Lazard Funds NPORTP Lazard International Quality Growth Portfolio (Sep 2024 report)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2024

Item 1: Schedule of Investments.

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks \| 99.4%
Brazil \| 8.3%
Dexco SA		528,308	$	829,163
MercadoLibre, Inc. (*)		662		1,358,397
Pagseguro Digital Ltd., Class A (*)		140,688		1,211,324
PRIO SA		165,900		1,319,538
Rumo SA		219,844		807,108
TOTVS SA		333,300		1,747,352
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		409,852		497,296
				7,770,178
China \| 24.2%
Airtac International Group		33,765		979,987
Alibaba Group Holding Ltd.		176,900		2,351,295
Baidu, Inc., Class A (*)		43,650		575,095
China Tourism Group Duty Free Corp. Ltd., Class A		75,100		826,659
Chow Tai Seng Jewellery Co. Ltd., Class A		420,650		779,897
Foxconn Industrial Internet Co. Ltd., Class A		263,400		950,227
JD.com, Inc., Class A		39,009		780,397
Jiangsu King’s Luck Brewery JSC Ltd., Class A		64,400		473,202
Lenovo Group Ltd.		548,000		736,651
Nexteer Automotive Group Ltd.		856,000		358,800
Ping An Insurance Group Co. of China Ltd., Class H		208,500		1,323,839
Shenzhen Inovance Technology Co. Ltd., Class A		154,390		1,374,286
Sungrow Power Supply Co. Ltd., Class A		68,888		976,547
Tencent Holdings Ltd.		69,400		3,885,906
Trip.com Group Ltd. ADR (*)		28,679		1,704,393
Wuliangye Yibin Co. Ltd., Class A		66,200		1,501,655
Xiaomi Corp., Class B (*)		391,200		1,111,825
Yadea Group Holdings Ltd.		522,000		929,559
ZTO Express Cayman, Inc. ADR		42,760		1,059,165
				22,679,385
Hong Kong \| 1.4%
Techtronic Industries Co. Ltd.		88,002		1,333,989
Hungary \| 1.4%
Richter Gedeon Nyrt.		43,377		1,336,033
India \| 11.8%
Bajaj Finance Ltd.		12,002		1,105,804
HDFC Bank Ltd. ADR		37,802		2,364,893
ICICI Bank Ltd. ADR		114,463		3,416,720
Jio Financial Services Ltd. (*)		57,584		241,561

Description	Shares		Fair Value
Mphasis Ltd.	33,329	$	1,200,256
Reliance Industries Ltd.	55,972		1,975,639
UPL Ltd.	105,235		768,300
			11,073,173
Indonesia \| 4.6%
Bank Central Asia Tbk PT	3,072,600		2,094,905
Bank Rakyat Indonesia Persero Tbk PT	6,679,849		2,183,523
			4,278,428
Macau \| 1.4%
Sands China Ltd. (*)	518,000		1,309,330
Mexico \| 2.4%
Arca Continental SAB de CV	75,700		707,789
Grupo Financiero Banorte SAB de CV, Class O	217,057		1,537,809
			2,245,598
Peru \| 1.8%
Credicorp Ltd.	8,962		1,621,853
Philippines \| 4.2%
BDO Unibank, Inc.	824,762		2,329,468
International Container Terminal Services, Inc.	215,449		1,554,080
			3,883,548
Poland \| 1.9%
InPost SA (*)	95,387		1,799,953
South Africa \| 5.6%
Capitec Bank Holdings Ltd.	15,241		2,688,820
Foschini Group Ltd.	88,732		801,852
Standard Bank Group Ltd.	127,370		1,787,608
			5,278,280
South Korea \| 7.8%
CJ Logistics Corp.	10,124		722,546
Samsung Electronics Co. Ltd.	87,684		4,155,814
SK Hynix, Inc.	18,221		2,454,524
			7,332,884
Taiwan \| 19.0%
ASE Technology Holding Co. Ltd.	330,289		1,590,894
Bizlink Holding, Inc.	55,078		806,117
Chroma ATE, Inc.	97,000		1,152,093
Hiwin Technologies Corp.	92,714		629,213
Lotes Co. Ltd.	29,687		1,308,624
MediaTek, Inc.	40,000		1,493,744
RichWave Technology Corp. (*)	103,000		630,910
Sercomm Corp.	243,000		858,963

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan Semiconductor Manufacturing Co. Ltd.	307,000	$	9,372,612
			17,843,170
Turkey \| 0.6%
BIM Birlesik Magazalar AS	35,392		514,074
United States \| 3.0%
EPAM Systems, Inc. (*)	3,759		748,154
SharkNinja, Inc.	13,913		1,512,482
Tenaris SA ADR	18,185		578,101
			2,838,737
Total Common Stocks (Cost $62,311,735)			93,138,613
Short-Term Investments \| 0.9%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $889,782)	889,782		889,782
Total Investments \| 100.3% (Cost $63,201,517)		$	94,028,395
Liabilities in Excess of Cash and Other Assets \| (0.3)%			(234,915)
Net Assets \| 100.0%		$	93,793,480

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks \| 99.7%
Brazil \| 3.2%
Banco BTG Pactual SA		220,496	$	1,346,605
MercadoLibre, Inc. (*)		704		1,444,580
NU Holdings Ltd., Class A (*)		78,610		1,073,027
				3,864,212
China \| 24.2%
Alibaba Group Holding Ltd. ADR		43,841		4,652,407
China Merchants Bank Co. Ltd., Class H		757,500		3,685,452
Contemporary Amperex Technology Co. Ltd., Class A		47,900		1,701,333
Innovent Biologics, Inc. (*)		233,500		1,416,992
Midea Group Co. Ltd.		265,200		2,532,992
NetEase, Inc. ADR		11,450		1,070,689
PDD Holdings, Inc., ADR (*)		9,157		1,234,455
Shenzhen Inovance Technology Co. Ltd., Class A		170,499		1,517,679
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		33,400		1,381,115
Tencent Holdings Ltd.		98,892		5,537,248
Trip.com Group Ltd. ADR (*)		28,981		1,722,341
Weichai Power Co. Ltd., Class H		710,000		1,293,292
Yum China Holdings, Inc.		35,479		1,597,265
				29,343,260
France \| 1.3%
Pernod Ricard SA ADR		52,887		1,604,592
Ghana \| 0.6%
Kosmos Energy Ltd. (*)		179,241		722,341
Greece \| 2.2%
Eurobank Ergasias Services & Holdings SA, Class A		395,036		904,982
GEK TERNA SA		45,261		889,636
National Bank of Greece SA		99,551		855,446
				2,650,064
Hong Kong \| 1.6%
AIA Group Ltd.		224,000		1,980,787
India \| 16.4%
HDFC Bank Ltd. ADR		47,008		2,940,820
Hindalco Industries Ltd.		149,612		1,354,390
ICICI Bank Ltd. ADR		83,756		2,500,117
InterGlobe Aviation Ltd. (*)		24,333		1,392,695
ITC Ltd.		183,234		1,135,529
Larsen & Toubro Ltd.		34,399		1,508,303
Macrotech Developers Ltd.		94,654		1,393,792

Description	Shares		Fair Value
MakeMyTrip Ltd. (*)	12,045	$	1,119,583
Reliance Industries Ltd.	89,569		3,161,509
Supreme Industries Ltd.	27,154		1,723,796
Tata Consultancy Services Ltd.	32,603		1,663,717
			19,894,251
Indonesia \| 2.5%
Bank Central Asia Tbk PT	2,467,800		1,682,551
Bank Mandiri Persero Tbk PT	2,980,000		1,362,630
			3,045,181
Macau \| 0.6%
Galaxy Entertainment Group Ltd.	158,000		783,413
Mexico \| 3.9%
Arca Continental SAB de CV	96,445		901,753
Corp. Inmobiliaria Vesta SAB de CV ADR	39,697		1,069,437
Grupo Financiero Banorte SAB de CV, Class O	234,877		1,664,060
Kimberly-Clark de Mexico SAB de CV, Class A	692,974		1,120,584
			4,755,834
Peru \| 0.8%
Credicorp Ltd.	5,097		922,404
Philippines \| 2.3%
BDO Unibank, Inc.	395,559		1,117,222
International Container Terminal Services, Inc.	236,350		1,704,843
			2,822,065
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.	312,269		2,253,315
Saudi National Bank	161,905		1,482,454
			3,735,769
South Africa \| 4.4%
Anglo American PLC	30,097		978,184
Bidvest Group Ltd.	74,381		1,262,539
Capitec Bank Holdings Ltd.	8,455		1,491,632
Shoprite Holdings Ltd.	91,462		1,566,156
			5,298,511
South Korea \| 9.6%
Kia Corp.	18,768		1,438,832
LG Chem Ltd.	4,703		1,289,507
Samsung Electronics Co. Ltd.	89,241		4,229,609

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Shinhan Financial Group Co. Ltd.	60,540	$	2,578,068
SK Hynix, Inc.	15,667		2,110,478
			11,646,494
Taiwan \| 15.9%
ASE Technology Holding Co. Ltd.	303,000		1,459,452
Chailease Holding Co. Ltd.	258,464		1,337,708
Eclat Textile Co. Ltd.	48,789		843,785
MediaTek, Inc.	53,000		1,979,210
Nien Made Enterprise Co. Ltd.	59,000		949,099
Taiwan Semiconductor Manufacturing Co. Ltd.	225,000		6,869,178
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	33,441		5,807,699
			19,246,131
Thailand \| 1.1%
CP ALL PCL (‡)	677,200		1,378,498
Turkey \| 1.4%
Akbank TAS	453,604		818,144
BIM Birlesik Magazalar AS	64,800		941,229
			1,759,373
United Arab Emirates \| 1.9%
Abu Dhabi Ports Co. PJSC (*)	568,701		791,072
ADNOC Drilling Co. PJSC	1,143,718		1,472,701
			2,263,773
United Kingdom \| 1.3%
Unilever PLC ADR	23,366		1,517,855
United States \| 1.4%
Freeport-McMoRan, Inc.	33,149		1,654,798
Total Common Stocks (Cost $91,190,172)			120,889,606
Total Investments \| 99.7% (Cost $91,190,172)		$	120,889,606
Cash and Other Assets in Excess of Liabilities \| 0.3%			357,893
Net Assets \| 100.0%		$	121,247,499

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks \| 98.1%
Brazil \| 2.3%
Banco do Brasil SA		185,100	$	923,512
BB Seguridade Participacoes SA		139,400		908,402
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		9,000		149,348
Cia De Sanena Do Parana		90,200		488,114
Energisa SA		18,800		154,570
Klabin SA		37,410		143,454
NU Holdings Ltd., Class A (*)		20,866		284,821
PRIO SA		34,700		275,997
Telefonica Brasil SA		47,800		489,784
				3,818,002
Chile \| 0.1%
Enel Chile SA ADR		68,443		190,956
China \| 28.4%
Alibaba Group Holding Ltd.		347,700		4,621,511
Aluminum Corp. of China, Ltd.		244,000		190,784
Anker Innovations Technology Co. Ltd., Class A		15,080		180,414
ANTA Sports Products Ltd.		12,800		152,949
Atour Lifestyle Holdings Ltd. ADR		8,662		224,692
Baidu, Inc. ADR (*)		4,468		470,436
Bank of Changsha Co. Ltd., Class A		131,000		154,423
Bank of China Ltd., Class H		1,178,000		551,451
Beijing New Building Materials PLC, Class A		52,300		245,919
BOC Aviation Ltd.		18,100		149,665
Bosideng International Holdings Ltd.		544,000		309,043
BYD Co. Ltd., Class H		34,500		1,239,098
BYD Electronic International Co. Ltd.		55,500		233,093
China CITIC Bank Corp. Ltd., Class H		698,000		441,616
China Construction Bank Corp., Class H		3,376,000		2,530,829
China Hongqiao Group Ltd.		200,500		335,475
China Longyuan Power Group Corp. Ltd., Class H		594,000		538,377
China Merchants Bank Co. Ltd., Class H		155,500		756,552
China Nonferrous Mining Corp. Ltd.		185,000		153,073
China Pacific Insurance Group Co. Ltd., Class H		141,000		497,012
China Resources Land Ltd.		37,000		133,374
China Resources Mixc Lifestyle Services Ltd.		48,200		210,854
China Resources Power Holdings Co. Ltd.		120,000		324,190
China Tower Corp. Ltd., Class H		3,548,000		469,952
China United Network Communications Ltd., Class A		273,100		208,290
CNGR Advanced Material Co. Ltd., Class A		38,700		221,686

Description	Shares		Fair Value
Contemporary Amperex Technology Co. Ltd., Class A		18,680	$	663,484
ENN Natural Gas Co. Ltd., Class A		173,200		508,216
Guangdong TCL Smart Home Appliances Co. Ltd. (*)		93,000		154,297
H World Group Ltd., ADR		5,986		222,679
Haidilao International Holding Ltd.		253,000		601,443
Hisense Home Appliances Group Co. Ltd., Class H		50,000		182,100
Huaibei Mining Holdings Co. Ltd., Class A		94,700		243,187
Huaxia Bank Co. Ltd., Class A		353,200		374,346
HUTCHMED China Ltd. (*)		35,500		146,954
Industrial & Commercial Bank of China Ltd., Class H		534,000		315,860
Innovent Biologics, Inc. (*)		28,000		169,918
JD Logistics, Inc. (*)		359,400		632,619
JD.com, Inc., Class A		80,904		1,618,529
Kanzhun, Ltd. ADR		24,862		431,604
KE Holdings, Inc. ADR		25,459		506,889
Kingdee International Software Group Co. Ltd. (*)		114,000		128,370
Kingnet Network Co. Ltd., Class A		135,800		230,278
Kuaishou Technology (*)		127,900		883,900
Kunlun Energy Co. Ltd.		428,000		441,412
Li Auto, Inc. ADR (*)		10,955		280,996
Meituan, Class B (*)		132,070		2,810,961
Midea Group Co. Ltd., Class A		98,000		1,047,621
NetEase, Inc.		59,100		1,104,592
New Oriental Education & Technology Group, Inc. ADR		2,802		212,504
Ningbo Boway Alloy Material Co. Ltd., Class A		56,900		141,051
Nongfu Spring Co. Ltd., Class H		46,800		200,690
PDD Holdings, Inc., ADR (*)		14,943		2,014,466
People’s Insurance Co. Group of China Ltd., Class H		573,000		273,417
PetroChina Co. Ltd., Class H		712,000		576,665
Ping An Insurance Group Co. of China Ltd., Class H		60,000		380,961
Pop Mart International Group Ltd.		32,800		224,551
Qifu Technology, Inc. ADR		14,521		432,871
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		6,400		264,645
Shenzhen Sinexcel Electric Co. Ltd., Class A		37,100		144,207
Sieyuan Electric Co. Ltd., Class A		17,200		181,244
Sunny Optical Technology Group Co. Ltd.		51,400		378,444
Suzhou Secote Precision Electronic Co. Ltd., Class A (*)		29,100		295,971

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Tencent Holdings Ltd.		134,500	$	7,531,043
Tencent Music Entertainment Group ADR		22,353		269,354
Trip.com Group Ltd. ADR (*)		10,882		646,717
Vipshop Holdings Ltd. ADR		33,698		530,069
Weichai Power Co. Ltd., Class H		113,000		205,834
Xiaomi Corp., Class B (*)		569,400		1,618,285
Yankershop Food Co. Ltd., Class A		19,060		144,007
Yihai International Holding Ltd.		164,000		329,985
Yutong Bus Co. Ltd., Class A		157,400		585,835
Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A		88,500		283,170
				47,110,999
Colombia \| 0.1%
Bancolombia SA ADR		3,738		117,299
Egypt \| 0.3%
Commercial International Bank - Egypt (CIB) GDR		337,165		572,506
Greece \| 0.8%
Alpha Services & Holdings SA		188,940		328,391
Danaos Corp.		2,280		197,767
National Bank of Greece SA		51,265		440,522
Piraeus Financial Holdings SA		83,034		353,561
				1,320,241
Hungary \| 0.6%
OTP Bank Nyrt		18,302		957,236
India \| 18.8%
ABB India Ltd.		2,505		241,382
Adani Green Energy Ltd. (*)		6,519		147,971
Adani Ports & Special Economic Zone Ltd.		24,862		429,505
Adani Power Ltd. (*)		59,114		462,702
Axis Bank Ltd. GDR		3,190		231,897
Bank of Baroda		146,262		433,416
Bharat Electronics Ltd.		43,007		146,918
Bharti Airtel Ltd.		9,058		185,189
Britannia Industries Ltd.		6,112		462,530
BSE Ltd.		15,617		686,418
Canara Bank		441,380		588,367
Ceat Ltd.		2,599		97,826
Chennai Petroleum Corp. Ltd.		10,391		116,252
Cipla Ltd.		55,296		1,091,215
Colgate-Palmolive India Ltd.		40,030		1,819,826
Dr Reddy’s Laboratories Ltd. ADR		19,581		1,555,710
EIH Ltd.		21,859		98,667
Force Motors Ltd.		1,305		116,476

Description	Shares		Fair Value
Godawari Power & Ispat Ltd.		32,558	$	432,581
HCL Technologies Ltd.		51,613		1,109,932
HDFC Bank Ltd. ADR		2,142		134,004
Hero MotoCorp Ltd.		10,591		722,852
Hindalco Industries Ltd.		29,900		270,675
Hindustan Aeronautics Ltd.		16,709		884,323
Hindustan Unilever Ltd.		9,416		332,328
ICICI Bank Ltd. ADR		24,111		719,713
IndiaMart InterMesh Ltd.		4,302		151,863
Indian Bank		22,531		140,857
Infosys Ltd.		74,543		1,662,065
Jio Financial Services Ltd. (*)		22,782		95,569
Jupiter Wagons Ltd.		13,990		85,619
Karur Vysya Bank Ltd.		105,950		272,515
Larsen & Toubro Ltd. GDR		11,360		504,585
LIC Housing Finance Ltd.		97,642		774,177
Life Insurance Corp. of India		70,525		847,157
Lupin Ltd.		11,508		300,781
Manappuram Finance Ltd.		132,697		319,854
Mazagon Dock Shipbuilders Ltd.		3,978		200,718
Motilal Oswal Financial Services Ltd.		15,845		144,513
Nava Ltd.		13,586		186,866
NMDC Steel Ltd. (*)		142,930		91,995
Oil & Natural Gas Corp. Ltd.		74,884		266,979
Oracle Financial Services Software Ltd.		1,135		155,146
REC Ltd.		19,817		131,068
Reliance Industries Ltd. GDR (#)		20,073		1,397,395
Shriram Finance Ltd.		10,118		433,005
State Bank of India GDR		19,346		1,801,331
Sun Pharmaceutical Industries Ltd.		65,805		1,515,055
Supreme Industries Ltd.		7,928		503,287
Tata Consultancy Services Ltd.		39,513		2,016,331
Tata Motors Ltd.		80,714		938,419
Torrent Pharmaceuticals Ltd.		5,297		214,621
Trent Ltd.		3,626		328,361
Vedanta Ltd.		211,652		1,297,843
Vodafone Idea Ltd. (*)		785,569		97,456
WNS Holdings Ltd. (*)		14,399		758,971
				31,153,077
Indonesia \| 2.0%
Bank Mandiri Persero Tbk PT		3,911,800		1,788,704
Bank Rakyat Indonesia Persero Tbk PT		3,937,100		1,286,967
Sumber Alfaria Trijaya Tbk PT		871,400		181,862

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Telkom Indonesia Persero Tbk PT ADR		6,411	$	126,810
				3,384,343
Malaysia \| 1.8%
CIMB Group Holdings Bhd.		991,100		1,937,543
IJM Corp. Bhd.		185,000		131,860
MISC Bhd.		274,400		519,683
My EG Services Bhd		989,100		214,192
Scientex Bhd.		73,500		76,881
SP Setia Bhd. Group		426,500		129,150
				3,009,309
Mexico \| 1.9%
Arca Continental SAB de CV		116,200		1,086,461
Coca-Cola Femsa SAB de CV ADR		15,277		1,355,376
Gentera SAB de CV		93,600		104,581
Grupo Financiero Inbursa SAB de CV, Class O (*)		86,000		194,799
Grupo Mexico SAB de CV, Series B		27,200		151,638
Southern Copper Corp.		1,203		139,151
Vista Energy SAB de CV ADR (*)		3,246		143,408
				3,175,414
Peru \| 0.4%
Credicorp Ltd.		4,019		727,318
Philippines \| 1.0%
International Container Terminal Services, Inc.		174,780		1,260,725
Metropolitan Bank & Trust Co.		201,380		282,802
SM Investments Corp.		6,960		118,957
				1,662,484
Poland \| 1.8%
Bank Polska Kasa Opieki SA		7,116		271,893
Budimex SA		969		150,513
KGHM Polska Miedz SA		38,701		1,602,196
Orange Polska SA		118,437		260,234
ORLEN SA		43,706		634,814
Powszechna Kasa Oszczednosci Bank Polski SA		8,398		122,379
				3,042,029
Qatar \| 0.2%
Ooredoo QPSC		111,204		357,737
Russia \| 0.0%
PhosAgro PJSC (*), (¢)		42		0
Severstal PAO GDR (*), (¢)		9,589		0
				0

Description	Shares		Fair Value
Saudi Arabia \| 3.2%
ACWA Power Co.		5,599	$	738,245
Alinma Bank		24,416		185,595
Almarai Co. JSC		31,120		458,363
Astra Industrial Group		6,208		278,381
Banque Saudi Fransi		22,487		193,660
Co. for Cooperative Insurance		17,794		701,330
Electrical Industries Co.		343,137		654,763
Etihad Etisalat Co.		43,723		597,976
Leejam Sports Co. JSC		1,584		87,339
National Agriculture Development Co. (*)		33,869		251,177
National Medical Care Co.		2,429		133,835
Riyadh Cables Group Co.		5,476		144,803
Saudi Arabian Mining Co. (*)		8,680		113,163
Saudi Arabian Oil Co.		48,953		353,242
Saudi Awwal Bank		28,056		259,352
Saudi Basic Industries Corp.		6,009		120,151
				5,271,375
South Africa \| 2.4%
African Rainbow Minerals Ltd.		24,549		270,672
AVI Ltd.		51,058		325,023
FirstRand Ltd.		100,282		483,335
Gold Fields Ltd. ADR		11,645		178,751
Harmony Gold Mining Co. Ltd. ADR		38,604		392,603
Investec Ltd.		40,048		304,082
Naspers Ltd., N Shares		1,365		331,501
Nedbank Group Ltd.		10,474		181,355
Sanlam Ltd.		46,036		234,636
Sappi Ltd.		213,308		598,182
Standard Bank Group Ltd.		54,154		760,039
				4,060,179
South Korea \| 11.1%
BNK Financial Group, Inc.		26,307		182,290
Chong Kun Dang Pharmaceutical Corp.		3,069		264,608
CJ CheilJedang Corp.		698		162,670
DB Insurance Co. Ltd.		7,733		665,809
Hana Financial Group, Inc.		21,924		988,717
Hanmi Pharm Co. Ltd.		564		139,187
Hanwha Aerospace Co. Ltd.		606		138,156
Hanwha Industrial Solutions Co. Ltd. (*)		671		17,087
HD Hyundai Co. Ltd.		2,403		140,857
HD Hyundai Electric Co. Ltd.		1,084		276,278
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.		1,130		162,968
Hyundai Marine & Fire Insurance Co. Ltd.		7,680		194,171
Hyundai Rotem Co. Ltd.		6,949		283,094
JB Financial Group Co. Ltd.		14,500		170,176

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
KB Financial Group, Inc.		23,500	$	1,459,505
KCC Corp.		680		157,230
Kia Corp.		26,662		2,044,018
KIWOOM Securities Co. Ltd.		1,365		136,084
Krafton, Inc. (*)		587		154,106
LG Chem Ltd.		2,241		614,456
LG Electronics, Inc.		5,116		409,896
Meritz Financial Group, Inc.		6,678		497,267
Mirae Asset Securities Co. Ltd.		53,599		348,033
Orion Corp.		2,070		154,741
Poongsan Corp.		4,131		194,603
Samsung Electronics Co. Ltd. GDR		4,129		4,832,249
Samsung Fire & Marine Insurance Co. Ltd.		1,181		312,192
Samsung Life Insurance Co. Ltd.		2,637		188,590
SK Hynix, Inc.		9,398		1,265,991
SK Telecom Co. Ltd.		18,656		798,316
Woori Financial Group, Inc.		95,139		1,123,765
				18,477,110
Taiwan \| 17.3%
Accton Technology Corp.		38,000		640,840
Advancetek Enterprise Co. Ltd.		69,000		147,868
ASMedia Technology, Inc.		3,000		154,366
Chicony Electronics Co. Ltd.		106,000		550,481
Chicony Power Technology Co. Ltd.		28,000		120,244
Delta Electronics, Inc.		166,000		2,005,017
Depo Auto Parts Ind Co. Ltd.		1,000		8,342
Eva Airways Corp.		609,000		722,912
Far Eastern New Century Corp.		127,000		153,888
Far EasTone Telecommunications Co. Ltd.		135,000		387,602
Genius Electronic Optical Co. Ltd.		17,000		262,388
Global Unichip Corp.		3,000		105,120
Highwealth Construction Corp.		222,200		316,087
Hiyes International Co. Ltd.		18,164		101,219
Hon Hai Precision Industry Co. Ltd.		178,000		1,063,875
International Games System Co. Ltd.		36,000		1,124,238
Lotes Co. Ltd.		6,000		264,484
MediaTek, Inc.		68,000		2,539,364
Nan Pao Resins Chemical Co. Ltd.		14,000		134,674
Novatek Microelectronics Corp.		23,000		377,372
Powertech Technology, Inc.		27,000		117,273
President Chain Store Corp.		127,000		1,185,406
Quanta Computer, Inc.		30,000		252,809
Realtek Semiconductor Corp.		63,000		939,993
Run Long Construction Co. Ltd.		138,600		232,992

Description	Shares		Fair Value
Silicon Motion Technology Corp. ADR		1,928	$	117,107
Sunonwealth Electric Machine Industry Co. Ltd.		38,000		111,494
Taiwan Semiconductor Manufacturing Co. Ltd.		461,000		14,074,183
Tong Yang Industry Co. Ltd.		35,000		117,503
Wistron Corp.		53,000		170,132
Wiwynn Corp.		3,000		164,195
				28,663,468
Thailand \| 1.9%
Bangkok Dusit Medical Services PCL NVDR		792,000		738,420
Com7 PCL (‡)		202,600		150,482
Delta Electronics Thailand PCL NVDR		51,800		172,154
Krung Thai Bank PCL NVDR		1,129,800		723,334
PTT Exploration & Production PCL (‡)		237,900		968,531
PTT PCL NVDR		375,900		397,160
				3,150,081
Turkey \| 0.3%
BIM Birlesik Magazalar AS		5,432		78,900
Turkiye Garanti Bankasi AS		117,747		421,921
				500,821
United Arab Emirates \| 1.4%
Abu Dhabi Islamic Bank PJSC		103,396		358,451
ADNOC Drilling Co. PJSC		257,050		330,989
ADNOC Logistics & Services		189,391		276,241
Aldar Properties PJSC		161,690		330,929
Emaar Development PJSC		115,309		274,486
Emaar Properties PJSC		287,198		681,611
				2,252,707
Total Common Stocks (Cost $137,130,086)				162,974,691
Preferred Stocks \| 0.9%
Brazil \| 0.9%
Petroleo Brasileiro SA (Cost $1,388,593)		241,739		1,597,926
Short-Term Investments \| 0.7%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $1,085,920)		1,085,920		1,085,920

