A | (31,979) | (359,444) | ||||||
| Bread Financial Holdings, Inc. | (6,743) | (251,109) | ||||||
| Burlington Stores, Inc. | (889) | (206,417) | ||||||
| Cardlytics, Inc. | (6,487) | (93,997) | ||||||
| Carnival Corp. | (44,302) | (723,895) | ||||||
| Century Aluminum Co. | (10,907) | (167,859) | ||||||
| Cerence, Inc. | (78) | (1,228) | ||||||
| Chart Industries, Inc. | (9,462) | (1,558,581) | ||||||
| Cheesecake Factory, Inc. | (437) | (15,798) | ||||||
| Chefs’ Warehouse, Inc. | (6,222) | (234,321) | ||||||
| Cloudflare, Inc., Class A | (56) | (5,422) | ||||||
| Coherus Biosciences, Inc. | (3,064) | (7,323) | ||||||
| Coinbase Global, Inc. Class A | (459) | (121,690) | ||||||
| Collegium Pharmaceutical, Inc. | (105) | (4,076) | ||||||
| Confluent, Inc. Class A | (474) | (14,466) | ||||||
| CONMED Corp. | (1,019) | (81,602) | ||||||
| CSG Systems International, Inc. | (2,889) | (148,899) | ||||||
| Danimer Scientific, Inc. | (13,592) | (14,815) | ||||||
| Datadog, Inc., Class A | (2,802) | (346,327) | ||||||
| Dayforce, Inc. | (150) | (9,931) | ||||||
| Desktop Metal, Inc., Class A | (121,254) | (106,704) | ||||||
| DigitalOcean Holdings, Inc. | (549) | (20,961) | ||||||
| DraftKings, Inc. Class A | (894) | (40,597) | ||||||
| Dropbox, Inc., Class A Class A | (1,458) | (35,429) | ||||||
| Dynavax Technologies Corp. | (6,102) | (75,726) | ||||||
| Eagle Bulk Shipping, Inc. | (32,857) | (2,052,577) | ||||||
| Encore Capital Group, Inc. | (4,852) | (221,300) | ||||||
| Enphase Energy, Inc. | (242) | (29,277) | ||||||
| Envestnet, Inc. | (703) | (40,711) | ||||||
| Etsy, Inc. | (57) | (3,917) | ||||||
| Evolent Health, Inc., Class A | (1,745) | (57,219) | ||||||
| Expedia Group, Inc. | (43) | (5,923) | ||||||
| EZCORP, Inc. Class A | (80,128) | (907,850) | ||||||
| Five9, Inc. | (245) | (15,217) | ||||||
| Glaukos Corp. | (11,787) | (1,111,396) | ||||||
| Granite Construction, Inc. | (38) | (2,171) | ||||||
| Green Plains, Inc. | (6,651) | (153,771) | ||||||
| Greenbrier Cos., Inc. | (8,913) | (464,367) | ||||||
| Guess?, Inc. | (1) | (31) | ||||||
| Guidewire Software, Inc. | (5,923) | (691,273) | ||||||
| Haemonetics Corp. | (35) | (2,987) | ||||||
| Halozyme Therapeutics, Inc. | (803) | (32,666) | ||||||
| Description | Shares | Fair Value | ||||||
| Health Catalyst, Inc. | (762) | $ | (5,738) | |||||
| HubSpot, Inc. | (175) | (109,648) | ||||||
| Innoviva, Inc. | (155) | (2,362) | ||||||
| Inotiv, Inc. | (7,954) | (87,017) | ||||||
| Insmed, Inc. | (4,526) | (122,790) | ||||||
| Insulet Corp. | (1,361) | (233,275) | ||||||
| Integra LifeSciences Holdings Corp. | (41) | (1,453) | ||||||
| iRhythm Technologies, Inc. | (98) | (11,368) | ||||||
| Ironwood Pharmaceuticals, Inc. | (3,180) | (27,698) | ||||||
| Jamf Holding Corp. | (459) | (8,423) | ||||||
| Karyopharm Therapeutics, Inc. | (2,309) | (3,487) | ||||||
| Lantheus Holdings, Inc. | (1,558) | (96,970) | ||||||
| LCI Industries | (256) | (31,503) | ||||||
| Live Nation Entertainment, Inc. | (5,043) | (533,398) | ||||||
| Lyft, Inc., Class A | (636) | (12,307) | ||||||
| MannKind Corp. | (37) | (168) | ||||||
| Marcus Corp. | (35,031) | (499,542) | ||||||
| Marriott Vacations Worldwide Corp. | (1,533) | (165,150) | ||||||
| Match Group, Inc. | (2,256) | (81,848) | ||||||
| MicroStrategy, Inc., Class A | (128) | (218,184) | ||||||
| Middleby Corp. | (6,253) | (1,005,420) | ||||||
| Mirum Pharmaceuticals, Inc. | (437) | (10,977) | ||||||
| Mitek Systems, Inc. | (2,110) | (29,751) | ||||||
| Model N, Inc. | (742) | (21,125) | ||||||
| MongoDB, Inc. | (293) | (105,082) | ||||||
| Natera, Inc. | (9,036) | (826,433) | ||||||
| National Vision Holdings, Inc. | (926) | (20,520) | ||||||
| NeoGenomics, Inc. | (284) | (4,464) | ||||||
| Norwegian Cruise Line Holdings Ltd. | (23,610) | (494,157) | ||||||
| Okta, Inc. | (1,093) | (114,350) | ||||||
| OPKO Health, Inc. | (196,435) | (235,722) | ||||||
| Pacira BioSciences, Inc. | (411) | (12,009) | ||||||
| PAR Technology Corp. | (3,703) | (167,968) | ||||||
| Pebblebrook Hotel Trust REIT | (35) | (539) | ||||||
| Pegasystems, Inc. | (647) | (41,822) | ||||||
| PennyMac Mortgage Investment Trust REIT | (2,083) | (30,578) | ||||||
| PetIQ, Inc. | (1,188) | (21,717) | ||||||
| Plug Power, Inc. | (3,420) | (11,765) | ||||||
| Porch Group, Inc. | (17,197) | (74,119) | ||||||
| Progress Software Corp. | (175) | (9,329) | ||||||
| PureCycle Technologies, Inc. | (3,981) | (24,762) | ||||||
| Q2 Holdings, Inc. | (3,800) | (199,728) | ||||||
| Rapid7, Inc. | (97) | (4,757) | ||||||
| Redfin Corp. | (521) | (3,465) | ||||||
| Repay Holdings Corp. | (2,873) | (31,603) | ||||||
| Rocket Lab USA, Inc. | (3,122) | (12,831) | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| Seagate Technology Holdings PLC | (92) | $ | (8,561) | |||||
| SMART Global Holdings, Inc. | (8,050) | (211,876) | ||||||
| Snap, Inc., Class A | (3,367) | (38,653) | ||||||
| SoFi Technologies, Inc. | (1,797) | (13,118) | ||||||
| Sphere Entertainment Co. | (989) | (48,540) | ||||||
| Spotify Technology SA | (13) | (3,431) | ||||||
| Summit Hotel Properties, Inc. REIT | (9,181) | (59,768) | ||||||
| Super Micro Computer, Inc. | (118) | (119,184) | ||||||
| Topgolf Callaway Brands Corp. | (2,815) | (45,519) | ||||||
| Transocean Ltd. | (153,698) | (965,223) | ||||||
| Travere Therapeutics, Inc. | (2,709) | (20,886) | ||||||
| Varex Imaging Corp. | (13,721) | (248,350) | ||||||
| Veeco Instruments, Inc. | (11,390) | (400,586) | ||||||
| Vishay Intertechnology, Inc. | (954) | (21,637) | ||||||
| Western Digital Corp. | (322) | (21,973) | ||||||
| Winnebago Industries, Inc. | (1,073) | (79,402) | ||||||
| WisdomTree, Inc. | (9,166) | (84,236) | ||||||
| Zillow Group, Inc. Class C | (1,446) | (70,536) | ||||||
| Zscaler, Inc. | (1,135) | (218,635) | ||||||
| (19,693,381) | ||||||||
| Total Common Stocks (Proceeds $19,670,212) | (21,339,869) | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertiable Corporate Bonds | (0.2)% | ||||||||||
| United States | (0.2)% | ||||||||||
| JetBlue Airways Corp., 0.500%, 04/01/26 | USD | (19) | $ | (16,681) | ||||||
| Rivian Automotive, Inc., 3.625%, 10/15/30 | USD | (98) | (69,090) | |||||||
| Total Convertiable Corporate Bonds (Proceeds $81,288) | (85,771) | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | (3.8)% | ||||||||
| iShares iBoxx $ High Yield Corporate Bond ETF | (5,335) | $ | (414,690) | |||||
| SPDR S&P 500 ETF Trust | (1,934) | (1,011,617) | ||||||
| (Proceeds $1,400,969) | (1,426,307) | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| U.S. Treasury Securities | (28.8)% | ||||||||||
U.S. Treasury Bills, (Proceeds $10,987,108) | USD | (11,000) | $ | (10,987,187) | ||||||
| Total Securities Sold Short (Proceeds $32,139,577) | (33,839,134) | |||||||||
| Total Investments | 83.8% (Cost and short proceeds $34,227,859) (») | 31,921,444 | |||||||||
| Cash and Other Assets in Excess of Liabilities | 16.2% | 6,175,148 | |||||||||
| Net Assets | 100.0% | $ | 38,096,592 | ||||||||
Lazard Enhanced Opportunities Portfolio (continued)
Forward Currency Contracts open at March 31, 2024:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| CAD | 598,000 | USD | 440,892 | SSB | 06/26/24 | $ | 1,122 | $ | — | |||||||||
| USD | 501,697 | CAD | 680,000 | SSB | 06/26/24 | — | 928 | |||||||||||
| USD | 1,026,692 | EUR | 945,000 | SSB | 06/26/24 | 3,696 | — | |||||||||||
| USD | 325,128 | HKD | 2,537,000 | SSB | 06/26/24 | 216 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 5,034 | $ | 928 | ||||||||||||||
Total Return Swap Agreements open at March 31, 2024:
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Long Position Contract | ||||||||||||||||||||||
| USD | NIP | $ | 934,544 | 11/30/27 | ATI, Inc., 3.500%, 06/15/25 | 5.32 | % | $ | 287,032 | $ | — | |||||||||||
| USD | BNP | 6,634 | 10/17/24 | Beauty Health Co., 1.250%, 10/01/26 | 5.32 | 1,672 | — | |||||||||||||||
| USD | BNP | 225,870 | 10/17/24 | Cheesecake Factory Inc. 0.375%, 06/15/26 | 5.32 | 12,186 | — | |||||||||||||||
| USD | NIP | 857,113 | 11/30/27 | Cloudflare, Inc., 0.000%, 08/15/26 | 5.32 | 27,192 | — | |||||||||||||||
| USD | BNP | 272,778 | 10/17/24 | Collegium Pharmaceutical, Inc., 2.875%, 02/15/29 | 5.32 | 94,575 | — | |||||||||||||||
| USD | NIP | 1,078,313 | 11/30/27 | Datadog, Inc., 0.125%, 06/15/25 | 5.32 | 198,529 | — | |||||||||||||||
| USD | NIP | 1,177,115 | 11/30/27 | Dynavax Technologies Corp., 0.125%, 06/15/25 | 5.32 | — | 71,742 | |||||||||||||||
| USD | BNP | 455,046 | 10/17/24 | Encore Capital Group, Inc., 3.250%, 10/01/25 | 5.32 | — | 75,432 | |||||||||||||||
| USD | BNP | 35,744 | 10/17/24 | Enphase Energy, Inc., 0.000%, 03/01/28 | 5.32 | — | 459 | |||||||||||||||
| USD | BNP | 198,217 | 10/17/24 | Etsy, Inc., 0.125%, 10/01/26 | 5.32 | — | 80,335 | |||||||||||||||
| USD | BNP | 711,661 | 10/17/24 | Evolent Health, Inc., 1.500%, 10/15/25 | 5.32 | 32,107 | — | |||||||||||||||
| USD | BNP | 638,126 | 10/17/24 | Expedia Group, Inc., 0.000%, 02/15/26 | 5.32 | 814 | — | |||||||||||||||
| USD | NIP | 739,310 | 11/30/27 | Five9, Inc., 0.500%, 06/01/25 | 5.32 | 630 | — | |||||||||||||||
| USD | NIP | 639,450 | 11/30/27 | Fiverr International, Ltd., 0.000%, 11/01/25 | 5.32 | 23,888 | — | |||||||||||||||
| USD | BNP | 22,398 | 10/17/24 | Granite Construction, Inc., 3.750%, 05/15/28 | 5.32 | 3,717 | — | |||||||||||||||
| USD | BNP | 232,209 | 10/17/24 | Guess?, Inc., 3.750%, 04/15/28 | 5.32 | 11,438 | — | |||||||||||||||
| USD | NIP | 540,689 | 11/30/27 | Health Catalyst, Inc. | 5.32 | 3,916 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 1,228,430 | 11/30/27 | HubSpot, Inc., 0.375%, 06/01/25 | 5.32 | % | $ | 257,429 | $ | — | |||||||||||
| USD | BNP | 559,165 | 10/17/24 | Innoviva, Inc., 2.125%, 03/15/28 | 5.32 | 38,596 | — | |||||||||||||||
| USD | BNP | 690,346 | 10/17/24 | Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 | 5.32 | 3,189 | — | |||||||||||||||
| USD | NIP | 148,546 | 11/30/27 | Kosmos Energy Ltd., 3.125%, 03/15/30 | 5.32 | 816 | — | |||||||||||||||
| USD | NIP | 793,159 | 11/30/27 | LCI Industries, 1.125%, 05/15/26 | 5.32 | 30,928 | — | |||||||||||||||
| USD | NIP | 902,220 | 11/30/27 | Liberty Media Corp., 2.750%, 12/01/49 | 5.32 | — | 5,127 | |||||||||||||||
| USD | BNP | 665,082 | 10/17/24 | Lyft, Inc., 1.500%, 05/15/25 | 5.32 | — | 725 | |||||||||||||||
| USD | NIP | 479,429 | 11/30/27 | MannKind Corp., 2.500%, 03/01/26 | 5.32 | — | 5,377 | |||||||||||||||
| USD | BNP | 171,493 | 10/17/24 | Marriott Vacations Worldwide Corp., 3.250%, 12/01/27 | 5.32 | 5,791 | — | |||||||||||||||
| USD | NIP | 26,081 | 11/30/27 | MicroStrategy, Inc., 0.625%, 03/15/30 | 5.32 | 731 | — | |||||||||||||||
| USD | BNP | 352,982 | 10/17/24 | Mitek Systems, Inc., 0.750%, 02/01/26 | 5.32 | 54,592 | — | |||||||||||||||
| USD | BOA | 3,223,870 | 02/12/25 – 03/21/25 | MongoDB, Inc., 0.250%, 01/15/26 | 5.32 | — | 597,364 | |||||||||||||||
| USD | NIP | 292,740 | 11/30/27 | National Vision Holdings, Inc., 2.500%, 05/15/25 | 5.32 | 10,103 | — | |||||||||||||||
| USD | BNP | 500,575 | 10/17/24 | NCL Corp., Ltd., 5.375%, 08/01/25 | 5.32 | 95,073 | — | |||||||||||||||
| USD | BNP | 273,650 | 10/17/24 | NCL Corp., Ltd., 6.000%, 05/15/24 | 5.32 | 64,061 | — | |||||||||||||||
| USD | BNP | 263,346 | 10/17/24 | NCL Corp., Ltd., 1.125%, 02/15/27 | 5.32 | 35,305 | — | |||||||||||||||
| USD | BNP | 266,535 | 10/17/24 | NCL Corp., Ltd., 2.500%, 02/15/27 | 5.32 | 10,912 | — | |||||||||||||||
| USD | BNP | 642,356 | 10/17/24 | Pebblebrook Hotel Trust, 1.750%, 12/15/26 | 5.32 | 27,756 | — | |||||||||||||||
| USD | NIP | 819,978 | 11/30/27 | Penn Entertainment, Inc., 2.750%, 05/15/26 | 5.32 | — | 78,778 | |||||||||||||||
