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: 3/31/2025
Item 1. Schedule of Investments.
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio | ||||||||
| Common Stocks | 98.0% | ||||||||
| Brazil | 8.2% | ||||||||
| Automob Participacoes SA (*) | 477,071 | $ | 20,901 | |||||
| Dexco SA | 534,208 | 503,647 | ||||||
| MercadoLibre, Inc. (*) | 923 | 1,800,653 | ||||||
| Pagseguro Digital Ltd., Class A (*) | 82,129 | 626,644 | ||||||
| PRIO SA (*) | 167,700 | 1,169,634 | ||||||
| Rumo SA | 222,244 | 631,706 | ||||||
| TOTVS SA | 337,000 | 1,970,698 | ||||||
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 414,452 | 318,840 | ||||||
| 7,042,723 | ||||||||
| China | 26.5% | ||||||||
| Airtac International Group | 33,765 | 855,419 | ||||||
| Alibaba Group Holding Ltd. | 203,000 | 3,365,870 | ||||||
| Baidu, Inc., Class A (*) | 42,800 | 493,951 | ||||||
| BYD Co. Ltd., Class H | 25,000 | 1,263,672 | ||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 18,600 | 651,893 | ||||||
| Foxconn Industrial Internet Co. Ltd., Class A | 411,600 | 1,142,466 | ||||||
| Fuyao Glass Industry Group Co. Ltd., Class H (#) | 98,800 | 706,790 | ||||||
| Lenovo Group Ltd. | 1,122,000 | 1,523,016 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 204,500 | 1,220,111 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 115,290 | 1,086,711 | ||||||
| Sungrow Power Supply Co. Ltd., Class A | 67,488 | 647,558 | ||||||
| Tencent Holdings Ltd. | 84,800 | 5,404,518 | ||||||
| Trip.com Group Ltd. | 15,200 | 970,182 | ||||||
| Xiaomi Corp., Class B (#), (*) | 183,200 | 1,163,455 | ||||||
| Yadea Group Holdings Ltd. (#) | 662,000 | 1,288,259 | ||||||
| ZTO Express Cayman, Inc. | 46,700 | 929,415 | ||||||
| 22,713,286 | ||||||||
| Hong Kong | 1.5% | ||||||||
| Techtronic Industries Co. Ltd. | 108,502 | 1,306,785 | ||||||
| Hungary | 1.4% | ||||||||
| Richter Gedeon Nyrt. | 43,872 | 1,208,975 | ||||||
| India | 11.0% | ||||||||
| Bajaj Finance Ltd. | 12,139 | 1,266,282 | ||||||
| HDFC Bank Ltd. ADR | 38,234 | 2,540,267 | ||||||
| Description | Shares | Fair Value | ||||||
| ICICI Bank Ltd. ADR | 61,762 | $ | 1,946,738 | |||||
| MakeMyTrip Ltd. (*) | 9,900 | 970,101 | ||||||
| Mphasis Ltd. | 33,709 | 977,302 | ||||||
| Reliance Industries Ltd. | 62,067 | 923,152 | ||||||
| UPL Ltd. | 106,436 | 788,788 | ||||||
| 9,412,630 | ||||||||
| Indonesia | 3.2% | ||||||||
| Bank Central Asia Tbk. PT | 2,240,600 | 1,141,112 | ||||||
| Bank Rakyat Indonesia Persero Tbk. PT | 6,756,049 | 1,634,091 | ||||||
| 2,775,203 | ||||||||
| Macau | 0.8% | ||||||||
| Sands China Ltd. | 355,600 | 716,130 | ||||||
| Mexico | 2.7% | ||||||||
| Arca Continental SAB de CV | 76,600 | 800,942 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 219,557 | 1,522,721 | ||||||
| 2,323,663 | ||||||||
| Peru | 1.0% | ||||||||
| Credicorp Ltd. | 4,813 | 895,988 | ||||||
| Philippines | 3.5% | ||||||||
| BDO Unibank, Inc. | 834,182 | 2,233,878 | ||||||
| International Container Terminal Services, Inc. | 130,319 | 809,002 | ||||||
| 3,042,880 | ||||||||
| Poland | 1.7% | ||||||||
| InPost SA (*) | 96,475 | 1,419,819 | ||||||
| South Africa | 5.6% | ||||||||
| Capitec Bank Holdings Ltd. | 10,938 | 1,858,274 | ||||||
| Foschini Group Ltd. | 89,743 | 609,416 | ||||||
| Shoprite Holdings Ltd. | 43,985 | 654,573 | ||||||
| Standard Bank Group Ltd. | 128,823 | 1,685,594 | ||||||
| 4,807,857 | ||||||||
| South Korea | 8.1% | ||||||||
| CJ Logistics Corp. | 10,240 | 603,612 | ||||||
| Samsung Electronics Co. Ltd. | 88,685 | 3,512,080 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Developing Markets Equity Portfolio (concluded) | ||||||||
| SK Hynix, Inc. | 21,503 | $ | 2,851,560 | |||||
| 6,967,252 | ||||||||
| Taiwan | 19.3% | ||||||||
| ASE Technology Holding Co. Ltd. | 333,289 | 1,460,477 | ||||||
| Bizlink Holding, Inc. | 56,078 | 861,114 | ||||||
| Chroma ATE, Inc. | 59,000 | 516,427 | ||||||
| Hiwin Technologies Corp. | 93,714 | 688,762 | ||||||
| King Yuan Electronics Co. Ltd. | 186,000 | 499,318 | ||||||
| Lotes Co. Ltd. | 18,687 | 788,049 | ||||||
| MediaTek, Inc. | 40,000 | 1,686,678 | ||||||
| RichWave Technology Corp. (*) | 104,000 | 496,848 | ||||||
| Sercomm Corp. | 246,000 | 871,904 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 311,000 | 8,669,998 | ||||||
| 16,539,575 | ||||||||
| Turkey | 0.7% | ||||||||
| BIM Birlesik Magazalar AS | 52,796 | 636,838 | ||||||
| United States | 2.8% | ||||||||
| EPAM Systems, Inc. (*) | 3,801 | 641,761 | ||||||
| SharkNinja, Inc. (*) | 12,198 | 1,017,435 | ||||||
| Tenaris SA ADR | 18,393 | 719,350 | ||||||
| 2,378,546 | ||||||||
| Total Common Stocks (Cost $59,668,160) | 84,188,150 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 2.1% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $1,843,000 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $1,795,357) Proceeds of $1,760,214 (Cost $1,760,000) | $ | 1,760 | $ | 1,760,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $93,983) | 93,983 | $ | 93,983 | |||||
| Total Investments | 100.2% (Cost $61,522,143) | $ | 86,042,133 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (163,692) | |||||||
| Net Assets | 100.0% | $ | 85,878,441 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio | ||||||||
| Common Stocks | 99.7% | ||||||||
| Brazil | 3.4% | ||||||||
| Banco BTG Pactual SA | 217,396 | $ | 1,283,853 | |||||
| Itau Unibanco Holding SA ADR | 296,157 | 1,628,864 | ||||||
| MercadoLibre, Inc. (*) | 587 | 1,145,161 | ||||||
| 4,057,878 | ||||||||
| China | 27.0% | ||||||||
| Alibaba Group Holding Ltd. ADR | 43,586 | 5,763,377 | ||||||
| China Merchants Bank Co. Ltd., Class H | 830,000 | 4,883,865 | ||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 47,600 | 1,668,285 | ||||||
| Full Truck Alliance Co. Ltd. ADR | 71,683 | 915,392 | ||||||
| Innovent Biologics, Inc. (#), (*) | 232,500 | 1,403,156 | ||||||
| Lenovo Group Ltd. | 986,000 | 1,338,408 | ||||||
| NetEase, Inc. ADR | 14,887 | 1,532,170 | ||||||
| PDD Holdings, Inc. ADR (*) | 9,108 | 1,077,932 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A | 170,399 | 1,606,162 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 32,700 | 1,060,277 | ||||||
| Tencent Holdings Ltd. | 98,992 | 6,309,010 | ||||||
| Trip.com Group Ltd. ADR | 28,815 | 1,832,058 | ||||||
| Weichai Power Co. Ltd., Class H | 686,000 | 1,445,009 | ||||||
| Yum China Holdings, Inc. | 30,707 | 1,598,606 | ||||||
| 32,433,707 | ||||||||
| Ghana | 0.7% | ||||||||
| Kosmos Energy Ltd. (*) | 343,810 | 783,887 | ||||||
| Greece | 2.5% | ||||||||
| GEK Terna SA | 44,962 | 936,412 | ||||||
| National Bank of Greece SA | 205,004 | 2,112,310 | ||||||
| 3,048,722 | ||||||||
| Hong Kong | 1.4% | ||||||||
| AIA Group Ltd. | 221,200 | 1,672,098 | ||||||
| India | 17.3% | ||||||||
| Bharti Airtel Ltd. | 123,691 | 2,502,404 | ||||||
| HDFC Bank Ltd. ADR | 46,735 | 3,105,073 | ||||||
| Hindalco Industries Ltd. | 148,723 | 1,185,386 | ||||||
| Description | Shares | Fair Value | ||||||
| ICICI Bank Ltd. ADR | 83,240 | $ | 2,623,725 | |||||
| InterGlobe Aviation Ltd. (#), (*) | 28,412 | 1,697,062 | ||||||
| ITC Hotels Ltd. (*) | 29,290 | 67,941 | ||||||
| ITC Ltd. | 182,152 | 872,415 | ||||||
| Larsen & Toubro Ltd. | 25,710 | 1,044,977 | ||||||
| Macrotech Developers Ltd. (#) | 117,921 | 1,645,200 | ||||||
| MakeMyTrip Ltd. (*) | 11,974 | 1,173,332 | ||||||
| Reliance Industries Ltd. | 149,923 | 2,229,877 | ||||||
| Supreme Industries Ltd. | 31,395 | 1,247,171 | ||||||
| Tata Consultancy Services Ltd. | 32,407 | 1,361,898 | ||||||
| 20,756,461 | ||||||||
| Indonesia | 1.8% | ||||||||
| Bank Central Asia Tbk. PT | 2,449,200 | 1,247,350 | ||||||
| Bank Mandiri Persero Tbk. PT | 2,957,500 | 925,871 | ||||||
| 2,173,221 | ||||||||
| Mexico | 3.6% | ||||||||
| Arca Continental SAB de CV | 94,845 | 991,714 | ||||||
| Corp. Inmobiliaria Vesta SAB de CV ADR | 34,707 | 791,667 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 208,177 | 1,443,796 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 684,974 | 1,122,963 | ||||||
| 4,350,140 | ||||||||
| Peru | 0.9% | ||||||||
| Credicorp Ltd. | 5,970 | 1,111,375 | ||||||
| Philippines | 2.1% | ||||||||
| BDO Unibank, Inc. | 392,899 | 1,052,155 | ||||||
| International Container Terminal Services, Inc. | 234,530 | 1,455,928 | ||||||
| 2,508,083 | ||||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 45,259 | 0 | ||||||
| Sberbank of Russia PJSC (¢) | 213,889 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 3.1% | ||||||||
| Saudi Arabian Oil Co. (#) | 310,436 | 2,210,165 | ||||||
| Saudi National Bank | 160,954 | 1,537,051 | ||||||
| 3,747,216 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Core Equity Portfolio (concluded) | ||||||||
| South Africa | 4.1% | ||||||||
| Anglo American PLC | 47,660 | $ | 1,337,927 | |||||
| Bidvest Group Ltd. | 73,906 | 952,721 | ||||||
| Capitec Bank Holdings Ltd. | 7,792 | 1,323,795 | ||||||
| Shoprite Holdings Ltd. | 86,594 | 1,288,670 | ||||||
| 4,903,113 | ||||||||
| South Korea | 9.3% | ||||||||
| Coway Co. Ltd. | 21,926 | 1,209,539 | ||||||
| Kia Corp. | 33,003 | 2,084,061 | ||||||
| Samsung Electronics Co. Ltd. | 90,033 | 3,565,463 | ||||||
| Shinhan Financial Group Co. Ltd. | 60,139 | 1,920,261 | ||||||
| SK Hynix, Inc. | 18,130 | 2,404,259 | ||||||
| 11,183,583 | ||||||||
| Taiwan | 13.7% | ||||||||
| ASE Technology Holding Co. Ltd. | 296,000 | 1,297,076 | ||||||
| Chailease Holding Co. Ltd. | 255,464 | 897,651 | ||||||
| MediaTek, Inc. | 58,000 | 2,445,683 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 224,000 | 6,244,629 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 33,233 | 5,516,678 | ||||||
| 16,401,717 | ||||||||
| Thailand | 0.8% | ||||||||
| CP ALL PCL (‡) | 670,400 | 978,181 | ||||||
| Turkey | 0.8% | ||||||||
| Akbank TAS | 656,141 | 902,394 | ||||||
| United Arab Emirates | 4.1% | ||||||||
| Abu Dhabi Ports Co. PJSC (*) | 638,551 | 754,912 | ||||||
| ADNOC Drilling Co. PJSC | 573,328 | 801,894 | ||||||
| Adnoc Gas PLC | 2,277,563 | 1,985,865 | ||||||
| Emaar Properties PJSC | 393,265 | 1,432,713 | ||||||
| 4,975,384 | ||||||||
| United Kingdom | 1.6% | ||||||||
| Unilever PLC ADR | 32,528 | 1,937,042 | ||||||
| Description | Shares | Fair Value | ||||||
| United States | 1.5% | ||||||||
| Freeport-McMoRan, Inc. | 48,655 | $ | 1,842,078 | |||||
| Total Common Stocks (Cost $94,522,677) | 119,766,280 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 0.4% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $459,800 United States Treasury Bonds, 4.375% to 4.750%, 08/15/43 to 11/15/43, with a fair value of $459,101) Proceeds of $450,055 (Cost $450,000) | $ | 450 | $ | 450,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.0% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $30,067) | 30,067 | $ | 30,067 | |||||
| Total Investments | 100.1% (Cost $95,002,744) | $ | 120,246,347 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (97,119) | |||||||
| Net Assets | 100.0% | $ | 120,149,228 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio | ||||||||
| Common Stocks | 97.3% | ||||||||
| Argentina | 0.3% | ||||||||
| Vista Energy SAB de CV ADR (*) | 18,623 | $ | 867,087 | |||||
| Brazil | 2.2% | ||||||||
| Banco do Brasil SA | 208,700 | 1,030,983 | ||||||
| BB Seguridade Participacoes SA | 350,200 | 2,473,177 | ||||||
| BRF SA | 78,300 | 270,035 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 9,800 | 175,170 | ||||||
| Cia De Sanena Do Parana | 129,000 | 609,910 | ||||||
| Energisa SA | 26,300 | 184,353 | ||||||
| Klabin SA | 51,810 | 169,418 | ||||||
| PRIO SA (*) | 49,700 | 346,636 | ||||||
| Telefonica Brasil SA | 25,100 | 219,179 | ||||||
| 5,478,861 | ||||||||
| Chile | 0.1% | ||||||||
| Enel Chile SA ADR | 90,887 | 297,200 | ||||||
| China | 31.8% | ||||||||
| Alibaba Group Holding Ltd. | 496,700 | 8,235,605 | ||||||
| Aluminum Corp. of China Ltd., Class H | 354,000 | 222,520 | ||||||
| Anker Innovations Technology Co. Ltd., Class A | 20,880 | 297,548 | ||||||
| Atour Lifestyle Holdings Ltd. ADR | 11,647 | 330,192 | ||||||
| Bank of Changsha Co. Ltd., Class A | 199,000 | 252,166 | ||||||
| Bank of China Ltd., Class H | 1,658,000 | 1,003,299 | ||||||
| Bank of Hangzhou Co. Ltd., Class A | 374,300 | 746,218 | ||||||
| BeiGene Ltd. ADR (*) | 940 | 255,840 | ||||||
| Beijing New Building Materials PLC, Class A | 74,800 | 300,576 | ||||||
| Bilibili, Inc., Class Z (*) | 18,040 | 346,128 | ||||||
| Bluestar Adisseo Co., Class A | 169,600 | 248,013 | ||||||
| BOC Aviation Ltd. (#) | 25,100 | 196,439 | ||||||
| BYD Co. Ltd., Class H | 54,500 | 2,754,804 | ||||||
| BYD Electronic International Co. Ltd. | 38,500 | 201,345 | ||||||
| China Construction Bank Corp., Class H | 4,817,000 | 4,273,761 | ||||||
| China Hongqiao Group Ltd. | 287,000 | 593,067 | ||||||
| China Life Insurance Co. Ltd., Class H | 161,000 | 312,006 | ||||||
| China Merchants Bank Co. Ltd., Class H | 219,500 | 1,291,576 | ||||||
| China Nonferrous Mining Corp. Ltd. | 259,000 | 187,699 | ||||||
| China Pacific Insurance Group Co. Ltd., Class H | 204,800 | 646,505 | ||||||
| China Resources Land Ltd. | 52,000 | 173,722 | ||||||
| Description | Shares | Fair Value | ||||||
| China Resources Mixc Lifestyle Services Ltd. (#) | 69,200 | $ | 306,417 | |||||
| China Tower Corp. Ltd., Class H (#) | 359,700 | 484,514 | ||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 17,180 | 602,125 | ||||||
| DingDong Cayman Ltd. ADR (*) | 54,084 | 146,027 | ||||||
| East Money Information Co. Ltd., Class A | 150,500 | 471,517 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 243,400 | 657,547 | ||||||
| Espressif Systems Shanghai Co. Ltd., Class A | 12,354 | 393,401 | ||||||
| Geely Automobile Holdings Ltd. | 229,000 | 494,410 | ||||||
| Great Wall Motor Co. Ltd., Class H | 140,000 | 245,385 | ||||||
| Guangdong TCL Smart Home Appliances Co. Ltd. (*) | 141,200 | 225,987 | ||||||
| Guotai Junan Securities Co. Ltd., Class H (#) | 231,200 | 335,055 | ||||||
| H World Group Ltd. ADR | 8,224 | 304,370 | ||||||
| Haidilao International Holding Ltd. (#) | 72,000 | 163,395 | ||||||
| Haier Smart Home Co. Ltd., Class H | 74,000 | 239,522 | ||||||
| Hisense Home Appliances Group Co. Ltd., Class H | 73,000 | 245,128 | ||||||
| Huaneng Power International, Inc., Class H | 442,000 | 256,194 | ||||||
| HUTCHMED China Ltd. (*) | 52,000 | 160,348 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 793,000 | 566,586 | ||||||
| Innovent Biologics, Inc. (#), (*) | 39,500 | 238,386 | ||||||
| JD Logistics, Inc. (#), (*) | 522,100 | 850,179 | ||||||
| JD.com, Inc., Class A | 120,204 | 2,480,591 | ||||||
| Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 253,000 | 243,270 | ||||||
| Jinan Acetate Chemical Co. Ltd. | 9,000 | 234,587 | ||||||
| Kanzhun Ltd. ADR (*) | 20,350 | 390,109 | ||||||
| KE Holdings, Inc. ADR | 36,989 | 743,109 | ||||||
| Kingdee International Software Group Co. Ltd. (*) | 157,000 | 268,277 | ||||||
| Kingsoft Corp. Ltd. | 107,400 | 521,008 | ||||||
| Kuaishou Technology (#), (*) | 181,500 | 1,282,448 | ||||||
| Kunlun Energy Co. Ltd. | 590,000 | 575,644 | ||||||
| Lenovo Group Ltd. | 840,000 | 1,140,226 | ||||||
| LexinFintech Holdings Ltd. ADR | 37,764 | 381,039 | ||||||
| Li Auto, Inc. ADR (*) | 16,240 | 409,248 | ||||||
| Meitu, Inc. (#) | 308,500 | 217,968 | ||||||
| Meituan, Class B (#), (*) | 202,070 | 4,085,575 | ||||||
| Midea Group Co. Ltd., Class A | 145,000 | 1,572,167 | ||||||
| NetEase, Inc. | 98,900 | 2,038,295 | ||||||
| Ningbo Boway Alloy Material Co. Ltd., Class A | 84,400 | 234,922 | ||||||
| PDD Holdings, Inc. ADR (*) | 22,056 | 2,610,328 | ||||||
| People’s Insurance Co. Group of China Ltd., Class H | 851,000 | 440,339 | ||||||
| PetroChina Co. Ltd., Class H | 1,032,000 | 836,283 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 328,500 | 1,959,935 | ||||||
| Pop Mart International Group Ltd. (#) | 77,600 | 1,567,374 | ||||||
| Qifu Technology, Inc. ADR | 21,097 | 947,466 | ||||||
| Shanghai Zijiang Enterprise Group Co. Ltd., Class A | 262,500 | 254,178 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Shenyang Jinbei Automotive Co. Ltd., Class A (*) | 255,200 | $ | 215,351 | |||||
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 65,800 | 292,508 | ||||||
| Sieyuan Electric Co. Ltd., Class A | 23,300 | 244,576 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 73,600 | 680,315 | ||||||
| Tencent Holdings Ltd. | 193,800 | 12,351,363 | ||||||
| Trip.com Group Ltd. ADR | 12,695 | 807,148 | ||||||
| Uni-President China Holdings Ltd. | 252,000 | 290,158 | ||||||
| Vipshop Holdings Ltd. ADR | 47,375 | 742,840 | ||||||
| Xiaomi Corp., Class B (#), (*) | 673,800 | 4,279,128 | ||||||
| XPeng, Inc., A Shares (*) | 23,200 | 240,959 | ||||||
| Yankershop Food Co. Ltd., Class A | 96,860 | 846,436 | ||||||
| Yutong Bus Co. Ltd., Class A | 221,500 | 810,914 | ||||||
| Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A | 120,500 | 417,129 | ||||||
| Zhejiang NHU Co. Ltd., Class A | 229,000 | 707,659 | ||||||
| 78,616,392 | ||||||||
| Colombia | 0.1% | ||||||||
| Bancolombia SA ADR | 5,524 | 222,065 | ||||||
| Egypt | 0.3% | ||||||||
| Commercial International Bank - Egypt (CIB) GDR | 489,851 | 739,675 | ||||||
| Greece | 0.8% | ||||||||
| Alpha Services & Holdings SA | 274,502 | 660,095 | ||||||
| Danaos Corp. | 3,192 | 249,072 | ||||||
| National Bank of Greece SA | 72,043 | 742,313 | ||||||
| Piraeus Financial Holdings SA | 58,234 | 320,638 | ||||||
| 1,972,118 | ||||||||
| Hungary | 1.1% | ||||||||
| OTP Bank Nyrt | 41,071 | 2,767,284 | ||||||
| India | 16.9% | ||||||||
| ABB India Ltd. | 3,640 | 234,877 | ||||||
| Adani Ports & Special Economic Zone Ltd. | 35,673 | 490,498 | ||||||
| Ajanta Pharma Ltd. | 13,466 | 411,751 | ||||||
| Alkem Laboratories Ltd. | 5,383 | 306,537 | ||||||
| Axis Bank Ltd. GDR | 11,063 | 699,354 | ||||||
| Bajaj Finance Ltd. | 8,411 | 877,395 | ||||||
| Bank of Baroda | 454,627 | 1,210,257 | ||||||
| Bank of India | 775,944 | 965,997 | ||||||
| Bharat Electronics Ltd. | 127,431 | 445,332 | ||||||
| Description | Shares | Fair Value | ||||||
| Bharti Airtel Ltd. | 13,285 | $ | 268,770 | |||||
| Britannia Industries Ltd. | 15,825 | 912,975 | ||||||
| BSE Ltd. | 22,034 | 1,405,192 | ||||||
| Canara Bank | 374,769 | 387,519 | ||||||
| Cipla Ltd. | 78,615 | 1,323,382 | ||||||
| Godawari Power & Ispat Ltd. | 232,550 | 488,297 | ||||||
| HBL Engineering Ltd. | 30,518 | 166,817 | ||||||
| HCL Technologies Ltd. | 76,555 | 1,418,929 | ||||||
| HDFC Bank Ltd. ADR | 6,311 | 419,303 | ||||||
| Hero MotoCorp Ltd. | 14,740 | 641,158 | ||||||
| Hindalco Industries Ltd. | 92,926 | 740,660 | ||||||
| Hindustan Aeronautics Ltd. | 23,724 | 1,154,582 | ||||||
| Hindustan Unilever Ltd. | 20,664 | 545,818 | ||||||
| ICICI Bank Ltd. ADR | 34,270 | 1,080,190 | ||||||
| IndiaMart InterMesh Ltd. (#) | 6,185 | 149,643 | ||||||
| Indus Towers Ltd. (*) | 323,307 | 1,256,877 | ||||||
| Infosys Ltd. | 121,052 | 2,214,049 | ||||||
| Jindal Saw Ltd. | 64,766 | 203,635 | ||||||
| Jio Financial Services Ltd. (*) | 30,626 | 81,088 | ||||||
| Karur Vysya Bank Ltd. | 145,322 | 353,233 | ||||||
| Larsen & Toubro Ltd. GDR (*) | 452 | 18,170 | ||||||
| LIC Housing Finance Ltd. | 138,442 | 910,465 | ||||||
| Life Insurance Corp. of India | 24,012 | 223,885 | ||||||
| Lupin Ltd. | 56,823 | 1,348,549 | ||||||
| Manappuram Finance Ltd. | 196,717 | 533,835 | ||||||
| Motilal Oswal Financial Services Ltd. | 22,771 | 163,435 | ||||||
| National Aluminium Co. Ltd. | 96,514 | 196,536 | ||||||
| Nava Ltd. | 40,190 | 242,920 | ||||||
| Oberoi Realty Ltd. | 34,427 | 656,871 | ||||||
| Oil & Natural Gas Corp. Ltd. | 102,794 | 294,706 | ||||||
| Oracle Financial Services Software Ltd. | 1,569 | 143,369 | ||||||
| Page Industries Ltd. | 2,644 | 1,318,695 | ||||||
| Rail Vikas Nigam Ltd. | 64,546 | 264,501 | ||||||
| REC Ltd. | 86,041 | 430,131 | ||||||
| Reliance Industries Ltd. GDR (#) | 28,964 | 1,699,688 | ||||||
| State Bank of India GDR | 27,888 | 2,476,890 | ||||||
| Sun Pharmaceutical Industries Ltd. | 97,433 | 1,975,078 | ||||||
| Tata Consultancy Services Ltd. | 42,645 | 1,792,149 | ||||||
| Tata Motors Ltd. | 114,631 | 902,335 | ||||||
| Torrent Pharmaceuticals Ltd. | 40,361 | 1,517,095 | ||||||
| Trent Ltd. | 5,117 | 317,514 | ||||||
| Union Bank of India Ltd. | 370,335 | 542,977 | ||||||
| Vedanta Ltd. | 365,047 | 1,966,253 | ||||||
| Wipro Ltd. | 319,350 | 973,186 | ||||||
| 41,763,348 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| Indonesia | 1.4% | ||||||||
| Astra International Tbk. PT | 839,700 | $ | 248,741 | |||||
| Bank Mandiri Persero Tbk. PT | 5,061,900 | 1,584,673 | ||||||
| Bank Rakyat Indonesia Persero Tbk. PT | 2,732,400 | 660,888 | ||||||
| Indofood Sukses Makmur Tbk. PT | 980,400 | 418,475 | ||||||
| Sumber Alfaria Trijaya Tbk. PT | 3,057,600 | 377,298 | ||||||
| Telkom Indonesia Persero Tbk. PT ADR | 8,595 | 126,948 | ||||||
| 3,417,023 | ||||||||
| Malaysia | 1.2% | ||||||||
| CIMB Group Holdings Bhd. | 890,700 | 1,401,778 | ||||||
| IJM Corp. Bhd. | 256,200 | 120,398 | ||||||
| My EG Services Bhd. | 1,362,700 | 277,480 | ||||||
| Scientex Bhd. | 90,200 | 72,080 | ||||||
| SP Setia Bhd. Group | 617,500 | 163,634 | ||||||
| Tenaga Nasional Bhd. | 217,500 | 655,950 | ||||||
| YTL Corp. Bhd. | 583,800 | 260,457 | ||||||
| 2,951,777 | ||||||||
| Mexico | 1.7% | ||||||||
| Arca Continental SAB de CV | 79,400 | 830,219 | ||||||
| Coca-Cola Femsa SAB de CV ADR | 22,595 | 2,062,698 | ||||||
| Gentera SAB de CV | 392,400 | 604,577 | ||||||
| Grupo Financiero Inbursa SAB de CV, Class O (*) | 124,700 | 280,239 | ||||||
| Grupo Mexico SAB de CV Series B | 38,700 | 193,495 | ||||||
| Southern Copper Corp. | 1,608 | 150,284 | ||||||
| 4,121,512 | ||||||||
| Peru | 0.6% | ||||||||
| Cia de Minas Buenaventura SAA ADR | 20,822 | 325,448 | ||||||
| Credicorp Ltd. | 5,690 | 1,059,250 | ||||||
| 1,384,698 | ||||||||
| Philippines | 0.9% | ||||||||
| International Container Terminal Services, Inc. | 258,870 | 1,607,028 | ||||||
| Metropolitan Bank & Trust Co. | 276,510 | 352,984 | ||||||
| SM Investments Corp. | 17,030 | 234,479 | ||||||
| 2,194,491 | ||||||||
| Poland | 1.6% | ||||||||
| Budimex SA | 1,341 | 197,379 | ||||||
| KGHM Polska Miedz SA | 57,249 | 1,879,203 | ||||||
| Description | Shares | Fair Value | ||||||
| LPP SA | 129 | $ | 589,519 | |||||
| Orange Polska SA | 162,368 | 368,639 | ||||||
| ORLEN SA | 25,653 | 453,858 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA | 11,709 | 228,840 | ||||||
| Powszechny Zaklad Ubezpieczen SA | 25,780 | 374,805 | ||||||
| 4,092,243 | ||||||||
| Russia | 0.0% | ||||||||
| PhosAgro PJSC (*), (¢) | 42 | 0 | ||||||
| Severstal PAO GDR (*), (¢) | 9,589 | 0 | ||||||
| 0 | ||||||||
| Saudi Arabia | 2.4% | ||||||||
| ACWA Power Co. | 2,982 | 271,410 | ||||||
| Alinma Bank | 33,867 | 276,520 | ||||||
| Almarai Co. JSC | 43,785 | 647,556 | ||||||
| Arab National Bank | 40,633 | 250,118 | ||||||
| Astra Industrial Group Co. | 8,755 | 363,290 | ||||||
| Banque Saudi Fransi | 118,671 | 586,268 | ||||||
| Electrical Industries Co. | 484,977 | 780,196 | ||||||
| Etihad Etisalat Co. | 63,523 | 1,032,259 | ||||||
| National Agriculture Development Co. (*) | 48,460 | 323,182 | ||||||
| Saudi Arabian Mining Co. (*) | 12,109 | 149,008 | ||||||
| Saudi Arabian Oil Co. (#) | 69,329 | 493,591 | ||||||
| Saudi Awwal Bank | 38,284 | 380,897 | ||||||
| Saudi Basic Industries Corp. | 8,465 | 143,370 | ||||||
| Yanbu National Petrochemical Co. | 34,941 | 322,761 | ||||||
| 6,020,426 | ||||||||
| South Africa | 2.2% | ||||||||
| AVI Ltd. | 72,995 | 352,459 | ||||||
| Capitec Bank Holdings Ltd. | 1,450 | 246,343 | ||||||
| FirstRand Ltd. | 91,146 | 357,827 | ||||||
| Gold Fields Ltd. ADR | 29,283 | 646,862 | ||||||
| Harmony Gold Mining Co. Ltd. ADR | 108,439 | 1,601,644 | ||||||
| Investec Ltd. | 57,260 | 356,304 | ||||||
| Naspers Ltd., N Shares | 1,923 | 477,690 | ||||||
| Nedbank Group Ltd. | 15,106 | 212,465 | ||||||
| Old Mutual Ltd. | 358,003 | 232,543 | ||||||
| Sappi Ltd. | 219,476 | 433,256 | ||||||
| Standard Bank Group Ltd. | 23,174 | 303,222 | ||||||
| Tiger Brands Ltd. | 15,589 | 236,577 | ||||||
| 5,457,192 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (continued) | ||||||||
| South Korea | 10.1% | ||||||||
| BNK Financial Group, Inc. | 37,667 | $ | 263,471 | |||||
| Chong Kun Dang Pharmaceutical Corp. | 4,616 | 244,822 | ||||||
| CJ CheilJedang Corp. | 968 | 162,813 | ||||||
| Hana Financial Group, Inc. | 67,509 | 2,747,396 | ||||||
| Hanmi Pharm Co. Ltd. | 848 | 130,520 | ||||||
| Hanwha Aerospace Co. Ltd. | 894 | 380,641 | ||||||
| HD Hyundai Co. Ltd. | 3,414 | 168,771 | ||||||
| HD Hyundai Electric Co. Ltd. | 1,552 | 312,969 | ||||||
| HD Hyundai Heavy Industries Co. Ltd. | 1,142 | 218,488 | ||||||
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 4,930 | 676,688 | ||||||
| Hyundai Marine & Fire Insurance Co. Ltd. (*) | 10,606 | 158,178 | ||||||
| Hyundai Mobis Co. Ltd. | 4,749 | 844,723 | ||||||
| Hyundai Rotem Co. Ltd. | 10,311 | 741,883 | ||||||
| JB Financial Group Co. Ltd. | 19,701 | 234,283 | ||||||
| KB Financial Group, Inc. | 26,111 | 1,403,522 | ||||||
| KCC Corp. | 729 | 126,076 | ||||||
| Kia Corp. | 23,598 | 1,490,157 | ||||||
| KIWOOM Securities Co. Ltd. | 1,962 | 170,427 | ||||||
| Korea Electric Power Corp. | 81,733 | 1,211,044 | ||||||
| Krafton, Inc. (*) | 835 | 190,481 | ||||||
| LIG Nex1 Co. Ltd. | 1,549 | 262,283 | ||||||
| LS Electric Co. Ltd. | 1,453 | 177,057 | ||||||
| Meritz Financial Group, Inc. | 9,569 | 797,521 | ||||||
| Mirae Asset Securities Co. Ltd. | 76,567 | 479,680 | ||||||
| NAVER Corp. | 1,704 | 222,306 | ||||||
| Samsung Electronics Co. Ltd. GDR | 5,854 | 5,713,371 | ||||||
| Samsung Life Insurance Co. Ltd. | 3,831 | 217,077 | ||||||
| SK Hynix, Inc. | 15,447 | 2,048,461 | ||||||
| SK Telecom Co. Ltd. | 41,286 | 1,557,007 | ||||||
| Woori Financial Group, Inc. | 140,867 | 1,577,297 | ||||||
| 24,929,413 | ||||||||
| Taiwan | 16.8% | ||||||||
| Accton Technology Corp. | 34,000 | 600,885 | ||||||
| Advancetek Enterprise Co. Ltd. | 105,000 | 258,738 | ||||||
| Asia Cement Corp. | 659,000 | 929,937 | ||||||
| Asia Optical Co., Inc. | 49,000 | 205,831 | ||||||
| Asia Vital Components Co. Ltd. | 31,000 | 431,880 | ||||||
| ASMedia Technology, Inc. | 4,000 | 213,753 | ||||||
| Bizlink Holding, Inc. | 27,000 | 414,602 | ||||||
| Chicony Power Technology Co. Ltd. | 41,000 | 141,032 | ||||||
| China Airlines Ltd. | 305,000 | 207,365 | ||||||
| Description | Shares | Fair Value | ||||||
| CyberPower Systems, Inc. | 22,000 | $ | 186,147 | |||||
| Delta Electronics, Inc. | 281,000 | 3,097,393 | ||||||
| Eva Airways Corp. | 862,000 | 1,057,950 | ||||||
| Far Eastern New Century Corp. | 183,000 | 181,681 | ||||||
| Genius Electronic Optical Co. Ltd. | 24,000 | 285,519 | ||||||
| Global Unichip Corp. | 4,000 | 129,170 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 125,000 | 558,555 | ||||||
| Hwang Chang General Contractor Co. Ltd. | 103,930 | 260,054 | ||||||
| International Games System Co. Ltd., Class C | 52,000 | 1,216,139 | ||||||
| KGI Financial Holding Co. Ltd. | 1,156,000 | 600,841 | ||||||
| Lotes Co. Ltd. | 16,000 | 674,736 | ||||||
| MediaTek, Inc. | 98,000 | 4,132,362 | ||||||
| Nan Pao Resins Chemical Co. Ltd. | 20,000 | 218,677 | ||||||
| Novatek Microelectronics Corp. | 33,000 | 544,615 | ||||||
| PharmaEssentia Corp. (*) | 15,000 | 236,409 | ||||||
| President Chain Store Corp. | 232,000 | 1,756,199 | ||||||
| Realtek Semiconductor Corp. | 92,000 | 1,459,432 | ||||||
| Silicon Motion Technology Corp. ADR | 4,878 | 246,632 | ||||||
| Sunonwealth Electric Machine Industry Co. Ltd. | 55,000 | 146,933 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 731,000 | 20,378,677 | ||||||
| Tong Yang Industry Co. Ltd. | 51,000 | 198,186 | ||||||
| Voltronic Power Technology Corp. | 9,000 | 416,587 | ||||||
| Wistron Corp. | 75,000 | 218,744 | ||||||
| 41,605,661 | ||||||||
| Thailand | 1.8% | ||||||||
| Bangkok Bank PCL (‡) | 191,200 | 831,304 | ||||||
| Bangkok Dusit Medical Services PCL NVDR | 1,120,800 | 722,865 | ||||||
| Krung Thai Bank PCL NVDR | 2,129,700 | 1,517,561 | ||||||
| PTT Exploration & Production PCL (‡) | 406,400 | 1,395,596 | ||||||
| 4,467,326 | ||||||||
| Turkey | 0.9% | ||||||||
| Akbank TAS | 658,884 | 906,166 | ||||||
| Turk Hava Yollari AO (*) | 28,127 | 230,305 | ||||||
| Turkcell Iletisim Hizmetleri AS | 142,437 | 359,228 | ||||||
| Turkiye Garanti Bankasi AS | 168,083 | 522,073 | ||||||
| Turkiye Is Bankasi AS, C Shares | 571,622 | 184,474 | ||||||
| 2,202,246 | ||||||||
| United Arab Emirates | 1.8% | ||||||||
| Abu Dhabi Islamic Bank PJSC | 147,862 | 646,175 | ||||||
| ADNOC Drilling Co. PJSC | 700,321 | 979,514 | ||||||
| ADNOC Logistics & Services | 260,016 | 349,140 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Advantage Portfolio (concluded) | ||||||||
| Aldar Properties PJSC | 168,929 | $ | 387,507 | |||||
| Emaar Development PJSC | 164,649 | 549,664 | ||||||
| Emaar Properties PJSC | 408,338 | 1,487,626 | ||||||
| 4,399,626 | ||||||||
| United Kingdom | 0.1% | ||||||||
| Anglogold Ashanti PLC | 8,809 | 326,990 | ||||||
| United States | 0.2% | ||||||||
| Titan Cement International SA | 11,344 | 521,454 | ||||||
| Total Common Stocks (Cost $221,551,473) | 240,816,108 | |||||||
| Preferred Stocks | 0.8% | ||||||||
| Brazil | 0.8% | ||||||||
| Petroleo Brasileiro SA CDI (Cost $1,868,722) | 297,739 | $ | 1,938,856 | |||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.4% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $3,696,400 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $3,600,776) Proceeds of $3,530,429 (Cost $3,530,000) | $ | 3,530 | $ | 3,530,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $190,155) | 190,155 | $ | 190,155 | |||||
| Total Investments | 99.6% (Cost $227,140,350) | $ | 246,475,119 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.4% | 1,014,216 | |||||||
| Net Assets | 100.0% | $ | 247,489,335 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 96.2% | ||||||||
| Brazil | 11.3% | ||||||||
| Banco do Brasil SA | 12,699,252 | $ | 62,734,610 | |||||
| BB Seguridade Participacoes SA | 10,876,017 | 76,808,433 | ||||||
| CCR SA | 14,426,817 | 29,427,779 | ||||||
| Engie Brasil Energia SA | 4,013,500 | 27,148,420 | ||||||
| Petroleo Brasileiro SA ADR | 4,331,353 | 62,111,602 | ||||||
| PRIO SA (*) | 4,886,100 | 34,078,417 | ||||||
| Rede D’Or Sao Luiz SA (#) | 3,469,300 | 17,144,505 | ||||||
| Vale SA ADR | 4,545,159 | 45,360,687 | ||||||
| Vibra Energia SA | 10,776,300 | 33,576,499 | ||||||
| 388,390,952 | ||||||||
| Chile | 0.6% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 482,612 | 19,174,175 | ||||||
| China | 27.3% | ||||||||
| Alibaba Group Holding Ltd. ADR | 513,885 | 67,951,014 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 14,314,951 | 40,472,117 | ||||||
| China Construction Bank Corp., Class H | 117,809,224 | 104,523,244 | ||||||
| China Medical System Holdings Ltd. | 33,378,000 | 31,963,169 | ||||||
| China Merchants Bank Co. Ltd., Class H | 10,018,494 | 58,950,564 | ||||||
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 14,127,417 | 32,021,515 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 12,054,615 | 32,565,643 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 3,985,576 | 24,996,920 | ||||||
| Hengan International Group Co. Ltd. | 11,156,500 | 31,282,033 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 11,699,548 | 29,176,887 | ||||||
| JD.com, Inc. ADR | 886,986 | 36,472,864 | ||||||
| Lenovo Group Ltd. | 23,118,000 | 31,380,652 | ||||||
| Midea Group Co. Ltd., Class A | 4,218,099 | 45,734,866 | ||||||
| NetEase, Inc. ADR | 701,709 | 72,219,890 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 8,315,500 | 49,612,895 | ||||||
| Sinopharm Group Co. Ltd., Class H | 22,986,814 | 53,524,261 | ||||||
| Tencent Holdings Ltd. | 532,500 | 33,937,569 | ||||||
| Tingyi Cayman Islands Holding Corp. | 40,690,000 | 68,309,492 | ||||||
| Want Want China Holdings Ltd. | 50,652,000 | 31,985,197 | ||||||
| Weichai Power Co. Ltd., Class H | 27,270,288 | 57,442,870 | ||||||
| 934,523,662 | ||||||||
| Egypt | 0.7% | ||||||||
| Commercial International Bank - Egypt (CIB) GDR | 17,038,841 | 25,737,284 | ||||||
| Description | Shares | Fair Value | ||||||
| Greece | 3.1% | ||||||||