Description		Fair Value
Total Investments \| 99.7% (Cost $139,604,599)	$	165,658,537
Cash and Other Assets in Excess of Liabilities \| 0.3%		434,983
Net Assets \| 100.0%	$	166,093,520

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks \| 98.8%
Brazil \| 9.7%
Banco do Brasil SA		11,484,252	$	57,297,937
BB Seguridade Participacoes SA		9,828,617		64,048,296
CCR SA		11,099,417		24,653,146
Engie Brasil Energia SA		2,491,300		19,412,905
Petroleo Brasileiro SA ADR		3,377,778		48,673,781
PRIO SA		2,775,500		22,075,815
Vale SA ADR		2,494,703		29,138,131
Vibra Energia SA		8,306,100		35,677,945
				300,977,956
Chile \| 0.6%
Sociedad Quimica y Minera de Chile SA ADR		437,007		18,214,452
China \| 29.5%
Alibaba Group Holding Ltd. ADR		637,508		67,652,349
Anhui Conch Cement Co. Ltd., Class H		12,953,451		38,030,258
China Construction Bank Corp., Class H		118,715,224		88,995,239
China Medical System Holdings Ltd.		26,700,000		30,723,916
China Merchants Bank Co. Ltd., Class H		9,057,994		44,069,707
DaShenLin Pharmaceutical Group Co. Ltd., Class A		12,718,613		29,533,919
ENN Natural Gas Co. Ltd., Class A		10,898,633		31,979,546
Gree Electric Appliances, Inc. of Zhuhai, Class A		7,263,276		49,194,912
Hengan International Group Co. Ltd.		10,087,000		34,810,994
Huayu Automotive Systems Co. Ltd., Class A		10,580,148		27,052,435
JD.com, Inc. ADR		1,289,484		51,579,360
Lenovo Group Ltd.		44,652,000		60,023,578
Midea Group Co. Ltd., Class A		3,816,999		40,803,745
NetEase, Inc. ADR		631,869		59,086,070
Ping An Insurance Group Co. of China Ltd., Class H		7,520,000		47,747,101
Sinopharm Group Co. Ltd., Class H		20,567,614		54,480,216
Tencent Holdings Ltd.		729,000		40,818,814
Tingyi Cayman Islands Holding Corp.		36,788,000		52,996,200
Want Want China Holdings Ltd.		36,221,000		24,674,656
Weichai Power Co. Ltd., Class H		23,176,288		42,216,501
				916,469,516
Egypt \| 0.7%
Commercial International Bank - Egypt (CIB) GDR		11,941,523		20,284,886
Greece \| 2.6%
Metlen Energy & Metals SA		562,701		22,158,210
National Bank of Greece SA		4,264,330		36,643,565

Description	Shares		Fair Value
OPAP SA		1,311,156	$	23,341,105
				82,142,880
Hong Kong \| 0.9%
ASMPT Ltd.		2,150,500		26,408,182
Hungary \| 3.1%
MOL Hungarian Oil & Gas PLC		4,179,401		31,271,775
OTP Bank Nyrt		1,220,586		63,839,399
				95,111,174
India \| 5.5%
Axis Bank Ltd.		1,897,093		27,960,100
Indus Towers Ltd. (*)		13,632,028		63,840,321
Infosys Ltd. ADR		999,740		22,264,210
Tata Consultancy Services Ltd.		424,996		21,687,361
UPL Ltd.		4,628,366		33,790,787
				169,542,779
Indonesia \| 4.8%
Astra International Tbk PT		107,527,200		35,901,976
Bank Mandiri Persero Tbk PT		86,877,684		39,725,566
Telkom Indonesia Persero Tbk PT ADR		2,379,028		47,057,174
United Tractors Tbk PT		14,247,500		25,569,262
				148,253,978
Mexico \| 6.6%
America Movil SAB de CV ADR		1,794,482		29,357,726
Cemex SAB de CV ADR		5,924,545		36,139,724
Grupo Aeroportuario del Pacifico SAB de CV ADR		166,469		28,968,935
Grupo Financiero Banorte SAB de CV, Class O		5,288,137		37,465,470
Grupo Mexico SAB de CV, Series B		4,723,785		26,334,682
Kimberly-Clark de Mexico SAB de CV, Class A		13,914,695		22,500,959
Ternium SA ADR		693,591		25,600,444
				206,367,940
Peru \| 0.7%
Credicorp Ltd.		122,603		22,187,465
Portugal \| 0.8%
Galp Energia SGPS SA		1,361,570		25,565,314
Russia \| 0.0%
Mobile TeleSystems PJSC ADR (*), (¢)		4,695,624		5
Sberbank of Russia PJSC (¢)		13,596,421		13
				18
South Africa \| 8.7%
Bidvest Group Ltd.		2,674,965		45,404,695
Life Healthcare Group Holdings Ltd.		35,659,204		33,043,165

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Nedbank Group Ltd.		3,435,738	$	59,489,196
Sanlam Ltd.		8,762,419		44,660,190
Standard Bank Group Ltd.		3,644,679		51,152,227
Vodacom Group Ltd.		6,015,717		38,121,979
				271,871,452
South Korea \| 9.6%
Coway Co. Ltd.		526,982		26,952,941
Doosan Bobcat, Inc.		250,079		7,798,187
Hyundai Mobis Co. Ltd.		148,674		24,786,963
KB Financial Group, Inc.		912,906		56,697,490
Kia Corp.		250,564		19,209,264
KT Corp.		958,175		29,497,080
KT&G Corp.		262,406		21,895,756
Samsung Electronics Co. Ltd.		349,815		16,579,605
Shinhan Financial Group Co. Ltd.		1,322,263		56,307,971
SK Hynix, Inc.		296,691		39,966,799
				299,692,056
Taiwan \| 10.9%
ASE Technology Holding Co. Ltd.		12,449,000		59,962,775
Globalwafers Co. Ltd.		1,485,000		21,438,432
MediaTek, Inc.		1,357,000		50,675,249
Novatek Microelectronics Corp.		1,909,000		31,321,895
Taiwan Semiconductor Manufacturing Co. Ltd.		4,447,913		135,793,363
Yageo Corp.		2,089,769		41,375,221
				340,566,935
Thailand \| 2.2%
Kasikornbank PCL		6,279,054		46,823,105
PTT Exploration & Production PCL (‡)		5,680,400		23,125,861
				69,948,966
Turkey \| 0.4%
BIM Birlesik Magazalar AS		887,688		12,893,791
United Kingdom \| 1.5%
Unilever PLC		727,439		47,146,515
Total Common Stocks (Cost $2,498,149,416)				3,073,646,255
Short-Term Investments \| 1.2%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $37,806,809)		37,806,809		37,806,809

Description	Fair Value
Total Investments \| 100.0% (Cost $2,535,956,225)	$	3,111,453,064
Liabilities in Excess of Cash and Other Assets \| 0.0%		(166,151)
Net Assets \| 100.0%	$	3,111,286,913

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks \| 98.4%
France \| 2.3%
Kering SA		15,457	$	4,427,184
Germany \| 4.2%
Fresenius Medical Care AG		146,132		6,214,616
Knorr-Bremse AG		22,244		1,977,521
				8,192,137
Italy \| 11.3%
Nexi SpA (*)		1,891,703		12,851,191
Snam SpA		1,821,309		9,271,994
				22,123,185
Japan \| 3.8%
Secom Co. Ltd.		203,000		7,497,830
Luxembourg \| 2.4%
SES SA		951,128		4,767,923
United Kingdom \| 20.1%
National Grid PLC		969,349		13,363,041
Reckitt Benckiser Group PLC		31,634		1,937,196
Rentokil Initial PLC		1,575,168		7,729,205
Severn Trent PLC		231,477		8,179,030
United Utilities Group PLC		588,996		8,243,851
				39,452,323
United States \| 54.3%
Baxter International, Inc.		98,522		3,740,880
Cisco Systems, Inc.		158,364		8,428,132
Cognizant Technology Solutions Corp., Class A		108,338		8,361,527
CVS Health Corp.		200,221		12,589,896
DENTSPLY SIRONA, Inc.		357,429		9,672,029
Exelon Corp.		49,684		2,014,686
Ferrovial SE		164,593		7,084,923
Fiserv, Inc. (*)		48,740		8,756,141
H&R Block, Inc.		122,681		7,796,378
Henry Schein, Inc. (*)		131,885		9,614,417
International Game Technology PLC		544,500		11,597,850
Omnicom Group, Inc.		117,293		12,126,923
Visa, Inc., A Shares		16,802		4,619,710
				106,403,492
Total Common Stocks (Cost $185,390,001)				192,864,074

Description	Shares		Fair Value
Short-Term Investments \| 1.2%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $2,439,941)		2,439,941	$	2,439,941
Total Investments \| 99.6% (Cost $187,829,942)			$	195,304,015
Cash and Other Assets in Excess of Liabilities \| 0.4%				769,354
Net Assets \| 100.0%			$	196,073,369

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks \| 98.6%
Australia \| 0.8%
Computershare Ltd.		47,498	$	829,155
Canada \| 3.0%
Dollarama, Inc.		16,691		1,709,765
Toromont Industries Ltd.		14,028		1,369,349
				3,079,114
China \| 2.5%
NXP Semiconductors NV		6,101		1,464,301
Tencent Holdings Ltd.		20,123		1,126,745
				2,591,046
Denmark \| 1.5%
Carlsberg AS, Class B		5,250		625,498
Zealand Pharma AS (*)		7,452		904,747
				1,530,245
Finland \| 1.0%
Kone OYJ, Class B		16,559		990,583
France \| 2.7%
Legrand SA		7,516		866,719
LVMH Moet Hennessy Louis Vuitton SE		1,552		1,191,958
Pernod Ricard SA		4,528		684,407
				2,743,084
Germany \| 0.7%
Merck KGaA		4,343		764,683
Hong Kong \| 1.9%
AIA Group Ltd.		90,783		802,776
Techtronic Industries Co. Ltd.		74,500		1,129,318
				1,932,094
India \| 1.1%
HDFC Bank Ltd. ADR		17,817		1,114,632
Ireland \| 2.9%
Accenture PLC, Class A		8,542		3,019,426
Japan \| 4.6%
FANUC Corp.		30,400		888,490
Kadokawa Corp.		33,300		742,494
Nintendo Co. Ltd.		20,000		1,066,325
Sanrio Co. Ltd.		48,000		1,384,597
Shimano, Inc.		3,600		682,512
				4,764,418
Netherlands \| 3.2%
ASM International NV		1,927		1,269,888

Description	Shares		Fair Value
Wolters Kluwer NV		12,106	$	2,040,548
				3,310,436
Spain \| 1.4%
Industria de Diseno Textil SA		23,827		1,410,245
Sweden \| 1.7%
Assa Abloy AB, Class B		22,619		761,563
Hexagon AB, B Shares		95,931		1,035,319
				1,796,882
Switzerland \| 3.4%
ABB Ltd.		36,606		2,121,922
Partners Group Holding AG		889		1,337,055
				3,458,977
Taiwan \| 2.7%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		16,142		2,803,381
United Kingdom \| 8.3%
AstraZeneca PLC		10,501		1,635,687
Coca-Cola Europacific Partners PLC		17,563		1,383,086
Diageo PLC		43,882		1,531,132
RELX PLC		43,865		2,060,950
Unilever PLC		30,560		1,979,126
				8,589,981
United States \| 55.2%
Adobe, Inc. (*)		3,011		1,559,036
Alphabet, Inc., Class A		17,620		2,922,277
Amazon.com, Inc. (*)		20,350		3,791,815
Amphenol Corp., Class A		24,937		1,624,895
Aon PLC, Class A		5,720		1,979,063
Apple, Inc.		6,153		1,433,649
Avery Dennison Corp.		3,825		844,407
Bank of America Corp.		29,377		1,165,679
Booz Allen Hamilton Holding Corp.		12,662		2,060,867
BRP, Inc.		9,113		542,353
Charles Schwab Corp.		18,754		1,215,447
Coca-Cola Co.		24,690		1,774,223
Danaher Corp.		7,087		1,970,328
Intercontinental Exchange, Inc.		14,115		2,267,434
IQVIA Holdings, Inc. (*)		7,922		1,877,276
Marvell Technology, Inc.		9,230		665,668
McDonald’s Corp.		4,242		1,291,731
Microsoft Corp.		11,281		4,854,214
Motorola Solutions, Inc.		3,928		1,766,147
NIKE, Inc., Class B		8,628		762,715
Procter & Gamble Co.		9,202		1,593,786
PTC, Inc. (*)		7,914		1,429,743

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Rockwell Automation, Inc.		3,756	$	1,008,336
S&P Global, Inc.		3,729		1,926,476
Salesforce, Inc.		8,469		2,318,050
Sysco Corp.		8,904		695,046
Texas Instruments, Inc.		7,950		1,642,232
Thermo Fisher Scientific, Inc.		3,609		2,232,419
TopBuild Corp. (*)		2,788		1,134,186
UnitedHealth Group, Inc.		2,377		1,389,784
Visa, Inc., A Shares		7,490		2,059,376
Warner Music Group Corp., Class A		14,675		459,328
Wells Fargo & Co.		23,110		1,305,484
Zoetis, Inc.		6,761		1,320,964
				56,884,434

Total Common Stocks (Cost $60,958,275)				101,612,816
Short-Term Investments \| 1.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $1,157,841)		1,157,841		1,157,841
Total Investments \| 99.7% (Cost $62,116,116)			$	102,770,657
Cash and Other Assets in Excess of Liabilities \| 0.3%				305,723
Net Assets \| 100.0%			$	103,076,380

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks \| 91.5%
Australia \| 7.1%
Atlas Arteria Ltd.		83,962,746	$	283,763,891
Transurban Group		40,005,978		363,029,707
				646,793,598
Canada \| 2.5%
Algonquin Power & Utilities Corp.		41,860,578		228,732,797
France \| 5.2%
Eutelsat Communications SACA (*)		13,575,587		60,305,574
Vinci SA		3,563,433		416,921,784
				477,227,358
Germany \| 0.2%
Fraport AG Frankfurt Airport Services Worldwide (*)		378,386		21,080,393
Hong Kong \| 5.3%
CK Infrastructure Holdings Ltd.		31,617,972		215,308,382
Power Assets Holdings Ltd.		41,022,930		262,780,905
				478,089,287
Italy \| 17.6%
Hera SpA		71,933,603		287,095,110
Italgas SpA		42,354,790		256,081,530
Snam SpA		121,226,042		617,142,479
Terna - Rete Elettrica Nazionale		48,796,199		439,580,994
				1,599,900,113
Luxembourg \| 1.2%
SES SA		21,121,589		105,880,702
Portugal \| 0.9%
REN - Redes Energeticas Nacionais SGPS SA		29,065,003		78,139,696
Spain \| 2.5%
Aena SME SA		452,750		99,628,754
Atlantica Sustainable Infrastructure PLC		5,667,783		124,577,870
				224,206,624
Switzerland \| 2.0%
Flughafen Zurich AG		776,766		186,927,668
United Kingdom \| 20.3%
National Grid PLC		60,300,762		831,281,135
Pennon Group PLC		16,089,098		127,406,419
Severn Trent PLC		12,464,525		440,422,688
United Utilities Group PLC		31,594,701		442,213,539
				1,841,323,781
United States \| 26.7%
American Electric Power Co., Inc.		2,668,825		273,821,445

Description	Shares		Fair Value
CSX Corp.		11,872,878	$	409,970,477
Exelon Corp.		10,831,514		439,217,893
Ferrovial SE		18,500,635		796,361,834
Norfolk Southern Corp.		1,713,278		425,749,583
Pinnacle West Capital Corp.		889,530		78,803,463
				2,423,924,695
Total Common Stocks (Cost $7,213,203,366)				8,312,226,712
Short-Term Investments \| 8.4%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $764,752,856)		764,752,856		764,752,856
Total Investments \| 99.9% (Cost $7,977,956,222) (»)			$	9,076,979,568
Cash and Other Assets in Excess of Liabilities \| 0.1%				9,341,196
Net Assets \| 100.0%			$	9,086,320,764

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at September 30, 2024:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	88,027,151	USD	60,654,668	HSB	12/23/24	$	252,454	$	—
GBP	74,461,846	USD	99,752,812	SSB	12/23/24		—		220,229
USD	63,916,175	AUD	93,788,696	BNP	12/23/24		—		977,435
USD	114,632,206	AUD	168,234,120	CIT	12/23/24		—		1,771,154
USD	218,814,111	AUD	321,046,578	HSB	12/23/24		—		3,322,161
USD	175,345,846	AUD	257,241,133	MSC	12/23/24		—		2,642,615
USD	124,333,337	AUD	182,563,928	SSB	12/23/24		—		1,985,001
USD	5,863,764	CAD	7,936,858	BNP	12/23/24		—		17,225
USD	63,133,149	CAD	85,457,915	CIT	12/23/24		—		188,767
USD	58,398,806	CAD	79,046,375	HSB	12/23/24		—		172,340
USD	57,823,679	CAD	78,269,669	MSC	12/23/24		—		171,950
USD	35,463,999	CAD	48,004,530	SCB	12/23/24		—		106,011
USD	40,125,285	CHF	33,628,905	BNP	12/23/24		30,474		—
USD	81,190,164	CHF	68,043,447	SCB	12/23/24		63,849		—
USD	64,744,944	CHF	54,277,629	SSB	12/23/24		31,232		—
USD	347,770,322	EUR	311,045,214	BNP	12/23/24		376,366		—
USD	449,931,419	EUR	402,598,695	CAN	12/23/24		285,041		—
USD	424,625,782	EUR	379,821,981	CIT	12/23/24		417,806		—
USD	390,753,544	EUR	349,403,399	HSB	12/23/24		518,865		—
USD	383,623,936	EUR	343,204,717	MEL	12/23/24		312,317		—
USD	567,477,432	EUR	507,464,661	RBC	12/23/24		710,452		—
USD	168,371,089	EUR	150,831,633	SSB	12/23/24		—		86,728
USD	423,804,352	EUR	379,251,752	SSB	12/23/24		233,241		—
USD	188,174,830	GBP	141,628,060	CAN	12/23/24		—		1,138,319
USD	611,045,641	GBP	459,866,747	HSB	12/23/24		—		3,654,738
USD	360,446,061	GBP	271,126,642	MSC	12/23/24		—		1,966,857
USD	484,297,031	GBP	364,315,264	RBC	12/23/24		—		2,680,407
USD	295,114,953	GBP	222,226,789	SSB	12/23/24		—		1,933,903
USD	89,969,435	HKD	699,287,435	BNP	12/23/24		—		78,989
USD	88,303,951	HKD	686,311,550	HSB	12/23/24		—		73,546
USD	102,005,419	HKD	792,781,015	MSC	12/23/24		—		82,331
USD	103,042,262	HKD	800,854,768	SCB	12/23/24		—		85,158
USD	135,115,208	HKD	1,050,223,487	SSB	12/23/24		—		123,844
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	3,232,097	$	23,479,708

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks \| 97.3%
Australia \| 4.7%
AGL Energy Ltd.		6,844	$	55,947
Aristocrat Leisure Ltd.		6,092		246,370
Brambles Ltd.		17,348		228,666
Evolution Mining Ltd.		3,635		11,550
Inghams Group Ltd.		10,136		20,659
Northern Star Resources Ltd.		5,084		55,631
Perseus Mining Ltd.		22,760		40,530
Pro Medicus Ltd.		287		35,484
Qantas Airways Ltd. (*)		33,362		171,373
Ramelius Resources Ltd.		22,504		33,772
REA Group Ltd.		530		73,984
Westgold Resources Ltd.		63,180		115,757
				1,089,723
Belgium \| 0.5%
Colruyt Group NV		1,336		62,193
Solvay SA		1,227		48,107
				110,300
Brazil \| 0.5%
BB Seguridade Participacoes SA		16,100		104,916
Vale SA		1,400		16,321
				121,237
Burkina Faso \| 0.2%
IAMGOLD Corp. (*)		9,345		48,990
Canada \| 7.6%
Air Canada (*)		4,170		50,535
Brookfield Corp.		1,864		98,999
Centerra Gold, Inc.		7,345		52,734
CGI, Inc. (*)		631		72,606
CI Financial Corp.		4,412		60,058
Constellation Software, Inc.		77		250,508
Dollarama, Inc.		3,291		337,118
Fairfax Financial Holdings Ltd.		197		248,742
iA Financial Corp., Inc.		634		52,550
Kinross Gold Corp.		3,513		32,910
Loblaw Cos. Ltd.		183		24,367
Manulife Financial Corp.		5,072		149,897
Royal Bank of Canada		463		57,787
Shopify, Inc. Class A (*)		1,112		89,087
Suncor Energy, Inc.		2,847		105,085
Thomson Reuters Corp.		135		23,027
Torex Gold Resources, Inc. (*)		2,750		52,481
				1,758,491

Description	Shares		Fair Value
China \| 9.5%
Alibaba Group Holding Ltd.	20,400	$	271,150
Alibaba Group Holding Ltd. ADR	590		62,611
Bank of China Ltd., Class H	180,000		84,262
BYD Co. Ltd., Class H	2,000		71,832
BYD Electronic International Co. Ltd.	4,000		16,800
China Construction Bank Corp., Class H	65,000		48,727
China Merchants Bank Co. Ltd., Class H	3,500		17,029
Haidilao International Holding Ltd.	25,000		59,431
Hisense Home Appliances Group Co. Ltd., Class H	7,000		25,494
JD.com, Inc., Class A	7,150		143,040
KE Holdings, Inc. ADR	1,220		24,290
Kuaishou Technology (*)	11,800		81,548
Kunlun Energy Co. Ltd.	22,000		22,689
Meituan, Class B (*)	8,700		185,170
Midea Group Co. Ltd.	1,200		11,462
NetEase, Inc.	8,000		149,522
PDD Holdings, Inc., ADR (*)	867		116,880
PetroChina Co. Ltd., Class H	44,000		35,637
Ping An Insurance Group Co. of China Ltd., Class H	5,000		31,747
Qifu Technology, Inc. ADR	435		12,967
Sinopharm Group Co. Ltd., Class H	5,200		13,774
Sunny Optical Technology Group Co. Ltd.	2,000		14,725
Tencent Holdings Ltd.	6,300		352,755
Tencent Music Entertainment Group ADR	4,878		58,780
Vipshop Holdings Ltd. ADR	2,892		45,491
Xiaomi Corp., Class B (*)	47,400		134,715
Yangzijiang Shipbuilding Holdings Ltd.	48,200		91,838
			2,184,366
Denmark \| 1.9%
Novo Nordisk AS, Class B	3,185		379,248
Pandora AS	429		70,685
			449,933
Egypt \| 0.1%
Commercial International Bank - Egypt (CIB) GDR	13,281		22,551
France \| 5.6%
BNP Paribas SA	4,277		293,506
Cie de Saint-Gobain SA	618		56,331
Gaztransport Et Technigaz SA	591		83,681
La Francaise des Jeux SAEM	2,661		109,519
Societe Generale SA	2,582		64,368
Teleperformance SE	245		25,412
TotalEnergies SE	4,856		314,743

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Unibail-Rodamco-Westfield REIT	271	$	23,727
Vinci SA	2,776		324,792
			1,296,079
Germany \| 3.2%
BASF SE	1,255		66,417
CTS Eventim AG & Co. KGaA	844		87,694
Deutsche Bank AG	10,778		185,788
Infineon Technologies AG	1,038		36,329
Knorr-Bremse AG	2,528		224,743
Siemens Energy AG (*)	1,719		63,317
Traton SE	592		19,385
TUI AG (*)	6,775		51,613
			735,286
Greece \| 0.5%
Alpha Services & Holdings SA	24,658		42,857
National Bank of Greece SA	5,925		50,914
Piraeus Financial Holdings SA	7,252		30,879
			124,650
Hong Kong \| 1.2%
AIA Group Ltd.	3,600		31,834
Henderson Land Development Co. Ltd.	20,000		62,800
Techtronic Industries Co. Ltd.	1,500		22,738
WH Group Ltd.	203,000		160,578
			277,950
India \| 4.5%
Dr Reddy’s Laboratories Ltd. ADR	4,553		361,736
GAIL India Ltd. GDR	2,545		42,756
Infosys Ltd. ADR	7,246		161,368
Larsen & Toubro Ltd. GDR	683		30,325
Mahindra & Mahindra Ltd. GDR	1,123		41,102
Reliance Industries Ltd. GDR (#)	635		44,196
State Bank of India GDR	3,677		342,329
WNS Holdings Ltd. (*)	490		25,828
			1,049,640
Indonesia \| 0.4%
Bank Mandiri Persero Tbk. PT ADR	3,495		63,609
Bank Rakyat Indonesia Persero Tbk. PT ADR	1,138		18,550
			82,159
Ireland \| 0.6%
AerCap Holdings NV	1,153		109,212
AIB Group PLC	3,974		22,781
			131,993

Description	Shares		Fair Value
Israel \| 1.0%
Nice Ltd. ADR (*)	844	$	146,578
Wix.com Ltd. (*)	470		78,570
			225,148
Italy \| 2.9%
Ferrari NV	731		342,411
Telecom Italia SpA (*)	119,503		33,232
UniCredit SpA	6,788		298,296
			673,939
Japan \| 13.3%
Central Japan Railway Co.	900		20,827
Chugai Pharmaceutical Co. Ltd.	1,900		91,888
Daiichi Sankyo Co. Ltd.	3,500		115,067
Daiwa Securities Group, Inc.	16,200		115,281
Denso Corp.	17,200		256,022
East Japan Railway Co.	900		17,889
Glory Ltd.	2,500		44,651
Hachijuni Bank Ltd.	3,100		18,205
Hyakugo Bank Ltd.	5,200		19,804
Idemitsu Kosan Co. Ltd.	4,300		30,874
Japan Post Bank Co. Ltd.	3,600		33,638
Japan Post Holdings Co. Ltd.	43,700		417,042
Japan Tobacco, Inc.	10,200		297,975
KDDI Corp.	4,300		137,638
Kyoto Financial Group, Inc.	5,700		87,958
Lasertec Corp.	100		16,566
Leopalace21 Corp.	6,400		26,727
NGK Insulators Ltd.	6,800		88,912
NIDEC Corp.	11,000		231,235
Nippon Telegraph & Telephone Corp.	106,800		109,302
Oracle Corp. Japan	300		30,846
ORIX Corp.	4,300		99,832
Panasonic Holdings Corp.	30,300		263,173
SoftBank Corp.	54,000		70,512
Sony Group Corp.	3,000		58,264
Sumitomo Mitsui Financial Group, Inc.	5,800		123,482
Tokyo Electron Ltd.	200		35,514
Tokyo Kiraboshi Financial Group, Inc.	800		23,122
Tokyu Fudosan Holdings Corp.	4,500		31,054
Toyota Industries Corp.	300		23,159
Toyota Motor Corp.	7,300		130,750
			3,067,209
Malaysia \| 0.2%
MISC Bhd.	31,200		59,089

