# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0001410368-26-054007
**Filing Date:** 2026-5
**Character Count:** 241826
**Document Hash:** 00755739f4bcb77eb83b40ccd0370a18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-054007.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-054007

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAZARD FUNDS INC
- **CENTRAL INDEX KEY:** 0000874964

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 261029379

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 2126326000

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Series and Classes Contracts Data

### Lazard Developing Markets Equity Portfolio (Series ID: S000023480)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000069022 | Institutional Shares | LDMIX           |
| C000069023 | Open Shares          | LDMOX           |

## Nport-Ex

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION** <br> **Washington, D.C. 20549**

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES

Investment Company Act file number 811-06312

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

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

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

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

Date of fiscal year end: 12/31

Date of reporting period: 3/31/2026

**Item 1. Schedule of Investments.**

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio** | **Lazard Developing Markets Equity Portfolio** | **Lazard Developing Markets Equity Portfolio** |
| **Common Stocks \| 99.1%** |  |  |
| **Brazil \| 6.8%** |  |  |
| Orizon Valorizacao de Residuos SA (\*) | 71100 | $979644 |
| Pagseguro Digital Ltd., Class A | 117462 | 1176969 |
| PRIO SA (\*) | 188900 | 2414562 |
| Rede D'Or Sao Luiz SA (#) | 196300 | 1476840 |
| TOTVS SA | 136700 | 922092 |
|  |  | 6970107 |
| **Canada \| 0.6%** |  |  |
| Capstone Copper Corp. (\*) | 84871 | 639995 |
| **China \| 23.6%** |  |  |
| Alibaba Group Holding Ltd. | 221300 | 3483820 |
| BYD Co. Ltd., Class H | 98300 | 1347736 |
| Contemporary Amperex Technology Co. Ltd., Class A | 28100 | 1647037 |
| Foxconn Industrial Internet Co. Ltd., Class A | 105800 | 801601 |
| Fuyao Glass Industry Group Co. Ltd., Class H (#) | 120800 | 907269 |
| Lenovo Group Ltd. | 1276000 | 1516340 |
| Minth Group Ltd. | 343900 | 1446052 |
| OmniVision Integrated Circuits Group, Inc. | 64100 | 892467 |
| Ping An Insurance Group Co. of China Ltd., Class H | 208000 | 1622063 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 103190 | 1010564 |
| Shenzhen Sunlord Electronics Co. Ltd., Class A | 149000 | 744470 |
| Sungrow Power Supply Co. Ltd., Class A | 38188 | 839635 |
| Tencent Holdings Ltd. | 76000 | 4798025 |
| Xiaomi Corp., Class B (#), (\*) | 284000 | 1168353 |
| Yadea Group Holdings Ltd. (#) | 806000 | 1367502 |
| Zijin Mining Group Co. Ltd., Class H | 158000 | 717850 |
|  |  | 24310784 |
| **Czech Republic \| 0.8%** |  |  |
| CSG NV | 31133 | 837731 |
| **Greece \| 1.0%** |  |  |
| Public Power Corp. SA | 50467 | 1059116 |
| **India \| 6.6%** |  |  |
| Amber Enterprises India Ltd. (\*) | 10038 | 701070 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Bajaj Finance Ltd. | 90351 | $794945 |
| Bharti Airtel Ltd. | 49716 | 945246 |
| HDFC Bank Ltd. ADR | 52559 | 1307668 |
| ICICI Bank Ltd. ADR | 51168 | 1325251 |
| Mphasis Ltd. | 30114 | 667319 |
| Reliance Industries Ltd. | 71567 | 1037041 |
|  |  | 6778540 |
| **Indonesia \| 1.7%** |  |  |
| Bank Central Asia Tbk. PT | 1899800 | 726838 |
| Bank Rakyat Indonesia Persero Tbk. PT | 5019749 | 989250 |
|  |  | 1716088 |
| **Mexico \| 3.4%** |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 34210 | 843941 |
| Grupo Financiero Banorte SAB de CV, Class O | 237957 | 2639128 |
|  |  | 3483069 |
| **Peru \| 1.9%** |  |  |
| Credicorp Ltd. | 5809 | 1970297 |
| **Philippines \| 1.9%** |  |  |
| BDO Unibank, Inc. | 456146 | 852761 |
| International Container Terminal Services, Inc. | 92619 | 1062155 |
|  |  | 1914916 |
| **Poland \| 1.7%** |  |  |
| Allegro.eu SA (#), (\*) | 110269 | 791787 |
| Benefit Systems SA (\*) | 1053 | 1007025 |
|  |  | 1798812 |
| **Portugal \| 0.8%** |  |  |
| Jeronimo Martins SGPS SA | 34863 | 836328 |
| **South Africa \| 4.0%** |  |  |
| Capitec Bank Holdings Ltd. | 8132 | 1996495 |
| Standard Bank Group Ltd. | 115084 | 2086045 |
|  |  | 4082540 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (concluded)** | **Lazard Developing Markets Equity Portfolio (concluded)** | **Lazard Developing Markets Equity Portfolio (concluded)** |
| **South Korea \| 16.5%** |  |  |
| D'Alba Global Co. Ltd. | 7716 | $724695 |
| Hanwha Aerospace Co. Ltd. | 1555 | 1267064 |
| HD Hyundai Marine Solution Co. Ltd. | 6903 | 824915 |
| Kia Corp. | 7591 | 730653 |
| PharmaResearch Co. Ltd. | 2503 | 496772 |
| Samsung Electronics Co. Ltd. | 69849 | 7846141 |
| Silicon2 Co. Ltd. | 37676 | 958343 |
| SK Hynix, Inc. | 7493 | 4075388 |
|  |  | 16923971 |
| **Taiwan \| 23.6%** |  |  |
| ASE Technology Holding Co. Ltd. | 210289 | 2306846 |
| Bizlink Holding, Inc. | 19622 | 1099449 |
| King Yuan Electronics Co. Ltd. | 128000 | 1105923 |
| Lotes Co. Ltd. | 29687 | 1967133 |
| MediaTek, Inc. | 35000 | 1694738 |
| Sercomm Corp. | 218000 | 518597 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 277000 | 15615996 |
|  |  | 24308682 |