| Metlen Energy & Metals SA | 706,268 | $ | 31,189,818 | |||||
| National Bank of Greece SA | 4,626,863 | 47,674,025 | ||||||
| OPAP SA | 1,453,754 | 28,917,227 | ||||||
| 107,781,070 | ||||||||
| Hong Kong | 0.7% | ||||||||
| ASMPT Ltd. | 3,519,900 | 24,716,136 | ||||||
| Hungary | 3.1% | ||||||||
| MOL Hungarian Oil & Gas PLC | 4,622,622 | 36,409,644 | ||||||
| OTP Bank Nyrt | 1,011,166 | 68,130,391 | ||||||
| 104,540,035 | ||||||||
| India | 4.8% | ||||||||
| Axis Bank Ltd. | 2,097,803 | 27,011,563 | ||||||
| Indus Towers Ltd. (*) | 17,056,443 | 66,308,016 | ||||||
| Tata Consultancy Services Ltd. | 641,418 | 26,955,480 | ||||||
| UPL Ltd. | 5,947,865 | 44,079,083 | ||||||
| 164,354,142 | ||||||||
| Indonesia | 4.1% | ||||||||
| Astra International Tbk. PT | 118,930,300 | 35,230,305 | ||||||
| Bank Mandiri Persero Tbk. PT | 140,370,084 | 43,944,096 | ||||||
| Telkom Indonesia Persero Tbk. PT ADR | 2,641,991 | 39,022,207 | ||||||
| United Tractors Tbk. PT | 15,752,600 | 22,321,059 | ||||||
| 140,517,667 | ||||||||
| Mexico | 7.3% | ||||||||
| America Movil SAB de CV ADR | 2,777,952 | 39,502,477 | ||||||
| Cemex SAB de CV ADR | 6,738,565 | 37,803,350 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 225,082 | 41,754,962 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 7,455,537 | 51,707,316 | ||||||
| Grupo Mexico SAB de CV Series B | 4,690,385 | 23,451,352 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 17,888,995 | 29,327,654 | ||||||
| Ternium SA ADR | 879,458 | 27,403,911 | ||||||
| 250,951,022 | ||||||||
| Peru | 0.7% | ||||||||
| Credicorp Ltd. | 135,488 | 25,222,446 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (continued) | ||||||||
| Philippines | 0.0% | ||||||||
| International Container Terminal Services, Inc. | 30 | $ | 186 | |||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 4,695,624 | 5 | ||||||
| Sberbank of Russia PJSC (¢) | 13,596,421 | 13 | ||||||
| 18 | ||||||||
| South Africa | 7.5% | ||||||||
| Bidvest Group Ltd. | 2,956,093 | 38,106,961 | ||||||
| Life Healthcare Group Holdings Ltd. | 30,248,912 | 22,810,032 | ||||||
| Nedbank Group Ltd. | 3,799,236 | 53,435,994 | ||||||
| Sanlam Ltd. | 9,689,474 | 43,603,880 | ||||||
| Standard Bank Group Ltd. | 4,027,721 | 52,700,995 | ||||||
| Vodacom Group Ltd. | 6,652,681 | 45,480,017 | ||||||
| 256,137,879 | ||||||||
| South Korea | 9.4% | ||||||||
| Coway Co. Ltd. | 582,736 | 32,146,400 | ||||||
| Hyundai Mobis Co. Ltd. | 164,404 | 29,243,168 | ||||||
| KB Financial Group, Inc. | 1,007,628 | 54,162,158 | ||||||
| Kia Corp. | 458,643 | 28,962,212 | ||||||
| KT Corp. | 1,037,717 | 34,909,132 | ||||||
| KT&G Corp. | 317,284 | 21,886,947 | ||||||
| Shinhan Financial Group Co. Ltd. | 1,462,157 | 46,687,232 | ||||||
| SK Hynix, Inc. | 547,640 | 72,623,744 | ||||||
| 320,620,993 | ||||||||
| Taiwan | 11.2% | ||||||||
| ASE Technology Holding Co. Ltd. | 13,802,000 | 60,480,539 | ||||||
| Globalwafers Co. Ltd. | 2,600,000 | 25,180,287 | ||||||
| MediaTek, Inc. | 1,504,000 | 63,419,100 | ||||||
| Novatek Microelectronics Corp. | 2,678,000 | 44,196,306 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,431,913 | 123,552,013 | ||||||
| Wiwynn Corp. | 594,000 | 29,797,697 | ||||||
| Yageo Corp. | 2,469,769 | 36,147,368 | ||||||
| 382,773,310 | ||||||||
| Thailand | 1.7% | ||||||||
| Kasikornbank PCL | 6,943,354 | 33,117,803 | ||||||
| Description | Shares | Fair Value | ||||||
| PTT Exploration & Production PCL (‡) | 6,841,000 | $ | 23,492,307 | |||||
| 56,610,110 | ||||||||
| Turkey | 0.6% | ||||||||
| BIM Birlesik Magazalar AS | 1,837,255 | 22,161,404 | ||||||
| United Kingdom | 1.3% | ||||||||
| Unilever PLC | 736,090 | 43,845,613 | ||||||
| United States | 0.8% | ||||||||
| Schlumberger NV | 619,011 | 25,874,660 | ||||||
| Total Common Stocks (Cost $2,899,959,878) | 3,293,932,764 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 3.4% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $122,679,800 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $119,503,240) Proceeds of $117,174,222 (Cost $117,160,000) | $ | 117,160 | $ | 117,160,000 | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Emerging Markets Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $6,172,545) | 6,172,545 | $ | 6,172,545 | |||||
| Total Investments | 99.8% (Cost $3,023,292,423) | $ | 3,417,265,309 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.2% | 5,286,572 | |||||||
| Net Assets | 100.0% | $ | 3,422,551,881 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Equity Franchise Portfolio | ||||||||
| Common Stocks | 95.2% | ||||||||
| France | 3.9% | ||||||||
| Edenred SE | 140,828 | $ | 4,595,235 | |||||
| FDJ UNITED (#) | 39,453 | 1,240,224 | ||||||
| 5,835,459 | ||||||||
| Germany | 2.9% | ||||||||
| Fresenius Medical Care AG | 89,246 | 4,407,591 | ||||||
| Israel | 1.4% | ||||||||
| Nice Ltd. ADR (*) | 13,195 | 2,034,273 | ||||||
| Italy | 13.1% | ||||||||
| Nexi SpA (#), (*) | 1,680,082 | 8,946,327 | ||||||
| Snam SpA | 1,427,323 | 7,404,751 | ||||||
| Terna - Rete Elettrica Nazionale | 341,412 | 3,090,271 | ||||||
| 19,441,349 | ||||||||
| Japan | 3.9% | ||||||||
| Secom Co. Ltd. | 170,210 | 5,795,172 | ||||||
| Luxembourg | 3.1% | ||||||||
| SES SA | 776,959 | 4,590,296 | ||||||
| Switzerland | 1.0% | ||||||||
| SGS SA | 14,841 | 1,473,172 | ||||||
| United Kingdom | 20.1% | ||||||||
| National Grid PLC | 554,439 | 7,223,377 | ||||||
| Rentokil Initial PLC | 1,960,330 | 8,858,881 | ||||||
| Severn Trent PLC | 211,997 | 6,940,334 | ||||||
| United Utilities Group PLC | 529,451 | 6,904,714 | ||||||
| 29,927,306 | ||||||||
| United States | 45.8% | ||||||||
| Baxter International, Inc. | 171,157 | 5,858,704 | ||||||
| Cognizant Technology Solutions Corp., Class A | 50,282 | 3,846,573 | ||||||
| Dentsply Sirona, Inc. | 447,143 | 6,680,316 | ||||||
| Description | Shares | Fair Value | ||||||
| Ferrovial SE | 139,121 | $ | 6,227,279 | |||||
| Fiserv, Inc. (*) | 20,021 | 4,421,238 | ||||||
| H&R Block, Inc. | 168,814 | 9,269,577 | ||||||
| Henry Schein, Inc. (*) | 83,192 | 5,697,820 | ||||||
| International Game Technology PLC | 534,720 | 8,694,547 | ||||||
| Omnicom Group, Inc. | 109,326 | 9,064,219 | ||||||
| Scotts Miracle-Gro Co. | 48,656 | 2,670,728 | ||||||
| Visa, Inc., A Shares | 16,366 | 5,735,628 | ||||||
| 68,166,629 | ||||||||
| Total Common Stocks (Cost $145,620,627) | 141,671,247 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 5.7% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $9,427,800 United States Treasury Bond, 3.875%, 05/15/43, with a fair value of $8,690,401) Proceeds of $8,521,034 (Cost $8,520,000) | $ | 8,520 | $ | 8,520,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.3% | ||||||||
| State Street Institutional Treasury Plus
Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $456,523) | 456,523 | $ | 456,523 | |||||
| Total Investments | 101.2% (Cost $154,597,150) | $ | 150,647,770 | ||||||
| Liabilities in Excess of Cash and Other Assets | (1.2)% | (1,853,868) | |||||||
| Net Assets | 100.0% | $ | 148,793,902 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio | ||||||||
| Common Stocks | 98.5% | ||||||||
| Australia | 1.2% | ||||||||
| Computershare Ltd. | 40,890 | $ | 1,005,914 | |||||
| Canada | 3.0% | ||||||||
| Dollarama, Inc. | 14,757 | 1,577,990 | ||||||
| Toromont Industries Ltd. | 12,374 | 968,475 | ||||||
| 2,546,465 | ||||||||
| China | 2.5% | ||||||||
| NXP Semiconductors NV | 5,374 | 1,021,382 | ||||||
| Tencent Holdings Ltd. | 17,723 | 1,129,532 | ||||||
| 2,150,914 | ||||||||
| Denmark | 1.3% | ||||||||
| Carlsberg AS, Class B | 4,630 | 589,733 | ||||||
| Zealand Pharma AS (*) | 6,492 | 488,610 | ||||||
| 1,078,343 | ||||||||
| Finland | 0.9% | ||||||||
| Kone OYJ, Class B | 14,061 | 778,008 | ||||||
| France | 3.2% | ||||||||
| EssilorLuxottica SA | 2,934 | 844,067 | ||||||
| Legrand SA | 6,635 | 702,542 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,363 | 850,952 | ||||||
| Pernod Ricard SA | 3,988 | 396,132 | ||||||
| 2,793,693 | ||||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group Ltd. | 81,783 | 618,215 | ||||||
| Techtronic Industries Co. Ltd. | 66,500 | 800,918 | ||||||
| 1,419,133 | ||||||||
| India | 1.2% | ||||||||
| HDFC Bank Ltd. ADR | 15,714 | 1,044,038 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 2.6% | ||||||||
| Accenture PLC, Class A | 7,059 | $ | 2,202,690 | |||||
| Japan | 5.4% | ||||||||
| FANUC Corp. | 27,100 | 739,596 | ||||||
| Mizuho Financial Group, Inc. | 54,000 | 1,470,716 | ||||||
| Nintendo Co. Ltd. | 6,300 | 429,719 | ||||||
| Sanrio Co. Ltd. | 42,400 | 1,963,680 | ||||||
| 4,603,711 | ||||||||
| Netherlands | 3.7% | ||||||||
| Argenx SE ADR (*) | 1,201 | 710,830 | ||||||
| ASM International NV | 1,701 | 779,361 | ||||||
| Wolters Kluwer NV | 10,808 | 1,678,761 | ||||||
| 3,168,952 | ||||||||
| Spain | 1.2% | ||||||||
| Industria de Diseno Textil SA | 21,017 | 1,048,374 | ||||||
| Sweden | 1.7% | ||||||||
| Assa Abloy AB, Class B | 19,630 | 589,855 | ||||||
| Hexagon AB, B Shares | 83,226 | 891,798 | ||||||
| 1,481,653 | ||||||||
| Switzerland | 3.2% | ||||||||
| ABB Ltd. | 32,287 | 1,670,891 | ||||||
| Partners Group Holding AG | 778 | 1,103,997 | ||||||
| 2,774,888 | ||||||||
| Taiwan | 2.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 13,282 | 2,204,812 | ||||||
| United Kingdom | 8.5% | ||||||||
| AstraZeneca PLC | 9,350 | 1,366,452 | ||||||
| Coca-Cola Europacific Partners PLC | 15,491 | 1,348,182 | ||||||
| Diageo PLC | 38,744 | 1,010,706 | ||||||
| RELX PLC | 39,065 | 1,956,879 | ||||||
| Unilever PLC | 26,955 | 1,605,809 | ||||||
| 7,288,028 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Equity Select Portfolio (concluded) | ||||||||
| United States | 54.7% | ||||||||
| Adobe, Inc. (*) | 2,681 | $ | 1,028,244 | |||||
| Alphabet, Inc., Class A | 5,727 | 885,623 | ||||||
| Amazon.com, Inc. (*) | 13,147 | 2,501,348 | ||||||
| Amphenol Corp., Class A | 21,995 | 1,442,652 | ||||||
| Aon PLC, Class A | 5,042 | 2,012,212 | ||||||
| Apple, Inc. | 16,923 | 3,759,106 | ||||||
| Avery Dennison Corp. | 3,371 | 599,937 | ||||||
| Bank of America Corp. | 26,073 | 1,088,026 | ||||||
| Booz Allen Hamilton Holding Corp. | 11,274 | 1,179,035 | ||||||
| Charles Schwab Corp. | 24,735 | 1,936,256 | ||||||
| Coca-Cola Co. | 21,774 | 1,559,454 | ||||||
| Corpay, Inc. (*) | 1,908 | 665,358 | ||||||
| Danaher Corp. | 6,342 | 1,300,110 | ||||||
| Equifax, Inc. | 4,107 | 1,000,301 | ||||||
| HealthEquity, Inc. (*) | 8,220 | 726,401 | ||||||
| Intercontinental Exchange, Inc. | 11,022 | 1,901,295 | ||||||
| IQVIA Holdings, Inc. (*) | 7,099 | 1,251,554 | ||||||
| Marvell Technology, Inc. | 8,218 | 505,982 | ||||||
| McDonald's Corp. | 3,761 | 1,174,824 | ||||||
| Meta Platforms, Inc., Class A | 1,266 | 729,672 | ||||||
| Microsoft Corp. | 7,641 | 2,868,355 | ||||||
| Motorola Solutions, Inc. | 3,091 | 1,353,271 | ||||||
| NIKE, Inc., Class B | 7,611 | 483,146 | ||||||
| Procter & Gamble Co. | 8,113 | 1,382,617 | ||||||
| PTC, Inc. (*) | 6,997 | 1,084,185 | ||||||
| Rockwell Automation, Inc. | 3,307 | 854,463 | ||||||
| S&P Global, Inc. | 3,283 | 1,668,092 | ||||||
| Salesforce, Inc. | 6,849 | 1,837,998 | ||||||
| Sysco Corp. | 7,901 | 592,891 | ||||||
| Texas Instruments, Inc. | 7,009 | 1,259,517 | ||||||
| Thermo Fisher Scientific, Inc. | 3,181 | 1,582,866 | ||||||
| UnitedHealth Group, Inc. | 2,099 | 1,099,351 | ||||||
| Visa, Inc., A Shares | 6,602 | 2,313,737 | ||||||
| Warner Music Group Corp., Class A | 12,950 | 405,982 | ||||||
| Zoetis, Inc. | 5,964 | 981,973 | ||||||
| 47,015,834 | ||||||||
| Total Common Stocks (Cost $57,213,736) | 84,605,450 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.3% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $1,204,200 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $1,173,039) Proceeds of $1,150,140 (Cost $1,150,000) | $ | 1,150 | $ | 1,150,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus
Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $64,448) | 64,448 | $ | 64,448 | |||||
| Total Investments | 99.9% (Cost $58,428,184) | $ | 85,819,898 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 116,450 | |||||||
| Net Assets | 100.0% | $ | 85,936,348 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio | ||||||||
| Common Stocks | 95.7% | ||||||||
| Australia | 6.7% | ||||||||
| Atlas Arteria Ltd. (^) | 83,962,746 | $ | 255,612,036 | |||||
| Transurban Group | 42,045,599 | 353,316,689 | ||||||
| 608,928,725 | ||||||||
| Canada | 2.4% | ||||||||
| Algonquin Power & Utilities Corp. (^) | 41,860,578 | 214,967,980 | ||||||
| France | 5.2% | ||||||||
| Eutelsat Communications SACA (*) | 11,305,144 | 53,895,209 | ||||||
| Vinci SA | 3,348,948 | 423,200,139 | ||||||
| 477,095,348 | ||||||||
| Germany | 1.2% | ||||||||
| Fraport AG Frankfurt Airport Services Worldwide (*) | 1,763,240 | 110,511,908 | ||||||
| Hong Kong | 5.9% | ||||||||
| CK Infrastructure Holdings Ltd. | 36,772,472 | 220,224,692 | ||||||
| Power Assets Holdings Ltd. | 52,800,430 | 316,189,327 | ||||||
| 536,414,019 | ||||||||
| Italy | 18.4% | ||||||||
| Hera SpA | 71,933,603 | 311,250,023 | ||||||
| Italgas SpA (^) | 42,354,790 | 304,023,428 | ||||||
| Snam SpA | 121,226,042 | 628,903,686 | ||||||
| Terna - Rete Elettrica Nazionale | 49,046,199 | 443,938,813 | ||||||
| 1,688,115,950 | ||||||||
| Luxembourg | 1.4% | ||||||||
| SES SA (^) | 21,121,589 | 124,786,960 | ||||||
| New Zealand | 1.3% | ||||||||
| Auckland International Airport Ltd. | 26,019,782 | 120,794,677 | ||||||
| Portugal | 0.9% | ||||||||
| REN - Redes Energeticas Nacionais SGPS SA | 29,065,003 | 86,341,142 | ||||||
| Description | Shares | Fair Value | ||||||
| Spain | 4.5% | ||||||||
| Aena SME SA (#) | 1,766,245 | $ | 414,027,961 | |||||
| Switzerland | 1.6% | ||||||||
| Flughafen Zurich AG | 623,027 | 148,004,891 | ||||||
| United Kingdom | 19.3% | ||||||||
| National Grid PLC | 57,873,262 | 753,988,106 | ||||||
| Pennon Group PLC (^) | 26,547,011 | 153,381,633 | ||||||
| Severn Trent PLC | 13,654,271 | 447,011,985 | ||||||
| United Utilities Group PLC | 32,037,200 | 417,805,778 | ||||||
| 1,772,187,502 | ||||||||
| United States | 26.9% | ||||||||
| American Electric Power Co., Inc. | 4,020,998 | 439,374,451 | ||||||
| CSX Corp. | 14,320,869 | 421,463,175 | ||||||
| Exelon Corp. | 9,649,469 | 444,647,532 | ||||||
| Ferrovial SE | 16,282,454 | 728,828,736 | ||||||
| Norfolk Southern Corp. | 1,831,384 | 433,763,300 | ||||||
| 2,468,077,194 | ||||||||
| Total Common Stocks (Cost $7,728,319,929) | 8,770,254,257 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 3.6% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $357,241,300 United States Treasury Bonds, 3.875% to 4.375%, 05/15/43 to 08/15/43, with a fair value of $336,640,883) Proceeds of $330,080,063 (Cost $330,040,000) | $ | 330,040 | $ | 330,040,000 | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Global Listed Infrastructure Portfolio (continued) | ||||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Plus
Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $17,370,541) | 17,370,541 | $ | 17,370,541 | |||||
| Total Investments | 99.5% (Cost $8,075,730,470) (») | $ | 9,117,664,798 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.5% | 48,057,279 | |||||||
| Net Assets | 100.0% | $ | 9,165,722,077 | ||||||
Lazard Global Listed Infrastructure Portfolio (concluded)
Forward Currency Contracts open at March 31, 2025:
| Currency Purchased |
Quantity | Currency Sold |
Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||
| HKD | 689,732,298 | USD | 88,836,709 | SCB | 06/26/25 | $ | — | $ | 30,014 | |||||||||
| USD | 59,461,424 | AUD | 93,788,696 | BNP | 06/26/25 | 816,137 | — | |||||||||||
| USD | 106,656,058 | AUD | 168,234,120 | CIT | 06/26/25 | 1,460,671 | — | |||||||||||
| USD | 147,731,987 | AUD | 233,019,427 | HSB | 06/26/25 | 2,026,890 | — | |||||||||||
| USD | 163,090,415 | AUD | 257,241,133 | MSC | 06/26/25 | 2,239,688 | — | |||||||||||
| USD | 115,730,925 | AUD | 182,563,928 | SSB | 06/26/25 | 1,575,229 | — | |||||||||||
| USD | 5,565,048 | CAD | 7,936,858 | BNP | 06/26/25 | 26,430 | — | |||||||||||
| USD | 59,924,361 | CAD | 85,457,915 | CIT | 06/26/25 | 288,832 | — | |||||||||||
| USD | 55,569,749 | CAD | 79,251,297 | HSB | 06/26/25 | 265,416 | — | |||||||||||
| USD | 54,880,650 | CAD | 78,269,669 | MSC | 06/26/25 | 261,332 | — | |||||||||||
| USD | 19,013,291 | CAD | 27,105,509 | SCB | 06/26/25 | 98,117 | — | |||||||||||
| USD | 21,247,433 | CAD | 30,304,755 | SCB | 06/26/25 | 99,713 | — | |||||||||||
| USD | 38,645,589 | CHF | 33,628,905 | BNP | 06/26/25 | 250,538 | — | |||||||||||
| USD | 58,483,266 | CHF | 50,891,360 | SCB | 06/26/25 | 379,191 | — | |||||||||||
| USD | 63,080,860 | CHF | 54,890,662 | SSB | 06/26/25 | 410,672 | — | |||||||||||
| USD | 338,453,119 | EUR | 311,045,214 | BNP | 06/26/25 | 508,856 | — | |||||||||||
| USD | 547,791,730 | EUR | 503,570,209 | BNY | 06/26/25 | 672,999 | — | |||||||||||
| USD | 438,272,966 | EUR | 402,598,695 | CAN | 06/26/25 | 857,718 | — | |||||||||||
| USD | 572,226,233 | EUR | 525,606,995 | CIT | 06/26/25 | 1,164,984 | — | |||||||||||
| USD | 164,992,219 | EUR | 152,341,056 | HSB | 06/26/25 | — | 523,222 | |||||||||||
| USD | 380,184,720 | EUR | 349,403,399 | HSB | 06/26/25 | 565,074 | — | |||||||||||
| USD | 596,277,550 | EUR | 547,731,051 | RBC | 06/26/25 | 1,178,966 | — | |||||||||||
| USD | 576,969,260 | EUR | 530,083,385 | SSB | 06/26/25 | 1,044,505 | — | |||||||||||
| USD | 265,361,108 | GBP | 204,788,073 | CAN | 06/26/25 | 846,156 | — | |||||||||||
| USD | 503,997,590 | GBP | 388,831,225 | HSB | 06/26/25 | 1,762,907 | — | |||||||||||
| USD | 351,538,195 | GBP | 271,126,642 | MSC | 06/26/25 | 1,336,888 | — | |||||||||||
| USD | 106,908,246 | GBP | 82,678,424 | RBC | 06/26/25 | 116,483 | — | |||||||||||
| USD | 307,661,568 | GBP | 237,462,812 | RBC | 06/26/25 | 942,220 | — | |||||||||||
| USD | 191,442,043 | GBP | 147,764,943 | SSB | 06/26/25 | 581,139 | — | |||||||||||
| USD | 90,104,220 | HKD | 699,287,435 | BNP | 06/26/25 | 67,250 | — | |||||||||||
| USD | 80,123,587 | HKD | 621,831,145 | HSB | 06/26/25 | 59,525 | — | |||||||||||
| USD | 102,146,706 | HKD | 792,781,015 | MSC | 06/26/25 | 71,941 | — | |||||||||||
| USD | 218,394,195 | HKD | 1,694,848,150 | SCB | 06/26/25 | 173,497 | — | |||||||||||
| USD | 135,318,896 | HKD | 1,050,223,487 | SSB | 06/26/25 | 97,046 | — | |||||||||||
| USD | 20,131,449 | NZD | 35,148,675 | HSB | 06/26/25 | 133,763 | — | |||||||||||
| USD | 93,519,612 | NZD | 161,507,142 | HSB | 06/26/25 | 1,630,822 | — | |||||||||||
| USD | 7,888,792 | NZD | 13,621,657 | RBC | 06/26/25 | 138,809 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 24,150,404 | $ | 553,236 | ||||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio | ||||||||
| Common Stocks | 97.9% | ||||||||
| Argentina | 0.2% | ||||||||
| Vista Energy SAB de CV ADR (*) | 1,689 | $ | 78,640 | |||||
| Australia | 3.9% | ||||||||
| AGL Energy Ltd. | 14,110 | 92,591 | ||||||
| Aristocrat Leisure Ltd. | 2,155 | 87,029 | ||||||
| Brambles Ltd. | 23,765 | 298,953 | ||||||
| Evolution Mining Ltd. | 27,623 | 123,551 | ||||||
| Inghams Group Ltd. | 14,559 | 28,599 | ||||||
| Northern Star Resources Ltd. | 9,793 | 113,076 | ||||||
| Perseus Mining Ltd. | 33,456 | 70,411 | ||||||
| Qantas Airways Ltd. | 47,397 | 270,291 | ||||||
| Ramelius Resources Ltd. | 31,882 | 47,436 | ||||||
| REA Group Ltd. | 1,627 | 225,313 | ||||||
| Westgold Resources Ltd. | 30,741 | 56,028 | ||||||
| 1,413,278 | ||||||||
| Belgium | 0.2% | ||||||||
| Anheuser-Busch InBev SA | 608 | 37,438 | ||||||
| Colruyt Group NV | 504 | 20,733 | ||||||
| 58,171 | ||||||||
| Brazil | 0.7% | ||||||||
| BB Seguridade Participacoes SA | 27,500 | 194,210 | ||||||
| Vale SA | 5,700 | 56,636 | ||||||
| 250,846 | ||||||||
| Burkina Faso | 0.1% | ||||||||
| IAMGOLD Corp. (*) | 7,149 | 44,611 | ||||||
| Canada | 7.6% | ||||||||
| Brookfield Corp. | 1,237 | 64,736 | ||||||
| Canadian Natural Resources Ltd. | 8,769 | 269,825 | ||||||
| Centerra Gold, Inc. | 10,833 | 68,730 | ||||||
| CGI, Inc. | 1,637 | 163,421 | ||||||
| Dollarama, Inc. | 2,545 | 272,141 | ||||||
| Empire Co. Ltd., Class A | 3,672 | 123,119 | ||||||
| Fairfax Financial Holdings Ltd. | 282 | 407,571 | ||||||
| Finning International, Inc. | 3,489 | 98,169 | ||||||
| Description | Shares | Fair Value | ||||||
| Hudbay Minerals, Inc. | 7,438 | $ | 56,390 | |||||
| iA Financial Corp., Inc. | 1,085 | 103,037 | ||||||
| Kinross Gold Corp. | 8,175 | 102,993 | ||||||
| Loblaw Cos. Ltd. | 981 | 137,472 | ||||||
| Manulife Financial Corp. | 7,358 | 229,271 | ||||||
| Metro, Inc. | 1,364 | 94,851 | ||||||
| Parex Resources, Inc. | 7,205 | 67,191 | ||||||
| Shopify, Inc., Class A (*) | 947 | 90,090 | ||||||
| Suncor Energy, Inc. | 8,097 | 313,516 | ||||||
| Thomson Reuters Corp. | 182 | 31,407 | ||||||
| Torex Gold Resources, Inc. (*) | 3,895 | 107,860 | ||||||
| 2,801,790 | ||||||||
| China | 10.3% | ||||||||
| 361 Degrees International Ltd. | 66,000 | 37,659 | ||||||
| Alibaba Group Holding Ltd. ADR | 873 | 115,437 | ||||||
| Alibaba Group Holding Ltd. | 27,500 | 455,968 | ||||||
| Bank of China Ltd., Class H | 249,000 | 150,676 | ||||||
| BOC Hong Kong Holdings Ltd. | 39,000 | 157,885 | ||||||
| BYD Co. Ltd., Class H | 1,000 | 50,547 | ||||||
| BYD Electronic International Co. Ltd. | 6,500 | 33,993 | ||||||
| China Construction Bank Corp., Class H | 137,000 | 121,550 | ||||||
| China Life Insurance Co. Ltd., Class H | 17,000 | 32,945 | ||||||
| China Merchants Bank Co. Ltd., Class H | 6,500 | 38,247 | ||||||
| China Tower Corp. Ltd., Class H (#) | 27,000 | 36,369 | ||||||
| Haidilao International Holding Ltd. (#) | 35,000 | 79,428 | ||||||
| JD.com, Inc., Class A | 12,800 | 264,147 | ||||||
| Kanzhun Ltd. ADR (*) | 1,887 | 36,174 | ||||||
| KE Holdings, Inc. ADR | 2,738 | 55,006 | ||||||
| Kuaishou Technology (#), (*) | 18,100 | 127,891 | ||||||
| Kunlun Energy Co. Ltd. | 48,000 | 46,832 | ||||||
| Meituan, Class B (#), (*) | 12,000 | 242,623 | ||||||
| Midea Group Co. Ltd. | 26,500 | 269,701 | ||||||
| NetEase, Inc. | 10,900 | 224,645 | ||||||
| PDD Holdings, Inc. ADR (*) | 670 | 79,294 | ||||||
| PetroChina Co. Ltd., Class H | 68,000 | 55,104 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 32,500 | 193,905 | ||||||
| Qifu Technology, Inc. ADR | 759 | 34,087 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 2,900 | 26,806 | ||||||
| Tencent Holdings Ltd. | 8,600 | 548,100 | ||||||
| Xiaomi Corp., Class B (#), (*) | 18,400 | 116,854 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 87,000 | 151,899 | ||||||
| 3,783,772 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Denmark | 1.1% | ||||||||
| Novo Nordisk AS, Class B | 5,887 | $ | 408,042 | |||||
| France | 5.1% | ||||||||
| BNP Paribas SA | 5,331 | 443,980 | ||||||
| Cie de Saint-Gobain SA | 875 | 86,977 | ||||||
| L'Oreal SA | 682 | 253,233 | ||||||
| Societe Generale SA | 3,485 | 157,340 | ||||||
| TotalEnergies SE | 6,831 | 441,493 | ||||||
| Unibail-Rodamco-Westfield REIT | 395 | 33,302 | ||||||
| Valeo SE | 2,972 | 28,048 | ||||||
| Vinci SA | 3,388 | 428,135 | ||||||
| 1,872,508 | ||||||||
| Germany | 4.4% | ||||||||
| BASF SE | 3,080 | 153,078 | ||||||
| Commerzbank AG | 4,085 | 92,734 | ||||||
| CTS Eventim AG & Co. KGaA | 904 | 90,316 | ||||||
| Deutsche Bank AG | 16,357 | 386,289 | ||||||
| Deutsche Boerse AG | 825 | 243,156 | ||||||
| Infineon Technologies AG | 1,404 | 46,367 | ||||||
| IONOS Group SE (*) | 1,401 | 38,697 | ||||||
| Knorr-Bremse AG | 1,337 | 121,125 | ||||||
| Mercedes-Benz Group AG | 588 | 34,482 | ||||||
| Rheinmetall AG | 108 | 154,894 | ||||||
| SAP SE | 67 | 17,788 | ||||||
| Siemens Energy AG (*) | 1,643 | 95,935 | ||||||
| Traton SE | 800 | 26,942 | ||||||
| TUI AG (*) | 17,435 | 118,831 | ||||||
| 1,620,634 | ||||||||
| Greece | 0.5% | ||||||||
| Alpha Services & Holdings SA | 36,050 | 86,689 | ||||||
| National Bank of Greece SA | 8,394 | 86,490 | ||||||
| 173,179 | ||||||||
| Hong Kong | 1.6% | ||||||||
| AIA Group Ltd. | 5,600 | 42,331 | ||||||
| Techtronic Industries Co. Ltd. | 3,000 | 36,132 | ||||||
| WH Group Ltd. (#) | 566,500 | 520,902 | ||||||
| 599,365 | ||||||||
| Description | Shares | Fair Value | ||||||
| India | 3.2% | ||||||||
| GAIL India Ltd. GDR | 3,605 | $ | 44,359 | |||||
| Infosys Ltd. ADR | 15,324 | 279,663 | ||||||
| Larsen & Toubro Ltd. GDR | 968 | 38,914 | ||||||
| Mahindra & Mahindra Ltd. GDR | 1,591 | 49,321 | ||||||
| Reliance Industries Ltd. GDR (#) | 900 | 52,830 | ||||||
| State Bank of India GDR | 5,208 | 462,470 | ||||||
| Wipro Ltd. ADR | 81,007 | 247,881 | ||||||
| 1,175,438 | ||||||||
| Indonesia | 0.2% | ||||||||
| Indofood Sukses Makmur Tbk. PT | 142,400 | 60,782 | ||||||
| Ireland | 0.3% | ||||||||
| AerCap Holdings NV | 687 | 70,191 | ||||||
| AIB Group PLC | 5,713 | 37,085 | ||||||
| 107,276 | ||||||||
| Israel | 0.4% | ||||||||
| Nova Ltd. (*) | 142 | 26,175 | ||||||
| Wix.com Ltd. (*) | 811 | 132,501 | ||||||
| 158,676 | ||||||||
| Italy | 2.7% | ||||||||
| Buzzi SpA | 1,050 | 50,704 | ||||||
| Ferrari NV | 1,198 | 510,973 | ||||||
| Leonardo SpA | 2,359 | 115,134 | ||||||
| Telecom Italia SpA (*) | 169,293 | 57,240 | ||||||
| UniCredit SpA | 4,318 | 242,358 | ||||||
| 976,409 | ||||||||
| Japan | 14.1% | ||||||||
| Advantest Corp. | 800 | 35,584 | ||||||
| Bandai Namco Holdings, Inc. | 1,300 | 43,572 | ||||||
| Canon, Inc. | 6,700 | 208,910 | ||||||
| Central Japan Railway Co. | 1,400 | 26,664 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 2,400 | 109,617 | ||||||
| Credit Saison Co. Ltd. | 1,400 | 33,144 | ||||||
| Dai-ichi Life Holdings, Inc. | 7,200 | 54,812 | ||||||
| Daiichi Sankyo Co. Ltd. | 10,500 | 246,392 | ||||||
| Daito Trust Construction Co. Ltd. | 600 | 61,366 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| Daiwa Securities Group, Inc. | 21,600 | $ | 144,115 | |||||
| Denso Corp. | 35,800 | 444,169 | ||||||
| East Japan Railway Co. | 1,400 | 27,600 | ||||||
| FANUC Corp. | 1,300 | 35,479 | ||||||
| Glory Ltd. | 3,800 | 66,773 | ||||||
| Hachijuni Bank Ltd. | 4,100 | 29,052 | ||||||
| Hyakugo Bank Ltd. | 7,000 | 34,560 | ||||||
| Japan Post Holdings Co. Ltd. | 62,100 | 620,336 | ||||||
| Kaneka Corp. | 2,400 | 61,167 | ||||||
| KDDI Corp. | 13,200 | 208,311 | ||||||
| Kyoto Financial Group, Inc. | 16,100 | 245,402 | ||||||
| Kyushu Electric Power Co., Inc. | 6,700 | 58,482 | ||||||
| Lasertec Corp. | 600 | 51,470 | ||||||
| Mitsubishi Electric Corp. | 35,800 | 653,652 | ||||||
| Mitsubishi Heavy Industries Ltd. | 2,500 | 42,723 | ||||||
| Mitsui Mining & Smelting Co. Ltd. | 2,100 | 61,252 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 12,400 | 268,610 | ||||||
| NGK Insulators Ltd. | 3,600 | 44,280 | ||||||
| Nippon Telegraph & Telephone Corp. | 84,000 | 81,135 | ||||||
| Nissan Chemical Corp. | 6,700 | 199,196 | ||||||
| ORIX Corp. | 2,700 | 55,861 | ||||||
| SoftBank Corp. | 55,800 | 77,762 | ||||||
| Sony Group Corp. | 10,800 | 275,092 | ||||||
| Sumitomo Electric Industries Ltd. | 2,200 | 36,715 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 4,700 | 119,924 | ||||||
| Suzuki Motor Corp. | 5,700 | 69,498 | ||||||
| Tokyo Electron Ltd. | 2,200 | 299,993 | ||||||
| Tokyu Fudosan Holdings Corp. | 6,700 | 44,652 | ||||||
| 5,177,322 | ||||||||
| Malaysia | 0.3% | ||||||||
| Sime Darby Property Bhd. | 177,400 | 53,111 | ||||||
| Tenaga Nasional Bhd. | 14,100 | 42,523 | ||||||
| 95,634 | ||||||||
| Mexico | 0.4% | ||||||||
| Coca-Cola Femsa SAB de CV ADR | 1,688 | 154,098 | ||||||
| Netherlands | 3.7% | ||||||||
| ASML Holding NV | 634 | 419,516 | ||||||
| EXOR NV | 3,487 | 317,294 | ||||||
| Koninklijke Ahold Delhaize NV | 6,217 | 232,427 | ||||||
| Description | Shares | Fair Value | ||||||
| Wolters Kluwer NV | 2,538 | $ | 394,217 | |||||
| 1,363,454 | ||||||||
| Norway | 1.0% | ||||||||
| Kongsberg Gruppen ASA | 2,457 | 360,236 | ||||||
| Philippines | 0.4% | ||||||||
| International Container Terminal Services, Inc. | 21,460 | 133,221 | ||||||
| Poland | 0.6% | ||||||||
| KGHM Polska Miedz SA | 3,479 | 114,198 | ||||||
| LPP SA | 12 | 54,839 | ||||||
| ORLEN SA | 3,088 | 54,634 | ||||||
| 223,671 | ||||||||
| Saudi Arabia | 0.6% | ||||||||
| Almarai Co. JSC | 1,832 | 27,094 | ||||||
| Electrical Industries Co. | 51,986 | 83,631 | ||||||
| Etihad Etisalat Co. | 4,656 | 75,661 | ||||||
| Riyadh Cables Group Co. | 1,083 | 36,674 | ||||||
| 223,060 | ||||||||
| Singapore | 0.9% | ||||||||
| Oversea-Chinese Banking Corp. Ltd. | 2,600 | 33,226 | ||||||
| Sea Ltd. ADR (*) | 311 | 40,583 | ||||||
| United Overseas Bank Ltd. | 8,900 | 250,661 | ||||||
| 324,470 | ||||||||
| South Africa | 0.9% | ||||||||
| Harmony Gold Mining Co. Ltd. ADR | 16,185 | 239,052 | ||||||
| Old Mutual Ltd. | 51,287 | 33,314 | ||||||
| Vodacom Group Ltd. | 6,388 | 43,671 | ||||||
| 316,037 | ||||||||
| South Korea | 3.5% | ||||||||
| Hana Financial Group, Inc. | 6,649 | 270,593 | ||||||
| Hanmi Pharm Co. Ltd. | 335 | 51,562 | ||||||
| KB Financial Group, Inc. | 775 | 41,658 | ||||||
| Kia Corp. | 2,038 | 128,695 | ||||||
| Korea Electric Power Corp. | 1,890 | 28,004 | ||||||
| LG Electronics, Inc. | 384 | 20,321 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (continued) | ||||||||
| LG H&H Co. Ltd. | 90 | $ | 19,152 | |||||
| Meritz Financial Group, Inc. | 1,387 | 115,598 | ||||||
| Samsung Electronics Co. Ltd. | 9,528 | 377,325 | ||||||
| Samsung Life Insurance Co. Ltd. | 368 | 20,852 | ||||||
| SK Hynix, Inc. | 1,683 | 223,186 | ||||||
| 1,296,946 | ||||||||
| Spain | 3.8% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 13,020 | 177,479 | ||||||
| Banco Santander SA | 61,090 | 411,469 | ||||||
| Iberdrola SA | 48,935 | 791,103 | ||||||
| 1,380,051 | ||||||||
| Sweden | 1.5% | ||||||||
| Betsson AB, Class B | 3,800 | 59,031 | ||||||
| Boliden AB | 5,420 | 177,462 | ||||||
| Essity AB, Class B | 7,304 | 207,597 | ||||||
| SKF AB, B Shares | 2,514 | 51,049 | ||||||
| Thule Group AB (#) | 1,086 | 31,320 | ||||||
| Volvo AB, B Shares | 752 | 22,116 | ||||||
| Volvo Car AB, Class B (*) | 9,504 | 18,348 | ||||||
| 566,923 | ||||||||
| Switzerland | 2.0% | ||||||||
| ABB Ltd. | 5,095 | 263,672 | ||||||
| Givaudan SA | 50 | 214,862 | ||||||
| Logitech International SA | 1,693 | 143,984 | ||||||
| UBS Group AG | 3,117 | 95,510 | ||||||
| 718,028 | ||||||||
| Taiwan | 4.8% | ||||||||
| Accton Technology Corp. | 3,000 | 53,019 | ||||||
| CyberPower Systems, Inc. | 4,000 | 33,845 | ||||||
| Da-Li Development Co. Ltd. | 24,000 | 34,775 | ||||||
| Delta Electronics, Inc. | 22,000 | 242,500 | ||||||
| Eva Airways Corp. | 28,000 | 34,365 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 10,000 | 44,684 | ||||||
| International Games System Co. Ltd., Class C | 1,000 | 23,387 | ||||||
| Lotes Co. Ltd. | 1,000 | 42,171 | ||||||
| MediaTek, Inc. | 10,000 | 421,670 | ||||||
| Realtek Semiconductor Corp. | 2,000 | 31,727 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 28,000 | 780,579 | ||||||
| 1,742,722 | ||||||||
| Description | Shares | Fair Value | ||||||
| Thailand | 0.4% | ||||||||
| Bangkok Dusit Medical Services PCL NVDR | 63,200 | $ | 40,761 | |||||
| PTT Exploration & Production PCL (‡) | 33,600 | 115,384 | ||||||
| 156,145 | ||||||||
| Turkey | 0.3% | ||||||||
| Akbank TAS | 37,911 | 52,139 | ||||||
| Turkiye Garanti Bankasi AS | 12,964 | 40,267 | ||||||
| 92,406 | ||||||||
| United Arab Emirates | 0.6% | ||||||||
| ADNOC Drilling Co. PJSC | 26,491 | 37,052 | ||||||
| Emaar Properties PJSC | 52,938 | 192,860 | ||||||
| 229,912 | ||||||||
| United Kingdom | 8.4% | ||||||||
| Anglogold Ashanti PLC | 1,310 | 48,627 | ||||||
| AstraZeneca PLC ADR | 5,383 | 395,651 | ||||||
| Barclays PLC | 77,103 | 289,529 | ||||||
| Drax Group PLC | 3,482 | 26,345 | ||||||
| Global Ship Lease, Inc., Class A | 1,346 | 30,756 | ||||||
| Harbour Energy PLC | 9,670 | 26,236 | ||||||
| HSBC Holdings PLC | 9,154 | 103,794 | ||||||
| Imperial Brands PLC | 8,076 | 298,658 | ||||||
| International Consolidated Airlines Group SA | 55,555 | 187,974 | ||||||
| J Sainsbury PLC | 7,287 | 22,162 | ||||||
| Johnson Service Group PLC | 33,937 | 58,567 | ||||||
| Marks & Spencer Group PLC | 32,171 | 148,047 | ||||||
| NatWest Group PLC | 102,068 | 598,000 | ||||||
| RELX PLC | 3,724 | 187,061 | ||||||
| Rolls-Royce Holdings PLC (*) | 19,412 | 187,686 | ||||||