| USD | BNP | 422,637 | 10/17/24 | PetIQ, Inc., 4.000%, 06/01/26 | 5.32 | 9,927 | — | |||||||||||||||
| USD | BNP | 324,154 | 10/17/24 | Q2 Holdings, Inc., 0.125%, 11/15/25 | 5.32 | 1,079 | — | |||||||||||||||
| USD | NIP | 42,724 | 11/30/27 | Realogy Group LLC / Realogy Co-Issuer Corp., 0.250%, 06/15/26 | 5.32 | 1,936 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 209,407 | 11/30/27 | Repligen Corp., 1.000%, 12/15/28 | 5.32 | % | $ | — | $ | 9,645 | |||||||||||
| USD | BNP | 942,738 | 10/17/24 | Sea, Ltd., 2.375%, 12/01/25 | 5.32 | — | 27,183 | |||||||||||||||
| USD | BNP | 1,154,594 | 10/17/24 | Shift4 Payments, Inc., 0.000%, 12/15/25 | 5.32 | — | 95,719 | |||||||||||||||
| USD | BNP | 135,892 | 10/17/24 | Shift4 Payments, Inc., 0.500%, 08/01/27 | 5.32 | — | 1,612 | |||||||||||||||
| USD | NIP | 418,017 | 11/30/27 | Snap, Inc., 0.125%, 03/01/28 | 5.32 | 38,390 | — | |||||||||||||||
| USD | BNP | 188,386 | 10/17/24 | SoFi Technologies, Inc., 0.000%, 10/15/26 | 5.32 | 15,078 | — | |||||||||||||||
| USD | BNP | 718,097 | 10/17/24 | Spotify USA, Inc., 0.000%, 03/15/26 | 5.32 | 10,018 | — | |||||||||||||||
| USD | NIP | 690,357 | 11/30/27 | Topgolf Callaway Brands Corp., 2.750%, 05/01/26 | 5.32 | — | 54,365 | |||||||||||||||
| USD | NIP | 509,923 | 11/30/27 | Travere Therapeutics, Inc., 2.250%, 03/01/29 | 5.32 | — | 130,492 | |||||||||||||||
| USD | NIP | 10,718 | 11/30/27 | Veeco Instruments, Inc., 2.875%, 06/01/29 | 5.32 | 1,859 | — | |||||||||||||||
| USD | NIP | 635,202 | 11/30/27 | Zscaler, Inc., 0.125%, 07/01/25 | 5.32 | 134,673 | — | |||||||||||||||
| Short Position Contract | ||||||||||||||||||||||
| USD | BNP | 877 | 10/17/24 | Anywhere Real Estate, Inc. | 5.32 | — | 174 | |||||||||||||||
| USD | NIP | 623 | 11/30/27 | Anywhere Real Estate, Inc. | 5.32 | — | 137 | |||||||||||||||
| USD | BOA | 2,825 | 05/31/24 | Arbor Realty Trust, Inc. | 5.32 | — | 143 | |||||||||||||||
| USD | NIP | 885,030 | 11/30/27 | ATI, Inc. | 5.32 | — | 301,449 | |||||||||||||||
| USD | BNP | 30,885 | 10/17/24 | Blackline, Inc. | 5.32 | — | 6,830 | |||||||||||||||
| USD | BNP | 5,243 | 10/17/24 | Cerence, Inc. | 5.32 | 1,856 | — | |||||||||||||||
| USD | BNP | 13,835 | 10/17/24 | Cheesecake Factory Inc. | 5.32 | — | 1,385 | |||||||||||||||
| USD | NIP | 153,709 | 11/30/27 | Cloudflare, Inc. | 5.32 | — | 11,096 | |||||||||||||||
| USD | BNP | 47,579 | 10/17/24 | Coherus Biosciences, Inc. | 5.32 | 17,733 | — | |||||||||||||||
| USD | BNP | 160,824 | 10/17/24 | Collegium Pharmaceutical, Inc. | 5.32 | — | 98,144 | |||||||||||||||
| USD | NIP | 512,587 | 11/30/27 | Datadog, Inc. | 5.32 | — | 161,898 | |||||||||||||||
| USD | NIP | 694,128 | 11/30/27 | Dynavax Technologies Corp. | 5.32 | — | 13,689 | |||||||||||||||
| USD | NIP | 12,948 | 11/30/27 | EchoStar Corp. | 5.32 | 8,089 | — | |||||||||||||||
| USD | BNP | 360,183 | 10/17/24 | Encore Capital Group, Inc. | 5.32 | 71,973 | — | |||||||||||||||
| USD | BNP | 8,399 | 10/17/24 | Enphase Energy, Inc. | 5.32 | 293 | — | |||||||||||||||
| USD | BNP | 96,426 | 10/17/24 | Etsy, Inc. | 5.32 | 49,009 | — | |||||||||||||||
| USD | BNP | 380,137 | 10/17/24 | Evolent Health, Inc. | 5.32 | — | 38,264 | |||||||||||||||
| USD | BNP | 64,767 | 10/17/24 | Expedia Group, Inc. | 5.32 | — | 940 | |||||||||||||||
| USD | BNP | 8,267 | 10/17/24 | Five9, Inc. | 5.32 | 130 | — | |||||||||||||||
| USD | NIP | 6,309 | 11/30/27 | Five9, Inc. | 5.32 | — | 399 | |||||||||||||||
| USD | BNP | 14,058 | 10/17/24 | Granite Construction, Inc. | 5.32 | — | 3,349 | |||||||||||||||
| USD | BOA | 8,830 | 05/31/24 | Greenbrier Cos. Inc. | 5.32 | — | 8,102 | |||||||||||||||
| USD | BNP | 154,857 | 10/17/24 | Guess?, Inc. | 5.32 | — | 12,280 | |||||||||||||||
| USD | BNP | 314,666 | 10/17/24 | Harmonic, Inc. | 5.32 | 42,251 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity^ | Rate | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 7,619 | 11/30/27 | Health Catalyst, Inc. | 5.32 | % | $ | 872 | $ | — | |||||||||||
| USD | NIP | 1,097,359 | 11/30/27 | HubSpot, Inc. | 5.32 | — | 237,840 | |||||||||||||||
| USD | BNP | 162,916 | 10/17/24 | Innoviva, Inc. | 5.32 | — | 17,784 | |||||||||||||||
| USD | BNP | 19,971 | 10/17/24 | Integra LifeSciences Holdings Corp. | 5.32 | 616 | — | |||||||||||||||
| USD | BOA | 346,538 | 05/31/24 | iShares iBoxx $ High Yield Corporate Bond ETF | 5.32 | — | 16,927 | |||||||||||||||
| USD | BNP | 1,052 | 10/17/24 | Karyopharm Therapeutics, Inc. | 5.32 | — | 795 | |||||||||||||||
| USD | NIP | 85,549 | 11/30/27 | Kosmos Energy, Ltd. | 5.32 | — | 143 | |||||||||||||||
| USD | NIP | 242,886 | 11/30/27 | LCI Industries | 5.32 | — | 10,741 | |||||||||||||||
| USD | BNP | 72,333 | 10/17/24 | Lyft, Inc. | 5.32 | — | 1,313 | |||||||||||||||
| USD | NIP | 215,574 | 11/30/27 | MannKind Corp. | 5.32 | 8,549 | — | |||||||||||||||
| USD | BNP | 66,443 | 10/17/24 | Marriott Vacations Worldwide Corp. | 5.32 | — | 5,844 | |||||||||||||||
| USD | BNP | 749,301 | 10/17/24 | Maxeon Solar Technologies, Ltd. | 5.32 | 656,418 | — | |||||||||||||||
| USD | NIP | 19,488 | 11/30/27 | MicroStrategy, Inc. | 5.32 | — | 967 | |||||||||||||||
| USD | BNP | 78,069 | 10/17/24 | Mitek Systems, Inc. | 5.32 | — | 26,567 | |||||||||||||||
| USD | BOA | 2,200,109 | 02/12/24 – 03/21/25 | MongoDB, Inc. | 5.32 | 12,763 | — | |||||||||||||||
| USD | BNP | 20,700 | 10/17/24 | National Vision Holdings, Inc. | 5.32 | — | 1,726 | |||||||||||||||
| USD | NIP | 33,763 | 11/30/27 | National Vision Holdings, Inc. | 5.32 | 501 | — | |||||||||||||||
| USD | BNP | 33,992 | 10/17/24 | NeoGenomics, Inc. | 5.32 | 2,662 | — | |||||||||||||||
| USD | BNP | 396,480 | 10/17/24 | Norwegian Cruise Line Holdings, Ltd. | 5.32 | — | 136,042 | |||||||||||||||
| USD | BNP | 14,199 | 10/17/24 | Pacira BioSciences, Inc. | 5.32 | 1,400 | — | |||||||||||||||
| USD | BNP | 173,878 | 10/17/24 | Pebblebrook Hotel Trust | 5.32 | — | 18,641 | |||||||||||||||
| USD | NIP | 446,048 | 11/30/27 | Penn Entertainment, Inc. | 5.32 | 96,452 | — | |||||||||||||||
| USD | BNP | 12,271 | 10/17/24 | PennyMac Mortgage Investment Trust | 5.32 | — | 1,397 | |||||||||||||||
| USD | BNP | 81,727 | 10/17/24 | PetIQ, Inc. | 5.32 | — | 13,183 | |||||||||||||||
| USD | BNP | 37,763 | 10/17/24 | Q2 Holdings, Inc. | 5.32 | — | 8,017 | |||||||||||||||
| USD | BNP | 420 | 10/17/24 | Redfin Corp. | 5.32 | 94 | — | |||||||||||||||
| USD | NIP | 129,401 | 11/30/27 | Repligen Corp. | 5.32 | 7,646 | — | |||||||||||||||
| USD | BNP | 255,700 | 10/17/24 | Sea, Ltd. | 5.32 | 17,764 | — | |||||||||||||||
| USD | BNP | 600,747 | 10/17/24 | Shift4 Payments, Inc. | 5.32 | 106,345 | — | |||||||||||||||
| USD | NIP | 105,806 | 11/30/27 | Snap, Inc. | 5.32 | 16,526 | — | |||||||||||||||
| USD | BNP | 23,147 | 10/17/24 | SoFi Technologies, Inc. | 5.32 | 1,685 | — | |||||||||||||||
| USD | BNP | 66,837 | 10/17/24 | Spotify Technology SA | 5.32 | — | 2,041 | |||||||||||||||
| USD | NIP | 327,460 | 11/30/27 | Topgolf Callaway Brands Corp. | 5.32 | 40,717 | — | |||||||||||||||
| USD | BNP | 1,330 | 10/17/24 | Travere Therapeutics, Inc. | 5.32 | 844 | — | |||||||||||||||
| USD | NIP | 144,167 | 11/30/27 | Travere Therapeutics, Inc. | 5.32 | 64,353 | — | |||||||||||||||
| USD | NIP | 7,018 | 11/30/27 | Veeco Instruments, Inc. | 5.32 | — | 1,809 | |||||||||||||||
| USD | NIP | 250,530 | 11/30/27 | Zscaler, Inc. | 5.32 | — | 101,983 | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 2,773,479 | $ | 2,496,394 | ||||||||||||||||||
| ^ | For long position contracts the Portfolio receives appreciation and dividends/interest and pays depreciation of the referenced entity as well as financing charges at the referenced rate. For short position contracts, the Portfolio pays appreciation and dividends/interest and receives depreciation of the referenced entity as well as financing charges at the referenced rate. |
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 60.9% | ||||||||
| Australia | 1.0% | ||||||||
| Brambles Ltd. | 2,005 | $ | 21,141 | |||||
| Cochlear Ltd. | 32 | 7,039 | ||||||
| Coles Group Ltd. | 745 | 8,240 | ||||||
| Computershare Ltd. ADR | 516 | 8,803 | ||||||
| Fortescue Ltd. | 279 | 4,676 | ||||||
| GrainCorp Ltd., Class A | 854 | 4,588 | ||||||
| Northern Star Resources Ltd. | 549 | 5,240 | ||||||
| Perseus Mining Ltd. | 5,908 | 8,369 | ||||||
| Qantas Airways Ltd. (*) | 1,374 | 4,885 | ||||||
| REA Group Ltd. | 50 | 6,044 | ||||||
| Telstra Group Ltd. | 4,868 | 12,255 | ||||||
| Woolworths Group Ltd. | 151 | 3,264 | ||||||
| 94,544 | ||||||||
| Austria | 0.1% | ||||||||
| CA Immobilien Anlagen AG | 84 | 2,968 | ||||||
| Raiffeisen Bank International AG | 220 | 4,394 | ||||||
| 7,362 | ||||||||
| Bermuda | 0.1% | ||||||||
| Fidelis Insurance Holdings Ltd. | 347 | 6,760 | ||||||
| RenaissanceRe Holdings Ltd. | 18 | 4,230 | ||||||
| 10,990 | ||||||||
| Canada | 2.2% | ||||||||
| Brookfield Corp. | 113 | 4,728 | ||||||
| CGI, Inc. (*) | 179 | 19,748 | ||||||
| Constellation Software, Inc. | 4 | 10,926 | ||||||
| Dollarama, Inc. | 418 | 31,843 | ||||||
| Fairfax Financial Holdings Ltd. | 14 | 15,091 | ||||||
| Hydro One Ltd. | 101 | 2,945 | ||||||
| International Petroleum Corp. (*) | 703 | 8,381 | ||||||
| Loblaw Cos. Ltd. | 120 | 13,298 | ||||||
| Manulife Financial Corp. | 2,366 | 59,091 | ||||||
| Metro, Inc. | 343 | 18,414 | ||||||
| Sun Life Financial, Inc. | 196 | 10,695 | ||||||
| Teekay Tankers Ltd., Class A | 62 | 3,622 | ||||||
| Toronto-Dominion Bank | 248 | 14,974 | ||||||
| 213,756 | ||||||||
| China | 0.2% | ||||||||
| BOC Hong Kong Holdings Ltd. | 1,000 | 2,680 | ||||||
| NXP Semiconductors NV | 72 | 17,839 | ||||||
| Wilmar International Ltd. | 1,300 | 3,298 | ||||||
| 23,817 | ||||||||
| Description | Shares | Fair Value | ||||||
| Denmark | 1.1% | ||||||||
| Carlsberg AS, Class B ADR | 393 | $ | 10,796 | |||||
| Novo Nordisk AS, Class B | 755 | 96,712 | ||||||
| 107,508 | ||||||||
| Finland | 0.2% | ||||||||
| Kone OYJ ADR | 351 | 8,175 | ||||||
| Nordea Bank Abp | 565 | 6,384 | ||||||
| 14,559 | ||||||||
| France | 1.3% | ||||||||
| BNP Paribas SA | 282 | 20,070 | ||||||
| Bureau Veritas SA ADR | 144 | 8,777 | ||||||
| Cie Generale des Etablissements Michelin SCA | 129 | 4,946 | ||||||
| Eurazeo SE | 56 | 4,906 | ||||||
| Gaztransport Et Technigaz SA | 27 | 4,038 | ||||||
| Legrand SA ADR | 420 | 8,912 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 74 | 13,396 | ||||||
| Orange SA | 1,394 | 16,376 | ||||||
| Pernod Ricard SA ADR | 231 | 7,471 | ||||||
| Societe Generale SA | 514 | 13,829 | ||||||
| Thales SA ADR | 403 | 13,758 | ||||||
| TotalEnergies SE | 46 | 3,163 | ||||||
| Vinci SA | 49 | 6,276 | ||||||
| 125,918 | ||||||||
| Germany | 0.8% | ||||||||
| Bayerische Motoren Werke AG | 199 | 22,961 | ||||||
| Commerzbank AG | 429 | 5,891 | ||||||
| Deutsche Bank AG | 752 | 11,828 | ||||||
| Infineon Technologies AG | 491 | 16,692 | ||||||
| Mercedes-Benz Group AG | 38 | 3,027 | ||||||
| Merck KGaA ADR | 251 | 8,843 | ||||||
| Talanx AG | 113 | 8,946 | ||||||
| TUI AG (*) | 532 | 4,382 | ||||||
| 82,570 | ||||||||
| Hong Kong | 0.2% | ||||||||
| AIA Group Ltd. ADR | 227 | 6,102 | ||||||
| Swire Pacific Ltd., Class A | 500 | 4,117 | ||||||
| United Energy Group Ltd. | 118,000 | 8,445 | ||||||
| WH Group Ltd. | 8,000 | 5,279 | ||||||
| 23,943 | ||||||||
| Ireland | 0.1% | ||||||||
| Cimpress PLC (*) | 51 | 4,514 | ||||||
| Israel | 0.2% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 5,955 | 7,654 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Perion Network Ltd. (*) | 152 | $ | 3,417 | |||||
| Wix.com Ltd. (*) | 33 | 4,537 | ||||||
| 15,608 | ||||||||
| Italy | 0.5% | ||||||||
| Banco BPM SpA | 631 | 4,199 | ||||||