| **Turkey \| 2.4%** |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 108134 | 780227 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 203869 | 910701 |
| TAB Gida Sanayi Ve Ticaret AS | 141474 | 777524 |
|  |  | 2468452 |
| **United States \| 1.8%** |  |  |
| EPAM Systems, Inc. (\*) | 5011 | 678490 |
| SharkNinja, Inc. (\*) | 11056 | 1170830 |
|  |  | 1849320 |
| **Total Common Stocks** <br> (Cost $58,590,354) |  | 101948748 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.9%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a) <br> (Cost $875,500) | 875500 | $875500 |
| **Total Investments \| 100.0%** <br> (Cost $59,465,854) |  | $**102824248** |
| **Cash and Other Assets in Excess of Liabilities \| 0.0%** | **Cash and Other Assets in Excess of Liabilities \| 0.0%** | **32506** |
| **Net Assets \| 100.0%** |  | $**102856754** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 5.6% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $561282 | $14870645 | $(14556427) | $– $– $| 10571 | 875500 | $875500 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio** | **Lazard Emerging Markets Equity Advantage Portfolio** | **Lazard Emerging Markets Equity Advantage Portfolio** |
| **Common Stocks \| 96.5%** |  |  |
| **Australia \| 0.7%** |  |  |
| Anglogold Ashanti PLC | 51887 | $5051718 |
| **Brazil \| 0.9%** |  |  |
| Cia De Sanena Do Parana | 493000 | 4238210 |
| Cogna Educacao SA | 2913670 | 1777503 |
| Pagseguro Digital Ltd., Class A | 90819 | 910006 |
|  |  | 6925719 |
| **Chile \| 0.1%** |  |  |
| Latam Airlines Group SA ADR | 20589 | 1017920 |
| **China \| 25.1%** |  |  |
| 3SBio, Inc. (#) | 568000 | 1670209 |
| Alibaba Group Holding Ltd. | 1145200 | 18028334 |
| Atour Lifestyle Holdings Ltd. ADR | 26791 | 986177 |
| Bank of Beijing Co. Ltd., Class A | 6437100 | 5142160 |
| Bank of China Ltd., Class H | 2134000 | 1373594 |
| Bilibili, Inc., Class Z (\*) | 39800 | 897423 |
| BOC Aviation Ltd. (#) | 284200 | 2822773 |
| BYD Co. Ltd., Class H | 200500 | 2748942 |
| Chery Automobile Co. Ltd., Class H | 40100 | 137056 |
| China Construction Bank Corp., Class H | 1626000 | 1765994 |
| China Everbright Bank Co. Ltd., Class H | 11538000 | 4478753 |
| China Gold International Resources Corp. Ltd. | 44900 | 893573 |
| China Hongqiao Group Ltd. | 645000 | 2938470 |
| China Life Insurance Co. Ltd., Class H | 1385000 | 4425415 |
| China Nonferrous Mining Corp. Ltd. | 657000 | 981144 |
| China Overseas Land & Investment Ltd. | 927000 | 1377504 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 5224000 | 4585964 |
| CITIC Securities Co. Ltd., Class H | 244000 | 745110 |
| Contemporary Amperex Technology Co. Ltd., Class A | 85980 | 5039581 |
| Eastroc Beverage Group Co. Ltd., Class H | 55900 | 1438634 |
| FinVolution Group ADR | 164211 | 786571 |
| Fuyao Glass Industry Group Co. Ltd., Class H (#) | 112400 | 844180 |
| G-bits Network Technology Xiamen Co. Ltd., Class A | 15400 | 814756 |
| Giant Network Group Co. Ltd., Class A | 193100 | 881615 |
| Great Wall Motor Co. Ltd., Class H | 566500 | 903207 |
| H World Group Ltd. ADR | 51996 | 2614879 |
| Haier Smart Home Co. Ltd., Class H | 557200 | 1486663 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Henan Yuneng Holdings Co. Ltd., Class A (\*) | 394600 | $792776 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | 20900 | 912848 |
| Huaneng Power International, Inc., Class H | 890000 | 670370 |
| Huaxia Bank Co. Ltd., Class A | 4431500 | 4698504 |
| Industrial & Commercial Bank of China Ltd., Class H | 1823000 | 1617732 |
| Innovent Biologics, Inc. (#), (\*) | 224000 | 2457467 |
| JD Logistics, Inc. (#), (\*) | 1154300 | 2032791 |
| JD.com, Inc., Class A | 266004 | 3923651 |
| JF SmartInvest Holdings Ltd. | 217700 | 808652 |
| Jointo Energy Investment Co. Ltd. Hebei, Class A | 749300 | 1002175 |
| Kanzhun Ltd. ADR | 80172 | 1073503 |
| Kingsoft Corp. Ltd. | 235000 | 682678 |
| Kuaishou Technology (#) | 244600 | 1440541 |
| Loncin Motor Co. Ltd., Class A | 688100 | 1354550 |
| Meitu, Inc. (#) | 1269000 | 712070 |
| Midea Group Co. Ltd., Class A | 87400 | 970925 |
| Mixue Group, Class H (\*) | 31900 | 1198606 |
| MMG Ltd. (\*) | 1548000 | 1458326 |
| Muyuan Foods Co. Ltd., Class H | 267700 | 1291182 |
| NetEase, Inc. | 192800 | 4289707 |
| New China Life Insurance Co. Ltd., Class H | 387700 | 2318009 |
| New Oriental Education & Technology Group, Inc. ADR | 31658 | 1792793 |
| PDD Holdings, Inc. ADR (\*) | 58627 | 5990507 |
| People's Insurance Co. Group of China Ltd., Class H | 3511000 | 2442729 |
| PetroChina Co. Ltd., Class H | 4010000 | 5447563 |
| Ping An Insurance Group Co. of China Ltd., Class H | 1440000 | 11229668 |
| Pop Mart International Group Ltd. (#) | 123800 | 2323901 |
| Tencent Holdings Ltd. | 400100 | 25259074 |
| Tingyi Cayman Islands Holding Corp. | 1186000 | 1963399 |
| Trip.com Group Ltd. ADR | 54288 | 2703000 |
| Uni-President China Holdings Ltd. | 2425000 | 2435313 |
| Vipshop Holdings Ltd. ADR | 65356 | 1027396 |
| Wuxi Biologics Cayman, Inc. (#), (\*) | 212500 | 905956 |
| XD, Inc. | 94400 | 744472 |
| Xiaomi Corp., Class B (#), (\*) | 188800 | 776708 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 90100 | 1254066 |
| Yutong Bus Co. Ltd., Class A | 489700 | 2557404 |
| Zhejiang Century Huatong Group Co. Ltd., Class A (\*) | 706100 | 1652120 |