| Standard Chartered PLC | 26,542 | 393,379 | ||||||
| Unilever PLC | 953 | 56,774 | ||||||
| Vodafone Group PLC | 35,627 | 33,340 | ||||||
| 3,092,586 | ||||||||
| United States | 7.2% | ||||||||
| GSK PLC | 38,586 | 736,950 | ||||||
| Novartis AG | 6,460 | 718,595 | ||||||
| Roche Holding AG | 1,824 | 599,736 | ||||||
| Sanofi SA | 336 | 37,232 | ||||||
| Schneider Electric SE | 1,309 | 303,011 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Advantage Portfolio (concluded) | ||||||||
| Spotify Technology SA (*) | 368 | $ | 202,411 | |||||
| Titan Cement International SA | 825 | 37,923 | ||||||
| 2,635,858 | ||||||||
| Total Common Stocks (Cost $33,119,834) | 35,866,197 | |||||||
| Preferred Stocks | 0.8% | ||||||||
| Brazil | 0.7% | ||||||||
| Petroleo Brasileiro SA CDI | 42,100 | 274,152 | ||||||
| Germany | 0.1% | ||||||||
| Volkswagen AG CDI | 451 | 45,677 | ||||||
| Total Preferred Stocks (Cost $340,955) | 319,829 | |||||||
| Warrants | 0.0% | ||||||||
| Canada | 0.0% | ||||||||
| Constellation Software, Inc., Expires 03/31/40i (*), (¢) (Cost $0) | 26 | 0 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.8% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $719,300 United States Treasury Bond, 3.875%, 05/15/43, with a fair value of $663,079) Proceeds of $650,079 (Cost $650,000) | $ | 650 | $ | 650,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money
Market Fund, Premier Class, 4.28% (7 day yield) (Cost $37,480) | 37,480 | $ | 37,480 | |||||
| Total Investments | 100.6% (Cost $34,148,269) | $ | 36,873,506 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (232,548) | |||||||
| Net Assets | 100.0% | $ | 36,640,958 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio | ||||||||
| Common Stocks | 94.4% | ||||||||
| Australia | 1.2% | ||||||||
| Rio Tinto PLC | 200,779 | $ | 12,003,058 | |||||
| Belgium | 1.2% | ||||||||
| KBC Group NV | 131,410 | 12,018,661 | ||||||
| Brazil | 0.8% | ||||||||
| TOTVS SA | 1,344,500 | 7,862,325 | ||||||
| Canada | 2.4% | ||||||||
| Gildan Activewear, Inc. | 333,266 | 14,733,597 | ||||||
| Suncor Energy, Inc. | 249,121 | 9,645,962 | ||||||
| 24,379,559 | ||||||||
| China | 2.5% | ||||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 190,900 | 6,690,665 | ||||||
| Li Ning Co. Ltd. | 4,530,500 | 9,303,316 | ||||||
| Tencent Holdings Ltd. | 154,600 | 9,853,048 | ||||||
| 25,847,029 | ||||||||
| Denmark | 0.7% | ||||||||
| Novo Nordisk AS, Class B | 98,334 | 6,815,762 | ||||||
| Finland | 1.1% | ||||||||
| Fortum OYJ | 674,730 | 11,061,538 | ||||||
| France | 12.9% | ||||||||
| Air Liquide SA | 88,078 | 16,761,390 | ||||||
| Bureau Veritas SA | 535,274 | 16,183,517 | ||||||
| Capgemini SE | 87,884 | 13,141,756 | ||||||
| Cie de Saint-Gobain SA | 67,982 | 6,757,559 | ||||||
| Engie SA | 905,408 | 17,642,594 | ||||||
| Orange SA | 1,338,275 | 17,352,334 | ||||||
| Pernod Ricard SA | 69,032 | 6,857,017 | ||||||
| Societe Generale SA | 248,477 | 11,218,192 | ||||||
| Thales SA | 90,492 | 24,296,224 | ||||||
| 130,210,583 | ||||||||
| Description | Shares | Fair Value | ||||||
| Germany | 9.5% | ||||||||
| Brenntag SE | 154,266 | $ | 9,967,045 | |||||
| Continental AG | 162,193 | 11,337,033 | ||||||
| Merck KGaA | 94,463 | 12,933,323 | ||||||
| MTU Aero Engines AG | 40,340 | 13,971,814 | ||||||
| Puma SE | 303,095 | 7,339,598 | ||||||
| Rheinmetall AG | 11,452 | 16,424,538 | ||||||
| Siemens AG | 65,324 | 14,987,201 | ||||||
| Siemens Healthineers AG (#) | 165,723 | 8,891,845 | ||||||
| 95,852,397 | ||||||||
| Greece | 1.7% | ||||||||
| National Bank of Greece SA | 1,658,045 | 17,084,076 | ||||||
| Hong Kong | 2.6% | ||||||||
| AIA Group Ltd. | 1,790,400 | 13,534,012 | ||||||
| Techtronic Industries Co. Ltd. | 1,094,000 | 13,176,006 | ||||||
| 26,710,018 | ||||||||
| Israel | 0.9% | ||||||||
| Wix.com Ltd. (*) | 56,509 | 9,232,440 | ||||||
| Italy | 2.6% | ||||||||
| Ryanair Holdings PLC ADR | 254,430 | 10,780,199 | ||||||
| UniCredit SpA | 278,521 | 15,632,661 | ||||||
| 26,412,860 | ||||||||
| Japan | 18.0% | ||||||||
| Bandai Namco Holdings, Inc. | 358,600 | 12,019,301 | ||||||
| FANUC Corp. | 456,000 | 12,444,869 | ||||||
| Hitachi Ltd. | 381,600 | 8,834,451 | ||||||
| Kokusai Electric Corp. | 526,500 | 8,657,703 | ||||||
| MatsukiyoCocokara & Co. | 931,500 | 14,578,732 | ||||||
| Mitsui Fudosan Co. Ltd. | 992,300 | 8,858,869 | ||||||
| Mizuho Financial Group, Inc. | 611,700 | 16,659,939 | ||||||
| NEC Corp. | 891,500 | 18,919,776 | ||||||
| Nippon Sanso Holdings Corp. | 402,000 | 12,147,712 | ||||||
| Nitori Holdings Co. Ltd. | 91,900 | 9,099,146 | ||||||
| Otsuka Holdings Co. Ltd. | 132,500 | 6,877,706 | ||||||
| Renesas Electronics Corp. | 562,703 | 7,643,458 | ||||||
| Resona Holdings, Inc. | 1,271,800 | 11,007,745 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Portfolio (continued) | ||||||||
| Shimadzu Corp. | 433,200 | $ | 10,834,827 | |||||
| Suzuki Motor Corp. | 1,192,400 | 14,538,412 | ||||||
| Toyo Suisan Kaisha Ltd. | 142,800 | 8,406,949 | ||||||
| 181,529,595 | ||||||||
| Mexico | 1.0% | ||||||||
| Arca Continental SAB de CV | 944,412 | 9,874,919 | ||||||
| Netherlands | 3.3% | ||||||||
| ASML Holding NV | 26,606 | 17,605,113 | ||||||
| ING Groep NV Series N | 792,516 | 15,514,777 | ||||||
| 33,119,890 | ||||||||
| Singapore | 2.4% | ||||||||
| DBS Group Holdings Ltd. | 430,212 | 14,764,641 | ||||||
| Singapore Telecommunications Ltd. | 3,835,700 | 9,725,001 | ||||||
| 24,489,642 | ||||||||
| South Korea | 0.7% | ||||||||
| SK Hynix, Inc. | 52,183 | 6,920,102 | ||||||
| Spain | 2.4% | ||||||||
| Bankinter SA | 1,324,231 | 14,733,517 | ||||||
| Industria de Diseno Textil SA | 190,669 | 9,510,988 | ||||||
| 24,244,505 | ||||||||
| Sweden | 2.2% | ||||||||
| Hexagon AB, B Shares | 1,203,890 | 12,900,135 | ||||||
| Sandvik AB | 446,991 | 9,429,553 | ||||||
| 22,329,688 | ||||||||
| Switzerland | 2.8% | ||||||||
| ABB Ltd. | 315,864 | 16,346,346 | ||||||
| Cie Financiere Richemont SA, Class A | 71,122 | 12,419,722 | ||||||
| 28,766,068 | ||||||||
| Taiwan | 1.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 65,396 | 10,855,736 | ||||||
| Description | Shares | Fair Value | ||||||
| United Kingdom | 13.3% | ||||||||
| 3i Group PLC | 392,581 | $ | 18,390,410 | |||||
| AstraZeneca PLC | 72,168 | 10,546,969 | ||||||
| Coca-Cola Europacific Partners PLC | 123,780 | 10,805,015 | ||||||
| Compass Group PLC | 445,061 | 14,693,865 | ||||||
| Croda International PLC | 308,645 | 11,696,652 | ||||||
| JD Sports Fashion PLC | 4,193,131 | 3,687,579 | ||||||
| RELX PLC | 745,470 | 37,445,868 | ||||||
| Unilever PLC | 457,715 | 27,267,777 | ||||||
| 134,534,135 | ||||||||
| United States | 7.1% | ||||||||
| Aon PLC, Class A | 41,669 | 16,629,681 | ||||||
| Chubb Ltd. | 32,027 | 9,671,834 | ||||||
| CRH PLC | 98,349 | 8,651,762 | ||||||
| Experian PLC | 332,277 | 15,400,189 | ||||||
| ICON PLC (*) | 24,471 | 4,282,180 | ||||||
| Roche Holding AG | 53,889 | 17,718,839 | ||||||
| 72,354,485 | ||||||||
| Total Common Stocks (Cost $746,147,483) | 954,509,071 | |||||||
| Preferred Stocks | 1.0% | ||||||||
| Brazil | 1.0% | ||||||||
| Itau Unibanco Holding SA (Cost $7,792,319) | 1,755,050 | 9,660,318 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard International Equity Portfolio (concluded) | ||||||||
| Repurchase Agreements | 3.4% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $36,177,800 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $35,241,078) Proceeds of $34,554,194 (Cost $34,550,000) | $ | 34,550 | $ | 34,550,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day
yield) (Cost $1,819,641) | 1,819,641 | $ | 1,819,641 | |||||
| Total Investments | 99.0% (Cost $790,309,443) | $ | 1,000,539,030 | ||||||
| Cash and Other Assets in Excess of Liabilities | 1.0% | 10,282,097 | |||||||
| Net Assets | 100.0% | $ | 1,010,821,127 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio | ||||||||
| Common Stocks | 93.4% | ||||||||
| Belgium | 1.6% | ||||||||
| KBC Group NV | 9,568 | $ | 875,082 | |||||
| Brazil | 0.8% | ||||||||
| TOTVS SA | 71,800 | 419,870 | ||||||
| Canada | 2.3% | ||||||||
| Gildan Activewear, Inc. | 14,884 | 658,017 | ||||||
| Suncor Energy, Inc. | 14,001 | 542,119 | ||||||
| 1,200,136 | ||||||||
| China | 5.2% | ||||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 13,700 | 480,158 | ||||||
| Li Ning Co. Ltd. | 245,500 | 504,131 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 13,465 | 436,594 | ||||||
| Tencent Holdings Ltd. | 21,000 | 1,338,383 | ||||||
| 2,759,266 | ||||||||
| Denmark | 1.6% | ||||||||
| Novo Nordisk AS, Class B | 11,985 | 830,709 | ||||||
| Finland | 1.3% | ||||||||
| Sampo OYJ, A Shares | 70,615 | 676,309 | ||||||
| France | 9.6% | ||||||||
| Air Liquide SA | 4,472 | 851,029 | ||||||
| Bureau Veritas SA | 31,040 | 938,466 | ||||||
| Capgemini SE | 4,604 | 688,460 | ||||||
| Engie SA | 46,923 | 914,332 | ||||||
| Pernod Ricard SA | 3,580 | 355,605 | ||||||
| Thales SA | 5,045 | 1,354,534 | ||||||
| 5,102,426 | ||||||||
| Germany | 8.0% | ||||||||
| adidas AG | 2,938 | 687,991 | ||||||
| Continental AG | 865 | 60,462 | ||||||
| Merck KGaA | 3,496 | 478,652 | ||||||
| Description | Shares | Fair Value | ||||||
| MTU Aero Engines AG | 2,626 | $ | 909,519 | |||||
| Puma SE | 5,942 | 143,888 | ||||||
| SAP SE | 2,757 | 731,959 | ||||||
| Siemens AG | 3,477 | 797,724 | ||||||
| Siemens Healthineers AG (#) | 8,463 | 454,081 | ||||||
| 4,264,276 | ||||||||
| Greece | 2.1% | ||||||||
| Piraeus Financial Holdings SA | 198,173 | 1,091,147 | ||||||
| Hong Kong | 2.6% | ||||||||
| AIA Group Ltd. | 98,600 | 745,338 | ||||||
| Techtronic Industries Co. Ltd. | 50,500 | 608,216 | ||||||
| 1,353,554 | ||||||||
| India | 2.9% | ||||||||
| Bharti Airtel Ltd. | 28,692 | 580,470 | ||||||
| ICICI Bank Ltd. ADR | 30,479 | 960,698 | ||||||
| 1,541,168 | ||||||||
| Indonesia | 1.0% | ||||||||
| Bank Mandiri Persero Tbk. PT | 1,776,000 | 555,992 | ||||||
| Italy | 1.3% | ||||||||
| Ryanair Holdings PLC ADR | 16,068 | 680,801 | ||||||
| Japan | 14.2% | ||||||||
| FANUC Corp. | 26,100 | 712,305 | ||||||
| Hoya Corp. | 5,700 | 642,985 | ||||||
| Keyence Corp. | 1,200 | 471,009 | ||||||
| Kokusai Electric Corp. | 24,200 | 397,942 | ||||||
| Mitsubishi Electric Corp. | 34,300 | 626,264 | ||||||
| Mitsui Fudosan Co. Ltd. | 56,000 | 499,946 | ||||||
| Mizuho Financial Group, Inc. | 30,600 | 833,405 | ||||||
| Nitori Holdings Co. Ltd. | 3,500 | 346,540 | ||||||
| Nomura Research Institute Ltd. | 19,300 | 626,319 | ||||||
| Recruit Holdings Co. Ltd. | 8,300 | 431,188 | ||||||
| Renesas Electronics Corp. | 31,300 | 425,162 | ||||||
| Resona Holdings, Inc. | 76,900 | 665,589 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 13,700 | 390,322 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (continued) | ||||||||
| Suzuki Motor Corp. | 38,200 | $ | 465,756 | |||||
| 7,534,732 | ||||||||
| Mexico | 1.3% | ||||||||
| Grupo Financiero Banorte SAB de CV, Class O | 100,300 | 695,623 | ||||||
| Netherlands | 6.0% | ||||||||
| ASM International NV | 635 | 290,943 | ||||||
| ASML Holding NV | 1,479 | 978,650 | ||||||
| IMCD NV | 4,458 | 593,377 | ||||||
| ING Groep NV Series N | 29,926 | 585,850 | ||||||
| Universal Music Group NV | 26,583 | 732,672 | ||||||
| 3,181,492 | ||||||||
| Singapore | 1.4% | ||||||||
| DBS Group Holdings Ltd. | 22,040 | 756,401 | ||||||
| South Korea | 0.9% | ||||||||
| SK Hynix, Inc. | 3,419 | 453,401 | ||||||
| Spain | 1.6% | ||||||||
| Bankinter SA | 74,293 | 826,591 | ||||||
| Sweden | 1.3% | ||||||||
| Hexagon AB, B Shares | 63,269 | 677,951 | ||||||
| Switzerland | 2.9% | ||||||||
| ABB Ltd. | 17,544 | 907,924 | ||||||
| Cie Financiere Richemont SA, Class A | 3,632 | 634,240 | ||||||
| 1,542,164 | ||||||||
| Taiwan | 3.6% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 69,000 | 1,923,569 | ||||||
| United Kingdom | 11.6% | ||||||||
| 3i Group PLC | 9,025 | 422,775 | ||||||
| Compass Group PLC | 34,105 | 1,125,990 | ||||||
| Croda International PLC | 13,241 | 501,791 | ||||||
| Diploma PLC | 6,624 | 330,877 | ||||||
| Description | Shares | Fair Value | ||||||
| InterContinental Hotels Group PLC | 2,188 | $ | 235,482 | |||||
| London Stock Exchange Group PLC | 2,772 | 411,065 | ||||||
| RELX PLC | 31,224 | 1,568,420 | ||||||
| Unilever PLC | 26,622 | 1,585,971 | ||||||
| 6,182,371 | ||||||||
| United States | 8.3% | ||||||||
| Aon PLC, Class A | 3,294 | 1,314,602 | ||||||
| Chubb Ltd. | 1,808 | 545,998 | ||||||
| CRH PLC | 4,050 | 356,279 | ||||||
| Experian PLC | 17,620 | 816,642 | ||||||
| ICON PLC (*) | 1,357 | 237,461 | ||||||
| James Hardie Industries PLC CDI (*) | 15,067 | 357,432 | ||||||
| Roche Holding AG | 2,415 | 794,058 | ||||||
| 4,422,472 | ||||||||
| Total Common Stocks (Cost $41,131,803) | 49,547,503 | |||||||
| Preferred Stocks | 1.5% | ||||||||
| Brazil | 1.5% | ||||||||
| Itau Unibanco Holding SA (Cost $693,177) | 146,850 | 808,306 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 2.1% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $1,183,300 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $1,152,721) Proceeds of $1,130,137 (Cost $1,130,000) | $ | 1,130 | $ | 1,130,000 | ||||
| Description | Shares | Fair Value | ||||||
| Lazard International Equity Select Portfolio (concluded) | ||||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28%
(7 day yield) (Cost $61,378) | 61,378 | $ | 61,378 | |||||
| Total Investments | 97.1% (Cost $43,016,358) | $ | 51,547,187 | ||||||
| Cash and Other Assets in Excess of Liabilities | 2.9% | 1,534,752 | |||||||
| Net Assets | 100.0% | $ | 53,081,939 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio | ||||||||
| Common Stocks | 97.2% | ||||||||
| Australia | 2.2% | ||||||||
| Computershare Ltd. | 321,588 | $ | 7,911,220 | |||||
| Brazil | 1.6% | ||||||||
| TOTVS SA | 994,708 | 5,816,822 | ||||||
| Canada | 4.6% | ||||||||
| Dollarama, Inc. | 97,831 | 10,461,231 | ||||||
| Toromont Industries Ltd. | 80,332 | 6,287,337 | ||||||
| 16,748,568 | ||||||||
| China | 2.9% | ||||||||
| Tencent Holdings Ltd. | 163,700 | 10,433,014 | ||||||
| Denmark | 1.6% | ||||||||
| Coloplast AS, Class B | 53,342 | 5,608,901 | ||||||
| France | 7.3% | ||||||||
| EssilorLuxottica SA | 46,720 | 13,440,639 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 14,151 | 8,834,787 | ||||||
| Pernod Ricard SA | 41,832 | 4,155,214 | ||||||
| 26,430,640 | ||||||||
| Germany | 5.4% | ||||||||
| SAP SE | 46,374 | 12,311,884 | ||||||
| Scout24 SE (#) | 69,686 | 7,263,589 | ||||||
| 19,575,473 | ||||||||
| Hong Kong | 3.8% | ||||||||
| AIA Group Ltd. | 599,600 | 4,532,503 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 209,500 | 9,319,627 | ||||||
| 13,852,130 | ||||||||
| India | 2.9% | ||||||||
| HDFC Bank Ltd. ADR | 157,656 | 10,474,665 | ||||||
| Description | Shares | Fair Value | ||||||
| Ireland | 2.7% | ||||||||
| Accenture PLC, Class A | 31,343 | $ | 9,780,270 | |||||
| Israel | 2.8% | ||||||||
| Check Point Software Technologies Ltd. (*) | 44,703 | 10,188,708 | ||||||
| Japan | 9.0% | ||||||||
| Hoya Corp. | 56,300 | 6,350,885 | ||||||
| Keyence Corp. | 15,600 | 6,123,114 | ||||||
| M3, Inc. | 514,700 | 5,893,603 | ||||||
| Recruit Holdings Co. Ltd. | 127,500 | 6,623,668 | ||||||
| SMS Co. Ltd. | 365,300 | 2,757,693 | ||||||
| Toei Animation Co. Ltd. | 233,500 | 4,845,017 | ||||||
| 32,593,980 | ||||||||
| Netherlands | 8.2% | ||||||||
| ASML Holding NV | 15,284 | 10,113,378 | ||||||
| IMCD NV | 41,344 | 5,503,047 | ||||||
| Universal Music Group NV | 253,746 | 6,993,667 | ||||||
| Wolters Kluwer NV | 44,738 | 6,948,966 | ||||||
| 29,559,058 | ||||||||
| Norway | 1.6% | ||||||||
| Gjensidige Forsikring ASA | 249,648 | 5,743,647 | ||||||
| South Africa | 2.1% | ||||||||
| Clicks Group Ltd. | 417,406 | 7,730,384 | ||||||
| Spain | 2.3% | ||||||||
| Industria de Diseno Textil SA | 165,103 | 8,235,700 | ||||||
| Sweden | 4.2% | ||||||||
| Assa Abloy AB, Class B | 299,554 | 9,001,186 | ||||||
| Hexagon AB, B Shares | 572,565 | 6,135,250 | ||||||
| 15,136,436 | ||||||||
| Switzerland | 4.7% | ||||||||
| Partners Group Holding AG | 8,546 | 12,126,936 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Quality Growth Portfolio (concluded) | ||||||||
| VAT Group AG (#) | 13,954 | $ | 5,042,382 | |||||
| 17,169,318 | ||||||||
| Taiwan | 4.2% | ||||||||
| Lotes Co. Ltd. | 79,000 | 3,331,507 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 70,346 | 11,677,436 | ||||||
| 15,008,943 | ||||||||
| United Kingdom | 17.3% | ||||||||
| Diageo PLC | 249,448 | 6,507,293 | ||||||
| Diploma PLC | 104,155 | 5,202,677 | ||||||
| Halma PLC | 292,774 | 9,791,789 | ||||||
| InterContinental Hotels Group PLC | 57,354 | 6,172,692 | ||||||
| London Stock Exchange Group PLC | 89,064 | 13,207,457 | ||||||
| RELX PLC | 238,095 | 11,926,867 | ||||||
| Unilever PLC | 163,534 | 9,740,994 | ||||||
| 62,549,769 | ||||||||
| United States | 5.8% | ||||||||
| Aon PLC, Class A | 30,894 | 12,329,486 | ||||||
| Experian PLC | 183,158 | 8,488,905 | ||||||
| 20,818,391 | ||||||||
| Total Common Stocks (Cost $324,955,011) | 351,366,037 | |||||||
| Preferred Stocks | 1.3% | ||||||||
| Germany | 1.3% | ||||||||
| Sartorius AG NVDR (Cost $6,650,942) | 19,102 | $ | 4,418,302 | |||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.3% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $5,089,000 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $4,957,258) Proceeds of $4,860,590 (Cost $4,860,000) | $ | 4,860 | $ | 4,860,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $264,340) | 264,340 | $ | 264,340 | |||||
| Total Investments | 99.9% (Cost $336,730,293) | $ | 360,908,679 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.1% | 535,894 | |||||||
| Net Assets | 100.0% | $ | 361,444,573 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio | ||||||||
| Common Stocks | 96.6% | ||||||||
| Australia | 3.4% | ||||||||
| ALS Ltd. | 10,212 | $ | 99,009 | |||||
| Amotiv Ltd. | 16,106 | 89,860 | ||||||
| AUB Group Ltd. | 5,867 | 113,653 | ||||||
| 302,522 | ||||||||
| Austria | 1.8% | ||||||||
| BAWAG Group AG (#) | 1,556 | 160,795 | ||||||
| Canada | 1.5% | ||||||||
| Descartes Systems Group, Inc. (*) | 572 | 57,583 | ||||||
| Toromont Industries Ltd. | 940 | 73,571 | ||||||
| 131,154 | ||||||||
| Denmark | 1.8% | ||||||||
| Ascendis Pharma AS ADR (*) | 484 | 75,436 | ||||||
| Zealand Pharma AS (*) | 1,162 | 87,456 | ||||||
| 162,892 | ||||||||
| Finland | 1.1% | ||||||||
| Kemira OYJ | 4,722 | 102,943 | ||||||
| France | 7.0% | ||||||||
| Exosens SAS | 4,541 | 166,560 | ||||||
| Gaztransport Et Technigaz SA | 1,007 | 152,595 | ||||||
| Planisware SA | 3,802 | 96,147 | ||||||
| Robertet SA | 137 | 121,019 | ||||||
| Virbac SACA | 288 | 91,792 | ||||||
| 628,113 | ||||||||
| Germany | 5.2% | ||||||||
| CTS Eventim AG & Co. KGaA | 930 | 92,913 | ||||||
| Hensoldt AG | 1,992 | 133,480 | ||||||
| IONOS Group SE (*) | 5,148 | 142,194 | ||||||
| Sirius Real Estate Ltd. REIT | 95,870 | 104,655 | ||||||
| 473,242 | ||||||||
| Greece | 3.0% | ||||||||
| Jumbo SA | 4,637 | 126,799 | ||||||
| Description | Shares | Fair Value | ||||||
| National Bank of Greece SA | 14,217 | $ | 146,488 | |||||
| 273,287 | ||||||||
| Ireland | 2.5% | ||||||||
| Glenveagh Properties PLC (#), (*) | 73,198 | 120,136 | ||||||
| Greencore Group PLC | 45,957 | 101,089 | ||||||
| 221,225 | ||||||||
| Israel | 2.4% | ||||||||
| Phoenix Financial Ltd. | 11,730 | 218,197 | ||||||
| Italy | 7.0% | ||||||||
| BFF Bank SpA (#) | 11,927 | 98,450 | ||||||
| Lottomatica Group SpA | 8,476 | 170,697 | ||||||
| Maire SpA | 11,980 | 115,142 | ||||||
| RAI Way SpA (#) | 16,715 | 105,002 | ||||||
| Sanlorenzo SpA | 456 | 14,226 | ||||||
| SOL SpA | 3,263 | 131,787 | ||||||
| 635,304 | ||||||||
| Japan | 27.7% | ||||||||
| Asics Corp. | 6,500 | 138,048 | ||||||
| BayCurrent, Inc. | 2,900 | 125,868 | ||||||
| Hulic Co. Ltd. | 16,100 | 154,498 | ||||||
| Jeol Ltd. | 3,200 | 99,063 | ||||||
| Kokusai Electric Corp. | 6,200 | 101,952 | ||||||
| Kotobuki Spirits Co. Ltd. | 8,400 | 136,852 | ||||||
| Minebea Mitsumi, Inc. | 6,300 | 91,989 | ||||||
| Nakanishi, Inc. | 7,000 | 100,252 | ||||||
| Nihon Kohden Corp. | 6,000 | 80,444 | ||||||
| Nippon Gas Co. Ltd. | 7,300 | 108,965 | ||||||
| Nippon Sanso Holdings Corp. | 4,800 | 145,047 | ||||||
| Open Up Group, Inc. | 9,300 | 117,398 | ||||||
| Organo Corp. | 3,900 | 167,528 | ||||||
| Sanwa Holdings Corp. | 4,600 | 147,161 | ||||||
| SBI Sumishin Net Bank Ltd. | 7,300 | 199,263 | ||||||
| Sega Sammy Holdings, Inc. | 5,000 | 96,528 | ||||||
| Sumitomo Forestry Co. Ltd. | 3,300 | 99,910 | ||||||
| Tokyo Century Corp. | 9,900 | 96,877 | ||||||
| Toyo Suisan Kaisha Ltd. | 2,600 | 153,068 | ||||||
| USS Co. Ltd. | 15,100 | 140,512 | ||||||
| 2,501,223 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (continued) | ||||||||
| Jersey | 1.8% | ||||||||
| JTC PLC (#) | 13,520 | $ | 159,454 | |||||
| Mexico | 1.5% | ||||||||
| Arca Continental SAB de CV | 13,100 | 136,976 | ||||||
| Netherlands | 4.0% | ||||||||
| Arcadis NV | 1,790 | 91,442 | ||||||
| CTP NV (#) | 10,524 | 188,620 | ||||||
| IMCD NV | 641 | 85,320 | ||||||
| 365,382 | ||||||||
| Spain | 1.3% | ||||||||
| Merlin Properties Socimi SA REIT | 11,156 | 119,784 | ||||||
| Sweden | 4.1% | ||||||||
| Asker Healthcare Group AB | 18,265 | 146,276 | ||||||
| Catena AB | 3,086 | 133,571 | ||||||
| Swedish Orphan Biovitrum AB (*) | 3,173 | 90,867 | ||||||
| 370,714 | ||||||||
| Switzerland | 3.9% | ||||||||
| Burckhardt Compression Holding AG | 132 | 89,179 | ||||||
| R&S Group Holding AG | 5,548 | 116,365 | ||||||
| Swissquote Group Holding SA | 350 | 151,010 | ||||||
| 356,554 | ||||||||
| Taiwan | 1.0% | ||||||||
| Gold Circuit Electronics Ltd. | 15,000 | 92,220 | ||||||
| Turkey | 0.7% | ||||||||
| BIM Birlesik Magazalar AS | 4,874 | 58,791 | ||||||
| United Kingdom | 11.8% | ||||||||
| Ashtead Technology Holdings PLC | 15,482 | 106,437 | ||||||
| Beazley PLC | 16,024 | 192,793 | ||||||
| ConvaTec Group PLC (#) | 31,526 | 105,184 | ||||||
| Diploma PLC | 1,734 | 86,616 | ||||||
| Description | Shares | Fair Value | ||||||
| DiscoverIE Group PLC | 13,215 | $ | 92,825 | |||||
| Ferrari Group PLC | 10,448 | 89,250 | ||||||
| Genuit Group PLC | 13,661 | 63,657 | ||||||
| IMI PLC | 4,393 | 108,042 | ||||||
| Volution Group PLC | 15,550 | 108,273 | ||||||
| Weir Group PLC | 3,579 | 108,066 | ||||||
| 1,061,143 | ||||||||
| United States | 2.1% | ||||||||
| Reliance Worldwide Corp. Ltd. | 26,511 | 74,426 | ||||||
| Titan Cement International SA | 2,539 | 116,711 | ||||||
| 191,137 | ||||||||
| Total Common Stocks (Cost $7,894,166) | 8,723,052 | |||||||
| Preferred Stocks | 1.1% | ||||||||
| Italy | 1.1% | ||||||||
| Danieli & C Officine Meccaniche SpA (Cost $112,617) | 4,002 | $ | 103,153 | |||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.4% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $132,800 United States Treasury Bond, 3.875%, 05/15/43, with a fair value of $122,426) Proceeds of $120,015 (Cost $120,000) | $ | 120 | $ | 120,000 | ||||
| Description | Shares | Fair Value | ||||||
| Lazard International Small Cap Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28%
(7 day yield) (Cost $11,350) | 11,350 | $ | 11,350 | |||||
| Total Investments | 99.2% (Cost $8,138,133) | $ | 8,957,555 | ||||||
| Cash and Other Assets in Excess of Liabilities | 0.8% | 69,310 | |||||||
| Net Assets | 100.0% | $ | 9,026,865 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio | ||||||||
| Common Stocks | 100.1% | ||||||||
| Canada | 3.7% | ||||||||
| Canadian Pacific Kansas City Ltd. | 483,446 | $ | 33,927,390 | |||||
| Element Fleet Management Corp. | 1,683,707 | 33,474,068 | ||||||
| Suncor Energy, Inc. | 430,616 | 16,673,447 | ||||||
| 84,074,905 | ||||||||
| China | 1.0% | ||||||||
| Alibaba Group Holding Ltd. ADR | 163,747 | 21,652,266 | ||||||
| Denmark | 4.8% | ||||||||
| Carlsberg AS, Class B | 377,795 | 48,120,535 | ||||||
| Novo Nordisk AS, Class B | 859,065 | 59,543,823 | ||||||
| 107,664,358 | ||||||||
| Finland | 2.1% | ||||||||
| Sampo OYJ, A Shares | 4,842,777 | 46,381,244 | ||||||
| France | 4.6% | ||||||||
| Cie de Saint-Gobain SA | 283,466 | 28,177,137 | ||||||
| Engie SA | 1,619,367 | 31,554,652 | ||||||
| Societe Generale SA | 947,556 | 42,780,077 | ||||||
| 102,511,866 | ||||||||
| Germany | 6.6% | ||||||||
| Deutsche Boerse AG | 73,177 | 21,567,806 | ||||||
| Douglas AG (*) | 355,133 | 4,113,345 | ||||||
| Merck KGaA | 271,214 | 37,133,039 | ||||||
| MTU Aero Engines AG | 132,215 | 45,792,846 | ||||||
| Rheinmetall AG | 27,157 | 38,948,758 | ||||||
| 147,555,794 | ||||||||
| Greece | 2.6% | ||||||||
| Piraeus Financial Holdings SA | 10,529,171 | 57,973,987 | ||||||
| Hong Kong | 2.4% | ||||||||
| AIA Group Ltd. | 3,575,200 | 27,025,692 | ||||||
| Techtronic Industries Co. Ltd. | 2,327,500 | 28,032,134 | ||||||
| 55,057,826 | ||||||||
| Description | Shares | Fair Value | ||||||
| India | 1.1% | ||||||||
| HDFC Bank Ltd. | 1,178,942 | $ | 25,111,380 | |||||
| Israel | 6.2% | ||||||||
| Bank Leumi Le-Israel BM | 5,192,747 | 69,800,668 | ||||||
| Phoenix Financial Ltd. | 2,304,696 | 42,871,139 | ||||||
| Wix.com Ltd. (*) | 158,515 | 25,898,180 | ||||||
| 138,569,987 | ||||||||
| Italy | 6.3% | ||||||||
| BFF Bank SpA (#) | 2,260,348 | 18,657,840 | ||||||
| Davide Campari-Milano NV | 3,483,441 | 20,451,805 | ||||||
| Lottomatica Group SpA | 1,409,716 | 28,390,079 | ||||||
| Ryanair Holdings PLC ADR | 616,534 | 26,122,546 | ||||||
| UniCredit SpA | 855,556 | 48,020,138 | ||||||
| 141,642,408 | ||||||||
| Japan | 18.5% | ||||||||
| BayCurrent, Inc. | 834,800 | 36,232,578 | ||||||
| Hoya Corp. | 348,200 | 39,278,478 | ||||||
| Keyence Corp. | 79,600 | 31,243,579 | ||||||
| Kobe Bussan Co. Ltd. | 1,058,400 | 24,869,066 | ||||||
| Mizuho Financial Group, Inc. | 1,854,100 | 50,497,291 | ||||||
| NEC Corp. | 1,783,500 | 37,850,163 | ||||||
| Nippon Sanso Holdings Corp. | 653,900 | 19,759,674 | ||||||
| OBIC Business Consultants Co. Ltd. | 587,700 | 28,587,388 | ||||||
| Renesas Electronics Corp. | 2,480,000 | 33,686,999 | ||||||
| Sanrio Co. Ltd. | 1,119,800 | 51,861,530 | ||||||
| Shimadzu Corp. | 887,800 | 22,204,893 | ||||||
| Suzuki Motor Corp. | 1,962,088 | 23,922,881 | ||||||
| Ulvac, Inc. | 446,000 | 15,295,926 | ||||||
| 415,290,446 | ||||||||
| Mexico | 1.7% | ||||||||
| Arca Continental SAB de CV | 3,601,300 | 37,655,754 | ||||||
| Netherlands | 4.0% | ||||||||
| Argenx SE (*) | 42,587 | 24,898,033 | ||||||
| ASML Holding NV | 98,437 | 65,135,476 | ||||||
| 90,033,509 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard International Strategic Equity Portfolio (concluded) | ||||||||
| Portugal | 1.1% | ||||||||
| Banco Comercial Portugues SA, Class R | 41,251,112 | $ | 24,921,334 | |||||
| South Korea | 0.9% | ||||||||
| Samsung Electronics Co. Ltd. | 526,111 | 20,834,908 | ||||||
| Sweden | 2.3% | ||||||||
| Hexagon AB, B Shares | 2,498,580 | 26,773,226 | ||||||
| Saab AB, Class B | 635,744 | 24,977,015 | ||||||
| 51,750,241 | ||||||||
| Switzerland | 2.9% | ||||||||
| ABB Ltd. | 853,625 | 44,176,131 | ||||||
| Partners Group Holding AG | 15,337 | 21,763,493 | ||||||
| 65,939,624 | ||||||||
| Taiwan | 0.9% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 739,000 | 20,601,699 | ||||||
| United Kingdom | 18.5% | ||||||||
| Allfunds Group PLC | 2,515,435 | 14,392,245 | ||||||
| Coca-Cola Europacific Partners PLC | 574,667 | 50,163,884 | ||||||
| Compass Group PLC | 1,526,701 | 50,404,637 | ||||||
| Informa PLC | 4,141,618 | 41,429,806 | ||||||
| London Stock Exchange Group PLC | 341,104 | 50,582,912 | ||||||
| National Grid PLC | 2,805,234 | 36,547,328 | ||||||
| RELX PLC | 1,541,459 | 77,429,367 | ||||||
| Unilever PLC | 955,193 | 56,904,383 | ||||||
| Weir Group PLC | 1,213,945 | 36,654,556 | ||||||
| 414,509,118 | ||||||||
| United States | 7.9% | ||||||||
| Aon PLC, Class A | 166,220 | 66,336,740 | ||||||
| CRH PLC | 403,714 | 35,514,721 | ||||||
| Experian PLC | 699,675 | 32,428,146 | ||||||
| ICON PLC (*) | 192,968 | 33,767,470 | ||||||
| Description | Shares | Fair Value | ||||||
| James Hardie Industries PLC CDI (*) | 379,101 | $ | 8,993,339 | |||||
| 177,040,416 | ||||||||
| Total Common Stocks (Cost $1,746,057,821) | 2,246,773,070 | |||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $11,458,728) | 11,458,728 | 11,458,728 | ||||||
| Total Investments | 100.6% (Cost $1,757,516,549) | $ | 2,258,231,798 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.6)% | (12,908,201) | |||||||
| Net Assets | 100.0% | $ | 2,245,323,597 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio | ||||||||
| Common Stocks | 98.6% | ||||||||
| Aerospace & Defense | 5.3% | ||||||||
| Boeing Co. (*) | 14,783 | $ | 2,521,241 | |||||
| Automobiles | 4.8% | ||||||||
| Thor Industries, Inc. | 30,188 | 2,288,552 | ||||||
| Biotechnology | 2.6% | ||||||||
| Vaxcyte, Inc. (*) | 32,491 | 1,226,860 | ||||||
| Broadline Retail | 9.7% | ||||||||
| Amazon.com, Inc. (*) | 24,101 | 4,585,456 | ||||||
| Capital Markets | 14.9% | ||||||||
| Charles Schwab Corp. | 52,074 | 4,076,353 | ||||||
| Intercontinental Exchange, Inc. | 17,181 | 2,963,722 | ||||||
| 7,040,075 | ||||||||
| Electrical Equipment | 3.6% | ||||||||
| Rockwell Automation, Inc. | 6,573 | 1,698,332 | ||||||
| Electronic Equipment, Instruments & Components | 6.5% | ||||||||
| Coherent Corp. (*) | 47,234 | 3,067,376 | ||||||
| Financial Services | 5.1% | ||||||||
| Corpay, Inc. (*) | 6,869 | 2,395,358 | ||||||
| Hotels, Restaurants & Leisure | 4.3% | ||||||||
| First Watch Restaurant Group, Inc. (*) | 121,952 | 2,030,501 | ||||||
| Insurance | 6.0% | ||||||||
| First American Financial Corp. | 43,009 | 2,822,681 | ||||||
| IT Services | 4.4% | ||||||||
| DigitalOcean Holdings, Inc. (*) | 61,883 | 2,066,273 | ||||||
| Description | Shares | Fair Value | ||||||
| Life Sciences Tools & Services | 2.8% | ||||||||
| Avantor, Inc. (*) | 82,421 | $ | 1,336,044 | |||||
| Media | 2.3% | ||||||||
| Trade Desk, Inc., Class A (*) | 20,256 | 1,108,408 | ||||||
| Pharmaceuticals | 4.4% | ||||||||
| Zoetis, Inc. | 12,613 | 2,076,730 | ||||||
| Semiconductors & Semiconductor Equipment | 13.5% | ||||||||
| Marvell Technology, Inc. | 67,630 | 4,163,979 | ||||||
| Onto Innovation, Inc. (*) | 18,488 | 2,243,334 | ||||||
| 6,407,313 | ||||||||
| Software | 4.7% | ||||||||
| Microsoft Corp. | 5,925 | 2,224,186 | ||||||
| Specialized REITs | 3.7% | ||||||||
| CubeSmart | 41,470 | 1,771,184 | ||||||
| Total Common Stocks (Cost $50,113,384) | 46,666,570 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 0.7% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $356,100 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $346,959) Proceeds of $340,041 (Cost $340,000) | $ | 340 | $ | 340,000 | ||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Concentrated Portfolio (concluded) | ||||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $28,367) | 28,367 | $ | 28,367 | |||||
| Total Investments | 99.4% (Cost $50,481,751) | $ | 47,034,937 | ||||||
| Cash and Other Assets in Excess of Liabilites | 0.6% | 275,229 | |||||||
| Net Assets | 100.0% | $ | 47,310,166 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio | ||||||||
| Common Stocks | 99.6% | ||||||||
| Banks | 3.3% | ||||||||
| Bank of America Corp. | 64,087 | $ | 2,674,351 | |||||
| Biotechnology | 0.8% | ||||||||
| Vertex Pharmaceuticals, Inc. (*) | 1,387 | 672,445 | ||||||
| Broadline Retail | 6.6% | ||||||||
| Amazon.com, Inc. (*) | 28,156 | 5,356,961 | ||||||
| Capital Markets | 11.5% | ||||||||
| Blackstone, Inc. | 12,278 | 1,716,219 | ||||||
| Goldman Sachs Group, Inc. | 6,241 | 3,409,396 | ||||||
| Intercontinental Exchange, Inc. | 24,306 | 4,192,785 | ||||||
| 9,318,400 | ||||||||
| Commercial Services & Supplies | 3.7% | ||||||||
| Waste Management, Inc. | 12,899 | 2,986,248 | ||||||
| Electrical Equipment | 1.6% | ||||||||
| Rockwell Automation, Inc. | 4,854 | 1,254,177 | ||||||
| Financial Services | 4.8% | ||||||||
| Visa, Inc., A Shares | 11,030 | 3,865,574 | ||||||
| Ground Transportation | 2.0% | ||||||||
| Old Dominion Freight Line, Inc. | 9,954 | 1,646,889 | ||||||
| Health Care Equipment & Supplies | 2.2% | ||||||||
| Medtronic PLC | 19,279 | 1,732,411 | ||||||
| Health Care Providers & Services | 3.1% | ||||||||
| UnitedHealth Group, Inc. | 4,715 | 2,469,481 | ||||||
| Description | Shares | Fair Value | ||||||