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Mexico \| 0.4%
Arca Continental SAB de CV	1,700	$	15,895
Coca-Cola Femsa SAB de CV ADR	662		58,733
Vista Energy SAB de CV ADR (*)	240		10,603
			85,231
Netherlands \| 3.4%
ASML Holding NV	497		414,324
EXOR NV	567		60,769
Wolters Kluwer NV	1,776		299,357
			774,450
Philippines \| 0.3%
International Container Terminal Services, Inc.	9,710		70,040
Poland \| 0.6%
KGHM Polska Miedz SA	2,456		101,677
ORLEN SA	2,179		31,649
			133,326
Saudi Arabia \| 0.7%
Almarai Co. JSC	1,362		20,061
Electrical Industries Co.	35,847		68,402
Etihad Etisalat Co.	3,172		43,382
Riyadh Cables Group Co.	768		20,308
			152,153
Singapore \| 0.3%
Oversea-Chinese Banking Corp. Ltd.	2,000		23,551
United Overseas Bank Ltd.	1,900		47,675
			71,226
South Africa \| 0.9%
Harmony Gold Mining Co. Ltd. ADR	8,899		90,503
Momentum Group Ltd.	15,564		26,553
Sanlam Ltd.	2,491		12,696
Vodacom Group Ltd.	11,180		70,848
			200,600
South Korea \| 3.2%
DB Insurance Co. Ltd.	639		55,018
Doosan Bobcat, Inc.	974		30,372
Hanmi Pharm Co. Ltd.	80		19,743
Hyundai Rotem Co. Ltd.	648		26,399
KB Financial Group, Inc.	521		32,358
Kia Corp.	2,860		219,259
LG Electronics, Inc.	264		21,152
LG H&H Co. Ltd.	66		19,071
Meritz Financial Group, Inc.	642		47,806
Samsung Electronics Co. Ltd.	4,875		231,052

Description	Shares		Fair Value
Samsung Life Insurance Co. Ltd.	256	$	18,308
SK Hynix, Inc.	146		19,667
			740,205
Spain \| 3.4%
Banco Bilbao Vizcaya Argentaria SA	10,170		110,089
Banco Santander SA	34,665		177,151
Iberdrola SA	32,768		506,972
			794,212
Sweden \| 1.5%
Betsson AB, Class B	2,683		32,919
Boliden AB	1,030		34,943
Essity AB, Class B	1,135		35,422
Hemnet Group AB	1,177		43,464
SKF AB, B Shares	1,775		35,311
Volvo AB, B Shares	5,138		135,832
Volvo Car AB, Class B (*)	7,029		19,327
			337,218
Switzerland \| 6.1%
ABB Ltd.	6,480		375,623
Givaudan SA	94		515,602
Logitech International SA	1,595		142,725
Novartis AG	2,859		329,116
UBS Group AG	1,498		46,251
			1,409,317
Taiwan \| 5.4%
Accton Technology Corp.	2,000		33,728
Chicony Electronics Co. Ltd.	6,000		31,159
Delta Electronics, Inc.	17,000		205,333
Eva Airways Corp.	52,000		61,726
Hon Hai Precision Industry Co. Ltd.	17,000		101,606
International Games System Co. Ltd.	3,000		93,687
MediaTek, Inc.	6,000		224,062
Taiwan Semiconductor Manufacturing Co. Ltd.	16,000		488,475
			1,239,776
Thailand \| 0.6%
Bangkok Dusit Medical Services PCL NVDR	124,600		116,171
PTT Exploration & Production PCL (‡)	4,400		17,913
			134,084
Turkey \| 0.2%
Turk Hava Yollari AO (*)	3,191		26,628
Turkiye Garanti Bankasi AS	8,793		31,508
			58,136
United Arab Emirates \| 0.5%
ADNOC Drilling Co. PJSC	17,807		22,929

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Emaar Properties PJSC	36,493	$	86,609
			109,538
United Kingdom \| 7.2%
AstraZeneca PLC ADR	1,706		132,915
Barclays PLC	54,426		163,795
BT Group PLC	23,612		46,784
Darktrace PLC (*)	4,353		33,560
Drax Group PLC	2,575		22,197
Global Ship Lease, Inc., Class A	996		26,543
HSBC Holdings PLC	6,461		57,952
Imperial Brands PLC	5,744		167,072
International Consolidated Airlines Group SA	47,952		131,789
Investec PLC	4,192		31,912
J Sainsbury PLC	5,389		21,318
Johnson Service Group PLC	23,955		49,902
Marks & Spencer Group PLC	12,575		62,761
NatWest Group PLC	63,981		295,599
RELX PLC	1,302		61,514
Rolls-Royce Holdings PLC (*)	13,411		94,713
Standard Chartered PLC	18,493		196,660
Unilever PLC	875		56,667
			1,653,653
United States \| 4.2%
Experian PLC	1,966		103,573
GSK PLC	19,233		391,197
Roche Holding AG	989		316,593
Schneider Electric SE	120		31,748
Shell PLC	3,031		98,789
Spotify Technology SA (*)	63		23,217
			965,117
Total Common Stocks (Cost $19,616,840)			22,437,015
Preferred Stocks \| 2.0%
Brazil \| 1.0%
Cia Energetica de Minas Gerais	14,500		30,343
Petroleo Brasileiro SA	29,800		196,982
			227,325
Germany \| 1.0%
Henkel AG & Co. KGaA	2,410		226,449
Total Preferred Stocks (Cost $448,282)			453,774

Description	Shares		Fair Value
Warrants \| 0.0%
Canada \| 0.0%
Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0)		26	$	0
Short-Term Investments \| 1.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $260,826)		260,826		260,826
Total Investments \| 100.4% (Cost $20,325,948)			$	23,151,615
Liabilities in Excess of Cash and Other Assets \| (0.4)%				(90,826)
Net Assets \| 100.0%			$	23,060,789

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks \| 96.5%
Australia \| 1.4%
Rio Tinto PLC		212,052	$	15,028,306
Belgium \| 1.2%
KBC Group NV		160,287		12,753,128
Canada \| 3.7%
Gildan Activewear, Inc.		432,837		20,373,695
Suncor Energy, Inc.		525,276		19,388,353
				39,762,048
China \| 3.6%
ESR Group Ltd.		3,527,000		5,646,488
Li Ning Co. Ltd.		3,661,000		9,080,468
Sungrow Power Supply Co. Ltd., Class A		595,840		8,446,549
Tencent Holdings Ltd.		264,600		14,815,718
				37,989,223
Finland \| 2.2%
Fortum OYJ		712,615		11,744,984
Nordea Bank Abp		972,737		11,462,894
				23,207,878
France \| 10.9%
Air Liquide SA		93,021		17,965,633
Bureau Veritas SA		565,327		18,762,397
Capgemini SE		92,815		20,105,333
Engie SA		956,243		16,518,886
Orange SA		1,413,414		16,183,818
Pernod Ricard SA		72,906		11,019,731
Thales SA		95,569		15,180,532
				115,736,330
Germany \| 9.6%
Brenntag SE		143,633		10,708,433
Continental AG		206,581		13,364,520
Merck KGaA		99,762		17,565,343
MTU Aero Engines AG		42,602		13,278,309
Puma SE		189,928		7,926,971
Rheinmetall AG		16,598		8,972,509
SAP SE		35,791		8,130,326
Siemens AG		39,068		7,889,804
Siemens Healthineers AG		236,840		14,201,533
				102,037,748
Greece \| 1.2%
National Bank of Greece SA		1,456,459		12,515,412
Hong Kong \| 3.2%
AIA Group Ltd.		1,891,400		16,725,271

Description	Shares		Fair Value
Techtronic Industries Co. Ltd.	1,155,500	$	17,515,793
			34,241,064
Israel \| 0.9%
Wix.com Ltd. (*)	55,982		9,358,511
Italy \| 3.1%
Ryanair Holdings PLC ADR	350,153		15,819,890
UniCredit SpA	390,797		17,173,444
			32,993,334
Japan \| 21.5%
Asics Corp.	679,800		14,242,759
Bandai Namco Holdings, Inc.	378,700		8,657,564
FANUC Corp.	481,600		14,075,556
Hitachi Ltd.	403,000		10,646,736
Kokusai Electric Corp.	288,400		6,446,246
MatsukiyoCocokara & Co.	983,700		16,169,025
Mitsubishi Electric Corp.	807,900		13,019,965
Mitsui Fudosan Co. Ltd.	1,048,200		9,818,837
Mizuho Financial Group, Inc.	710,700		14,608,455
NEC Corp.	188,200		18,125,629
Nippon Sanso Holdings Corp.	424,500		15,491,076
Nitori Holdings Co. Ltd.	127,200		19,290,746
Otsuka Holdings Co. Ltd.	238,400		13,444,706
Renesas Electronics Corp.	466,603		6,808,751
Shimadzu Corp.	386,200		12,881,851
Suzuki Motor Corp.	1,259,500		14,059,186
Tokyo Electron Ltd.	75,100		13,335,628
Toyo Suisan Kaisha Ltd.	128,500		8,381,992
			229,504,708
Mexico \| 0.9%
Arca Continental SAB de CV	997,612		9,327,596
Netherlands \| 1.4%
ING Groep NV	837,014		15,223,868
Singapore \| 1.3%
DBS Group Holdings Ltd.	454,412		13,495,830
South Korea \| 0.9%
Samsung Electronics Co. Ltd.	213,249		10,107,011
Spain \| 1.1%
Industria de Diseno Textil SA	201,373		11,918,630
Sweden \| 1.0%
Sandvik AB	472,090		10,548,934
Switzerland \| 2.9%
ABB Ltd.	333,599		19,337,570
Cie Financiere Richemont SA, Class A	75,113		11,908,587
			31,246,157

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Taiwan \| 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	69,064	$	11,994,345
United Kingdom \| 14.2%
3i Group PLC	414,622		18,356,077
AstraZeneca PLC	76,217		11,871,931
Coca-Cola Europacific Partners PLC	130,730		10,284,242
Compass Group PLC	540,162		17,306,947
JD Sports Fashion PLC	4,428,559		9,154,234
London Stock Exchange Group PLC	102,500		14,014,928
RELX PLC	787,325		37,197,745
Rentokil Initial PLC	416,226		2,042,383
Unilever PLC	483,414		31,306,848
			151,535,335
United States \| 9.2%
Aon PLC, Class A	44,005		15,225,290
BP PLC	1,977,678		10,431,804
Chubb Ltd.	33,822		9,753,927
CRH PLC	135,134		12,532,327
Experian PLC	253,213		13,339,771
ICON PLC (*)	54,468		15,649,201
Roche Holding AG	66,606		21,321,558
			98,253,878
Total Common Stocks (Cost $768,580,219)			1,028,779,274
Preferred Stocks \| 2.5%
Brazil \| 1.5%
Itau Unibanco Holding SA	2,464,800		16,337,891
Germany \| 1.0%
Henkel AG & Co. KGaA	109,149		10,255,912
Total Preferred Stocks (Cost $21,394,874)			26,593,803
Short-Term Investments \| 0.9%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $9,865,553)	9,865,553		9,865,553
Total Investments \| 99.9% (Cost $799,840,646)		$	1,065,238,630
Cash and Other Assets in Excess of Liabilities \| 0.1%			1,317,382
Net Assets \| 100.0%		$	1,066,556,012

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks \| 95.8%
Belgium \| 1.4%
KBC Group NV		9,722	$	773,524
Canada \| 2.9%
Gildan Activewear, Inc.		12,616		593,837
Suncor Energy, Inc.		28,410		1,048,635
				1,642,472
China \| 7.1%
Autohome, Inc. ADR		10,157		331,321
ESR Group Ltd.		177,600		284,326
Li Ning Co. Ltd.		196,000		486,144
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		15,065		622,949
Sungrow Power Supply Co. Ltd., Class A		48,800		691,782
Tencent Holdings Ltd.		27,500		1,539,804
				3,956,326
Denmark \| 2.6%
Novo Nordisk AS, Class B		12,142		1,445,788
Finland \| 1.2%
Sampo OYJ, A Shares		14,351		670,150
France \| 9.3%
Air Liquide SA		5,293		1,022,265
Bureau Veritas SA		31,543		1,046,867
Capgemini SE		4,310		933,620
Engie SA		47,685		823,748
Pernod Ricard SA		3,638		549,883
Thales SA		5,107		811,215
				5,187,598
Germany \| 8.0%
adidas AG		3,457		915,074
Continental AG		4,901		317,065
Merck KGaA		3,553		625,585
MTU Aero Engines AG		2,669		831,881
SAP SE		2,802		636,506
Siemens AG		2,226		449,542
Siemens Healthineers AG		11,560		693,167
				4,468,820
Greece \| 1.3%
Piraeus Financial Holdings SA		166,208		707,718
Hong Kong \| 3.0%
AIA Group Ltd.		99,200		877,206
Techtronic Industries Co. Ltd.		51,500		780,669
				1,657,875

Description	Shares		Fair Value
India \| 1.7%
ICICI Bank Ltd. ADR	30,973	$	924,544
Indonesia \| 2.0%
Bank Mandiri Persero Tbk PT	1,563,300		714,832
Telkom Indonesia Persero Tbk PT ADR	20,834		412,097
			1,126,929
Italy \| 1.6%
Ryanair Holdings PLC ADR	19,610		885,980
Japan \| 13.0%
FANUC Corp.	26,600		777,429
Hoya Corp.	5,700		789,286
Kokusai Electric Corp.	18,300		409,037
Mitsui Fudosan Co. Ltd.	56,900		533,001
Mizuho Financial Group, Inc.	31,000		637,206
Nitori Holdings Co. Ltd.	5,500		834,112
Nomura Research Institute Ltd.	23,900		883,721
Recruit Holdings Co. Ltd.	8,400		511,637
Renesas Electronics Corp.	25,400		370,641
Shin-Etsu Chemical Co. Ltd.	14,000		585,578
Suzuki Motor Corp.	38,700		431,989
Tokyo Electron Ltd.	2,800		497,201
			7,260,838
Mexico \| 1.3%
Grupo Financiero Banorte SAB de CV, Class O	101,800		721,234
Netherlands \| 5.8%
ASM International NV	645		425,053
ASML Holding NV	925		771,125
IMCD NV	4,530		787,571
ING Groep NV	30,411		553,125
Universal Music Group NV	27,014		707,338
			3,244,212
Singapore \| 1.2%
DBS Group Holdings Ltd.	22,340		663,488
South Korea \| 0.7%
Samsung Electronics Co. Ltd.	8,811		417,600
Sweden \| 1.1%
Epiroc AB, Class A	28,518		616,455
Switzerland \| 3.5%
ABB Ltd.	17,828		1,033,427
Cie Financiere Richemont SA, Class A	5,951		943,485
			1,976,912

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Taiwan \| 3.8%
Taiwan Semiconductor Manufacturing Co. Ltd.	70,000	$	2,137,078
United Kingdom \| 12.4%
3i Group PLC	9,170		405,973
Coca-Cola Europacific Partners PLC	7,103		558,777
Compass Group PLC	43,610		1,397,277
Diploma PLC	6,720		399,443
London Stock Exchange Group PLC	5,078		694,320
RELX PLC	31,633		1,494,524
Rentokil Initial PLC	43,383		212,876
Unilever PLC	27,054		1,752,071
			6,915,261
United States \| 10.9%
Aon PLC, Class A	3,347		1,158,029
BP PLC	176,753		932,332
Chubb Ltd.	1,837		529,772
CRH PLC	6,119		567,476
Experian PLC	13,932		733,966
ICON PLC (*)	2,783		799,584
James Hardie Industries PLC CDI (*)	9,579		383,418
Roche Holding AG	3,096		991,075
			6,095,652
Total Common Stocks (Cost $42,414,204)			53,496,454
Preferred Stocks \| 2.6%
Brazil \| 1.6%
Itau Unibanco Holding SA	135,600		898,823
Germany \| 1.0%
Henkel AG & Co. KGaA	5,830		547,801
Total Preferred Stocks (Cost $1,113,719)			1,446,624
Short-Term Investments \| 0.5%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $287,368)	287,368		287,368
Total Investments \| 98.9% (Cost $43,815,291)		$	55,230,446
Cash and Other Assets in Excess of Liabilities \| 1.1%			605,407
Net Assets \| 100.0%		$	55,835,853

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks \| 96.4%
Australia \| 1.5%
Computershare Ltd.		269,913	$	4,711,772
Brazil \| 1.3%
TOTVS SA		833,908		4,371,829
Canada \| 4.6%
Dollarama, Inc.		82,110		8,411,046
Toromont Industries Ltd.		67,419		6,581,135
				14,992,181
China \| 2.4%
Tencent Holdings Ltd.		137,700		7,710,220
Denmark \| 1.8%
Coloplast AS, Class B		44,767		5,849,016
France \| 7.3%
EssilorLuxottica SA		39,211		9,291,444
LVMH Moet Hennessy Louis Vuitton SE		11,876		9,120,938
Pernod Ricard SA		35,108		5,306,569
				23,718,951
Germany \| 5.0%
SAP SE		44,193		10,038,935
Scout24 SE		72,044		6,196,731
				16,235,666
Hong Kong \| 3.6%
AIA Group Ltd.		502,000		4,439,086
Hong Kong Exchanges & Clearing Ltd.		176,300		7,195,858
				11,634,944
India \| 2.6%
HDFC Bank Ltd. ADR		132,320		8,277,939
Ireland \| 2.9%
Accenture PLC, Class A		26,304		9,297,938
Israel \| 2.7%
Check Point Software Technologies Ltd. (*)		45,339		8,741,813
Japan \| 9.2%
Hoya Corp.		47,400		6,563,534
Keyence Corp.		13,300		6,366,068
M3, Inc.		431,400		4,334,289
Shimano, Inc.		16,600		3,147,137
SMS Co. Ltd.		349,200		5,260,231
Toei Animation Co. Ltd.		195,600		4,131,921
				29,803,180
Netherlands \| 7.8%
ASML Holding NV		8,588		7,159,380

Description	Shares		Fair Value
IMCD NV		34,699	$	6,032,654
Universal Music Group NV		212,969		5,576,407
Wolters Kluwer NV		37,548		6,328,969
				25,097,410
Norway \| 1.6%
Gjensidige Forsikring ASA		275,925		5,162,363
South Africa \| 3.1%
Clicks Group Ltd.		432,726		9,935,397
Spain \| 3.1%
Industria de Diseno Textil SA		169,000		10,002,574
Sweden \| 4.2%
Assa Abloy AB, Class B		251,420		8,465,107
Hexagon AB, B Shares		480,561		5,186,371
				13,651,478
Switzerland \| 5.2%
Partners Group Holding AG		7,173		10,788,185
VAT Group AG		11,712		5,971,204
				16,759,389
Taiwan \| 4.1%
Lotes Co. Ltd.		66,000		2,909,326
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		59,726		10,372,614
				13,281,940
United Kingdom \| 16.0%
Diageo PLC		209,361		7,305,030
Diploma PLC		87,414		5,195,967
Halma PLC		304,526		10,633,367
London Stock Exchange Group PLC		74,919		10,243,750
RELX PLC		199,836		9,389,077
Unilever PLC		137,255		8,895,722
				51,662,913
United States \| 6.4%
Aon PLC, Class A		25,930		8,971,521
BRP, Inc.		61,980		3,688,691
Experian PLC		153,724		8,098,490
				20,758,702
Total Common Stocks (Cost $266,250,429)				311,657,615
Preferred Stocks \| 1.4%
Germany \| 1.4%
Sartorius AG (Cost $5,904,675)		16,031		4,493,058

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (concluded)
Short-Term Investments \| 2.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $6,863,406)		6,863,406	$	6,863,406
Total Investments \| 99.9% (Cost $279,018,510)			$	323,014,079
Cash and Other Assets in Excess of Liabilities \| 0.1%				468,173
Net Assets \| 100.0%			$	323,482,252

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks \| 98.2%
Australia \| 5.5%
ALS Ltd.		11,895	$	118,919
Amotiv Ltd.		14,963		108,014
AUB Group Ltd.		6,831		145,909
SmartGroup Corp. Ltd.		17,673		102,924
Telix Pharmaceuticals Ltd. (*)		8,282		119,235
				595,001
Austria \| 1.3%
BAWAG Group AG		1,809		140,191
Canada \| 2.6%
Descartes Systems Group, Inc. (*)		661		68,018
Toromont Industries Ltd.		1,092		106,596
Trisura Group Ltd. (*)		3,399		108,546
				283,160
Denmark \| 1.5%
Zealand Pharma AS (*)		1,349		163,782
Finland \| 1.3%
Kemira OYJ		5,497		137,271
France \| 5.1%
Exosens SAS		4,794		107,844
Gaztransport Et Technigaz SA		1,170		165,662
Planisware SA		4,348		134,730
Virbac SACA		331		141,173
				549,409
Germany \| 4.9%
Covestro AG (*)		1,456		90,709
CTS Eventim AG & Co. KGaA		801		83,226
Hensoldt AG		2,351		77,139
IONOS Group SE (*)		5,201		129,589
Sirius Real Estate Ltd. REIT		111,646		145,867
				526,530
Greece \| 2.8%
Jumbo SA		5,396		154,362
National Bank of Greece SA		16,557		142,275
				296,637
Ireland \| 0.9%
Glanbia PLC		5,698		100,354
Israel \| 1.3%
Phoenix Financial Ltd.		12,382		139,749
Italy \| 7.2%
BFF Bank SpA		13,890		152,355
Danieli & C Officine Meccaniche SpA		3,762		90,342

Description	Shares		Fair Value
Maire SpA		13,951	$	115,395
RAI Way SpA		19,467		115,567
Sanlorenzo SpA		3,787		154,074
SOL SpA		3,798		151,070
				778,803
Japan \| 30.5%
Ai Holdings Corp.		5,600		93,041
Asics Corp.		7,100		148,755
BayCurrent, Inc.		3,600		132,907
Bell System24 Holdings, Inc.		13,200		138,304
Hulic Co. Ltd.		18,800		190,805
Jeol Ltd.		3,300		128,495
Kokusai Electric Corp.		4,800		107,288
M&A Research Institute Holdings, Inc. (*)		7,000		146,524
MatsukiyoCocokara & Co.		5,300		87,116
MINEBEA MITSUMI, Inc.		7,100		140,080
Money Forward, Inc. (*)		3,700		151,355
Nihon Kohden Corp.		7,900		117,453
Nippon Gas Co. Ltd.		8,600		137,499
Nippon Sanso Holdings Corp.		5,600		204,358
Open Up Group, Inc.		10,800		154,365
SBI Sumishin Net Bank Ltd.		8,600		161,402
Shimadzu Corp.		3,800		126,750
Sumitomo Forestry Co. Ltd.		4,000		198,696
TechnoPro Holdings, Inc.		5,935		115,290
Timee, Inc.		13,800		127,144
Tokyo Century Corp.		11,500		128,993
Toyo Suisan Kaisha Ltd.		2,700		176,120
USS Co. Ltd.		17,600		166,499
				3,279,239
Jersey \| 1.4%
JTC PLC		10,813		153,000
Mexico \| 1.3%
Arca Continental SAB de CV		15,500		144,924
Netherlands \| 3.2%
Arcadis NV		1,772		122,827
CTP NV		12,257		223,881
				346,708
Portugal \| 1.7%
Banco Comercial Portugues SA, Class R		398,986		180,315
Spain \| 2.7%
CIE Automotive SA		4,285		123,181
Merlin Properties Socimi SA REIT		12,991		164,245
				287,426

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Sweden \| 3.8%
Catena AB		3,590	$	205,127
Munters Group AB		3,944		90,106
Swedish Orphan Biovitrum AB (*)		3,693		118,963
				414,196
Switzerland \| 4.0%
Burckhardt Compression Holding AG		151		108,465
R&S Group Holding AG		5,961		136,035
Swissquote Group Holding SA		515		185,688
				430,188
Taiwan \| 0.9%
Gold Circuit Electronics Ltd.		15,000		94,437
Turkey \| 0.8%
BIM Birlesik Magazalar AS		5,678		82,474
United Kingdom \| 13.5%
Allfunds Group PLC		11,327		69,668
Ashtead Technology Holdings PLC		9,684		73,546
Auto Trader Group PLC		11,705		135,880
Beazley PLC		18,662		190,214
ConvaTec Group PLC		36,713		111,639
Diploma PLC		2,054		122,092
Genuit Group. PLC		15,909		102,037
GlobalData PLC		46,848		129,684
Greggs PLC		2,998		125,301
IMI PLC		5,114		124,214
Volution Group PLC		18,109		148,491
Weir Group PLC		4,165		120,701
				1,453,467
Total Common Stocks (Cost $9,249,119)				10,577,261
Short-Term Investments \| 1.2%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $130,401)		130,401		130,401
Total Investments \| 99.4% (Cost $9,379,520)			$	10,707,662
Cash and Other Assets in Excess of Liabilities \| 0.6%				60,426
Net Assets \| 100.0%			$	10,768,088

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks \| 97.8%
Belgium \| 1.0%
KBC Group NV		467,663	$	37,209,295
Canada \| 2.7%
Canadian Pacific Kansas City Ltd.		805,055		68,853,349
Element Fleet Management Corp.		140,384		2,985,281
Suncor Energy, Inc.		717,088		26,468,286
				98,306,916
Denmark \| 6.5%
Carlsberg AS, Class B		607,931		72,430,379
Novo Nordisk AS, Class B		1,382,371		164,603,434
				237,033,813
Finland \| 2.0%
Sampo OYJ, A Shares		1,558,564		72,780,370
France \| 3.7%
Airbus SE		349,263		51,141,460
Engie SA		3,079,328		53,194,710
Pernod Ricard SA		207,121		31,306,309
				135,642,479
Germany \| 8.7%
Douglas AG		1,507,643		34,569,364
Gerresheimer AG		289,155		25,775,747
Infineon Technologies AG		1,358,003		47,528,962
Merck KGaA		436,423		76,842,080
MTU Aero Engines AG		212,744		66,308,639
Schott Pharma AG & Co. KGaA		771,316		26,322,077
Siemens AG		187,752		37,916,622
				315,263,491
Greece \| 1.5%
Piraeus Financial Holdings SA		13,143,924		55,967,138
Hong Kong \| 1.6%
Techtronic Industries Co. Ltd.		3,749,000		56,829,690
India \| 1.1%
HDFC Bank Ltd.		1,897,114		39,267,836
Ireland \| 1.0%
Accenture PLC, Class A		103,404		36,551,246
Israel \| 4.5%
Bank Leumi Le-Israel BM		8,160,829		80,007,899
Phoenix Financial Ltd.		3,559,800		40,177,548
Wix.com Ltd. (*)		258,980		43,293,687
				163,479,134