| Zhejiang China Commodities City Group Co. Ltd., Class A | 768600 | 1453280 |
| Zhejiang NHU Co. Ltd., Class A | 400600 | 2007439 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H | 213300 | 776766 |
| Zhongji Innolight Co. Ltd., Class A | 11300 | 949706 |
| Zijin Mining Group Co. Ltd., Class H | 1138000 | 5170336 |
|  |  | 187379340 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** | **Lazard Emerging Markets Equity Advantage Portfolio (continued)** | **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |
| **Egypt \| 0.4%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 1191440 | $2633082 |
| **Greece \| 0.2%** |  |  |
| Alpha Bank SA | 415000 | 1541770 |
| **Hong Kong \| 0.2%** |  |  |
| Orient Overseas International Ltd. | 57000 | 1021375 |
| Zijin Gold International Co. Ltd. | 34400 | 783840 |
|  |  | 1805215 |
| **Hungary \| 0.9%** |  |  |
| Magyar Telekom Telecommunications PLC | 241597 | 1507260 |
| OTP Bank Nyrt | 47146 | 5083659 |
|  |  | 6590919 |
| **India \| 12.2%** |  |  |
| Acutaas Chemicals Ltd. | 48718 | 1361162 |
| Adani Ports & Special Economic Zone Ltd. | 116034 | 1622532 |
| Ajanta Pharma Ltd. | 30985 | 937420 |
| Bank of Baroda | 1005242 | 2728041 |
| Bank of India | 3018198 | 4411867 |
| Bank of Maharashtra | 1391231 | 939235 |
| Britannia Industries Ltd. | 34993 | 2040122 |
| Canara Bank | 2898575 | 3915939 |
| Cipla Ltd. | 162256 | 2132450 |
| Force Motors Ltd. | 7450 | 1610196 |
| HCL Technologies Ltd. | 168373 | 2427871 |
| HDFC Bank Ltd. | 386197 | 3070795 |
| HDFC Bank Ltd. ADR | 15471 | 384918 |
| Hero MotoCorp Ltd. | 33167 | 1835969 |
| Hindalco Industries Ltd. | 205474 | 1950341 |
| Hindustan Aeronautics Ltd. | 24337 | 898319 |
| Hyundai Motor India Ltd. | 33805 | 638176 |
| Indian Bank | 350734 | 3154319 |
| Indus Towers Ltd. (\*) | 852051 | 3778592 |
| Infosys Ltd. | 356522 | 4753473 |
| JK Cement Ltd. | 21308 | 1175596 |
| LIC Housing Finance Ltd. | 698207 | 3668613 |
| Life Insurance Corp. of India | 162733 | 1288538 |
| Lupin Ltd. | 63678 | 1580090 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Marico Ltd. | 141790 | $1122390 |
| Multi Commodity Exchange of India Ltd. | 149192 | 3895471 |
| National Aluminium Co. Ltd. | 503441 | 2103552 |
| Nava Ltd. | 179146 | 1043134 |
| Power Finance Corp. Ltd. | 320242 | 1326779 |
| Reliance Industries Ltd. GDR (#) | 36856 | 2144975 |
| Reliance Industries Ltd. | 106137 | 1537977 |
| South Indian Bank Ltd. | 7119905 | 2608005 |
| State Bank of India GDR | 7530 | 806735 |
| State Bank of India | 275565 | 2936791 |
| Sun Pharmaceutical Industries Ltd. | 215056 | 4049553 |
| Tata Consultancy Services Ltd. | 25582 | 647636 |
| Tata Motors Ltd./new (\*) | 157266 | 662108 |
| Tata Motors Passenger Vehicles Ltd. | 743355 | 2409166 |
| Torrent Pharmaceuticals Ltd. | 88805 | 3945683 |
| Union Bank of India Ltd. | 1544851 | 2779783 |
| Vedanta Ltd. | 638621 | 4536583 |
|  |  | 90860895 |
| **Indonesia \| 1.5%** |  |  |
| Adaro Andalan Indonesia PT | 1721600 | 1148680 |
| Bank Central Asia Tbk. PT | 3195500 | 1222555 |
| Bank Mandiri Persero Tbk. PT | 5747300 | 1611601 |
| Bank Rakyat Indonesia Persero Tbk. PT | 12583300 | 2479812 |
| Japfa Comfeed Indonesia Tbk. PT | 10552400 | 1471987 |
| Telkom Indonesia Persero Tbk. PT ADR | 51235 | 957070 |
| Trimegah Bangun Persada Tbk. PT | 24265100 | 1569546 |
| United Tractors Tbk. PT | 595100 | 1091303 |
|  |  | 11552554 |
| **Kuwait \| 0.1%** |  |  |
| Kuwait Real Estate Co. KSC (\*) | 838401 | 920767 |
| **Malaysia \| 1.7%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 4448800 | 3762332 |
| CIMB Group Holdings Bhd. | 1270900 | 2382548 |
| KPJ Healthcare Bhd. | 1945300 | 1645494 |
| Public Bank Bhd. | 1346000 | 1565179 |
| Sime Darby Bhd. | 3117000 | 1752949 |
| Sunway Construction Group Bhd. | 939800 | 1485087 |
| Westports Holdings Bhd. | 166100 | 243723 |
|  |  | 12837312 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** | **Lazard Emerging Markets Equity Advantage Portfolio (continued)** | **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |
| **Mexico \| 1.4%** |  |  |
| Cemex SAB de CV ADR | 426397 | $4877982 |
| Gentera SAB de CV | 1155096 | 3265565 |
| Industrias Penoles SAB de CV (\*) | 21550 | 957816 |
| Sigma Foods SAB de CV | 1256300 | 1254688 |
|  |  | 10356051 |
| **Peru \| 0.3%** |  |  |
| Cia de Minas Buenaventura SAA ADR | 28236 | 1017625 |
| Credicorp Ltd. | 3470 | 1176955 |
|  |  | 2194580 |
| **Philippines \| 1.1%** |  |  |
| International Container Terminal Services, Inc. | 570760 | 6545477 |
| Metropolitan Bank & Trust Co. | 1280270 | 1344955 |
|  |  | 7890432 |
| **Poland \| 1.6%** |  |  |
| Asseco Poland SA | 32396 | 1483180 |
| KGHM Polska Miedz SA (\*) | 17528 | 1283372 |
| ORLEN SA | 55252 | 1991259 |
| PGE Polska Grupa Energetyczna SA (\*) | 1196466 | 3472262 |
| Tauron Polska Energia SA (\*) | 652340 | 1817138 |
| Zabka Group SA (\*) | 308935 | 1855942 |
|  |  | 11903153 |
| **Qatar \| 0.1%** |  |  |
| Gulf International Services QSC | 1417796 | 778773 |
| **Russia \| 0.0%** |  |  |
| PhosAgro PJSC (\*), (¢) | 42 | 0 |
| Severstal PAO GDR (\*), (¢) | 9589 | 0 |
|  |  | 0 |
| **Saudi Arabia \| 2.2%** |  |  |
| Al Babtain Power & Telecommunication Co. | 92806 | 1645754 |
| Banque Saudi Fransi | 332171 | 1763300 |
| Co. for Cooperative Insurance | 23991 | 818505 |
| Electrical Industries Co. | 1411685 | 6288869 |