| Hotels, Restaurants & Leisure | 3.7% | ||||||||
| McDonald's Corp. | 9,570 | $ | 2,989,381 | |||||
| Insurance | 4.5% | ||||||||
| Marsh & McLennan Cos., Inc. | 14,978 | 3,655,081 | ||||||
| Interactive Media & Services | 4.4% | ||||||||
| Alphabet, Inc., Class A | 23,024 | 3,560,431 | ||||||
| IT Services | 2.0% | ||||||||
| Accenture PLC, Class A | 5,026 | 1,568,313 | ||||||
| Life Sciences Tools & Services | 4.4% | ||||||||
| Danaher Corp. | 17,338 | 3,554,290 | ||||||
| Machinery | 2.4% | ||||||||
| Nordson Corp. | 9,709 | 1,958,499 | ||||||
| Oil, Gas & Consumable Fuels | 3.0% | ||||||||
| ConocoPhillips | 23,023 | 2,417,875 | ||||||
| Pharmaceuticals | 2.1% | ||||||||
| Eli Lilly & Co. | 2,016 | 1,665,035 | ||||||
| Professional Services | 4.6% | ||||||||
| Equifax, Inc. | 7,629 | 1,858,119 | ||||||
| Jacobs Solutions, Inc. | 15,529 | 1,877,301 | ||||||
| 3,735,420 | ||||||||
| Real Estate Management & Development | 2.6% | ||||||||
| CBRE Group, Inc., Class A (*) | 16,091 | 2,104,381 | ||||||
| Semiconductors & Semiconductor Equipment | 9.3% | ||||||||
| Advanced Micro Devices, Inc. (*) | 11,375 | 1,168,667 | ||||||
| Analog Devices, Inc. | 13,177 | 2,657,406 | ||||||
| Applied Materials, Inc. | 12,066 | 1,751,018 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Equity Focus Portfolio (concluded) | ||||||||
| Broadcom, Inc. | 11,687 | $ | 1,956,754 | |||||
| 7,533,845 | ||||||||
| Software | 9.4% | ||||||||
| Microsoft Corp. | 20,220 | 7,590,386 | ||||||
| Technology Hardware, Storage & Peripherals | 7.6% | ||||||||
| Apple, Inc. | 27,740 | 6,161,886 | ||||||
| Total Common Stocks (Cost $54,155,187) | 80,471,760 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 0.8% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $741,400 United States Treasury Bond, 3.875%, 05/15/43, with a fair value of $683,422) Proceeds of $670,081 (Cost $670,000) | $ | 670 | $ | 670,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $44,522) | 44,522 | $ | 44,522 | |||||
| Total Investments | 100.5%
(Cost $54,869,709) | $ | 81,186,282 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.5)% | (400,788) | |||||||
| Net Assets | 100.0% | $ | 80,785,494 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio | ||||||||
| Common Stocks | 97.9% | ||||||||
| Aerospace & Defense | 0.8% | ||||||||
| Standardaero, Inc. | 10,364 | $ | 276,097 | |||||
| Automobile Components | 1.0% | ||||||||
| Gentherm, Inc. (*) | 12,158 | 325,105 | ||||||
| Automobiles | 1.3% | ||||||||
| Thor Industries, Inc. | 5,849 | 443,413 | ||||||
| Banks | 7.9% | ||||||||
| BankUnited, Inc. | 23,677 | 815,436 | ||||||
| Commerce Bancshares, Inc. | 8,055 | 501,263 | ||||||
| Home BancShares, Inc. | 21,495 | 607,663 | ||||||
| Wintrust Financial Corp. | 6,261 | 704,112 | ||||||
| 2,628,474 | ||||||||
| Biotechnology | 5.4% | ||||||||
| Arcutis Biotherapeutics, Inc. (*) | 30,463 | 476,441 | ||||||
| Aurinia Pharmaceuticals, Inc. (*) | 63,562 | 511,038 | ||||||
| Janux Therapeutics, Inc. (*) | 6,104 | 164,808 | ||||||
| Rhythm Pharmaceuticals, Inc. (*) | 8,376 | 443,677 | ||||||
| Vaxcyte, Inc. (*) | 5,980 | 225,805 | ||||||
| 1,821,769 | ||||||||
| Building Products | 2.0% | ||||||||
| Hayward Holdings, Inc. (*) | 22,658 | 315,399 | ||||||
| Janus International Group, Inc. (*) | 50,547 | 363,939 | ||||||
| 679,338 | ||||||||
| Capital Markets | 6.0% | ||||||||
| DigitalBridge Group, Inc. | 47,188 | 416,198 | ||||||
| Evercore, Inc., Class A | 1,476 | 294,787 | ||||||
| StepStone Group, Inc., Class A | 13,695 | 715,290 | ||||||
| Stifel Financial Corp. | 6,072 | 572,347 | ||||||
| 1,998,622 | ||||||||
| Commercial Services & Supplies | 3.8% | ||||||||
| ABM Industries, Inc. | 6,764 | 320,343 | ||||||
| Casella Waste Systems, Inc., Class A (*) | 5,376 | 599,478 | ||||||
| Description | Shares | Fair Value | ||||||
| Driven Brands Holdings, Inc. (*) | 20,247 | $ | 347,033 | |||||
| 1,266,854 | ||||||||
| Construction Materials | 1.2% | ||||||||
| Eagle Materials, Inc. | 1,744 | 387,046 | ||||||
| Consumer Staples Distribution & Retail | 4.8% | ||||||||
| BJ's Wholesale Club Holdings, Inc. (*) | 6,186 | 705,823 | ||||||
| Chefs' Warehouse, Inc. (*) | 8,783 | 478,322 | ||||||
| Guardian Pharmacy Services, Inc., Class A | 19,180 | 407,767 | ||||||
| 1,591,912 | ||||||||
| Containers & Packaging | 1.5% | ||||||||
| Graphic Packaging Holding Co. | 19,289 | 500,742 | ||||||
| Electrical Equipment | 2.2% | ||||||||
| EnerSys | 4,477 | 410,003 | ||||||
| Generac Holdings, Inc. (*) | 2,655 | 336,256 | ||||||
| 746,259 | ||||||||
| Electronic Equipment, Instruments & Components | 3.6% | ||||||||
| Cognex Corp. | 12,260 | 365,716 | ||||||
| Coherent Corp. (*) | 8,739 | 567,511 | ||||||
| Mirion Technologies, Inc. (*) | 17,992 | 260,884 | ||||||
| 1,194,111 | ||||||||
| Energy Equipment & Services | 3.1% | ||||||||
| Atlas Energy Solutions, Inc. | 23,685 | 422,540 | ||||||
| Cactus, Inc., Class A | 4,623 | 211,872 | ||||||
| Liberty Energy, Inc. | 24,789 | 392,410 | ||||||
| 1,026,822 | ||||||||
| Entertainment | 1.4% | ||||||||
| Roku, Inc. (*) | 6,451 | 454,408 | ||||||
| Ground Transportation | 1.3% | ||||||||
| Landstar System, Inc. | 2,912 | 437,382 | ||||||
| Health Care Equipment & Supplies | 5.7% | ||||||||
| Enovis Corp. (*) | 12,517 | 478,275 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio (continued) | ||||||||
| Inspire Medical Systems, Inc. (*) | 2,566 | $ | 408,712 | |||||
| Lantheus Holdings, Inc. (*) | 5,388 | 525,869 | ||||||
| RxSight, Inc. (*) | 19,378 | 489,294 | ||||||
| 1,902,150 | ||||||||
| Health Care Technology | 2.4% | ||||||||
| Evolent Health, Inc., Class A (*) | 40,136 | 380,088 | ||||||
| Schrodinger, Inc. (*) | 21,696 | 428,279 | ||||||
| 808,367 | ||||||||
| Hotels, Restaurants & Leisure | 4.0% | ||||||||
| First Watch Restaurant Group, Inc. (*) | 28,832 | 480,053 | ||||||
| Kura Sushi USA, Inc., Class A (*) | 6,870 | 351,744 | ||||||
| Wyndham Hotels & Resorts, Inc. | 5,449 | 493,189 | ||||||
| 1,324,986 | ||||||||
| Insurance | 6.3% | ||||||||
| Abacus Global Management, Inc. (*) | 47,170 | 353,303 | ||||||
| First American Financial Corp. | 12,073 | 792,351 | ||||||
| Hanover Insurance Group, Inc. | 1,752 | 304,761 | ||||||
| Reinsurance Group of America, Inc. | 3,337 | 657,055 | ||||||
| 2,107,470 | ||||||||
| Interactive Media & Services | 1.3% | ||||||||
| Cars.com, Inc. (*) | 40,093 | 451,848 | ||||||
| IT Services | 1.9% | ||||||||
| DigitalOcean Holdings, Inc. (*) | 18,946 | 632,607 | ||||||
| Life Sciences Tools & Services | 0.6% | ||||||||
| Maravai LifeSciences Holdings, Inc., Class A (*) | 93,593 | 206,841 | ||||||
| Machinery | 7.4% | ||||||||
| Gates Industrial Corp. PLC (*) | 27,571 | 507,582 | ||||||
| Middleby Corp. (*) | 3,927 | 596,825 | ||||||
| Nordson Corp. | 1,787 | 360,474 | ||||||
| REV Group, Inc. | 13,173 | 416,267 | ||||||
| Toro Co. | 7,953 | 578,581 | ||||||
| 2,459,729 | ||||||||
| Description | Shares | Fair Value | ||||||
| Oil, Gas & Consumable Fuels | 2.6% | ||||||||
| Antero Resources Corp. (*) | 11,873 | $ | 480,144 | |||||
| Magnolia Oil & Gas Corp., Class A | 15,062 | 380,466 | ||||||
| 860,610 | ||||||||
| Pharmaceuticals | 1.0% | ||||||||
| Axsome Therapeutics, Inc. (*) | 2,937 | 342,542 | ||||||
| Professional Services | 1.3% | ||||||||
| Verra Mobility Corp. (*) | 19,370 | 436,019 | ||||||
| Retail REITs | 1.5% | ||||||||
| Brixmor Property Group, Inc. | 19,388 | 514,751 | ||||||
| Semiconductors & Semiconductor Equipment | 5.0% | ||||||||
| Allegro MicroSystems, Inc. (*) | 17,815 | 447,691 | ||||||
| Credo Technology Group Holding Ltd. (*) | 5,918 | 237,667 | ||||||
| MKS Instruments, Inc. | 5,581 | 447,317 | ||||||
| Onto Innovation, Inc. (*) | 4,346 | 527,344 | ||||||
| 1,660,019 | ||||||||
| Software | 2.7% | ||||||||
| SPS Commerce, Inc. (*) | 2,664 | 353,593 | ||||||
| Zeta Global Holdings Corp., Class A (*) | 41,046 | 556,584 | ||||||
| 910,177 | ||||||||
| Specialized REITs | 2.2% | ||||||||
| CubeSmart | 17,017 | 726,796 | ||||||
| Specialty Retail | 1.8% | ||||||||
| RH (*) | 1,451 | 340,129 | ||||||
| Warby Parker, Inc., Class A (*) | 14,070 | 256,496 | ||||||
| 596,625 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.9% | ||||||||
| Crocs, Inc. (*) | 5,949 | 631,784 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Small Cap Equity Select Portfolio (concluded) | ||||||||
| Trading Companies & Distributors | 1.0% | ||||||||
| Beacon Roofing Supply, Inc. (*) | 2,853 | $ | 352,916 | |||||
| Total Common Stocks (Cost $31,031,430) | 32,704,591 | |||||||
| Total Investments | 97.9% (Cost $31,031,430) | $ | 32,704,591 | ||||||
| Cash and Other Assets in Excess of Liabilites | 2.1% | 684,615 | |||||||
| Net Assets | 100.0% | $ | 33,389,206 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio | ||||||||
| Common Stocks | 98.2% | ||||||||
| Banks | 2.0% | ||||||||
| Commerce Bancshares, Inc. | 2,901 | $ | 180,529 | |||||
| Biotechnology | 0.6% | ||||||||
| Vertex Pharmaceuticals, Inc. (*) | 112 | 54,300 | ||||||
| Building Products | 2.8% | ||||||||
| Carlisle Cos., Inc. | 266 | 90,573 | ||||||
| Trane Technologies PLC | 482 | 162,395 | ||||||
| 252,968 | ||||||||
| Capital Markets | 9.5% | ||||||||
| Charles Schwab Corp. | 3,671 | 287,366 | ||||||
| Intercontinental Exchange, Inc. | 1,937 | 334,133 | ||||||
| S&P Global, Inc. | 454 | 230,677 | ||||||
| 852,176 | ||||||||
| Chemicals | 3.0% | ||||||||
| Linde PLC | 338 | 157,386 | ||||||
| Sherwin-Williams Co. | 311 | 108,598 | ||||||
| 265,984 | ||||||||
| Commercial Services & Supplies | 3.3% | ||||||||
| MSA Safety, Inc. | 372 | 54,569 | ||||||
| Waste Management, Inc. | 1,038 | 240,307 | ||||||
| 294,876 | ||||||||
| Consumer Finance | 1.3% | ||||||||
| American Express Co. | 443 | 119,189 | ||||||
| Containers & Packaging | 1.0% | ||||||||
| Avery Dennison Corp. | 509 | 90,587 | ||||||
| Electrical Equipment | 1.1% | ||||||||
| Rockwell Automation, Inc. | 377 | 97,409 | ||||||
| Description | Shares | Fair Value | ||||||
| Electronic Equipment, Instruments & Components | 1.6% | ||||||||
| Amphenol Corp., Class A | 2,167 | $ | 142,134 | |||||
| Financial Services | 5.2% | ||||||||
| Visa, Inc. A Shares | 1,349 | 472,771 | ||||||
| Ground Transportation | 1.0% | ||||||||
| Old Dominion Freight Line, Inc. | 560 | 92,652 | ||||||
| Health Care Equipment & Supplies | 4.5% | ||||||||
| Boston Scientific Corp. (*) | 2,943 | 296,890 | ||||||
| Medtronic PLC | 1,239 | 111,336 | ||||||
| 408,226 | ||||||||
| Health Care Providers & Services | 3.0% | ||||||||
| UnitedHealth Group, Inc. | 509 | 266,589 | ||||||
| Hotels, Restaurants & Leisure | 1.1% | ||||||||
| Starbucks Corp. | 1,010 | 99,071 | ||||||
| Household Products | 3.0% | ||||||||
| Procter & Gamble Co. | 1,566 | 266,878 | ||||||
| Industrial REITs | 1.1% | ||||||||
| Prologis, Inc. | 918 | 102,623 | ||||||
| Insurance | 1.6% | ||||||||
| Chubb Ltd. | 466 | 140,727 | ||||||
| IT Services | 2.5% | ||||||||
| Accenture PLC, Class A | 711 | 221,860 | ||||||
| Life Sciences Tools & Services | 5.9% | ||||||||
| Danaher Corp. | 1,070 | 219,350 | ||||||
| IQVIA Holdings, Inc. (*) | 503 | 88,679 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Sustainable Equity Portfolio (concluded) | ||||||||
| Thermo Fisher Scientific, Inc. | 449 | $ | 223,422 | |||||
| 531,451 | ||||||||
| Machinery | 5.5% | ||||||||
| Deere & Co. | 389 | 182,577 | ||||||
| Nordson Corp. | 633 | 127,689 | ||||||
| Watts Water Technologies, Inc., Class A | 434 | 88,501 | ||||||
| Xylem, Inc. | 805 | 96,166 | ||||||
| 494,933 | ||||||||
| Pharmaceuticals | 4.8% | ||||||||
| Eli Lilly & Co. | 169 | 139,579 | ||||||
| Merck & Co., Inc. | 1,261 | 113,187 | ||||||
| Zoetis, Inc. | 1,084 | 178,481 | ||||||
| 431,247 | ||||||||
| Real Estate Management & Development | 1.1% | ||||||||
| CBRE Group, Inc., Class A (*) | 741 | 96,908 | ||||||
| Semiconductors & Semiconductor Equipment | 8.6% | ||||||||
| Analog Devices, Inc. | 1,503 | 303,110 | ||||||
| Applied Materials, Inc. | 644 | 93,457 | ||||||
| Broadcom, Inc. | 1,186 | 198,572 | ||||||
| Marvell Technology, Inc. | 1,492 | 91,863 | ||||||
| QUALCOMM, Inc. | 582 | 89,401 | ||||||
| 776,403 | ||||||||
| Software | 13.0% | ||||||||
| Adobe, Inc. (*) | 311 | 119,278 | ||||||
| Cadence Design Systems, Inc. (*) | 507 | 128,945 | ||||||
| CyberArk Software Ltd. (*) | 279 | 94,302 | ||||||
| Microsoft Corp. | 1,928 | 723,752 | ||||||
| Salesforce, Inc. | 399 | 107,076 | ||||||
| 1,173,353 | ||||||||
| Specialty Retail | 3.3% | ||||||||
| Home Depot, Inc. | 805 | 295,024 | ||||||
| Description | Shares | Fair Value | ||||||
| Technology Hardware, Storage & Peripherals | 6.8% | ||||||||
| Apple, Inc. | 2,769 | $ | 615,078 | |||||
| Total Common Stocks (Cost $6,233,154) | 8,835,946 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.8% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $167,600 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $163,321) Proceeds of $160,019 (Cost $160,000) | $ | 160 | $ | 160,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $13,430) | 13,430 | $ | 13,430 | |||||
| Total Investments | 100.1% (Cost $6,406,584) | $ | 9,009,376 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.1)% | (7,466) | |||||||
| Net Assets | 100.0% | $ | 9,001,910 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio | ||||||||
| Closed-End Management Investment Companies | 0.4% | ||||||||
| ASA Gold & Precious Metals Ltd. | 1,719 | $ | 51,810 | |||||
| Kayne Anderson Energy Infrastructure Fund | 11,513 | 147,712 | ||||||
| Total Closed-End Management Investment Companies (Cost $148,977) | 199,522 | |||||||
| Common Stocks | 100.1% | ||||||||
| Automobile Components | 1.5% | ||||||||
| Autoliv, Inc. | 1,005 | 88,892 | ||||||
| BorgWarner, Inc. | 2,582 | 73,974 | ||||||
| Cooper-Standard Holdings, Inc. (*) | 3,818 | 58,492 | ||||||
| Dorman Products, Inc. (*) | 467 | 56,292 | ||||||
| Fox Factory Holding Corp. (*) | 1,734 | 40,472 | ||||||
| LCI Industries | 1,347 | 117,768 | ||||||
| Lear Corp. | 1,069 | 94,307 | ||||||
| Motorcar Parts of America, Inc. (*) | 1,943 | 18,459 | ||||||
| Visteon Corp. (*) | 2,048 | 158,966 | ||||||
| 707,622 | ||||||||
| Banks | 3.4% | ||||||||
| ACNB Corp. | 754 | 31,035 | ||||||
| Amalgamated Financial Corp. | 5,552 | 159,620 | ||||||
| Bank of NT Butterfield & Son Ltd. | 4,891 | 190,358 | ||||||
| Cadence Bank | 3,096 | 93,994 | ||||||
| Capital City Bank Group, Inc. | 577 | 20,749 | ||||||
| Comerica, Inc. | 1,417 | 83,688 | ||||||
| Community Financial System, Inc. | 1,436 | 81,651 | ||||||
| Financial Institutions, Inc. | 3,352 | 83,666 | ||||||
| First BanCorp | 4,548 | 87,185 | ||||||
| First Busey Corp. | 3,745 | 80,892 | ||||||
| First Business Financial Services, Inc. | 214 | 10,090 | ||||||
| First United Corp. | 767 | 23,025 | ||||||
| Metrocity Bankshares, Inc. | 778 | 21,449 | ||||||
| Northeast Community Bancorp, Inc. | 975 | 22,854 | ||||||
| Northrim BanCorp, Inc. | 436 | 31,924 | ||||||
| OFG Bancorp | 2,210 | 88,444 | ||||||
| Popular, Inc. | 917 | 84,703 | ||||||
| Republic Bancorp, Inc., Class A | 465 | 29,676 | ||||||
| Sierra Bancorp | 637 | 17,760 | ||||||
| Southside Bancshares, Inc. | 1,810 | 52,418 | ||||||
| Trustmark Corp. | 2,443 | 84,259 | ||||||
| Description | Shares | Fair Value | ||||||
| UMB Financial Corp. | 1,116 | $ | 112,828 | |||||
| Zions Bancorp NA | 2,159 | 107,648 | ||||||
| 1,599,916 | ||||||||
| Beverages | 0.0% | ||||||||
| Coca-Cola Consolidated, Inc. | 8 | 10,800 | ||||||
| Biotechnology | 5.1% | ||||||||
| ADMA Biologics, Inc. (*) | 25,934 | 514,531 | ||||||
| Alkermes PLC (*) | 6,354 | 209,809 | ||||||
| BioCryst Pharmaceuticals, Inc. (*) | 16,319 | 122,393 | ||||||
| Catalyst Pharmaceuticals, Inc. (*) | 2,460 | 59,655 | ||||||
| Emergent BioSolutions, Inc. (*) | 5,240 | 25,466 | ||||||
| Entrada Therapeutics, Inc. (*) | 4,087 | 36,946 | ||||||
| Exelixis, Inc. (*) | 3,436 | 126,857 | ||||||
| Halozyme Therapeutics, Inc. (*) | 4,102 | 261,749 | ||||||
| MiMedx Group, Inc. (*) | 4,183 | 31,791 | ||||||
| Neurocrine Biosciences, Inc. (*) | 576 | 63,706 | ||||||
| Organogenesis Holdings, Inc. (*) | 35,841 | 154,833 | ||||||
| Protagonist Therapeutics, Inc. (*) | 2,564 | 123,995 | ||||||
| Rigel Pharmaceuticals, Inc. (*) | 9,959 | 179,162 | ||||||
| Ultragenyx Pharmaceutical, Inc. (*) | 2,309 | 83,609 | ||||||
| United Therapeutics Corp. (*) | 646 | 199,142 | ||||||
| Veracyte, Inc. (*) | 6,111 | 181,191 | ||||||
| 2,374,835 | ||||||||
| Building Products | 1.7% | ||||||||
| AZEK Co., Inc. (*) | 4,176 | 204,165 | ||||||
| Builders FirstSource, Inc. (*) | 2,168 | 270,870 | ||||||
| Hayward Holdings, Inc. (*) | 12,389 | 172,455 | ||||||
| Resideo Technologies, Inc. (*) | 7,346 | 130,024 | ||||||
| 777,514 | ||||||||
| Capital Markets | 1.8% | ||||||||
| Affiliated Managers Group, Inc. | 529 | 88,888 | ||||||
| Bain Capital Specialty Finance, Inc. | 5,616 | 93,226 | ||||||
| Barings BDC, Inc. | 9,732 | 92,843 | ||||||
| CION Investment Corp. | 8,381 | 86,743 | ||||||
| Donnelley Financial Solutions, Inc. (*) | 322 | 14,075 | ||||||
| Golub Capital BDC, Inc. | 5,892 | 89,205 | ||||||
| Houlihan Lokey, Inc. | 669 | 108,043 | ||||||
| MarketAxess Holdings, Inc. | 431 | 93,247 | ||||||
| SEI Investments Co. | 1,257 | 97,581 |
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| XP, Inc., Class A | 5,831 | $ | 80,176 | |||||
| 844,027 | ||||||||
| Chemicals | 2.1% | ||||||||
| AdvanSix, Inc. | 6,176 | 139,886 | ||||||
| Avient Corp. | 2,993 | 111,220 | ||||||
| Balchem Corp. | 318 | 52,788 | ||||||
| Cabot Corp. | 2,192 | 182,243 | ||||||
| ICL Group Ltd. | 24,957 | 142,005 | ||||||
| Methanex Corp. | 4,627 | 162,362 | ||||||
| Minerals Technologies, Inc. | 2,346 | 149,135 | ||||||
| Orion SA | 3,521 | 45,527 | ||||||
| 985,166 | ||||||||
| Commercial Services & Supplies | 4.4% | ||||||||
| Brady Corp., Class A | 4,812 | 339,920 | ||||||
| BrightView Holdings, Inc. (*) | 17,267 | 221,708 | ||||||
| Civeo Corp. | 5,588 | 128,524 | ||||||
| Deluxe Corp. | 2,379 | 37,612 | ||||||
| Ennis, Inc. | 1,022 | 20,532 | ||||||
| Healthcare Services Group, Inc. (*) | 8,673 | 87,424 | ||||||
| HNI Corp. | 2,628 | 116,552 | ||||||
| Interface, Inc. | 6,219 | 123,385 | ||||||
| Liquidity Services, Inc. (*) | 7,147 | 221,628 | ||||||
| OPENLANE, Inc. (*) | 12,995 | 250,543 | ||||||
| Pursuit Attractions & Hospitality, Inc. (*) | 1,589 | 56,235 | ||||||
| Steelcase, Inc., Class A | 15,059 | 165,047 | ||||||
| Tetra Tech, Inc. | 5,845 | 170,966 | ||||||
| UniFirst Corp. | 597 | 103,878 | ||||||
| 2,043,954 | ||||||||
| Communications Equipment | 2.4% | ||||||||
| Aviat Networks, Inc. (*) | 4,624 | 88,642 | ||||||
| Ceragon Networks Ltd. (*) | 58,127 | 136,598 | ||||||
| Gilat Satellite Networks Ltd. (*) | 14,511 | 92,145 | ||||||
| Harmonic, Inc. (*) | 7,547 | 72,376 | ||||||
| Ituran Location & Control Ltd. | 3,897 | 140,916 | ||||||
| NETGEAR, Inc. (*) | 9,435 | 230,780 | ||||||
| NetScout Systems, Inc. (*) | 11,545 | 242,560 | ||||||
| Ribbon Communications, Inc. (*) | 24,439 | 95,801 | ||||||
| 1,099,818 | ||||||||
| Construction & Engineering | 0.5% | ||||||||
| Argan, Inc. | 740 | 97,066 | ||||||
| Description | Shares | Fair Value | ||||||
| Northwest Pipe Co. (*) | 2,292 | $ | 94,659 | |||||
| WillScot Holdings Corp. | 1,401 | 38,948 | ||||||
| 230,673 | ||||||||
| Construction Materials | 0.1% | ||||||||
| Smith-Midland Corp. (*) | 1,553 | 48,252 | ||||||
| Consumer Finance | 0.6% | ||||||||
| Enova International, Inc. (*) | 2,052 | 198,141 | ||||||
| FirstCash Holdings, Inc. | 711 | 85,548 | ||||||
| 283,689 | ||||||||
| Consumer Staples Distribution & Retail | 0.3% | ||||||||
| PriceSmart, Inc. | 1,452 | 127,558 | ||||||
| Containers & Packaging | 0.5% | ||||||||
| Ardagh Metal Packaging SA | 23,675 | 71,498 | ||||||
| Graphic Packaging Holding Co. | 1,835 | 47,637 | ||||||
| Greif, Inc., Class A | 1,696 | 93,263 | ||||||
| 212,398 | ||||||||
| Distributors | 0.2% | ||||||||
| Weyco Group, Inc. | 2,585 | 78,791 | ||||||
| Diversified Consumer Services | 3.1% | ||||||||
| Adtalem Global Education, Inc. (*) | 3,036 | 305,543 | ||||||
| Afya Ltd., Class A | 5,476 | 98,185 | ||||||
| American Public Education, Inc. (*) | 9,206 | 205,478 | ||||||
| Graham Holdings Co., Class B | 317 | 304,593 | ||||||
| Grand Canyon Education, Inc. (*) | 526 | 91,008 | ||||||
| Laureate Education, Inc. (*) | 9,631 | 196,954 | ||||||
| Lincoln Educational Services Corp. (*) | 4,165 | 66,098 | ||||||
| Perdoceo Education Corp. | 222 | 5,590 | ||||||
| Strategic Education, Inc. | 1,811 | 152,052 | ||||||
| 1,425,501 | ||||||||
| Diversified REITs | 0.2% | ||||||||
| Broadstone Net Lease, Inc. | 5,473 | 93,260 | ||||||
| Diversified Telecommunication Services | 0.6% | ||||||||
| Bandwidth, Inc., Class A (*) | 6,385 | 83,643 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Iridium Communications, Inc. | 4,080 | $ | 111,466 | |||||
| Liberty Global Ltd., Class A (*) | 6,606 | 76,035 | ||||||
| 271,144 | ||||||||
| Electrical Equipment | 1.6% | ||||||||
| Acuity, Inc. | 871 | 229,378 | ||||||
| Allient, Inc. | 1,076 | 23,651 | ||||||
| EnerSys | 1,554 | 142,315 | ||||||
| Generac Holdings, Inc. (*) | 1,842 | 233,289 | ||||||
| Preformed Line Products Co. | 371 | 51,973 | ||||||
| Thermon Group Holdings, Inc. (*) | 2,080 | 57,928 | ||||||
| 738,534 | ||||||||
| Electronic Equipment, Instruments & Components | 5.0% | ||||||||
| Advanced Energy Industries, Inc. | 224 | 21,350 | ||||||
| Arrow Electronics, Inc. (*) | 830 | 86,179 | ||||||
| Avnet, Inc. | 2,082 | 100,123 | ||||||
| Bel Fuse, Inc., Class B | 1,222 | 91,479 | ||||||
| Belden, Inc. | 635 | 63,659 | ||||||
| Benchmark Electronics, Inc. | 3,272 | 124,434 | ||||||
| Celestica, Inc. (*) | 40 | 3,152 | ||||||
| Climb Global Solutions, Inc. | 1,540 | 170,570 | ||||||
| Coherent Corp. (*) | 1,466 | 95,202 | ||||||
| CTS Corp. | 2,230 | 92,657 | ||||||
| Daktronics, Inc. (*) | 2,493 | 30,365 | ||||||
| ePlus, Inc. (*) | 2,123 | 129,567 | ||||||
| Fabrinet (*) | 481 | 95,002 | ||||||
| IPG Photonics Corp. (*) | 1,680 | 106,075 | ||||||
| Itron, Inc. (*) | 1,978 | 207,215 | ||||||
| Kimball Electronics, Inc. (*) | 6,652 | 109,426 | ||||||
| OSI Systems, Inc. (*) | 359 | 69,768 | ||||||
| PC Connection, Inc. | 3,670 | 229,081 | ||||||
| Plexus Corp. (*) | 1,777 | 227,687 | ||||||
| ScanSource, Inc. (*) | 2,713 | 92,269 | ||||||
| TD SYNNEX Corp. | 1,026 | 106,663 | ||||||
| TTM Technologies, Inc. (*) | 4,112 | 84,337 | ||||||
| 2,336,260 | ||||||||
| Energy Equipment & Services | 0.1% | ||||||||
| Enerflex Ltd. | 6,171 | 47,702 | ||||||
| North American Construction Group Ltd. | 854 | 13,484 | ||||||
| 61,186 | ||||||||
| Description | Shares | Fair Value | ||||||
| Entertainment | 0.1% | ||||||||
| Atlanta Braves Holdings, Inc., Class C (*) | 1,277 | $ | 51,093 | |||||
| Financial Services | 1.6% | ||||||||
| Enact Holdings, Inc. | 2,810 | 97,647 | ||||||
| Euronet Worldwide, Inc. (*) | 1,775 | 189,659 | ||||||
| EVERTEC, Inc. | 2,362 | 86,851 | ||||||
| MGIC Investment Corp. | 4,256 | 105,464 | ||||||
| NMI Holdings, Inc., Class A (*) | 5,222 | 188,253 | ||||||
| Voya Financial, Inc. | 1,280 | 86,733 | ||||||
| 754,607 | ||||||||
| Food Products | 1.8% | ||||||||
| Dole PLC | 18,595 | 268,698 | ||||||
| Lifeway Foods, Inc. (*) | 8,234 | 201,321 | ||||||
| Mission Produce, Inc. (*) | 4,375 | 45,850 | ||||||
| Nomad Foods Ltd. | 12,935 | 254,173 | ||||||
| Seneca Foods Corp., Class A (*) | 896 | 79,780 | ||||||
| 849,822 | ||||||||
| Ground Transportation | 0.1% | ||||||||
| Covenant Logistics Group, Inc. | 1,605 | 35,631 | ||||||
| Health Care Equipment & Supplies | 3.4% | ||||||||
| Bausch & Lomb Corp. (*) | 6,324 | 91,698 | ||||||
| Cerus Corp. (*) | 58,454 | 81,251 | ||||||
| ClearPoint Neuro, Inc. (*) | 1,957 | 23,269 | ||||||
| Electromed, Inc. (*) | 8,256 | 196,988 | ||||||
| Glaukos Corp. (*) | 1,200 | 118,104 | ||||||
| iRadimed Corp. | 4,082 | 214,223 | ||||||
| Lantheus Holdings, Inc. (*) | 364 | 35,526 | ||||||
| LeMaitre Vascular, Inc. | 1,158 | 97,156 | ||||||
| LivaNova PLC (*) | 3,033 | 119,136 | ||||||
| Omnicell, Inc. (*) | 5,316 | 185,847 | ||||||
| Penumbra, Inc. (*) | 643 | 171,945 | ||||||
| QuidelOrtho Corp. (*) | 1,129 | 39,481 | ||||||
| RxSight, Inc. (*) | 3,027 | 76,432 | ||||||
| Surmodics, Inc. (*) | 130 | 3,969 | ||||||
| Tactile Systems Technology, Inc. (*) | 4,267 | 56,410 | ||||||
| Varex Imaging Corp. (*) | 7,373 | 85,527 | ||||||
| 1,596,962 | ||||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Health Care Providers & Services | 1.7% | ||||||||
| Chemed Corp. | 152 | $ | 93,529 | |||||
| Encompass Health Corp. | 1,519 | 153,844 | ||||||
| Option Care Health, Inc. (*) | 7,802 | 272,680 | ||||||
| Progyny, Inc. (*) | 10,503 | 234,637 | ||||||
| Viemed Healthcare, Inc. (*) | 3,850 | 28,028 | ||||||
| 782,718 | ||||||||
| Health Care REITs | 0.6% | ||||||||
| LTC Properties, Inc. | 2,236 | 79,266 | ||||||
| Omega Healthcare Investors, Inc. | 2,793 | 106,358 | ||||||
| Sabra Health Care REIT, Inc. | 6,188 | 108,104 | ||||||
| 293,728 | ||||||||
| Health Care Technology | 1.0% | ||||||||
| Doximity, Inc., Class A (*) | 3,598 | 208,792 | ||||||
| HealthStream, Inc. | 2,724 | 87,658 | ||||||
| TruBridge, Inc. (*) | 6,617 | 182,100 | ||||||
| 478,550 | ||||||||
| Hotel & Resort REITs | 0.2% | ||||||||
| DiamondRock Hospitality Co. | 10,743 | 82,936 | ||||||
| Hotels, Restaurants & Leisure | 1.2% | ||||||||
| Accel Entertainment, Inc. (*) | 17,947 | 178,034 | ||||||
| Despegar.com Corp. (*) | 9,809 | 184,311 | ||||||
| Nathan’s Famous, Inc. | 344 | 33,153 | ||||||
| Sportradar Group AG, Class A (*) | 7,800 | 168,636 | ||||||
| 564,134 | ||||||||
| Household Durables | 3.9% | ||||||||
| Cavco Industries, Inc. (*) | 207 | 107,563 | ||||||
| Cricut, Inc., Class A | 26,706 | 137,536 | ||||||
| Flexsteel Industries, Inc. | 2,293 | 83,717 | ||||||
| Green Brick Partners, Inc. (*) | 3,143 | 183,268 | ||||||
| Hamilton Beach Brands Holding Co., Class A | 4,272 | 83,005 | ||||||
| KB Home | 4,468 | 259,680 | ||||||
| La-Z-Boy, Inc. | 6,272 | 245,173 | ||||||
| M/I Homes, Inc. (*) | 770 | 87,919 | ||||||
| Meritage Homes Corp. | 572 | 40,543 | ||||||
| Taylor Morrison Home Corp. (*) | 4,632 | 278,105 | ||||||
| TopBuild Corp. (*) | 326 | 99,414 | ||||||
| Description | Shares | Fair Value | ||||||
| Tri Pointe Homes, Inc. (*) | 6,939 | $ | 221,493 | |||||
| 1,827,416 | ||||||||
| Household Products | 1.2% | ||||||||
| Central Garden & Pet Co., Class A (*) | 7,473 | 244,591 | ||||||
| Oil-Dri Corp. of America | 2,459 | 112,917 | ||||||
| Spectrum Brands Holdings, Inc. | 2,448 | 175,155 | ||||||
| 532,663 | ||||||||
| Independent Power & Renewable Electricity Producers | 0.2% | ||||||||
| TransAlta Corp. | 9,353 | 87,451 | ||||||
| Industrial REITs | 0.7% | ||||||||
| First Industrial Realty Trust, Inc. | 1,361 | 73,440 | ||||||
| LXP Industrial Trust | 10,919 | 94,449 | ||||||
| Rexford Industrial Realty, Inc. | 2,416 | 94,586 | ||||||
| STAG Industrial, Inc. | 2,051 | 74,082 | ||||||
| 336,557 | ||||||||
| Insurance | 2.3% | ||||||||
| Assurant, Inc. | 439 | 92,080 | ||||||
| Axis Capital Holdings Ltd. | 1,267 | 127,004 | ||||||
| CNO Financial Group, Inc. | 2,241 | 93,338 | ||||||
| Enstar Group Ltd. (*) | 313 | 104,035 | ||||||
| Globe Life, Inc. | 987 | 130,008 | ||||||
| Hanover Insurance Group, Inc. | 691 | 120,199 | ||||||
| Mercury General Corp. | 2,713 | 151,657 | ||||||
| Primerica, Inc. | 403 | 114,665 | ||||||
| Unum Group | 1,672 | 136,201 | ||||||
| 1,069,187 | ||||||||
| Interactive Media & Services | 1.1% | ||||||||
| Cargurus, Inc. (*) | 5,728 | 166,857 | ||||||
| Match Group, Inc. | 3,865 | 120,588 | ||||||
| VTEX, Class A (*) | 9,131 | 46,294 | ||||||
| Yelp, Inc. (*) | 3,352 | 124,124 | ||||||
| Ziff Davis, Inc. (*) | 969 | 36,415 | ||||||
| 494,278 | ||||||||
| IT Services | 1.6% | ||||||||
| ASGN, Inc. (*) | 1,438 | 90,623 | ||||||
| Backblaze, Inc., Class A (*) | 7,100 | 34,293 | ||||||
| DXC Technology Co. (*) | 5,367 | 91,507 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| Hackett Group, Inc. | 6,482 | $ | 189,404 | |||||
| Kyndryl Holdings, Inc. (*) | 3,724 | 116,934 | ||||||
| Okta, Inc. (*) | 1,194 | 125,633 | ||||||
| Unisys Corp. (*) | 17,946 | 82,372 | ||||||
| 730,766 | ||||||||
| Leisure Products | 0.4% | ||||||||
| BRP, Inc. | 1,120 | 37,867 | ||||||
| JAKKS Pacific, Inc. | 3,172 | 78,254 | ||||||
| Smith & Wesson Brands, Inc. | 8,538 | 79,574 | ||||||
| 195,695 | ||||||||
| Life Sciences Tools & Services | 1.5% | ||||||||
| Bruker Corp. | 1,990 | 83,063 | ||||||
| Charles River Laboratories International, Inc. (*) | 310 | 46,661 | ||||||
| CryoPort, Inc. (*) | 6,029 | 36,656 | ||||||
| Medpace Holdings, Inc. (*) | 962 | 293,112 | ||||||
| Mesa Laboratories, Inc. | 870 | 103,234 | ||||||
| Niagen Bioscience, Inc. (*) | 5,625 | 38,813 | ||||||
| Qiagen NV | 2,575 | 103,386 | ||||||
| 704,925 | ||||||||
| Machinery | 1.6% | ||||||||
| Greenbrier Cos., Inc. | 964 | 49,376 | ||||||
| Hyster-Yale, Inc. | 1,020 | 42,371 | ||||||
| Kennametal, Inc. | 3,873 | 82,495 | ||||||
| Luxfer Holdings PLC | 8,906 | 105,625 | ||||||
| Mueller Industries, Inc. | 4,751 | 361,741 | ||||||
| Trinity Industries, Inc. | 1,513 | 42,455 | ||||||
| Worthington Enterprises, Inc. | 1,417 | 70,977 | ||||||
| 755,040 | ||||||||
| Marine Transportation | 0.9% | ||||||||
| Euroseas Ltd. | 4,978 | 152,576 | ||||||
| Global Ship Lease, Inc., Class A | 2,903 | 66,333 | ||||||
| Matson, Inc. | 1,387 | 177,772 | ||||||
| Safe Bulkers, Inc. | 1,287 | 4,749 | ||||||
| 401,430 | ||||||||
| Media | 2.6% | ||||||||
| EW Scripps Co., Class A (*) | 26,088 | 77,220 | ||||||
| Gambling.com Group Ltd. (*) | 5,930 | 74,837 | ||||||
| Gannett Co., Inc. (*) | 32,057 | 92,645 | ||||||
| Gray Media, Inc. | 47,855 | 206,734 | ||||||
| Description | Shares | Fair Value | ||||||
| John Wiley & Sons, Inc., Class A | 504 | $ | 22,458 | |||||
| Liberty Broadband Corp., Class C (*) | 1,737 | 147,732 | ||||||
| Paramount Global, Class B | 8,946 | 106,994 | ||||||
| Sinclair, Inc. | 11,920 | 189,886 | ||||||
| TEGNA, Inc. | 16,475 | 300,174 | ||||||
| 1,218,680 | ||||||||
| Mortgage Real Estate Investment | 0.2% | ||||||||
| Two Harbors Investment Corp. | 7,535 | 100,668 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | 0.0% | ||||||||
| Angel Oak Mortgage REIT, Inc. | 1,533 | 14,610 | ||||||
| Office REITs | 0.2% | ||||||||
| COPT Defense Properties | 2,619 | 71,420 | ||||||
| Oil, Gas & Consumable Fuels | 1.0% | ||||||||
| Bw Lpg Ltd. (#) | 12,037 | 130,963 | ||||||
| Hafnia Ltd. | 23,382 | 97,269 | ||||||
| Permian Basin Royalty Trust | 5,514 | 54,644 | ||||||
| Sabine Royalty Trust | 879 | 59,499 | ||||||
| Sitio Royalties Corp., Class A | 5,244 | 104,198 | ||||||
| 446,573 | ||||||||
| Paper & Forest Products | 0.3% | ||||||||
| Sylvamo Corp. | 2,101 | 140,914 | ||||||
| Passenger Airlines | 0.2% | ||||||||
| Alaska Air Group, Inc. (*) | 720 | 35,439 | ||||||
| SkyWest, Inc. (*) | 617 | 53,907 | ||||||
| 89,346 | ||||||||
| Personal Care Products | 0.3% | ||||||||
| Herbalife Ltd. (*) | 13,148 | 113,467 | ||||||
| USANA Health Sciences, Inc. (*) | 1,490 | 40,186 | ||||||
| 153,653 | ||||||||
| Professional Services | 7.8% | ||||||||
| Barrett Business Services, Inc. | 7,033 | 289,408 | ||||||
| CACI International, Inc., Class A (*) | 742 | 272,255 | ||||||
| CSG Systems International, Inc. | 4,042 | 244,420 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| ExlService Holdings, Inc. (*) | 5,344 | $ | 252,290 | |||||
| Franklin Covey Co. (*) | 5,941 | 164,090 | ||||||
| Genpact Ltd. | 6,002 | 302,381 | ||||||
| Heidrick & Struggles International, Inc. | 5,489 | 235,094 | ||||||
| Huron Consulting Group, Inc. (*) | 2,148 | 308,131 | ||||||
| IBEX Holdings Ltd. (*) | 4,472 | 108,893 | ||||||
| KBR, Inc. | 2,038 | 101,513 | ||||||
| Kelly Services, Inc., Class A | 11,662 | 153,588 | ||||||
| Kforce, Inc. | 2,025 | 99,002 | ||||||
| Korn Ferry | 2,356 | 159,807 | ||||||
| ManpowerGroup, Inc. | 3,982 | 230,478 | ||||||
| Mistras Group, Inc. (*) | 4,469 | 47,282 | ||||||
| Skillsoft Corp. (*) | 1,028 | 19,779 | ||||||
| TELUS International CDA, Inc. (*) | 18,181 | 48,907 | ||||||
| Upwork, Inc. (*) | 15,546 | 202,875 | ||||||
| Willdan Group, Inc. (*) | 4,074 | 165,893 | ||||||
| WNS Holdings Ltd. (*) | 3,442 | 211,649 | ||||||