Description	Shares		Fair Value
Italy \| 4.6%
BFF Bank SpA		3,637,275	$	39,896,091
Davide Campari-Milano NV		1,141,394		9,670,701
Ryanair Holdings PLC ADR		766,943		34,650,462
UniCredit SpA		1,925,322		84,607,635
				168,824,889
Japan \| 16.2%
BayCurrent, Inc.		1,343,300		49,592,766
FANUC Corp.		878,300		25,669,769
Hoya Corp.		548,100		75,896,057
Keyence Corp.		125,000		59,831,469
Kobe Bussan Co. Ltd.		1,312,100		41,300,433
Koito Manufacturing Co. Ltd.		1,898,100		26,219,506
Mitsubishi Electric Corp.		1,999,300		32,220,345
Mizuho Financial Group, Inc.		702,300		14,435,793
OBIC Business Consultants Co. Ltd.		810,100		42,012,312
Renesas Electronics Corp.		3,030,300		44,218,657
Sanrio Co. Ltd.		1,802,000		51,980,089
Shimadzu Corp.		1,437,000		47,931,692
Suzuki Motor Corp.		3,158,988		35,262,247
Ulvac, Inc.		780,800		41,713,516
				588,284,651
Mexico \| 1.5%
Arca Continental SAB de CV		5,998,100		56,081,778
Netherlands \| 3.6%
ASML Holding NV		158,387		132,039,202
Portugal \| 2.2%
Banco Comercial Portugues SA, Class R		77,839,480		35,178,237
EDP - Energias de Portugal SA		9,892,775		45,193,060
				80,371,297
South Korea \| 1.1%
Samsung Electronics Co. Ltd.		846,604		40,125,094
Sweden \| 1.0%
Hexagon AB, B Shares		3,213,348		34,679,498
Switzerland \| 2.7%
ABB Ltd.		1,373,623		79,624,134
Comet Holding AG		49,047		19,371,525
				98,995,659
Taiwan \| 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,166,000		35,597,607
United Kingdom \| 16.4%
Allfunds Group PLC		4,047,769		24,896,407
Ashtead Group PLC		606,369		47,067,085

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Coca-Cola Europacific Partners PLC		1,094,650	$	86,113,708
Compass Group PLC		2,456,715		78,713,862
Informa PLC		6,427,633		70,608,026
London Stock Exchange Group PLC		548,887		75,049,869
RELX PLC		2,480,457		117,191,005
Weir Group PLC		1,953,438		56,610,467
WPP PLC		3,748,802		38,311,496
				594,561,925
United States \| 13.2%
Aon PLC, Class A		276,787		95,765,534
CRH PLC		672,285		62,347,711
Experian PLC		1,125,890		59,314,153
ICON PLC (*)		390,188		112,104,914
James Hardie Industries PLC CDI (*)		1,059,036		42,389,988
Medtronic PLC		596,866		53,735,846
Sanofi SA		473,572		54,562,211
				480,220,357
Total Common Stocks (Cost $2,714,130,515)				3,558,113,365
Short-Term Investments \| 0.9%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $32,036,519)		32,036,519		32,036,519
Total Investments \| 98.7% (Cost $2,746,167,034)			$	3,590,149,884
Cash and Other Assets in Excess of Liabilities \| 1.3%				46,390,890
Net Assets \| 100.0%			$	3,636,540,774

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks \| 98.4%
Aerospace & Defense \| 1.9%
Boeing Co. (*)		10,220	$	1,553,849
Automobiles \| 5.3%
Thor Industries, Inc.		40,414		4,441,095
Broadline Retail \| 8.6%
Amazon.com, Inc. (*)		38,694		7,209,853
Capital Markets \| 12.7%
Charles Schwab Corp.		64,023		4,149,331
Intercontinental Exchange, Inc.		25,635		4,118,006
S&P Global, Inc.		4,732		2,444,646
				10,711,983
Commercial Services & Supplies \| 2.3%
Waste Management, Inc.		9,215		1,913,034
Electrical Equipment \| 4.1%
Rockwell Automation, Inc.		12,766		3,427,160
Electronic Equipment, Instruments & Components \| 3.1%
Coherent Corp. (*)		29,685		2,639,293
Financial Services \| 4.3%
Corpay, Inc. (*)		11,407		3,567,653
Ground Transportation \| 2.6%
Old Dominion Freight Line, Inc.		10,930		2,171,135
Health Care Equipment & Supplies \| 6.0%
Lantheus Holdings, Inc. (*)		46,174		5,067,597
Health Care Technology \| 3.3%
Evolent Health, Inc., Class A (*)		99,343		2,809,420
Hotels, Restaurants & Leisure \| 2.6%
McDonald’s Corp.		7,261		2,211,047
IT Services \| 5.5%
DigitalOcean Holdings, Inc. (*)		114,389		4,620,172
Life Sciences Tools & Services \| 3.4%
Avantor, Inc. (*)		111,251		2,878,063
Pharmaceuticals \| 3.1%
Zoetis, Inc.		13,426		2,623,172
Semiconductors & Semiconductor Equipment \| 22.6%
Broadcom, Inc.		32,271		5,566,748
Marvell Technology, Inc.		162,945		11,751,593
Onto Innovation, Inc. (*)		8,075		1,676,047
				18,994,388
Specialized REITs \| 7.0%
Crown Castle, Inc.		27,747		3,291,627

Description	Shares		Fair Value
Public Storage		7,137	$	2,596,940
				5,888,567
Total Common Stocks (Cost $72,077,256)				82,727,481
Short-Term Investments \| 2.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $1,803,115)		1,803,115		1,803,115
Total Investments \| 100.5% (Cost $73,880,371)			$	84,530,596
Liabilities in Excess of Cash and Other Assets \| (0.5)%				(413,670)
Net Assets \| 100.0%			$	84,116,926

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks \| 98.6%
Banks \| 3.2%
Bank of America Corp.		74,596		2,959,969
Broadline Retail \| 6.8%
Amazon.com, Inc. (*)		34,326		6,395,964
Capital Markets \| 10.6%
Blackstone, Inc.		11,054		1,692,699
Goldman Sachs Group, Inc.		7,727		3,825,715
Intercontinental Exchange, Inc.		27,491		4,416,154
				9,934,568
Commercial Services & Supplies \| 3.0%
Waste Management, Inc.		13,522		2,807,167
Consumer Staples Distribution & Retail \| 1.8%
Sysco Corp.		21,249		1,658,697
Electrical Equipment \| 1.5%
Rockwell Automation, Inc.		5,255		1,410,757
Financial Services \| 4.0%
Visa, Inc., A Shares		13,522		3,717,874
Ground Transportation \| 3.1%
Norfolk Southern Corp.		11,739		2,917,142
Health Care Equipment & Supplies \| 1.9%
Medtronic PLC		20,209		1,819,416
Health Care Providers & Services \| 4.4%
UnitedHealth Group, Inc.		7,036		4,113,808
Hotels, Restaurants & Leisure \| 3.3%
McDonald’s Corp.		9,983		3,039,923
Industrial REITs \| 2.3%
Prologis, Inc.		17,012		2,148,275
Insurance \| 3.8%
Marsh & McLennan Cos., Inc.		15,751		3,513,891
Interactive Media & Services \| 4.8%
Alphabet, Inc., Class A		26,823		4,448,595
IT Services \| 2.9%
Accenture PLC, Class A		7,797		2,756,084
Life Sciences Tools & Services \| 6.4%
Danaher Corp.		14,711		4,089,952
IQVIA Holdings, Inc. (*)		8,024		1,901,448
				5,991,400
Machinery \| 2.2%
Nordson Corp.		7,817		2,052,979
Oil, Gas & Consumable Fuels \| 2.7%
ConocoPhillips		24,073		2,534,405

Description	Shares		Fair Value
Personal Care Products \| 1.0%
Estee Lauder Cos., Inc., Class A		9,510	$	948,052
Pharmaceuticals \| 2.6%
Johnson & Johnson		15,157		2,456,343
Real Estate Management & Development \| 2.1%
CBRE Group, Inc., Class A (*)		15,723		1,957,199
Semiconductors & Semiconductor Equipment \| 8.3%
Analog Devices, Inc.		13,820		3,180,949
Applied Materials, Inc.		12,631		2,552,094
Broadcom, Inc.		11,854		2,044,815
				7,777,858
Software \| 10.2%
Microsoft Corp.		22,290		9,591,387
Technology Hardware, Storage & Peripherals \| 5.7%
Apple, Inc.		23,076		5,376,708
Total Common Stocks (Cost $58,775,734)				92,328,461
Short-Term Investments \| 1.5%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $1,451,363)		1,451,363		1,451,363
Total Investments \| 100.1% (Cost $60,227,097)			$	93,779,824
Liabilities in Excess of Cash and Other Assets \| (0.1)%				(93,176)
Net Assets \| 100.0%			$	93,686,648

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio
Common Stocks \| 97.9%
Automobile Components \| 1.3%
Gentherm, Inc. (*)		11,079	$	515,727
Automobiles \| 1.4%
Thor Industries, Inc.		5,351		588,021
Banks \| 6.4%
BankUnited, Inc.		22,113		805,798
Commerce Bancshares, Inc.		8,463		502,702
Home BancShares, Inc.		23,713		642,385
Wintrust Financial Corp.		6,094		661,382
				2,612,267
Biotechnology \| 4.4%
Arcutis Biotherapeutics, Inc. (*)		55,442		515,611
Avid Bioservices, Inc. (*)		46,425		528,316
Halozyme Therapeutics, Inc. (*)		6,291		360,097
United Therapeutics Corp. (*)		1,115		399,560
				1,803,584
Building Products \| 0.9%
Hayward Holdings, Inc. (*)		24,995		383,423
Capital Markets \| 6.5%
DigitalBridge Group, Inc.		46,321		654,516
Evercore, Inc., Class A		1,844		467,159
StepStone Group, Inc., Class A		14,991		851,938
Stifel Financial Corp.		7,512		705,377
				2,678,990
Chemicals \| 1.1%
Ingevity Corp. (*)		11,192		436,488
Commercial Services & Supplies \| 1.2%
Casella Waste Systems, Inc., Class A (*)		4,940		491,481
Construction Materials \| 1.3%
Eagle Materials, Inc.		1,873		538,768
Consumer Staples Distribution & Retail \| 3.4%
BJ’s Wholesale Club Holdings, Inc. (*)		6,812		561,854
Chefs’ Warehouse Inc. (*)		19,913		836,545
				1,398,399
Containers & Packaging \| 1.1%
Graphic Packaging Holding Co.		14,962		442,726
Electrical Equipment \| 2.2%
EnerSys		4,881		498,106
Generac Holdings, Inc. (*)		2,494		396,247
				894,353

Description	Shares		Fair Value
Electronic Equipment, Instruments & Components \| 3.9%
Cognex Corp.		13,532	$	548,046
Coherent Corp. (*)		6,577		584,761
Mirion Technologies, Inc. (*)		41,966		464,564
				1,597,371
Energy Equipment & Services \| 2.9%
Atlas Energy Solutions, Inc.		20,521		447,358
Cactus, Inc., Class A		7,284		434,636
Liberty Energy, Inc.		16,462		314,260
				1,196,254
Entertainment \| 1.5%
Roku, Inc. (*)		8,258		616,542
Ground Transportation \| 0.9%
Landstar System, Inc.		1,931		364,708
Health Care Equipment & Supplies \| 5.7%
Enovis Corp. (*)		14,486		623,622
Inspire Medical Systems, Inc. (*)		2,651		559,494
Lantheus Holdings, Inc. (*)		6,813		747,727
RxSight, Inc. (*)		8,117		401,223
				2,332,066
Health Care Providers & Services \| 1.0%
Hims & Hers Health, Inc. (*)		22,983		423,347
Health Care Technology \| 2.4%
Evolent Health, Inc., Class A (*)		19,691		556,862
Schrodinger, Inc. (*)		22,695		420,992
				977,854
Hotels, Restaurants & Leisure \| 3.1%
Dave & Buster’s Entertainment, Inc. (*)		11,300		384,765
Kura Sushi USA, Inc., Class A (*)		5,141		414,159
Wyndham Hotels & Resorts, Inc.		6,011		469,700
				1,268,624
Insurance \| 5.5%
Abacus Life, Inc. (*)		37,906		383,609
First American Financial Corp.		12,072		796,872
Hanover Insurance Group, Inc.		2,764		409,376
Reinsurance Group of America, Inc.		2,939		640,320
				2,230,177
Interactive Media & Services \| 4.2%
Cars.com, Inc. (*)		34,930		585,427
MediaAlpha, Inc., Class A (*)		39,894		722,480
Ziff Davis, Inc. (*)		8,274		402,613
				1,710,520

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio (concluded)
IT Services \| 2.1%
DigitalOcean Holdings, Inc. (*)		20,976	$	847,221
Life Sciences Tools & Services \| 1.3%
Maravai LifeSciences Holdings, Inc., Class A (*)		64,337		534,640
Machinery \| 6.7%
Columbus McKinnon Corp.		16,162		581,832
Gates Industrial Corp. PLC (*)		30,414		533,766
Middleby Corp. (*)		5,095		708,867
Nordson Corp.		1,971		517,644
REV Group, Inc.		14,510		407,150
				2,749,259
Oil, Gas & Consumable Fuels \| 2.5%
Antero Resources Corp. (*)		21,405		613,253
Magnolia Oil & Gas Corp., Class A		16,609		405,592
				1,018,845
Pharmaceuticals \| 2.3%
Axsome Therapeutics, Inc. (*)		6,313		567,349
Guardian Pharmacy Services, Inc., Class A		21,136		355,085
				922,434
Professional Services \| 1.3%
Verra Mobility Corp. (*)		18,886		525,220
Retail REITs \| 1.5%
Brixmor Property Group, Inc.		21,446		597,486
Semiconductors & Semiconductor Equipment \| 5.5%
Allegro MicroSystems, Inc. (*)		24,014		559,526
Credo Technology Group Holding Ltd. (*)		14,763		454,701
MKS Instruments, Inc.		5,078		552,029
Onto Innovation, Inc. (*)		3,238		672,079
				2,238,335
Software \| 3.3%
CyberArk Software Ltd. (*)		1,223		356,639
Dynatrace, Inc. (*)		8,014		428,508
Zeta Global Holdings Corp., Class A (*)		18,702		557,881
				1,343,028
Specialized REITs \| 1.3%
CubeSmart		9,957		535,985
Specialty Retail \| 3.8%
Chewy, Inc., Class A (*)		16,379		479,741
RH (*)		1,537		514,019
Warby Parker, Inc., Class A (*)		33,274		543,364
				1,537,124

Description	Shares		Fair Value
Textiles, Apparel & Luxury Goods \| 1.8%
Crocs, Inc. (*)		5,207	$	754,026
Trading Companies & Distributors \| 2.2%
Beacon Roofing Supply, Inc. (*)		5,865		506,912
Hudson Technologies, Inc. (*)		48,881		407,668
				914,580
Total Common Stocks (Cost $32,247,029)				40,019,873
Total Investments \| 97.9% (Cost $32,247,029)			$	40,019,873
Cash and Other Assets in Excess of Liabilities \| 2.1%				838,430
Net Assets \| 100.0%			$	40,858,303

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio
Common Stocks \| 96.6%
Banks \| 2.5%
Commerce Bancshares, Inc.		5,543	$	329,254
Building Products \| 2.6%
Carlisle Cos., Inc.		227		102,093
Trane Technologies PLC		637		247,621
				349,714
Capital Markets \| 5.4%
Charles Schwab Corp.		4,866		315,366
Intercontinental Exchange, Inc.		2,566		412,202
				727,568
Chemicals \| 2.2%
Linde PLC		291		138,766
Sherwin-Williams Co.		411		156,867
				295,633
Commercial Services & Supplies \| 2.8%
MSA Safety, Inc.		493		87,429
Waste Management, Inc.		1,376		285,657
				373,086
Consumer Finance \| 1.7%
American Express Co.		839		227,537
Consumer Staples Distribution & Retail \| 1.1%
Sysco Corp.		1,888		147,377
Containers & Packaging \| 1.1%
Avery Dennison Corp.		675		149,013
Electrical Equipment \| 2.3%
Rockwell Automation, Inc.		1,130		303,360
Electronic Equipment, Instruments & Components \| 1.4%
Amphenol Corp., Class A		2,873		187,205
Financial Services \| 3.7%
Visa, Inc., A Shares		1,787		491,336
Ground Transportation \| 1.4%
Norfolk Southern Corp.		771		191,594
Health Care Equipment & Supplies \| 3.6%
Boston Scientific Corp. (*)		3,900		326,820
Medtronic PLC		1,642		147,829
				474,649
Health Care Providers & Services \| 5.2%
Humana, Inc.		370		117,194
UnitedHealth Group, Inc.		986		576,494
				693,688

Description	Shares		Fair Value
Household Products \| 2.7%
Procter & Gamble Co.		2,074	$	359,217
Industrial REITs \| 2.6%
Prologis, Inc.		2,772		350,048
IT Services \| 3.4%
Accenture PLC, Class A		1,273		449,980
Life Sciences Tools & Services \| 9.0%
Agilent Technologies, Inc.		1,498		222,423
Danaher Corp.		1,417		393,954
IQVIA Holdings, Inc. (*)		944		223,700
Thermo Fisher Scientific, Inc.		595		368,049
				1,208,126
Machinery \| 5.2%
Deere & Co.		514		214,508
Nordson Corp.		839		220,346
Watts Water Technologies, Inc., Class A		575		119,134
Xylem, Inc.		1,067		144,077
				698,065
Personal Care Products \| 0.8%
Estee Lauder Cos., Inc., Class A		1,044		104,076
Pharmaceuticals \| 3.4%
Johnson & Johnson		1,109		179,725
Zoetis, Inc.		1,437		280,761
				460,486
Semiconductors & Semiconductor Equipment \| 8.1%
Analog Devices, Inc.		1,992		458,499
Applied Materials, Inc.		853		172,349
Broadcom, Inc.		1,570		270,825
Marvell Technology, Inc.		2,554		184,194
				1,085,867
Software \| 14.9%
Adobe, Inc. (*)		411		212,808
Cadence Design Systems, Inc. (*)		609		165,057
CyberArk Software Ltd. (*)		370		107,896
Microsoft Corp.		3,158		1,358,887
Salesforce, Inc.		528		144,519
				1,989,167
Specialty Retail \| 3.2%
Home Depot, Inc.		1,067		432,348
Technology Hardware, Storage & Peripherals \| 5.5%
Apple, Inc.		3,167		737,911
Textiles, Apparel & Luxury Goods \| 0.8%
NIKE, Inc., Class B		1,231		108,820

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (concluded)
Total Common Stocks (Cost $8,790,339)			$	12,925,125
Short-Term Investments \| 3.8%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $508,107)		508,107		508,107
Total Investments \| 100.4% (Cost $9,298,446)			$	13,433,232
Liabilities in Excess of Cash and Other Assets \| (0.4)%				(53,302)
Net Assets \| 100.0%			$	13,379,930

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio
Closed-End Management Investment Companies \| 0.4%
BlackRock Credit Allocation Income Trust		9,363	$	105,615
Kayne Anderson Energy Infrastructure Fund		12,208		134,288
Total Closed-End Management Investment Companies (Cost $213,762)				239,903
Common Stocks \| 97.8%
Aerospace & Defense \| 0.1%
AAR Corp. (*)		799		52,223
Automobile Components \| 1.6%
Autoliv, Inc.		332		30,999
BorgWarner, Inc.		2,707		98,237
Cooper-Standard Holdings, Inc. (*)		4,190		58,115
Gentherm, Inc. (*)		3,285		152,917
LCI Industries		1,489		179,484
Lear Corp.		998		108,932
Standard Motor Products, Inc.		3,157		104,812
Visteon Corp. (*)		1,469		139,908
				873,404
Automobiles \| 0.3%
Harley-Davidson, Inc.		4,807		185,214
Banks \| 2.0%
Amalgamated Financial Corp.		6,098		191,294
Cadence Bank		3,399		108,258
Capital City Bank Group, Inc.		640		22,586
Central Pacific Financial Corp.		3,076		90,773
Financial Institutions, Inc.		3,680		93,730
First Business Financial Services, Inc.		243		11,078
Metrocity Bankshares, Inc.		860		26,333
Northeast Community Bancorp, Inc.		1,816		48,033
Northrim BanCorp, Inc.		485		34,542
OFG Bancorp		2,429		109,111
Orange County Bancorp, Inc.		1,165		70,273
Republic Bancorp, Inc., Class A		517		33,760
Sierra Bancorp		704		20,331
UMB Financial Corp.		1,230		129,285
Zions Bancorp NA		2,372		112,006
				1,101,393
Beverages \| 0.3%
Coca-Cola Consolidated, Inc.		127		167,183
Biotechnology \| 4.9%
ACADIA Pharmaceuticals, Inc. (*)		11,164		171,702
ADMA Biologics, Inc. (*)		28,427		568,256
Alkermes PLC (*)		856		23,959

Description	Shares		Fair Value
Apellis Pharmaceuticals, Inc. (*)		3,170	$	91,423
Biohaven Ltd. (*)		314		15,691
Blueprint Medicines Corp. (*)		1,148		106,190
Catalyst Pharmaceuticals, Inc. (*)		1,996		39,680
Emergent BioSolutions, Inc. (*)		5,750		48,012
Entrada Therapeutics, Inc. (*)		5,793		92,572
Exelixis, Inc. (*)		3,622		93,991
Halozyme Therapeutics, Inc. (*)		4,516		258,496
iTeos Therapeutics, Inc. (*)		7,855		80,200
MiMedx Group, Inc. (*)		4,592		27,139
Myriad Genetics, Inc. (*)		5,122		140,292
Neurocrine Biosciences, Inc. (*)		654		75,354
Organogenesis Holdings, Inc. (*)		11,846		33,880
Prothena Corp. PLC (*)		5,548		92,818
Rigel Pharmaceuticals, Inc. (*)		2,480		40,126
Ultragenyx Pharmaceutical, Inc. (*)		2,488		138,208
United Therapeutics Corp. (*)		735		263,387
Vanda Pharmaceuticals, Inc. (*)		19,581		91,835
Veracyte, Inc. (*)		6,718		228,681
				2,721,892
Broadline Retail \| 0.4%
Dillard’s, Inc., Class A		287		110,119
Macy’s, Inc.		7,875		123,559
				233,678
Building Products \| 1.5%
American Woodmark Corp. (*)		291		27,194
AZEK Co., Inc. (*)		2,751		128,747
Builders FirstSource, Inc. (*)		2,383		461,968
Owens Corning		220		38,835
Resideo Technologies, Inc. (*)		8,067		162,469
				819,213
Capital Markets \| 2.0%
Affiliated Managers Group, Inc.		931		165,532
Bain Capital Specialty Finance, Inc.		6,023		99,982
Barings BDC, Inc.		10,672		104,585
Carlyle Secured Lending, Inc.		10,502		178,219
CION Investment Corp.		9,131		108,659
Donnelley Financial Solutions, Inc. (*)		1,532		100,851
Golub Capital BDC, Inc.		6,309		95,329
Houlihan Lokey, Inc.		739		116,777
SEI Investments Co.		1,384		95,759
SLR Investment Corp.		2,915		43,871
				1,109,564
Chemicals \| 2.0%
AdvanSix, Inc.		6,613		200,903

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Avient Corp.		3,295	$	165,804
Axalta Coating Systems Ltd. (*)		3,357		121,490
Balchem Corp.		353		62,128
Bioceres Crop Solutions Corp. (*)		5,492		43,222
Cabot Corp.		1,904		212,810
ICL Group Ltd.		13,394		56,925
Minerals Technologies, Inc.		2,590		200,026
Rayonier Advanced Materials, Inc. (*)		8,230		70,449
Valhi, Inc.		282		9,410
				1,143,167
Commercial Services & Supplies \| 3.4%
ABM Industries, Inc.		2,383		125,727
BrightView Holdings, Inc. (*)		18,933		298,006
Civeo Corp.		6,156		168,674
Deluxe Corp.		2,612		50,908
Ennis, Inc.		1,143		27,798
Healthcare Services Group, Inc. (*)		9,517		106,305
HNI Corp.		2,907		156,513
Interface, Inc.		6,822		129,413
Liquidity Services, Inc. (*)		7,533		171,752
OPENLANE, Inc. (*)		10,366		174,978
Steelcase, Inc.,Class A		16,539		223,111
UniFirst Corp.		663		131,705
Viad Corp. (*)		1,749		62,667
Virco Mfg. Corp.		5,274		72,834
				1,900,391
Communications Equipment \| 2.0%
Aviat Networks, Inc. (*)		5,564		120,349
Ceragon Networks Ltd. (*)		61,671		168,979
CommScope Holding Co., Inc. (*)		66,242		404,739
Gilat Satellite Networks Ltd. (*)		15,938		83,993
Ituran Location & Control Ltd.		4,323		114,732
NETGEAR, Inc. (*)		10,884		218,333
				1,111,125
Construction & Engineering \| 2.2%
Argan, Inc.		901		91,388
IES Holdings, Inc. (*)		2,479		494,858
Limbach Holdings, Inc. (*)		5,230		396,225
Stantec, Inc.		2,617		210,433
WillScot Holdings Corp. (*)		1,543		58,017
				1,250,921
Construction Materials \| 0.5%
U.S. Lime & Minerals, Inc.		2,666		260,361

Description	Shares		Fair Value
Consumer Finance \| 0.7%
Bread Financial Holdings, Inc.		2,499	$	118,902
Enova International, Inc. (*)		2,255		188,947
FirstCash Holdings, Inc.		786		90,233
				398,082
Consumer Staples Distribution & Retail \| 0.6%
Andersons, Inc.		2,126		106,597
PriceSmart, Inc.		1,605		147,307
SpartanNash Co.		4,714		105,641
				359,545
Containers & Packaging \| 0.4%
Ardagh Metal Packaging SA		25,952		97,839
Graphic Packaging Holding Co.		2,017		59,683
Pactiv Evergreen, Inc.		4,315		49,666
				207,188
Distributors \| 0.2%
Weyco Group, Inc.		2,944		100,214
Diversified Consumer Services \| 2.7%
Adtalem Global Education, Inc. (*)		2,950		222,666
Afya Ltd., Class A (*)		11,118		189,784
American Public Education, Inc. (*)		9,090		134,077
Frontdoor, Inc. (*)		4,040		193,880
Graham Holdings Co., Class B		144		118,328
Grand Canyon Education, Inc. (*)		1,342		190,363
Laureate Education, Inc.		10,587		175,850
Perdoceo Education Corp.		6,163		137,065
Strategic Education, Inc.		1,658		153,448
				1,515,461
Diversified REITs \| 0.4%
Broadstone Net Lease, Inc.		6,005		113,795
Essential Properties Realty Trust, Inc.		3,540		120,891
				234,686
Diversified Telecommunication Services \| 0.5%
Bandwidth, Inc., Class A (*)		7,004		122,640
Iridium Communications, Inc.		4,478		136,355
				258,995
Electrical Equipment \| 1.8%
Acuity Brands, Inc.		871		239,865
Allient, Inc.		4,767		90,525
EnerSys		1,048		106,948
Generac Holdings, Inc. (*)		1,078		171,273
nVent Electric PLC		3,344		234,950
Powell Industries, Inc.		477		105,889