| Etihad Etisalat Co. | 257269 | 4476158 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Shares | Fair<br> Value |
| Saudi Energy Co. |  | 144020 | $649752 |
| Saudi National Bank |  | 88779 | 988220 |
|  |  |  | 16630558 |
| **South Africa \| 2.0%** |  |  |  |
| FirstRand Ltd. |  | 334638 | 1710467 |
| Gold Fields Ltd. ADR |  | 139849 | 6349145 |
| Harmony Gold Mining Co. Ltd. ADR |  | 222753 | 3423714 |
| Naspers Ltd., N Shares |  | 20755 | 1074878 |
| Telkom SA SOC Ltd. |  | 434422 | 1513111 |
| Tiger Brands Ltd. |  | 69552 | 1240483 |
|  |  |  | 15311798 |
| **South Korea \| 16.2%** |  |  |  |
| CJ CheilJedang Corp. |  | 8621 | 1236808 |
| Han Kuk Carbon Co. Ltd. |  | 50239 | 1287319 |
| Hana Financial Group, Inc. |  | 48459 | 3433138 |
| Hanwha Aerospace Co. Ltd. |  | 2034 | 1657369 |
| HD Hyundai Co. Ltd. |  | 27808 | 4377578 |
| HD Hyundai Electric Co. Ltd. |  | 4707 | 2625838 |
| HD Hyundai Heavy Industries Co. Ltd. |  | 4514 | 1392645 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 13708 | 3128970 |
| Hyundai Department Store Co. Ltd. |  | 16534 | 873018 |
| Hyundai Mobis Co. Ltd. |  | 13569 | 3489551 |
| Hyundai Rotem Co. Ltd. |  | 8001 | 890247 |
| KB Financial Group, Inc. |  | 25496 | 2385282 |
| Kia Corp. |  | 49795 | 4792895 |
| Korea Electric Power Corp. |  | 180723 | 4964106 |
| LG Chem Ltd. |  | 4031 | 802074 |
| LG Electronics, Inc. |  | 47397 | 3399040 |
| Meritz Financial Group, Inc. (\*) |  | 18053 | 1337041 |
| NAVER Corp. |  | 9186 | 1224821 |
| Samsung Electro-Mechanics Co. Ltd. |  | 4782 | 1307293 |
| Samsung Electronics Co. Ltd. GDR |  | 17200 | 48908394 |
| SK Hynix, Inc. |  | 42471 | 23099665 |
| Woori Financial Group, Inc. |  | 221021 | 4663015 |
|  |  |  | 121276107 |
| **Taiwan \| 22.9%** |  |  |  |
| Accton Technology Corp. |  | 96000 | 4674314 |
| Arcadyan Technology Corp. |  | 235000 | 1139039 |
| Asia Vital Components Co. Ltd. |  | 68000 | 4393337 |
| ASPEED Technology, Inc. |  | 3000 | 1004066 |
| Bizlink Holding, Inc. |  | 22296 | 1249277 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** | **Lazard Emerging Markets Equity Advantage Portfolio (continued)** | **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |
| Charoen Pokphand Enterprise | 385000 | $1639027 |
| China Airlines Ltd. | 2718000 | 1549231 |
| Chroma ATE, Inc. | 60000 | 2868677 |
| Chunghwa Precision Test Tech Co. Ltd. | 18000 | 1797215 |
| Compeq Manufacturing Co. Ltd. | 233000 | 1913393 |
| Daxin Materials Corp. | 89000 | 955472 |
| Delta Electronics, Inc. | 336000 | 14954586 |
| E.Sun Financial Holding Co. Ltd. | 1821000 | 1813079 |
| Elite Material Co. Ltd. | 11000 | 894589 |
| Eva Airways Corp. | 3027000 | 3235298 |
| Genius Electronic Optical Co. Ltd. | 107000 | 1482823 |
| International Games System Co. Ltd. | 113000 | 2693470 |
| Jentech Precision Industrial Co. Ltd. | 11000 | 1362116 |
| Lite-On Technology Corp. | 175000 | 787014 |
| Lotes Co. Ltd. | 18000 | 1192724 |
| MediaTek, Inc. | 227000 | 10991586 |
| Realtek Semiconductor Corp. | 144000 | 2187508 |
| Silicon Motion Technology Corp. ADR | 11045 | 1240243 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1784000 | 100573779 |
| United Microelectronics Corp. | 561000 | 1002861 |
| Wiselink Co. Ltd. | 527164 | 1346177 |
| Yankey Engineering Co. Ltd. | 8900 | 157891 |
| Yuanta Financial Holding Co. Ltd. | 1253000 | 1783748 |
|  |  | 170882540 |
| **Thailand \| 1.9%** |  |  |
| Advanced Info Service PCL (‡) | 202000 | 2284597 |
| Bangkok Bank PCL (‡) | 818200 | 4130694 |
| Charoen Pokphand Foods PCL NVDR | 1568300 | 1008825 |
| Delta Electronics Thailand PCL NVDR | 186900 | 1517689 |
| Thaifoods Group PCL | 1096800 | 162292 |
| TMBThanachart Bank PCL (‡) | 72881800 | 5082721 |
|  |  | 14186818 |
| **Turkey \| 0.6%** |  |  |
| Ford Otomotiv Sanayi AS | 514944 | 1188043 |
| Turk Telekomunikasyon AS (\*) | 1309826 | 1732411 |
| Turkiye Vakiflar Bankasi TAO, Class D (\*) | 2203929 | 1509095 |
|  |  | 4429549 |
| **United Arab Emirates \| 1.7%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 512505 | 1743845 |
| ADNOC Drilling Co. PJSC | 1804543 | 2531308 |
| Aldar Properties PJSC | 404310 | 865670 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Emaar Development PJSC | 706126 | $2630263 |
| Emaar Properties PJSC | 898648 | 2901542 |
| First Abu Dhabi Bank PJSC | 356322 | 1658788 |
|  |  | 12331416 |
| **United States \| 0.5%** |  |  |
| BeOne Medicines Ltd. ADR (\*) | 7966 | 2365663 |
| Titan SA | 26124 | 1370734 |
|  |  | 3736397 |
| **Total Common Stocks**<br> (Cost $638,894,727) |  | 721025383 |
| **Preferred Stocks \| 2.1%** |  |  |
| **Brazil \| 2.1%** |  |  |
| Banco Bradesco SA | 1215100 | 4496938 |
| Petroleo Brasileiro SA - Petrobras | 1195739 | 11235194 |
|  |  | 15732132 |
| **Total Preferred Stocks**<br> (Cost $11,884,785) |  | 15732132 |
| **Short-Term Investments \| 0.6%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a) <br> (Cost $4,505,428) | 4505428 | 4505428 |
| **Total Investments \| 99.2%**<br> (Cost $655,284,940) |  | $**741262943** |
| **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **5773188** |
| **Net Assets \| 100.0%** |  | $**747036131** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 2.4% of net assets of the Portfolio. |
| (\*) | 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. |
| (a) | Affiliated investment. |