| 3,617,735 | ||||||||
| Real Estate Management & Development | 0.5% | ||||||||
| FirstService Corp. | 541 | 89,779 | ||||||
| FRP Holdings, Inc. (*) | 1,513 | 43,226 | ||||||
| Marcus & Millichap, Inc. | 1,819 | 62,665 | ||||||
| RMR Group, Inc., Class A | 1,905 | 31,718 | ||||||
| 227,388 | ||||||||
| Residential REITs | 0.3% | ||||||||
| Elme Communities | 6,448 | 112,195 | ||||||
| Retail REITs | 1.8% | ||||||||
| Brixmor Property Group, Inc. | 3,761 | 99,855 | ||||||
| Federal Realty Investment Trust | 649 | 63,485 | ||||||
| Getty Realty Corp. | 3,137 | 97,812 | ||||||
| InvenTrust Properties Corp. | 3,665 | 107,641 | ||||||
| Kite Realty Group Trust | 3,285 | 73,485 | ||||||
| NNN REIT, Inc. | 2,133 | 90,972 | ||||||
| Phillips Edison & Co., Inc. | 2,125 | 77,541 | ||||||
| Tanger, Inc. | 3,243 | 109,581 | ||||||
| Whitestone REIT | 6,759 | 98,479 | ||||||
| 818,851 | ||||||||
| Semiconductors & Semiconductor Equipment | 1.7% | ||||||||
| Cirrus Logic, Inc. (*) | 1,823 | 181,671 | ||||||
| Description | Shares | Fair Value | ||||||
| FormFactor, Inc. (*) | 6,348 | $ | 179,585 | |||||
| MKS Instruments, Inc. | 1,124 | 90,089 | ||||||
| Rambus, Inc. (*) | 5,640 | 292,011 | ||||||
| Semtech Corp. (*) | 1,290 | 44,376 | ||||||
| Ultra Clean Holdings, Inc. (*) | 356 | 7,622 | ||||||
| 795,354 | ||||||||
| Software | 12.6% | ||||||||
| A10 Networks, Inc. | 9,694 | 158,400 | ||||||
| ACI Worldwide, Inc. (*) | 3,057 | 167,248 | ||||||
| Adeia, Inc. | 14,425 | 190,699 | ||||||
| Agilysys, Inc. (*) | 1,744 | 126,510 | ||||||
| Alkami Technology, Inc. (*) | 5,422 | 142,328 | ||||||
| Appfolio, Inc., Class A (*) | 897 | 197,250 | ||||||
| Box, Inc., Class A (*) | 3,300 | 101,838 | ||||||
| Braze, Inc., Class A (*) | 2,593 | 93,555 | ||||||
| Clear Secure, Inc., Class A | 2,420 | 62,702 | ||||||
| Commvault Systems, Inc. (*) | 1,641 | 258,884 | ||||||
| Confluent, Inc., Class A (*) | 3,912 | 91,697 | ||||||
| Consensus Cloud Solutions, Inc. (*) | 7,985 | 184,294 | ||||||
| Docebo, Inc. (*) | 4,631 | 132,956 | ||||||
| Dolby Laboratories, Inc., Class A | 4,045 | 324,854 | ||||||
| DoubleVerify Holdings, Inc. (*) | 7,949 | 106,278 | ||||||
| Elastic NV (*) | 1,617 | 144,075 | ||||||
| Enfusion, Inc., Class A (*) | 18,184 | 202,752 | ||||||
| Freshworks, Inc., Class A (*) | 14,026 | 197,907 | ||||||
| Intapp, Inc. (*) | 2,409 | 140,637 | ||||||
| InterDigital, Inc. | 1,396 | 288,623 | ||||||
| JFrog Ltd. (*) | 3,774 | 120,768 | ||||||
| Karooooo Ltd. | 1,133 | 48,198 | ||||||
| Magic Software Enterprises Ltd. | 1,776 | 23,070 | ||||||
| Monday.com Ltd. (*) | 704 | 171,185 | ||||||
| N-Able, Inc. (*) | 18,909 | 134,065 | ||||||
| OneSpan, Inc. | 11,441 | 174,475 | ||||||
| Open Text Corp. | 4,158 | 105,031 | ||||||
| Pagaya Technologies Ltd., Class A (*) | 8,978 | 94,089 | ||||||
| Pegasystems, Inc. | 2,675 | 185,966 | ||||||
| Procore Technologies, Inc. (*) | 1,269 | 83,779 | ||||||
| Q2 Holdings, Inc. (*) | 1,041 | 83,290 | ||||||
| Radware Ltd. (*) | 7,239 | 156,507 | ||||||
| Red Violet, Inc. | 3,160 | 118,784 | ||||||
| Rimini Street, Inc. (*) | 7,622 | 26,525 | ||||||
| Sapiens International Corp. NV | 3,180 | 86,146 | ||||||
| SEMrush Holdings, Inc., Class A (*) | 16,592 | 154,803 | ||||||
| SentinelOne, Inc., Class A (*) | 5,183 | 94,227 |
| Description | Shares | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (continued) | ||||||||
| SimilarWeb Ltd. (*) | 4,136 | $ | 34,205 | |||||
| SPS Commerce, Inc. (*) | 253 | 33,581 | ||||||
| Tenable Holdings, Inc. (*) | 2,265 | 79,230 | ||||||
| Teradata Corp. (*) | 8,841 | 198,746 | ||||||
| Verint Systems, Inc. (*) | 8,005 | 142,889 | ||||||
| Weave Communications, Inc. (*) | 7,728 | 85,704 | ||||||
| Workiva, Inc. (*) | 1,332 | 101,112 | ||||||
| 5,849,862 | ||||||||
| Specialized REITs | 0.8% | ||||||||
| EPR Properties | 1,642 | 86,386 | ||||||
| Four Corners Property Trust, Inc. | 3,734 | 107,166 | ||||||
| PotlatchDeltic Corp. | 2,020 | 91,142 | ||||||
| Rayonier, Inc. | 3,687 | 102,793 | ||||||
| 387,487 | ||||||||
| Specialty Retail | 2.4% | ||||||||
| Abercrombie & Fitch Co., Class A (*) | 2,370 | 180,997 | ||||||
| Asbury Automotive Group, Inc. (*) | 659 | 145,534 | ||||||
| AutoNation, Inc. (*) | 1,147 | 185,722 | ||||||
| Betterware de Mexico SAPI de CV | 443 | 5,037 | ||||||
| National Vision Holdings, Inc. (*) | 4,721 | 60,334 | ||||||
| Sonic Automotive, Inc., Class A | 1,890 | 107,654 | ||||||
| Urban Outfitters, Inc. (*) | 5,174 | 271,118 | ||||||
| Valvoline, Inc. (*) | 4,865 | 169,351 | ||||||
| 1,125,747 | ||||||||
| Technology Hardware, Storage & Peripherals | 0.5% | ||||||||
| Diebold Nixdorf, Inc. (*) | 2,211 | 96,665 | ||||||
| Turtle Beach Corp. (*) | 9,281 | 132,440 | ||||||
| 229,105 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.9% | ||||||||
| Levi Strauss & Co., Class A | 5,937 | 92,558 | ||||||
| PVH Corp. | 1,880 | 121,523 | ||||||
| Skechers USA, Inc., Class A (*) | 4,305 | 244,438 | ||||||
| Steven Madden Ltd. | 4,206 | 112,048 | ||||||
| Superior Group of Cos., Inc. | 6,328 | 69,228 | ||||||
| Tapestry, Inc. | 2,837 | 199,753 | ||||||
| Wolverine World Wide, Inc. | 3,598 | 50,048 | ||||||
| 889,596 | ||||||||
| Trading Companies & Distributors | 2.2% | ||||||||
| BlueLinx Holdings, Inc. (*) | 594 | 44,538 | ||||||
| Description | Shares | Fair Value | ||||||
| Boise Cascade Co. | 1,656 | $ | 162,437 | |||||
| Distribution Solutions Group, Inc. (*) | 1,492 | 41,776 | ||||||
| DNOW, Inc. (*) | 15,760 | 269,181 | ||||||
| GATX Corp. | 393 | 61,021 | ||||||
| Herc Holdings, Inc. | 353 | 47,397 | ||||||
| Karat Packaging, Inc. | 4,795 | 127,451 | ||||||
| McGrath RentCorp | 2,539 | 282,845 | ||||||
| 1,036,646 | ||||||||
| Wireless Telecommunication Services | 0.5% | ||||||||
| Millicom International Cellular SA | 7,247 | 219,367 | ||||||
| Total Common Stocks (Cost $43,926,703) | 46,521,684 | |||||||
| Rights | 0.0% | ||||||||
| Biotechnology | 0.0% | ||||||||
| 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 | ||||||
| Pharmaceuticals | 0.0% | ||||||||
| Adamas Pharmaceuticals, Inc. CVR, Expires 2499 (*), (¢) | 1,139 | 0 | ||||||
| Total Rights (Cost $15,200) | 1,401 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Systematic Small Cap Equity Portfolio (concluded) | ||||||||
| Repurchase Agreements | 0.4% | ||||||||
| Fixed Income
Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $188,500 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $183,638) Proceeds of $180,022 (Cost $180,000) | $ | 180 | $ | 180,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.0% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $15,252) | 15,252 | $ | 15,252 | |||||
| Total Investments | 100.9% (Cost $44,286,132) | $ | 46,917,859 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.9)% | (419,242) | |||||||
| Net Assets | 100.0% | $ | 46,498,617 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio | ||||||||
| Convertible Corporate Bonds | 85.7% | ||||||||
| Aerospace & Defense | 0.5% | ||||||||
| Rocket Lab USA, Inc., 4.250%, 02/01/29 (#) | $ | 19 | $ | 68,744 | ||||
| Automobiles | 3.2% | ||||||||
| Ford Motor Co., 0.000%, 03/15/26 | 238 | 233,597 | ||||||
| Lucid Group, Inc., 1.250%, 12/15/26 (#) | 85 | 67,628 | ||||||
| Rivian Automotive, Inc., 4.625%, 03/15/29 | 164 | 160,413 | ||||||
| 461,638 | ||||||||
| Biotechnology | 5.8% | ||||||||
| Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/27 | 80 | 92,320 | ||||||
| Bridgebio Pharma, Inc., 2.500%, 03/15/27 | 76 | 87,078 | ||||||
| Cytokinetics, Inc., 3.500%, 07/01/27 | 27 | 30,983 | ||||||
| Guardant Health, Inc., 1.250%, 02/15/31 | 72 | 74,612 | ||||||
| Halozyme Therapeutics, Inc., 0.250%, 03/01/27 | 209 | 222,193 | ||||||
| Insmed, Inc., 0.750%, 06/01/28 | 26 | 61,698 | ||||||
| Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 | 202 | 198,818 | ||||||
| Sarepta Therapeutics, Inc., 1.250%, 09/15/27 | 73 | 67,963 | ||||||
| 835,665 | ||||||||
| Capital Markets | 1.3% | ||||||||
| Core Scientific, Inc., 0.000%, 06/15/31 (#) | 97 | 81,783 | ||||||
| MARA Holdings, Inc., 0.000%, 03/01/30 (#) | 148 | 105,265 | ||||||
| 187,048 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Commercial Services & Supplies | 2.6% | ||||||||
| Affirm Holdings, Inc., 0.750%, 12/15/29 (#) | $ | 52 | $ | 46,072 | ||||
| Global Payments, Inc., 1.500%, 03/01/31 | 197 | 186,559 | ||||||
| Shift4 Payments, Inc., 0.000%, 12/15/25 | 85 | 97,665 | ||||||
| Stride, Inc., 1.125%, 09/01/27 | 18 | 43,929 | ||||||
| 374,225 | ||||||||
| Construction & Engineering | 2.3% | ||||||||
| Fluor Corp., 1.125%, 08/15/29 | 135 | 143,606 | ||||||
| Granite Construction, Inc., 3.250%, 06/15/30 (#) | 74 | 88,471 | ||||||
| Meritage Homes Corp., 1.750%, 05/15/28 (#) | 111 | 108,724 | ||||||
| 340,801 | ||||||||
| Diversified REITs | 2.6% | ||||||||
| Digital Realty Trust LP, 1.875%, 11/15/29 (#) | 100 | 99,280 | ||||||
| Welltower OP LLC, 2.750%, 05/15/28 (#) | 166 | 270,995 | ||||||
| 370,275 | ||||||||
| Diversified Telecommunication Services | 0.7% | ||||||||
| Applied Digital Corp., 2.750%, 06/01/30 (#) | 24 | 20,940 | ||||||
| AST SpaceMobile, Inc., 4.250%, 03/01/32 (#) | 25 | 29,394 | ||||||
| InterDigital, Inc., 3.500%, 06/01/27 | 21 | 56,448 | ||||||
| 106,782 | ||||||||
| Electric Utilities | 11.4% | ||||||||
| Alliant Energy Corp., 3.875%, 03/15/26 | 84 | 90,006 | ||||||
| CMS Energy Corp., 3.375%, 05/01/28 | 224 | 248,304 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (continued) | ||||||||
| Evergy, Inc., 4.500%, 12/15/27 | $ | 62 | $ | 73,018 | ||||
| NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27 | 359 | 415,184 | ||||||
| PG&E Corp., 4.250%, 12/01/27 | 351 | 371,709 | ||||||
| Southern Co., 3.875%, 12/15/25 | 329 | 366,588 | ||||||
| WEC Energy Group, Inc., 4.375%, 06/01/29 (#) | 78 | 93,532 | ||||||
| 1,658,341 | ||||||||
| Electronic Equipment, Instruments & Components | 0.7% | ||||||||
| Itron, Inc., 1.375%, 07/15/30 (#) | 94 | 98,406 | ||||||
| Energy Equipment & Services | 0.3% | ||||||||
| Sunrun, Inc., 4.000%, 03/01/30 | 69 | 49,439 | ||||||
| Entertainment | 2.3% | ||||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 | 21 | 36,692 | ||||||
| Live Nation Entertainment, Inc., 2.875%, 01/15/30 (#) | 283 | 293,613 | ||||||
| 330,305 | ||||||||
| Financial Services | 1.3% | ||||||||
| Coinbase Global, Inc., 0.250%, 04/01/30 (#) | 93 | 86,444 | ||||||
| SoFi Technologies, Inc., 1.250%, 03/15/29 (#) | 43 | 61,726 | ||||||
| Upstart Holdings, Inc., 2.000%, 10/01/29 (#) | 33 | 43,127 | ||||||
| 191,297 | ||||||||
| Health Care Equipment & Supplies | 4.7% | ||||||||
| Exact Sciences Corp., 0.375%, 03/01/28 | 310 | 272,800 | ||||||
| Insulet Corp., 0.375%, 09/01/26 | 85 | 107,958 | ||||||
| Integer Holdings Corp., 1.875%, 03/15/30 (#) | 84 | 85,092 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| iRhythm Technologies, Inc., 1.500%, 09/01/29 | $ | 96 | $ | 100,176 | ||||
| Lantheus Holdings, Inc., 2.625%, 12/15/27 | 43 | 60,791 | ||||||
| Merit Medical Systems, Inc., 3.000%, 02/01/29 (#) | 44 | 59,950 | ||||||
| 686,767 | ||||||||
| Health Care Providers & Services | 1.2% | ||||||||
| Teladoc Health, Inc., 1.250%, 06/01/27 | 188 | 173,148 | ||||||
| Interactive Media & Services | 10.1% | ||||||||
| Airbnb, Inc., 0.000%, 03/15/26 | 305 | 291,885 | ||||||
| Booking Holdings, Inc., 0.750%, 05/01/25 | 37 | 91,085 | ||||||
| Etsy, Inc., 0.125%, 10/01/26 | 143 | 137,816 | ||||||
| Match Group Financeco 3, Inc., 2.000%, 01/15/30 (#) | 250 | 216,425 | ||||||
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 25 | 85,787 | ||||||
| Snap, Inc., 0.125%, 03/01/28 | 257 | 218,065 | ||||||
| Uber Technologies, Inc., 0.000%, 12/15/25 | 274 | 291,125 | ||||||
| Wayfair, Inc., 3.250%, 09/15/27 | 96 | 94,080 | ||||||
| Zillow Group, Inc., 2.750%, 05/15/25 | 46 | 47,978 | ||||||
| 1,474,246 | ||||||||
| Iron & Steel | 0.4% | ||||||||
| U.S. Steel Corp., 5.000%, 11/01/26 | 16 | 50,672 | ||||||
| IT Services | 5.9% | ||||||||
| Lumentum Holdings, Inc., 0.500%, 06/15/28 | 260 | 240,890 | ||||||
| Parsons Corp., 2.625%, 03/01/29 | 114 | 114,171 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (continued) | ||||||||
| Seagate HDD Cayman, 3.500%, 06/01/28 | $ | 90 | $ | 107,386 | ||||
| Super Micro Computer, Inc., 3.500%, 03/01/29 | 129 | 125,130 | ||||||
| Western Digital Corp., 3.000%, 11/15/28 | 125 | 161,062 | ||||||
| Zscaler, Inc., 0.125%, 07/01/25 | 80 | 106,240 | ||||||
| 854,879 | ||||||||
| Leisure Products | 1.9% | ||||||||
| Carnival Corp., 5.750%, 12/01/27 | 63 | 105,273 | ||||||
| NCL Corp. Ltd., 5.375%, 08/01/25 | 59 | 67,289 | ||||||
| Peloton Interactive, Inc., 5.500%, 12/01/29 (#) | 27 | 45,711 | ||||||
| Royal Caribbean Cruises Ltd., 6.000%, 08/15/25 | 15 | 62,059 | ||||||
| 280,332 | ||||||||
| Machinery | 1.8% | ||||||||
| Axon Enterprise, Inc., 0.500%, 12/15/27 | 33 | 77,459 | ||||||
| Bloom Energy Corp., 3.000%, 06/01/28 | 85 | 111,265 | ||||||
| Middleby Corp., 1.000%, 09/01/25 | 66 | 79,708 | ||||||
| 268,432 | ||||||||
| Media | 2.1% | ||||||||
| Liberty Broadband Corp., 3.125%, 03/31/53 (#) | 225 | 225,787 | ||||||
| Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27 | 67 | 81,573 | ||||||
| 307,360 | ||||||||
| Metals & Mining | 0.5% | ||||||||
| MP Materials Corp., 3.000%, 03/01/30 (#) | 50 | 69,127 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Oil, Gas & Consumable Fuels | 1.3% | ||||||||
| CNX Resources Corp., 2.250%, 05/01/26 | $ | 36 | $ | 88,686 | ||||
| Northern Oil & Gas, Inc., 3.625%, 04/15/29 | 90 | 95,179 | ||||||
| 183,865 | ||||||||
| Passenger Airlines | 1.0% | ||||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 | 120 | 120,225 | ||||||
| JetBlue Airways Corp., 2.500%, 09/01/29 (#) | 25 | 25,737 | ||||||
| 145,962 | ||||||||
| Pharmaceuticals | 1.4% | ||||||||
| Jazz Investments I Ltd., 2.000%, 06/15/26 | 200 | 207,750 | ||||||
| Semiconductors & Semiconductor Equipment | 3.8% | ||||||||
| Microchip Technology,
Inc., 0.750%, 06/01/30 (#) | 136 | 127,602 | ||||||
| MKS Instruments, Inc., 1.250%, 06/01/30 (#) | 157 | 141,614 | ||||||
| ON Semiconductor Corp., 0.500%, 03/01/29 | 331 | 286,332 | ||||||
| 555,548 | ||||||||
| Software | 14.6% | ||||||||
| Akamai Technologies, Inc., 0.375%, 09/01/27 | 283 | 276,562 | ||||||
| Bill Holdings, Inc., 0.000%, 04/01/30 (#) | 188 | 153,596 | ||||||
| Cloudflare, Inc., 0.000%, 08/15/26 | 126 | 126,724 | ||||||
| Datadog, Inc., 0.000%, 12/01/29 (#) | 236 | 206,146 | ||||||
| Dropbox, Inc., 0.000%, 03/01/28 | 127 | 125,603 | ||||||
| Five9, Inc., 1.000%, 03/15/29 | 156 | 133,614 | ||||||
| Guidewire Software, Inc., 1.250%, 11/01/29 (#) | 57 | 59,508 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Convertibles Portfolio (concluded) | ||||||||
| HubSpot, Inc., 0.375%, 06/01/25 | $ | 23 | $ | 46,345 | ||||
| MicroStrategy, Inc., | ||||||||
| 0.000%, 12/01/29 (#) | 311 | 252,221 | ||||||
| 0.625%, 03/15/30 | 177 | 360,018 | ||||||
| Nutanix, Inc., 0.250%, 10/01/27 | 88 | 117,524 | ||||||
| Snowflake, Inc., 0.000%, 10/01/27 (#) | 167 | 193,720 | ||||||
| Tyler Technologies, Inc., 0.250%, 03/15/26 | 55 | 67,290 | ||||||
| 2,118,871 | ||||||||
Total Convertible Corporate Bonds (Cost $12,531,753) | 12,449,925 | |||||||
| Description | Shares | Fair Value | ||||||
| Preferred Stocks | 10.4% | ||||||||
| Aerospace & Defense | 2.6% | ||||||||
|
Boeing Co. | 6,368 | $ | 380,997 | |||||
| Banks | 4.4% | ||||||||
| Bank of America Corp., Series L | 380 | 469,137 | ||||||
| Wells Fargo & Co., Class A, Series L | 145 | 174,116 | ||||||
| 643,253 | ||||||||
| Capital Markets | 1.2% | ||||||||
| Ares Management Corp., Series B | 1,346 | 64,891 | ||||||
| KKR & Co., Inc., Series D | 2,300 | 113,620 | ||||||
| 178,511 | ||||||||
| Chemicals | 0.6% | ||||||||
| Albemarle Corp. | 2,636 | 93,973 | ||||||
| Financial Services | 0.8% | ||||||||
| Apollo Global Management, Inc. | 1,652 | 120,745 | ||||||
| Description | Shares | Fair Value | ||||||
| Machinery | 0.3% | ||||||||
| Chart Industries, Inc., Series B | 656 | $ | 35,929 | |||||
| Technology Hardware, Storage & Peripherals | 0.5% | ||||||||
| Hewlett Packard Enterprise Co. | 1,367 | 65,260 | ||||||
Total Preferred Stocks (Cost $1,543,231) | 1,518,668 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 3.5% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $523,600 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $510,085) Proceeds of $500,061 (Cost $500,000) | $ | 500 | $ | 500,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.2% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $33,435) | 33,435 | $ | 33,435 | |||||
Total Investments | 99.8% (Cost $14,608,419) | $ | 14,502,028 | ||||||
| Cash and Other Assets in Excess of Liabilites | 0.2% | 29,359 | |||||||
| Net Assets | 100.0% | $ | 14,531,387 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio | ||||||||
| Corporate Bonds | 97.4% | ||||||||
| Aerospace & Defense | 3.1% | ||||||||
| Bombardier, Inc., 8.750%, 11/15/30 (#) | $ | 2,250 | $ | 2,372,175 | ||||
| TransDigm, Inc., | ||||||||
| 4.625%, 01/15/29 | 500 | 474,736 | ||||||
| 6.750%, 08/15/28 (#) | 1,000 | 1,014,604 | ||||||
| 3,861,515 | ||||||||
| Automobile Components | 3.8% | ||||||||
| American Axle & Manufacturing, Inc., 5.000%, 10/01/29 | 1,500 | 1,291,130 | ||||||
| Goodyear Tire & Rubber Co., | ||||||||
| 5.000%, 05/31/26 | 250 | 247,989 | ||||||
| 5.250%, 07/15/31 | 2,000 | 1,809,395 | ||||||
| Tenneco, Inc., 8.000%, 11/17/28 (#) | 1,500 | 1,430,616 | ||||||
| 4,779,130 | ||||||||
| Automobiles | 1.4% | ||||||||
| Allison Transmission, Inc., 4.750%, 10/01/27 (#) | 1,795 | 1,750,652 | ||||||
| Building Products | 2.8% | ||||||||
| Griffon Corp., 5.750%, 03/01/28 | 1,750 | 1,712,905 | ||||||
| Standard Industries, Inc., 3.375%, 01/15/31 (#) | 2,000 | 1,738,933 | ||||||
| 3,451,838 | ||||||||
| Chemicals | 3.5% | ||||||||
| Methanex Corp., 5.125%, 10/15/27 | 1,750 | 1,715,782 | ||||||
| NOVA Chemicals Corp., 4.250%, 05/15/29 (#) | 1,750 | 1,672,399 | ||||||
| WR Grace Holdings LLC, 4.875%, 06/15/27 (#) | 1,000 | 965,810 | ||||||
| 4,353,991 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Commercial Services & Supplies | 3.9% | ||||||||
| ADT Security Corp., 4.125%, 08/01/29 (#) | $ | 250 | $ | 234,718 | ||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 07/15/27 (#) | 2,000 | 1,929,332 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 08/31/27 (#) | 1,500 | 1,421,437 | ||||||
| Valvoline, Inc., 3.625%, 06/15/31 (#) | 1,500 | 1,303,868 | ||||||
| 4,889,355 | ||||||||
| Containers & Packaging | 0.8% | ||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/29 (#) | 1,200 | 1,021,830 | ||||||
| Diversified REITs | 1.3% | ||||||||
| Iron Mountain, Inc., | ||||||||
| 4.500%, 02/15/31 (#) | 1,250 | 1,145,859 | ||||||
| 4.875%, 09/15/29 (#) | 500 | 477,258 | ||||||
| 1,623,117 | ||||||||
| Diversified Telecommunication Services | 4.6% | ||||||||
| Connect Finco SARL/Connect U.S. Finco LLC, 9.000%, 09/15/29 (#) | 2,000 | 1,817,500 | ||||||
| Frontier Communications Holdings LLC, 6.750%, 05/01/29 (#) | 500 | 502,514 | ||||||
| Level 3 Financing, Inc., 4.500%, 04/01/30 (#) | 2,000 | 1,600,000 | ||||||
| Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#) | 2,000 | 1,821,677 | ||||||
| 5,741,691 | ||||||||
| Electric Utilities | 2.4% | ||||||||
| NRG Energy, Inc., 3.625%, 02/15/31 (#) | 1,500 | 1,328,486 | ||||||
| XPLR Infrastructure Operating Partners LP, 4.500%, 09/15/27 (#) | 1,750 | 1,630,600 | ||||||
| 2,959,086 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio (continued) | ||||||||
| Electrical Equipment | 1.3% | ||||||||
| Energizer Holdings, Inc., 4.750%, 06/15/28 (#) | $ | 1,700 | $ | 1,627,553 | ||||
| Entertainment | 2.4% | ||||||||
| Cinemark USA, Inc., 5.250%, 07/15/28 (#) | 1,500 | 1,455,769 | ||||||
| Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management Corp., 5.375%, 04/15/27 | 1,550 | 1,530,359 | ||||||
| 2,986,128 | ||||||||
| Food Products | 6.7% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.500%, 03/15/29 (#) | 2,000 | 1,840,615 | ||||||
| Performance Food Group, Inc., 4.250%, 08/01/29 (#) | 1,800 | 1,683,248 | ||||||
| Post Holdings, Inc., 4.500%, 09/15/31 (#) | 2,000 | 1,811,381 | ||||||
| TreeHouse Foods, Inc., 4.000%, 09/01/28 | 1,750 | 1,575,355 | ||||||
| U.S. Foods, Inc., 4.625%, 06/01/30 (#) | 1,500 | 1,424,482 | ||||||
| 8,335,081 | ||||||||
| Gas Utilities | 1.2% | ||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 06/01/28 (#) | 1,500 | 1,484,100 | ||||||
| Health Care Equipment & Supplies | 1.7% | ||||||||
| Bausch & Lomb Corp., 8.375%, 10/01/28 (#) | 2,000 | 2,075,000 | ||||||
| Health Care Providers & Services | 3.9% | ||||||||
| Encompass Health Corp., 4.625%, 04/01/31 | 1,849 | 1,732,905 | ||||||
| LifePoint Health, Inc., 5.375%, 01/15/29 (#) | 2,000 | 1,755,252 | ||||||
| Tenet Healthcare Corp., 4.375%, 01/15/30 | 1,500 | 1,406,141 | ||||||
| 4,894,298 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Hotel & Resort REITs | 2.4% | ||||||||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.875%, 05/15/29 (#) | $ | 1,500 | $ | 1,399,986 | ||||
| RHP Hotel Properties LP/RHP Finance Corp., 4.500%, 02/15/29 (#) | 1,750 | 1,655,566 | ||||||
| 3,055,552 | ||||||||
| Hotels, Restaurants & Leisure | 3.9% | ||||||||
| Boyd Gaming Corp., 4.750%, 06/15/31 (#) | 2,000 | 1,844,562 | ||||||
| Station Casinos LLC, 4.625%, 12/01/31 (#) | 1,750 | 1,572,412 | ||||||
| Travel & Leisure Co., 4.500%, 12/01/29 (#) | 1,500 | 1,397,759 | ||||||
| 4,814,733 | ||||||||
| Household Durables | 1.3% | ||||||||
| Somnigroup International, Inc., 4.000%, 04/15/29 (#) | 1,750 | 1,625,254 | ||||||
| Interactive Media & Services | 1.1% | ||||||||
| Ziff Davis, Inc., 4.625%, 10/15/30 (#) | 1,500 | 1,358,845 | ||||||
| IT Services | 2.6% | ||||||||
| NCR Atleos Corp., 9.500%, 04/01/29 (#) | 1,500 | 1,626,457 | ||||||
| NCR Voyix Corp., 5.125%, 04/15/29 (#) | 1,750 | 1,666,724 | ||||||
| 3,293,181 | ||||||||
| Leisure Products | 1.2% | ||||||||
| Sabre GLBL, Inc., | ||||||||
| 8.625%, 06/01/27 (#) | 1,038 | 1,027,187 | ||||||
| 10.750%, 11/15/29 (#) | 468 | 471,406 | ||||||
| 1,498,593 | ||||||||
| Machinery | 1.5% | ||||||||
| Terex Corp., 5.000%, 05/15/29 (#) | 2,000 | 1,908,631 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio (continued) | ||||||||
| Media | 15.8% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., | ||||||||
| 4.750%, 03/01/30 (#) | $ | 1,500 | $ | 1,391,163 | ||||
| 5.125%, 05/01/27 (#) | 500 | 492,469 | ||||||
| Clear Channel Outdoor Holdings, Inc., 7.750%, 04/15/28 (#) | 1,500 | 1,289,311 | ||||||
| DISH Network Corp., 11.750%, 11/15/27 (#) | 2,000 | 2,106,153 | ||||||
| Gray Media, Inc., 7.000%, 05/15/27 (#) | 1,500 | 1,470,039 | ||||||
| Lamar Media Corp., 3.625%, 01/15/31 | 1,500 | 1,340,647 | ||||||
| Nexstar Media, Inc., 5.625%, 07/15/27 (#) | 1,500 | 1,477,690 | ||||||
| Scripps Escrow II, Inc., 3.875%, 01/15/29 (#) | 1,000 | 785,187 | ||||||
| Sinclair Television Group, Inc., 5.125%, 02/15/27 (#) | 1,750 | 1,649,375 | ||||||
| Sirius XM Radio LLC, | ||||||||
| 3.875%, 09/01/31 (#) | 1,000 | 857,077 | ||||||
| 5.000%, 08/01/27 (#) | 1,750 | 1,709,818 | ||||||
| TEGNA, Inc., 5.000%, 09/15/29 | 1,750 | 1,624,365 | ||||||
| Univision Communications, Inc., 6.625%, 06/01/27 (#) | 1,750 | 1,735,525 | ||||||
| Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#) | 2,000 | 1,759,239 | ||||||
| 19,688,058 | ||||||||
| Oil, Gas & Consumable Fuels | 15.2% | ||||||||
| Borr IHC Ltd./Borr Finance LLC, 10.375%, 11/15/30 (#) | 1,665 | 1,546,414 | ||||||
| Buckeye Partners LP, 4.500%, 03/01/28 (#) | 1,500 | 1,439,273 | ||||||
| Civitas Resources, Inc., 8.750%, 07/01/31 (#) | 2,000 | 2,053,889 | ||||||
| Comstock Resources, Inc., 6.750%, 03/01/29 (#) | 1,500 | 1,467,061 | ||||||
| CVR Energy, Inc., 8.500%, 01/15/29 (#) | 1,500 | 1,440,152 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp., 8.000%, 01/15/27 | 1,500 | 1,530,138 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Kodiak Gas Services LLC, 7.250%, 02/15/29 (#) | $ | 1,750 | $ | 1,783,866 | ||||
| Nabors Industries, Inc., 9.125%, 01/31/30 (#) | 1,500 | 1,500,501 | ||||||
| Range Resources Corp., 4.750%, 02/15/30 (#) | 1,750 | 1,664,829 | ||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.500%, 01/15/28 (#) | 1,250 | 1,216,604 | ||||||
| Transocean, Inc., 8.750%, 02/15/30 (#) | 1,840 | 1,911,013 | ||||||
| Vital Energy, Inc., 7.875%, 04/15/32 (#) | 1,500 | 1,396,378 | ||||||
| 18,950,118 | ||||||||
| Software | 1.6% | ||||||||
| Cloud Software Group, Inc., | ||||||||
| 6.500%, 03/31/29 (#) | 1,000 | 972,065 | ||||||
| 9.000%, 09/30/29 (#) | 1,000 | 997,390 | ||||||
| 1,969,455 | ||||||||
| Specialty Retail | 6.0% | ||||||||
| Asbury Automotive Group, Inc., | ||||||||
| 4.500%, 03/01/28 | 987 | 950,258 | ||||||
| 5.000%, 02/15/32 (#) | 750 | 680,160 | ||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | ||||||||
| 4.625%, 01/15/29 (#) | 500 | 460,503 | ||||||
| 6.750%, 01/15/30 (#) | 1,500 | 1,296,896 | ||||||
| Group 1 Automotive, Inc., 4.000%, 08/15/28 (#) | 1,000 | 941,008 | ||||||
| Penske Automotive Group, Inc., 3.750%, 06/15/29 | 1,750 | 1,601,984 | ||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/31 (#) | 1,750 | 1,579,940 | ||||||
| 7,510,749 | ||||||||
| Total Corporate Bonds (Cost $127,306,730) | 121,507,534 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US High Yield Portfolio (concluded) | ||||||||
| Repurchase Agreements | 1.3% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $1,665,000 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $1,621,975) Proceeds of $1,590,193 (Cost $1,590,000) | $ | 1,590 | $ | 1,590,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.0% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $90,931) | 90,931 | $ | 90,931 | |||||
| Total Investments | 98.7% (Cost $128,987,661) | $ | 123,188,465 | ||||||
| Cash and Other Assets in Excess of Liabilites | 1.3% | 1,660,509 | |||||||
| Net Assets | 100.0% | $ | 124,848,974 | ||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio | ||||||||
| Asset-Backed Securities | 10.5% | ||||||||
| Financial Services | 6.7% | ||||||||
| AMSR Trust, Series 2020-SFR4,
Class A, 1.355%, 11/17/37 (#) | $ | 601 | $ | 589,465 | ||||
| Business Jet Securities LLC, Series
2022-1A, Class A, 4.455%, 06/15/37 (#) | 565 | 551,217 | ||||||
| CF Hippolyta Issuer LLC, Series 2021-1A,
Class A1, 1.530%, 03/15/61 (#) | 471 | 450,401 | ||||||
| New Economy Assets -
Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61 (#) | 500 | 466,594 | ||||||
| 2,057,677 | ||||||||
| Ground Transportation | 1.5% | ||||||||
| TRP LLC, Series
2021-1, Class A, 2.070%, 06/19/51 (#) | 503 | 473,943 | ||||||
| Real Estate Management & Development | 2.3% | ||||||||
| Tricon Residential
Trust, Series 2021-SFR1, Class A, 1.943%, 07/17/38 (#) | 747 | 721,372 | ||||||
| Total Asset-Backed Securities (Cost $3,097,951) | 3,252,992 | |||||||
| Corporate Bonds | 31.9% | ||||||||
| Aerospace & Defense | 2.3% | ||||||||
| Boeing Co., 2.196%, 02/04/26 | 725 | 709,341 | ||||||
| Automobiles | 7.0% | ||||||||
| American Honda Finance Corp., 5.250%, 07/07/26 | 800 | 807,237 | ||||||
| Ford Motor Credit Co. LLC, 4.125%, 08/17/27 | 675 | 652,079 | ||||||
| General Motors
Financial Co., Inc., 5.000%, 04/09/27 | 700 | 700,773 | ||||||
| 2,160,089 | ||||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Banks | 11.8% | ||||||||
| Bank of America Corp., 2.551% (SOFR+1.050%), 02/04/28 (§) | $ | 1,050 | $ | 1,012,969 | ||||
| Citigroup, Inc., 3.887% (SOFR+1.825%), 01/10/28 (§) | 1,025 | 1,012,357 | ||||||
| JPMorgan Chase & Co., 1.045% (SOFR+0.800%), 11/19/26 (§) | 1,050 | 1,027,098 | ||||||
| Morgan Stanley, 1.593% (SOFR+0.879%), 05/04/27 (§) | 625 | 605,277 | ||||||
| 3,657,701 | ||||||||
| Diversified Telecommunication Services | 2.3% | ||||||||
| T-Mobile USA, Inc., 2.625%, 04/15/26 | 725 | 710,639 | ||||||
| Health Care Providers & Services | 2.2% | ||||||||
| HCA, Inc., 4.500%, 02/15/27 | 675 | 672,675 | ||||||
| Oil, Gas & Consumable Fuels | 2.1% | ||||||||
| Energy Transfer LP, 5.500%, 06/01/27 | 650 | 659,888 | ||||||
| Semiconductors & Semiconductor Equipment | 1.9% | ||||||||
| Intel Corp., 3.750%, 08/05/27 | 600 | 587,547 | ||||||
| Software | 2.3% | ||||||||
| Oracle Corp., 2.500%, 04/01/25 | 700 | 700,000 | ||||||
| Total Corporate Bonds (Cost $9,832,530) | 9,857,880 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard US Short Duration Fixed Income Portfolio (concluded) | ||||||||
| Mortgage-Backed Securities | 4.5% | ||||||||
| COMM Mortgage Trust, Series 2016-787S, Class A3.545%, 02/10/36 (#) | $ | 700 | $ | 686,261 | ||||
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A2.130%, 09/10/39 (#) | 750 | 699,065 | ||||||
| Total Mortgage-Backed Securities (Cost $1,367,909) | 1,385,326 | |||||||
| U.S. Government Securities | 3.3% | ||||||||
| Federal Farm Credit Banks Funding Corp., 4.360%, 10/28/27 (Cost $1,003,695) | 1,005 | 1,004,664 | ||||||
| U.S. Treasury Securities | 48.6% | ||||||||
| U.S. Treasury Notes, | ||||||||
| 4.500%, 11/15/25 | 1,900 | 1,903,785 | ||||||
| 4.000%, 12/15/27 | 1,315 | 1,318,853 | ||||||
| 4.250%, 01/15/28 | 11,685 | 11,794,547 | ||||||
| Total U.S. Treasury Securities (Cost $14,891,356) | 15,017,185 | |||||||
| Repurchase Agreements | 0.2% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $73,300 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $71,404) Proceeds of $70,009 (Cost $70,000) | 70 | 70,000 | ||||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $12,966) | 12,966 | $ | 12,966 | |||||
| Total Investments | 99.1% (Cost $30,276,407) | $ | 30,601,013 | ||||||
| Cash and Other Assets in Excess of Liabilites | 0.9% | 265,949 | |||||||
| Net Assets | 100.0% | $ | 30,866,962 | ||||||
| Description | Shares |
Fair | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Common Stocks | 0.8% | ||||||||
| Canada | 0.0% | ||||||||
| Rogers Sugar, Inc. (±) | 321 | $ | 1,198 | |||||
| Shopify, Inc., Class A (*), (±) | 80 | 7,631 | ||||||
| SSR Mining, Inc. (*) | 59 | 592 | ||||||
| 9,421 | ||||||||
| China | 0.0% | ||||||||
| PDD Holdings, Inc. ADR (*) | 45 | 5,326 | ||||||
| United States | 0.8% | ||||||||
| Akamai Technologies, Inc. (*), (±) | 27 | 2,173 | ||||||
| Applied Optoelectronics, Inc. (*), (±) | 51 | 783 | ||||||
| Bentley Systems, Inc., Class B (±) | 59 | 2,321 | ||||||
| BigBear.ai Holdings, Inc. (*), (±) | 11,374 | 32,530 | ||||||
| Bitdeer Technologies Group, Class A (*), (±) | 5,356 | 47,293 | ||||||
| Bloom Energy Corp., Class A (*), (±) | 316 | 6,212 | ||||||
| Cloudflare, Inc., Class A (*), (±) | 155 | 17,467 | ||||||
| Datadog, Inc., Class A (*), (±) | 225 | 22,322 | ||||||
| DraftKings, Inc., Class A (*), (±) | 6 | 199 | ||||||
| Dynavax Technologies Corp. (*) | 207 | 2,685 | ||||||
| Exact Sciences Corp. (*), (±) | 133 | 5,758 | ||||||
| Expedia Group, Inc. (±) | 75 | 12,607 | ||||||
| Freshpet, Inc. (*) | 95 | 7,901 | ||||||
| Guardant Health, Inc. (*), (±) | 235 | 10,011 | ||||||
| Guidewire Software, Inc. (*) | 2 | 375 | ||||||
| Insulet Corp. (*), (±) | 164 | 43,068 | ||||||
| Integer Holdings Corp. (*), (±) | 658 | 77,651 | ||||||
| Ionis Pharmaceuticals, Inc. (*) | 10 | 302 | ||||||
| JetBlue Airways Corp. (*), (±) | 297 | 1,431 | ||||||
| MicroStrategy, Inc., Class A (*) | 19 | 5,477 | ||||||
| Mitek Systems, Inc. (*), (±) | 133 | 1,097 | ||||||
| ON Semiconductor Corp. (*), (±) | 152 | 6,185 | ||||||
| PagerDuty, Inc. (*), (±) | 26 | 475 | ||||||
| Penn Entertainment, Inc. (*), (±) | 122 | 1,990 | ||||||
| PROS Holdings, Inc. (*), (±) | 142 | 2,702 | ||||||
| PTC Therapeutics, Inc. (*) | 85 | 4,332 | ||||||
| Q2 Holdings, Inc. (*) | 85 | 6,801 | ||||||
| Repligen Corp. (*), (±) | 9 | 1,145 | ||||||
| Snowflake, Inc., Class A (*), (±) | 43 | 6,285 | ||||||
| SoFi Technologies, Inc. (*), (±) | 1,036 | 12,049 | ||||||
| Travere Therapeutics, Inc. (*), (±) | 180 | 3,226 | ||||||
| Description | Shares |
Fair | ||||||||
| Xometry, Inc., Class A (*) | 201 | $ | 5,009 | |||||||
| Zscaler, Inc. (*) | 43 | 8,532 | ||||||||
| 358,394 | ||||||||||
| Total Common Stocks (Cost $405,101) | 373,141 | |||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Convertible Corporate Bonds | 51.9% | ||||||||||
| Australia | 1.3% | ||||||||||
| Flight Centre Travel Group Ltd.: | ||||||||||
| 2.500%, 11/17/27 (**), (±) | AUD | 200 | $ | 126,263 | ||||||