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Thermon Group Holdings, Inc. (*)		2,438	$	72,750
				1,022,200
Electronic Equipment, Instruments & Components \| 4.8%
Advanced Energy Industries, Inc.		488		51,357
Arrow Electronics, Inc. (*)		915		121,539
Bel Fuse, Inc. Class B		877		68,853
Benchmark Electronics, Inc.		3,592		159,197
Celestica, Inc. (*)		8,471		433,038
Climb Global Solutions, Inc.		505		50,268
Coherent Corp. (*)		1,614		143,501
CTS Corp.		2,481		120,031
Daktronics, Inc. (*)		16,927		218,528
ePlus, Inc. (*)		2,033		199,925
Insight Enterprises, Inc. (*)		541		116,526
Itron, Inc. (*)		1,307		139,601
Knowles Corp. (*)		12,545		226,186
Littelfuse, Inc.		472		125,198
nLight, Inc. (*)		7,477		79,929
OSI Systems, Inc. (*)		1,070		162,458
PC Connection, Inc.		2,358		177,864
ScanSource, Inc. (*)		1,677		80,546
				2,674,545
Energy Equipment & Services \| 0.4%
ChampionX Corp.		3,490		105,224
North American Construction Group Ltd.		2,363		44,188
NOV, Inc.		6,031		96,315
				245,727
Entertainment \| 0.5%
Cinemark Holdings, Inc. (*)		5,273		146,800
IMAX Corp. (*)		5,641		115,697
				262,497
Financial Services \| 1.4%
Enact Holdings, Inc.		3,087		112,151
Euronet Worldwide, Inc. (*)		905		89,803
Merchants Bancorp		2,070		93,067
MGIC Investment Corp.		4,670		119,552
NMI Holdings, Inc. (*)		5,736		236,266
Paysign, Inc. (*)		15,693		57,593
WEX, Inc. (*)		450		94,379
				802,811
Food Products \| 0.6%
Lifeway Foods, Inc. (*)		6,076		157,490
Limoneira Co.		910		24,115
Mission Produce, Inc. (*)		4,802		61,562

Description	Shares		Fair Value
Simply Good Foods Co. (*)		3,550	$	123,433
				366,600
Ground Transportation \| 0.6%
Covenant Logistics Group, Inc.		3,058		161,585
Knight-Swift Transportation Holdings, Inc.		1,995		107,630
XPO, Inc. (*)		535		57,518
				326,733
Health Care Equipment & Supplies \| 3.9%
Artivion, Inc. (*)		1,573		41,873
Cerus Corp. (*)		61,821		107,569
CONMED Corp.		1,204		86,592
DENTSPLY SIRONA, Inc.		3,693		99,933
Glaukos Corp. (*)		539		70,221
Haemonetics Corp. (*)		1,884		151,436
iRadimed Corp.		4,257		214,084
Lantheus Holdings, Inc. (*)		563		61,789
LivaNova PLC (*)		1,828		96,043
Neogen Corp. (*)		5,735		96,405
Nevro Corp. (*)		18,573		103,823
Omnicell, Inc. (*)		3,540		154,344
OraSure Technologies, Inc. (*)		22,347		95,422
Penumbra, Inc. (*)		710		137,960
QuidelOrtho Corp. (*)		1,245		56,772
RxSight, Inc. (*)		3,324		164,305
Sanara Medtech, Inc. (*)		1,552		46,932
Semler Scientific, Inc. (*)		136		3,203
STAAR Surgical Co. (*)		2,892		107,438
Surmodics, Inc. (*)		2,519		97,687
Tactile Systems Technology, Inc. (*)		4,683		68,419
Varex Imaging Corp. (*)		9,870		117,650
				2,179,900
Health Care Providers & Services \| 2.6%
Addus HomeCare Corp. (*)		2,000		266,060
Amedisys, Inc. (*)		1,285		124,015
Chemed Corp.		173		103,968
DocGo, Inc. (*)		37,954		126,007
Encompass Health Corp.		689		66,585
HealthEquity, Inc. (*)		1,526		124,903
NeoGenomics, Inc. (*)		2,775		40,931
Option Care Health, Inc. (*)		5,723		179,130
PetIQ, Inc. (*)		6,443		198,251
Premier, Inc., Class A		9,899		197,980
Viemed Healthcare, Inc. (*)		4,260		31,226
				1,459,056
Health Care REITs \| 0.6%
LTC Properties, Inc.		2,457		90,147

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Omega Healthcare Investors, Inc.		3,068	$	124,868
Sabra Health Care, Inc.		6,787		126,306
				341,321
Health Care Technology \| 0.2%
GoodRx Holdings, Inc., Class A (*)		7,982		55,395
HealthStream, Inc.		3,025		87,241
				142,636
Hotels, Restaurants & Leisure \| 1.2%
Accel Entertainment, Inc. (*)		15,580		181,039
Arcos Dorados Holdings, Inc., Class A		4,164		36,310
Boyd Gaming Corp.		1,880		121,542
Despegar.com Corp. (*)		10,794		133,846
Dine Brands Global, Inc.		2,026		63,272
Krispy Kreme, Inc.		3,624		38,922
Sportradar Group AG, Class A (*)		8,228		99,641
				674,572
Household Durables \| 2.9%
Century Communities, Inc.		1,180		121,516
Cricut, Inc., Class A		27,449		190,222
Dream Finders Homes, Inc., Class A (*)		1,370		49,608
Flexsteel Industries, Inc.		592		26,220
Green Brick Partners, Inc. (*)		1,603		133,883
Hamilton Beach Brands Holding Co., Class A		4,629		140,860
Hovnanian Enterprises, Inc., Class A (*)		1,199		245,040
KB Home		433		37,104
La-Z-Boy, Inc.		2,956		126,901
M/I Homes, Inc. (*)		737		126,292
Meritage Homes Corp.		616		126,323
Newell Brands, Inc.		14,102		108,303
Tri Pointe Homes, Inc. (*)		4,176		189,214
				1,621,486
Household Products \| 0.2%
Oil-Dri Corp. of America		1,338		92,309
Independent Power & Renewable Electricity Producers \| 0.2%
Brookfield Renewable Corp., Class A		3,583		117,021
Industrial REITs \| 0.7%
Americold Realty Trust, Inc.		2,495		70,534
EastGroup Properties, Inc.		287		53,617
First Industrial Realty Trust, Inc.		1,498		83,858
Plymouth Industrial, Inc.		4,783		108,096
STAG Industrial, Inc.		2,254		88,109
				404,214

Description	Shares		Fair Value
Insurance \| 2.3%
Assurant, Inc.		488	$	97,044
Assured Guaranty Ltd.		1,326		105,444
Axis Capital Holdings Ltd.		1,395		111,056
CNO Financial Group, Inc.		3,211		112,706
Crawford & Co., Class A		1,036		11,365
Globe Life, Inc.		1,091		115,548
Hanover Insurance Group, Inc.		764		113,156
International General Insurance Holdings Ltd.		3,968		75,392
Palomar Holdings, Inc. (*)		1,533		145,129
Primerica, Inc.		449		119,052
Reinsurance Group of America, Inc.		596		129,850
Unum Group		1,839		109,310
White Mountains Insurance Group Ltd.		23		39,013
				1,284,065
Interactive Media & Services \| 0.9%
Cargurus, Inc. (*)		1,265		37,988
Match Group, Inc. (*)		2,876		108,828
MediaAlpha, Inc., Class A (*)		5,224		94,606
Outbrain, Inc. (*)		2,646		12,859
VTEX, Class A (*)		10,013		74,497
Yelp, Inc. (*)		3,576		125,446
Ziff Davis, Inc. (*)		1,095		53,283
				507,507
IT Services \| 1.1%
Amdocs Ltd.		1,035		90,542
Backblaze, Inc., Class A (*)		7,788		49,765
BigBear.ai Holdings, Inc. (*)		28,224		41,207
DXC Technology Co. (*)		6,056		125,662
Hackett Group, Inc.		1,962		51,542
Okta, Inc. (*)		1,315		97,757
Squarespace, Inc., Class A (*)		2,978		138,268
				594,743
Leisure Products \| 0.8%
Hasbro, Inc.		2,674		193,384
Vista Outdoor, Inc. (*)		3,877		151,901
YETI Holdings, Inc. (*)		2,821		115,745
				461,030
Life Sciences Tools & Services \| 1.4%
Azenta, Inc. (*)		2,060		99,786
Bruker Corp.		2,288		158,009
ChromaDex Corp. (*)		6,172		22,528
Medpace Holdings, Inc. (*)		1,094		365,177
Mesa Laboratories, Inc.		967		125,575
				771,075

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Machinery \| 2.6%
Albany International Corp., Class A		1,288	$	114,439
Blue Bird Corp. (*)		1,673		80,237
Enerpac Tool Group Corp.		2,877		120,518
Federal Signal Corp.		1,204		112,526
Flowserve Corp.		2,501		129,277
Hyster-Yale, Inc.		830		52,929
Kennametal, Inc.		4,252		110,254
Luxfer Holdings PLC		2,720		35,224
Mueller Industries, Inc.		5,243		388,506
Tennant Co.		1,043		100,170
Watts Water Technologies, Inc., Class A		954		197,659
				1,441,739
Marine Transportation \| 1.9%
Euroseas Ltd.		4,859		237,362
Genco Shipping & Trading Ltd.		6,899		134,531
Global Ship Lease, Inc., Class A		3,008		80,163
Golden Ocean Group Ltd.		12,106		161,978
Matson, Inc.		868		123,794
Safe Bulkers, Inc.		31,950		165,501
Star Bulk Carriers Corp.		6,870		162,750
				1,066,079
Media \| 1.4%
Gambling.com Group Ltd. (*)		6,826		68,397
Gannett Co., Inc. (*)		41,717		234,450
Liberty Broadband Corp., Class C (*)		1,910		147,624
PubMatic, Inc., Class A (*)		4,261		63,361
Sinclair, Inc.		2,944		45,043
Sirius XM Holdings, Inc.		2,054		48,577
TEGNA, Inc.		7,448		117,529
Thryv Holdings, Inc. (*)		3,205		55,222
				780,203
Mortgage Real Estate Investment Trusts (REITs) \| 0.4%
Angel Oak Mortgage REIT, Inc.		1,688		17,606
Franklin BSP Realty Trust, Inc.		6,630		86,588
PennyMac Mortgage Investment Trust		7,281		103,827
				208,021
Office REITs \| 0.5%
COPT Defense Properties		2,878		87,290
Equity Commonwealth (*)		5,120		101,888
Highwoods Properties, Inc.		3,515		117,787
				306,965
Oil, Gas & Consumable Fuels \| 0.4%
Bw Lpg Ltd.		6,279		90,417
Hafnia Ltd.		8,075		57,817

Description	Shares		Fair Value
Sabine Royalty Trust		971	$	59,979
				208,213
Paper & Forest Products \| 0.4%
Clearwater Paper Corp. (*)		1,288		36,760
Sylvamo Corp.		2,317		198,914
				235,674
Passenger Airlines \| 0.1%
SkyWest, Inc. (*)		596		50,672
Personal Care Products \| 0.1%
Herbalife Ltd. (*)		12,075		86,819
Pharmaceuticals \| 0.1%
Tilray Brands, Inc. (*)		25,742		45,306
Professional Services \| 6.4%
Barrett Business Services, Inc.		6,211		232,975
CACI International, Inc., Class A (*)		260		131,186
Conduent, Inc. (*)		14,388		57,984
CRA International, Inc.		1,482		259,824
CSG Systems International, Inc.		2,667		129,749
ExlService Holdings, Inc. (*)		3,354		127,955
Forrester Research, Inc. (*)		2,395		43,134
Franklin Covey Co. (*)		3,639		149,672
FTI Consulting, Inc. (*)		538		122,427
Genpact Ltd.		6,197		242,984
Heidrick & Struggles International, Inc.		6,037		234,598
Huron Consulting Group, Inc. (*)		1,640		178,268
IBEX Holdings Ltd. (*)		2,243		44,815
ICF International, Inc.		740		123,425
Kelly Services, Inc., Class A		8,229		176,183
Korn Ferry		2,598		195,473
Legalzoom.com, Inc. (*)		21,100		133,985
ManpowerGroup, Inc.		1,636		120,279
Maximus, Inc.		2,263		210,821
Mistras Group, Inc. (*)		1,348		15,327
Paycom Software, Inc.		1,136		189,223
TELUS International CDA, Inc. (*)		19,070		74,564
Willdan Group, Inc. (*)		4,482		183,538
WNS Holdings Ltd. (*)		3,797		200,140
				3,578,529
Real Estate Management & Development \| 0.5%
Colliers International Group, Inc.		758		115,072
FRP Holdings, Inc. (*)		1,601		47,806
Marcus & Millichap, Inc.		2,000		79,260
RMR Group, Inc., Class A		2,093		53,120
				295,258

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Residential REITs \| 0.2%
Camden Property Trust		866	$	106,977
Retail REITs \| 1.9%
Agree Realty Corp.		1,370		103,202
Brixmor Property Group, Inc.		4,129		115,034
Federal Realty Investment Trust		717		82,433
Getty Realty Corp.		3,444		109,554
InvenTrust Properties Corp.		4,022		114,104
Kite Realty Group Trust		3,607		95,802
NNN REIT, Inc.		2,346		113,758
Phillips Edison & Co., Inc.		2,336		88,091
SITE Centers Corp.		1,715		103,757
Tanger, Inc.		3,560		118,121
				1,043,856
Semiconductors & Semiconductor Equipment \| 1.8%
Amkor Technology, Inc.		3,770		115,362
Cirrus Logic, Inc. (*)		1,982		246,184
FormFactor, Inc. (*)		2,524		116,104
Onto Innovation, Inc. (*)		651		135,122
Rambus, Inc. (*)		3,301		139,368
Semtech Corp. (*)		1,421		64,883
Silicon Laboratories, Inc. (*)		755		87,255
Ultra Clean Holdings, Inc. (*)		2,774		110,766
				1,015,044
Software \| 12.5%
A10 Networks, Inc.		10,587		152,876
ACI Worldwide, Inc. (*)		3,381		172,093
Agilysys, Inc. (*)		1,159		126,296
Alarm.com Holdings, Inc. (*)		698		38,160
Alkami Technology, Inc. (*)		5,949		187,631
Appfolio, Inc., Class A (*)		657		154,658
BILL Holdings, Inc. (*)		795		41,944
Blackbaud, Inc. (*)		1,500		127,020
Blackline, Inc. (*)		2,216		122,190
Box, Inc., Class A (*)		3,624		118,613
Braze, Inc., Class A (*)		2,849		92,137
Clear Secure, Inc., Class A		4,554		150,920
Clearwater Analytics Holdings, Inc., Class A (*)		5,537		139,809
CommVault Systems, Inc. (*)		1,850		284,622
Dave, Inc. (*)		3,510		140,260
Digimarc Corp. (*)		3,622		97,359
Docebo, Inc. (*)		3,159		139,628
DocuSign, Inc. (*)		2,144		133,121
Dolby Laboratories, Inc., Class A		1,688		129,183

Description	Shares		Fair Value
DoubleVerify Holdings, Inc. (*)		8,727	$	146,963
E2open Parent Holdings, Inc. (*)		13,971		61,612
Elastic NV (*)		1,785		137,017
Enfusion, Inc., Class A (*)		12,505		118,672
Envestnet, Inc. (*)		1,836		114,970
Freshworks, Inc., Class A (*)		11,518		132,227
Gitlab, Inc., Class A (*)		1,307		67,363
HashiCorp, Inc., Class A (*)		3,605		122,065
Informatica, Inc., Class A (*)		4,685		118,437
Intapp, Inc. (*)		2,653		126,893
InterDigital, Inc.		1,546		218,960
JFrog Ltd. (*)		4,149		120,487
Karooooo Ltd.		1,255		49,736
Magic Software Enterprises Ltd.		1,952		23,073
MeridianLink, Inc. (*)		4,567		93,943
Monday.com Ltd. (*)		779		216,383
N-Able, Inc. (*)		9,212		120,309
nCino, Inc. (*)		3,108		98,182
Olo, Inc., Class A (*)		19,055		94,513
Ooma, Inc. (*)		4,012		45,697
Open Text Corp.		3,397		113,052
Pagaya Technologies Ltd., Class A (*)		9,865		104,273
Pegasystems, Inc.		3,048		222,778
Procore Technologies, Inc. (*)		1,397		86,223
Progress Software Corp.		3,069		206,758
Qualys, Inc. (*)		798		102,511
Red Violet, Inc. (*)		2,440		69,418
RingCentral, Inc., Class A (*)		3,208		101,469
Sapiens International Corp. NV		3,490		130,072
SEMrush Holdings, Inc.,Class A (*)		4,062		63,814
SentinelOne, Inc. Class A (*)		5,687		136,033
SimilarWeb Ltd. (*)		4,538		40,116
Smartsheet, Inc.,Class A (*)		2,193		121,404
Sprout Social, Inc., Class A (*)		5,781		168,054
SPS Commerce, Inc. (*)		301		58,445
Tenable Holdings, Inc. (*)		2,497		101,178
UiPath, Inc., Class A (*)		9,965		127,552
Verint Systems, Inc. (*)		5,894		149,295
Weave Communications, Inc. (*)		8,475		108,480
				6,986,947
Specialized REITs \| 0.2%
Four Corners Property Trust, Inc.		4,098		120,112
Specialty Retail \| 3.0%
Abercrombie & Fitch Co., Class A (*)		1,286		179,911
American Eagle Outfitters, Inc.		4,524		101,292
Asbury Automotive Group, Inc. (*)		363		86,608

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (concluded)
AutoNation, Inc. (*)		785	$	140,452
Betterware de Mexico SAPI de CV		5,099		64,655
Boot Barn Holdings, Inc. (*)		690		115,423
Buckle, Inc.		2,769		121,753
Build-A-Bear Workshop, Inc.		5,013		172,297
Genesco, Inc. (*)		3,215		87,352
Group 1 Automotive, Inc.		419		160,494
National Vision Holdings, Inc. (*)		5,181		56,525
Signet Jewelers Ltd.		1,393		143,674
Urban Outfitters, Inc. (*)		3,886		148,873
Zumiez, Inc. (*)		4,829		102,858
				1,682,167
Technology Hardware, Storage & Peripherals \| 0.4%
CompoSecure, Inc., Class A		8,186		114,768
Immersion Corp.		4,186		37,339
Turtle Beach Corp. (*)		5,390		82,682
				234,789
Textiles, Apparel & Luxury Goods \| 2.9%
Crocs, Inc. (*)		967		140,031
Ermenegildo Zegna NV		8,752		86,120
Figs, Inc., Class A (*)		9,904		67,743
G-III Apparel Group Ltd. (*)		3,132		95,589
Gildan Activewear, Inc.		3,977		187,357
Kontoor Brands, Inc.		2,848		232,909
Movado Group, Inc.		3,067		57,046
Oxford Industries, Inc.		1,582		137,254
PVH Corp.		1,342		135,314
Rocky Brands, Inc.		822		26,189
Steven Madden Ltd.		3,564		174,600
Superior Group of Cos., Inc.		6,440		99,756
Tapestry, Inc.		3,117		146,437
Wolverine World Wide, Inc.		3,950		68,809
				1,655,154
Trading Companies & Distributors \| 1.9%
Boise Cascade Co.		1,854		261,377
DNOW, Inc. (*)		15,436		199,587
GATX Corp.		438		58,013
Global Industrial Co.		2,773		94,199
Herc Holdings, Inc.		393		62,656
Karat Packaging, Inc.		4,863		125,903
McGrath RentCorp		995		104,754
MRC Global, Inc. (*)		9,469		120,635
Willis Lease Finance Corp.		239		35,566
				1,062,690

Description	Shares		Fair Value
Water Utilities \| 0.1%
Consolidated Water Co. Ltd.		1,569	$	39,554
Wireless Telecommunication Services \| 0.3%
Millicom International Cellular SA (*)		4,925		133,566
Spok Holdings, Inc.		3,999		60,225
				193,791
Total Common Stocks (Cost $46,264,261)				54,800,507
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. Expires 2499 (*), (¢)		10,077		0
Pharmaceuticals \| 0.0%
Adamas Pharmaceuticals, Inc. CVR
Expires 2024 (*), (¢)		1,139		0
Expires 2025 (*), (¢)		1,139		0
Total Rights (Cost $15,847)				1,401
Short-Term Investments \| 1.3%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $752,706)		752,706		752,706
Total Investments \| 99.5% (Cost $47,246,576)			$	55,794,517
Cash and Other Assets in Excess of Liabilities \| 0.5%				267,982
Net Assets \| 100.0%			$	56,062,499

Description	Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio
Convertible Corporate Bonds \| 88.1%
Automobiles \| 3.5%
Ford Motor Co., 0.000%, 03/15/26	$	238	$	233,835
Rivian Automotive, Inc.:
4.625%, 03/15/29		164		148,523
3.625%, 10/15/30		77		61,122
				443,480
Biotechnology \| 7.0%
Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/27		186		217,899
Bridgebio Pharma, Inc., 2.500%, 03/15/27		76		78,577
Cytokinetics, Inc., 3.500%, 07/01/27		27		34,952
Halozyme Therapeutics, Inc., 0.250%, 03/01/27		280		281,633
Insmed, Inc., 0.750%, 06/01/28		47		107,935
Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26		100		100,098
Sarepta Therapeutics, Inc., 1.250%, 09/15/27		73		82,928
				904,022
Commercial Services & Supplies \| 1.8%
Global Payments, Inc., 1.500%, 03/01/31		197		189,120
Shift4 Payments, Inc., 0.000%, 12/15/25		35		42,718
				231,838
Construction & Engineering \| 2.3%
Fluor Corp., 1.125%, 08/15/29		135		165,510
Meritage Homes Corp., 1.750%, 05/15/28		111		126,928
				292,438
Diversified REITs \| 3.9%
Pebblebrook Hotel Trust, 1.750%, 12/15/26		90		82,980
Rexford Industrial Realty LP, 4.125%, 03/15/29		179		190,456
Welltower OP LLC, 2.750%, 05/15/28		166		229,592
				503,028

Description	Principal Amount (000)		Fair Value
Electric Utilities \| 6.9%
Alliant Energy Corp., 3.875%, 03/15/26	$	84	$	88,158
CMS Energy Corp., 3.375%, 05/01/28		224		241,024
NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27		77		100,793
PG&E Corp., 4.250%, 12/01/27		176		190,828
Southern Co., 3.875%, 12/15/25		237		263,840
				884,643
Electronic Equipment, Instruments & Components \| 0.8%
Itron, Inc., 1.375%, 07/15/30		94		100,110
Energy Equipment & Services \| 1.8%
Enphase Energy, Inc., 0.000%, 03/01/26		151		142,280
Sunrun, Inc., 4.000%, 03/01/30		69		92,908
				235,188
Entertainment \| 4.1%
Cinemark Holdings, Inc., 4.500%, 08/15/25		21		41,672
Live Nation Entertainment, Inc., 2.000%, 02/15/25		268		290,884
Marriott Vacations Worldwide Corp., 0.000%, 01/15/26		103		96,098
Vail Resorts, Inc., 0.000%, 01/01/26		103		97,464
				526,118
Food Products \| 1.0%
Chefs’ Warehouse, Inc., 2.375%, 12/15/28		107		125,720
Health Care Equipment & Supplies \| 4.4%
Enovis Corp., 3.875%, 10/15/28		80		84,400
Exact Sciences Corp., 0.375%, 03/01/28		227		212,699
Insulet Corp., 0.375%, 09/01/26		85		101,766
Lantheus Holdings, Inc., 2.625%, 12/15/27		43		66,897
TransMedics Group, Inc., 1.500%, 06/01/28		57		105,228
				570,990

Description	Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Health Care Providers & Services \| 1.3%
Teladoc Health, Inc., 1.250%, 06/01/27	$	188	$	163,278
Interactive Media & Services \| 16.0%
Airbnb, Inc., 0.000%, 03/15/26		192		179,131
Booking Holdings, Inc., 0.750%, 05/01/25		94		210,652
Etsy, Inc., 0.125%, 10/01/26		143		141,713
Match Group Financeco 3, Inc., 2.000%, 01/15/30		250		225,093
Palo Alto Networks, Inc., 0.375%, 06/01/25		95		326,895
Snap, Inc., 0.125%, 03/01/28		257		206,500
Uber Technologies, Inc., 0.000%, 12/15/25		301		332,605
Wayfair, Inc., 3.250%, 09/15/27		96		115,728
Ziff Davis, Inc., 1.750%, 11/01/26		120		111,375
Zillow Group, Inc., 1.375%, 09/01/26		144		213,264
				2,062,956
Leisure Products \| 4.0%
Carnival Corp., 5.750%, 12/01/27		63		101,580
NCL Corp. Ltd., 5.375%, 08/01/25		120		149,130
Royal Caribbean Cruises Ltd., 6.000%, 08/15/25		75		268,415
				519,125
Machinery \| 0.6%
Middleby Corp., 1.000%, 09/01/25		66		77,095
Media \| 4.2%
Cable One, Inc., 1.125%, 03/15/28		117		94,727
Liberty Broadband Corp., 3.125%, 03/31/53		225		224,324
Liberty Media Corp.-Liberty Formula One, 2.250%, 08/15/27		67		73,962
Sirius XM Holdings, Inc., 3.750%, 03/15/28		139		143,934
				536,947

Description	Principal Amount (000)		Fair Value
Passenger Airlines \| 2.3%
American Airlines Group, Inc., 6.500%, 07/01/25	$	120	$	123,360
Southwest Airlines Co., 1.250%, 05/01/25		164		165,833
				289,193
Pharmaceuticals \| 1.9%
Dexcom, Inc., 0.250%, 11/15/25		260		248,105
Semiconductors & Semiconductor Equipment \| 4.1%
MKS Instruments, Inc., 1.250%, 06/01/30		157		157,235
ON Semiconductor Corp., 0.500%, 03/01/29		265		268,909
Semtech Corp., 1.625%, 11/01/27		71		100,749
				526,893
Software \| 11.8%
Akamai Technologies, Inc., 0.375%, 09/01/27		209		216,263
Cloudflare, Inc., 0.000%, 08/15/26		274		254,203
HubSpot, Inc., 0.375%, 06/01/25		49		92,292
MicroStrategy, Inc., 0.625%, 03/15/30		135		179,221
MongoDB, Inc., 0.250%, 01/15/26		58		80,200
Nutanix, Inc., 0.250%, 10/01/27		139		166,452
Tyler Technologies, Inc., 0.250%, 03/15/26		141		173,571
Western Digital Corp., 3.000%, 11/15/28		125		185,562
Workiva, Inc., 1.250%, 08/15/28		172		162,996
				1,510,760
Technology Hardware, Storage & Peripherals \| 4.4%
Lumentum Holdings, Inc., 0.500%, 06/15/28		123		106,949
Parsons Corp., 2.625%, 03/01/29		114		143,697
Seagate HDD Cayman, 3.500%, 06/01/28		153		219,631

Description	Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Zscaler, Inc., 0.125%, 07/01/25	$	80	$	98,000
				568,277
Total Convertible Corporate Bonds (Cost $10,572,480)				11,320,204