---

**Lazard Emerging Markets Equity Advantage Portfolio (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $8101245 | $92646860 | $(96242677) | $– $– $| 112202 | 4505428 | $4505428 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio** | **Lazard Emerging Markets Equity Portfolio** | **Lazard Emerging Markets Equity Portfolio** |
| **Common Stocks \| 96.1%** |  |  |
| **Argentina \| 0.6%** |  |  |
| Vista Energy SAB de CV ADR (\*) | 640831 | $48363515 |
| **Brazil \| 12.9%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 5346399 | 44107792 |
| Banco do Brasil SA | 26246152 | 116540343 |
| BB Seguridade Participacoes SA | 18212617 | 122393737 |
| Engie Brasil Energia SA | 9063100 | 57442121 |
| Motiva Infraestrutura de Mobilidade SA | 23267017 | 71015867 |
| Petroleo Brasileiro SA - Petrobras ADR | 5860532 | 121606039 |
| PRIO SA (\*) | 9154800 | 117018699 |
| Rede D'Or Sao Luiz SA (#) | 7772100 | 58472492 |
| Suzano SA | 6027200 | 60390104 |
| Vale SA ADR | 7330936 | 116635192 |
| Vibra Energia SA | 22367184 | 136538772 |
|  |  | 1022161158 |
| **China \| 20.2%** |  |  |
| Alibaba Group Holding Ltd. | 3123300 | 49168612 |
| Anhui Conch Cement Co. Ltd., Class H | 9462431 | 25707400 |
| ANTA Sports Products Ltd. | 5841600 | 56944378 |
| Bosideng International Holdings Ltd. | 140424000 | 72493684 |
| China Construction Bank Corp., Class H | 163920224 | 178033247 |
| China Medical System Holdings Ltd. | 30609000 | 52326791 |
| China Merchants Bank Co. Ltd., Class H | 20140994 | 127875323 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 22783997 | 59005707 |
| ENN Natural Gas Co. Ltd., Class A | 26633365 | 84224021 |
| Hengan International Group Co. Ltd. | 9441500 | 33135418 |
| Huayu Automotive Systems Co. Ltd., Class A | 18869100 | 52742737 |
| Lenovo Group Ltd. | 104318000 | 123966721 |
| Midea Group Co. Ltd., Class A | 11003799 | 122240972 |
| NetEase, Inc. | 4617700 | 102741605 |
| Ping An Insurance Group Co. of China Ltd., Class H | 13416500 | 104626977 |
| Sinopharm Group Co. Ltd., Class H | 45225614 | 116631888 |
| Tencent Holdings Ltd. | 577600 | 36464987 |
| Tingyi Cayman Islands Holding Corp. | 48202000 | 79797430 |
| Want Want China Holdings Ltd. | 101963000 | 60665878 |
| Weichai Power Co. Ltd., Class H | 15323288 | 54622984 |
|  |  | 1593416760 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Egypt \| 0.9%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 31085906 | $68799802 |
| **France \| 1.1%** |  |  |
| Gaztransport Et Technigaz SA | 375263 | 87455020 |
| **Greece \| 2.0%** |  |  |
| Allwyn AG | 3594799 | 54676496 |
| National Bank of Greece SA | 6699285 | 103833002 |
|  |  | 158509498 |
| **Hong Kong \| 0.1%** |  |  |
| ASMPT Ltd. | 659300 | 8599189 |
| **Hungary \| 2.9%** |  |  |
| MOL Hungarian Oil & Gas PLC | 9488943 | 112858193 |
| OTP Bank Nyrt | 1087104 | 117220264 |
|  |  | 230078457 |
| **India \| 6.0%** |  |  |
| Axis Bank Ltd. | 5553539 | 70518058 |
| Indus Towers Ltd. (\*) | 26811131 | 118899355 |
| Infosys Ltd. ADR | 6121772 | 82705140 |
| State Bank of India | 4384578 | 46727958 |
| Tata Consultancy Services Ltd. | 3742704 | 94750643 |
| UPL Ltd. | 9596452 | 57956209 |
|  |  | 471557363 |
| **Indonesia \| 4.8%** |  |  |
| Alamtri Resources Indonesia Tbk. PT | 56486500 | 8577018 |
| Astra International Tbk. PT | 267506500 | 99732726 |
| Bank Mandiri Persero Tbk. PT | 371794784 | 104255025 |
| Telkom Indonesia Persero Tbk. PT ADR | 5966575 | 111455621 |
| United Tractors Tbk. PT | 31353500 | 57496503 |
|  |  | 381516893 |
| **Mexico \| 6.2%** |  |  |
| America Movil SAB de CV ADR | 4985796 | 127038082 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 422118 | 104208271 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** | **Lazard Emerging Markets Equity Portfolio (continued)** | **Lazard Emerging Markets Equity Portfolio (continued)** |
| Grupo Financiero Banorte SAB de CV, Class O | 11639237 | $129088184 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 28851595 | 68301801 |
| Ternium SA ADR | 1417124 | 56897529 |
|  |  | 485533867 |
| **Peru \| 0.8%** |  |  |
| Credicorp Ltd. | 180306 | 61156189 |
| **Philippines \| 1.0%** |  |  |
| International Container Terminal Services, Inc. | 6996490 | 80235768 |
| **Poland \| 0.7%** |  |  |
| InPost SA (\*) | 3151673 | 55328567 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 4695624 | 5 |
| Sberbank of Russia PJSC (\*), (¢) | 13596421 | 13 |
|  |  | 18 |
| **South Africa \| 7.2%** |  |  |
| Bidvest Group Ltd. | 8169868 | 110252953 |
| Kumba Iron Ore Ltd. | 1926762 | 36828765 |
| Life Healthcare Group Holdings Ltd. | 63104898 | 43161483 |
| Nedbank Group Ltd. | 6969099 | 110244891 |
| Sanlam Ltd. | 15628254 | 82340652 |
| Standard Bank Group Ltd. | 5221710 | 94650194 |
| Vodacom Group Ltd. | 10730194 | 91750343 |
|  |  | 569229281 |
| **South Korea \| 11.2%** |  |  |
| Coway Co. Ltd. (\*) | 323331 | 15414700 |
| Hyundai Mobis Co. Ltd. | 265178 | 68196038 |
| KB Financial Group, Inc. | 1384863 | 129561062 |
| Kia Corp. | 1041879 | 100283491 |
| KT Corp. | 2081770 | 83754107 |
| KT&G Corp. | 1003325 | 104943214 |
| Shinhan Financial Group Co. Ltd. | 2358340 | 135991763 |
| SK Hynix, Inc. | 448142 | 243741143 |
|  |  | 881885518 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Taiwan \| 13.4%** |  |  |
| ASE Technology Holding Co. Ltd. | 10475000 | $114909556 |
| Globalwafers Co. Ltd. | 5144000 | 69347028 |
| MediaTek, Inc. | 2695000 | 130494824 |
| Novatek Microelectronics Corp. | 6869000 | 82611128 |
| Quanta Computer, Inc. | 13492000 | 119223928 |
| Realtek Semiconductor Corp. | 2057000 | 31247939 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6812913 | 384080948 |
| Wiwynn Corp. | 1197000 | 126277790 |
|  |  | 1058193141 |
| **Thailand \| 1.3%** |  |  |
| Kasikornbank PCL | 11198854 | 64856917 |
| PTT Exploration & Production PCL | 7739600 | 38017441 |
|  |  | 102874358 |
| **Turkey \| 1.0%** |  |  |
| BIM Birlesik Magazalar AS | 5095005 | 79351447 |
| **United Kingdom \| 0.7%** |  |  |
| Unilever PLC | 930249 | 52425555 |
| **United States \| 1.1%** |  |  |
| SLB Ltd. | 1618102 | 83154262 |
| **Total Common Stocks**<br> (Cost $5,950,517,650) |  | 7579825626 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (concluded)** | **Lazard Emerging Markets Equity Portfolio (concluded)** | **Lazard Emerging Markets Equity Portfolio (concluded)** |