| 1.625%, 11/01/28 (**), (±) | AUD | 800 | 489,408 | |||||||
| 615,671 | ||||||||||
| Austria | 0.2% | ||||||||||
| ams-OSRAM AG, 2.125%, 11/03/27 (**), (±) | EUR | 100 | 93,648 | |||||||
| Brazil | 0.1% | ||||||||||
| GOL Equity Finance SA, 0.000%, 07/15/24 (#), («) | USD | 616 | 28,385 | |||||||
| Canada | 0.7% | ||||||||||
| Rogers Sugar, Inc., 6.000%, 06/30/30 | CAD | 178 | 126,352 | |||||||
| StorageVault Canada, Inc., 5.000%, 03/31/28 (#), (±) | CAD | 342 | 230,599 | |||||||
| 356,951 | ||||||||||
| China | 1.2% | ||||||||||
| PDD Holdings, Inc., 0.000%, 12/01/25 (±) | USD | 68 | 67,150 | |||||||
| Ping An Insurance Group Co. of China Ltd., 0.875%, 07/22/29 (**), (±) | USD | 200 | 241,000 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Qifu Technology, Inc., 0.500%, 04/01/30 (#), (±) | USD | 238 | $ | 242,444 | ||||||
| 550,594 | ||||||||||
| Netherlands | 0.7% | ||||||||||
| Pharming Group NV, 4.500%, 04/25/29 (**), (±) | EUR | 300 | 318,126 | |||||||
| Singapore | 0.4% | ||||||||||
| Sea Ltd., 0.250%, 09/15/26 (±) | USD | 222 | 207,459 | |||||||
| United Kingdom | 0.9% | ||||||||||
| Immunocore Holdings PLC, 2.500%, 02/01/30 (±) | USD | 119 | 100,494 | |||||||
| Just Eat Takeaway.com NV, 1.250%, 04/30/26 (**), (±) | EUR | 300 | 318,677 | |||||||
| 419,171 | ||||||||||
| United States | 46.4% | ||||||||||
| A10 Networks, Inc., 2.750%, 04/01/30 (#), (±) | USD | 271 | 265,887 | |||||||
| Affirm Holdings, Inc.: 0.000%, 11/15/26 (±) | USD | 283 | 261,616 | |||||||
| 0.750%, 12/15/29 (#), (±) | USD | 3 | 2,658 | |||||||
| Airbnb, Inc., 0.000%, 03/15/26 (±) | USD | 198 | 189,486 | |||||||
| Akamai Technologies, Inc.: | ||||||||||
| 0.125%, 05/01/25 (±) | USD | 474 | 473,052 | |||||||
| 0.375%, 09/01/27 (±) | USD | 39 | 38,113 | |||||||
| Alarm.com Holdings, Inc., 0.000%, 01/15/26 (±) | USD | 108 | 103,734 | |||||||
| Alkami Technology, Inc., 1.500%, 03/15/30 (#), (±) | USD | 48 | 51,672 | |||||||
| Alphatec Holdings, Inc.: | ||||||||||
| 0.750%, 08/01/26 (±) | USD | 242 | 240,976 | |||||||
| 0.750%, 03/15/30 (#), (±) | USD | 555 | 528,792 | |||||||
| American Airlines Group, Inc., 6.500%, 07/01/25 (±) | USD | 193 | 193,362 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Amyris, Inc., 0.000%, 11/15/26 (¢), («) | USD | 938 | $ | 0 | ||||||
| Bandwidth, Inc., 0.500%, 04/01/28 (±) | USD | 22 | 17,792 | |||||||
| BigBear.ai Holdings, Inc., 6.000%, 12/15/29 (#), (±) | USD | 42 | 45,628 | |||||||
| BioMarin Pharmaceutical, Inc., 1.250%, 05/15/27 (±) | USD | 116 | 109,533 | |||||||
| BlackLine, Inc., 0.000%, 03/15/26 (±) | USD | 57 | 54,793 | |||||||
| Block, Inc., 0.250%, 11/01/27 (±) | USD | 111 | 98,096 | |||||||
| Cheesecake Factory, Inc.: | ||||||||||
| 0.375%, 06/15/26 (±) | USD | 116 | 114,840 | |||||||
| 2.000%, 03/15/30 (#), (±) | USD | 390 | 373,912 | |||||||
| Cinemark Holdings, Inc., 4.500%, 08/15/25 (±) | USD | 233 | 407,109 | |||||||
| Cleanspark, Inc., 0.000%, 06/15/30 (#), (±) | USD | 95 | 68,929 | |||||||
| Cloudflare, Inc., 0.000%, 08/15/26 (±) | USD | 16 | 16,092 | |||||||
| Coherus Biosciences, Inc., 1.500%, 04/15/26 (±) | USD | 367 | 361,494 | |||||||
| Coinbase Global, Inc., 0.500%, 06/01/26 (±) | USD | 111 | 108,724 | |||||||
| Confluent, Inc., 0.000%, 01/15/27 (±) | USD | 150 | 138,750 | |||||||
| CONMED Corp., 2.250%, 06/15/27 (±) | USD | 89 | 83,793 | |||||||
| Core Scientific, Inc., 3.000%, 09/01/29 (#), (±) | USD | 55 | 57,819 | |||||||
| Cracker Barrel Old Country Store, Inc., 0.625%, 06/15/26 (±) | USD | 611 | 594,197 | |||||||
| CSG Systems International, Inc., 3.875%, 09/15/28 (±) | USD | 3 | 3,249 | |||||||
| Danimer Scientific, Inc., 0.000%, 12/15/26 (#), (±), («) | USD | 300 | 3,000 | |||||||
| Dexcom, Inc., 0.250%, 11/15/25 (±) | USD | 1,401 | 1,366,325 | |||||||
| DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±) | USD | 306 | 285,513 | |||||||
| Dropbox, Inc., 0.000%, 03/01/26 (±) | USD | 511 | 504,868 |
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| Dynavax Technologies Corp., 2.000%, 03/15/30 (#), (±) | USD | 134 | $ | 133,450 | ||||||
| Enphase Energy, Inc., 0.000%, 03/01/26 (±) | USD | 52 | 49,465 | |||||||
| Envista Holdings Corp., 1.750%, 08/15/28 (±) | USD | 40 | 36,125 | |||||||
| Etsy, Inc.: | ||||||||||
| 0.125%, 09/01/27 (±) | USD | 102 | 89,887 | |||||||
| 0.250%, 06/15/28 (±) | USD | 191 | 162,780 | |||||||
| Evergy, Inc., 4.500%, 12/15/27 (±) | USD | 8 | 9,422 | |||||||
| Evolent Health, Inc., 1.500%, 10/15/25 (±) | USD | 457 | 448,916 | |||||||
| Exact Sciences Corp.: | ||||||||||
| 0.375%, 03/15/27 (±) | USD | 1 | 920 | |||||||
| 0.375%, 03/01/28 (±) | USD | 15 | 13,200 | |||||||
| Expedia Group, Inc., 0.000%, 02/15/26 (±) | USD | 13 | 12,837 | |||||||
| Fisker, Inc., 0.000%, 09/15/26 (#), (±), («) | USD | 772 | 6,871 | |||||||
| Five9, Inc., 0.500%, 06/01/25 (±) | USD | 84 | 83,278 | |||||||
| fuboTV, Inc., 3.250%, 02/15/26 (±) | USD | 110 | 106,700 | |||||||
| GameStop Corp., 0.000%, 04/01/30 (#) | USD | 342 | 357,903 | |||||||
| Guardant Health, Inc., 0.000%, 11/15/27 (±) | USD | 51 | 45,310 | |||||||
| Guess?, Inc., 3.750%, 04/15/28 (±) | USD | 51 | 46,945 | |||||||
| Health Catalyst, Inc., 2.500%, 04/15/25 (±) | USD | 88 | 87,449 | |||||||
| Hercules Capital, Inc., 4.750%, 09/01/28 (#), (±) | USD | 16 | 15,760 | |||||||
| Inotiv, Inc., 3.250%, 10/15/27 (±) | USD | 421 | 140,783 | |||||||
| Insulet Corp., 0.375%, 09/01/26 (±) | USD | 754 | 957,645 | |||||||
| Integer Holdings Corp., 1.875%, 03/15/30 (#), (±) | USD | 90 | 91,170 | |||||||
| Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±) | USD | 1,029 | 1,011,250 | |||||||
| Jamf Holding Corp., 0.125%, 09/01/26 (±) | USD | 22 | 20,763 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Jazz Investments I Ltd., 2.000%, 06/15/26 (±) | USD | 30 | $ | 31,162 | ||||||
| JBT Marel Corp., 0.250%, 05/15/26 (±) | USD | 179 | 179,430 | |||||||
| Lantheus Holdings, Inc., 2.625%, 12/15/27 (±) | USD | 21 | 29,689 | |||||||
| LCI Industries: | ||||||||||
| 1.125%, 05/15/26 (±) | USD | 134 | 131,555 | |||||||
| 3.000%, 03/01/30 (#), (±) | USD | 611 | 601,453 | |||||||
| Liberty Interactive LLC: | ||||||||||
| 4.000%, 11/15/29 (±) | USD | 743 | 204,325 | |||||||
| 3.750%, 02/15/30 (±) | USD | 1,079 | 280,435 | |||||||
| Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27 (±) | USD | 1 | 1,217 | |||||||
| Lumentum Holdings, Inc., 0.500%, 12/15/26 (±) | USD | 136 | 141,576 | |||||||
| Lyft, Inc., 1.500%, 05/15/25 (±) | USD | 220 | 220,044 | |||||||
| MARA Holdings, Inc.: | ||||||||||
| 0.000%, 03/01/30 (#), (±) | USD | 18 | 12,803 | |||||||
| 2.125%, 09/01/31 (#), (±) | USD | 22 | 17,573 | |||||||
| Marriott Vacations Worldwide Corp., 3.250%, 12/15/27 (±) | USD | 57 | 52,868 | |||||||
| Match Group Financeco 2, Inc., 0.875%, 06/15/26 (#), (±) | USD | 77 | 73,975 | |||||||
| Mesa Laboratories, Inc., 1.375%, 08/15/25 (±) | USD | 304 | 296,781 | |||||||
| MGP Ingredients, Inc., 1.875%, 11/15/41 (±) | USD | 563 | 533,875 | |||||||
| Microchip Technology, Inc., 0.750%, 06/01/30 (#), (±) | USD | 73 | 68,492 | |||||||
| MicroStrategy, Inc.: | ||||||||||
| 0.000%, 03/01/30 (#), (±) | USD | 22 | 21,022 | |||||||
| 0.625%, 03/15/30 (±) | USD | 6 | 12,204 | |||||||
| 2.250%, 06/15/32 (#), (±) | USD | 223 | 357,469 | |||||||
| Nutanix, Inc.: | ||||||||||
| 0.250%, 10/01/27 (±) | USD | 1 | 1,336 | |||||||
| 0.500%, 12/15/29 (#), (±) | USD | 44 | 46,597 | |||||||
| Okta, Inc., 0.125%, 09/01/25 (±) | USD | 903 | 888,101 | |||||||
| ON Semiconductor Corp.: | ||||||||||
| 0.000%, 05/01/27 (±) | USD | 100 | 106,000 | |||||||
| 0.500%, 03/01/29 (±) | USD | 25 | 21,626 |
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||
| OPKO Health, Inc., 3.750%, 01/15/29 (±) | USD | 167 | $ | 268,974 | ||||||
| Pacira BioSciences, Inc., 2.125%, 05/15/29 (#), (±) | USD | 77 | 75,280 | |||||||
| PAR Technology Corp., 1.000%, 01/15/30 (#), (±) | USD | 44 | 41,602 | |||||||
| Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±) | USD | 162 | 151,794 | |||||||
| Penguin Solutions, Inc., 2.000%, 08/15/30 (#), (±) | USD | 3 | 2,761 | |||||||
| Porch Group, Inc., 0.750%, 09/15/26 (#), (±) | USD | 412 | 368,246 | |||||||
| Q2 Holdings, Inc., 0.750%, 06/01/26 (±) | USD | 19 | 20,835 | |||||||
| RealReal, Inc., 1.000%, 03/01/28 (±) | USD | 116 | 89,659 | |||||||
| Redfin Corp., 0.500%, 04/01/27 (±) | USD | 471 | 413,805 | |||||||
| Repay Holdings Corp., 0.000%, 02/01/26 (#), (±) | USD | 873 | 835,899 | |||||||
| Rexford Industrial Realty LP, 4.375%, 03/15/27 (#), (±) | USD | 11 | 10,995 | |||||||
| Semtech Corp., 1.625%, 11/01/27 (±) | USD | 162 | 200,070 | |||||||
| Shift Technologies, Inc., 0.000%, 05/15/26 (#), (±), («) | USD | 850 | 2,321 | |||||||
| Shift4 Payments, Inc., 0.000%, 12/15/25 (±) | USD | 313 | 359,637 | |||||||
| Snap, Inc.: | ||||||||||
| 0.000%, 05/01/27 (±) | USD | 190 | 169,803 | |||||||
| 0.125%, 03/01/28 (±) | USD | 126 | 106,911 | |||||||
| Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±) | USD | 457 | 438,192 | |||||||
| Super Micro Computer, Inc., 3.500%, 03/01/29 (±) | USD | 56 | 54,320 | |||||||
| Teladoc Health, Inc., 1.250%, 06/01/27 (±) | USD | 89 | 81,969 | |||||||
| Terawulf, Inc., 2.750%, 02/01/30 (#), (±) | USD | 22 | 15,202 | |||||||
| Travere Therapeutics, Inc., 2.500%, 09/15/25 (±) | USD | 275 | 269,938 | |||||||
| Unity Software, Inc.: | ||||||||||
| 0.000%, 11/15/26 (±) | USD | 372 | 345,960 | |||||||
| 0.000%, 03/15/30 (#), (±) | USD | 44 | 39,864 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
| Upstart Holdings, Inc., 0.250%, 08/15/26 (±) | USD | 550 | $ | 514,938 | ||||||
| Varex Imaging Corp., 4.000%, 06/01/25 (±) | USD | 720 | 720,000 | |||||||
| Verint Systems, Inc., 0.250%, 04/15/26 (±) | USD | 424 | 403,224 | |||||||
| Vertex, Inc., 0.750%, 05/01/29 (#), (±) | USD | 73 | 87,098 | |||||||
| Viavi Solutions, Inc., 1.625%, 03/15/26 (±) | USD | 22 | 23,677 | |||||||
| Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±) | USD | 172 | 168,783 | |||||||
| Western Digital Corp., 3.000%, 11/15/28 (±) | USD | 61 | 78,598 | |||||||
| Xometry, Inc., 1.000%, 02/01/27 (±) | USD | 44 | 42,746 | |||||||
| Ziff Davis, Inc., 1.750%, 11/01/26 (±) | USD | 103 | 97,013 | |||||||
| 21,924,355 | ||||||||||
| Total Convertible Corporate Bonds (Cost $26,923,187) | 24,514,360 | |||||||||
| Corporate Bonds | 0.1% | ||||||||||
| Colombia | 0.1% | ||||||||||
| ABRA Global Finance, 14.000%, 10/22/29 (#), (±) (Cost $62,722) | USD | 65 | 61,748 | |||||||
| Description | Shares | Fair Value | ||||||||
| Preferred Stocks | 0.0% | ||||||||||
| United States | 0.0% | ||||||||||
| Microchip Technology, Inc. (±) (Cost $19,900) | 398 | $ | 20,031 |
| Description | Counterparty | Number of Contracts | Exercise Price | Notinoal Amount < | Fair Value | |||||||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||||||||||
| Purchased Options | 0.0% | ||||||||||||||||
| Call | ||||||||||||||||
| Bitdeer Technologies Group, Expires 04/04/25 | MSC | 11 | $ | 11 | $ | 9,713 | $ | 110 | ||||||||
| Core Scientific, Inc., Expires 04/04/25 | MSC | 11 | 9 | 7,964 | 33 | |||||||||||
| Semtech Corp., Expires 04/17/25 | MSC | 16 | 50 | 55,040 | 80 | |||||||||||
| Xometry, Inc., Expires 04/17/25 | MSC | 11 | 30 | 27,412 | 55 | |||||||||||
| Put | ||||||||||||||||
| Inotiv, Inc., Expires 04/17/25 | MSC | 11 | 3 | 2,431 | 440 | |||||||||||
| Total Purchased Options (Cost $3,314) | 718 | |||||||||||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||||||||||
| U.S. Treasury Securities | 41.7% | ||||||||||||||||
| U.S. Treasury Bills: | ||||||||||||||||
| 0.000%, 04/03/25 (±) | USD | 390 | $ | 389,908 | ||||||||||||
| 0.000%, 04/10/25 (±) | USD | 480 | 479,490 | |||||||||||||
| 0.000%, 04/15/25 (±) | USD | 4,105 | 4,098,227 | |||||||||||||
| 0.000%, 05/06/25 (±) | USD | 1,795 | 1,787,606 | |||||||||||||
| 0.000%, 05/20/25 (±) | USD | 4,515 | 4,489,005 | |||||||||||||
| 0.000%, 06/05/25 (±) | USD | 3,275 | 3,250,194 | |||||||||||||
| 0.000%, 06/12/25 (±) | USD | 3,300 | 3,272,346 | |||||||||||||
| 0.000%, 06/26/25 (±) | USD | 110 | 108,898 | |||||||||||||
| 0.000%, 08/14/25 (±) | USD | 710 | 698,964 | |||||||||||||
| U.S. Treasury Notes, 4.000%, 10/31/29 (±) | USD | 1,118 | 1,120,489 | |||||||||||||
| Total U.S. Treasury Securities (Cost $19,683,209) | 19,695,127 | |||||||||||||||
| Description | Shares | Fair Value | ||||||
| Warrants | 0.0% | ||||||||
| Singapore | 0.0% | ||||||||
| Maxeon Solar Technologies Ltd., Expires 01/15/28 (*), (¢) | 26,550 | $ | 0 | |||||
| United States | 0.0% | ||||||||
| Danimer Scientific, Inc., Expires 07/15/25 (*), (±) | 19,663 | 6 | ||||||
| Total Warrants (Cost $2,353) | 6 | |||||||
| Short-Term Investments | 3.9% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $1,826,999) | 1,826,999 | 1,826,999 | ||||||
| Total Investments excluding Securities Sold Short | 98.4% (Cost $48,926,785) | $ | 46,492,130 | ||||||
| Securities Sold Short | (2.6)% | ||||||||
| Common Stocks | (2.4)% | ||||||||
| Australia | (0.1)% | ||||||||
| Flight Centre Travel Group Ltd. | (7,328) | (63,618) | ||||||
| Canada | 0.0% | ||||||||
| StorageVault Canada, Inc. | (3,932) | (10,683) | ||||||
| China | (0.4)% | ||||||||
| Ping An Insurance Group Co. of China Ltd., Class H | (28,600) | (170,637) | ||||||
| Netherlands | (0.2)% | ||||||||
| Pharming Group NV | (102,086) | (86,019) | ||||||
| Description | Shares |
Fair | ||||||
| Lazard Enhanced Opportunities Portfolio (continued) | ||||||||
| United States | (1.7)% | ||||||||
| A10 Networks, Inc. | (5,452) | $ | (89,086) | |||||
| Cinemark Holdings, Inc. | (16,072) | (400,032) | ||||||
| Cleanspark, Inc. | (4,543) | (30,529) | ||||||
| Core Scientific, Inc. | (3,750) | (27,150) | ||||||
| Evergy, Inc. | (86) | (5,930) | ||||||
| Ford Motor Co. | (1,983) | (19,889) | ||||||
| Hercules Capital, Inc. | (274) | (5,264) | ||||||
| Lantheus Holdings, Inc. | (130) | (12,688) | ||||||
| Liberty Media Corp.-Liberty Formula One, Class C | (8) | (720) | ||||||
| MARA Holdings, Inc. | (60) | (690) | ||||||
| Microchip Technology, Inc. (±) | (94) | (4,551) | ||||||
| Nutanix, Inc., Class A (±) | (319) | (22,269) | ||||||
| Pacira BioSciences, Inc. | (1,168) | (29,025) | ||||||
| Shift4 Payments, Inc., Class A | (1,126) | (92,005) | ||||||
| Summit Hotel Properties, Inc. (±) | (3,140) | (16,987) | ||||||
| Unity Software, Inc. | (806) | (15,790) | ||||||
| Western Digital Corp. (±) | (557) | (22,519) | ||||||
| (795,124) | ||||||||
| Total Common Stocks (Proceeds $1,204,618) | (1,126,081) | |||||||
| Description | Security Currency | Principal Amount (000) |
Fair | |||||||
| Convertible Corporate Bonds | (0.2)% | ||||||||||
| United States | (0.2)% | ||||||||||
JetBlue
Airways Corp., (Proceeds $99,330) | USD | (116) | $ | (109,678) | ||||||
| Total Securities Sold Short (Proceeds $1,303,948) | (1,235,759) | |||||||||
| Total Investments | 95.8% (Cost and short proceeds $47,622,837) (») | $ | 45,256,371 | ||||||||
| Cash and Other Assets in Excess of Liabilities | 4.2% | 1,964,247 | |||||||||
| Net Assets | 100.0% | $ | 47,220,618 | ||||||||
Lazard Enhanced Opportunities Portfolio (continued)
Forward Currency Contracts open at March 31, 2025:
| Currency
Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized
Depreciation | |||||||||||
| USD | 502,396 | AUD | 800,000 | SSB | 06/26/25 | $ | 2,163 | $ | — | |||||||||
| USD | 313,746 | CAD | 448,000 | SSB | 06/26/25 | 1,116 | — | |||||||||||
| USD | 630,868 | EUR | 580,000 | SSB | 06/26/25 | 710 | — | |||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 3,989 | $ | — | ||||||||||||||
Total Return Swap Agreements open at March 31, 2025:
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| Long Position Contract | ||||||||||||||||||||||
| USD | BNP | $ | 333,785 | 11/17/25 | Affirm Holdings, Inc., 0.000%, 11/15/26 | 4.33 | % | $ | — | $ | 308 | |||||||||||
| USD | BNP | 2,682 | 11/17/25 | Affirm Holdings, Inc., 0.750%, 12/15/29 | 4.33 | — | 30 | |||||||||||||||
| USD | NIP | 548,815 | 11/30/27 | Akamai Technologies, Inc., 0.375%, 09/01/27 | 4.33 | — | 5,021 | |||||||||||||||
| USD | NIP | 227,055 | 11/30/27 | Akamai Technologies, Inc., 1.125%, 02/15/29 | 4.33 | — | 247 | |||||||||||||||
| USD | NIP | 1,298,768 | 11/30/27 | Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 4.33 | — | 61,032 | |||||||||||||||
| USD | NIP | 122,770 | 11/30/27 | Amphastar Pharmaceuticals, Inc., 2.000%, 03/15/29 | 4.33 | — | 12,566 | |||||||||||||||
| USD | BNP | 770,297 | 11/17/25 | ANI Pharmaceuticals, Inc., 2.250%, 09/01/29 | 4.33 | 64,289 | — | |||||||||||||||
| USD | NIP | 414,936 | 11/30/27 | Applied Digital Corp., 2.750%, 06/01/30 | 4.33 | — | 126,001 | |||||||||||||||
| USD | BNP | 241,676 | 11/17/25 | Applied Optoelectronics, Inc., 2.750%, 01/15/30 | 4.33 | — | 65,048 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 328,722 | 11/17/25 | Astronics Corp., 5.500%, 03/15/30 | 4.33 | % | $ | 63,292 | $ | — | |||||||||||
| USD | BNP | 60,462 | 11/17/25 | B2Gold Corp., 2.750%, 02/01/30 | 4.33 | 4,215 | — | |||||||||||||||
| USD | NIP | 357,177 | 11/30/27 | Bentley Systems, Inc., 0.375%, 07/01/27 | 4.33 | — | 2,421 | |||||||||||||||
| USD | BNP | 114,782 | 11/17/25 | BigBear.ai Holdings, Inc., 6.000%, 12/15/29 | 4.33 | — | 50,092 | |||||||||||||||
| USD | NIP | 67,931 | 11/30/27 | BigBear.ai Holdings, Inc., 6.000%, 12/15/29 | 4.33 | 2,420 | — | |||||||||||||||
| USD | NIP | 560,252 | 11/30/27 | Bitdeer Technologies Group, 8.500%, 08/15/29 | 4.33 | — | 277,869 | |||||||||||||||
| USD | NIP | 333,365 | 11/30/27 | Bitdeer Technologies Group, 5.250%, 12/01/29 | 4.33 | — | 81,122 | |||||||||||||||
| USD | BNP | 62,780 | 11/17/25 | BlackLine, Inc., 1.000%, 06/01/29 | 4.33 | 478 | — | |||||||||||||||
| USD | BNP | 9,852 | 11/17/25 | Blackstone Mortgage Trust, Inc., 5.500%, 03/15/27 | 4.33 | — | 154 | |||||||||||||||
| USD | BNP | 450,782 | 11/17/25 | Bloom Energy Corp., 3.000%, 06/01/29 | 4.33 | — | 60,945 | |||||||||||||||
| USD | BNP | 780,796 | 11/17/25 | Bloom Energy Corp., 3.000%, 06/01/28 | 4.33 | — | 100,846 | |||||||||||||||
| USD | NIP | 414,007 | 11/30/27 | Box, Inc., 1.500%, 09/15/29 | 4.33 | — | 5,829 | |||||||||||||||
| USD | NIP | 358,330 | 11/30/27 | Box, Inc., 0.000%, 01/15/26 | 4.33 | — | 21,861 | |||||||||||||||
| USD | BNP | 43,362 | 11/17/25 | Capital Southwest Corp., 5.125%, 11/15/29 | 4.33 | — | 621 | |||||||||||||||
| USD | NIP | 616,735 | 11/30/27 | Carnival Corp., 5.750%, 12/01/27 | 4.33 | — | 19,698 | |||||||||||||||
| USD | BNP | 32,349 | 11/17/25 | Cheesecake Factory, Inc., 0.375%, 06/15/26 | 4.33 | 235 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 15,388 | 11/17/25 | Chefs’ Warehouse, Inc., 2.375%, 12/15/28 | 4.33 | % | $ | — | $ | 1,525 | |||||||||||
| USD | NIP | 796,407 | 11/30/27 | Cloudflare, Inc., 0.000%, 08/15/26 | 4.33 | — | 45,009 | |||||||||||||||
| USD | NIP | 325,435 | 11/30/27 | Coinbase Global, Inc., 0.500%, 06/01/26 | 4.33 | — | 4,844 | |||||||||||||||
| USD | BNP | 903,031 | 11/17/25 | Collegium Pharmaceutical, Inc., 2.875%, 02/15/29 | 4.33 | — | 80,016 | |||||||||||||||
| USD | BNP | 485,367 | 11/17/25 | Confluent, Inc., 0.000%, 01/15/27 | 4.33 | 6,502 | — | |||||||||||||||
| USD | BNP | 982,036 | 11/17/25 | CONMED Corp., 2.250%, 06/15/27 | 4.33 | 1,473 | — | |||||||||||||||
| USD | BNP | 203,485 | 11/17/25 | Core Scientific, Inc., 3.000%, 09/01/29 | 4.33 | — | 11,705 | |||||||||||||||
| USD | BNP | 66,732 | 11/17/25 | CSG Systems International, Inc., 3.875%, 09/15/28 | 4.33 | 2,293 | — | |||||||||||||||
| USD | BNP | 72,171 | 11/17/25 | Datadog, Inc., 0.125%, 06/15/25 | 4.33 | — | 436 | |||||||||||||||
| USD | NIP | 1,364,971 | 11/30/27 | Datadog, Inc., 0.125%, 06/15/25 | 4.33 | — | 317,084 | |||||||||||||||
| USD | BNP | 1,257,517 | 11/17/25 | Dayforce, Inc., 0.250%, 03/15/26 | 4.33 | 6 | — | |||||||||||||||
| USD | BNP | 22,524 | 11/17/25 | Dexcom, Inc., 0.375%, 05/15/28 | 4.33 | — | 221 | |||||||||||||||
| USD | BNP | 987,121 | 11/17/25 | DigitalOcean Holdings, Inc., 0.000%, 12/01/26 | 4.33 | 101,246 | — | |||||||||||||||
| USD | BNP | 19,085 | 11/17/25 | DraftKings Holdings, Inc., 0.000%, 03/15/28 | 4.33 | 94 | — | |||||||||||||||
| USD | BNP | 168,692 | 11/17/25 | Dropbox, Inc., 0.000%, 03/01/28 | 4.33 | 2,103 | — | |||||||||||||||
| USD | BNP | 379,068 | 11/17/25 | Duke Energy Corp., 4.125%, 04/15/26 | 4.33 | — | 3,352 | |||||||||||||||
| USD | BNP | 515,301 | 11/17/25 | Encore Capital Group, Inc., 3.250%, 10/01/25 | 4.33 | — | 89,527 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 801,981 | 11/17/25 | Encore Capital Group, Inc., 4.000%, 03/15/29 | 4.33 | % | $ | — | $ | 89,209 | |||||||||||
| USD | BNP | 30,738 | 11/17/25 | Enovis Corp., 3.875%, 10/15/28 | 4.33 | — | 17 | |||||||||||||||
| USD | BNP | 362,261 | 11/17/25 | Enphase Energy, Inc., 0.000%, 03/01/26 | 4.33 | 3,368 | — | |||||||||||||||
| USD | BNP | 18,209 | 11/17/25 | Enphase Energy, Inc., 0.000%, 03/01/28 | 4.33 | 402 | — | |||||||||||||||
| USD | BNP | 39,106 | 11/17/25 | Envista Holdings Corp., 1.750%, 08/15/28 | 4.33 | — | 289 | |||||||||||||||
| USD | BNP | 116,317 | 11/17/25 | Etsy, Inc., 0.125%, 09/01/27 | 4.33 | 390 | — | |||||||||||||||
| USD | NIP | 195,633 | 11/30/27 | Evergy, Inc., 4.500%, 12/15/27 | 4.33 | 887 | — | |||||||||||||||
| USD | BNP | 187,812 | 11/17/25 | Evolent Health, Inc., 3.500%, 12/01/29 | 4.33 | — | 8,695 | |||||||||||||||
| USD | NIP | 582,007 | 11/30/27 | Exact Sciences Corp., 0.375%, 03/01/28 | 4.33 | — | 6,749 | |||||||||||||||
| USD | NIP | 1,028,022 | 11/30/27 | Exact Sciences Corp., 0.375%, 03/15/27 | 4.33 | — | 21,294 | |||||||||||||||
| USD | BNP | 692,847 | 11/17/25 | Expedia Group, Inc., 0.000%, 02/15/26 | 4.33 | — | 12,172 | |||||||||||||||
| USD | BNP | 490,069 | 11/17/25 | EZCORP, Inc., 3.750%, 12/15/29 | 4.33 | 62,267 | — | |||||||||||||||
| USD | NIP | 248,191 | 11/30/27 | FARO Technologies, Inc., 5.500%, 02/01/28 | 4.33 | — | 15,025 | |||||||||||||||
| USD | BNP | 243,600 | 11/17/25 | FirstEnergy Corp., 4.000%, 05/01/26 | 4.33 | — | 2,343 | |||||||||||||||
| USD | BNP | 19,482 | 11/17/25 | Five9, Inc. | 4.33 | — | 723 | |||||||||||||||
| USD | NIP | 721,402 | 11/30/27 | Five9, Inc., 0.500%, 06/01/25 | 4.33 | 34,225 | — | |||||||||||||||
| USD | BNP | 1,054,646 | 11/17/25 | Ford Motor Co., 0.000%, 03/15/26 | 4.33 | 7,208 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 183,036 | 11/17/25 | Fortuna Mining Corp., 3.750%, 06/30/29 | 4.33 | % | $ | 17,579 | $ | — | |||||||||||
| USD | NIP | 505,651 | 11/30/27 | Freshpet, Inc., 3.000%, 04/01/28 | 4.33 | — | 19,551 | |||||||||||||||
| USD | BNP | 945,280 | 11/17/25 | Greenbrier Cos., Inc., 2.875%, 04/15/28 | 4.33 | — | 24,579 | |||||||||||||||
| USD | NIP | 64,290 | 11/30/27 | Groupon, Inc., 6.250%, 03/15/27 | 4.33 | 4,599 | — | |||||||||||||||
| USD | BNP | 1,054,904 | 11/17/25 | Guardant Health, Inc., 0.000%, 11/15/27 | 4.33 | 10,340 | — | |||||||||||||||
| USD | BNP | 102,654 | 11/17/25 | Guess?, Inc., 3.750%, 04/15/28 | 4.33 | 3,816 | — | |||||||||||||||
| USD | NIP | 17,980 | 11/30/27 | Guidewire Software, Inc., 1.250%, 11/01/29 | 4.33 | — | 297 | |||||||||||||||
| USD | NIP | 181,690 | 11/30/27 | H World Group Ltd., 3.000%, 05/01/26 | 4.33 | — | 5,783 | |||||||||||||||
| USD | BNP | 22,178 | 11/17/25 | Halozyme Therapeutics, Inc., 0.250%, 03/01/27 | 4.33 | 1,116 | — | |||||||||||||||
| USD | BNP | 52,338 | 11/17/25 | Halozyme Therapeutics, Inc., 1.000%, 08/15/28 | 4.33 | 8,941 | — | |||||||||||||||
| USD | NIP | 540,689 | 11/30/27 | Health Catalyst, Inc. | 4.33 | 29,613 | — | |||||||||||||||
| USD | NIP | 1,838,323 | 11/30/27 | HubSpot, Inc., 0.375%, 06/01/25 | 4.33 | — | 5,747 | |||||||||||||||
| USD | BNP | 743,286 | 11/17/25 | Innoviva, Inc., 2.125%, 03/15/28 | 4.33 | — | 14,465 | |||||||||||||||
| USD | BNP | 639,616 | 11/17/25 | InterDigital, Inc., 3.500%, 06/01/27 | 4.33 | 24,298 | — | |||||||||||||||
| USD | NIP | 21,417 | 11/30/27 | Ionis Pharmaceuticals, Inc., 1.750%, 06/15/28 | 4.33 | — | 110 | |||||||||||||||
| USD | BNP | 807,842 | 11/17/25 | Jazz Investments I Ltd., 2.000%, 06/15/26 | 4.33 | — | 15,811 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 86,455 | 11/17/25 | Jazz Investments I Ltd., 3.125%, 09/15/30 | 4.33 | % | $ | 1,141 | $ | — | |||||||||||
| USD | BNP | 427,753 | 11/17/25 | JD.com, Inc., 0.250%, 06/01/29 | 4.33 | — | 13,549 | |||||||||||||||
| USD | BNP | 65,568 | 11/17/25 | JetBlue Airways Corp., 2.500%, 09/01/29 | 4.33 | — | 20,551 | |||||||||||||||
| USD | BNP | 676,998 | 11/17/25 | Lantheus Holdings, Inc., 2.625%, 12/15/27 | 4.33 | 20,036 | — | |||||||||||||||
| USD | BNP | 108,033 | 11/17/25 | Liberty Media Corp., 2.375%, 09/30/53 | 4.33 | 181 | — | |||||||||||||||
| USD | BNP | 157,876 | 11/17/25 | Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27 | 4.33 | 3,744 | — | |||||||||||||||
| USD | BNP | 89,951 | 11/17/25 | LivaNova PLC | 4.33 | — | 395 | |||||||||||||||
| USD | BNP | 152,034 | 11/17/25 | Lumentum Holdings, Inc., 0.500%, 06/01/28 | 4.33 | 571 | — | |||||||||||||||
| USD | BNP | 1,046,708 | 11/17/25 | Lumentum Holdings, Inc., 0.500%, 12/15/26 | 4.33 | — | 53,205 | |||||||||||||||
| USD | BNP | 116,124 | 11/17/25 | Lumentum Holdings, Inc., 1.500%, 12/15/29 | 4.33 | — | 11,475 | |||||||||||||||
| USD | BNP | 24,892 | 11/17/25 | Lyft, Inc. | 4.33 | — | 1,718 | |||||||||||||||
| USD | NIP | 117,463 | 11/30/27 | MACOM Technology Solutions Holdings, Inc., 0.000%, 12/15/29 | 4.33 | — | 5,827 | |||||||||||||||
| USD | NIP | 20,698 | 11/30/27 | MACOM Technology Solutions Holdings, Inc., 0.250%, 03/15/26 | 4.33 | — | 357 | |||||||||||||||
| USD | NIP | 39,420 | 11/30/27 | MARA Holdings, Inc., 0.000%, 03/01/30 | 4.33 | — | 11,123 | |||||||||||||||
| USD | BNP | 231,865 | 11/17/25 | Marriott Vacations Worldwide Corp., 3.250%, 12/01/27 | 4.33 | — | 4,694 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 1,293,583 | 11/17/25 | Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 | 4.33 | % | $ | 1,796 | $ | — | |||||||||||
| USD | BNP | 1,131,319 | 11/17/25 | Match Group Financeco 2, Inc., 0.875%, 06/15/26 | 4.33 | 17,647 | — | |||||||||||||||
| USD | BNP | 87,675 | 11/17/25 | Match Group Financeco 3, Inc., 2.000%, 01/15/30 | 4.33 | — | 510 | |||||||||||||||
| USD | BNP | 28,516 | 11/17/25 | Merit Medical Systems, Inc., 3.000%, 02/01/29 | 4.33 | 1,337 | — | |||||||||||||||
| USD | NIP | 65,759 | 11/30/27 | Meritage Homes Corp., 1.750%, 05/15/28 | 4.33 | — | 3,326 | |||||||||||||||
| USD | NIP | 409,308 | 11/30/27 | Microchip Technology, Inc., 0.750%, 06/01/30 | 4.33 | — | 600 | |||||||||||||||
| USD | NIP | 25,952 | 11/30/27 | MicroStrategy, Inc., 2.250%, 06/15/32 | 4.33 | — | 6,817 | |||||||||||||||
| USD | NIP | 22,754 | 11/30/27 | MicroStrategy, Inc., 0.625%, 03/01/30 | 4.33 | 13,770 | — | |||||||||||||||
| USD | NIP | 704,257 | 11/30/27 | Middleby Corp., 1.000%, 09/01/25 | 4.33 | — | 18,048 | |||||||||||||||
| USD | BNP | 86,856 | 11/17/25 | Mirum Pharmaceuticals, Inc., 4.000%, 05/01/29 | 4.33 | 3,870 | — | |||||||||||||||
| USD | BNP | 542,559 | 11/17/25 | Mitek Systems, Inc., 0.750%, 02/01/26 | 4.33 | 10,919 | — | |||||||||||||||
| USD | BNP | 22,826 | 11/17/25 | MKS Instruments, Inc., 1.250%, 06/01/30 | 4.33 | — | 2,178 | |||||||||||||||
| USD | BNP | 282,045 | 11/17/25 | NCL Corp. Ltd., 2.500%, 02/15/27 | 4.33 | — | 15,961 | |||||||||||||||
| USD | BNP | 329,241 | 11/17/25 | NCL Corp. Ltd., 1.125%, 02/15/27 | 4.33 | — | 10,312 | |||||||||||||||
| USD | BNP | 538,794 | 11/17/25 | NeoGenomics, Inc., 1.250%, 05/01/25 | 4.33 | — | 2,409 | |||||||||||||||
| USD | BNP | 205,675 | 11/17/25 | Nutanix, Inc., 0.500%, 12/15/29 | 4.33 | 480 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 180,656 | 11/17/25 | Nutanix, Inc., 0.250%, 10/01/27 | 4.33 | % | $ | — | $ | 5,999 | |||||||||||
| USD | BNP | 162,015 | 11/17/25 | ON Semiconductor Corp., 0.500%, 03/01/29 | 4.33 | — | 2,385 | |||||||||||||||
| USD | BNP | 681,279 | 11/17/25 | ON Semiconductor Corp., 0.000%, 05/01/27 | 4.33 | — | 21,783 | |||||||||||||||
| USD | BNP | 70,806 | 11/17/25 | Ormat Technologies, Inc., 2.500%, 07/15/27 | 4.33 | — | 767 | |||||||||||||||
| USD | BNP | 235,164 | 11/17/25 | OSI Systems, Inc., 2.250%, 08/01/29 | 4.33 | 7,962 | — | |||||||||||||||
| USD | BNP | 206,836 | 11/17/25 | Pacira BioSciences, Inc., 2.125%, 05/15/29 | 4.33 | — | 459 | |||||||||||||||
| USD | BNP | 484,124 | 11/17/25 | Pacira BioSciences, Inc., 0.750%, 08/01/25 | 4.33 | 966 | — | |||||||||||||||
| USD | BNP | 155,766 | 11/17/25 | Pagaya Technologies Ltd., 6.125%, 10/01/29 | 4.33 | — | 16,717 | |||||||||||||||
| USD | BNP | 57,131 | 11/17/25 | PagerDuty, Inc., 1.500%, 10/15/28 | 4.33 | 444 | — | |||||||||||||||
| USD | NIP | 86,961 | 11/30/27 | PAR Technology Corp., 1.500%, 10/15/27 | 4.33 | — | 3,686 | |||||||||||||||
| USD | NIP | 76,926 | 11/30/27 | PAR Technology Corp., 2.875%, 04/15/26 | 4.33 | — | 16,260 | |||||||||||||||
| USD | BNP | 833,940 | 11/17/25 | Parsons Corp., 0.250%, 08/15/25 | 4.33 | — | 319,412 | |||||||||||||||
| USD | BNP | 198,306 | 11/17/25 | Parsons Corp., 2.625%, 03/01/29 | 4.33 | — | 427 | |||||||||||||||
| USD | NIP | 276,272 | 11/30/27 | PDD Holdings, Inc., 0.000%, 12/01/25 | 4.33 | — | 1,527 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 718,040 | 11/17/25 | Pebblebrook
Hotel Trust, 1.750%, 12/15/26 | 4.33 | % | $ | — | $ | 8,063 | |||||||||||
| USD | BNP | 613,785 | 11/17/25 | Penguin Solutions, Inc., 2.000%, 02/01/29 | 4.33 | — | 47,213 | |||||||||||||||
| USD | BNP | 579,837 | 11/17/25 | Penguin Solutions, Inc., 2.000%, 08/15/30 | 4.33 | — | 46,593 | |||||||||||||||
| USD | NIP | 168,086 | 11/30/27 | Penn Entertainment, Inc., 2.750%, 05/15/26 | 4.33 | — | 12,640 | |||||||||||||||
| USD | NIP | 125,737 | 11/30/27 | Pinnacle West Capital Corp., 4.750%, 06/15/27 | 4.33 | 12 | — | |||||||||||||||
| USD | NIP | 127,324 | 11/30/27 | PPL Capital Funding, Inc., 2.875%, 03/15/28 | 4.33 | 2,558 | — | |||||||||||||||
| USD | BNP | 141,634 | 11/17/25 | Progress Software Corp., 1.000%, 04/15/26 | 4.33 | — | 4,748 | |||||||||||||||
| USD | BNP | 431,117 | 11/17/25 | Progress Software Corp., 3.500%, 03/01/30 | 4.33 | — | 11,175 | |||||||||||||||
| USD | BNP | 423,633 | 11/17/25 | PROS Holdings, Inc., 2.250%, 09/15/27 | 4.33 | — | 16,332 | |||||||||||||||
| USD | BNP | 141,900 | 11/17/25 | PTC Therapeutics, Inc., 1.500%, 09/15/26 | 4.33 | — | 9,760 | |||||||||||||||
| USD | BNP | 360,245 | 11/17/25 | Q2 Holdings, Inc., 0.125%, 11/15/25 | 4.33 | 15,323 | — | |||||||||||||||
| USD | BNP | 960,191 | 11/17/25 | Q2 Holdings, Inc., 0.750%, 06/01/26 | 4.33 | — | 130,780 | |||||||||||||||
| USD | BNP | 6,964 | 11/17/25 | Redfin Corp., 0.500%, 04/01/27 | 4.33 | 935 | — | |||||||||||||||
| USD | BNP | 64,358 | 11/17/25 | Repay Holdings Corp., 2.875%, 07/15/29 | 4.33 | — | 7,907 | |||||||||||||||
| USD | NIP | 181,120 | 11/30/27 | Repligen Corp., 1.000%, 12/15/28 | 4.33 | — | 11,650 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 11,238 | 11/30/27 | Rexford
Industrial Realty LP, 4.375%, 03/15/27 | 4.33 | % | $ | — | $ | 287 | |||||||||||
| USD | BNP | 1,417,756 | 11/17/25 | Sea Ltd.,
2.375%, 12/01/25 | 4.33 | 295,431 | — | |||||||||||||||
| USD | BNP | 34,137 | 11/17/25 | Semler Scientific, Inc., 4.250%, 08/01/30 | 4.33 | — | 8,244 | |||||||||||||||
| USD | NIP | 628,000 | 11/30/27 | Semtech Corp., 1.625%, 11/01/27 | 4.33 | — | 23,631 | |||||||||||||||
| USD | BNP | 236,634 | 11/17/25 | Shift4 Payments, Inc., 0.500%, 08/01/27 | 4.33 | — | 4,527 | |||||||||||||||
| USD | BNP | 1,675,722 | 11/17/25 | Shift4 Payments, Inc., 0.000%, 12/15/25 | 4.33 | — | 212,685 | |||||||||||||||
| USD | BNP | 1,094,128 | 11/17/25 | Shopify, Inc., 0.125%, 11/01/25 | 4.33 | — | 41,921 | |||||||||||||||
| USD | BNP | 130,711 | 11/17/25 | Silvercorp Metals, Inc., 4.750%, 12/15/29 | 4.33 | 19,775 | — | |||||||||||||||
| USD | NIP | 291,191 | 11/30/27 | Sirius XM Holdings, Inc., 3.750%, 03/15/28 | 4.33 | — | 15,889 | |||||||||||||||
| USD | BNP | 1,234,040 | 11/17/25 | Snowflake, Inc., 0.000%, 10/01/27 | 4.33 | — | 85,252 | |||||||||||||||
| USD | BNP | 563,798 | 11/17/25 | Snowflake, Inc., 0.000%, 10/01/29 | 4.33 | — | 38,887 | |||||||||||||||
| USD | BNP | 61,048 | 11/17/25 | SoFi Technologies, Inc., 0.000%, 10/15/26 | 4.33 | — | 6,282 | |||||||||||||||
| USD | BNP | 1,387,402 | 11/17/25 | SoFi Technologies, Inc., 1.250%, 03/15/29 | 4.33 | — | 277,790 | |||||||||||||||