Description	Shares		Fair Value
Preferred Stocks \| 8.6%
Banks \| 4.3%
Bank of America Corp., Series L	293	$	372,992
Wells Fargo & Co., Series L	145		185,919
			558,911
Chemicals \| 0.9%
Albemarle Corp.	2,636		118,620
Electric Utilities \| 1.3%
NextEra Energy, Inc.	3,602		166,989
Financial Services \| 1.4%
Apollo Global Management, Inc.	2,652		180,309
Machinery \| 0.7%
Chart Industries, Inc., Series B	1,698		85,325
Total Preferred Stocks (Cost $1,092,584)			1,110,154
Short-Term Investments \| 3.0%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $387,288)	387,288		387,288
Total Investments \| 99.7% (Cost $12,052,352)		$	12,817,646
Cash and Other Assets in Excess of Liabilities \| 0.3%			38,607
Net Assets \| 100.0%		$	12,856,253

Lazard US Convertibles Portfolio (concluded)

Futures Contracts open at September 30, 2024:

Financial Futures	Number of Contracts	Notional Amount	Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation		Unrealized Depreciation
CME E-Mini Standard & Poor’s 500 Index Futures	1	$50	12/20/24	$	288,186	$	290,713	$	2,527	$	—
CME E-mini Russell 2000 Index Futures	4	200	12/20/24		430,670		449,840		19,170		—
CBOT 5 Year U.S. Treasury Notes Futures	25	2,500,000	12/31/24		2,737,362		2,747,070		9,708		—
Total gross unrealized appreciation/depreciation on Futures Contracts								$	31,405	$	—

Description	Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio
Corporate Bonds \| 92.9%
Aerospace & Defense \| 2.4%
Bombardier, Inc., 8.750%, 11/15/30 (#)	$	2,250	$	2,470,667
TransDigm, Inc.:
6.750%, 08/15/28 (#)		1,000		1,029,288
4.625%, 01/15/29		500		482,818
				3,982,773
Automobile Components \| 2.6%
American Axle & Manufacturing, Inc., 5.000%, 10/01/29		1,500		1,377,195
Goodyear Tire & Rubber Co.:
5.000%, 05/31/26		250		246,162
5.250%, 07/15/31		1,500		1,353,188
Tenneco, Inc., 8.000%, 11/17/28 (#)		1,500		1,391,893
				4,368,438
Automobiles \| 1.0%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,766,120
Building Products \| 2.1%
Griffon Corp., 5.750%, 03/01/28		1,750		1,727,968
Standard Industries, Inc., 3.375%, 01/15/31 (#)		2,000		1,781,678
				3,509,646
Chemicals \| 2.6%
Methanex Corp., 5.125%, 10/15/27		1,750		1,731,643
NOVA Chemicals Corp., 4.250%, 05/15/29 (#)		1,750		1,627,034
WR Grace Holdings LLC, 4.875%, 06/15/27 (#)		1,000		985,394
				4,344,071
Commercial Services & Supplies \| 4.1%
ADT Security Corp., 4.125%, 08/01/29 (#)		250		238,785
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.750%, 07/15/27 (#)		2,000		1,991,422
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		2,000		1,997,542
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 08/31/27 (#)		1,500		1,425,265

Description	Principal Amount (000)		Fair Value
Valvoline, Inc., 3.625%, 06/15/31 (#)	$	1,500	$	1,342,332
				6,995,346
Containers & Packaging \| 2.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/29 (#)		1,200		1,071,141
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,523,673
Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 02/01/28 (#)		1,000		1,016,742
				3,611,556
Diversified REITs \| 3.9%
Iron Mountain, Inc.:
4.875%, 09/15/29 (#)		500		489,674
4.500%, 02/15/31 (#)		1,250		1,185,746
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.875%, 05/15/29 (#)		1,500		1,455,407
RHP Hotel Properties LP/RHP Finance Corp., 4.500%, 02/15/29 (#)		1,750		1,693,271
Starwood Property Trust, Inc., 3.625%, 07/15/26 (#)		1,743		1,683,079
				6,507,177
Diversified Telecommunication Services \| 4.3%
Connect Finco Sarl/Connect U.S. Finco LLC, 6.750%, 10/01/26 (#)		1,500		1,499,400
Connect Finco SARL/Connect U.S. Finco LLC, 9.000%, 09/15/29 (#)		2,000		1,932,500
Frontier Communications Holdings LLC:
6.750%, 05/01/29 (#)		500		503,524
8.750%, 05/15/30 (#)		1,500		1,598,496
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#)		2,000		1,788,886
				7,322,806
Electric Utilities \| 2.7%
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,709,750
NRG Energy, Inc., 3.625%, 02/15/31 (#)		1,500		1,359,190
Vistra Operations Co. LLC, 4.375%, 05/01/29 (#)		1,500		1,451,816
				4,520,756

Description	Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Electrical Equipment \| 1.0%
Energizer Holdings, Inc., 4.750%, 06/15/28 (#)	$	1,700	$	1,649,594
Electronic Equipment, Instruments & Components \| 0.8%
Sensata Technologies, Inc.:
4.375%, 02/15/30 (#)		1,100		1,051,235
3.750%, 02/15/31 (#)		250		228,887
				1,280,122
Entertainment \| 3.0%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.375%, 04/15/27		1,550		1,545,626
Cinemark USA, Inc., 5.250%, 07/15/28 (#)		1,500		1,474,920
Live Nation Entertainment, Inc.:
4.750%, 10/15/27 (#)		1,500		1,478,790
3.750%, 01/15/28 (#)		500		480,450
				4,979,786
Food Products \| 6.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.500%, 03/15/29 (#)		2,000		1,864,843
Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#)		2,000		1,875,922
Performance Food Group, Inc., 4.250%, 08/01/29 (#)		1,800		1,711,702
Post Holdings, Inc., 4.500%, 09/15/31 (#)		2,000		1,868,417
TreeHouse Foods, Inc., 4.000%, 09/01/28		1,750		1,620,216
U.S. Foods, Inc., 4.625%, 06/01/30 (#)		1,500		1,449,157
				10,390,257
Gas Utilities \| 0.9%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 06/01/28 (#)		1,500		1,575,195
Health Care Equipment & Supplies \| 1.8%
Avantor Funding, Inc., 3.875%, 11/01/29 (#)		1,500		1,419,254
Bausch & Lomb Corp., 8.375%, 10/01/28 (#)		1,500		1,586,250
				3,005,504
Health Care Providers & Services \| 3.0%
Encompass Health Corp., 4.625%, 04/01/31		1,849		1,770,511

Description	Principal Amount (000)		Fair Value
Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#)	$	1,250	$	1,225,819
LifePoint Health, Inc., 5.375%, 01/15/29 (#)		700		661,425
Tenet Healthcare Corp., 4.375%, 01/15/30		1,500		1,439,149
				5,096,904
Hotels, Restaurants & Leisure \| 4.1%
Boyd Gaming Corp.:
4.750%, 12/01/27		850		840,381
4.750%, 06/15/31 (#)		1,250		1,193,556
Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#)		2,000		1,806,847
Station Casinos LLC, 4.625%, 12/01/31 (#)		1,750		1,622,797
Travel & Leisure Co., 4.500%, 12/01/29 (#)		1,500		1,421,507
				6,885,088
Household Durables \| 1.0%
Tempur Sealy International, Inc., 4.000%, 04/15/29 (#)		1,750		1,632,037
Interactive Media & Services \| 0.8%
Ziff Davis, Inc., 4.625%, 10/15/30 (#)		1,500		1,408,853
Leisure Products \| 1.8%
Carnival Corp., 7.625%, 03/01/26 (#)		1,500		1,513,882
Sabre GLBL, Inc., 8.625%, 06/01/27 (#)		1,500		1,475,436
				2,989,318
Machinery \| 3.3%
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		747,994
4.625%, 05/15/30 (#)		1,000		955,137
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)		2,000		1,907,731
Terex Corp., 5.000%, 05/15/29 (#)		2,000		1,952,106
				5,562,968
Media \| 12.0%
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125%, 05/01/27 (#)		500		492,108
4.750%, 03/01/30 (#)		1,500		1,379,755
Clear Channel Outdoor Holdings, Inc., 7.750%, 04/15/28 (#)		1,500		1,342,213
Gray Television, Inc., 7.000%, 05/15/27 (#)		1,500		1,474,354

Description	Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Lamar Media Corp., 3.625%, 01/15/31	$	1,500	$	1,370,921
Nexstar Media, Inc., 5.625%, 07/15/27 (#)		1,500		1,485,791
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.000%, 08/15/27 (#)		2,300		2,286,886
Scripps Escrow II, Inc., 3.875%, 01/15/29 (#)		1,500		1,117,586
Sinclair Television Group, Inc., 5.125%, 02/15/27 (#)		1,750		1,522,978
Sirius XM Radio, Inc.:
5.000%, 08/01/27 (#)		1,750		1,721,608
3.875%, 09/01/31 (#)		1,000		871,270
TEGNA, Inc., 5.000%, 09/15/29		1,750		1,666,783
Univision Communications, Inc., 6.625%, 06/01/27 (#)		1,750		1,752,142
Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#)		2,000		1,779,081
				20,263,476
Metals & Mining \| 0.9%
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,454,259
Oil, Gas & Consumable Fuels \| 13.8%
Borr IHC Ltd./Borr Finance LLC, 10.375%, 11/15/30 (#)		1,708		1,803,999
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,454,719
Civitas Resources, Inc., 8.750%, 07/01/31 (#)		2,000		2,117,076
Comstock Resources, Inc., 6.750%, 03/01/29 (#)		1,500		1,464,452
CVR Energy, Inc., 8.500%, 01/15/29 (#)		1,500		1,516,270
Genesis Energy LP/Genesis Energy Finance Corp., 8.000%, 01/15/27		1,500		1,533,450
Hess Midstream Operations LP, 4.250%, 02/15/30 (#)		1,850		1,766,470
Kodiak Gas Services LLC, 7.250%, 02/15/29 (#)		1,750		1,811,080
Nabors Industries, Inc., 9.125%, 01/31/30 (#)		1,500		1,546,947
Range Resources Corp., 4.750%, 02/15/30 (#)		1,750		1,688,062
Sunoco LP/Sunoco Finance Corp., 4.500%, 04/30/30		2,000		1,916,397

Description	Principal Amount (000)		Fair Value
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.500%, 01/15/28 (#)	$	1,250	$	1,210,221
Transocean, Inc., 8.750%, 02/15/30 (#)		1,955		2,038,345
Vital Energy, Inc., 7.875%, 04/15/32 (#)		1,500		1,453,065
				23,320,553
Software \| 4.0%
Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#)		1,200		1,151,608
Cloud Software Group, Inc.:
6.500%, 03/31/29 (#)		1,000		994,966
9.000%, 09/30/29 (#)		1,000		1,017,610
NCR Atleos Corp., 9.500%, 04/01/29 (#)		1,500		1,651,304
Seagate HDD Cayman, 4.091%, 06/01/29		2,083		1,994,192
				6,809,680
Specialty Retail \| 5.7%
1011778 BC ULC/New Red Finance, Inc., 3.875%, 01/15/28 (#)		2,100		2,017,951
Asbury Automotive Group, Inc.:
4.500%, 03/01/28		987		960,802
5.000%, 02/15/32 (#)		750		711,210
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.:
4.625%, 01/15/29 (#)		500		477,414
6.750%, 01/15/30 (#)		1,250		1,164,572
Group 1 Automotive, Inc., 4.000%, 08/15/28 (#)		1,000		954,087
Penske Automotive Group, Inc., 3.750%, 06/15/29		1,750		1,632,206
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/31 (#)		1,750		1,631,600
				9,549,842
Technology Hardware, Storage & Peripherals \| 1.0%
NCR Voyix Corp., 5.125%, 04/15/29 (#)		1,750		1,712,442
Total Corporate Bonds (Cost $160,838,867)				156,494,567

Description	Shares		Fair Value
Exchange-Traded Funds \| 4.0%
iShares iBoxx $ High Yield Corporate Bond ETF (Cost $6,668,534)		85,086	$	6,832,406

Description	Shares		Fair Value
Lazard US High Yield Portfolio (concluded)
Short-Term Investments \| 1.9%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $3,230,700)		3,230,700	$	3,230,700
Total Investments \| 98.8% (Cost $170,738,101)			$	166,557,673
Cash and Other Assets in Excess of Liabilities \| 1.2%				1,966,137
Net Assets \| 100.0%			$	168,523,810

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities \| 9.9%
Financial Services \| 4.6%
AMSR Trust, Series 2020-SFR4, Class A, 1.355%, 11/17/37 (#)	$	652	$	631,485
CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.530%, 03/15/61 (#)		471		442,692
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61 (#)		500		460,855
				1,535,032
Ground Transportation \| 1.2%
TRP LLC, Series 2021-1, Class A, 2.070%, 06/19/51 (#)		425		395,495
Real Estate Management & Development \| 2.1%
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943%, 07/17/38		747		712,683
Specialty Retail \| 2.0%
CARS-DB4 LP, Series 2020-1A, Class A1, 2.690%, 02/15/50 (#)		664		662,760
Total Asset-Backed Securities (Cost $3,156,245)				3,305,970
Corporate Bonds \| 32.4%
Aerospace & Defense \| 2.1%
Boeing Co., 2.196%, 02/04/26		725		698,167
Automobiles \| 4.4%
American Honda Finance Corp., 5.250%, 07/07/26		800		815,252
Ford Motor Credit Co. LLC, 4.125%, 08/17/27		675		657,455
				1,472,707
Banks \| 11.9%
Bank of America Corp., 4.000%, 01/22/25		1,050		1,046,804
Citigroup, Inc., 2.014% (SOFR + 0.694%), 01/25/26 (§)		1,075		1,064,131
Goldman Sachs Group, Inc., 3.500%, 04/01/25		900		894,429
JPMorgan Chase & Co., 2.301% (SOFR + 1.160%), 10/15/25 (§)		1,000		998,777
				4,004,141
Biotechnology \| 2.0%
Amgen, Inc., 5.250%, 03/02/25		675		675,958

Description	Principal Amount (000)		Fair Value
Diversified Telecommunication Services \| 2.1%
T-Mobile USA, Inc., 2.625%, 04/15/26	$	725	$	706,531
Health Care Providers & Services \| 2.0%
HCA, Inc., 4.500%, 02/15/27		675		675,859
Oil, Gas & Consumable Fuels \| 4.1%
Energy Transfer LP, 5.500%, 06/01/27		650		666,621
Phillips 66 Co., 3.605%, 02/15/25		700		696,137
				1,362,758
Semiconductors & Semiconductor Equipment \| 1.7%
Intel Corp., 3.750%, 08/05/27		600		588,182
Software \| 2.1%
Oracle Corp., 2.500%, 04/01/25		700		691,926
Total Corporate Bonds (Cost $10,794,283)				10,876,229
U.S. Treasury Securities \| 57.2%
U.S. Treasury Bill, 0.000%, 03/06/25		3,125		3,066,432
U.S. Treasury Note, 3.750%, 08/15/27		16,030		16,106,393
Total U.S. Treasury Securities (Cost $19,185,337)				19,172,825

Description	Shares		Fair Value
Short-Term Investments \| 0.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $47,193)		47,193	$	47,193
Total Investments \| 99.6% (Cost $33,183,058)			$	33,402,217
Cash and Other Assets in Excess of Liabilities \| 0.4%				128,891
Net Assets \| 100.0%			$	33,531,108

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks \| 2.1%
Canada \| 1.1%
Ivanhoe Mines Ltd., Class A (*)		28,851	$	429,014
China \| 0.9%
Alibaba Group Holding Ltd. ADR (±)		3,584		380,334
United States \| 0.1%
Cloudflare, Inc., Class A (*)		77		6,229
Coherus Biosciences, Inc. (*), (±)		12,488		12,987
Ford Motor Co. (±)		2,637		27,847
JetBlue Airways Corp. (*), (±)		223		1,463
				48,526
Total Common Stocks (Cost $658,413)				857,874

Description	Security Currency	Principal Amount (000)	Fair Value
Convertible Corporate Bonds \| 110.5%
Australia \| 0.7%
Flight Centre Travel Group Ltd., 1.625%, 11/01/28 (±)	AUD	400	$	285,182
Austria \| 0.9%
ams-OSRAM AG, 2.125%, 11/03/27 (±)	EUR	400		357,321
Brazil \| 0.2%
GOL Equity Finance SA, 3.750%, 07/15/24 (#), («)	USD	616		89,936
Canada \| 3.9%
Fortuna Mining Corp., 3.750%, 06/30/29 (#), (±)	USD	109		116,303
Shopify, Inc., 0.125%, 11/01/25 (±)	USD	1,210		1,167,650
SSR Mining, Inc., 2.500%, 04/01/39 (±)	USD	52		48,867
StorageVault Canada, Inc., 5.000%, 03/31/28 (±)	CAD	312		228,247
				1,561,067
Hong Kong \| 2.8%
Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±)	HKD	8,000		1,121,709
Netherlands \| 0.5%
Pharming Group NV, 4.500%, 04/25/29 (±)	EUR	200		216,994
Singapore \| 2.0%
Sea Ltd.:
0.250%, 09/15/26 (±)	USD	44		39,974

Description	Security Currency	Principal Amount (000)	Fair Value
2.375%, 12/01/25 (±)	USD	637	$	764,718
				804,692
United Kingdom \| 0.5%
Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±)	EUR	200		210,902
United States \| 99.0%
Alarm.com Holdings, Inc., 2.250%, 06/01/29 (±)	USD	11		10,489
American Airlines Group, Inc., 6.500%, 07/01/25 (±)	USD	55		56,540
Amyris, Inc., 1.500%, 11/15/26	USD	938		32,830
ANI Pharmaceuticals, Inc., 2.250%, 09/01/29 (±)	USD	396		419,017
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±)	USD	323		354,008
Bill Holdings, Inc., 0.000%, 12/01/25 (±)	USD	346		325,413
Bitdeer Technologies Group, 8.500%, 08/15/29 (±)	USD	147		171,535
Blackstone Mortgage Trust, Inc., 5.500%, 03/15/27 (±)	USD	56		53,340
Block, Inc., 0.125%, 03/01/25 (±)	USD	150		147,188
Bloom Energy Corp., 2.500%, 08/15/25 (±)	USD	446		463,394
Century Aluminum Co., 2.750%, 05/01/28 (±)	USD	77		85,278
Chart Industries, Inc., 1.000%, 11/15/24 (±)	USD	466		977,202
Cheesecake Factory, Inc., 0.375%, 06/15/26 (±)	USD	274		259,627
Chefs’ Warehouse, Inc., 2.375%, 12/15/28 (±)	USD	363		426,507
Chegg, Inc., 0.125%, 03/15/25 (±)	USD	405		388,800
Cloudflare, Inc., 0.000%, 08/15/26 (±)	USD	33		30,616
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD	409		321,065
Coinbase Global, Inc., 0.500%, 06/01/26 (±)	USD	112		110,012
Collegium Pharmaceutical, Inc., 2.875%, 02/15/29 (±)	USD	58		73,225
Confluent, Inc., 0.000%, 01/15/27 (±)	USD	98		87,024
CONMED Corp., 2.250%, 06/15/27 (±)	USD	438		407,418

Description	Security Currency	Principal Amount (000)	Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Core Scientific, Inc., 3.000%, 09/01/29 (±)	USD	22	$	30,365
Cracker Barrel Old Country Store, Inc., 0.625%, 06/15/26 (±)	USD	667		614,307
CSG Systems International, Inc., 3.875%, 09/15/28 (±)	USD	307		307,460
Danimer Scientific, Inc., 3.250%, 12/15/26 (±)	USD	146		14,730
Datadog, Inc., 0.125%, 06/15/25 (±)	USD	24		31,200
Dayforce, Inc., 0.250%, 03/15/26 (±)	USD	221		208,735
Desktop Metal, Inc., 6.000%, 05/15/27 (±)	USD	101		88,217
Dexcom, Inc.:
0.250%, 11/15/25 (±)	USD	330		314,902
0.375%, 05/15/28 (±)	USD	110		97,625
DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±)	USD	24		21,312
DraftKings Holdings, Inc., 0.000%, 03/15/28 (±)	USD	54		47,007
Dropbox, Inc., 0.000%, 03/01/26 (±)	USD	334		324,815
Encore Capital Group, Inc., 4.000%, 03/15/29 (±)	USD	569		576,112
Enphase Energy, Inc., 0.000%, 03/01/26 (±)	USD	648		610,578
Evolent Health, Inc., 1.500%, 10/15/25 (±)	USD	700		736,043
EZCORP, Inc., 3.750%, 12/15/29 (±)	USD	330		399,960
Fisker, Inc., 2.500%, 09/15/26 («), (±)	USD	772		3,937
Granite Construction, Inc., 3.250%, 06/15/30 (±)	USD	87		106,597
Greenbrier Cos., Inc., 2.875%, 04/15/28 (±)	USD	823		905,917
Guardant Health, Inc., 0.000%, 11/15/27 (±)	USD	110		88,567
Guidewire Software, Inc., 1.250%, 03/15/25 (±)	USD	623		1,002,095
Haemonetics Corp., 0.000%, 03/01/26 (±)	USD	223		206,275
Health Catalyst, Inc., 2.500%, 04/15/25 (±)	USD	42		41,239
INOTIV, Inc., 3.250%, 10/15/27 (±)	USD	461		119,861
Insulet Corp., 0.375%, 09/01/26 (±)	USD	660		790,185

Description	Security Currency	Principal Amount (000)	Fair Value
Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±)	USD	1,007	$	959,419
iRhythm Technologies, Inc., 1.500%, 09/01/29 (±)	USD	66		60,093
Ironwood Pharmaceuticals, Inc., 1.500%, 06/15/26 (±)	USD	22		19,563
Jamf Holding Corp., 0.125%, 09/01/26 (±)	USD	403		364,896
Jazz Investments I Ltd.:
2.000%, 06/15/26 (±)	USD	446		446,111
3.125%, 09/15/30 (±)	USD	522		546,273
Lantheus Holdings, Inc., 2.625%, 12/15/27 (±)	USD	275		427,831
LCI Industries, 1.125%, 05/15/26 (±)	USD	55		55,866
Liberty Broadband Corp., 3.125%, 06/30/54 (±)	USD	217		234,374
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD	742		267,246
3.750%, 02/15/30 (±)	USD	1,034		366,956
Liberty Media Corp., 2.375%, 09/30/53 (±)	USD	815		976,777
Livent Corp., 4.125%, 07/15/25 (±)	USD	341		369,644
MARA Holdings, Inc., 2.125%, 09/01/31 (±)	USD	108		123,215
Marriott Vacations Worldwide Corp.:
0.000%, 01/15/26 (±)	USD	121		112,892
3.250%, 12/15/27 (±)	USD	22		20,372
Match Group Financeco 2, Inc., 0.875%, 06/15/26 (±)	USD	1,325		1,245,663
Match Group Financeco 3, Inc., 2.000%, 01/15/30 (±)	USD	134		120,650
Maxeon Solar Technologies Ltd., Series B 9.500%, 01/15/28	USD	115		65,555
Merit Medical Systems, Inc., 3.000%, 02/01/29 (±)	USD	110		143,440
Meritage Homes Corp., 1.750%, 05/15/28 (±)	USD	22		25,157
Mesa Laboratories, Inc., 1.375%, 08/15/25 (±)	USD	282		272,335
Microchip Technology, Inc., 0.750%, 06/01/30 (±)	USD	108		107,487
MicroStrategy, Inc.:
0.000%, 02/15/27 (±)	USD	22		30,047
0.625%, 03/15/30 (±)	USD	455		604,041
2.250%, 06/15/32 (±)	USD	22		24,420
Mirum Pharmaceuticals, Inc., 4.000%, 05/01/29 (±)	USD	78		114,592
MKS Instruments, Inc., 1.250%, 06/01/30 (±)	USD	76		76,114
NCL Corp. Ltd.:

Description	Security Currency	Principal Amount (000)	Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
1.125%, 02/15/27 (±)	USD	35	$	34,009
2.500%, 02/15/27 (±)	USD	78		77,327
NeoGenomics, Inc., 1.250%, 05/01/25 (±)	USD	446		438,752
Okta, Inc., 0.125%, 09/01/25 (±)	USD	598		572,884
OPKO Health, Inc., 3.750%, 01/15/29 (±)	USD	345		461,008
OSI Systems, Inc., 2.250%, 08/01/29 (±)	USD	22		22,922
Pacira BioSciences, Inc., 0.750%, 08/01/25 (±)	USD	394		376,402
PAR Technology Corp., 2.875%, 04/15/26 (±)	USD	277		375,750
Parsons Corp., 0.250%, 08/15/25 (±)	USD	371		853,625
Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±)	USD	715		659,230
Pegasystems, Inc., 0.750%, 03/01/25 (±)	USD	1,448		1,422,660
Plug Power, Inc., 7.000%, 06/01/26 (±)	USD	19		16,888
Porch Group, Inc., 0.750%, 09/15/26 (±)	USD	460		219,650
Q2 Holdings, Inc.:
0.125%, 11/15/25 (±)	USD	36		34,732
0.750%, 06/01/26 (±)	USD	700		764,598
Rapid7, Inc., 1.250%, 03/15/29 (±)	USD	115		108,623
Redfin Corp., 0.500%, 04/01/27 (±)	USD	319		235,263
Repay Holdings Corp.:
0.000%, 02/01/26 (±)	USD	732		680,028
2.875%, 07/15/29 (±)	USD	11		10,736
RingCentral, Inc.:
0.000%, 03/01/25 (±)	USD	230		224,940
0.000%, 03/15/26 (±)	USD	241		221,720
Seagate HDD Cayman, 3.500%, 06/01/28 (±)	USD	108		155,034
Shift Technologies, Inc., 4.750%, 05/15/26 («), (±)	USD	850		4,505
Shift4 Payments, Inc., 0.000%, 12/15/25 (±)	USD	219		267,290
SMART Global Holdings, Inc.:
2.000%, 02/01/29 (±)	USD	478		572,809
2.000%, 08/15/30 (±)	USD	385		390,967
Snap, Inc.:
0.750%, 08/01/26 (±)	USD	636		614,830
0.000%, 05/01/27 (±)	USD	22		18,870
0.125%, 03/01/28 (±)	USD	27		21,695
0.500%, 05/01/30 (±)	USD	220		187,660
Snowflake, Inc.:

Description	Security Currency	Principal Amount (000)	Fair Value
0.000%, 10/01/27 (±)	USD	22	$	22,924
0.000%, 10/01/29 (±)	USD	22		22,715
SoFi Technologies, Inc.:
0.000%, 10/15/26 (±)	USD	123		111,561
1.250%, 03/15/29 (±)	USD	502		535,885
Sphere Entertainment Co., 3.500%, 12/01/28 (±)	USD	123		179,119
Spotify USA, Inc., 0.000%, 03/15/26 (±)	USD	385		383,535
Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±)	USD	400		378,575
Super Micro Computer, Inc., 0.000%, 03/01/29 (±)	USD	236		191,042
Tandem Diabetes Care, Inc., Series 2024 1.500%, 03/15/29 (±)	USD	719		1,042,944
Transocean, Inc., 4.625%, 09/30/29 (±)	USD	646		960,602
Travere Therapeutics, Inc., 2.500%, 09/15/25 (±)	USD	90		85,995
Unity Software, Inc., 0.000%, 11/15/26 (±)	USD	297		266,409
Upstart Holdings, Inc., 2.000%, 10/01/29 (±)	USD	282		309,636
Varex Imaging Corp., 4.000%, 06/01/25 (±)	USD	709		707,621
Veeco Instruments, Inc.:
3.500%, 01/15/25 (±)	USD	63		88,610
3.750%, 06/01/27 (±)	USD	130		315,859
Verint Systems, Inc., 0.250%, 04/15/26 (±)	USD	450		420,525
Viavi Solutions, Inc., 1.625%, 03/15/26 (±)	USD	641		637,795
Vishay Intertechnology, Inc., 2.250%, 09/15/30 (±)	USD	341		313,890
Wayfair, Inc.:
0.625%, 10/01/25 (±)	USD	1,229		1,172,213
1.000%, 08/15/26 (±)	USD	220		205,884
Western Digital Corp., 3.000%, 11/15/28 (±)	USD	65		96,493
Winnebago Industries, Inc., 3.250%, 01/15/30 (±)	USD	27		26,575
WisdomTree, Inc., Series A 3.250%, 08/15/29 (±)	USD	485		503,187
Zscaler, Inc., 0.125%, 07/01/25 (±)	USD	55		67,375
				40,161,974
Total Convertible Corporate Bonds (Cost $45,571,792)				44,809,777