| **Short-Term Investments \| 3.5%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $279,749,942) | 279749942 | $279749942 |
| **Total Investments \| 99.6%**<br> (Cost $6,230,267,592) |  | $**7859575568** |
| **Cash and Other Assets in Excess of Liabilities \| 0.4%** | **Cash and Other Assets in Excess of Liabilities \| 0.4%** | **34015137** |
| **Net Assets \| 100.0%** |  | $**7893590705** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 0.7% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $251512670 | $556648233 | $(528410961) | $– $– $| 3358246 | 279749942 | $279749942 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio** |  |  |
| **Common Stocks \| 93.6%** |  |  |
| **Australia \| 2.9%** |  |  |
| CSL Ltd. | 11066 | $1087107 |
| **France \| 12.9%** |  |  |
| Edenred SE | 122765 | 2444314 |
| FDJ UNITED | 80282 | 2341655 |
|  |  | 4785969 |
| **Germany \| 2.9%** |  |  |
| Carl Zeiss Meditec AG | 37826 | 1051850 |
| **Ireland \| 2.0%** |  |  |
| Kerry Group PLC, Class A | 9213 | 729633 |
| **Israel \| 3.7%** |  |  |
| Nice Ltd. ADR (\*) | 12553 | 1384094 |
| **Italy \| 6.5%** |  |  |
| Nexi SpA (#) | 642787 | 2393105 |
| **Japan \| 2.2%** |  |  |
| Secom Co. Ltd. | 20865 | 801161 |
| **Luxembourg \| 3.0%** |  |  |
| SES SA | 157083 | 1120152 |
| **United Kingdom \| 14.8%** |  |  |
| Autotrader Group PLC (#) | 169983 | 1063296 |
| Bunzl PLC | 56056 | 1679425 |
| Diageo PLC | 40014 | 743473 |
| Severn Trent PLC | 24149 | 991586 |
| United Utilities Group PLC | 56659 | 990534 |
|  |  | 5468314 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **United States \| 42.7%** |  |  |
| Adobe, Inc. (\*) | 4686 | $1139073 |
| Brightstar Lottery PLC | 176184 | 2244584 |
| Campbell's Co. | 51958 | 1157104 |
| Cognizant Technology Solutions Corp., Class A | 18080 | 1109208 |
| Dentsply Sirona, Inc. | 127588 | 1480021 |
| Experian PLC | 20253 | 703966 |
| Fiserv, Inc. (\*) | 38818 | 2166044 |
| H&R Block, Inc. | 72809 | 2310958 |
| Omnicom Group, Inc. | 28917 | 2177739 |
| Paychex, Inc. | 8650 | 796838 |
| Visa, Inc., A Shares | 1732 | 523480 |
|  |  | 15809015 |
| **Total Common Stocks**<br> (Cost $40,990,152) |  | 34630400 |
| **Preferred Stocks \| 2.5%** |  |  |
| **Germany \| 2.5%** |  |  |
| Henkel AG & Co. KGaA<br> (Cost $982,746) | 12293 | 944504 |
| **Short-Term Investments \| 3.7%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $1,368,483) | 1368483 | 1368483 |
| **Total Investments \| 99.8%**<br> (Cost $43,341,381) |  | $**36943387** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** | **Cash and Other Assets in Excess of Liabilities \| 0.2%** | **57660** |
| **Net Assets \| 100.0%** |  | $**37001047** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 9.3% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Lazard Equity Franchise Portfolio (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $821443 | $8984158 | $(8437118) | $– $– $| 12293 | 1368483 | $1368483 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio** | **Lazard Global Listed Infrastructure Portfolio** | **Lazard Global Listed Infrastructure Portfolio** |
| **Common Stocks \| 94.4%** |  |  |
| **Australia \| 2.8%** |  |  |
| Atlas Arteria Ltd. | 67727750 | $200687746 |
| Transurban Group | 14575847 | 141657707 |
|  |  | 342345453 |
| **Canada \| 4.4%** |  |  |
| Canadian National Railway Co. | 5212974 | 536549218 |
| **France \| 9.1%** |  |  |
| Eiffage SA | 787359 | 120885816 |
| Vinci SA | 6552318 | 981324155 |
|  |  | 1102209971 |
| **Germany \| 1.6%** |  |  |
| Fraport AG Frankfurt Airport Services Worldwide (\*) | 2182497 | 189347777 |
| **Hong Kong \| 6.0%** |  |  |
| CK Infrastructure Holdings Ltd. | 35485972 | 283227558 |
| Power Assets Holdings Ltd. | 55850430 | 435148035 |
|  |  | 718375593 |
| **Italy \| 20.7%** |  |  |
| Hera SpA | 71275367 | 330423844 |
| Infrastrutture Wireless Italiane SpA (#) | 39489423 | 316065050 |
| Italgas SpA | 30714008 | 357745395 |
| Snam SpA | 119649595 | 909994192 |
| Terna - Rete Elettrica Nazionale | 50916622 | 583089438 |
|  |  | 2497317919 |
| **Luxembourg \| 1.2%** |  |  |
| SES SA (^) | 20899917 | 149036403 |
| **New Zealand \| 0.4%** |  |  |
| Auckland International Airport Ltd. | 11540101 | 52933213 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Portugal \| 0.8%** |  |  |
| REN - Redes Energeticas Nacionais SGPS SA | 21929178 | $95204677 |
| **Spain \| 2.0%** |  |  |
| Cellnex Telecom SA (#) | 7264378 | 235855965 |
| **Switzerland \| 1.5%** |  |  |
| Flughafen Zurich AG | 589677 | 183906180 |
| **United Kingdom \| 18.6%** |  |  |
| National Grid PLC | 58219090 | 981512372 |
| Pennon Group PLC (^) | 26171258 | 184469100 |
| Severn Trent PLC | 13885708 | 570163475 |
| United Utilities Group PLC | 28998407 | 506961196 |
|  |  | 2243106143 |
| **United States \| 25.3%** |  |  |
| American Tower Corp. REIT | 3156470 | 544743593 |
| Consolidated Edison, Inc. | 4335930 | 490740557 |
| Crown Castle, Inc. | 6462793 | 525489699 |
| CSX Corp. | 11182061 | 459023604 |
| Exelon Corp. | 11396586 | 558660646 |
| Ferrovial SE | 7201802 | 468249626 |
|  |  | 3046907725 |
| **Total Common Stocks**<br> (Cost $8,883,856,148) |  | 11393096237 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio (continued)** | **Lazard Global Listed Infrastructure Portfolio (continued)** | **Lazard Global Listed Infrastructure Portfolio (continued)** |
| **Short-Term Investments \| 5.7%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $684,409,071) | 684409071 | $684409071 |
| **Total Investments \| 100.1%**<br> (Cost $9,568,265,219) (») |  | $**12077505308** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** | **Liabilities in Excess of Cash and Other Assets \| (0.1)%** | **(11170178)** |
| **Net Assets \| 100.0%** |  | $**12066335130** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 4.6% of net assets of the Portfolio. |
| (^) | The Investment Company Act of 1940 defines "affiliated persons" to include a portfolio company in which a portfolio owns 5% or more of the outstanding voting securities. Refer to table below all the footnotes of this Portfolio for investments in "affiliated persons". |
| (a) | Affiliated investments. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