| USD | BNP | 21,312 | 11/17/25 | SSR Mining, Inc., 2.500%, 04/01/39 | 4.33 | 889 | — | |||||||||||||||
| USD | BNP | 43,829 | 11/17/25 | Summit Hotel Properties, Inc., 1.500%, 02/15/26 | 4.33 | — | 868 | |||||||||||||||
| USD | BNP | 127,442 | 11/17/25 | Super Micro Computer, Inc., 2.250%, 07/15/28 | 4.33 | — | 12,203 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 138,144 | 11/17/25 | Tandem Diabetes Care, Inc. | 4.33 | % | $ | — | $ | 34,119 | |||||||||||
| USD | BNP | 261,943 | 11/17/25 | TransMedics Group, Inc., 1.500%, 06/01/28 | 4.33 | — | 1,323 | |||||||||||||||
| USD | BNP | 638,062 | 11/17/25 | Transocean, Inc., 4.625%, 09/30/29 | 4.33 | — | 90,036 | |||||||||||||||
| USD | NIP | 6,719 | 11/30/27 | Travere Therapeutics, Inc., 2.250%, 03/01/29 | 4.33 | 4,244 | — | |||||||||||||||
| USD | BNP | 670,936 | 11/17/25 | Trip.com Group Ltd., 0.750%, 06/15/29 | 4.33 | — | 25,338 | |||||||||||||||
| USD | NIP | 114,683 | 11/30/27 | Tyler Technologies, Inc., 0.250%, 03/15/26 | 4.33 | 2,641 | — | |||||||||||||||
| USD | BNP | 284,806 | 11/17/25 | Uber Technologies, Inc., 0.875%, 12/01/28 | 4.33 | — | 3,288 | |||||||||||||||
| USD | BNP | 1,005,460 | 11/17/25 | Uber Technologies, Inc., 0.000%, 12/15/25 | 4.33 | — | 21,980 | |||||||||||||||
| USD | NIP | 298,699 | 11/30/27 | UGI Corp., 5.000%, 06/01/28 | 4.33 | 297 | — | |||||||||||||||
| USD | BNP | 150,850 | 11/17/25 | Upstart Holdings, Inc., 1.000%, 11/15/30 | 4.33 | — | 45,017 | |||||||||||||||
| USD | BNP | 1,578,626 | 11/17/25 | Upstart Holdings, Inc., 2.000%, 10/01/29 | 4.33 | — | 496,651 | |||||||||||||||
| USD | BNP | 30,907 | 11/17/25 | Upstart Holdings, Inc., 0.250%, 08/01/26 | 4.33 | — | 143 | |||||||||||||||
| USD | NIP | 53,800 | 11/30/27 | Varonis Systems, Inc., 1.000%, 09/15/29 | 4.33 | — | 428 | |||||||||||||||
| USD | NIP | 149,120 | 11/30/27 | Varonis Systems, Inc., 1.250%, 08/15/25 | 4.33 | — | 63 | |||||||||||||||
| USD | BNP | 265,429 | 11/17/25 | Veeco Instruments, Inc., 3.750%, 06/01/27 | 4.33 | — | 71,762 | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 566,814 | 11/30/27 | Veeco Instruments, Inc., 2.875%, 06/01/29 | 4.33 | % | $ | — | $ | 84,764 | |||||||||||
| USD | BNP | 15,107 | 11/17/25 | Verint Systems, Inc., 0.250%, 04/15/26 | 4.33 | 44 | — | |||||||||||||||
| USD | NIP | 110,213 | 11/30/27 | Vertex, Inc., 0.750%, 05/01/29 | 4.33 | 1,805 | — | |||||||||||||||
| USD | BNP | 603,922 | 11/17/25 | Vishay Intertechnology, Inc., 2.250%, 09/15/30 | 4.33 | — | 19,619 | |||||||||||||||
| USD | BNP | 232,606 | 11/17/25 | Western Digital Corp., 3.000%, 11/15/28 | 4.33 | — | 9,897 | |||||||||||||||
| USD | NIP | 541,652 | 11/30/27 | Western Digital Corp., 3.000%, 11/15/28 | 4.33 | — | 27,647 | |||||||||||||||
| USD | BNP | 20,170 | 11/17/25 | Winnebago Industries, Inc., 3.250%, 01/01/30 | 4.33 | — | 908 | |||||||||||||||
| USD | BNP | 941,981 | 11/17/25 | WisdomTree, Inc., 3.250%, 08/15/29 | 4.33 | — | 100,866 | |||||||||||||||
| USD | NIP | 56,832 | 11/30/27 | Workiva, Inc., 1.250%, 08/15/28 | 4.33 | — | 4,819 | |||||||||||||||
| USD | NIP | 67,729 | 11/30/27 | World Kinect Corp., 3.250%, 07/01/28 | 4.33 | — | 3,172 | |||||||||||||||
| USD | BNP | 614,126 | 11/17/25 | Xometry, Inc., 1.000%, 02/01/27 | 4.33 | — | 6,609 | |||||||||||||||
| USD | BNP | 52,588 | 11/17/25 | Ziff Davis, Inc., 3.625%, 03/01/28 | 4.33 | — | 298 | |||||||||||||||
| USD | NIP | 427,324 | 11/30/27 | Zscaler, Inc., 0.125%, 07/01/25 | 4.33 | 2,747 | — | |||||||||||||||
| Short Position Contract | ||||||||||||||||||||||
| USD | BNP | 19,826 | 11/17/25 | A10 Networks, Inc. | 4.33 | 1,343 | — | |||||||||||||||
| USD | BNP | 8,357 | 11/17/25 | Affirm Holdings, Inc. | 4.33 | 819 | — | |||||||||||||||
| USD | NIP | 253,416 | 11/30/27 | Akamai Technologies, Inc. | 4.33 | 4,794 | — | |||||||||||||||
| USD | NIP | 971,585 | 11/30/27 | Alibaba Group Holding Ltd. | 4.33 | 42,186 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 39,496 | 11/17/25 | Alkami Technology, Inc. | 4.33 | % | $ | — | $ | 3,032 | |||||||||||
| USD | NIP | 336,693 | 11/30/27 | Alphatec Holdings, Inc. | 4.33 | 38,496 | — | |||||||||||||||
| USD | NIP | 28,376 | 11/30/27 | Amphastar Pharmaceuticals, Inc. | 4.33 | 5,143 | — | |||||||||||||||
| USD | BNP | 435,384 | 11/17/25 | ANI Pharmaceuticals, Inc. | 4.33 | — | 66,259 | |||||||||||||||
| USD | NIP | 278,870 | 11/30/27 | Applied Digital Corp. | 4.33 | 120,033 | — | |||||||||||||||
| USD | BNP | 106,783 | 11/17/25 | Applied Optoelectronics, Inc. | 4.33 | 51,942 | — | |||||||||||||||
| USD | NIP | 3,680 | 11/30/27 | Applied Optoelectronics, Inc. | 4.33 | 1,353 | — | |||||||||||||||
| USD | BNP | 191,772 | 11/17/25 | Astronics Corp. | 4.33 | — | 57,836 | |||||||||||||||
| USD | NIP | 2,928 | 11/30/27 | Astronics Corp. | 4.33 | — | 930 | |||||||||||||||
| USD | BNP | 33,315 | 11/17/25 | B2Gold Corp. | 4.33 | — | 3,039 | |||||||||||||||
| USD | NIP | 26,803 | 11/30/27 | Bentley Systems, Inc. | 4.33 | 3,473 | — | |||||||||||||||
| USD | BNP | 92,174 | 11/17/25 | BigBear.ai Holdings, Inc. | 4.33 | 13,398 | — | |||||||||||||||
| USD | BOA | 23,305 | 03/10/26 | BigBear.ai Holdings, Inc. | 4.33 | 2,103 | — | |||||||||||||||
| USD | NIP | 51,978 | 11/30/27 | BigBear.ai Holdings, Inc. | 4.33 | 8,652 | — | |||||||||||||||
| USD | BNP | 10,585 | 11/17/25 | BioMarin Pharmaceutical, Inc. | 4.33 | 139 | — | |||||||||||||||
| USD | NIP | 741,856 | 11/30/27 | Bitdeer Technologies Group | 4.33 | 380,940 | — | |||||||||||||||
| USD | BNP | 26,384 | 11/17/25 | BlackLine, Inc. | 4.33 | — | 361 | |||||||||||||||
| USD | BNP | 472 | 11/17/25 | Blackstone Mortgage Trust, Inc. | 4.33 | — | 18 | |||||||||||||||
| USD | BNP | 845,633 | 11/17/25 | Bloom Energy Corp. | 4.33 | 166,920 | — | |||||||||||||||
| USD | BNP | 12,382 | 11/17/25 | Box, Inc. | 4.33 | 258 | — | |||||||||||||||
| USD | NIP | 381,469 | 11/30/27 | Box, Inc. | 4.33 | 26,157 | — | |||||||||||||||
| USD | BNP | 21,798 | 11/17/25 | Capital Southwest Corp. | 4.33 | 216 | — | |||||||||||||||
| USD | NIP | 453,043 | 11/30/27 | Carnival Corp. | 4.33 | 11,985 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 198,465 | 11/17/25 | Cheesecake Factory, Inc. | 4.33 | % | $ | 16,246 | $ | — | |||||||||||
| USD | NIP | 11,965 | 11/30/27 | Cheesecake Factory, Inc. | 4.33 | 1,738 | — | |||||||||||||||
| USD | BNP | 11,603 | 11/17/25 | Chefs’ Warehouse, Inc. | 4.33 | 1,457 | — | |||||||||||||||
| USD | NIP | 2,085 | 11/30/27 | Cinemark Holdings, Inc. | 4.33 | 48 | — | |||||||||||||||
| USD | NIP | 1,690 | 11/30/27 | Cleanspark, Inc. | 4.33 | 394 | — | |||||||||||||||
| USD | BNP | 347 | 11/17/25 | Cloudflare, Inc. | 4.33 | 123 | — | |||||||||||||||
| USD | NIP | 204,465 | 11/30/27 | Cloudflare, Inc. | 4.33 | 48,872 | — | |||||||||||||||
| USD | NIP | 69,471 | 11/30/27 | Coinbase Global, Inc. | 4.33 | 6,733 | — | |||||||||||||||
| USD | BNP | 486,373 | 11/17/25 | Collegium Pharmaceutical, Inc. | 4.33 | 53,715 | — | |||||||||||||||
| USD | BNP | 24,313 | 11/17/25 | Confluent, Inc. | 4.33 | 6,612 | — | |||||||||||||||
| USD | BNP | 79,107 | 11/17/25 | CONMED Corp. | 4.33 | 6,889 | — | |||||||||||||||
| USD | BNP | 93,898 | 11/17/25 | Core Scientific, Inc. | 4.33 | 9,454 | — | |||||||||||||||
| USD | BNP | 27,545 | 11/17/25 | CSG Systems International, Inc. | 4.33 | — | 2,262 | |||||||||||||||
| USD | BNP | 49,439 | 11/17/25 | Datadog, Inc. | 4.33 | — | 166 | |||||||||||||||
| USD | NIP | 1,147,393 | 11/30/27 | Datadog, Inc. | 4.33 | 286,243 | — | |||||||||||||||
| USD | BNP | 4,077 | 11/17/25 | Dexcom, Inc. | 4.33 | 881 | — | |||||||||||||||
| USD | BNP | 3,355 | 11/17/25 | DraftKings, Inc. | 4.33 | 907 | — | |||||||||||||||
| USD | BNP | 137,253 | 11/17/25 | Dropbox, Inc. | 4.33 | 5,609 | — | |||||||||||||||
| USD | BNP | 197,407 | 11/17/25 | Duke Energy Corp. | 4.33 | — | 2,737 | |||||||||||||||
| USD | NIP | 63,225 | 11/30/27 | Dynavax Technologies Corp. | 4.33 | 1,013 | — | |||||||||||||||
| USD | BNP | 401,744 | 11/17/25 | Encore Capital Group, Inc. | 4.33 | 100,995 | — | |||||||||||||||
| USD | BNP | 10,361 | 11/17/25 | Enovis Corp. | 4.33 | — | 436 | |||||||||||||||
| USD | BNP | 942 | 11/17/25 | Enphase Energy, Inc. | 4.33 | 77 | — | |||||||||||||||
| USD | BNP | 6,318 | 11/17/25 | Envista Holdings Corp. | 4.33 | 142 | — | |||||||||||||||
| USD | NIP | 121,022 | 11/30/27 | Evergy, Inc. | 4.33 | — | 2,866 | |||||||||||||||
| USD | BNP | 22,488 | 11/17/25 | Evolent Health, Inc. | 4.33 | 2,144 | — | |||||||||||||||
| USD | NIP | 217,302 | 11/30/27 | Exact Sciences Corp. | 4.33 | 31,199 | — | |||||||||||||||
| USD | BNP | 97,155 | 11/17/25 | Expedia Group, Inc. | 4.33 | 6,266 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 10,980 | 11/30/27 | Expedia Group, Inc. | 4.33 | % | $ | — | $ | 98 | |||||||||||
| USD | BNP | 371,447 | 11/17/25 | EZCORP, Inc. | 4.33 | — | 69,592 | |||||||||||||||
| USD | NIP | 96,273 | 11/30/27 | FARO Technologies, Inc. | 4.33 | 11,185 | — | |||||||||||||||
| USD | BNP | 57,989 | 11/17/25 | FirstEnergy Corp. | 4.33 | — | 1,770 | |||||||||||||||
| USD | BNP | 3,951 | 11/17/25 | Five9, Inc. | 4.33 | 1,141 | — | |||||||||||||||
| USD | BNP | 308 | 11/17/25 | Fluor Corp. | 4.33 | 66 | — | |||||||||||||||
| USD | BNP | 186,144 | 11/17/25 | Ford Motor Co. | 4.33 | — | 5,404 | |||||||||||||||
| USD | BNP | 96,720 | 11/17/25 | Fortuna Mining Corp. | 4.33 | — | 21,348 | |||||||||||||||
| USD | NIP | 1,884 | 11/30/27 | Fortuna Mining Corp. | 4.33 | — | 312 | |||||||||||||||
| USD | NIP | 341,098 | 11/30/27 | Freshpet, Inc. | 4.33 | 15,154 | — | |||||||||||||||
| USD | BNP | 331,806 | 11/17/25 | GameStop Corp. | 4.33 | — | 6,112 | |||||||||||||||
| USD | BNP | 582,285 | 11/17/25 | Greenbrier Cos., Inc. | 4.33 | 75,478 | — | |||||||||||||||
| USD | NIP | 18,266 | 11/30/27 | Groupon, Inc. | 4.33 | — | 7,731 | |||||||||||||||
| USD | BNP | 125,305 | 11/17/25 | Guardant Health, Inc. | 4.33 | 4,853 | — | |||||||||||||||
| USD | NIP | 8,526 | 11/30/27 | Guidewire Software, Inc. | 4.33 | 116 | — | |||||||||||||||
| USD | NIP | 88,027 | 11/30/27 | H World Group Ltd. | 4.33 | 346 | — | |||||||||||||||
| USD | BNP | 48,402 | 11/17/25 | Halozyme Therapeutics, Inc. | 4.33 | — | 3,841 | |||||||||||||||
| USD | NIP | 1,830,077 | 11/30/27 | HubSpot, Inc. | 4.33 | — | 9,027 | |||||||||||||||
| USD | BNP | 13,511 | 11/17/25 | Immunocore Holdings PLC | 4.33 | 90 | — | |||||||||||||||
| USD | BNP | 209,856 | 11/17/25 | Innoviva, Inc. | 4.33 | 6,343 | — | |||||||||||||||
| USD | BNP | 31,460 | 11/17/25 | Inotiv, Inc. | 4.33 | 12,089 | — | |||||||||||||||
| USD | BNP | 11,709 | 11/17/25 | Insulet Corp. | 4.33 | — | 352 | |||||||||||||||
| USD | NIP | 469,365 | 11/30/27 | Insulet Corp. | 4.33 | 9,178 | — | |||||||||||||||
| USD | BOA | 123,728 | 04/17/25 | Integer Holdings Corp. | 4.33 | 590 | — | |||||||||||||||
| USD | BNP | 635,880 | 11/17/25 | InterDigital, Inc. | 4.33 | — | 23,416 | |||||||||||||||
| USD | NIP | 5,926 | 11/30/27 | Ionis Pharmaceuticals, Inc. | 4.33 | 424 | — | |||||||||||||||
| USD | HSB | 1,058,926 | 11/03/26 | iShares iBoxx $ High Yield Corporate Bond ETF | 4.33 | 5,508 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 329,486 | 11/17/25 | Jazz Pharmaceuticals PLC | 4.33 | % | $ | 32,797 | $ | — | |||||||||||
| USD | BNP | 46,692 | 11/17/25 | JBT Marel Corp. | 4.33 | — | 266 | |||||||||||||||
| USD | BNP | 227,792 | 11/17/25 | JD.com, Inc. | 4.33 | 10,273 | — | |||||||||||||||
| USD | BNP | 44,563 | 11/17/25 | JetBlue Airways Corp. | 4.33 | 17,376 | — | |||||||||||||||
| USD | BNP | 456,444 | 11/17/25 | Lantheus Holdings, Inc. | 4.33 | — | 15,175 | |||||||||||||||
| USD | NIP | 294,052 | 11/30/27 | LCI Industries | 4.33 | 27,970 | — | |||||||||||||||
| USD | BNP | 98,894 | 11/17/25 | Liberty Media Corp.-Liberty Formula One | 4.33 | — | 4,097 | |||||||||||||||
| USD | BNP | 26,682 | 11/17/25 | LivaNova PLC | 4.33 | — | 3 | |||||||||||||||
| USD | BNP | 80,368 | 11/17/25 | Live Nation Entertainment, Inc. | 4.33 | — | 162 | |||||||||||||||
| USD | BNP | 435,686 | 11/17/25 | Lumentum Holdings, Inc. | 4.33 | 47,089 | — | |||||||||||||||
| USD | NIP | 29,607 | 11/30/27 | Lumentum Holdings, Inc. | 4.33 | 2,473 | — | |||||||||||||||
| USD | BNP | 10,318 | 11/17/25 | Lyft, Inc. | 4.33 | 1,892 | — | |||||||||||||||
| USD | BNP | 5,425 | 11/17/25 | MACOM Technology Solutions Holdings, Inc. | 4.33 | 1,631 | — | |||||||||||||||
| USD | NIP | 58,994 | 11/30/27 | MACOM Technology Solutions Holdings, Inc. | 4.33 | 3,661 | — | |||||||||||||||
| USD | BNP | 32,587 | 11/17/25 | MARA Holdings, Inc. | 4.33 | 12,702 | — | |||||||||||||||
| USD | NIP | 17,628 | 11/30/27 | MARA Holdings, Inc. | 4.33 | 7,576 | — | |||||||||||||||
| USD | BNP | 10,338 | 11/17/25 | Marriott Vacations Worldwide Corp. | 4.33 | 2,081 | — | |||||||||||||||
| USD | BNP | 12,373 | 11/17/25 | Match Group, Inc. | 4.33 | 549 | — | |||||||||||||||
| USD | BNP | 21,620 | 11/17/25 | Merit Medical Systems, Inc. | 4.33 | — | 1,348 | |||||||||||||||
| USD | NIP | 17,307 | 11/30/27 | Meritage Homes Corp. | 4.33 | 2,122 | — | |||||||||||||||
| USD | BNP | 6,880 | 11/17/25 | Microchip Technology, Inc. | 4.33 | 495 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 48,215 | 11/30/27 | Microchip Technology, Inc. | 4.33 | % | $ | 8,044 | $ | — | |||||||||||
| USD | BNP | 411,472 | 11/17/25 | MicroStrategy, Inc. | 4.33 | 72,221 | — | |||||||||||||||
| USD | NIP | 20,917 | 11/30/27 | MicroStrategy, Inc. | 4.33 | 3,979 | — | |||||||||||||||
| USD | NIP | 621,742 | 11/30/27 | Middleby Corp. | 4.33 | 15,717 | — | |||||||||||||||
| USD | BNP | 65,594 | 11/17/25 | Mirum Pharmaceuticals, Inc. | 4.33 | — | 3,545 | |||||||||||||||
| USD | BNP | 17,237 | 11/17/25 | Mitek Systems, Inc. | 4.33 | 3,672 | — | |||||||||||||||
| USD | BNP | 8,523 | 11/17/25 | MKS Instruments, Inc. | 4.33 | 1,736 | — | |||||||||||||||
| USD | BNP | 134,095 | 11/17/25 | Norwegian Cruise Line Holdings Ltd. | 4.33 | 15,234 | — | |||||||||||||||
| USD | BNP | 236,293 | 11/17/25 | Nutanix, Inc. | 4.33 | 2,749 | — | |||||||||||||||
| USD | BNP | 357,639 | 11/17/25 | ON Semiconductor Corp. | 4.33 | 26,886 | — | |||||||||||||||
| USD | NIP | 3,440 | 11/30/27 | ON Semiconductor Corp. | 4.33 | 439 | — | |||||||||||||||
| USD | BNP | 209,585 | 11/17/25 | OPKO Health, Inc. | 4.33 | — | 5,689 | |||||||||||||||
| USD | BNP | 25,016 | 11/17/25 | Ormat Technologies, Inc. | 4.33 | 227 | — | |||||||||||||||
| USD | BNP | 151,460 | 11/17/25 | OSI Systems, Inc. | 4.33 | — | 3,047 | |||||||||||||||
| USD | BNP | 88,180 | 11/17/25 | Pacira BioSciences, Inc. | 4.33 | 1,592 | — | |||||||||||||||
| USD | BNP | 122,843 | 11/17/25 | Pagaya Technologies Ltd. | 4.33 | 46,159 | — | |||||||||||||||
| USD | BNP | 21,525 | 11/17/25 | PagerDuty, Inc. | 4.33 | — | 5 | |||||||||||||||
| USD | BNP | 19,606 | 11/17/25 | PAR Technology Corp. | 4.33 | 2,618 | — | |||||||||||||||
| USD | NIP | 103,510 | 11/30/27 | PAR Technology Corp. | 4.33 | 13,609 | — | |||||||||||||||
| USD | BNP | 833,262 | 11/17/25 | Parsons Corp. | 4.33 | 274,029 | — | |||||||||||||||
| USD | BNP | 6,925 | 11/17/25 | PDD Holdings, Inc. | 4.33 | 323 | — | |||||||||||||||
| USD | NIP | 33,914 | 11/30/27 | PDD Holdings, Inc. | 4.33 | 1,780 | — | |||||||||||||||
| USD | BNP | 642,766 | 11/17/25 | Penguin Solutions, Inc. | 4.33 | 80,715 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 53,206 | 11/30/27 | Penn Entertainment, Inc. | 4.33 | % | $ | 11,700 | $ | — | |||||||||||
| USD | BNP | 1,236 | 03/26/26 | Ping An Insurance Group Co. of China Ltd. | 4.33 | 47 | — | |||||||||||||||
| USD | NIP | 64,943 | 11/30/27 | Pinnacle West Capital Corp. | 4.33 | — | 1,346 | |||||||||||||||
| USD | BNP | 36,115 | 11/17/25 | Porch Group, Inc. | 4.33 | — | 4,638 | |||||||||||||||
| USD | NIP | 572 | 11/30/27 | Porch Group, Inc. | 4.33 | — | 374 | |||||||||||||||
| USD | NIP | 81,463 | 11/30/27 | PPL Corp. | 4.33 | — | 2,817 | |||||||||||||||
| USD | BNP | 260,126 | 11/17/25 | Progress Software Corp. | 4.33 | 16,096 | — | |||||||||||||||
| USD | BNP | 91,735 | 11/17/25 | PROS Holdings, Inc. | 4.33 | 17,440 | — | |||||||||||||||
| USD | BNP | 72,958 | 11/17/25 | PTC Therapeutics, Inc. | 4.33 | 6,960 | — | |||||||||||||||
| USD | BNP | 496,566 | 11/17/25 | Q2 Holdings, Inc. | 4.33 | 92,537 | — | |||||||||||||||
| USD | BNP | 110,992 | 11/17/25 | Qifu Technology, Inc. | 4.33 | 82 | — | |||||||||||||||
| USD | BNP | 14,226 | 11/17/25 | RealReal, Inc. | 4.33 | 4,998 | — | |||||||||||||||
| USD | BNP | 18,217 | 11/17/25 | Repay Holdings Corp. | 4.33 | 5,589 | — | |||||||||||||||
| USD | BNP | 147 | 11/17/25 | Repligen Corp. | 4.33 | 21 | — | |||||||||||||||
| USD | NIP | 79,005 | 11/30/27 | Repligen Corp. | 4.33 | 13,863 | — | |||||||||||||||
| USD | NIP | 2,216 | 11/30/27 | Rexford Industrial Realty, Inc. | 4.33 | 85 | — | |||||||||||||||
| CAD | BNP | 23,857 | 03/06/26 | Rogers Sugar, Inc. | 2.77 | 79 | — | |||||||||||||||
| USD | BNP | 1,422,258 | 11/17/25 | Sea Ltd. | 4.33 | — | 104,784 | |||||||||||||||
| USD | BNP | 18,037 | 11/17/25 | Semler Scientific, Inc. | 4.33 | 6,076 | — | |||||||||||||||
| USD | NIP | 288 | 11/30/27 | Semler Scientific, Inc. | 4.33 | — | 1 | |||||||||||||||
| USD | NIP | 453,553 | 11/30/27 | Semtech Corp. | 4.33 | 37,536 | — | |||||||||||||||
| USD | BNP | 1,216,005 | 11/17/25 | Shift4 Payments, Inc. | 4.33 | 231,147 | — | |||||||||||||||
| USD | BNP | 161,473 | 11/17/25 | Shopify, Inc. | 4.33 | 8,409 | — | |||||||||||||||
| USD | NIP | 57,299 | 11/30/27 | Shopify, Inc. | 4.33 | 10,467 | — | |||||||||||||||
| USD | BNP | 68,561 | 11/17/25 | Silvercorp Metals, Inc. | 4.33 | — | 13,403 | |||||||||||||||
| USD | BNP | 8,728 | 11/17/25 | Sirius XM Holdings, Inc. | 4.33 | 948 | — | |||||||||||||||
| USD | NIP | 97,775 | 11/30/27 | Sirius XM Holdings, Inc. | 4.33 | 10,751 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (continued)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | BNP | $ | 1,110,368 | 11/17/25 | Snowflake, Inc. | 4.33 | % | $ | 148,145 | $ | — | |||||||||||
| USD | NIP | 12,047 | 11/30/27 | Snowflake, Inc. | 4.33 | 2,442 | — | |||||||||||||||
| USD | BNP | 1,051,193 | 11/17/25 | SoFi Technologies, Inc. | 4.33 | 239,158 | — | |||||||||||||||
| USD | BNP | 3,700 | 11/17/25 | SSR Mining, Inc. | 4.33 | — | 382 | |||||||||||||||
| CAD | BNP | 1,803 | 03/06/26 | StorageVault Canada, Inc. | 2.77 | 50 | — | |||||||||||||||
| USD | BNP | 231 | 11/17/25 | Summit Hotel Properties, Inc. | 4.33 | 15 | — | |||||||||||||||
| USD | NIP | 2,311 | 11/30/27 | Summit Hotel Properties, Inc. | 4.33 | 402 | — | |||||||||||||||
| USD | BNP | 70,624 | 11/17/25 | Super Micro Computer, Inc. | 4.33 | 16,435 | — | |||||||||||||||
| USD | BNP | 62,097 | 11/17/25 | Tandem Diabetes Care, Inc. | 4.33 | 23,624 | — | |||||||||||||||
| USD | NIP | 12,879 | 11/30/27 | Terawulf, Inc. | 4.33 | 7,900 | — | |||||||||||||||
| USD | BNP | 118,474 | 11/17/25 | TransMedics Group, Inc. | 4.33 | — | 64 | |||||||||||||||
| USD | BNP | 421,503 | 11/17/25 | Transocean Ltd. | 4.33 | 83,899 | — | |||||||||||||||
| USD | BNP | 3,491 | 11/17/25 | Travere Therapeutics, Inc. | 4.33 | 852 | — | |||||||||||||||
| USD | NIP | 3,161 | 11/30/27 | Travere Therapeutics, Inc. | 4.33 | — | 3,173 | |||||||||||||||
| USD | BNP | 385,993 | 11/17/25 | Trip.com Group Ltd. | 4.33 | 16,938 | — | |||||||||||||||
| USD | NIP | 89,403 | 11/30/27 | Tyler Technologies, Inc. | 4.33 | — | 2,371 | |||||||||||||||
| USD | BNP | 431,444 | 11/17/25 | U.S. Treasury Bills, 0.000%, 02/19/26 | 4.33 | 36 | — | |||||||||||||||
| USD | BNP | 597,433 | 11/17/25 | Uber Technologies, Inc. | 4.33 | 14,883 | — | |||||||||||||||
| USD | NIP | 211,217 | 11/30/27 | UGI Corp. | 4.33 | — | 1,561 | |||||||||||||||
| USD | BNP | 479 | 11/17/25 | Unity Software, Inc. | 4.33 | 49 | — | |||||||||||||||
| USD | BNP | 3,895,488 | 11/17/25 | Upstart Holdings, Inc. | 4.33 | 470,390 | — | |||||||||||||||
| USD | NIP | 158,113 | 11/30/27 | Varonis Systems, Inc. | 4.33 | 429 | — | |||||||||||||||
| USD | BNP | 237,359 | 11/17/25 | Veeco Instruments, Inc. | 4.33 | 66,288 | — | |||||||||||||||
| USD | NIP | 261,916 | 11/30/27 | Veeco Instruments, Inc. | 4.33 | 66,449 | — | |||||||||||||||
Lazard Enhanced Opportunities Portfolio (concluded)
| Currency | Counterparty | Notional Amount | Expiration Date | Reference Entity > | Reference Rate at 3/31/2025 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | NIP | $ | 118,033 | 11/30/27 | Vertex, Inc. | 4.33 | % | $ | — | $ | 2,873 | |||||||||||
| USD | BNP | 9,840 | 11/17/25 | Viavi Solutions, Inc. | 4.33 | 786 | — | |||||||||||||||
| USD | BNP | 186,681 | 11/17/25 | Vishay Intertechnology, Inc. | 4.33 | 17,732 | — | |||||||||||||||
| USD | BNP | 152,506 | 11/17/25 | Western Digital Corp. | 4.33 | 9,717 | — | |||||||||||||||
| USD | NIP | 356,638 | 11/30/27 | Western Digital Corp. | 4.33 | 26,300 | — | |||||||||||||||
| USD | BNP | 1,476 | 11/17/25 | Winnebago Industries, Inc. | 4.33 | 274 | — | |||||||||||||||
| USD | NIP | 2,314 | 11/30/27 | Winnebago Industries, Inc. | 4.33 | 46 | — | |||||||||||||||
| USD | BNP | 472,711 | 11/17/25 | WisdomTree, Inc. | 4.33 | 76,105 | — | |||||||||||||||
| USD | BNP | 89 | 11/17/25 | Workiva, Inc. | 4.33 | 14 | — | |||||||||||||||
| USD | NIP | 18,713 | 11/30/27 | Workiva, Inc. | 4.33 | 4,202 | — | |||||||||||||||
| USD | NIP | 42,321 | 11/30/27 | World Kinect Corp. | 4.33 | 2,890 | — | |||||||||||||||
| USD | BNP | 131,439 | 11/17/25 | Xometry, Inc. | 4.33 | 27,472 | — | |||||||||||||||
| USD | NIP | 8,209 | 11/30/27 | Xometry, Inc. | 4.33 | 2,480 | — | |||||||||||||||
| USD | BNP | 4,301 | 11/17/25 | Ziff Davis, Inc. | 4.33 | 92 | — | |||||||||||||||
| USD | NIP | 406,641 | 11/30/27 | Zscaler, Inc. | 4.33 | — | 5,265 | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 5,043,669 | $ | 4,810,174 | ||||||||||||||||||
| > | 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. The financing charge rate for long positions is the Overnight Bank Funding Rate (OBFR) plus a spread of up to 65 basis points. 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. Generally, the financing charge rate for short positions is the OBFR minus a spread of up to 70 basis points, with one specific position having a rate of OBFR minus a spread of 188 basis points. |
| Description | Shares | Fair Value | ||||||
| Lazard Opportunistic Strategies Portfolio | ||||||||
| Exchange-Traded Funds | 86.1% | ||||||||
| Commodity | 2.5% | ||||||||
| U.S. Copper Index Fund | 23,775 | $ | 751,290 | |||||
| Equity Funds | 66.6% | ||||||||
| Invesco QQQ Trust, Series 1 | 3,140 | 1,472,409 | ||||||
| iShares Expanded Tech-Software Sector ETF | 9,832 | 874,950 | ||||||
| iShares MSCI Japan ETF | 23,888 | 1,637,761 | ||||||
| iShares Russell 2000 ETF | 8,919 | 1,779,251 | ||||||
| SPDR EURO STOXX 50 ETF | 15,260 | 830,297 | ||||||
| Vanguard Financials ETF | 7,532 | 899,848 | ||||||
| Vanguard S&P 500 ETF | 8,755 | 4,499,282 | ||||||
| Vanguard S&P 500 Growth ETF | 12,886 | 4,310,109 | ||||||
| Vanguard S&P 500 Value ETF | 17,357 | 3,196,986 | ||||||
| 19,500,893 | ||||||||
| Fixed Income | 17.0% | ||||||||
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9,572 | 1,040,380 | ||||||
| Vanguard Long-Term Treasury ETF | 68,264 | 3,932,689 | ||||||
| 4,973,069 | ||||||||
| Total Exchange-Traded Funds (Cost $21,072,782) | 25,225,252 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 8.4% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $2,555,000 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $2,488,885) Proceeds of $2,440,296 (Cost $2,440,000) | $ | 2,440 | $ | 2,440,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.5% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $154,481) | 154,481 | $ | 154,481 | |||||
| Total Investments | 95.0% (Cost $23,667,263) (») | $ | 27,819,733 | ||||||
| Cash and Other Assets in Excess of Liabilites | 5.0% | 1,462,933 | |||||||
| Net Assets | 100.0% | $ | 29,282,666 | ||||||
Lazard Opportunistic Strategies Portfolio (continued)
Forward Currency Contracts open at March 31, 2025:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized
Depreciation | |||||||||||
| USD | 1,480,392 | CNY | 10,837,436 | SSB | 04/23/25 | $ | — | $ | 16,071 | |||||||||
Total Return Swap Agreements open at March 31, 2025 :
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Rate | Payment Frequency | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
| USD | GSC | $ | 577,735 | 12/09/25 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+ 0.92bps | Upon Maturity(a) | $ | 332,613 | $ | — | ||||||||||||
| USD | GSC | 1,888,455 | 02/26/26 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation,and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+ 0.60bps | Upon Maturity(a) | — | 161,745 | |||||||||||||||
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $ | 332,613 | * | $ | 161,745 | * | ||||||||||||||||||
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
| * | Include net accrued dividends and financing charges of $26,170. |
Lazard Opportunistic Strategies Portfolio (concluded)
The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of 31 March, 2025:
| Securities within GSCBLZEU (SOFR+0.92bps) | Shares | Fair Value | ||||||
| BAE Systems PLC | 10,429 | $ | 210,158 | |||||
| Exosens SAS | 175 | 6,402 | ||||||
| Hensoldt AG | 399 | 26,641 | ||||||
| Kongsberg Gruppen ASA | 608 | 88,709 | ||||||
| Leonardo SpA | 1,997 | 96,804 | ||||||
| Renk Group AG | 345 | 16,537 | ||||||
| Rheinmetall AG | 151 | 215,361 | ||||||
| Saab Ab, Class B | 1,844 | $ | 72,215 | |||||
| Thales SA | 711 | 188,818 | ||||||
| Total Fair Value | $ | 921,645 | ||||||
| Securities within GSCBLZGB (SOFR+0.60bps) | Shares | Fair Value | ||||||
| Amazon.Com Inc. | 404 | 76,865 | ||||||
| ASE Technology Holding Co. Ltd. | 17,609 | 75,840 | ||||||
| Bank Of America Corp. | 2,050 | 85,546 | ||||||
| Digitalocean Holdings Inc. | 2,456 | 82,006 | ||||||
| Ferrovial SE | 2,184 | 97,249 | ||||||
| Intuitive Surgical Inc. | 156 | 77,262 | ||||||
| Lantheus Holdings Inc. | 974 | 95,062 | ||||||
| London Stock Exchange Group | 646 | 95,630 | ||||||
| Lotes Co Ltd. | 1,658 | 68,662 | ||||||
| Mizuho Financial Group Inc. | 3,748 | 101,228 | ||||||
| National Grid PLC | 7,983 | 104,152 | ||||||
| Onto Innovation Inc. | 438 | 53,147 | ||||||
| Partners Group Holding AG | 62 | 87,320 | ||||||
| QBE Insurance Group Ltd. | 7,456 | 102,030 | ||||||
| RELX PLC | 1,931 | 96,607 | ||||||
| Rio Tinto Ltd. | 1,285 | 92,731 | ||||||
| Schrodinger Inc. | 3,897 | 76,927 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 3,938 | 99,638 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,746 | 75,261 | ||||||
| Unilever PLC | 1,690 | 100,639 | ||||||
| Total Fair Value | $ | 1,743,802 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) | ||||||||
| Common Stocks | 69.9% | ||||||||
| Australia | 1.5% | ||||||||
| Aurizon Holdings Ltd. | 7,722 | $ | 15,010 | |||||
| Goodman Group REIT | 1,671 | 30,052 | ||||||
| Transurban Group | 3,179 | 26,714 | ||||||
| 71,776 | ||||||||
| Brazil | 0.7% | ||||||||
| Allos SA | 2,100 | 7,040 | ||||||
| Energisa SA | 2,100 | 14,720 | ||||||
| Multiplan Empreendimentos Imobiliarios SA | 2,900 | 11,485 | ||||||
| 33,245 | ||||||||
| Canada | 5.5% | ||||||||
| Agnico Eagle Mines Ltd. | 254 | 27,536 | ||||||
| Atco Ltd., Class I | 827 | 28,803 | ||||||
| Barrick Gold Corp. | 854 | 16,602 | ||||||
| Boardwalk Real Estate Investment Trust REIT | 278 | 12,963 | ||||||
| Cameco Corp. | 335 | 13,791 | ||||||
| Canadian National Railway Co. | 191 | 18,587 | ||||||
| Centerra Gold, Inc. | 2,173 | 13,786 | ||||||
| Enbridge, Inc. | 462 | 20,447 | ||||||
| First Capital Real Estate Investment Trust REIT | 1,520 | 17,418 | ||||||
| Granite Real Estate Investment Trust REIT | 507 | 23,623 | ||||||
| Hydro One Ltd. (#) | 1,235 | 41,528 | ||||||
| Keyera Corp. | 356 | 11,066 | ||||||
| Teck Resources Ltd., Class B | 363 | 13,223 | ||||||
| West Fraser Timber Co. Ltd. | 213 | 16,360 | ||||||
| 275,733 | ||||||||
| China | 1.5% | ||||||||
| C&D International Investment Group Ltd. | 2,000 | 4,200 | ||||||
| China Overseas Land & Investment Ltd. | 9,500 | 17,099 | ||||||
| China Resources Land Ltd. | 5,500 | 18,374 | ||||||
| Hopson Development Holdings Ltd. (*) | 11,768 | 4,676 | ||||||
| Midea Real Estate Holding Ltd. (#) | 7,000 | 3,217 | ||||||
| Seazen Group Ltd. (*) | 46,000 | 11,953 | ||||||
| Yuexiu Property Co. Ltd. | 22,000 | 15,022 | ||||||
| 74,541 | ||||||||
| France | 2.9% | ||||||||
| Aeroports de Paris SA | 101 | 10,330 | ||||||
| Description | Shares | Fair Value | ||||||
| Engie SA | 1,734 | $ | 33,788 | |||||
| Klepierre SA REIT | 344 | 11,505 | ||||||
| Unibail-Rodamco-Westfield REIT | 210 | 17,705 | ||||||
| Vinci SA | 547 | 69,123 | ||||||
| 142,451 | ||||||||
| Germany | 0.1% | ||||||||
| TAG Immobilien AG (*) | 307 | 4,190 | ||||||
| Hong Kong | 1.5% | ||||||||
| Henderson Land Development Co. Ltd. | 1,000 | 2,887 | ||||||
| Kerry Properties Ltd. | 5,500 | 12,963 | ||||||
| Link REIT | 5,600 | 26,307 | ||||||
| Swire Properties Ltd. | 4,600 | 10,109 | ||||||
| Wharf Real Estate Investment Co. Ltd. | 10,000 | 24,354 | ||||||
| 76,620 | ||||||||
| Italy | 1.0% | ||||||||
| Terna - Rete Elettrica Nazionale | 5,721 | 51,783 | ||||||
| Japan | 3.1% | ||||||||
| Aeon Mall Co. Ltd. | 2,500 | 39,101 | ||||||
| Daiwa House Industry Co. Ltd. | 400 | 13,223 | ||||||
| East Japan Railway Co. | 1,100 | 21,686 | ||||||
| Hankyu Hanshin Holdings, Inc. | 600 | 16,109 | ||||||
| Hoshino Resorts REIT, Inc. | 2 | 2,707 | ||||||
| Hulic Co. Ltd. | 900 | 8,637 | ||||||
| Industrial & Infrastructure Fund Investment Corp. REIT | 17 | 13,176 | ||||||
| Japan Prime Realty Investment Corp. REIT | 4 | 9,074 | ||||||
| Japan Real Estate Investment Corp. REIT | 15 | 10,750 | ||||||
| Katitas Co. Ltd. | 300 | 3,964 | ||||||
| Osaka Gas Co. Ltd. | 600 | 13,587 | ||||||
| 152,014 | ||||||||
| Mexico | 0.5% | ||||||||
| Grupo Aeroportuario del Centro Norte SAB de CV | 1,000 | 9,829 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 665 | 12,296 | ||||||
| 22,125 | ||||||||
| Singapore | 1.0% | ||||||||
| Keppel DC REIT | 12,400 | 19,782 | ||||||
| Parkway Life REIT | 4,100 | 12,651 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Sembcorp Industries Ltd. | 4,000 | $ | 18,689 | |||||
| 51,122 | ||||||||
| South Africa | 0.6% | ||||||||
| Growthpoint Properties Ltd. REIT | 19,901 | 14,090 | ||||||
| Northam Platinum Holdings Ltd. | 2,428 | 17,503 | ||||||
| 31,593 | ||||||||
| Spain | 1.2% | ||||||||
| Aena SME SA (#) | 79 | 18,519 | ||||||
| Iberdrola SA | 2,608 | 42,162 | ||||||
| 60,681 | ||||||||
| United Arab Emirates | 0.3% | ||||||||
| Emaar Development PJSC | 5,006 | 16,712 | ||||||
| United Kingdom | 3.6% | ||||||||
| Big Yellow Group PLC REIT | 799 | 9,644 | ||||||
| National Grid PLC | 4,250 | 55,370 | ||||||
| Segro PLC REIT | 425 | 3,793 | ||||||
| Severn Trent PLC | 484 | 15,845 | ||||||
| Shaftesbury Capital PLC REIT | 20,850 | 33,766 | ||||||
| SSE PLC | 1,647 | 33,893 | ||||||
| Tritax Big Box REIT PLC | 13,921 | 25,250 | ||||||
| 177,561 | ||||||||
| United States | 44.9% | ||||||||
| Agree Realty Corp. | 266 | 20,533 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 439 | 40,612 | ||||||
| Ameren Corp. | 377 | 37,851 | ||||||
| American Electric Power Co., Inc. | 361 | 39,446 | ||||||
| American Homes 4 Rent, Class A REIT | 1,050 | 39,700 | ||||||
| American Tower Corp. REIT | 435 | 94,656 | ||||||
| American Water Works Co., Inc. | 81 | 11,949 | ||||||
| Apple Hospitality REIT, Inc. | 1,053 | 13,594 | ||||||
| Atmos Energy Corp. | 216 | 33,389 | ||||||
| AvalonBay Communities, Inc. REIT | 266 | 57,089 | ||||||
| Brixmor Property Group, Inc. | 966 | 25,647 | ||||||
| CareTrust REIT, Inc. | 779 | 22,264 | ||||||
| CenterPoint Energy, Inc. | 202 | 7,318 | ||||||
| Cheniere Energy, Inc. | 232 | 53,685 | ||||||
| CMS Energy Corp. | 98 | 7,361 | ||||||
| Consolidated Edison, Inc. | 215 | 23,777 | ||||||
| Description | Shares | Fair Value | ||||||
| Crown Castle, Inc. | 721 | $ | 75,150 | |||||
| CSX Corp. | 795 | 23,397 | ||||||
| CubeSmart | 362 | 15,461 | ||||||
| Digital Realty Trust, Inc. REIT | 339 | 48,575 | ||||||
| Dominion Energy, Inc. | 513 | 28,764 | ||||||
| DTE Energy Co. | 64 | 8,849 | ||||||
| Duke Energy Corp. | 206 | 25,126 | ||||||
| EastGroup Properties, Inc. REIT | 185 | 32,588 | ||||||
| Energy Transfer LP | 3,069 | 57,053 | ||||||
| Entergy Corp. | 544 | 46,507 | ||||||