| BPER Banca | 1,086 | 5,130 | ||||||
| Ferrari NV | 18 | 7,845 | ||||||
| Poste Italiane SpA | 875 | 10,955 | ||||||
| Telecom Italia SpA (*) | 17,962 | 4,348 | ||||||
| UniCredit SpA | 473 | 17,950 | ||||||
| 50,427 | ||||||||
| Japan | 4.8% | ||||||||
| ANA Holdings, Inc. | 400 | 8,352 | ||||||
| Central Japan Railway Co. | 200 | 4,965 | ||||||
| Chubu Electric Power Co., Inc. | 2,000 | 26,087 | ||||||
| Chugoku Electric Power Co., Inc. | 400 | 3,007 | ||||||
| East Japan Railway Co. | 1,000 | 19,173 | ||||||
| Ezaki Glico Co. Ltd. | 100 | 2,788 | ||||||
| FANUC Corp. ADR | 664 | 9,249 | ||||||
| GS Yuasa Corp. | 200 | 4,159 | ||||||
| Hachijuni Bank Ltd. | 1,100 | 7,420 | ||||||
| Honda Motor Co. Ltd. | 1,500 | 18,552 | ||||||
| Japan Post Bank Co. Ltd. | 400 | 4,304 | ||||||
| Japan Post Holdings Co. Ltd. | 2,200 | 22,145 | ||||||
| Japan Real Estate Investment Corp. REIT | 3 | 10,696 | ||||||
| Japan Tobacco, Inc. | 200 | 5,332 | ||||||
| KDDI Corp. | 300 | 8,870 | ||||||
| Kyoto Financial Group, Inc. | 700 | 12,619 | ||||||
| Kyushu Railway Co. | 400 | 9,119 | ||||||
| Mazda Motor Corp. | 500 | 5,847 | ||||||
| Mitsubishi Motors Corp. | 1,600 | 5,256 | ||||||
| Mizuho Financial Group, Inc. | 1,400 | 27,701 | ||||||
| Morinaga Milk Industry Co. Ltd. | 300 | 6,133 | ||||||
| Nagoya Railroad Co. Ltd. | 400 | 5,585 | ||||||
| NGK Insulators Ltd. | 900 | 12,084 | ||||||
| Nintendo Co. Ltd. ADR | 872 | 11,850 | ||||||
| Nisshinbo Holdings, Inc. | 1,300 | 10,443 | ||||||
| Nissin Foods Holdings Co. Ltd. | 200 | 5,514 | ||||||
| Nomura Real Estate Master Fund, Inc. REIT | 4 | 3,955 | ||||||
| Ono Pharmaceutical Co. Ltd. | 1,500 | 24,584 | ||||||
| Osaka Gas Co. Ltd. | 900 | 20,270 | ||||||
| Otsuka Holdings Co. Ltd. | 600 | 24,883 | ||||||
| Panasonic Holdings Corp. | 900 | 8,587 | ||||||
| Rengo Co. Ltd. | 500 | 3,810 | ||||||
| Sankyo Co. Ltd. | 500 | 5,459 | ||||||
| Description | Shares | Fair Value | ||||||
| Sanrio Co. Ltd. | 200 | $ | 4,030 | |||||
| Seven & i Holdings Co. Ltd. | 300 | 4,367 | ||||||
| Shimano, Inc. ADR | 402 | 5,998 | ||||||
| Shizuoka Financial Group, Inc. | 300 | 2,852 | ||||||
| SoftBank Corp. | 1,400 | 17,980 | ||||||
| Sompo Holdings, Inc. | 600 | 12,578 | ||||||
| Subaru Corp. | 500 | 11,380 | ||||||
| Tokyo Gas Co. Ltd. | 900 | 20,500 | ||||||
| Tokyu Fudosan Holdings Corp. | 300 | 2,425 | ||||||
| Toyota Motor Corp. | 900 | 22,622 | ||||||
| Yamaguchi Financial Group, Inc. | 400 | 4,059 | ||||||
| 467,589 | ||||||||
| Netherlands | 0.8% | ||||||||
| ASM International NV | 22 | 13,464 | ||||||
| Eurocommercial Properties NV REIT | 381 | 8,684 | ||||||
| EXOR NV | 43 | 4,779 | ||||||
| Koninklijke Ahold Delhaize NV | 111 | 3,319 | ||||||
| Koninklijke KPN NV | 860 | 3,216 | ||||||
| Shell PLC | 367 | 12,177 | ||||||
| Wolters Kluwer NV | 84 | 13,155 | ||||||
| Wolters Kluwer NV ADR | 137 | 21,498 | ||||||
| 80,292 | ||||||||
| New Zealand | 0.1% | ||||||||
| Spark New Zealand Ltd. | 2,373 | 6,756 | ||||||
| Norway | 0.0% | ||||||||
| Orkla ASA | 478 | 3,372 | ||||||
| Portugal | 0.1% | ||||||||
| Banco Comercial Portugues SA, Class R (*) | 15,024 | 5,071 | ||||||
| Mota-Engil SGPS SA | 852 | 4,422 | ||||||
| 9,493 | ||||||||
| Singapore | 0.4% | ||||||||
| Jardine Cycle & Carriage Ltd. | 300 | 5,371 | ||||||
| Sembcorp Industries Ltd. | 1,900 | 7,601 | ||||||
| Singapore Airlines Ltd. | 1,100 | 5,220 | ||||||
| STMicroelectronics NV | 391 | 16,831 | ||||||
| 35,023 | ||||||||
| Spain | 0.4% | ||||||||
| Acciona SA | 31 | 3,775 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 1,458 | 17,369 | ||||||
| Banco Santander SA | 1,050 | 5,131 | ||||||
| Iberdrola SA | 258 | 3,203 | ||||||
| Industria de Diseno Textil SA ADR | 524 | 13,205 | ||||||
| 42,683 | ||||||||
| Sweden | 0.5% | ||||||||
| Assa Abloy AB ADR | 608 | 8,731 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Epiroc AB ADR | 861 | $ | 16,221 | |||||
| Fastighets AB Balder, B Shares (*) | 1,454 | 10,665 | ||||||
| Hexagon AB ADR | 1,106 | 13,051 | ||||||
| 48,668 | ||||||||
| Switzerland | 0.5% | ||||||||
| ABB Ltd. ADR | 412 | 19,100 | ||||||
| Givaudan SA | 2 | 8,936 | ||||||
| Logitech International SA | 112 | 10,023 | ||||||
| Novartis AG | 126 | 12,202 | ||||||
| 50,261 | ||||||||
| United Kingdom | 2.3% | ||||||||
| AstraZeneca PLC | 140 | 18,850 | ||||||
| BAE Systems PLC | 706 | 12,025 | ||||||
| Barclays PLC | 4,974 | 11,558 | ||||||
| BP PLC | 492 | 3,091 | ||||||
| Coca-Cola Europacific Partners PLC | 197 | 13,780 | ||||||
| Diageo PLC ADR | 95 | 14,130 | ||||||
| Global Ship Lease, Inc., Class A | 248 | 5,035 | ||||||
| Harbour Energy PLC | 1,096 | 3,811 | ||||||
| HSBC Holdings PLC | 604 | 4,721 | ||||||
| Investec PLC | 1,180 | 7,906 | ||||||
| Man Group PLC | 2,178 | 7,361 | ||||||
| NatWest Group PLC | 6,254 | 20,944 | ||||||
| RELX PLC | 342 | 14,778 | ||||||
| RELX PLC ADR | 611 | 26,450 | ||||||
| Rolls-Royce Holdings PLC (*) | 863 | 4,641 | ||||||
| Serco Group PLC | 1,736 | 4,162 | ||||||
| Standard Chartered PLC | 1,427 | 12,093 | ||||||
| Unilever PLC | 255 | 12,805 | ||||||
| Unilever PLC ADR | 336 | 16,864 | ||||||
| Vodafone Group PLC | 4,901 | 4,339 | ||||||
| Yellow Cake PLC (*) | 418 | 3,174 | ||||||
| 222,518 | ||||||||
| United States | 43.0% | ||||||||
| AbbVie, Inc. | 173 | 31,503 | ||||||
| Accenture PLC, Class A | 83 | 28,769 | ||||||
| Adobe, Inc. (*) | 84 | 42,386 | ||||||
| Adtalem Global Education, Inc. (*) | 51 | 2,621 | ||||||
| Agree Realty Corp. REIT | 123 | 7,026 | ||||||
| Alkermes PLC (*) | 124 | 3,357 | ||||||
| Allison Transmission Holdings, Inc. | 102 | 8,278 | ||||||
| Alphabet, Inc., Class A (*) | 272 | 41,053 | ||||||
| Alphabet, Inc., Class C (*) | 585 | 89,072 | ||||||
| Altria Group, Inc. | 342 | 14,918 | ||||||
| Amazon.com, Inc. (*) | 405 | 73,054 | ||||||
| Description | Shares | Fair Value | ||||||
| Amdocs Ltd. | 125 | $ | 11,296 | |||||
| Ameren Corp. | 49 | 3,624 | ||||||
| American International Group, Inc. | 32 | 2,501 | ||||||
| American Tower Corp. REIT | 45 | 8,892 | ||||||
| Amphenol Corp., Class A | 202 | 23,301 | ||||||
| Aon PLC, Class A | 97 | 32,371 | ||||||
| Apple, Inc. | 665 | 114,034 | ||||||
| Applied Materials, Inc. | 188 | 38,771 | ||||||
| AppLovin Corp., Class A (*) | 74 | 5,122 | ||||||
| AptarGroup, Inc. | 18 | 2,590 | ||||||
| Arcosa, Inc. | 26 | 2,232 | ||||||
| Assurant, Inc. | 34 | 6,400 | ||||||
| Atlassian Corp., Class A (*) | 24 | 4,683 | ||||||
| Atmos Energy Corp. | 92 | 10,936 | ||||||
| Autodesk, Inc. (*) | 63 | 16,406 | ||||||
| Automatic Data Processing, Inc. | 35 | 8,741 | ||||||
| AutoZone, Inc. (*) | 1 | 3,152 | ||||||
| Avery Dennison Corp. | 43 | 9,600 | ||||||
| Axis Capital Holdings Ltd. | 73 | 4,746 | ||||||
| Axos Financial, Inc. (*) | 256 | 13,834 | ||||||
| Bank of America Corp. | 348 | 13,196 | ||||||
| Bank of New York Mellon Corp. | 283 | 16,306 | ||||||
| Best Buy Co., Inc. | 60 | 4,922 | ||||||
| Biogen, Inc. (*) | 20 | 4,313 | ||||||
| Booking Holdings, Inc. | 7 | 25,395 | ||||||
| Booz Allen Hamilton Holding Corp. | 174 | 25,829 | ||||||
| BorgWarner, Inc. | 99 | 3,439 | ||||||
| Boston Scientific Corp. (*) | 65 | 4,452 | ||||||
| Brady Corp., Class A | 59 | 3,498 | ||||||
| Brighthouse Financial, Inc. (*) | 52 | 2,680 | ||||||
| Brinker International, Inc. (*) | 118 | 5,862 | ||||||
| Bristol-Myers Squibb Co. | 745 | 40,401 | ||||||
| Broadcom, Inc. | 56 | 74,223 | ||||||
| BRP, Inc. | 117 | 7,851 | ||||||
| Cadence Design Systems, Inc. (*) | 11 | 3,424 | ||||||
| Cal-Maine Foods, Inc. | 160 | 9,416 | ||||||
| Cardinal Health, Inc. | 367 | 41,067 | ||||||
| Caterpillar, Inc. | 120 | 43,972 | ||||||
| Cboe Global Markets, Inc. | 90 | 16,536 | ||||||
| CDW Corp. | 120 | 30,694 | ||||||
| Cencora, Inc. | 203 | 49,327 | ||||||
| Centene Corp. (*) | 148 | 11,615 | ||||||
| Central Garden & Pet Co., Class A (*) | 134 | 4,947 | ||||||
| Charles Schwab Corp. | 188 | 13,600 | ||||||
| Chemed Corp. | 7 | 4,494 | ||||||
| Chipotle Mexican Grill, Inc. (*) | 7 | 20,347 | ||||||
| Chord Energy Corp. | 26 | 4,634 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Chubb Ltd. | 12 | $ | 3,110 | |||||
| Cigna Group | 101 | 36,682 | ||||||
| Cisco Systems, Inc. | 535 | 26,702 | ||||||
| Clorox Co. | 26 | 3,981 | ||||||
| CMS Energy Corp. | 62 | 3,741 | ||||||
| Coca-Cola Co. | 353 | 21,597 | ||||||
| Cognizant Technology Solutions Corp., Class A | 328 | 24,039 | ||||||
| Colgate-Palmolive Co. | 304 | 27,375 | ||||||
| Comcast Corp., Class A | 447 | 19,377 | ||||||
| Comfort Systems USA, Inc. | 50 | 15,885 | ||||||
| CommVault Systems, Inc. (*) | 62 | 6,289 | ||||||
| Consolidated Edison, Inc. | 125 | 11,351 | ||||||
| Constellation Brands, Inc., Class A | 9 | 2,446 | ||||||
| Corebridge Financial, Inc. | 786 | 22,582 | ||||||
| Costco Wholesale Corp. | 67 | 49,086 | ||||||
| Coterra Energy, Inc. | 115 | 3,206 | ||||||
| Crowdstrike Holdings, Inc., Class A (*) | 11 | 3,526 | ||||||
| CSG Systems International, Inc. | 27 | 1,392 | ||||||
| CVS Health Corp. | 428 | 34,137 | ||||||
| Danaher Corp. | 80 | 19,978 | ||||||
| Datadog, Inc., Class A (*) | 29 | 3,584 | ||||||
| Dave & Buster’s Entertainment, Inc. (*) | 120 | 7,512 | ||||||
| DaVita, Inc. (*) | 137 | 18,913 | ||||||
| Deckers Outdoor Corp. (*) | 12 | 11,295 | ||||||
| Deere & Co. | 26 | 10,679 | ||||||
| Dell Technologies, Inc., Class C | 153 | 17,459 | ||||||
| Dick’s Sporting Goods, Inc. | 21 | 4,722 | ||||||
| DocuSign, Inc. (*) | 66 | 3,930 | ||||||
| DR Horton, Inc. | 82 | 13,493 | ||||||
| Dropbox, Inc., Class A (*) | 119 | 2,892 | ||||||
| Eaton Corp. PLC | 25 | 7,817 | ||||||
| Electronic Arts, Inc. | 98 | 13,002 | ||||||
| Elevance Health, Inc. | 29 | 15,038 | ||||||
| Eli Lilly & Co. | 64 | 49,789 | ||||||
| Enact Holdings, Inc. | 119 | 3,710 | ||||||
| Entergy Corp. | 187 | 19,762 | ||||||
| EOG Resources, Inc. | 52 | 6,648 | ||||||
| Equitable Holdings, Inc. | 538 | 20,449 | ||||||
| Estee Lauder Cos., Inc., Class A | 102 | 15,723 | ||||||
| Euronet Worldwide, Inc. (*) | 38 | 4,177 | ||||||
| Everest Group Ltd. | 9 | 3,578 | ||||||
| Expedia Group, Inc. (*) | 101 | 13,913 | ||||||
| Fastenal Co. | 77 | 5,940 | ||||||
| FedEx Corp. | 49 | 14,197 | ||||||
| Fiserv, Inc. (*) | 213 | 34,042 | ||||||
| Description | Shares | Fair Value | ||||||
| Fortinet, Inc. (*) | 48 | $ | 3,279 | |||||
| General Mills, Inc. | 184 | 12,874 | ||||||
| General Motors Co. | 82 | 3,719 | ||||||
| Gilead Sciences, Inc. | 298 | 21,828 | ||||||
| Global Payments, Inc. | 51 | 6,817 | ||||||
| Globe Life, Inc. | 98 | 11,404 | ||||||
| GoDaddy, Inc., Class A (*) | 119 | 14,123 | ||||||
| GSK PLC | 1,848 | 39,689 | ||||||
| Gulfport Energy Corp. (*) | 42 | 6,725 | ||||||
| Hartford Financial Services Group, Inc. | 43 | 4,431 | ||||||
| HCA Healthcare, Inc. | 91 | 30,351 | ||||||
| Hess Corp. | 29 | 4,427 | ||||||
| Host Hotels & Resorts, Inc. REIT | 448 | 9,265 | ||||||
| Humana, Inc. | 7 | 2,427 | ||||||
| Huron Consulting Group, Inc. (*) | 33 | 3,188 | ||||||
| IDEXX Laboratories, Inc. (*) | 16 | 8,639 | ||||||
| Intel Corp. | 153 | 6,758 | ||||||
| Intercontinental Exchange, Inc. | 179 | 24,600 | ||||||
| International Business Machines Corp. | 98 | 18,714 | ||||||
| International Seaways, Inc. | 86 | 4,575 | ||||||
| Intuit, Inc. | 21 | 13,650 | ||||||
| Intuitive Surgical, Inc. (*) | 7 | 2,794 | ||||||
| IQVIA Holdings, Inc. (*) | 83 | 20,990 | ||||||
| Jackson Financial, Inc., Class A | 85 | 5,622 | ||||||
| Johnson & Johnson | 193 | 30,531 | ||||||
| Juniper Networks, Inc. | 123 | 4,558 | ||||||
| Kellanova | 71 | 4,068 | ||||||
| Kilroy Realty Corp. REIT | 73 | 2,659 | ||||||
| Kimberly-Clark Corp. | 229 | 29,621 | ||||||