**Holding of 5% Voting Securities of Portfolio Companies for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Values at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Change in<br> unrealized<br> appreciation<br> (depreciation) | Dividend<br> Income | Shares at<br> March 31, 2026 | Values at<br> March 31, 2026 |
| Pennon Group PLC | $188298785 | $— | $(2993436) | $(1923825) | $1087576 | $3392145 | 26171258 | $184469100 |
| SES SA | 136697465 |  | (1702653) | (4898028) | 18939619 |  | 20899917 | 149036403 |
| Total Securities | $324996250 | $— | $(4696089) | $(6821853) | $20027195 | $3392145 | 47071175 | $333505503 |

---

**Lazard Global Listed Infrastructure Portfolio (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $376051336 | $575303804 | $(266946069) | $– $– $| 4899388 | 684409071 | $684409071 |

---

**Forward Currency Contracts open at March 31, 2026:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency <br> Purchased | Quantity | Currency <br> Sold | Quantity | Counterparty | Settlement <br> Date | Unrealized <br> Appreciation | Unrealized <br> Depreciation |
| CAD | 48330082 | USD | 35169677 | SCB | 06/25/26 | $— | $299930 |
| EUR | 369462406 | USD | 430144389 | CIT | 06/25/26 |  | 1470973 |
| GBP | 180459532 | USD | 241741784 | RBC | 06/25/26 |  | 2950504 |
| NZD | 8442353 | USD | 4922804 | RBC | 06/25/26 |  | 57161 |
| USD | 40043714 | AUD | 56495703 | BNP | 06/25/26 | 1113435 |  |
| USD | 119207164 | AUD | 168234120 | CIT | 06/25/26 | 3279744 |  |
| USD | 20729663 | AUD | 29258361 | HSB | 06/25/26 | 568198 |  |
| USD | 100486469 | AUD | 141831900 | MSC | 06/25/26 | 2752392 |  |
| USD | 49464891 | AUD | 69831638 | SSB | 06/25/26 | 1345035 |  |
| USD | 101749054 | CAD | 138902039 | BNP | 06/25/26 | 1532404 |  |
| USD | 62583153 | CAD | 85457915 | CIT | 06/25/26 | 925988 |  |
| USD | 62294595 | CAD | 85070408 | HSB | 06/25/26 | 917013 |  |
| USD | 224754929 | CAD | 306978081 | MSC | 06/25/26 | 3272832 |  |
| USD | 112475875 | CAD | 153603241 | SCB | 06/25/26 | 1652432 |  |
| USD | 43089111 | CHF | 33628905 | BNP | 06/25/26 | 644630 |  |
| USD | 49290421 | CHF | 38455647 | SCB | 06/25/26 | 753902 |  |
| USD | 86712034 | CHF | 67652729 | SSB | 06/25/26 | 1324628 |  |
| USD | 615199120 | EUR | 531687267 | BNP | 06/25/26 |  | 1697738 |
| USD | 582323554 | EUR | 503570209 | BNY | 06/25/26 |  | 1950133 |
| USD | 791821733 | EUR | 684718124 | CAN | 06/25/26 |  | 2631107 |
| USD | 959872623 | EUR | 830231910 | CIT | 06/25/26 |  | 3414423 |
| USD | 579774247 | EUR | 501744455 | HSB | 06/25/26 |  | 2381085 |
| USD | 849614874 | EUR | 734592396 | RBC | 06/25/26 |  | 2705220 |
| USD | 605457294 | EUR | 524057987 | SSB | 06/25/26 |  | 2587596 |
| USD | 390568123 | GBP | 292386274 | CAN | 06/25/26 | 3670895 |  |
| USD | 264505802 | GBP | 197950818 | CIT | 06/25/26 | 2569352 |  |
| USD | 519247161 | GBP | 388831225 | HSB | 06/25/26 | 4730112 |  |
| USD | 475579996 | GBP | 355791161 | MSC | 06/25/26 | 4782883 |  |
| USD | 556661801 | GBP | 416595983 | RBC | 06/25/26 | 5405312 |  |
| USD | 197354119 | GBP | 147764943 | SSB | 06/25/26 | 1825629 |  |
| USD | 89654274 | HKD | 699287435 | BNP | 06/25/26 | 88031 |  |
| USD | 155140274 | HKD | 1210187219 | HSB | 06/25/26 | 136883 |  |
| USD | 101638005 | HKD | 792781015 | MSC | 06/25/26 | 96902 |  |
| USD | 188144727 | HKD | 1467528873 | SCB | 06/25/26 | 180463 |  |
| USD | 182569999 | HKD | 1424100763 | SSB | 06/25/26 | 168100 |  |
| USD | 46748611 | NZD | 79823653 | HSB | 06/25/26 | 743265 |  |
| USD | 11590590 | NZD | 19794567 | RBC | 06/25/26 | 182243 |  |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $44662703 | $22145870 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Small Cap Equity Portfolio** | **Lazard Global Small Cap Equity Portfolio** |  |