| Enterprise Products Partners LP | 1,772 | 60,496 | ||||||
| Equinix, Inc. REIT | 86 | 70,120 | ||||||
| Equity LifeStyle Properties, Inc. REIT | 180 | 12,006 | ||||||
| Equity Residential REIT | 333 | 23,836 | ||||||
| Essex Property Trust, Inc. REIT | 41 | 12,569 | ||||||
| Expand Energy Corp. | 150 | 16,698 | ||||||
| Extra Space Storage, Inc. REIT | 202 | 29,995 | ||||||
| Ferrovial SE | 1,017 | 45,523 | ||||||
| First Industrial Realty Trust, Inc. | 628 | 33,887 | ||||||
| Host Hotels & Resorts, Inc. REIT | 1,443 | 20,505 | ||||||
| Independence Realty Trust, Inc. REIT | 807 | 17,133 | ||||||
| Invitation Homes, Inc. REIT | 615 | 21,433 | ||||||
| Iron Mountain, Inc. REIT | 216 | 18,585 | ||||||
| Kilroy Realty Corp. | 211 | 6,912 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 315 | 52,788 | ||||||
| National Storage Affiliates Trust REIT | 285 | 11,229 | ||||||
| NextEra Energy, Inc. | 537 | 38,068 | ||||||
| NiSource, Inc. | 766 | 30,709 | ||||||
| NNN REIT, Inc. | 410 | 17,486 | ||||||
| Norfolk Southern Corp. | 77 | 18,237 | ||||||
| Omega Healthcare Investors, Inc. | 672 | 25,590 | ||||||
| ONEOK, Inc. | 187 | 18,554 | ||||||
| Packaging Corp. of America | 75 | 14,851 | ||||||
| Park Hotels & Resorts, Inc. REIT | 461 | 4,923 | ||||||
| Pinnacle West Capital Corp. | 80 | 7,620 | ||||||
| Prologis, Inc. | 1,029 | 115,032 | ||||||
| Public Storage REIT | 134 | 40,105 | ||||||
| Realty Income Corp. REIT | 554 | 32,138 | ||||||
| Regency Centers Corp. REIT | 431 | 31,791 | ||||||
| Ryman Hospitality Properties, Inc. REIT | 101 | 9,235 | ||||||
| SBA Communications Corp. REIT | 442 | 97,244 | ||||||
| Simon Property Group, Inc. REIT | 323 | 53,644 | ||||||
| SL Green Realty Corp. REIT | 431 | 24,869 | ||||||
| Sunstone Hotel Investors, Inc. REIT | 1,354 | 12,741 | ||||||
| Targa Resources Corp. | 318 | 63,749 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Real Assets Portfolio (•) (continued) | ||||||||
| Union Pacific Corp. | 215 | $ | 50,792 | |||||
| Ventas, Inc. REIT | 968 | 66,560 | ||||||
| WEC Energy Group, Inc. | 107 | 11,661 | ||||||
| Welltower, Inc. REIT | 412 | 63,122 | ||||||
| Xcel Energy, Inc. | 664 | 47,005 | ||||||
| 2,239,782 | ||||||||
| Total Common Stocks (Cost $3,053,197) | 3,481,929 | |||||||
| Exchange-Traded Funds | 5.8% | ||||||||
| iShares Gold Trust (~) | 3,341 | 196,985 | ||||||
| iShares Silver Trust (~) | 2,983 | 92,443 | ||||||
| Total Exchange-Traded Funds (Cost $217,619) | 289,428 | |||||||
| Short-Term Investments | 21.0% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (~) (Cost $1,049,250) | 1,049,250 | 1,049,250 | ||||||
| Total Investments | 96.7% (Cost $4,320,066) | $ | 4,820,607 | ||||||
| Cash and Other Assets in Excess of Liabilities | 3.3% | 166,815 | |||||||
| Net Assets | 100.0% | $ | 4,987,422 | ||||||
Lazard Real Assets Portfolio (•) (continued)
Futures Contracts open at March 31, 2025 (~):
| Type | Number of Contracts | Notional Amount | Expiration Date | Notional Cost | Fair Value | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
| Natural Gas | 3 | $ | 30,000 | 04/28/25 | $ | 100,147 | $ | 123,570 | $ | 23,423 | $ | — | ||||||||||||
| Sugar 11 | 1 | 112,000 | 04/30/25 | 20,253 | 21,123 | 870 | — | |||||||||||||||||
| Soybean Oil | 2 | 120,000 | 05/14/25 | 56,208 | 53,868 | — | 2,340 | |||||||||||||||||
| Wheat | 1 | 5,000 | 05/14/25 | 31,265 | 27,850 | — | 3,415 | |||||||||||||||||
| Total gross unrealized appreciation/depreciation on Futures Contracts | $ | 24,293 | $ | 5,755 | ||||||||||||||||||||
Total Return Swap Agreements open at March 31, 2025 (~) :
| Currency | Counterparty | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment Frequency | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
| USD | GSC | $832,461 | 10/20/25 | Appreciation, and dividends paid, on commodities in a custom momentum basket | 0.00% | Depreciation and dividend expenses (if applicable), on commodities in a custom momentum basket | Upon Maturity(a) | $ | 45,188 | $ | — | |||||||||||
(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 custom total return basket swap agreements with GSC, as of 31 March, 2025:
| Commodity | Commodity
Index Ticker Symbol | Commodity
Exposure Expressed as a Percentage of Notional Amount | ||||
| Aluminum | BCOMAL | 7.64 | % | |||
| Brent Crude | BCOMCO | 11.75 | ||||
| Coffee | BCOMKC | 8.69 | ||||
| Copper | BCOMHG | 1.18 | ||||
| Corn | BCOMCN | 0.14 | ||||
| Cotton | BCOMCT | 11.70 | ||||
| Crude Oil | BCOMCL | 8.30 | ||||
| Gasoline (RBOB) | BCOMRB | 6.22 | ||||
| Gold | BCOMGC | 0.02 | ||||
| Heating Oil | BCOMHO | 5.18 | ||||
| Kansas Wheat | BCOMKW | 0.17 | ||||
| Lean Hogs | BCOMLH | 1.35 | ||||
| Live Cattle | BCOMLC | 3.11 | ||||
| Natural Gas | BCOMNG | 2.39 | ||||
| Nickel | BCOMNI | 7.83 | ||||
| Silver | BCOMSI | 1.92 | ||||
| Soy Meal | BCOMSM | 0.01 | ||||
| Soybeans | BCOMSY | 5.17 | ||||
| Sugar | BCOMSB | 3.70 | ||||
| Wheat | BCOMWH | 8.98 | ||||
| Zinc | BCOMZS | 4.55 | ||||
| Total | 100.00 | % | ||||
The Lazard Funds, Inc. Notes to Portfolios of Investments
March 31, 2025 (unaudited)
| (*) | Non-income producing security. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, as amended these securities may only be traded among “qualified institutional buyers.” March 31, 2025, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage
of Net Assets | |||
| Developing Markets Equity Portfolio | 3.7 | % | ||
| Emerging Markets Core Equity Portfolio | 5.8 | % | ||
| Emerging Markets Equity Advantage Portfolio | 8.3 | % | ||
| Emerging Markets Equity Portfolio | 0.5 | % | ||
| Enhanced Opportunities Portfolio | 11.1 | % | ||
| Equity Franchise Portfolio | 6.8 | % | ||
| Global Listed Infrastructure Portfolio | 4.5 | % | ||
| International Equity Advantage Portfolio | 3.3 | % | ||
| International Equity Portfolio | 0.9 | % | ||
| International Equity Select Portfolio | 0.9 | % | ||
| International Quality Growth Portfolio | 3.4 | % | ||
| International Small Cap Equity Portfolio | 10.4 | % | ||
| International Strategic Equity Portfolio | 0.8 | % | ||
| Real Assets Portfolio | 1.3 | % | ||
| US Convertibles Portfolio | 24.3 | % | ||
| US High Yield Portfolio | 80.9 | % | ||
| US Short Duration Fixed Income Portfolio | 15.0 | % | ||
| US Systematic Small Cap Equity Portfolio | 0.3 | % | ||
| (¢) | 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. |
| (^) | 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 Lazard Global Listed Infrastructure Portfolio for the period ended 31 March, 2025 were as follows: |
| Issue | Value
at December 31, 2024 | Purchase cost | Sales proceeds | Realized gain (loss) | Change
in unrealized appreciation (depreciation) | Dividend Income | Shares
at March 31, 2025 | Values
at March 31, 2025 | ||||||||||||||||||||||||
| Global Listed Infrastructure | ||||||||||||||||||||||||||||||||
| Algonquin Power & Utilities Corp. | $ | 185,794,628 | $ | — | $ | — | $ | — | $ | 29,173,352 | $ | 2,312,797 | 41,860,578 | $ | 214,967,980 | |||||||||||||||||
| Atlas Arteria Ltd. | 246,847,113 | — | — | — | 8,764,923 | 10,591,902 | 83,962,746 | 255,612,036 | ||||||||||||||||||||||||
| Italgas SpA | 237,756,272 | — | — | — | 66,267,156 | — | 42,354,790 | 304,023,428 | ||||||||||||||||||||||||
| Pennon Group PLC | 119,444,612 | 34,863,144 | — | — | (926,123) | 2,942,543 | 26,547,011 | 153,381,633 | ||||||||||||||||||||||||
| SES SA | 66,908,278 | — | — | — | 57,878,682 | — | 21,121,589 | 124,786,960 | ||||||||||||||||||||||||
| Total Securities | $ | 856,750,903 | $ | 34,863,144 | $ | — | $ | — | $ | 161,157,990 | $ | 15,847,242 | 215,846,714 | $ | 1,052,772,037 | |||||||||||||||||
| (») | 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, 2025. |
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (**) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. At March 31, 2025, these securities amounted to 3.4% of net assets of Lazard Enhanced Opportunities Portfolio. |
| («) | Issue in default. |
| (<) | Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
| (•) | Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis. |
| (~) | The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio. |
| Security Abbreviations: | |
| ADR | - American Depositary Receipt |
| CDI | - CHESS Depositary Interest |
| CVR | - Contingent Value Rights |
| ETF | - Exchange-Traded Fund |
| GDR | - Global Depositary Receipt |
| JSC | - Joint Stock Company |
| NVDR | - Non-Voting Depository Receipt |
| PJSC | - Public Joint Stock Company |
| REIT | - Real Estate Investment Trust |
| SOFR | - Secured Overnight Financing Rate |
| Currency Abbreviations: | |
| AUD | - Australian Dollar |
| CAD | - Canadian Dollar |
| CHF | - Swiss Franc |
| CNY | - Chinese Renminbi |
| EUR | - Euro |
| GBP | - British Pound Sterling |
| HKD | - Hong Kong Dollar |
| NZD | - New Zealand Dollar |
| USD | - United States Dollar |
| Counterparty Abbreviations: | |
| BNP | - BNP Paribas SA |
| BNY | - Bank of New York Mellon |
| BOA | - Bank of America N.A. |
| CAN | - Canadian Imperial Bank of Commerce |
| CIT | - Citibank N.A. |
| GSC | - Goldman Sachs International |
| HSB | - HSBC Bank USA N.A. |
| MSC | - Morgan Stanley & Co. |
| NIP | - Nomura International Plc |
| RBC | - Royal Bank of Canada |
| SCB | - Standard Chartered Bank |
| SSB | - State Street Bank & Trust Co. |
Portfolio holdings by industry (as 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 | |||||||||||||
| Common Stocks and Preferred Stocks | |||||||||||||||||
| Aerospace & Defense | — | % | — | % | 1.0 | % | — | % | |||||||||
| Air Freight & Logistics | 3.5 | — | 0.4 | — | |||||||||||||
| Automobile Components | 0.8 | — | 0.5 | 1.8 | |||||||||||||
| Automobiles | 3.0 | 1.7 | 3.0 | 0.9 | |||||||||||||
| Banks | 18.1 | 21.6 | 16.6 | 22.1 | |||||||||||||
| Beverages | 0.9 | 0.8 | 1.1 | — | |||||||||||||
| Biotechnology | — | 1.2 | 0.3 | — | |||||||||||||
| Broadline Retail | 6.0 | 6.6 | 5.9 | 3.1 | |||||||||||||
| Building Products | — | — | 0.1 | — | |||||||||||||
| Capital Markets | — | 1.1 | 1.4 | — | |||||||||||||
| Chemicals | 0.9 | 1.0 | 0.8 | 1.9 | |||||||||||||
| Communications Equipment | 1.0 | — | 0.3 | — | |||||||||||||
| Construction & Engineering | — | 1.7 | 0.3 | — | |||||||||||||
| Construction Materials | — | — | 0.6 | 2.3 | |||||||||||||
| Consumer Finance | 1.5 | — | 1.4 | — | |||||||||||||
| Consumer Staples Distribution & Retail | 1.4 | 1.9 | 1.0 | 1.5 | |||||||||||||
| Containers & Packaging | — | — | 0.2 | — | |||||||||||||
| Diversified Telecommunication Services | — | — | 0.9 | 4.0 | |||||||||||||
| Electric Utilities | — | — | 1.0 | — | |||||||||||||
| Electrical Equipment | 2.5 | 1.4 | 1.5 | — | |||||||||||||
| Electronic Equipment, Instruments & Components | 2.8 | — | 2.2 | 1.1 | |||||||||||||
| Energy Equipment & Services | 0.8 | 0.7 | 0.4 | 0.8 | |||||||||||||
| Entertainment | — | 1.3 | 1.6 | 2.1 | |||||||||||||
| Financial Services | 0.7 | 0.8 | 1.0 | — | |||||||||||||
| Food Products | — | — | 1.8 | 2.9 | |||||||||||||
| Gas Utilities | — | — | 0.5 | 1.0 | |||||||||||||
| Ground Transportation | 1.1 | 0.8 | — | — |
| Industry† | Lazard Developing Markets Equity Portfolio |
Lazard Emerging Markets Core Equity Portfolio |
Lazard Emerging Markets Equity Advantage Portfolio |
Lazard Emerging Markets Equity Portfolio |
|||||||||||||
| Health Care Equipment & Supplies | — | % | 0.9 | % | — | % | — | % | |||||||||
| Health Care Providers & Services | — | — | 0.3 | 2.8 | |||||||||||||
| Hotels, Restaurants & Leisure | 3.0 | 3.9 | 2.3 | 0.8 | |||||||||||||
| Household Durables | 1.2 | 1.0 | 0.9 | 2.9 | |||||||||||||
| Household Products | — | 0.9 | — | 0.9 | |||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | 0.2 | 0.8 | |||||||||||||
| Industrial Conglomerates | — | 0.8 | 0.5 | 3.0 | |||||||||||||
| Insurance | 1.4 | 1.4 | 3.1 | 4.9 | |||||||||||||
| Interactive Media & Services | 6.9 | 5.2 | 6.0 | 1.0 | |||||||||||||
| IT Services | 1.9 | 1.1 | 2.6 | 0.8 | |||||||||||||
| Machinery | 4.6 | 2.5 | 1.1 | 1.7 | |||||||||||||
| Marine Transportation | — | — | 0.1 | — | |||||||||||||
| Metals & Mining | — | 3.6 | 4.6 | 2.8 | |||||||||||||
| Multi-Utilities | — | — | 0.1 | — | |||||||||||||
| Oil, Gas & Consumable Fuels | 2.5 | 5.9 | 3.5 | 5.3 | |||||||||||||
| Paper & Forest Products | 0.6 | — | 0.2 | — | |||||||||||||
| Passenger Airlines | — | 1.4 | 0.6 | — | |||||||||||||
| Personal Care Products | — | 1.6 | 0.2 | 2.2 | |||||||||||||
| Pharmaceuticals | 1.4 | — | 3.0 | 0.9 | |||||||||||||
| Professional Services | — | — | 0.1 | — | |||||||||||||
| Real Estate Management & Development | — | 3.3 | 2.0 | — | |||||||||||||
| Semiconductors & Semiconductor Equipment | 18.3 | 14.9 | 11.9 | 12.0 | |||||||||||||
| Software | 2.3 | — | 0.1 | — | |||||||||||||
| Specialty Retail | 0.7 | — | 0.7 | 1.0 | |||||||||||||
| Technology Hardware, Storage & Peripherals | 7.3 | 4.1 | 4.9 | 1.8 | |||||||||||||
| Textiles, Apparel & Luxury Goods | — | — | 0.7 | — | |||||||||||||
| Tobacco | — | 0.7 | — | 0.6 | |||||||||||||
| Trading Companies & Distributors | — | — | 0.2 | — |
| Industry† | Lazard Developing Markets Equity Portfolio |
Lazard Emerging Markets Core Equity Portfolio |
Lazard Emerging Markets Equity Advantage Portfolio |
Lazard Emerging Markets Equity Portfolio |
|||||||||||||
| Transportation Infrastructure | 0.9 | % | 1.8 | % | 0.9 | % | 2.1 | % | |||||||||
| Water Utilities | — | — | 0.3 | — | |||||||||||||
| Wireless Telecommunication Services | — | 2.1 | 1.2 | 2.4 | |||||||||||||
| Subtotal | 98.0 | 99.7 | 98.1 | 96.2 | |||||||||||||
| Repurchase Agreements | 2.1 | 0.4 | 1.4 | 3.4 | |||||||||||||
| Short-Term Investments | 0.1 | 0.0 | 0.1 | 0.2 | |||||||||||||
| Total Investments | 100.2 | % | 100.1 | % | 99.6 | % | 99.8 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Equity Franchise Portfolio |
Lazard Global Equity Select Portfolio |
Lazard Global Listed Infrastructure Portfolio |
Lazard International Equity Advantage Portfolio |
|||||||||||||
| Common Stocks and Preferred Stocks | |||||||||||||||||
| Aerospace & Defense | — | % | — | % | — | % | 2.2 | % | |||||||||
| Automobile Components | — | — | — | 1.4 | |||||||||||||
| Automobiles | — | — | — | 2.3 | |||||||||||||
| Banks | — | 4.2 | — | 14.2 | |||||||||||||
| Beverages | — | 5.7 | — | 0.5 | |||||||||||||
| Biotechnology | — | 1.4 | — | — | |||||||||||||
| Broadline Retail | — | 4.8 | — | 3.2 | |||||||||||||
| Building Products | — | 0.7 | — | 0.2 | |||||||||||||
| Capital Markets | — | 7.6 | — | 2.7 | |||||||||||||
| Chemicals | 1.8 | — | — | 1.7 | |||||||||||||
| Commercial Services & Supplies | 9.8 | — | — | 0.9 | |||||||||||||
| Communications Equipment | — | 1.6 | — | 0.2 | |||||||||||||
| Construction & Engineering | 4.2 | — | 12.6 | 1.3 | |||||||||||||
| Construction Materials | — | — | — | 0.2 | |||||||||||||
| Consumer Finance | — | — | — | 0.2 | |||||||||||||
| Consumer Staples Distribution & Retail | — | 0.7 | — | 2.2 | |||||||||||||
| Containers & Packaging | — | 0.7 | — | — | |||||||||||||
| Diversified Consumer Services | 6.2 | — | — | — | |||||||||||||
| Diversified Telecommunication Services | — | — | — | 0.5 | |||||||||||||
| Electric Utilities | 2.1 | — | 20.3 | 2.6 | |||||||||||||
| Electrical Equipment | — | 3.7 | — | 4.0 | |||||||||||||
| Electronic Equipment, Instruments & Components | — | 2.7 | — | 1.0 | |||||||||||||
| Energy Equipment & Services | — | — | — | 0.1 | |||||||||||||
| Entertainment | — | 1.0 | — | 1.6 | |||||||||||||
| Financial Services | 16.0 | 3.5 | — | 1.3 | |||||||||||||
| Food Products | — | — | — | 1.8 | |||||||||||||
| Gas Utilities | 5.0 | — | 10.2 | 0.2 |
| Industry† | Lazard Equity Franchise Portfolio |
Lazard Global Equity Select Portfolio |
Lazard Global Listed Infrastructure Portfolio |
Lazard International Equity Advantage Portfolio |
|||||||||||||
| Ground Transportation | — | % | — | % | 9.3 | % | 0.2 | % | |||||||||
| Health Care Equipment & Supplies | 8.4 | 1.0 | — | — | |||||||||||||
| Health Care Providers & Services | 6.7 | 2.1 | — | 0.1 | |||||||||||||
| Hotels, Restaurants & Leisure | 6.6 | 1.4 | — | 1.6 | |||||||||||||
| Household Durables | — | — | — | 1.5 | |||||||||||||
| Household Products | — | 1.6 | — | 0.6 | |||||||||||||
| Independent Power & Renewable Electricity Producers | — | — | — | 0.1 | |||||||||||||
| Insurance | — | 3.0 | — | 5.9 | |||||||||||||
| Interactive Media & Services | — | 3.1 | — | 2.6 | |||||||||||||
| IT Services | 2.6 | 2.6 | — | 2.5 | |||||||||||||
| Leisure Products | — | — | — | 0.2 | |||||||||||||
| Life Sciences Tools & Services | — | 4.8 | — | — | |||||||||||||
| Machinery | — | 2.7 | — | 1.5 | |||||||||||||
| Marine Transportation | — | — | — | 0.1 | |||||||||||||
| Media | 9.2 | — | 2.0 | — | |||||||||||||
| Metals & Mining | — | — | — | 4.1 | |||||||||||||
| Multi-Utilities | 4.9 | — | 14.9 | 0.3 | |||||||||||||
| Oil, Gas & Consumable Fuels | — | — | — | 4.7 | |||||||||||||
| Passenger Airlines | — | — | — | 1.4 | |||||||||||||
| Personal Care Products | — | 1.8 | — | 0.9 | |||||||||||||
| Pharmaceuticals | — | 2.7 | — | 9.0 | |||||||||||||
| Professional Services | 1.0 | 8.1 | — | 1.7 | |||||||||||||
| Real Estate Management & Development | — | — | — | 1.3 | |||||||||||||
| Retail REITs | — | — | — | 0.1 | |||||||||||||
| Semiconductors & Semiconductor Equipment | — | 6.8 | — | 6.3 | |||||||||||||
| Software | 1.4 | 7.9 | — | 0.0 | |||||||||||||
| Specialty Retail | — | 3.5 | — | — | |||||||||||||
| Technology Hardware, Storage & Peripherals | — | 4.4 | — | 2.3 | |||||||||||||
| Industry† | Lazard Equity Franchise Portfolio |
Lazard Global Equity Select Portfolio |
Lazard Global Listed Infrastructure Portfolio |
Lazard International Equity Advantage Portfolio |
|||||||||||||
| Textiles, Apparel & Luxury Goods | — | % | 1.6 | % | — | % | 0.3 | % | |||||||||
| Tobacco | — | — | — | 0.8 | |||||||||||||
| Trading Companies & Distributors | — | 1.1 | — | 0.5 | |||||||||||||
| Transportation Infrastructure | — | — | 15.3 | 0.4 | |||||||||||||
| Water Utilities | 9.3 | — | 11.1 | — | |||||||||||||
| Wireless Telecommunication Services | — | — | — | 1.2 | |||||||||||||
| Subtotal | 95.2 | 98.5 | 95.7 | 98.7 | |||||||||||||
| Warrants | — | — | — | 0.0 | |||||||||||||
| Repurchase Agreements | 5.7 | 1.3 | 3.6 | 1.8 | |||||||||||||
| Short-Term Investments | 0.3 | 0.1 | 0.2 | 0.1 | |||||||||||||
| Total Investments | 101.2 | % | 99.9 | % | 99.5 | % | 100.6 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Equity Portfolio | Lazard International Equity Select Portfolio | Lazard International Quality Growth Portfolio | Lazard International Small Cap Equity Portfolio | ||||||||||||
| Common Stocks and Preferred Stocks | ||||||||||||||||
| Aerospace & Defense | 5.4 | % | 4.2 | % | — | % | 3.4 | % | ||||||||
| Air Freight & Logistics | — | — | — | 1.0 | ||||||||||||
| Automobile Components | 1.1 | 0.1 | — | 1.0 | ||||||||||||
| Automobiles | 1.4 | 0.9 | — | — | ||||||||||||
| Banks | 13.6 | 16.3 | 2.9 | 5.6 | ||||||||||||
| Beverages | 2.8 | 0.7 | 3.0 | 1.5 | ||||||||||||
| Biotechnology | — | — | — | 2.8 | ||||||||||||
| Broadline Retail | — | — | 2.9 | — | ||||||||||||
| Building Products | 0.7 | — | 2.5 | 4.3 | ||||||||||||
| Capital Markets | 1.8 | 1.6 | 9.6 | 3.4 | ||||||||||||
| Chemicals | 4.1 | 3.2 | — | 5.4 | ||||||||||||
| Construction & Engineering | — | — | — | 1.3 | ||||||||||||
| Construction Materials | 0.9 | 1.4 | — | 1.3 | ||||||||||||
| Consumer Staples Distribution & Retail | 1.4 | — | 2.1 | 0.7 | ||||||||||||
| Diversified REITs | — | — | — | 1.3 | ||||||||||||
| Diversified Telecommunication Services | 2.7 | — | — | 1.2 | ||||||||||||
| Electric Utilities | 1.1 | — | — | — | ||||||||||||
| Electrical Equipment | 2.2 | 3.8 | — | 2.3 | ||||||||||||
| Electronic Equipment, Instruments & Components | 2.4 | 2.2 | 7.0 | 2.1 | ||||||||||||
| Entertainment | — | 1.4 | 3.3 | 1.0 | ||||||||||||
| Financial Services | — | — | — | 2.2 | ||||||||||||
| Food Products | 0.8 | — | — | 4.3 | ||||||||||||
| Gas Utilities | — | — | — | 1.2 | ||||||||||||
| Health Care Equipment & Supplies | 0.9 | 2.8 | 7.1 | 4.8 | ||||||||||||
| Health Care Technology | — | — | 1.6 | — | ||||||||||||
| Hotels, Restaurants & Leisure | 1.4 | 2.5 | 1.7 | 1.9 | ||||||||||||
| Household Durables | — | — | — | 2.5 | ||||||||||||
| Industrial Conglomerates | 2.4 | 1.5 | — | — | ||||||||||||
| Industry† | Lazard International Equity Portfolio | Lazard International Equity Select Portfolio | Lazard International Quality Growth Portfolio | Lazard International Small Cap Equity Portfolio | ||||||||||||
| Insurance | 3.9 | % | 6.2 | % | 6.2 | % | 5.8 | % | ||||||||
| Interactive Media & Services | 1.0 | 2.5 | 4.9 | — | ||||||||||||
| IT Services | 4.1 | 2.5 | 2.7 | 1.6 | ||||||||||||
| Leisure Products | 1.2 | — | — | 1.2 | ||||||||||||
| Life Sciences Tools & Services | 0.4 | 0.4 | 1.3 | — | ||||||||||||
| Machinery | 3.4 | 2.5 | 1.4 | 7.4 | ||||||||||||
| Metals & Mining | 1.2 | — | — | — | ||||||||||||
| Multi-Utilities | 1.7 | 1.7 | — | — | ||||||||||||
| Oil, Gas & Consumable Fuels | 0.9 | 1.0 | — | 1.7 | ||||||||||||
| Passenger Airlines | 1.1 | 1.3 | — | — | ||||||||||||
| Personal Care Products | 2.7 | 3.0 | 2.7 | — | ||||||||||||
| Pharmaceuticals | 5.4 | 4.0 | — | 1.0 | ||||||||||||
| Professional Services | 6.8 | 7.1 | 12.4 | 4.8 | ||||||||||||
| Real Estate Management & Development | 0.9 | 0.9 | — | 6.4 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 5.3 | 8.4 | 6.1 | 1.1 | ||||||||||||
| Software | 0.8 | 2.2 | 7.8 | 1.8 | ||||||||||||
| Specialty Retail | 2.2 | 0.7 | 2.3 | 3.0 | ||||||||||||
| Textiles, Apparel & Luxury Goods | 4.3 | 5.1 | 2.4 | 1.5 | ||||||||||||
| Trading Companies & Distributors | 1.0 | 1.7 | 4.6 | 3.9 | ||||||||||||
| Wireless Telecommunication Services | — | 1.1 | — | — | ||||||||||||
| Subtotal | 95.4 | 94.9 | 98.5 | 97.7 | ||||||||||||
| Repurchase Agreements | 3.4 | 2.1 | 1.3 | 1.4 | ||||||||||||
| Short-Term Investments | 0.2 | 0.1 | 0.1 | 0.1 | ||||||||||||
| Total Investments | 99.0 | % | 97.1 | % | 99.9 | % | 99.2 | % | ||||||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard International Strategic Equity Portfolio | Lazard US Equity Concentrated Portfolio | Lazard US Equity Focus Portfolio | Lazard US Small Cap Equity Select Portfolio | ||||||||||||
| Common Stocks | ||||||||||||||||
| Aerospace & Defense | 4.8 | % | 5.3 | % | — | % | 0.8 | % | ||||||||
| Automobile Components | — | — | — | 1.0 | ||||||||||||
| Automobiles | 1.1 | 4.8 | — | 1.3 | ||||||||||||
| Banks | 14.1 | — | 3.3 | 7.9 | ||||||||||||
| Beverages | 6.9 | — | — | — | ||||||||||||
| Biotechnology | 1.1 | 2.6 | 0.8 | 5.4 | ||||||||||||
| Broadline Retail | 1.0 | 9.7 | 6.6 | — | ||||||||||||
| Building Products | 1.3 | — | — | 2.0 | ||||||||||||
| Capital Markets | 4.9 | 14.9 | 11.5 | 6.0 | ||||||||||||
| Chemicals | 0.9 | — | — | — | ||||||||||||
| Commercial Services & Supplies | 1.5 | — | 3.7 | 3.8 | ||||||||||||
| Construction Materials | 2.0 | — | — | 1.2 | ||||||||||||
| Consumer Staples Distribution & Retail | 1.1 | — | — | 4.8 | ||||||||||||
| Containers & Packaging | — | — | — | 1.5 | ||||||||||||
| Electrical Equipment | 1.9 | 3.6 | 1.6 | 2.2 | ||||||||||||
| Electronic Equipment, Instruments & Components | 3.6 | 6.5 | — | 3.6 | ||||||||||||
| Energy Equipment & Services | — | — | — | 3.1 | ||||||||||||
| Entertainment | — | — | — | 1.4 | ||||||||||||
| Financial Services | 0.8 | 5.1 | 4.8 | — | ||||||||||||
| Ground Transportation | 1.5 | — | 2.0 | 1.3 | ||||||||||||
| Health Care Equipment & Supplies | 1.7 | — | 2.2 | 5.7 | ||||||||||||
| Health Care Providers & Services | — | — | 3.1 | — | ||||||||||||
| Health Care Technology | — | — | — | 2.4 | ||||||||||||
| Hotels, Restaurants & Leisure | 3.6 | 4.3 | 3.7 | 4.0 | ||||||||||||
| Insurance | 8.2 | 6.0 | 4.5 | 6.3 | ||||||||||||
| Interactive Media & Services | — | — | 4.4 | 1.3 | ||||||||||||
| IT Services | 2.9 | 4.4 | 2.0 | 1.9 | ||||||||||||
| Industry† | Lazard International Strategic Equity Portfolio | Lazard US Equity Concentrated Portfolio | Lazard US Equity Focus Portfolio | Lazard US Small Cap Equity Select Portfolio | ||||||||||||
| Life Sciences Tools & Services | 1.5 | % | 2.8 | % | 4.4 | % | 0.6 | % | ||||||||
| Machinery | 2.8 | — | 2.4 | 7.4 | ||||||||||||
| Media | 1.9 | 2.3 | — | — | ||||||||||||
| Multi-Utilities | 3.0 | — | — | — | ||||||||||||
| Oil, Gas & Consumable Fuels | 0.7 | — | 3.0 | 2.6 | ||||||||||||
| Passenger Airlines | 1.2 | — | — | — | ||||||||||||
| Personal Care Products | 2.5 | — | — | — | ||||||||||||
| Pharmaceuticals | 4.4 | 4.4 | 2.1 | 1.0 | ||||||||||||
| Professional Services | 6.5 | — | 4.6 | 1.3 | ||||||||||||
| Real Estate Management & Development | — | — | 2.6 | — | ||||||||||||
| Retail REITs | — | — | — | 1.5 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 6.0 | 13.5 | 9.3 | 5.0 | ||||||||||||
| Software | 1.3 | 4.7 | 9.4 | 2.7 | ||||||||||||
| Specialized REITs | — | 3.7 | — | 2.2 | ||||||||||||
| Specialty Retail | 2.5 | — | — | 1.8 | ||||||||||||
| Technology Hardware, Storage & Peripherals | 0.9 | — | 7.6 | — | ||||||||||||
| Textiles, Apparel & Luxury Goods | — | — | — | 1.9 | ||||||||||||
| Trading Companies & Distributors | — | — | — | 1.0 | ||||||||||||
| Subtotal | 100.1 | 98.6 | 99.6 | 97.9 | ||||||||||||
| Repurchase Agreements | — | 0.7 | 0.8 | — | ||||||||||||
| Short-Term Investments | 0.5 | 0.1 | 0.1 | — | ||||||||||||
| Total Investments | 100.6 | % | 99.4 | % | 100.5 | % | 97.9 | % | ||||||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard US Sustainable Equity Portfolio | Lazard US Systematic Small Cap Equity Portfolio | ||||||
| Common Stocks | ||||||||
| Automobile Components | — | % | 1.5 | % | ||||
| Banks | 2.0 | 3.4 | ||||||
| Beverages | — | 0.0 | ||||||
| Biotechnology | 0.6 | 5.1 | ||||||
| Building Products | 2.8 | 1.7 | ||||||
| Capital Markets | 9.5 | 1.8 | ||||||
| Chemicals | 3.0 | 2.1 | ||||||
| Commercial Services & Supplies | 3.3 | 4.4 | ||||||
| Communications Equipment | — | 2.4 | ||||||
| Construction & Engineering | — | 0.5 | ||||||
| Construction Materials | — | 0.1 | ||||||
| Consumer Finance | 1.3 | 0.6 | ||||||
| Consumer Staples Distribution & Retail | — | 0.3 | ||||||
| Containers & Packaging | 1.0 | 0.5 | ||||||
| Distributors | — | 0.2 | ||||||
| Diversified Consumer Services | — | 3.1 | ||||||
| Diversified REITs | — | 0.2 | ||||||
| Diversified Telecommunication Services | — | 0.6 | ||||||
| Electrical Equipment | 1.1 | 1.6 | ||||||
| Electronic Equipment, Instruments & Components | 1.6 | 5.0 | ||||||
| Energy Equipment & Services | — | 0.1 | ||||||
| Entertainment | — | 0.1 | ||||||
| Financial Services | 5.2 | 1.6 | ||||||
| Food Products | — | 1.8 | ||||||
| Ground Transportation | 1.0 | 0.1 | ||||||
| Health Care Equipment & Supplies | 4.5 | 3.4 | ||||||
| Health Care Providers & Services | 3.0 | 1.7 | ||||||
| Health Care REITs | — | 0.6 | ||||||
| Health Care Technology | — | 1.0 | ||||||
| Hotel & Resort REITs | — | 0.2 | ||||||
| Hotels, Restaurants & Leisure | 1.1 | 1.2 | ||||||
| Household Durables | — | 3.9 | ||||||
| Household Products | 3.0 | 1.2 | ||||||
| Independent Power & Renewable Electricity Producers | — | 0.2 | ||||||
| Industrial REITs | 1.1 | 0.7 | ||||||
| Insurance | 1.6 | 2.3 | ||||||
| Interactive Media & Services | — | 1.1 | ||||||
| IT Services | 2.5 | 1.6 | ||||||
| Leisure Products | — | 0.4 | ||||||
| Life Sciences Tools & Services | 5.9 | 1.5 | ||||||
| Machinery | 5.5 | 1.6 | ||||||
| Marine Transportation | — | 0.9 | ||||||
| Industry† | Lazard US Sustainable Equity Portfolio | Lazard US Systematic Small Cap Equity Portfolio | ||||||
| Media | — | % | 2.6 | % | ||||
| Mortgage Real Estate Investment | — | 0.2 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) | — | 0.0 | ||||||
| Office REITs | — | 0.2 | ||||||
| Oil, Gas & Consumable Fuels | — | 1.0 | ||||||
| Paper & Forest Products | — | 0.3 | ||||||
| Passenger Airlines | — | 0.2 | ||||||
| Personal Care Products | — | 0.3 | ||||||
| Pharmaceuticals | 4.8 | 0.0 | ||||||
| Professional Services | — | 7.8 | ||||||
| Real Estate Management & Development | 1.1 | 0.5 | ||||||
| Residential REITs | — | 0.3 | ||||||
| Retail REITs | — | 1.8 | ||||||
| Semiconductors & Semiconductor Equipment | 8.6 | 1.7 | ||||||
| Software | 13.0 | 12.6 | ||||||
| Specialized REITs | — | 0.8 | ||||||
| Specialty Retail | 3.3 | 2.4 | ||||||
| Technology Hardware, Storage & Peripherals | 6.8 | 0.5 | ||||||
| Textiles, Apparel & Luxury Goods | — | 1.9 | ||||||
| Trading Companies & Distributors | — | 2.2 | ||||||
| Wireless Telecommunication Services | — | 0.5 | ||||||
| Subtotal | 98.2 | 100.1 | ||||||
| Closed-End Management Investment Companies | — | 0.4 | ||||||
| Repurchase Agreements | 1.8 | 0.4 | ||||||
| Short-Term Investments | 0.1 | 0.0 | ||||||
| Total Investments | 100.1 | % | 100.9 | % | ||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Industry† | Long | Short | ||||||
| Common Stocks, Preferred Stocks, Corporate Bonds and Convertible Corporate Bonds | ||||||||
| Automobiles | 0.0 | % | 0.0 | % | ||||
| Beverages | 1.1 | — | ||||||
| Biotechnology | 2.1 | -0.2 | ||||||
| Broadline Retail | 0.0 | — | ||||||
| Capital Markets | 0.3 | — | ||||||
| Chemicals | 0.0 | — | ||||||
| Commercial Services & Supplies | 3.6 | — | ||||||
| Communications Equipment | 0.0 | — | ||||||
| Construction & Engineering | 1.6 | — | ||||||
| Consumer Finance | 0.0 | — | ||||||
| Diversified REITs | 0.0 | — | ||||||
| Diversified Telecommunication Services | 0.6 | — | ||||||
| Electric Utilities | 0.0 | — | ||||||
| Electrical Equipment | 0.0 | — | ||||||
| Electronic Equipment, Instruments & Components | 1.0 | — | ||||||
| Energy Equipment & Services | 0.1 | — | ||||||
| Entertainment | 1.0 | -0.8 | ||||||
| Financial Services | 1.8 | -0.2 | ||||||
| Food Products | 0.2 | — | ||||||
| Health Care Equipment & Supplies | 8.4 | 0.0 | ||||||
| Health Care Providers & Services | 0.8 | — | ||||||
| Hotel & Resort REITs | 1.2 | 0.0 | ||||||
| Hotels, Restaurants & Leisure | 0.1 | -0.1 | ||||||
| Insurance | 0.5 | -0.4 | ||||||
| Interactive Media & Services | 4.1 | — | ||||||
| IT Services | 2.8 | — | ||||||
| Leisure Products | 1.3 | — | ||||||
| Life Sciences Tools & Services | 0.0 | — | ||||||
| Machinery | 0.4 | — | ||||||
| Media | 0.0 | — | ||||||
| Metal Fabricate & Hardware | 0.1 | — | ||||||
| Metals & Mining | 0.0 | — | ||||||
| Passenger Airlines | 0.6 | -0.2 | ||||||
| Pharmaceuticals | 4.0 | -0.1 | ||||||
| Private Equity | 0.0 | — | ||||||
| Real Estate Management & Development | 1.4 | 0.0 | ||||||
| Semiconductors & Semiconductor Equipment | 1.0 | 0.0 | ||||||
| Software | 8.5 | -0.5 | ||||||
| Specialty Retail | 4.2 | — | ||||||
| Technology Hardware, Storage & Peripherals | — | -0.1 | ||||||
| Lazard Enhanced Opportunities Portfolio | ||||||||
| Industry† | Long | Short | ||||||
| Trading Companies & Distributors | 0.0 | % | — | % | ||||
| Subtotal | 52.8 | -2.6 | ||||||
| Purchased Options | 0.0 | — | ||||||
| U.S. Treasury Securities | 41.7 | — | ||||||
| Warrants | 0.0 | — | ||||||
| Short-Term Investments | 3.9 | — | ||||||
| Total Investments | 98.4 | % | -2.6 | % | ||||
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Real Assets Portfolio | |||
| Common Stocks | ||||
| Construction & Engineering | 2.3 | % | ||
| Containers & Packaging | 0.3 | |||
| Diversified REITs | 0.3 | |||
| Electric Utilities | 7.7 | |||
| Gas Utilities | 1.0 | |||
| Ground Transportation | 3.3 | |||
| Health Care REITs | 4.5 | |||
| Hotel & Resort REITs | 1.3 | |||
| Industrial REITs | 5.7 | |||
| Metals & Mining | 1.7 | |||
| Multi-Utilities | 5.9 | |||
| Office REITs | 1.0 | |||
| Oil, Gas & Consumable Fuels | 6.3 | |||
| Paper & Forest Products | 0.3 | |||
| Real Estate Management & Development | 4.7 | |||
| Residential REITs | 5.0 | |||
| Retail REITs | 5.7 | |||
| Specialized REITs | 10.7 | |||
| Transportation Infrastructure | 1.7 | |||
| Water Utilities | 0.5 | |||
| Subtotal | 69.9 | |||
| Exchange-Traded Funds | 5.8 | |||
| Short-Term Investments | 21.0 | |||
| Total Investments | 96.7 | % | ||
| † | 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 22, 2025
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 22, 2025
| By: | /s/ Christina Kennedy |
| Christina Kennedy | |
| Chief Financial Officer |
Date: May 22, 2025