| KLA Corp. | 26 | 18,163 | ||||||
| Kroger Co. | 153 | 8,741 | ||||||
| Lam Research Corp. | 8 | 7,773 | ||||||
| Lantheus Holdings, Inc. (*) | 59 | 3,672 | ||||||
| Lennar Corp., Class A | 85 | 14,618 | ||||||
| Lockheed Martin Corp. | 55 | 25,018 | ||||||
| M&T Bank Corp. | 28 | 4,072 | ||||||
| Martin Marietta Materials, Inc. | 4 | 2,456 | ||||||
| Masco Corp. | 569 | 44,883 | ||||||
| MasterCard, Inc., Class A | 116 | 55,862 | ||||||
| Match Group, Inc. (*) | 129 | 4,680 | ||||||
| McDonald’s Corp. | 54 | 15,225 | ||||||
| McKesson Corp. | 28 | 15,032 | ||||||
| Medpace Holdings, Inc. (*) | 10 | 4,042 | ||||||
| Merck & Co., Inc. | 565 | 74,552 | ||||||
| Meta Platforms, Inc., Class A | 203 | 98,573 | ||||||
| MetLife, Inc. | 163 | 12,080 | ||||||
| Microchip Technology, Inc. | 30 | 2,691 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Microsoft Corp. | 534 | $ | 224,664 | |||||
| Molina Healthcare, Inc. (*) | 15 | 6,162 | ||||||
| Moody’s Corp. | 17 | 6,682 | ||||||
| Motorola Solutions, Inc. | 35 | 12,424 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 43 | 4,173 | ||||||
| Murphy USA, Inc. | 10 | 4,192 | ||||||
| National Fuel Gas Co. | 97 | 5,211 | ||||||
| National HealthCare Corp. | 54 | 5,104 | ||||||
| Netflix, Inc. (*) | 30 | 18,220 | ||||||
| Neurocrine Biosciences, Inc. (*) | 41 | 5,655 | ||||||
| NewMarket Corp. | 35 | 22,212 | ||||||
| Newmont Corp. CDI | 133 | 4,710 | ||||||
| NIKE, Inc., Class B | 111 | 10,432 | ||||||
| NiSource, Inc. | 271 | 7,496 | ||||||
| Northrop Grumman Corp. | 12 | 5,744 | ||||||
| Nucor Corp. | 17 | 3,364 | ||||||
| NVIDIA Corp. | 235 | 212,337 | ||||||
| Oracle Corp. | 255 | 32,031 | ||||||
| PACCAR, Inc. | 36 | 4,460 | ||||||
| Paychex, Inc. | 21 | 2,579 | ||||||
| PepsiCo, Inc. | 114 | 19,951 | ||||||
| PG&E Corp. | 305 | 5,112 | ||||||
| Pinterest, Inc., Class A (*) | 128 | 4,438 | ||||||
| Pioneer Natural Resources Co. | 19 | 4,988 | ||||||
| PNM Resources, Inc. | 89 | 3,350 | ||||||
| Procter & Gamble Co. | 267 | 43,321 | ||||||
| Prologis, Inc. REIT | 134 | 17,449 | ||||||
| PTC, Inc. (*) | 87 | 16,438 | ||||||
| PulteGroup, Inc. | 207 | 24,968 | ||||||
| QUALCOMM, Inc. | 279 | 47,235 | ||||||
| Qualys, Inc. (*) | 20 | 3,337 | ||||||
| Regeneron Pharmaceuticals, Inc. (*) | 12 | 11,550 | ||||||
| RingCentral, Inc., Class A (*) | 87 | 3,022 | ||||||
| Roche Holding AG | 139 | 35,483 | ||||||
| Rockwell Automation, Inc. | 43 | 12,527 | ||||||
| Royal Caribbean Cruises Ltd. (*) | 39 | 5,421 | ||||||
| S&P Global, Inc. | 50 | 21,272 | ||||||
| Sally Beauty Holdings, Inc. (*) | 367 | 4,558 | ||||||
| Sanofi SA | 176 | 17,269 | ||||||
| SBA Communications Corp. REIT | 38 | 8,235 | ||||||
| Sempra | 139 | 9,984 | ||||||
| ServiceNow, Inc. (*) | 49 | 37,358 | ||||||
| Sherwin-Williams Co. | 43 | 14,935 | ||||||
| SilverBow Resources, Inc. (*) | 128 | 4,370 | ||||||
| Simon Property Group, Inc. REIT | 124 | 19,405 | ||||||
| Simpson Manufacturing Co., Inc. | 22 | 4,514 | ||||||
| Description | Shares | Fair Value | ||||||
| SLM Corp. | 178 | $ | 3,879 | |||||
| Squarespace, Inc., Class A (*) | 103 | 3,753 | ||||||
| Starbucks Corp. | 36 | 3,290 | ||||||
| State Street Corp. | 269 | 20,799 | ||||||
| Stellantis NV | 588 | 16,712 | ||||||
| Stryker Corp. | 88 | 31,493 | ||||||
| Super Micro Computer, Inc. (*) | 18 | 18,181 | ||||||
| Synopsys, Inc. (*) | 97 | 55,435 | ||||||
| Sysco Corp. | 101 | 8,199 | ||||||
| Target Corp. | 122 | 21,620 | ||||||
| Terex Corp. | 90 | 5,796 | ||||||
| Tesla, Inc. (*) | 106 | 18,634 | ||||||
| Texas Instruments, Inc. | 93 | 16,202 | ||||||
| Texas Pacific Land Corp. | 6 | 3,471 | ||||||
| Thermo Fisher Scientific, Inc. | 37 | 21,505 | ||||||
| TJX Cos., Inc. | 416 | 42,191 | ||||||
| Toll Brothers, Inc. | 138 | 17,853 | ||||||
| TopBuild Corp. (*) | 29 | 12,781 | ||||||
| Tradeweb Markets, Inc., Class A | 60 | 6,250 | ||||||
| Travelers Cos., Inc. | 15 | 3,452 | ||||||
| U-Haul Holding Co. (*) | 65 | 4,390 | ||||||
| UMH Properties, Inc. REIT | 242 | 3,930 | ||||||
| United Therapeutics Corp. (*) | 10 | 2,297 | ||||||
| UnitedHealth Group, Inc. | 66 | 32,650 | ||||||
| Universal Corp. | 78 | 4,034 | ||||||
| Universal Health Services, Inc., Class B | 60 | 10,948 | ||||||
| Unum Group | 317 | 17,010 | ||||||
| Verizon Communications, Inc. | 738 | 30,966 | ||||||
| Vertex Pharmaceuticals, Inc. (*) | 57 | 23,827 | ||||||
| Vertiv Holdings Co. | 88 | 7,187 | ||||||
| Visa, Inc., A Shares | 84 | 23,443 | ||||||
| Vistra Corp. | 49 | 3,413 | ||||||
| W.R. Berkley Corp. | 46 | 4,068 | ||||||
| Walmart, Inc. | 310 | 18,653 | ||||||
| Warner Music Group Corp., Class A | 168 | 5,547 | ||||||
| Waste Management, Inc. | 64 | 13,642 | ||||||
| WD-40 Co. | 27 | 6,839 | ||||||
| Wells Fargo & Co. | 276 | 15,997 | ||||||
| Western Union Co. | 336 | 4,697 | ||||||
| Westlake Corp. | 20 | 3,056 | ||||||
| Williams-Sonoma, Inc. | 15 | 4,763 | ||||||
| WK Kellogg Co. | 45 | 846 | ||||||
| Workday, Inc., Class A (*) | 22 | 6,001 | ||||||
| WW Grainger, Inc. | 16 | 16,277 | ||||||
| Xcel Energy, Inc. | 257 | 13,814 | ||||||
| Zoetis, Inc. | 78 | 13,198 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Zoom Video Communications, Inc. Class A (*) | 54 | $ | 3,530 | |||||
| 4,199,775 | ||||||||
| Total Common Stocks (Cost $4,313,607) | 5,941,946 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 11.5% | ||||||||||
| Canada | 0.5% | ||||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 50 | $ | 46,942 | ||||||
| Denmark | 0.5% | ||||||||||
| Nykredit Realkredit AS, 1.000%, 01/01/27 | DKK | 345 | 47,343 | |||||||
| Germany | 0.6% | ||||||||||
| Commerzbank AG, 3.375%, 12/12/25 | EUR | 20 | 21,609 | |||||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 | EUR | 41 | 38,496 | |||||||
| 60,105 | ||||||||||
| Sweden | 0.2% | ||||||||||
| Swedbank Hypotek AB, 3.000%, 03/28/29 | SEK | 200 | 18,549 | |||||||
| Switzerland | 0.5% | ||||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 57 | 51,865 | |||||||
| United States | 9.2% | ||||||||||
| Adobe, Inc., 2.300%, 02/01/30 | USD | 45 | 39,602 | |||||||
| Alphabet, Inc., 1.100%, 08/15/30 | USD | 50 | 40,943 | |||||||
| American Express Co., 4.050%, 05/03/29 | USD | 15 | 14,549 | |||||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 25 | 23,112 | |||||||
| AT&T, Inc., 3.500%, 06/01/41 | USD | 60 | 46,836 | |||||||
| Bank of America Corp., 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 45 | 30,991 | |||||||
| Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 25 | 24,319 | |||||||
| Clean Harbors, Inc., 4.875%, 07/15/27 | USD | 35 | 33,950 | |||||||
| Comcast Corp., 4.650%, 02/15/33 | USD | 45 | 44,161 | |||||||
| Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 55 | 44,506 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 25 | $ | 26,849 | ||||||
| John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 35 | 25,334 | |||||||
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.750%, 09/15/30 | USD | 35 | 28,792 | |||||||
| JPMorgan Chase & Co.: | ||||||||||
| 5.040% (SOFR + 1.190%), 01/23/28 (§) | USD | 10 | 9,965 | |||||||
| 3.540% (SOFR + 1.642%), 05/01/28 (§) | USD | 25 | 23,883 | |||||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 18 | 16,795 | |||||||
| Lowe’s Cos., Inc., 5.000%, 04/15/33 | USD | 45 | 44,823 | |||||||
| McDonald’s Corp., 3.125%, 03/04/25 | CAD | 25 | 18,137 | |||||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 50 | 42,495 | |||||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 40 | 38,636 | |||||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 35 | 24,379 | |||||||
| Procter & Gamble Co., 1.200%, 10/29/30 | USD | 20 | 16,359 | |||||||
| Prologis LP, 1.250%, 10/15/30 | USD | 45 | 36,082 | |||||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 25 | 21,684 | |||||||
| Sysco Corp., 2.400%, 02/15/30 | USD | 50 | 43,264 | |||||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 40 | 34,614 | |||||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 35 | 34,060 | |||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 34 | 32,550 | |||||||
| Waste Management, Inc., 4.625%, 02/15/30 | USD | 35 | 34,834 | |||||||
| 896,504 | ||||||||||
| Total Corporate Bonds (Cost $1,127,534) | 1,121,308 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 1.2% | ||||||||
| iShares MSCI World ETF (Cost $69,774) | 828 | $ | 119,986 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Foreign Government Obligations | 17.6% | ||||||||||
| Australia | 1.3% | ||||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 135 | $ | 73,187 | ||||||
| Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | 110 | 58,958 | |||||||
| 132,145 | ||||||||||
| Bahamas | 0.5% | ||||||||||
| Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 55 | 48,933 | |||||||
| Canada | 1.8% | ||||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 80 | 49,769 | |||||||
| Quebec, 1.850%, 02/13/27 | CAD | 75 | 52,166 | |||||||
| Vancouver, 2.900%, 11/20/25 | CAD | 105 | 75,608 | |||||||
| 177,543 | ||||||||||
| Chile | 0.2% | ||||||||||
| Bonos de la Tesoreria de la Republica en pesos, 2.500%, 03/01/25 | CLP | 20,000 | 19,859 | |||||||
| Colombia | 0.6% | ||||||||||
| Colombia Government International Bonds, 9.850%, 06/28/27 | COP | 225,000 | 56,497 | |||||||
| Croatia | 0.7% | ||||||||||
| Croatia Government International Bonds, 1.750%, 03/04/41 | EUR | 83 | 67,914 | |||||||
| Czech Republic | 1.0% | ||||||||||
| Czech Republic Government Bonds, 6.790% (PRIBOR 6 Month - 0.100%), 11/19/27 (§) | CZK | 2,180 | 93,147 | |||||||
| Denmark | 0.6% | ||||||||||
| Denmark Government Bonds, 0.000%, 11/15/31 | DKK | 465 | 56,837 | |||||||
| Estonia | 0.2% | ||||||||||
| Estonia Government International Bonds, 3.250%, 01/17/34 | EUR | 20 | 21,361 | |||||||
| France | 0.3% | ||||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 | EUR | 30 | 27,365 | |||||||
| Hungary | 0.4% | ||||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 45 | 37,367 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Ireland | 0.6% | ||||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 | EUR | 60 | $ | 59,801 | ||||||
| Israel | 0.6% | ||||||||||
| Israel Government Bonds - Fixed, 1.750%, 08/31/25 | ILS | 235 | 62,584 | |||||||
| Italy | 0.3% | ||||||||||
| Italy Buoni Poliennali Del Tesoro, 4.000%, 04/30/35 | EUR | 25 | 27,735 | |||||||
| Japan | 0.8% | ||||||||||
| Japan Government Ten Year Bonds, 0.400%, 06/20/25 | JPY | 5,500 | 36,478 | |||||||
| Japan Government Two Year Bonds, 0.100%, 01/01/26 | JPY | 6,000 | 39,583 | |||||||
| 76,061 | ||||||||||
| Mexico | 0.6% | ||||||||||
| Mexico Bonos: | ||||||||||
| 8.000%, 09/05/24 | MXN | 520 | 30,859 | |||||||
| 7.500%, 06/03/27 | MXN | 410 | 23,340 | |||||||
| 54,199 | ||||||||||
| New Zealand | 1.4% | ||||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 | NZD | 150 | 84,531 | |||||||
| New Zealand Local Government Funding Agency Bonds, 2.000%, 04/15/37 | NZD | 130 | 53,047 | |||||||
| 137,578 | ||||||||||
| Peru | 0.9% | ||||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 189 | 47,665 | |||||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 55 | 45,083 | |||||||
| 92,748 | ||||||||||
| Poland | 0.3% | ||||||||||
| Poland Government Bonds, 5.790% (WIBOR 6 Month), 05/25/28 (§) | PLN | 105 | 26,045 | |||||||
| Portugal | 0.6% | ||||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 | EUR | 60 | 59,304 | |||||||
| Romania | 0.3% | ||||||||||
| Romania Government Bonds, Series 10Y, 4.750%, 02/24/25 | RON | 130 | 27,909 | |||||||
| Singapore | 0.6% | ||||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 80 | 60,520 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
| Slovenia | 0.3% | ||||||||||