Description	Counterparty	Number of Contracts		Exercise Price		Notional Amount		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Purchased Options \| 0.0%
Call
Apellis Pharmaceuticals, Inc., Expires 10/18/24	MSC		11	$	40	$	1,100	$	165
Coherus Biosciences, Inc., Expires 11/15/24	MSC		43		3		4,300		215
DigitalOcean Holdings, Inc., Expires 10/18/24	MSC		11		50		1,100		110
Evolent Health, Inc., Expires 10/18/24	MSC		11		35		1,100		55
Ironwood Pharmaceuticals, Inc., Expires 10/18/24	MSC		11		5		1,100		55
Sirius XM Holdings, Inc., Expires 10/11/24	MSC		8		27		800		64
Topgolf away Brands Corp., Expires 10/18/24	MSC		11		13		1,100		143
Total Purchased Options (Cost $4,389)									807

Description	Security Currency	Principal Amount (000)		Fair Value
U.S. Treasury Securities \| 52.9%
U.S. Treasury Bills:
0.000%, 10/10/24	USD		905	$	903,949
0.000%, 10/15/24	USD		2,575		2,570,280
0.000%, 10/22/24	USD		1,750		1,745,191
0.000%, 11/05/24	USD		5,315		5,290,993
0.000%, 11/14/24	USD		3,125		3,107,202
0.000%, 11/26/24	USD		500		496,361
0.000%, 11/29/24	USD		2,080		2,064,008
0.000%, 12/17/24	USD		3,045		3,015,790
0.000%, 12/19/24	USD		2,310		2,287,163
Total U.S. Treasury Securities (Cost $21,472,916)					21,480,937

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 (*), (±)			2,150		172
Total Warrants (Cost $186)					172

Description	Shares		Fair Value
Short-Term Investments \| 7.3%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $2,970,641)	2,970,641	$	2,970,641

Total Investments excluding Securities Sold Short \| 172.8% (Cost $70,678,337)		$	70,120,208
Securities Sold Short \| (72.8)%
Common Stocks \| (39.1)%
Argentina \| (0.3)%
Arcadium Lithium PLC	(42,739)		(121,806)
Australia \| (0.3)%
Flight Centre Travel Group Ltd.	(7,418)		(114,523)
Canada \| (1.6)%
Fortuna Mining Corp.	(11,601)		(53,713)
Ivanhoe Mines Ltd., Class A	(28,851)		(429,208)
Shopify, Inc., Class A	(1,533)		(122,854)
SSR Mining, Inc.	(716)		(4,067)
StorageVault Canada, Inc.	(11,512)		(44,007)
			(653,849)
Hong Kong \| (1.6)%
Cathay Pacific Airways Ltd.	(596,200)		(636,592)
Netherlands \| (0.1)%
Pharming Group NV	(80,682)		(67,416)
Singapore \| (1.5)%
Sea Ltd. ADR	(6,398)		(603,203)
United States \| (33.7)%
Alarm.com Holdings, Inc.	(67)		(3,663)
American Airlines Group, Inc.	(681)		(7,654)
ANI Pharmaceuticals, Inc.	(3,728)		(222,413)
Apellis Pharmaceuticals, Inc.	(4,080)		(117,667)
Bitdeer Technologies Group, Class A	(13,306)		(104,186)
Blackstone Mortgage Trust, Inc., Class A REIT	(155)		(2,947)
Bloom Energy Corp., Class A	(9,386)		(99,116)
Century Aluminum Co.	(2,939)		(47,700)
Chart Industries, Inc.	(6,100)		(757,254)
Charter Communications, Inc., Class A	(358)		(116,021)
Cheesecake Factory, Inc.	(722)		(29,277)
Chefs’ Warehouse, Inc.	(6,070)		(255,001)
Coinbase Global, Inc., Class A	(107)		(19,064)
Collegium Pharmaceutical, Inc.	(1,077)		(41,615)
CONMED Corp.	(856)		(61,564)
Core Scientific, Inc.	(1,633)		(19,367)
CSG Systems International, Inc.	(2,010)		(97,787)

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Danimer Scientific, Inc.	(17,483)	$	(7,941)
Datadog, Inc., Class A	(838)		(96,420)
Desktop Metal, Inc., Class A	(3,971)		(18,545)
Dexcom, Inc.	(257)		(17,229)
DraftKings, Inc., Class A	(221)		(8,663)
Dropbox, Inc., Class A	(1,485)		(37,764)
Dynavax Technologies Corp.	(2,562)		(28,541)
Encore Capital Group, Inc.	(5,542)		(261,970)
Enphase Energy, Inc.	(316)		(35,714)
Evolent Health, Inc., Class A	(1,133)		(32,041)
Expedia Group, Inc.	(322)		(47,662)
EZCORP, Inc. Class A	(23,986)		(268,883)
Granite Construction, Inc.	(850)		(67,388)
Greenbrier Cos., Inc.	(9,909)		(504,269)
Guardant Health, Inc.	(149)		(3,418)
Guidewire Software, Inc.	(5,474)		(1,001,414)
Haemonetics Corp.	(19)		(1,527)
HubSpot, Inc.	(17)		(9,037)
Innoviva, Inc.	(1,691)		(32,653)
Inotiv, Inc.	(7,466)		(12,692)
Insulet Corp.	(1,973)		(459,216)
iRhythm Technologies, Inc.	(257)		(19,080)
Ironwood Pharmaceuticals, Inc.	(265)		(1,092)
Jamf Holding Corp.	(641)		(11,121)
Jazz Pharmaceuticals PLC	(2,778)		(309,497)
Lantheus Holdings, Inc.	(2,827)		(310,263)
LCI Industries	(461)		(55,569)
Live Nation Entertainment, Inc.	(5,779)		(632,743)
MannKind Corp.	(22,864)		(143,815)
MARA Holdings, Inc.	(4,930)		(79,965)
Marriott Vacations Worldwide Corp.	(7)		(514)
Match Group, Inc.	(2,064)		(78,102)
Maxeon Solar Technologies Ltd.	(251,868)		(24,356)
Merit Medical Systems, Inc.	(1,027)		(101,498)
Meritage Homes Corp.	(58)		(11,894)
Mesa Laboratories, Inc.	(31)		(4,026)
Microchip Technology, Inc.	(343)		(27,540)
MicroStrategy, Inc., Class A	(2,526)		(425,884)
Mirum Pharmaceuticals, Inc.	(2,066)		(80,574)
MKS Instruments, Inc.	(303)		(32,939)
MongoDB, Inc.	(273)		(73,806)
NeoGenomics, Inc.	(317)		(4,676)
Norwegian Cruise Line Holdings Ltd.	(2,095)		(42,968)
OPKO Health, Inc.	(238,784)		(355,788)
OSI Systems, Inc.	(71)		(10,780)
PAR Technology Corp.	(4,499)		(234,308)

Description	Shares		Fair Value
Parsons Corp.	(8,271)	$	(857,537)
Pebblebrook Hotel Trust REIT	(334)		(4,419)
Pegasystems, Inc.	(134)		(9,794)
Penn Entertainment, Inc.	(1,243)		(23,443)
Plug Power, Inc.	(3,420)		(7,729)
Q2 Holdings, Inc.	(3,891)		(310,385)
Rapid7, Inc.	(1,014)		(40,448)
Redfin Corp.	(1,656)		(20,750)
Repay Holdings Corp.	(534)		(4,357)
Repligen Corp.	(8)		(1,191)
Seagate Technology Holdings PLC	(1,028)		(112,597)
Shift4 Payments, Inc., Class A	(1,903)		(168,606)
SMART Global Holdings, Inc.	(27,036)		(566,404)
Snap, Inc., Class A	(13,656)		(146,119)
Snowflake, Inc., Class A	(167)		(19,182)
SoFi Technologies, Inc.	(38,262)		(300,739)
Sphere Entertainment Co.	(2,963)		(130,905)
Spotify Technology SA	(274)		(100,977)
Summit Hotel Properties, Inc. REIT	(11,117)		(76,263)
Super Micro Computer, Inc.	(88)		(36,643)
Tandem Diabetes Care, Inc.	(17,762)		(753,286)
Topgolf Callaway Brands Corp.	(1,451)		(15,932)
Transocean Ltd.	(157,259)		(668,351)
Upstart Holdings, Inc.	(4,547)		(181,925)
Veeco Instruments, Inc.	(11,774)		(390,073)
Verint Systems, Inc.	(731)		(18,516)
Viavi Solutions, Inc.	(14,203)		(128,111)
Vishay Intertechnology, Inc.	(5,533)		(104,629)
Wayfair, Inc., Class A	(494)		(27,753)
Western Digital Corp.	(1,043)		(71,226)
Winnebago Industries, Inc.	(157)		(9,123)
WisdomTree, Inc.	(27,943)		(279,151)
Zscaler, Inc.	(279)		(47,692)
			(13,662,337)
Total Common Stocks (Proceeds $14,874,206)			(15,859,726)

Description	Security Currency	Principal Amount (000)		Fair Value
Convertible Corporate Bonds \| (2.5)%
China \| (1.7)%
Alibaba Group Holding Ltd., 0.500%, 06/01/31	USD		(542)	$	(667,205)
United States \| (0.8)%
Ford Motor Co., 0.000%, 03/15/26	USD		(108)		(106,110)

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
JetBlue Airways Corp., 0.500%, 04/01/26	USD		(116)	$	(107,010)
MicroStrategy, Inc., 0.875%, 03/15/31	USD		(121)		(125,901)
					(339,021)
Total Convertible Corporate Bonds (Proceeds $944,055)					(1,006,226)
U.S. Treasury Securities \| (31.2)%
United States \| (31.2)%
U.S. Treasury Bills, 0.000%, 10/08/24	USD		(11,000)		(10,989,985)
U.S. Treasury Notes, 3.750%, 08/31/26	USD		(1,690)		(1,692,442)
Total U.S. Treasury Securities (Proceeds $12,680,529)					(12,682,427)
Total Securities Sold Short (Proceeds $28,498,790)					(29,548,379)
Total Investments \| 100.0% (Cost and short proceeds $42,179,547) (»)					40,571,829
Liabilities in Excess of Cash and Other Assets \| 0.0%					(2,377)
Net Assets \| 100.0%				$	40,569,452

Lazard Enhanced Opportunities Portfolio (continued)

Forward Currency Contracts open at September 30, 2024:
Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date		Unrealized Appreciation		Unrealized Depreciation
USD	60,848	CAD	82,000	SSB	12/23/24	$	89	$	—
USD	209,203	EUR	187,000	SSB	12/23/24		350		—
USD	518,557	EUR	464,000	SSB	12/23/24		334		—
USD	326,546	HKD	2,537,000	SSB	12/23/24		—		148
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	773	$	148

Total Return Swap Agreements open at September 30, 2024:

Currency	Counterparty	Notional Amount		Expiration Date	Reference Entity^	Rate			Unrealized Appreciation		Unrealized Depreciation
Long Position Contract
USD	NIP	$	12,938	11/30/27	ATI, Inc.		4.83	%	$	—	$	—
USD	BNP		1,151,800	10/17/24	Block, Inc., 0.125%, 03/01/25		4.83			20,794		—
USD	BNP		244,216	10/17/24	Cheesecake Factory Inc., 0.375%, 06/15/26		4.83			17,306		—
USD	NIP		1,119,668	11/30/27	Cloudflare, Inc., 0.000%, 08/15/26		4.83			6,621		—
USD	BNP		375,523	10/17/24	Collegium Pharmaceutical, Inc., 2.875%, 02/15/29		4.83			100,440		—
USD	NIP		603,302	11/30/27	Cytokinetics, Inc., 3.500%, 07/01/27		4.83			—		10,421
USD	NIP		1,088,834	11/30/27	Datadog, Inc., 0.125%, 06/15/25		4.83			29,166		—
USD	BNP		987,121	10/17/24	DigitalOcean Holdings, Inc., 0.000%, 12/01/26		4.83			52,727		—
USD	NIP		1,177,115	11/30/27	Dynavax Technologies Corp., 2.500%, 05/15/26		4.83			—		159,630
USD	BNP		401,825	10/17/24	Encore Capital Group, Inc., 3.250%, 10/01/25		4.83			13,274		—
USD	BNP		77,232	10/17/24	Enphase Energy, Inc., 0.000%, 03/01/28		4.83			472		—
USD	BNP		712,961	10/17/24	Expedia Group, Inc., 0.000%, 02/15/26		4.83			25,854		—
USD	NIP		721,402	11/30/27	Five9, Inc., 0.500%, 06/01/25		4.83			18,736		—
USD	NIP		540,689	11/30/27	Health Catalyst, Inc.		4.83			24,871		—
USD	NIP		1,072,160	11/30/27	HubSpot, Inc., 0.375%, 06/01/25		4.83			—		17,400
USD	BNP		707,239	10/17/24	Innoviva, Inc., 2.125%, 03/15/28		4.83			98,806		—
USD	NIP		918,431	11/30/27	LCI Industries, 1.125%, 05/15/26		4.83			51,611		—
USD	BNP		95,785	10/17/24	Lyft, Inc., 1.500%, 05/15/25		4.83			—		137

Lazard Enhanced Opportunities Portfolio (continued)
Currency	Counterparty	Notional Amount		Expiration Date	Reference Entity^	Rate			Unrealized Appreciation		Unrealized Depreciation
USD	NIP	$	931,830	11/30/27	MannKind Corp., 2.500%, 03/01/26		4.83	%	$	156,823	$	—
USD	BNP		867,462	10/17/24	Marriott Vacations Worldwide Corp., 0.000%, 01/15/26		4.83			14,217		—
USD	BNP		50,823	10/17/24	Marriott Vacations Worldwide Corp., 3.250%, 12/15/27		4.83			1,033		—
USD	BNP		177,931	10/17/24	MicroStrategy, Inc., 0.625%, 03/15/30		4.83			19,876		—
USD	NIP		58,148	11/30/27	MicroStrategy, Inc., 0.625%, 03/15/30		4.83			2,920		—
USD	BNP		425,035	10/17/24	Mitek Systems, Inc., 0.750%, 02/01/26		4.83			30,470		—
USD	BOA		1,201,031	08/07/25 - 09/19/25	MongoDB, Inc., 0.250%, 01/15/26		4.83			91,840		—
USD	BNP		171,232	10/17/24	NCL Corp. Ltd., 1.125%, 02/15/27		4.83			12,419		—
USD	BNP		30,891	10/17/24	NCL Corp. Ltd., 2.500%, 02/15/27		4.83			833		—
USD	NIP		796,222	11/30/27	Penn Entertainment, Inc., 2.750%, 05/15/26		4.83			—		69,460
USD	BNP		324,154	10/17/24	Q2 Holdings, Inc., 0.125%, 11/15/25		4.83			12,552		—
USD	NIP		82,573	11/30/27	Repligen Corp., 1.000%, 12/15/28		4.83			—		3,139
USD	BNP		725,422	10/17/24	Sea, Ltd., 2.375%, 12/01/25		4.83			116,129		—
USD	BNP		122,743	10/17/24	Shift4 Payments, Inc., 0.000%, 12/15/25		4.83			12,732		—
USD	NIP		21,124	11/30/27	Snap, Inc., 0.125%, 03/01/28		4.83			571		—
USD	BNP		165,134	10/17/24	SoFi Technologies, Inc., 0.000%, 10/15/26		4.83			22,615		—
USD	NIP		301,398	11/30/27	Topgolf Callaway Brands Corp., 2.750%, 05/01/26		4.83			—		20,623
USD	NIP		109,732	11/30/27	Travere Therapeutics, Inc., 2.250%, 03/01/29		4.83			40,604		—
USD	NIP		155,617	11/30/27	Veeco Instruments, Inc., 2.875%, 06/01/29		4.83			7,893		—
USD	BNP		198,858	10/17/24	Wayfair, Inc., 1.000%, 08/15/26		4.83			7,026		—
USD	NIP		67,159	11/30/27	Zscaler, Inc., 0.125%, 07/01/25		4.83			1,441		—
Short Position Contract
USD	BNP		21,842	10/17/24	Cheesecake Factory Inc.		4.83			—		1,069
USD	NIP		104,172	11/30/27	Cloudflare, Inc.		4.83			390		—

Lazard Enhanced Opportunities Portfolio (concluded)
Currency	Counterparty	Notional Amount		Expiration Date	Reference Entity^	Rate			Unrealized Appreciation		Unrealized Depreciation
USD	BNP	$	19,232	10/17/24	Coherus Biosciences, Inc.		4.83	%	$	6,244	$	—
USD	BNP		223,810	10/17/24	Collegium Pharmaceutical, Inc.		4.83			—		96,206
USD	NIP		344,399	11/30/27	Cytokinetics, Inc.		4.83			6,426		—
USD	NIP		585,661	11/30/27	Datadog, Inc.		4.83			—		5,747
USD	NIP		647,977	11/30/27	Dynavax Technologies Corp.		4.83			50,394		—
USD	BNP		304,534	10/17/24	Encore Capital Group, Inc.		4.83			—		9,244
USD	BNP		15,476	10/17/24	Enphase Energy, Inc.		4.83			445		—
USD	BNP		203,298	10/17/24	Evolent Health, Inc.		4.83			—		25,770
USD	BNP		21,752	10/17/24	Expedia Group, Inc.		4.83			—		2,080
USD	NIP		1,026,806	11/30/27	HubSpot, Inc.		4.83			—		777
USD	BNP		222,496	10/17/24	Innoviva, Inc.		4.83			—		63,254
USD	NIP		217,297	11/30/27	LCI Industries		4.83			—		13,055
USD	NIP		400,510	11/30/27	MannKind Corp.		4.83			—		144,625
USD	BNP		3,939	10/17/24	Marriott Vacations Worldwide Corp.		4.83			—		144
USD	BNP		122,190	10/17/24	MicroStrategy, Inc.		4.83			—		16,568
USD	NIP		41,168	11/30/27	MicroStrategy, Inc.		4.83			—		1,825
USD	BNP		10,567	10/17/24	Mitek Systems, Inc.		4.83			1,221		—
USD	BOA		1,043,312	03/05/25 - 09/19/25	MongoDB, Inc.		4.83			161,971		—
USD	BNP		30,498	10/17/24	Norwegian Cruise Line Holdings, Ltd.		4.83			—		6,953
USD	BNP		96,479	10/17/24	Pebblebrook Hotel Trust		4.83			10,498		—
USD	NIP		282,027	11/30/27	Penn Entertainment, Inc.		4.83			39,903		—
USD	BNP		36,233	10/17/24	Q2 Holdings, Inc.		4.83			—		30,135
USD	BNP		420	10/17/24	Redfin Corp.		4.83			—		194
USD	BNP		994	10/17/24	Repligen Corp.		4.83			—		48
USD	NIP		36,377	11/30/27	Repligen Corp.		4.83			3,191		—
USD	BNP		179,625	10/17/24	Sea, Ltd.		4.83			—		113,775
USD	BNP		65,054	10/17/24	Shift4 Payments, Inc.		4.83			—		22,926
USD	NIP		15,499	11/30/27	Snap, Inc.		4.83			4,927		—
USD	BNP		34,107	10/17/24	SoFi Technologies, Inc.		4.83			—		3,298
USD	NIP		51,632	11/30/27	Topgolf Callaway Brands Corp.		4.83			12,269		—
USD	NIP		26,793	11/30/27	Travere Therapeutics, Inc.		4.83			—		22,704
USD	NIP		94,330	11/30/27	Veeco Instruments, Inc.		4.83			—		9,201
USD	BNP		13,618	10/17/24	Wayfair, Inc.		4.83			—		1,887
USD	NIP		47,077	11/30/27	Zscaler, Inc.		4.83			2,120		—
Total gross unrealized appreciation/depreciation on Total Return Swap Agreements									$	1,312,671	$	872,295

^ For long position contracts, the Portfolio receives appreciation and dividends/interest and pays depreciation of the referenced entity as well as financing charges at the referenced rate. For short position contracts, the Portfolio pays appreciation and dividends/interest and receives depreciation of the referenced entity as well as financing charges at the referenced rate.

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds \| 90.3%
Commodity \| 2.1%
U.S. Copper Index Fund		24,999	$	708,722
Equity Funds \| 69.4%
Invesco QQQ Trust Series 1		4,505		2,198,755
iShares Currency Hedged MSCI Japan ETF		42,889		1,760,593
iShares Expanded Tech-Software Sector ETF		22,309		1,993,755
iShares Russell 2000 ETF		9,377		2,071,286
SPDR EURO STOXX 50 ETF		39,419		2,098,668
SPDR S&P Biotech ETF		6,582		650,302
Vanguard S&P 500 ETF		9,205		4,857,202
Vanguard S&P 500 Growth ETF		13,548		4,677,989
Vanguard S&P 500 Value ETF		18,249		3,480,449
				23,788,999
Fixed-Income Funds \| 18.8%
iShares iBoxx $ High Yield Corporate Bond ETF		12,822		1,029,607
iShares iBoxx $ Investment Grade Corporate Bond ETF		10,064		1,137,031
Vanguard Long-Term Treasury ETF		37,669		2,318,150
Vanguard Mega Cap ETF		9,491		1,961,220
				6,446,008
Total Exchange-Traded Funds (Cost $24,309,536)				30,943,729
Short-Term Investments \| 9.4%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (Cost $3,215,634)		3,215,634		3,215,634
Total Investments \| 99.7% (Cost $27,525,170)			$	34,159,363
Cash and Other Assets in Excess of Liabilities \| 0.3%				103,909
Net Assets \| 100.0%			$	34,263,272

Lazard Opportunistic Strategies Portfolio (concluded)

Total Return Swap Agreements open at September 30, 2024:

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive

Pay

Rate

Payment
Frequency

Unrealized
Appreciation

Unrealized
Depreciation

USD

GSC

$1,708,228

05/07/25

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+0.60 bps

Upon
Maturity(a)

134,784

—

(a) For swap agreements, the net settlement will occur on the expiration date.

* Include accrued dividends and financing charges of $40,331.

The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of September 30, 2024:

Securities within GSCBLZGB (SOFR+0.60bps)	Shares		Fair Value
Alphabet Inc., Class A		517	$	85,744
Amazon.Com Inc.		474		88,320
Aon PLC, Class A		305		105,527
Ase Technology Holding Co. Ltd.		19,015		2,871,265
Exelon Corp.		2,276		92,292
Ferrovial SE		2,365		91,242
ICON PLC		282		81,021
Inspire Medical Systems Inc.		352		74,290
Lantheus Holdings Inc.		1,276		140,041
Lotes Co Ltd.		1,915		2,652,275
Microsoft Corp.		213		91,654
Middleby Corp.		604		84,035
Mitsubishi Ufj Financial Group		8,664		12,593,124
Partners Group Holding AG		65		82,550
QBE Insurance Group Ltd.		7,382		122,098
RELX PLC		2,077		72,882
Rio Tinto Ltd.		999		129,001
Stepstone Group Inc., Class A		1,782		101,271
Sumitomo Mitsui Financial Group, Inc.		4,592		13,982,640
Taiwan Semiconductor Manufacturing Co. Ltd.		3,516		3,364,812
Total Fair Value			$	36,906,084

Description	Shares		Fair Value
Lazard Real Assets Portfolio (•)
Common Stocks \| 70.9%
Australia \| 2.1%
Aurizon Holdings Ltd.		7,153	$	17,484
Dexus REIT		2,455		12,855
Goodman Group REIT		1,499		38,490
Transurban Group		2,945		26,724
				95,553
Brazil \| 0.8%
Allos SA		2,000		8,022
Energisa SA		2,000		16,444
Multiplan Empreendimentos Imobiliarios SA		2,800		13,183
				37,649
Canada \| 5.6%
Agnico Eagle Mines Ltd.		254		20,462
Atco Ltd., Class I		795		28,157
Barrick Gold Corp.		854		16,986
Boardwalk Real Estate Investment Trust REIT		265		16,784
Cameco Corp.		335		16,004
Canadian National Railway Co.		184		21,546
Centerra Gold, Inc.		2,173		15,601
Enbridge, Inc.		361		14,665
First Capital Real Estate Investment Trust REIT		1,448		20,075
Hydro One Ltd.		1,186		41,110
Teck Resources Ltd., Class B		277		14,468
West Fraser Timber Co. Ltd.		258		25,137
				250,995
China \| 1.5%
C&D International Investment Group Ltd.		7,000		15,158
China Overseas Land & Investment Ltd.		7,000		13,960
China Resources Land Ltd.		2,500		9,012
Hopson Development Holdings Ltd. (*)		11,168		6,921
Midea Real Estate Holding Ltd.		6,400		2,922
Seazen Group Ltd. (*)		20,000		6,545
Yuexiu Property Co. Ltd.		16,000		13,085
				67,603
France \| 2.5%
Aeroports de Paris SA		94		12,085
Engie SA		578		9,985
Klepierre SA REIT		327		10,723
Unibail-Rodamco-Westfield REIT		200		17,511
Vinci SA		508		59,436
				109,740

Description	Shares		Fair Value
Germany \| 0.1%
TAG Immobilien AG (*)	292	$	5,401
Hong Kong \| 1.1%
Kerry Properties Ltd.	2,500		5,325
Link REIT	5,300		26,491
Swire Properties Ltd.	4,400		9,041
Wharf Real Estate Investment Co. Ltd.	2,000		7,076
			47,933
Italy \| 0.9%
Terna - Rete Elettrica Nazionale	4,398		39,619
Japan \| 2.8%
Aeon Mall Co. Ltd.	1,400		20,375
Daiwa House Industry Co. Ltd.	200		6,287
East Japan Railway Co.	1,000		19,877
Hankyu Hanshin Holdings, Inc.	600		18,502
Hoshino Resorts REIT, Inc.	1		3,416
Industrial & Infrastructure Fund Investment Corp. REIT	16		13,331
Japan Prime Realty Investment Corp. REIT	4		9,707
Japan Real Estate Investment Corp. REIT	3		11,926
Katitas Co. Ltd.	300		4,168
Osaka Gas Co. Ltd.	600		13,483
Tokyo Gas Co. Ltd.	200		4,654
			125,726
Mexico \| 0.4%
Grupo Aeroportuario del Centro Norte SAB de CV	1,000		8,450
Grupo Aeroportuario del Pacifico SAB de CV, B Shares	635		11,026
			19,476
Singapore \| 0.6%
Parkway Life REIT	3,900		12,756
Sembcorp Industries Ltd.	3,500		15,047
			27,803
South Africa \| 0.7%
Growthpoint Properties Ltd. REIT	18,969		15,407
Northam Platinum Holdings Ltd.	2,428		15,326
			30,733
Spain \| 1.6%
Aena SME SA	101		22,226
Iberdrola SA	3,090		47,807
			70,033
Taiwan \| 0.6%
Highwealth Construction Corp.	19,800		28,166