| Slovenia Government Bonds, 1.500%, 03/25/35 | EUR | 30 | $ | 27,597 | ||||||
| Spain | 0.7% | ||||||||||
| Spain Government Bonds, 1.000%, 07/30/42 | EUR | 92 | 65,686 | |||||||
| Switzerland | 0.6% | ||||||||||
| Swiss Confederation Government Bonds: | ||||||||||
| 1.500%, 07/24/25 | CHF | 20 | 22,328 | |||||||
| 0.500%, 06/27/32 | CHF | 35 | 38,231 | |||||||
| 60,559 | ||||||||||
| Thailand | 0.8% | ||||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 3,370 | 82,746 | |||||||
| United Kingdom | 0.6% | ||||||||||
| U.K. Gilts, 0.875%, 07/31/33 | GBP | 58 | 56,046 | |||||||
| Total Foreign Government Obligations (Cost $1,751,867) | 1,716,086 | |||||||||
| Quasi Government Bonds | 0.8% | ||||||||||
| Germany | 0.8% | ||||||||||
| Kreditanstalt fuer Wiederaufbau: | ||||||||||
| 0.000%, 09/15/28 | EUR | 20 | 19,168 | |||||||
| 1.750%, 09/14/29 | USD | 30 | 26,304 | |||||||
| 0.000%, 04/18/36 | USD | 55 | 32,145 | |||||||
| (Cost $79,758) | 77,617 | |||||||||
| Supranational Bonds | 4.2% | ||||||||||
| Asian Development Bank: | ||||||||||
| 2.125%, 03/19/25 | USD | 33 | 32,034 | |||||||
| 6.200%, 10/06/26 | INR | 2,000 | 23,662 | |||||||
| European Bank for Reconstruction & Development, 4.250%, 02/07/28 | IDR | 350,000 | 20,720 | |||||||
| European Investment Bank, 1.000%, 01/28/28 | CAD | 55 | 36,405 | |||||||
| European Union: | ||||||||||
| 2.750%, 02/04/33 | EUR | 20 | 21,575 | |||||||
| 0.400%, 02/04/37 | EUR | 35 | 27,702 | |||||||
| Inter-American Development Bank, 5.100%, 11/17/26 | IDR | 590,000 | 36,319 | |||||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 37 | 22,322 | |||||||
| International Bank for Reconstruction & Development: | ||||||||||
| 2.900%, 11/26/25 | AUD | 40 | 25,524 | |||||||
| 1.250%, 03/16/26 | NOK | 660 | 57,340 | |||||||
| 1.125%, 09/13/28 | USD | 42 | 36,546 | |||||||
| International Finance Corp.: | ||||||||||
| 2.125%, 04/07/26 | USD | 55 | 52,284 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| 1.500%, 04/15/35 | AUD | 32 | $ | 15,042 | ||||||
| Total Supranational Bonds (Cost $438,309) | 407,475 | |||||||||
| U.S. Treasury Securities | 2.0% | ||||||||||
| U.S. Treasury Bill, 0.000%, 06/25/24 | USD | 5 | 4,939 | |||||||
| U.S. Treasury Bonds: | ||||||||||
| 4.125%, 11/15/32 | USD | 30 | 29,795 | |||||||
| 2.250%, 05/15/41 | USD | 85 | 62,800 | |||||||
| 1.750%, 08/15/41 | USD | 85 | 57,362 | |||||||
| 3.625%, 02/15/53 | USD | 15 | 13,172 | |||||||
| U.S. Treasury Inflation-Indexed Note, 1.250%, 04/15/28 (††) | USD | 26 | 24,966 | |||||||
| Total U.S. Treasury Securities (Cost $185,140) | 193,034 | |||||||||
| Description | Shares | Fair Value | ||||||
| Warrants | 0.0% | ||||||||
| Canada | 0.0% | ||||||||
Constellation Software, Inc. (Cost $0) | 19 | $ | 0 | |||||
| Short-Term Investments | 1.2% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $120,396) | 120,396 | 120,396 | ||||||
| Total Investments | 99.4% (Cost $8,086,385) (») | $ | 9,697,848 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.6% | 62,406 | |||||||
| Net Assets | 100.0% | $ | 9,760,254 | ||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2024:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| AUD | 9,687 | USD | 6,500 | JPM | 04/18/24 | $ | — | $ | 185 | |||||||||
| AUD | 63,338 | USD | 41,164 | JPM | 04/18/24 | 128 | — | |||||||||||
| CAD | 54,337 | USD | 40,599 | HSB | 04/18/24 | — | 475 | |||||||||||
| CAD | 24,601 | USD | 18,256 | JPM | 04/18/24 | — | 89 | |||||||||||
| CAD | 39,408 | USD | 29,345 | JPM | 04/18/24 | — | 244 | |||||||||||
| CAD | 39,723 | USD | 29,630 | JPM | 04/18/24 | — | 297 | |||||||||||
| CAD | 56,370 | USD | 41,533 | JPM | 04/18/24 | 93 | — | |||||||||||
| CAD | 64,008 | USD | 47,563 | JPM | 04/18/24 | — | 298 | |||||||||||
| CNH | 1,632,178 | USD | 229,056 | HSB | 04/18/24 | — | 4,224 | |||||||||||
| CNH | 1,000,386 | USD | 140,363 | JPM | 04/18/24 | — | 2,560 | |||||||||||
| CZK | 71,093 | USD | 3,149 | JPM | 04/18/24 | — | 119 | |||||||||||
| EUR | 25,791 | USD | 27,945 | CIT | 04/18/24 | — | 104 | |||||||||||
| EUR | 341,984 | USD | 376,018 | CIT | 04/18/24 | — | 6,849 | |||||||||||
| EUR | 86,930 | USD | 94,434 | HSB | 04/18/24 | — | 594 | |||||||||||
| EUR | 8,687 | USD | 9,546 | JPM | 04/18/24 | — | 168 | |||||||||||
| EUR | 54,979 | USD | 59,722 | JPM | 06/26/24 | — | 206 | |||||||||||
| EUR | 16,351 | USD | 17,761 | SSB | 06/26/24 | — | 60 | |||||||||||
| GBP | 38,057 | USD | 48,527 | HSB | 04/18/24 | — | 489 | |||||||||||
| GBP | 62,500 | USD | 79,691 | JPM | 04/18/24 | — | 800 | |||||||||||
| HUF | 2,555,284 | USD | 7,262 | HSB | 04/18/24 | — | 269 | |||||||||||
| INR | 1,872,869 | USD | 22,493 | HSB | 06/26/24 | — | 91 | |||||||||||
| JPY | 13,484,453 | USD | 93,359 | CIT | 04/18/24 | — | 4,064 | |||||||||||
| JPY | 53,929,419 | USD | 373,269 | HSB | 04/18/24 | — | 16,147 | |||||||||||
| KRW | 69,330,262 | USD | 52,190 | JPM | 06/26/24 | — | 589 | |||||||||||
| MXN | 511,515 | USD | 29,744 | HSB | 04/18/24 | 948 | — | |||||||||||
| MXN | 573,095 | USD | 32,650 | JPM | 04/18/24 | 1,738 | — | |||||||||||
| NZD | 15,091 | USD | 9,301 | HSB | 04/18/24 | — | 284 | |||||||||||
| NZD | 50,352 | USD | 30,664 | HSB | 04/18/24 | — | 581 | |||||||||||
| NZD | 15,046 | USD | 9,307 | JPM | 04/18/24 | — | 318 | |||||||||||
| PLN | 11,466 | USD | 2,836 | HSB | 04/18/24 | 34 | — | |||||||||||
| RON | 158,240 | USD | 34,587 | HSB | 04/18/24 | — | 247 | |||||||||||
| SEK | 261,187 | USD | 25,144 | HSB | 04/18/24 | — | 729 | |||||||||||
| SGD | 20,209 | USD | 15,000 | JPM | 04/18/24 | — | 22 | |||||||||||
| USD | 20,302 | AUD | 30,253 | HSB | 04/18/24 | 579 | — | |||||||||||
| USD | 11,000 | AUD | 16,832 | JPM | 04/18/24 | 27 | — | |||||||||||
| USD | 151,825 | AUD | 226,249 | JPM | 04/18/24 | 4,327 | — | |||||||||||
| USD | 4,938 | AUD | 7,551 | SSB | 06/26/24 | 6 | — | |||||||||||
| USD | 116,980 | CAD | 156,534 | CIT | 04/18/24 | 1,389 | — | |||||||||||
| USD | 4,000 | CAD | 5,421 | HSB | 04/18/24 | — | 3 | |||||||||||
| USD | 20,000 | CAD | 27,065 | HSB | 04/18/24 | 14 | — | |||||||||||
| USD | 256,713 | CAD | 343,622 | JPM | 04/18/24 | 2,969 | — | |||||||||||
| USD | 18,441 | CAD | 25,000 | SSB | 06/26/24 | — | 38 | |||||||||||
| USD | 17,575 | CHF | 14,842 | HSB | 04/18/24 | 1,090 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (continued)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 20,000 | CHF | 17,490 | HSB | 04/18/24 | $ | 574 | $ | — | |||||||||
| USD | 11,200 | CNH | 80,419 | HSB | 04/18/24 | 122 | — | |||||||||||
| USD | 12,000 | CNH | 86,305 | HSB | 04/18/24 | 112 | — | |||||||||||
| USD | 18,000 | CNH | 130,521 | HSB | 04/18/24 | 21 | — | |||||||||||
| USD | 54,000 | CNH | 387,026 | HSB | 04/18/24 | 687 | — | |||||||||||
| USD | 24,000 | CNH | 172,563 | JPM | 04/18/24 | 230 | — | |||||||||||
| USD | 48,990 | COP | 194,092,597 | HSB | 04/17/24 | — | 1,088 | |||||||||||
| USD | 46,327 | CZK | 1,045,556 | CIT | 04/18/24 | 1,754 | — | |||||||||||
| USD | 18,319 | CZK | 413,181 | HSB | 04/18/24 | 705 | — | |||||||||||
| USD | 10,000 | CZK | 235,613 | JPM | 04/18/24 | — | 45 | |||||||||||
| USD | 3,711 | DKK | 25,146 | CIT | 04/18/24 | 71 | — | |||||||||||
| USD | 16,000 | DKK | 110,107 | HSB | 04/18/24 | 63 | — | |||||||||||
| USD | 46,119 | DKK | 312,441 | HSB | 04/18/24 | 895 | — | |||||||||||
| USD | 25,776 | DKK | 174,654 | JPM | 04/18/24 | 496 | — | |||||||||||
| USD | 11,519 | DKK | 79,017 | SSB | 06/26/24 | 41 | — | |||||||||||
| USD | 11,021 | EUR | 10,024 | CIT | 04/18/24 | 201 | — | |||||||||||
| USD | 32,400 | EUR | 29,991 | CIT | 04/18/24 | 25 | — | |||||||||||
| USD | 57,923 | EUR | 52,680 | CIT | 04/18/24 | 1,055 | — | |||||||||||
| USD | 21,643 | EUR | 19,857 | HSB | 04/18/24 | 207 | — | |||||||||||
| USD | 22,187 | EUR | 20,176 | HSB | 04/18/24 | 407 | — | |||||||||||
| USD | 29,000 | EUR | 26,965 | HSB | 04/18/24 | — | 109 | |||||||||||
| USD | 62,000 | EUR | 57,224 | HSB | 04/18/24 | 228 | — | |||||||||||
| USD | 21,412 | EUR | 19,730 | JPM | 04/18/24 | 114 | — | |||||||||||
| USD | 39,000 | EUR | 35,930 | JPM | 04/18/24 | 214 | — | |||||||||||
| USD | 1,732 | GBP | 1,359 | HSB | 04/18/24 | 17 | — | |||||||||||
| USD | 6,600 | GBP | 5,225 | HSB | 04/18/24 | 5 | — | |||||||||||
| USD | 7,000 | GBP | 5,529 | JPM | 04/18/24 | 21 | — | |||||||||||
| USD | 21,000 | GBP | 16,708 | JPM | 04/18/24 | — | 90 | |||||||||||
| USD | 31,642 | GBP | 25,077 | SSB | 06/26/24 | — | 23 | |||||||||||
| USD | 15,043 | IDR | 236,894,520 | JPM | 06/26/24 | 153 | — | |||||||||||
| USD | 17,363 | ILS | 62,962 | CIT | 06/26/24 | 177 | — | |||||||||||
| USD | 22,555 | ILS | 81,706 | HSB | 06/26/24 | 252 | — | |||||||||||
| USD | 22,605 | ILS | 81,897 | JPM | 06/26/24 | 250 | — | |||||||||||
| USD | 39,000 | JPY | 5,817,964 | CIT | 04/18/24 | 473 | — | |||||||||||
| USD | 17,700 | JPY | 2,594,631 | HSB | 04/18/24 | 518 | — | |||||||||||
| USD | 19,000 | JPY | 2,833,259 | HSB | 04/18/24 | 238 | — | |||||||||||
| USD | 27,488 | JPY | 4,006,041 | HSB | 04/18/24 | 960 | — | |||||||||||
| USD | 13,676 | JPY | 1,997,804 | JPM | 04/18/24 | 447 | — | |||||||||||
| USD | 18,000 | JPY | 2,715,420 | JPM | 04/18/24 | 18 | — | |||||||||||
| USD | 126,359 | JPY | 18,846,043 | JPM | 06/26/24 | 242 | — | |||||||||||
| USD | 16,541 | JPY | 2,466,863 | SSB | 06/26/24 | 33 | — | |||||||||||
| USD | 7,180 | MXN | 123,244 | CIT | 04/18/24 | — | 216 | |||||||||||
| USD | 12,743 | MXN | 218,773 | HSB | 04/18/24 | — | 384 | |||||||||||
| USD | 69,508 | MXN | 1,193,264 | JPM | 04/18/24 | — | 2,091 | |||||||||||
| USD | 53,188 | NOK | 552,893 | JPM | 04/18/24 | 2,241 | — | |||||||||||
Lazard Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 5,818 | NZD | 9,457 | CIT | 04/18/24 | $ | 168 | $ | — | |||||||||
| USD | 177,659 | NZD | 288,794 | HSB | 04/18/24 | 5,117 | — | |||||||||||
| USD | 23,180 | PEN | 85,784 | CIT | 06/26/24 | 154 | — | |||||||||||
| USD | 17,573 | PEN | 64,923 | HSB | 06/26/24 | 146 | — | |||||||||||
| USD | 15,030 | PLN | 60,768 | HSB | 04/18/24 | — | 181 | |||||||||||
| USD | 29,228 | RON | 134,580 | HSB | 04/18/24 | 22 | — | |||||||||||
| USD | 19,633 | SEK | 205,113 | JPM | 04/18/24 | 459 | — | |||||||||||
| USD | 3,861 | SGD | 5,123 | CIT | 04/18/24 | 64 | — | |||||||||||
| USD | 22,606 | SGD | 29,987 | HSB | 04/18/24 | 381 | — | |||||||||||
| USD | 25,527 | SGD | 33,866 | JPM | 04/18/24 | 427 | — | |||||||||||
| USD | 63,557 | THB | 2,236,458 | HSB | 04/18/24 | 2,183 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 36,730 | $ | 45,370 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 98.3% | ||||||||
| Equity Funds | 77.3% | ||||||||
| Franklin FTSE Japan ETF | 60,621 | $ | 1,881,070 | |||||
| Invesco QQQ Trust Series 1 | 4,835 | 2,146,788 | ||||||
| iShares Core Dividend Growth ETF | 38,731 | 2,248,722 | ||||||
| iShares Expanded Tech-Software Sector ETF | 32,965 | 2,810,926 | ||||||
| iShares Russell 2000 ETF | 9,487 | 1,995,116 | ||||||
| JPMorgan BetaBuilders Japan ETF | 30,238 | 1,770,435 | ||||||
| SPDR EURO STOXX 50 ETF | 64,311 | 3,379,543 | ||||||
| Vanguard S&P 500 ETF | 10,472 | 5,033,890 | ||||||
| Vanguard S&P 500 Growth ETF | 11,450 | 3,488,929 | ||||||
| Vanguard S&P 500 Value ETF | 19,614 | 3,539,739 | ||||||
| 28,295,158 | ||||||||
| Fixed-Income Funds | 21.0% | ||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 11,692 | 1,273,493 | ||||||
| iShares U.S. Treasury Bond ETF | 55,479 | 1,263,257 | ||||||
| Vanguard Long-Term Treasury ETF | 54,795 | 3,246,056 | ||||||
| Vanguard Mega Cap ETF | 10,189 | 1,904,018 | ||||||
| 7,686,824 | ||||||||
| Total Exchange-Traded Funds (Cost $29,047,122) | 35,981,982 | |||||||
| Short-Term Investments | 1.8% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Cost $651,206) | 651,206 | 651,206 | ||||||
| Total Investments | 100.1% (Cost $29,698,328) | $ | 36,633,188 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (40,032) | |||||||
| Net Assets | 100.0% | $ | 36,593,156 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 66.4% | ||||||||
| Australia | 1.2% | ||||||||
| Atlas Arteria Ltd. | 7,021 | $ | 24,387 | |||||
| Aurizon Holdings Ltd. | 41,529 | 108,321 | ||||||
| Dexus REIT | 15,763 | 81,463 | ||||||
| Goodman Group REIT | 3,182 | 70,119 | ||||||
| Transurban Group | 1,828 | 15,891 | ||||||
| 300,181 | ||||||||
| Brazil | 1.1% | ||||||||
| Allos SA | 12,600 | 60,093 | ||||||
| Energisa SA | 11,000 | 104,991 | ||||||
| Multiplan Empreendimentos Imobiliarios SA | 18,100 | 92,351 | ||||||
| 257,435 | ||||||||
| Canada | 3.1% | ||||||||
| Agnico Eagle Mines Ltd. | 995 | 59,352 | ||||||
| Algonquin Power & Utilities Corp. | 2,637 | 16,664 | ||||||
| Atco Ltd., Class I | 4,446 | 123,774 | ||||||
| Barrick Gold Corp. | 2,040 | 33,946 | ||||||
| Boardwalk Real Estate Investment Trust REIT | 1,703 | 98,166 | ||||||
| Canadian National Railway Co. | 1,034 | 136,159 | ||||||
| Centerra Gold, Inc. | 5,400 | 31,892 | ||||||
| Hydro One Ltd. | 6,644 | 193,746 | ||||||
| West Fraser Timber Co. Ltd. | 772 | 66,659 | ||||||
| 760,358 | ||||||||
| China | 1.4% | ||||||||
| C&D International Investment Group Ltd. | 46,000 | 80,451 | ||||||
| China Overseas Land & Investment Ltd. | 45,000 | 64,877 | ||||||
| China Resources Land Ltd. | 18,000 | 57,049 | ||||||
| Hopson Development Holdings Ltd. (*) | 72,468 | 32,873 | ||||||
| Midea Real Estate Holding Ltd. | 41,600 | 21,193 | ||||||
| Seazen Group Ltd. (*) | 152,000 | 20,408 | ||||||
| Yuexiu Property Co. Ltd. | 100,000 | 55,197 | ||||||
| 332,048 | ||||||||
| France | 2.1% | ||||||||
| Aeroports de Paris SA | 543 | 74,396 | ||||||
| Eutelsat Communications SACA (*) | 1,508 | 6,574 | ||||||
| Unibail-Rodamco-Westfield REIT (*) | 914 | 73,425 | ||||||
| Vinci SA | 2,791 | 357,493 | ||||||
| 511,888 | ||||||||
| Hong Kong | 1.2% | ||||||||
| CK Infrastructure Holdings Ltd. | 2,111 | 12,354 | ||||||
| Link REIT | 38,500 | 165,833 | ||||||
| Power Assets Holdings Ltd. | 3,485 | 20,395 | ||||||
| Swire Properties Ltd. | 27,400 | 57,640 | ||||||
| Description | Shares | Fair Value | ||||||
| Wharf Real Estate Investment Co. Ltd. | 13,000 | $ | 42,345 | |||||
| 298,567 | ||||||||
| Italy | 1.8% | ||||||||
| Enel SpA | 9,252 | 61,077 | ||||||
| Hera SpA | 6,016 | 21,197 | ||||||
| Italgas SpA | 3,464 | 20,181 | ||||||
| Snam SpA | 7,477 | 35,292 | ||||||
| Terna - Rete Elettrica Nazionale | 37,842 | 313,823 | ||||||
| 451,570 | ||||||||
| Japan | 3.6% | ||||||||
| Aeon Mall Co. Ltd. | 9,200 | 108,460 | ||||||
| Chubu Electric Power Co., Inc. | 5,000 | 65,217 | ||||||
| East Japan Railway Co. | 5,700 | 109,285 | ||||||
| Hankyu Hanshin Holdings, Inc. | 3,400 | 97,416 | ||||||
| Hoshino Resorts REIT, Inc. | 8 | 30,553 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 102 | 92,655 | ||||||
| Japan Prime Realty Investment Corp. REIT | 25 | 55,506 | ||||||
| Japan Real Estate Investment Corp. REIT | 16 | 57,045 | ||||||
| Katitas Co. Ltd. | 2,600 | 33,887 | ||||||
| Osaka Gas Co. Ltd. | 3,500 | 78,828 | ||||||
| Tokyo Gas Co. Ltd. | 6,600 | 150,332 | ||||||
| 879,184 | ||||||||
| Luxembourg | 0.1% | ||||||||
| SES SA | 1,766 | 11,769 | ||||||
| Mexico | 0.2% | ||||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 5,500 | 54,420 | ||||||
| Singapore | 0.3% | ||||||||
| Parkway Life REIT | 25,400 | 65,920 | ||||||
| South Africa | 0.4% | ||||||||
| Growthpoint Properties Ltd. REIT | 121,722 | 72,318 | ||||||
| Northam Platinum Holdings Ltd. | 5,614 | 33,473 | ||||||
| 105,791 | ||||||||
| Spain | 1.9% | ||||||||
| Acciona SA | 1,049 | 127,734 | ||||||
| Aena SME SA | 585 | 115,159 | ||||||
| Atlantica Sustainable Infrastructure PLC | 478 | 8,833 | ||||||
| Iberdrola SA | 16,252 | 201,782 | ||||||
| 453,508 | ||||||||
| Switzerland | 0.1% | ||||||||
| Flughafen Zurich AG | 70 | 15,878 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Taiwan | 0.3% | ||||||||
| Highwealth Construction Corp. | 64,000 | $ | 80,992 | |||||
| United Kingdom | 4.2% | ||||||||
| LondonMetric Property PLC REIT | 60,789 | 156,141 | ||||||
| National Grid PLC | 26,329 | 354,216 | ||||||
| Pennon Group PLC | 1,316 | 10,767 | ||||||
| Segro PLC REIT | 7,929 | 90,319 | ||||||
| Severn Trent PLC | 1,095 | 34,170 | ||||||
| SSE PLC | 12,519 | 261,034 | ||||||
| Tritax Big Box REIT PLC | 45,524 | 90,499 | ||||||
| United Utilities Group PLC | 2,721 | 35,380 | ||||||
| 1,032,526 | ||||||||
| United States | 43.4% | ||||||||
| Agree Realty Corp. REIT | 1,631 | 93,163 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 1,870 | 241,062 | ||||||
| Ameren Corp. | 2,029 | 150,065 | ||||||
| American Electric Power Co., Inc. | 1,035 | 89,113 | ||||||
| American Homes 4 Rent, Class A REIT | 6,424 | 236,275 | ||||||
| American Tower Corp. REIT | 1,834 | 362,380 | ||||||
| American Water Works Co., Inc. | 435 | 53,161 | ||||||
| Apartment Income REIT Corp. | 5,219 | 169,461 | ||||||
| Apple Hospitality REIT, Inc. | 6,449 | 105,635 | ||||||
| AvalonBay Communities, Inc. REIT | 1,628 | 302,092 | ||||||
| Brixmor Property Group, Inc. | 10,479 | 245,733 | ||||||
| CareTrust REIT, Inc. | 4,765 | 116,123 | ||||||
| CF Industries Holdings, Inc. | 858 | 71,394 | ||||||
| Cheniere Energy, Inc. | 988 | 159,345 | ||||||
| Chesapeake Energy Corp. | 739 | 65,645 | ||||||
| Consolidated Edison, Inc. | 1,161 | 105,430 | ||||||
| Crown Castle, Inc. | 3,558 | 376,543 | ||||||
| CSX Corp. | 935 | 34,660 | ||||||
| CubeSmart | 2,215 | 100,162 | ||||||
| Digital Realty Trust, Inc. REIT | 1,983 | 285,631 | ||||||
| Duke Energy Corp. | 813 | 78,625 | ||||||
| EastGroup Properties, Inc. | 1,129 | 202,960 | ||||||
| Edison International | 1,046 | 73,984 | ||||||
| Energy Transfer Equity LP | 17,641 | 277,493 | ||||||
| Entergy Corp. | 743 | 78,520 | ||||||
| Enterprise Products Partners LP | 7,984 | 232,973 | ||||||
| Equinix, Inc. REIT | 481 | 396,984 | ||||||
| Equity Lifestyle Properties, Inc. REIT | 1,101 | 70,904 | ||||||
| Equity Residential REIT | 1,365 | 86,145 | ||||||
| Essex Property Trust, Inc. REIT | 455 | 111,389 | ||||||
| Exelon Corp. | 1,607 | 60,375 | ||||||
| Extra Space Storage, Inc. | 708 | 104,076 | ||||||
| Description | Shares | Fair Value | ||||||
| Ferrovial SE | 5,391 | $ | 213,359 | |||||
| Four Corners Property Trust, Inc. | 2,580 | 63,133 | ||||||
| Hilton Worldwide Holdings, Inc. | 378 | 80,631 | ||||||
| Host Hotels & Resorts, Inc. REIT | 8,838 | 182,770 | ||||||
| Invitation Homes, Inc. REIT | 7,032 | 250,410 | ||||||
| Iron Mountain, Inc. REIT | 1,323 | 106,118 | ||||||
| Kilroy Realty Corp. REIT | 2,344 | 85,392 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 1,806 | 237,633 | ||||||
| National Storage Affiliates Trust REIT | 1,746 | 68,373 | ||||||
| NextEra Energy, Inc. | 1,430 | 91,391 | ||||||
| NiSource, Inc. | 4,116 | 113,849 | ||||||
| NNN REIT, Inc. | 2,510 | 107,277 | ||||||
| Norfolk Southern Corp. | 140 | 35,682 | ||||||
| ONEOK, Inc. | 570 | 45,697 | ||||||
| Pinnacle West Capital Corp. | 327 | 24,437 | ||||||
| PPL Corp. | 830 | 22,850 | ||||||
| Prologis, Inc. | 3,920 | 510,462 | ||||||
| Public Storage | 711 | 206,233 | ||||||
| Realty Income Corp. | 3,388 | 183,291 | ||||||
| Regency Centers Corp. REIT | 2,633 | 159,454 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 616 | 71,216 | ||||||
| SBA Communications Corp. REIT | 1,917 | 415,414 | ||||||
| Simon Property Group, Inc. REIT | 1,977 | 309,381 | ||||||
| SL Green Realty Corp. REIT | 4,891 | 269,641 | ||||||
| STAG Industrial, Inc. | 3,660 | 140,690 | ||||||
| Sun Communities, Inc. REIT | 574 | 73,805 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 8,283 | 92,273 | ||||||
| Targa Resources Corp. | 3,369 | 377,294 | ||||||
| Union Pacific Corp. | 1,164 | 286,262 | ||||||
| Ventas, Inc. REIT | 6,182 | 269,164 | ||||||
| Welltower, Inc. REIT | 2,341 | 218,743 | ||||||
| Xcel Energy, Inc. | 3,113 | 167,324 | ||||||
| 10,617,150 | ||||||||
| Total Common Stocks (Cost $15,200,724) | 16,229,185 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Corporate Bonds | 5.8% | ||||||||||
| Canada | 1.2% | ||||||||||
| Canadian Pacific Railway Co., 1.350%, 12/02/24 | USD | 300 | $ | 291,699 | ||||||
| United States | 4.6% | ||||||||||
| Kimco Realty OP LLC, 3.300%, 02/01/25 | USD | 300 | 294,084 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||||
| ONEOK, Inc., 2.750%, 09/01/24 | USD | 300 | $ | 296,403 | ||||||
| Southern Co., 4.475%, 08/01/24 (Ø) | USD | 275 | 273,632 | |||||||
| Tampa Electric Co., 3.875%, 07/12/24 | USD | 275 | 273,400 | |||||||
| 1,137,519 | ||||||||||
| Total Corporate Bonds (Cost $1,428,864) | 1,429,218 | |||||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 5.0% | ||||||||
| iShares Gold Trust (Δ) | 19,850 | $ | 833,898 | |||||
| iShares Silver Trust (Δ) | 17,084 | 388,662 | ||||||
| Total Exchange-Traded
Funds (Cost $1,026,296) | 1,222,560 | |||||||
| Short-Term Investments | 18.1% | ||||||||
| State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield) (Δ) (Cost $4,422,522) | 4,422,522 | 4,422,522 | ||||||
| Total Investments | 95.3% (Cost $22,078,406) (») | $ | 23,303,485 | ||||||
| Cash and Other Assets in Excess of Liabilities | 4.7% | 1,145,641 | |||||||
| Net Assets | 100.0% | $ | 24,449,126 | ||||||
Lazard Real Assets Portfolio (•) (continued)
Forward Currency Contracts open at March 31, 2024:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||
| USD | 28,736 | AUD | 43,956 | HSB | 06/26/24 | $ | 25 | $ | — | |||||||||
| USD | 2,136 | AUD | 3,261 | SSB | 06/26/24 | 6 | — | |||||||||||
| USD | 8,937 | AUD | 13,673 | SSB | 06/26/24 | 6 | — | |||||||||||
| USD | 1,067 | CAD | 1,446 | HSB | 06/26/24 | — | 2 | |||||||||||
| USD | 6,102 | CAD | 8,270 | JPM | 06/26/24 | — | 11 | |||||||||||
| USD | 1,827 | CAD | 2,479 | SSB | 06/26/24 | — | 5 | |||||||||||
| USD | 6,822 | CAD | 9,244 | SSB | 06/26/24 | — | 11 | |||||||||||
| USD | 1,416 | CHF | 1,259 | SSB | 06/26/24 | 7 | — | |||||||||||
| USD | 14,380 | CHF | 12,645 | SSB | 06/26/24 | 228 | — | |||||||||||
| USD | 48,982 | EUR | 44,979 | JPM | 06/26/24 | 291 | — | |||||||||||
| USD | 169,479 | EUR | 155,648 | SSB | 06/26/24 | 984 | — | |||||||||||
| USD | 20,226 | GBP | 15,926 | HSB | 06/26/24 | 116 | — | |||||||||||
| USD | 14,711 | GBP | 11,586 | JPM | 06/26/24 | 81 | — | |||||||||||
| USD | 104,656 | GBP | 82,450 | SSB | 06/26/24 | 546 | — | |||||||||||
| USD | 9,029 | HKD | 70,460 | HSB | 06/26/24 | 5 | — | |||||||||||
| USD | 23,331 | HKD | 182,066 | SSB | 06/26/24 | 14 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 2,309 | $ | 29 | ||||||||||||||
Futures Contracts open at March 31, 2024 (Δ):
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Natural Gas | 15 | $ | 150,000 | 06/26/24 | 343,536 | $ | 351,000 | $ | 7,464 | $ | — | |||||||||||||
| Sugar 11 | 6 | 672,000 | 06/28/24 | 145,238 | 148,848 | 3,610 | — | |||||||||||||||||
| Low Sulphur Gasoil | 3 | 300 | 07/11/24 | 236,778 | 239,325 | 2,547 | — | |||||||||||||||||
| Soybean Oil | 6 | 360,000 | 07/12/24 | 176,418 | 174,528 | — | 1,890 | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 13,621 | $ | 1,890 | ||||||||||||||||||||
Total Return Swap Agreements open at March 31, 2024 (Δ):
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Depreciation | ||||||||||
| USD | GSC | $3,878,040 | 10/18/24 | 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) | $ | 159,680 | |||||||||
(a) For swap agreements, the net settlement will occur on the expiration date.