Description	Shares		Fair Value
Lazard Real Assets Portfolio (•) (continued)
United Kingdom \| 5.2%
Big Yellow Group PLC REIT	761	$	12,927
LondonMetric Property PLC REIT	9,474		25,993
National Grid PLC	3,938		54,288
Segro PLC REIT	1,976		23,128
Severn Trent PLC	447		15,794
Shaftesbury Capital PLC REIT	19,875		39,208
SSE PLC	1,526		38,465
Tritax Big Box REIT PLC	10,842		23,083
			232,886
United States \| 44.4%
Agree Realty Corp. REIT	254		19,134
Alexandria Real Estate Equities, Inc. REIT	328		38,950
Ameren Corp.	362		31,661
American Electric Power Co., Inc.	143		14,672
American Homes 4 Rent, Class A REIT	1,001		38,428
American Tower Corp. REIT	389		90,466
American Water Works Co., Inc.	78		11,407
Apple Hospitality REIT, Inc.	1,003		14,895
AvalonBay Communities, Inc. REIT	254		57,214
Brixmor Property Group, Inc.	1,301		36,246
CareTrust REIT, Inc.	742		22,898
CenterPoint Energy, Inc.	291		8,561
CF Industries Holdings, Inc.	181		15,530
Cheniere Energy, Inc.	223		40,104
Chesapeake Energy Corp.	277		22,783
Consolidated Edison, Inc.	207		21,555
Crown Castle, Inc.	693		82,211
CSX Corp.	764		26,381
CubeSmart	345		18,571
Digital Realty Trust, Inc. REIT	309		50,005
Dominion Energy, Inc.	493		28,490
Duke Energy Corp.	145		16,719
EastGroup Properties, Inc. REIT	176		32,880
Edison International	187		16,286
Energy Transfer Equity LP	3,150		50,558
Entergy Corp.	133		17,504
Enterprise Products Partners LP	1,702		49,545
Equinix, Inc. REIT	82		72,786
Equity Lifestyle Properties, Inc. REIT	172		12,270
Equity Residential REIT	317		23,604
Essex Property Trust, Inc. REIT	39		11,521
Extra Space Storage, Inc. REIT	111		20,001
Ferrovial SE	931		40,075
Host Hotels & Resorts, Inc. REIT	1,375		24,200

Description	Shares		Fair Value
Invitation Homes, Inc. REIT	782	$	27,573
Iron Mountain, Inc. REIT	206		24,479
Kilroy Realty Corp. REIT	366		14,164
Mid-America Apartment Communities, Inc. REIT	300		47,670
National Storage Affiliates Trust REIT	272		13,110
NextEra Energy, Inc.	255		21,555
NiSource, Inc.	736		25,502
NNN REIT, Inc.	391		18,960
Norfolk Southern Corp.	74		18,389
ONEOK, Inc.	102		9,295
Park Hotels & Resorts, Inc. REIT	439		6,190
Prologis, Inc.	791		99,887
Public Storage	128		46,575
Realty Income Corp. REIT	528		33,486
Regency Centers Corp. REIT	411		29,687
Ryman Hospitality Properties, Inc. REIT	96		10,295
SBA Communications Corp. REIT	401		96,521
Simon Property Group, Inc. REIT	308		52,058
SL Green Realty Corp. REIT	590		41,070
STAG Industrial, Inc. REIT	185		7,232
Sunstone Hotel Investors, Inc. REIT	1,289		13,302
Targa Resources Corp.	416		61,572
Union Pacific Corp.	207		51,021
Ventas, Inc. REIT	747		47,905
WEC Energy Group, Inc.	103		9,907
Welltower, Inc. REIT	365		46,731
Xcel Energy, Inc.	555		36,242
			1,988,489
Total Common Stocks (Cost $2,585,129)			3,177,805
Exchange-Traded Funds \| 6.7%
iShares Gold Trust (~)	4,081		202,826
iShares Silver Trust (~)	3,508		99,662
Total Exchange-Traded Funds (Cost $256,375)			302,488
Short-Term Investments \| 21.3%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.97% (7 day yield) (~) (Cost $953,622)	953,622		953,622

Description		Fair Value
Lazard Real Assets Portfolio (•) (continued)
Total Investments \| 98.9% (Cost $3,795,126)	$	4,433,915
Cash and Other Assets in Excess of Liabilities \| 1.1%		50,668
Net Assets \| 100.0%	$	4,484,583

Lazard Real Assets Portfolio (•) (concluded)

Futures Contracts open at September 30, 2024 (~):

Type	Number of Contracts		Notional Amount	Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation		Unrealized Depreciation
Natural Gas	2	$	20,000	10/29/24	54,885	$	58,460	$	3,575	$	—
Soybean Oil	1		60,000	12/13/24	28,273		25,986		—		2,287
Sugar 11	1		112,000	02/28/25	21,283		25,167		3,883		—
Total gross unrealized appreciation/depreciation on Futures Contracts								$	7,458	$	2,287

Total Return Swap Agreements open at September 30, 2024 (~):

Currency

Counterparty

Notional
Amount

Expiration
Date

Receive

Pay

Payable

Payment
Frequency

Unrealized
Appreciation

Unrealized
Depreciation

USD

GSC

$816,104

10/18/24

Appreciation, and dividends
paid, on commodities in a custom momentum basket

0.00%

Depreciation and dividend expense (if applicable),
on commodities in a custom momentum
basket

Upon Maturity(a)

—

1,130

(a) For swap agreements, the net settlement will occur on the expiration date.

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of September 30, 2024:

Commodity	Commodity Index Ticker Symbol	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	BCOMAL	9.57%
Brent Crude	BCOMCO	11.05
Coffee	BCOMKC	7.55
Copper	BCOMHG	13.05
Corn	BCOMCN	6.25
Cotton	BCOMCT	0.15
Crude Oil	BCOMCL	10.79
Gasoline (RBOB)	BCOMRB	2.42
Gold	BCOMGC	0.13
Heating Oil	BCOMHO	4.07
Kansas Wheat	BCOMKW	1.99
Lean Hogs	BCOMLH	0.16
Live Cattle	BCOMLC	8.38
Natural Gas	BCOMNG	0.07
Nickel	BCOMNI	2.75
Silver	BCOMSI	0.01
Soy Meal	BCOMSM	4.76
Soybeans	BCOMSY	7.02
Sugar	BCOMSB	0.88
Wheat	BCOMWH	2.68
Zinc	BCOMZS	6.27
Total		100.00%

The Lazard Funds, Inc. Notes to Portfolios of Investments

September 30, 2024 (unaudited)

()*	Non-income producing security.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2024, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity Advantage Portfolio	0.8	%
International Equity Advantage Portfolio	0.2	%
U.S. High Yield Portfolio	77.9	%
U.S. Short Duration Fixed Income Portfolio	7.7	%
Enhanced Opportunities Portfolio	0.5	%

(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on September 30, 2024.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(«)	Issue in default.
(•)	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	PJSC	- Public Joint Stock Company
CVR	- Contingent Value Rights	QPSC	- Qatari Public Shareholding Company
ETF	- Exchange-Traded Fund	REIT	- Real Estate Investment Trust
GDR	- Global Depositary Receipt	SOFR	- Secured Overnight Financing Rate
JSC	- Joint Stock Company
NVDR	- Non-Voting Depository Receipt

Currency Abbreviations:
AUD	- Australian Dollar
CAD	- Canadian Dollar
CHF	- Swiss Franc
EUR	- Euro
GBP	- British Pound Sterling
HKD	- Hong-Kong Dollar
USD	- United States Dollar

Counterparty Abbreviations:
BNP	- BNP Paribas SA	MEL	- Bank of New York Mellon Corp.
BOA	- Bank Of America N.A.	MSC	- Morgan Stanley & Co.
CAN	- Canadian Imperial Bank of Commerce	NIP	- Nomura International Plc
CIT	- Citibank N.A.	RBC	- Royal Bank of Canada
GSC	- Goldman Sachs International	SCB	- Standard Chartered Bank
HSB	- HSBC Bank USA N.A.	SSB	- State Street Bank & Trust Co.

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

Industry†	Lazard Developing Markets Equity Portfolio		Lazard Emerging Markets Core Equity Portfolio		Lazard Emerging Markets Equity Advantage Portfolio		Lazard Emerging Markets Equity Portfolio		Lazard Equity Franchise Portfolio
Common & Preferred Stocks
Aerospace & Defense	—	%	—	%	0.8	%	—	%	—	%
Air Freight & Logistics	3.8		—		0.4		—		—
Automobile Components	0.4		—		0.1		1.7		—
Automobiles	1.0		1.2		3.1		0.6		—
Banks	21.4		20.7		16.3		22.8		—
Beverages	2.9		2.1		1.6		—		—
Biotechnology	—		1.2		0.1		—		—
Broadline Retail	4.8		6.0		5.5		3.8		—
Building Products	—		—		0.1		—		—
Capital Markets	—		1.1		1.0		—		—
Chemicals	0.8		2.5		1.1		1.7		—
Commercial Services & Supplies	—		—		—		—		7.8
Communications Equipment	0.9		—		0.5		—		4.3
Construction & Engineering	—		2.0		0.6		—		3.6
Construction Materials	—		—		—		2.4		—
Consumer Finance	1.2		—		0.8		—		—
Consumer Staples Distribution & Retail	0.5		3.2		0.9		1.4		—
Containers & Packaging	—		—		0.1		—		—
Diversified Consumer Services	—		—		0.1		—		4.0
Diversified Telecommunication Services	—		—		1.0		4.5		—
Electric Utilities	—		—		0.2		—		1.0
Electrical Equipment	1.9		1.4		1.5		—		—
Electronic Equipment, Instruments & Components	3.6		—		2.5		1.3		—
Energy Equipment & Services	0.6		1.2		0.2		—		—
Entertainment	—		0.9		1.7		1.9		—
Financial Services	1.6		1.1		1.2		—		13.4
Food Products	—		—		1.4		2.5		—
Gas Utilities	—		—		0.6		1.0		4.7
Ground Transportation	1.4		—		—		—		—
Health Care Equipment & Supplies	—		1.1		0.2		—		6.8
Health Care Providers & Services	—		—		0.5		2.8		14.5
Hotels, Restaurants & Leisure	3.2		4.3		2.8		0.8		5.9
Household Durables	1.6		2.9		1.1		3.8		—
Household Products	—		0.9		—		0.7		1.0
Independent Power & Renewable Electricity Producers	—		—		1.3		0.7		—
Industrial Conglomerates	—		1.0		0.4		3.3		—
Insurance	1.4		1.6		3.1		5.0		—
Interactive Media & Services	4.8		4.6		5.6		1.3		—
IT Services	2.1		1.4		2.9		1.4		4.3
Machinery	4.6		2.3		1.1		1.6		1.0
Marine Transportation	—		—		0.4		—		—
Media	—		—		—		—		8.6
Metals & Mining	—		3.3		3.9		2.6		—
Multi-Utilities	—		—		—		—		6.8
Oil, Gas & Consumable Fuels	3.5		5.1		4.3		5.7		—
Paper & Forest Products	0.9		—		0.4		—		—
Passenger Airlines	—		1.1		0.4		—		—
Personal Care Products	—		1.3		1.3		2.6		—
Pharmaceuticals	1.4		—		3.1		1.0		—
Professional Services	—		—		0.6		—		—
Real Estate Management & Development	—		2.0		1.7		—		—
Semiconductors & Semiconductor Equipment	16.6		15.0		11.9		11.7		—
Software	1.9		—		0.2		—		—
Specialty Retail	1.7		—		0.4		1.1		—

Technology Hardware, Storage & Peripherals	6.4		3.5		4.7		2.5		—
Textiles, Apparel & Luxury Goods	0.8		0.7		0.3		—		2.3
Tobacco	—		0.9		—		0.7		—
Trading Companies & Distributors	—		—		0.2		—		—
Transportation Infrastructure	1.7		2.1		1.0		1.7		—
Water Utilities	—		—		0.4		—		8.4
Wireless Telecommunication Services	—		0.0		1.4		2.2		—
Subtotal	99.4		99.7		99.0		98.8		98.4
Short-Term Investments	0.9		—		0.7		1.2		1.2
Total Investments	100.3	%	99.7	%	99.7	%	100.0	%	99.6	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

Industry†	Lazard Global Equity Select Portfolio		Lazard Global Listed Infrastructure Portfolio		Lazard International Equity Advantage Portfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio
Common & Preferred Stocks
Aerospace & Defense	—	%	—	%	0.4	%	3.5	%	2.9	%
Automobile Components	—		—		1.2		1.3		0.6
Automobiles	—		—		3.6		1.3		0.7
Banks	3.5		—		12.6		10.6		11.8
Beverages	5.8		—		0.3		2.9		2.0
Biotechnology	0.9		—		—		—		—
Broadline Retail	5.3		—		4.3		—		—
Building Products	0.8		—		0.2		—		—
Capital Markets	6.5		—		2.3		3.0		2.0
Chemicals	—		—		2.7		3.1		2.9
Commercial Services & Supplies	—		—		1.2		0.2		0.4
Communications Equipment	1.7		—		0.3		—		—
Construction & Engineering	—		13.4		1.5		—		—
Construction Materials	—		—		—		1.2		1.7
Consumer Finance	—		—		0.1		—		—
Consumer Staples Distribution & Retail	0.8		—		0.7		1.5		—
Containers & Packaging	0.8		—		—		—		—
Diversified Telecommunication Services	—		—		0.8		1.5		0.7
Electric Utilities	—		18.8		2.3		1.1		—
Electrical Equipment	3.9		—		3.4		3.8		3.1
Electronic Equipment, Instruments & Components	2.6		—		1.4		1.2		—
Energy Equipment & Services	—		—		0.1		—		—
Entertainment	1.5		—		1.8		—		1.3
Financial Services	2.0		—		0.9		—		—
Food Products	—		—		0.9		0.8		—
Gas Utilities	—		9.6		0.3		—		—
Ground Transportation	—		9.2		0.2		—		—
Health Care Equipment & Supplies	—		—		—		1.3		3.8
Health Care Providers & Services	1.3		—		0.6		—		—
Health Care Technology	—		—		0.2		—		—
Hotels, Restaurants & Leisure	1.3		—		3.0		1.6		2.5
Household Durables	1.1		—		1.6		—		—
Household Products	1.5		—		1.1		1.0		1.0
Independent Power & Renewable Electricity Producers	—		1.4		0.1		—		—
Industrial Conglomerates	—		—		—		1.7		0.8
Insurance	2.7		—		5.0		3.9		5.8
Interactive Media & Services	3.9		—		2.4		1.4		3.4
IT Services	2.9		—		1.7		4.5		3.3
Leisure Products	1.2		—		—		0.8		—
Life Sciences Tools & Services	5.9		—		—		1.5		1.4
Machinery	2.9		—		3.2		4.0		3.9
Marine Transportation	—		—		0.4		—		—
Media	0.7		1.8		—		—		—
Metals & Mining	—		—		3.0		1.4		—
Multi-Utilities	—		15.7		0.2		1.5		1.4
Oil, Gas & Consumable Fuels	—		—		4.2		2.8		3.5
Passenger Airlines	—		—		1.9		1.5		1.6
Personal Care Products	1.9		—		0.3		2.9		3.1
Pharmaceuticals	3.6		—		9.3		6.1		5.5
Professional Services	6.8		—		2.3		6.5		6.8
Real Estate Management & Development	—		—		1.0		1.5		1.5
Retail REITs	—		—		0.1		—		—
Semiconductors & Semiconductor Equipment	7.6		—		5.4		3.6		8.3

Software	9.9		—		2.0		0.8		1.1
Specialty Retail	2.7		—		—		3.8		1.5
Technology Hardware, Storage & Peripherals	1.4		—		2.3		0.9		0.7
Textiles, Apparel & Luxury Goods	1.9		—		0.3		6.0		5.3
Tobacco	—		—		2.0		—		—
Trading Companies & Distributors	1.3		—		0.5		1.0		2.1
Transportation Infrastructure	—		10.5		0.3		—		—
Water Utilities	—		11.1		—		—		—
Wireless Telecommunication Services	—		—		1.4		—		—
Subtotal	98.6		91.5		99.3		99.0		98.4
Warrants	—		—		0.0		—		—
Short-Term Investments	1.1		8.4		1.1		0.9		0.5
Total Investments	99.7	%	99.9	%	100.4	%	99.9	%	98.9	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

Industry†	Lazard International Quality Growth Portfolio		Lazard International Small Cap Equity Portfolio		Lazard International Strategic Equity Portfolio		Lazard US Equity Concentrated Portfolio		Lazard US Equity Focus Portfolio
Common & Preferred Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense	—	%	1.7	%	3.2	%	1.9	%	—	%
Automobile Components	—		2.1		0.7		—		—
Automobiles	—		—		1.0		5.3		—
Banks	2.6		5.8		9.5		—		3.2
Beverages	3.9		1.3		7.0		—		—
Biotechnology	—		3.7		—		—		—
Broadline Retail	2.6		—		—		8.6		6.8
Building Products	2.6		3.2		—		—		—
Capital Markets	8.7		5.2		2.8		12.7		10.6
Chemicals	—		5.4		—		—		—
Commercial Services & Supplies	—		—		0.1		2.3		3.0
Construction & Engineering	—		1.1		—		—		—
Construction Materials	—		—		2.9		—		—
Consumer Staples Distribution & Retail	3.1		1.6		1.1		—		1.8
Diversified REITs	—		1.5		—		—		—
Diversified Telecommunication Services	—		1.1		—		—		—
Electric Utilities	—		—		1.2		—		—
Electrical Equipment	—		1.3		3.1		4.1		1.5
Electronic Equipment, Instruments & Components	7.8		4.1		4.4		3.1		—
Entertainment	3.0		0.8		—		—		—
Financial Services	—		2.6		1.1		4.3		4.0
Food Products	—		2.6		—		—		—
Gas Utilities	—		1.3		—		—		—
Ground Transportation	—		—		1.9		2.6		3.1
Health Care Equipment & Supplies	6.7		2.1		3.6		6.0		1.9
Health Care Providers & Services	—		—		—		—		4.4
Health Care Technology	1.4		—		—		3.3		—
Hotel & Resort REITs	—		—		—		—		—
Hotels, Restaurants & Leisure	—		1.2		2.2		2.6		3.3
Household Durables	—		1.8		—		—		—
Industrial Conglomerates	—		—		1.0		—		—
Industrial REITs	—		—		—		—		2.3
Insurance	5.7		5.4		5.7		—		3.8
Interactive Media & Services	4.3		1.3		—		—		4.8
IT Services	2.9		1.2		2.2		5.5		2.9
Leisure Products	2.1		1.4		—		—		—
Life Sciences Tools & Services	1.4		—		4.5		3.4		6.4
Machinery	1.8		5.4		3.8		—		2.2
Media	—		—		3.0		—		—
Multi-Utilities	—		—		1.5		—		—
Oil, Gas & Consumable Fuels	—		1.5		0.7		—		2.7
Passenger Airlines	—		—		1.0		—		—
Personal Care Products	2.8		—		—		—		1.0
Pharmaceuticals	—		1.3		8.1		3.1		2.6
Professional Services	10.4		10.6		6.2		—		—
Real Estate Management & Development	—		7.1		—		—		2.1
Semiconductors & Semiconductor Equipment	5.4		1.0		8.3		22.6		8.3
Software	7.2		3.3		1.2		—		10.2
Specialized REITs	—		—		—		7.0		—
Specialty Retail	3.1		3.0		2.4		—		—
Technology Hardware, Storage & Peripherals	—		—		1.1		—		5.7
Textiles, Apparel & Luxury Goods	2.8		1.4		—		—		—
Trading Companies & Distributors	5.5		2.8		1.3		—		—
Subtotal	97.8		98.2		97.8		98.4		98.6

Short-Term Investments		2.1			1.2			0.9			2.1			1.5
Total Investments		99.9	%		99.4	%		98.7	%		100.5	%		100.1	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

Industry†	Lazard US Small Cap Equity Select Portfolio		Lazard US Sustainable Equity Portfolio		Lazard US Systematic Small Cap Equity Portfolio
Common & Preferred Stocks and Closed-End Management Investment Companies
Aerospace & Defense	—	%	—	%	0.1	%
Automobile Components	1.3		—		1.6
Automobiles	1.4		—		0.3
Banks	6.4		2.5		2.0
Beverages	—		—		0.3
Biotechnology	4.4		—		4.9
Broadline Retail	—		—		0.4
Building Products	0.9		2.6		1.5
Capital Markets	6.5		5.4		2.0
Chemicals	1.1		2.2		2.0
Commercial Services & Supplies	1.2		2.8		3.4
Communications Equipment	—		—		2.0
Construction & Engineering	—		—		2.2
Construction Materials	1.3		—		0.5
Consumer Finance	—		1.7		0.7
Consumer Staples Distribution & Retail	3.4		1.1		0.6
Containers & Packaging	1.1		1.1		0.4
Distributors	—		—		0.2
Diversified Consumer Services	—		—		2.7
Diversified REITs	—		—		0.4
Diversified Telecommunication Services	—		—		0.5
Electrical Equipment	2.2		2.3		1.8
Electronic Equipment, Instruments & Components	3.9		1.4		4.8
Energy Equipment & Services	2.9		—		0.4
Entertainment	1.5		—		0.5
Financial Services	—		3.7		1.4
Food Products	—		—		0.6
Ground Transportation	0.9		1.4		0.6
Health Care Equipment & Supplies	5.7		3.6		3.9
Health Care Providers & Services	1.0		5.2		2.6
Health Care REITs	—		—		0.6
Health Care Technology	2.4		—		0.2
Hotels, Restaurants & Leisure	3.1		—		1.2
Household Durables	—		—		2.9
Household Products	—		2.7		0.2
Independent Power & Renewable Electricity Producers	—		—		0.2
Industrial REITs	—		2.6		0.7
Insurance	5.5		—		2.3
Interactive Media & Services	4.2		—		0.9
Investment Companies	—		—		0.4
IT Services	2.1		3.4		1.1
Leisure Products	—		—		0.8
Life Sciences Tools & Services	1.3		9.0		1.4
Machinery	6.7		5.2		2.6
Marine Transportation	—		—		1.9
Media	—		—		1.4
Mortgage Real Estate Investment Trusts (REITs)	—		—		0.4
Office REITs	—		—		0.5
Oil, Gas & Consumable Fuels	2.5		—		0.4
Paper & Forest Products	—		—		0.4
Passenger Airlines	—		—		0.1
Personal Care Products	—		0.8		0.1

Pharmaceuticals	2.3		3.4		0.1
Professional Services	1.3		—		6.4
Real Estate Management & Development	—		—		0.5
Residential REITs	—		—		0.2
Retail REITs	1.5		—		1.9
Semiconductors & Semiconductor Equipment	5.5		8.1		1.8
Software	3.3		14.9		12.5
Specialized REITs	1.3		—		0.2
Specialty Retail	3.8		3.2		3.0
Technology Hardware, Storage & Peripherals	—		5.5		0.4
Textiles, Apparel & Luxury Goods	1.8		0.8		2.9
Trading Companies & Distributors	2.2		—		1.9
Water Utilities	—		—		0.1
Wireless Telecommunication Services	—		—		0.3
Subtotal	97.9		96.6		98.2
Rights	—		—		0.0
Short-Term Investments	—		3.8		1.3
Total Investments	97.9	%	100.4	%	99.5	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

	Lazard Enhanced Opportunities Portfolio
Industry†	Long		Short
Common Stocks and Convertible Corporate Bonds
Automobile Components	—	%	-0.1	%
Automobiles	0.1		-0.3
Biotechnology	4.0		-1.1
Broadline Retail	0.9		—
Capital Markets	0.8		-0.7
Chemicals	1.0		-0.3
Commercial Services & Supplies	3.7		—
Communications Equipment	—		-0.3
Construction & Engineering	0.5		-0.2
Consumer Finance	—		-2.5
Consumer Staples Distribution & Retail	—		-0.6
Diversified REITs	2.7		—
Diversified Telecommunication Services	1.6		—
Electrical Equipment	—		-0.3
Electronic Equipment, Instruments & Components	1.5		-0.9
Energy Equipment & Services	1.7		-1.6
Entertainment	0.4		-3.6
Financial Services	6.3		-0.4
Food Products	1.1		—
Ground Transportation	2.2		—
Health Care Equipment & Supplies	12.0		-4.2
Health Care Providers & Services	1.1		-0.9
Health Care Technology	—		-0.1
Hotel & Resort REITs	—		-0.2
Hotels, Restaurants & Leisure	—		-0.7
Interactive Media & Services	18.6		-2.2
IT Services	0.0		-0.6
Leisure Products	1.0		—
Machinery	3.6		-3.2
Media	3.4		-0.3
Metals & Mining	1.7		-1.3
Oil, Gas & Consumable Fuels	2.4		—
Passenger Airlines	3.1		-1.9
Pharmaceuticals	5.7		-1.5
Professional Services	—		-2.4
Real Estate Management & Development	1.1		-0.2
Semiconductors & Semiconductor Equipment	4.7		-2.7
Software	17.9		-5.7
Specialty Retail	3.7		-0.1
Technology Hardware, Storage & Peripherals	4.1		-0.5
Subtotal	112.6		-41.6
Purchased Options	0.0		—
U.S. Treasury Securities	52.9		-31.2
Warrants	0.0		—
Short-Term Investments	7.3		—
Total Investments	172.8	%	-72.8	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

Industry†	Lazard Real Assets Portfolio
Common Stocks and Corporate Bonds
Chemicals		0.3	%
Construction & Engineering		2.3
Diversified REITs		0.9
Electric Utilities		6.8
Gas Utilities		0.4
Ground Transportation		3.9
Health Care REITs		3.8
Hotel & Resort REITs		1.6
Industrial REITs		5.3
Metals & Mining		1.8
Multi-Utilities		5.2
Office REITs		2.0
Oil, Gas & Consumable Fuels		5.9
Paper & Forest Products		0.6
Real Estate Management & Development		3.9
Residential REITs		5.2
Retail REITs		6.8
Specialized REITs		11.8
Transportation Infrastructure		1.8
Water Utilities		0.6
Subtotal		70.9
Exchange-Traded Funds		6.7
Short-Term Investments		21.3
Total Investments		98.9	%

†	Industry classifications may be different than those used for compliance monitoring purposes.

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Lazard Funds, Inc.

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: November 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: November 22, 2024

By:	/s/ Christina Kennedy
	Christina Kennedy
	Chief Financial Officer

Date: November 22, 2024

Lazard Funds NPORT-PLazard International Quality Growth Portfolio (Sep 2024 report)