Lazard Real Assets Portfolio (•) (concluded)
The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of March 31, 2024:
| Commodity | Commodity Index Ticker Symbol | Commodity Exposure Expressed as a Percentage of Notional Amount | ||||
| Aluminum | BCOMAL | 8.89% | ||||
| Brent Crude | BCOMCO | 13.56 | ||||
| Coffee | BCOMKC | 5.18 | ||||
| Copper | BCOMHG | 11.71 | ||||
| Corn | BCOMCN | 4.88 | ||||
| Cotton | BCOMCT | 0.19 | ||||
| Crude Oil | BCOMCL | 13.31 | ||||
| Gasoline (RBOB) | BCOMRB | 2.93 | ||||
| Gold | BCOMGC | 0.11 | ||||
| Heating Oil | BCOMHO | 5.01 | ||||
| Kansas Wheat | BCOMKW | 2.01 | ||||
| Lean Hogs | BCOMLH | 0.15 | ||||
| Live Cattle | BCOMLC | 8.07 | ||||
| Natural Gas | BCOMNG | 0.07 | ||||
| Nickel | BCOMNI | 1.18 | ||||
| Silver | BCOMSI | 0.01 | ||||
| Soy Meal | BCOMSM | 4.52 | ||||
| Soybeans | BCOMSY | 7.61 | ||||
| Sugar | BCOMSB | 2.77 | ||||
| Wheat | BCOMWH | 2.74 | ||||
| Zinc | BCOMZS | 5.10 | ||||
| Total | 100.00% | |||||
The Lazard Funds, Inc. Notes to Portfolios of Investments
March 31, 2024 (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 March 31, 2024, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets | |||
| Emerging Markets Equity Advantage Portfolio | 0.7 | % | ||
| International Equity Advantage Portfolio | 0.1 | % | ||
| U.S. High Yield Portfolio | 74.6 | % | ||
| U.S. Short Duration Fixed Income Portfolio | 8.5 | % | ||
| Enhanced Opportunities Portfolio | 0.3 | % | ||
| (^) | The Investment Company Act of 1940 defines “affiliated persons” to include a portfolio company in which a portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Global Listed Infrastructure Portfolio for the period ended March 31, 2024 were as follows: |
| Issue | Value at December 31, 2023 | Purchase cost | Sales proceeds | Realized gain (loss) | Change in unrealized appreciation (depreciation) | Dividend income | Shares at March 31, 2024 | Values at March 31, 2024 | ||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Atlas Arteria Ltd. | $ | 329,900,648 | $ | - | $ | - | $ | - | $ | (38,253,478) | $ | 10,976,448 | 83,962,746 | $ | 291,647,170 | |||||||||||||||||
| Italgas SpA | 219,221,761 | 17,448,830 | - | - | 4,637,734 | - | 41,420,708 | 241,308,325 | ||||||||||||||||||||||||
| Pennon Group PLC | 138,457,838 | 13,029,431 | - | - | (22,719,866) | 2,799,301 | 15,739,198 | 128,767,403 | ||||||||||||||||||||||||
| SES SA | 139,222,404 | 368,900 | - | - | 1,169,272 | - | 21,121,589 | 140,760,576 | ||||||||||||||||||||||||
| Total Securities | $ | 826,802,651 | $ | 30,847,161 | $ | - | $ | - | $ | (55,166,338) | $ | 13,775,749 | 162,244,241 | $ | 802,483,474 | |||||||||||||||||
| (») | 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 March 31, 2024. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| («) | 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. |
| (Ø) | Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2024 which may step up at a future date. |
| (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 | - Parague Interbank Offered Rate |
| CVR | - Contingent Value Rights | REIT | - Real Estate Investment Trusts |
| 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 | 3.3 | — | 0.2 | — | — | |||||||||||||||
| Automobile Components | 0.5 | — | 0.6 | 2.0 | — | |||||||||||||||
| Automobiles | 1.3 | 1.1 | 3.5 | 0.7 | — | |||||||||||||||
| Banks | 20.4 | 21.2 | 16.1 | 20.5 | — | |||||||||||||||
| Beverages | 3.1 | 2.2 | 1.8 | — | — | |||||||||||||||
| Biotechnology | — | 0.9 | — | — | — | |||||||||||||||
| Broadline Retail | 3.1 | 5.1 | 4.8 | 1.9 | 5.0 | |||||||||||||||
| Building Products | — | — | 0.3 | — | — | |||||||||||||||
| Capital Markets | — | 1.8 | 0.7 | — | — | |||||||||||||||
| Chemicals | 0.6 | 1.7 | 1.5 | 1.0 | — | |||||||||||||||
| Commercial Services & Supplies | — | — | — | — | 2.0 | |||||||||||||||
| Communications Equipment | 0.8 | — | 0.7 | — | 2.1 | |||||||||||||||
| Construction & Engineering | — | 1.8 | 0.6 | — | 2.0 | |||||||||||||||
| Construction Materials | — | — | 0.5 | 0.8 | — | |||||||||||||||
| Consumer Finance | 1.2 | — | 0.8 | — | — | |||||||||||||||
| Consumer Staples Distribution & Retail | — | 1.7 | — | — | — | |||||||||||||||
| Containers & Packaging | — | — | 0.1 | — | — | |||||||||||||||
| Diversified Consumer Services | — | — | 0.4 | — | 6.0 | |||||||||||||||
| Diversified REITs | — | — | 0.4 | — | — | |||||||||||||||
| Diversified Telecommunication Services | — | 0.8 | 1.5 | 4.3 | — | |||||||||||||||
| Electric Utilities | — | 0.7 | 0.4 | — | 0.6 | |||||||||||||||
| Electrical Equipment | 2.5 | — | 0.9 | 0.9 | — | |||||||||||||||
| Electronic Equipment, Instruments & Components | 4.7 | — | 2.4 | 2.3 | — | |||||||||||||||
| Energy Equipment & Services | 0.8 | 1.3 | — | — | — | |||||||||||||||
| Entertainment | — | 1.1 | 2.0 | 0.7 | — | |||||||||||||||
| Financial Services | 2.5 | 1.3 | 1.6 | — | 11.1 | |||||||||||||||
| Food Products | — | — | 1.4 | 2.0 | 5.6 | |||||||||||||||
| Gas Utilities | — | — | 0.4 | 0.8 | 3.1 | |||||||||||||||
| Ground Transportation | 1.1 | — | — | — | — | |||||||||||||||
| Health Care Equipment & Supplies | — | 0.9 | 0.2 | — | 3.5 | |||||||||||||||
| Health Care Providers & Services | — | — | 0.5 | 2.7 | 14.3 | |||||||||||||||
| Hotels, Restaurants & Leisure | 4.0 | 4.1 | 2.1 | 0.7 | 6.1 | |||||||||||||||
| Household Durables | 1.0 | 2.2 | 0.3 | 3.8 | — | |||||||||||||||
| Household Products | — | 0.7 | 0.5 | 1.2 | 5.4 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 1.0 | 0.7 | — | |||||||||||||||
| Industrial Conglomerates | — | 1.5 | 0.5 | 2.0 | — | |||||||||||||||
| Insurance | 1.0 | 1.0 | 3.0 | 4.7 | — | |||||||||||||||
| Interactive Media & Services | 4.5 | 4.2 | 4.8 | 1.1 | — | |||||||||||||||
| IT Services | 1.8 | 1.6 | 2.4 | 1.8 | 3.0 | |||||||||||||||
| Machinery | 4.5 | 2.2 | 1.7 | 2.2 | 3.9 | |||||||||||||||
| Marine Transportation | — | — | 0.3 | — | — | |||||||||||||||
| Media | — | — | — | — | 9.8 | |||||||||||||||
| Metals & Mining | — | 3.3 | 3.3 | 4.2 | — | |||||||||||||||
| Multi-Utilities | — | — | — | — | 6.0 | |||||||||||||||
| Oil, Gas & Consumable Fuels | 4.0 | 5.9 | 4.8 | 7.4 | — | |||||||||||||||
| Paper & Forest Products | 0.6 | — | 0.3 | — | — | |||||||||||||||
| Passenger Airlines | — | — | 0.5 | — | — | |||||||||||||||
| Personal Care Products | — | 1.3 | — | 2.4 | — | |||||||||||||||
| Pharmaceuticals | 2.4 | 0.8 | 3.7 | 0.5 | — | |||||||||||||||
| Professional Services | — | — | 0.3 | — | — | |||||||||||||||
| Real Estate Management & Development | — | 2.2 | 1.0 | 0.4 | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 15.6 | 17.0 | 12.1 | 14.2 | — | |||||||||||||||
| Software | 1.8 | — | 0.4 | — | — | |||||||||||||||
| Specialty Retail | 2.3 | — | 0.3 | 1.2 | — | |||||||||||||||
| Technology Hardware, Storage & Peripherals | 6.7 | 4.0 | 6.9 | 3.4 | — | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 1.2 | 1.3 | 0.3 | — | — | |||||||||||||||
| Tobacco | — | 0.8 | — | 0.7 | — | |||||||||||||||
| Trading Companies & Distributors | — | — | 0.1 | — | — | |||||||||||||||
| Transportation Infrastructure | 1.4 | 2.1 | 1.0 | 1.9 | — | |||||||||||||||
| Water Utilities | — | — | 0.6 | — | 7.9 | |||||||||||||||
| Wireless Telecommunication Services | — | — | 0.8 | 2.4 | — | |||||||||||||||
| Subtotal | 98.7 | 99.8 | 98.5 | 97.5 | 97.4 | |||||||||||||||
| Short-Term Investments | 1.3 | 0.7 | 1.1 | 2.1 | 2.5 | |||||||||||||||
| Total Investments | 100.0 | % | 100.5 | % | 99.6 | % | 99.6 | % | 99.9 | % |
| † | 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 | % | — | % | 2.4 | % | 0.9 | % | 5.8 | % | ||||||||||
| Automobile Components | — | — | 0.7 | — | 1.4 | |||||||||||||||
| Automobiles | — | — | — | 7.2 | 1.4 | |||||||||||||||
| Banks | 5.8 | — | 1.0 | 12.9 | 8.0 | |||||||||||||||
| Beverages | 5.5 | — | 2.7 | 0.6 | 4.3 | |||||||||||||||
| Broadline Retail | 5.2 | — | — | 3.2 | — | |||||||||||||||
| Building Products | 0.7 | — | 1.0 | 0.2 | — | |||||||||||||||
| Capital Markets | 6.5 | — | 7.0 | 2.8 | 2.7 | |||||||||||||||
| Chemicals | — | — | 2.7 | 1.1 | 3.9 | |||||||||||||||
| Commercial Services & Supplies | — | — | — | 1.3 | 1.0 | |||||||||||||||
| Communications Equipment | 2.1 | — | — | 0.4 | — | |||||||||||||||
| Construction & Engineering | — | 12.9 | — | 2.2 | — | |||||||||||||||
| Construction Materials | — | — | 1.0 | 0.1 | 0.7 | |||||||||||||||
| Consumer Staples Distribution & Retail | 0.8 | — | — | 1.2 | 1.6 | |||||||||||||||
| Containers & Packaging | 0.9 | — | — | 0.3 | — | |||||||||||||||
| Diversified Consumer Services | — | — | — | 0.1 | — | |||||||||||||||
| Diversified REITs | — | — | — | 0.1 | — | |||||||||||||||
| Diversified Telecommunication Services | — | — | — | 0.1 | 1.3 | |||||||||||||||
| Electric Utilities | — | 27.8 | — | 0.3 | 0.9 | |||||||||||||||
| Electrical Equipment | 3.8 | — | 1.0 | 3.3 | 2.2 | |||||||||||||||
| Electronic Equipment, Instruments & Components | 2.7 | — | 2.1 | 1.3 | 0.9 | |||||||||||||||
| Entertainment | 1.7 | — | 1.0 | 1.5 | 1.2 | |||||||||||||||
| Financial Services | 2.2 | — | 3.3 | 1.1 | — | |||||||||||||||
| Food Products | — | — | — | 0.3 | — | |||||||||||||||
| Gas Utilities | — | 7.2 | — | 0.3 | — | |||||||||||||||
| Ground Transportation | — | 8.9 | 1.4 | 0.1 | — | |||||||||||||||
| Health Care Equipment & Supplies | — | — | — | 0.4 | 1.5 | |||||||||||||||
| Health Care Providers & Services | 1.2 | — | 1.0 | 0.5 | — | |||||||||||||||
| Hotels, Restaurants & Leisure | 1.3 | — | — | 2.3 | 1.6 | |||||||||||||||
| Household Durables | 1.3 | — | — | 1.7 | — | |||||||||||||||
| Household Products | 1.6 | — | — | 0.2 | 1.4 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | 1.2 | — | 0.5 | — | |||||||||||||||
| Industrial Conglomerates | — | — | — | — | 2.2 | |||||||||||||||
| Insurance | 2.7 | — | 6.6 | 4.6 | 2.8 | |||||||||||||||
| Interactive Media & Services | 5.0 | — | 4.3 | 1.5 | 1.6 | |||||||||||||||
| IT Services | 2.5 | — | 4.7 | 2.1 | 2.4 | |||||||||||||||
| Leisure Products | 1.2 | — | — | 0.4 | 0.7 | |||||||||||||||
| Life Sciences Tools & Services | 6.2 | — | 8.3 | — | 2.2 | |||||||||||||||
| Machinery | 3.7 | — | 2.5 | 1.3 | 4.0 | |||||||||||||||
| Marine Transportation | — | — | — | 0.1 | — | |||||||||||||||
| Media | 0.6 | 2.2 | 1.3 | 0.1 | 0.6 | |||||||||||||||
| Metals & Mining | — | — | — | 2.8 | — | |||||||||||||||
| Multi-Utilities | — | 13.8 | — | 0.1 | 1.6 | |||||||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | 3.2 | 3.4 | |||||||||||||||
| Paper & Forest Products | — | — | — | 0.1 | — | |||||||||||||||
| Passenger Airlines | — | — | 1.0 | 1.8 | 2.0 | |||||||||||||||
| Personal Care Products | 2.5 | — | — | 0.1 | 2.0 | |||||||||||||||
| Pharmaceuticals | 3.8 | — | 6.0 | 10.8 | 4.9 | |||||||||||||||
| Professional Services | 7.7 | — | 4.3 | 2.4 | 7.3 | |||||||||||||||
| Real Estate Management & Development | — | — | — | 1.2 | 0.4 | |||||||||||||||
| Retail REITs | — | — | — | 1.1 | — | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 6.6 | — | 18.6 | 8.2 | 5.1 | |||||||||||||||
| Software | 6.6 | — | 8.3 | 2.5 | 1.8 | |||||||||||||||
| Specialty Retail | 1.3 | — | 1.2 | 0.1 | 3.6 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | — | — | 3.1 | 1.3 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 2.3 | — | — | 0.3 | 4.6 | |||||||||||||||
| Tobacco | — | — | — | 1.3 | — | |||||||||||||||
| Trading Companies & Distributors | 1.4 | — | 2.5 | 0.6 | — | |||||||||||||||
| Transportation Infrastructure | — | 7.5 | — | 0.3 | — | |||||||||||||||
| Water Utilities | — | 10.5 | — | 0.1 | — | |||||||||||||||
| Wireless Telecommunication Services | — | — | — | 0.7 | — | |||||||||||||||
| Subtotal | 98.7 | 92.0 | 97.9 | 99.4 | 96.3 | |||||||||||||||
| Warrants | — | — | — | 0.0 | — | |||||||||||||||
| Short-Term Investments | 1.2 | 7.2 | 2.4 | 0.2 | 1.4 | |||||||||||||||
| Total Investments | 99.9 | % | 99.2 | % | 100.3 | % | 99.6 | % | 97.7 | % |
| † | 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 | 4.5 | % | — | % | 1.2 | % | 4.3 | % | 2.3 | % | ||||||||||
| Automobile Components | 1.2 | — | 2.8 | 2.2 | 0.3 | |||||||||||||||
| Automobiles | 0.8 | — | — | 1.0 | — | |||||||||||||||
| Banks | 10.9 | 4.7 | 3.9 | 8.0 | 2.9 | |||||||||||||||
| Beverages | 3.2 | 3.8 | 3.9 | 7.7 | 1.3 | |||||||||||||||
| Biotechnology | — | — | 1.5 | — | 3.7 | |||||||||||||||
| Broadline Retail | 0.9 | 3.0 | — | — | 0.3 | |||||||||||||||
| Building Products | 0.6 | 2.4 | 4.0 | 1.1 | 0.2 | |||||||||||||||
| Capital Markets | 1.1 | 7.0 | 3.9 | 2.7 | 1.1 | |||||||||||||||
| Chemicals | 4.8 | — | 4.8 | — | 2.0 | |||||||||||||||
| Commercial Services & Supplies | 0.8 | — | — | — | 2.0 | |||||||||||||||
| Communications Equipment | — | — | — | — | 1.0 | |||||||||||||||
| Construction & Engineering | — | — | — | — | 0.5 | |||||||||||||||
| Construction Materials | 0.8 | — | — | 1.7 | — | |||||||||||||||
| Consumer Finance | — | — | — | — | 0.3 | |||||||||||||||
| Consumer Staples Distribution & Retail | — | 2.3 | 1.0 | 0.8 | 5.3 | |||||||||||||||
| Containers & Packaging | — | — | — | — | 0.5 | |||||||||||||||
| Diversified Consumer Services | — | — | — | — | 0.2 | |||||||||||||||
| Diversified REITs | — | — | — | — | 0.2 | |||||||||||||||
| Diversified Telecommunication Services | 0.9 | — | — | — | 3.7 | |||||||||||||||
| Electric Utilities | — | — | — | 1.1 | 2.7 | |||||||||||||||
| Electrical Equipment | 2.7 | 2.0 | — | 1.9 | — | |||||||||||||||
| Electronic Equipment, Instruments & Components | — | 9.2 | 3.4 | 2.1 | 0.7 | |||||||||||||||
| Energy Equipment & Services | — | — | 1.2 | — | — | |||||||||||||||
| Entertainment | 1.1 | 2.9 | 1.0 | — | 0.9 | |||||||||||||||
| Financial Services | — | — | 3.2 | 0.8 | 2.2 | |||||||||||||||
| Food Products | — | — | 2.0 | — | 3.6 | |||||||||||||||
| Gas Utilities | 1.0 | — | 3.2 | — | 3.6 | |||||||||||||||
| Ground Transportation | — | — | — | 2.0 | 2.3 | |||||||||||||||
| Health Care Equipment & Supplies | 2.6 | 4.0 | 2.9 | 2.0 | 0.5 | |||||||||||||||
| Health Care Providers & Services | — | — | — | — | 6.8 | |||||||||||||||
| Health Care REITs | — | — | 0.5 | — | — | |||||||||||||||
| Health Care Technology | — | 2.1 | — | — | — | |||||||||||||||
| Hotels, Restaurants & Leisure | 2.3 | — | — | 2.2 | 0.2 | |||||||||||||||
| Household Durables | — | — | 2.2 | — | 0.2 | |||||||||||||||
| Household Products | 0.9 | 0.3 | — | — | 5.5 | |||||||||||||||
| Industrial Conglomerates | 0.8 | — | — | 2.4 | 0.4 | |||||||||||||||
| Industrial REITs | — | — | 2.3 | — | — | |||||||||||||||
| Insurance | 5.4 | 6.2 | 2.4 | 6.5 | 6.7 | |||||||||||||||
| Interactive Media & Services | 2.5 | 3.6 | 1.2 | — | 1.3 | |||||||||||||||
| IT Services | 2.9 | 3.0 | 0.8 | 3.0 | 3.1 | |||||||||||||||
| Leisure Products | — | 2.2 | 2.7 | — | 0.3 | |||||||||||||||
| Life Sciences Tools & Services | 1.7 | 2.1 | 1.9 | 4.9 | — | |||||||||||||||
| Machinery | 3.9 | 2.6 | 5.4 | 2.5 | 1.3 | |||||||||||||||
| Media | — | — | — | 2.4 | 0.6 | |||||||||||||||
| Metals & Mining | — | — | 0.7 | — | — | |||||||||||||||
| Multi-Utilities | 1.5 | — | — | 1.5 | 2.1 | |||||||||||||||
| Office REITs | — | — | — | — | 0.7 | |||||||||||||||
| Oil, Gas & Consumable Fuels | 4.6 | — | 1.4 | 1.9 | 1.2 | |||||||||||||||
| Passenger Airlines | 2.7 | — | 1.2 | 2.4 | 0.3 | |||||||||||||||
| Personal Care Products | 1.9 | 2.3 | — | — | 0.9 | |||||||||||||||
| Pharmaceuticals | 5.4 | — | — | 7.0 | 8.8 | |||||||||||||||
| Professional Services | 6.4 | 10.1 | 10.7 | 6.2 | 2.8 | |||||||||||||||
| Real Estate Management & Development | 0.3 | — | 3.9 | — | 0.2 | |||||||||||||||
| Retail REITs | — | — | — | — | 0.5 | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 9.2 | 5.5 | 2.7 | 11.7 | 0.8 | |||||||||||||||
| Software | 1.6 | 5.8 | 3.2 | — | 3.3 | |||||||||||||||
| Specialized REITs | — | — | 2.0 | — | 0.8 | |||||||||||||||
| Specialty Retail | 0.7 | 2.8 | 3.8 | 0.8 | 1.5 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | 1.0 | — | — | 1.4 | 1.5 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 2.2 | 3.6 | 1.9 | — | 0.2 | |||||||||||||||
| Tobacco | — | — | — | — | 1.1 | |||||||||||||||
| Trading Companies & Distributors | 1.2 | 3.5 | 2.5 | 0.9 | 0.9 | |||||||||||||||
| Wireless Telecommunication Services | — | — | — | — | 1.0 | |||||||||||||||
| Subtotal | 97.0 | 97.0 | 97.3 | 97.1 | 99.3 | |||||||||||||||
| Warrants | — | — | — | — | 0.0 | |||||||||||||||
| Short-Term Investments | 3.1 | 3.0 | 2.1 | 2.8 | 0.5 | |||||||||||||||
| Total Investments | 100.1 | % | 100.0 | % | 99.4 | % | 99.9 | % | 99.8 | % |
| † | 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 US Equity Concentrated Portfolio | Lazard US Equity Focus Portfolio | Lazard US Small Cap Equity Select Portfolio | Lazard US Sustainable Equity Portfolio | Lazard US Systematic Small Cap Equity Portfolio | |||||||||||||||
| Common & Preferred Stocks and Closed-End Management Investment Companies | ||||||||||||||||||||
| Aerospace & Defense | — | % | — | % | 1.1 | % | — | % | 0.1 | % | ||||||||||
| Automobile Components | — | 0.7 | 1.1 | 0.7 | 1.3 | |||||||||||||||
| Automobiles | — | — | — | — | 0.4 | |||||||||||||||
| Banks | — | 3.2 | 6.5 | 2.3 | 1.5 | |||||||||||||||
| Beverages | — | — | — | — | 0.2 | |||||||||||||||
| Biotechnology | — | — | 3.0 | — | 5.1 | |||||||||||||||
| Broadline Retail | — | 6.9 | — | — | 0.5 | |||||||||||||||
| Building Products | — | — | 2.5 | 2.3 | 2.5 | |||||||||||||||
| Capital Markets | 6.8 | 7.9 | 4.9 | 5.5 | 1.8 | |||||||||||||||
| Chemicals | — | — | 1.0 | 0.2 | 1.1 | |||||||||||||||
| Commercial Services & Supplies | 4.7 | 3.2 | 1.4 | 3.6 | 3.8 | |||||||||||||||
| Communications Equipment | — | — | 1.3 | 1.0 | 1.3 | |||||||||||||||
| Construction & Engineering | — | — | — | — | 1.5 | |||||||||||||||
| Construction Materials | 3.4 | — | 1.3 | — | 0.3 | |||||||||||||||
| Consumer Finance | — | 3.2 | — | 1.9 | 1.1 | |||||||||||||||
| Consumer Staples Distribution & Retail | — | 1.9 | 3.9 | 1.2 | 0.5 | |||||||||||||||
| Containers & Packaging | — | 1.9 | 2.7 | 1.6 | 1.0 | |||||||||||||||
| Distributors | 3.9 | — | — | — | 0.2 | |||||||||||||||
| Diversified Consumer Services | — | — | — | — | 2.7 | |||||||||||||||
| Diversified REITs | — | — | — | — | 0.4 | |||||||||||||||
| Diversified Telecommunication Services | — | — | — | — | 0.2 | |||||||||||||||
| Electrical Equipment | 2.7 | — | 2.3 | 2.8 | 2.9 | |||||||||||||||
| Electronic Equipment, Instruments & Components | — | — | 1.4 | 1.3 | 4.8 | |||||||||||||||
| Energy Equipment & Services | — | — | 3.6 | — | 0.6 | |||||||||||||||
| Entertainment | 3.6 | — | — | — | 0.2 | |||||||||||||||
| Financial Services | 12.4 | 4.2 | 1.2 | 3.9 | 1.4 | |||||||||||||||
| Ground Transportation | — | 3.4 | — | 2.3 | 0.5 | |||||||||||||||
| Health Care Equipment & Supplies | — | 2.0 | 4.6 | 3.8 | 3.7 | |||||||||||||||
| Health Care Providers & Services | 11.3 | 3.4 | 0.9 | 4.8 | 2.1 | |||||||||||||||
| Health Care REITs | — | — | — | — | 0.7 | |||||||||||||||
| Health Care Technology | — | — | 2.0 | — | 0.2 | |||||||||||||||
| Hotels, Restaurants & Leisure | 3.8 | 3.0 | 3.1 | — | 1.4 | |||||||||||||||
| Household Durables | — | — | 1.1 | — | 2.1 | |||||||||||||||
| Household Products | — | — | — | 2.6 | 0.2 | |||||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | — | 0.4 | |||||||||||||||
| Industrial Conglomerates | — | 2.1 | — | — | — | |||||||||||||||
| Industrial REITs | — | 2.1 | — | 2.3 | 0.7 | |||||||||||||||
| Insurance | — | 3.6 | 2.8 | — | 2.1 | |||||||||||||||
| Interactive Media & Services | 8.1 | 6.3 | 3.4 | — | 1.6 | |||||||||||||||
| Investment Companies | — | — | — | — | 0.4 | |||||||||||||||
| IT Services | 4.6 | 2.8 | 2.6 | 3.4 | 1.4 | |||||||||||||||
| Leisure Products | — | — | 0.8 | — | 2.1 | |||||||||||||||
| Life Sciences Tools & Services | — | 6.4 | 4.4 | 9.1 | 2.0 | |||||||||||||||
| Machinery | 4.9 | — | 5.4 | 4.9 | 3.8 | |||||||||||||||
| Marine Transportation | — | — | — | — | 1.4 | |||||||||||||||
| Media | — | — | — | — | 0.9 | |||||||||||||||
| Mortgage Real Estate Investment Trusts (REITs) | — | — | — | — | 0.7 | |||||||||||||||
| Office REITs | — | — | — | — | 0.3 | |||||||||||||||
| Oil, Gas & Consumable Fuels | — | 3.4 | 3.6 | — | 0.3 | |||||||||||||||
| Paper & Forest Products | — | — | — | — | 0.3 | |||||||||||||||
| Personal Care Products | — | 1.6 | — | 1.1 | 0.8 | |||||||||||||||
| Pharmaceuticals | — | 2.7 | — | 3.3 | 0.3 | |||||||||||||||
| Professional Services | 4.9 | — | 1.1 | — | 4.8 | |||||||||||||||
| Real Estate Management & Development | — | — | 1.7 | — | 0.4 | |||||||||||||||
| Residential REITs | — | — | 1.3 | — | 0.4 | |||||||||||||||
| Retail REITs | — | — | 1.5 | — | 1.8 | |||||||||||||||
| Semiconductors & Semiconductor Equipment | 5.5 | 7.8 | 5.4 | 7.3 | 2.0 | |||||||||||||||
| Software | 6.2 | 10.5 | 5.4 | 16.7 | 11.6 | |||||||||||||||
| Specialized REITs | 9.6 | — | 1.3 | — | 0.4 | |||||||||||||||
| Specialty Retail | — | — | 6.1 | 3.2 | 3.4 | |||||||||||||||
| Technology Hardware, Storage & Peripherals | — | 3.1 | — | 3.0 | 1.1 | |||||||||||||||
| Textiles, Apparel & Luxury Goods | — | — | — | 0.9 | 2.4 | |||||||||||||||
| Trading Companies & Distributors | — | — | 0.8 | — | 2.7 | |||||||||||||||
| Wireless Telecommunication Services | — | — | — | — | 0.1 | |||||||||||||||
| Subtotal | 96.4 | 97.3 | 98.5 | 97.0 | 98.9 | |||||||||||||||
| Rights | — | — | — | — | 0.0 | |||||||||||||||
| Short-Term Investments | 3.7 | 2.8 | — | 3.1 | 0.9 | |||||||||||||||
| Total Investments | 100.1 | % | 100.1 | % | 98.5 | % | 100.1 | % | 99.8 | % |
| † | 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 | 0.1 | % | — | % | ||||
| Air Freight & Logistics | 0.4 | -0.1 | ||||||
| Automobile Components | — | -0.1 | ||||||
| Automobiles | 0.5 | -0.4 | ||||||
| Banks | 2.2 | — | ||||||
| Biotechnology | 5.5 | -3.5 | ||||||
| Capital Markets | 1.1 | -0.5 | ||||||
| Chemicals | 1.9 | -1.2 | ||||||
| Communications Equipment | 1.4 | — | ||||||
| Consumer Finance | 5.3 | -3.7 | ||||||
| Consumer Staples Distribution & Retail | 1.0 | -0.6 | ||||||
| Diversified Consumer Services | 0.9 | — | ||||||
| Electrical Equipment | 3.3 | -1.0 | ||||||
| Electronic Equipment, Instruments & Components | 0.9 | -0.5 | ||||||
| Energy Equipment & Services | 0.8 | -2.5 | ||||||
| Entertainment | 2.0 | -2.8 | ||||||
| Financial Services | 5.3 | -0.7 | ||||||
| Ground Transportation | 0.1 | — | ||||||
| Health Care Equipment & Supplies | 13.5 | -4.7 | ||||||
| Health Care Providers & Services | — | -0.7 | ||||||
| Health Care Technology | 0.1 | -0.2 | ||||||
| Hotels, Restaurants & Leisure | 6.4 | -3.9 | ||||||
| Hotel & Resort REITs | 0.8 | -0.2 | ||||||
| Interactive Media & Services | 4.7 | -0.3 | ||||||
| IT Services | 9.7 | -1.0 | ||||||
| Leisure Products | — | -0.1 | ||||||
| Life Sciences Tools & Services | 1.7 | -0.2 | ||||||
| Machinery | 10.2 | -8.2 | ||||||
| Marine Transportation | 5.4 | -5.4 | ||||||
| Media | 4.0 | -0.2 | ||||||
| Metals & Mining | 2.1 | -1.9 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 2.7 | -0.5 | ||||||
| Oil, Gas & Consumable Fuels | 4.0 | -0.4 | ||||||
| Passenger Airlines | 0.3 | -1.5 | ||||||
| Pharmaceuticals | 5.0 | — | ||||||
| Professional Services | 1.0 | -0.4 | ||||||
| Real Estate Management & Development | 0.8 | -0.3 | ||||||
| Semiconductors & Semiconductor Equipment | 3.5 | -1.7 | ||||||
| Software | 21.0 | -5.8 | ||||||
| Specialty Retail | 1.7 | -0.6 | ||||||
| Technology Hardware, Storage & Peripherals | 0.7 | -0.4 | ||||||
| Subtotal | 132.0 | -56.2 | ||||||
| Exchange-Traded Funds | — | -3.8 | ||||||
| Purchased Options | 0.1 | — | ||||||
| U.S. Treasury Securities | 36.8 | -28.8 | ||||||
| Short-Term Investments | 3.7 | — | ||||||
| Total Investments | 172.6 | % | -88.8 | % | ||||
| † | 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 | 0.7 | % | — | % | ||||
| Air Freight & Logistics | 0.1 | — | ||||||
| Automobile Components | 0.1 | — | ||||||
| Automobiles | 2.1 | — | ||||||
| Banks | 5.7 | — | ||||||
| Beverages | 1.2 | — | ||||||
| Biotechnology | 1.3 | — | ||||||
| Broadline Retail | 1.1 | — | ||||||
| Building Products | 0.9 | — | ||||||
| Capital Markets | 2.5 | — | ||||||
| Chemicals | 0.5 | 0.3 | ||||||
| Commercial Services & Supplies | 1.2 | — | ||||||
| Communications Equipment | 0.4 | — | ||||||
| Construction & Engineering | 0.4 | 2.3 | ||||||
| Construction Materials | — | — | ||||||
| Consumer Finance | 0.2 | — | ||||||
| Consumer Staples Distribution & Retail | 2.1 | — | ||||||
| Containers & Packaging | 0.2 | — | ||||||
| Diversified Consumer Services | — | — | ||||||
| Diversified REITs | 0.4 | 0.9 | ||||||
| Diversified Telecommunication Services | 1.6 | — | ||||||
| Electric Utilities | 0.9 | 10.6 | ||||||
| Electrical Equipment | 0.6 | — | ||||||
| Electronic Equipment, Instruments & Components | 1.2 | — | ||||||
| Entertainment | 0.5 | — | ||||||
| Financial Services | 2.1 | — | ||||||
| Food Products | 0.5 | — | ||||||
| Gas Utilities | 0.6 | 1.2 | ||||||
| Ground Transportation | 0.4 | 3.3 | ||||||
| Health Care Equipment & Supplies | 0.6 | — | ||||||
| Health Care Providers & Services | 3.2 | — | ||||||
| Health Care REITs | — | 2.7 | ||||||
| Hotels, Restaurants & Leisure | 1.4 | 0.3 | ||||||
| Hotel & Resort REITs | 0.1 | 2.1 | ||||||
| Household Durables | 0.9 | — | ||||||
| Household Products | 1.5 | — | ||||||
| Industrial Conglomerates | 0.2 | — | ||||||
| Industrial REITs | 0.2 | 4.9 | ||||||
| Insurance | 2.7 | — | ||||||
| Interactive Media & Services | 2.9 | — | ||||||
| IT Services | 1.3 | — | ||||||
| Leisure Products | 0.2 | — | ||||||
| Life Sciences Tools & Services | 0.7 | — | ||||||
| Machinery | 1.5 | — | ||||||
| Marine Transportation | 0.1 | 1.2 | ||||||
| Media | 0.7 | 0.1 | ||||||
| Metals & Mining | 0.3 | 0.6 | ||||||
| Multi-Utilities | 0.4 | 3.6 | ||||||
| Office REITs | 0.1 | 3.2 | ||||||
| Oil, Gas & Consumable Fuels | 0.9 | 6.0 | ||||||
| Paper & Forest Products | — | 0.3 | ||||||
| Passenger Airlines | 0.2 | — | ||||||
| Personal Care Products | 0.5 | — | ||||||
| Pharmaceuticals | 5.0 | — | ||||||
| Professional Services | 1.4 | — | ||||||
| Real Estate Management & Development | 0.2 | 3.3 | ||||||
| Residential REITs | — | 6.7 | ||||||
| Retail REITs | 0.4 | 6.7 | ||||||
| Semiconductors & Semiconductor Equipment | 5.0 | — | ||||||
| Software | 6.0 | — | ||||||
| Specialized REITs | 0.2 | 10.2 | ||||||
| Specialty Retail | 1.6 | — | ||||||
| Technology Hardware, Storage & Peripherals | 1.6 | — | ||||||
| Textiles, Apparel & Luxury Goods | 0.4 | — | ||||||
| Tobacco | 0.3 | — | ||||||
| Trading Companies & Distributors | 0.7 | — | ||||||
| Transportation Infrastructure | — | 1.2 | ||||||
| Water Utilities | — | 0.5 | ||||||
| Wireless Telecommunication Services | 0.3 | — | ||||||
| Subtotal | 73.2 | 72.2 | ||||||
| Exchange-Traded Funds | 1.2 | 5.0 | ||||||
| Foreign Government Obligations | 17.6 | — | ||||||
| Supranational Bonds | 4.2 | — | ||||||
| U.S. Treasury Securities | 2.0 | — | ||||||
| Short-Term Investments | 1.2 | 18.1 | ||||||
| Warrants | 0.0 | — | ||||||
| Total Investments | 99.4 | % | 95.3 | % |
| † | 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: May 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul |
| Nathan A. Paul | |
| Chief Executive Officer |
Date: May 23, 2024
| By: | /s/ Christina Kennedy |
| Christina Kennedy | |
| Chief Financial Officer |
Date: May 23, 2024