| **Common Stocks \| 98.9%** |  |  |
| **Australia \| 2.0%** |  |  |
| ALS Ltd. | 9079 | $131830 |
| AUB Group Ltd. | 7851 | 132845 |
|  |  | 264675 |
| **Austria \| 1.6%** |  |  |
| BAWAG Group AG (#) | 1429 | 218106 |
| **Belgium \| 1.2%** |  |  |
| Cenergy Holdings SA | 7646 | 169070 |
| **Canada \| 2.0%** |  |  |
| Aurinia Pharmaceuticals, Inc. (\*) | 7222 | 107030 |
| Neo Performance Materials, Inc. | 10293 | 162634 |
|  |  | 269664 |
| **Cayman Islands \| 2.2%** |  |  |
| Bullish | 8174 | 292057 |
| **France \| 4.8%** |  |  |
| Exosens SAS | 2918 | 209354 |
| Gaztransport Et Technigaz SA | 949 | 221164 |
| Technip Energies NV | 5231 | 219863 |
|  |  | 650381 |
| **Germany \| 3.6%** |  |  |
| Alzchem Group AG | 684 | 134137 |
| Jenoptik AG | 6556 | 215839 |
| Vincorion SE | 6991 | 131148 |
|  |  | 481124 |
| **Greece \| 1.3%** |  |  |
| National Bank of Greece SA | 11779 | 182564 |
| **Israel \| 1.7%** |  |  |
| Meitav Investment House Ltd. | 3380 | 118656 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Next Vision Stabilized Systems Ltd. | 1172 | $113491 |
|  |  | 232147 |
| **Italy \| 3.3%** |  |  |
| Lottomatica Group SpA | 9847 | 284225 |
| SOL SpA | 2260 | 154776 |
|  |  | 439001 |
| **Japan \| 11.2%** |  |  |
| Asics Corp. | 6300 | 167525 |
| Ebara Corp. | 9700 | 273322 |
| Maruwa Co. Ltd. | 800 | 280101 |
| Nichias Corp. | 15000 | 278004 |
| Organo Corp. | 3000 | 270093 |
| Toyo Suisan Kaisha Ltd. | 1800 | 125667 |
| Yonex Co. Ltd. | 5800 | 108979 |
|  |  | 1503691 |
| **Jersey \| 1.1%** |  |  |
| Rosebank Industries PLC (\*) | 34078 | 143482 |
| **Mexico \| 1.9%** |  |  |
| Arca Continental SAB de CV | 21900 | 252590 |
| **Norway \| 1.9%** |  |  |
| Norbit ASA | 13064 | 258156 |
| **Switzerland \| 1.0%** |  |  |
| Huber & Suhner AG | 608 | 134671 |
| **Taiwan \| 1.6%** |  |  |
| Gold Circuit Electronics Ltd. | 8000 | 222040 |
| **United Kingdom \| 2.3%** |  |  |
| Volution Group PLC | 12429 | 94546 |
| Zegona Communications PLC | 9848 | 215354 |
|  |  | 309900 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Small Cap Equity Portfolio (concluded)** | **Lazard Global Small Cap Equity Portfolio (concluded)** | **Lazard Global Small Cap Equity Portfolio (concluded)** |
| **United States \| 54.2%** |  |  |
| ABM Industries, Inc. | 3581 | $137940 |
| Advanced Energy Industries, Inc. | 571 | 184267 |
| Alexandria Real Estate Equities, Inc. REIT | 2593 | 120367 |
| Antero Resources Corp. (\*) | 2606 | 110599 |
| Atlas Energy Solutions, Inc. | 12869 | 168841 |
| BankUnited, Inc. | 2964 | 133854 |
| Bob's Discount Furniture, Inc. | 6501 | 76387 |
| Cactus, Inc., Class A | 3067 | 145284 |
| Coherent Corp. (\*) | 1002 | 238686 |
| Credo Technology Group Holding Ltd. (\*) | 2289 | 214868 |
| CubeSmart | 4311 | 157998 |
| DigitalOcean Holdings, Inc. (\*) | 1904 | 163325 |
| Diodes, Inc. (\*) | 2644 | 180479 |
| Eagle Materials, Inc. | 660 | 125037 |
| EnerSys | 669 | 116219 |
| EquipmentShare.com, Inc., Class A | 6952 | 141612 |
| Figure Technology Solutions, Inc., Class A | 6981 | 237005 |
| First American Financial Corp. | 1944 | 117204 |
| First Watch Restaurant Group, Inc. (\*) | 34309 | 359558 |
| Floor & Decor Holdings, Inc., Class A (\*) | 4611 | 234239 |
| Gates Industrial Corp. PLC (\*) | 8563 | 193609 |
| Gentherm, Inc. (\*) | 2794 | 77617 |
| Guardian Pharmacy Services, Inc., Class A (\*) | 4153 | 156402 |
| Kura Sushi USA, Inc., Class A (\*) | 2267 | 158214 |
| Landstar System, Inc. | 884 | 141714 |
| Legence Corp., Class A | 3839 | 216750 |
| Lumentum Holdings, Inc. (\*) | 299 | 210125 |
| MapLight Therapeutics, Inc. | 4880 | 99210 |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 37894 | 107240 |
| Meritage Homes Corp. | 1759 | 108777 |
| Middleby Corp. (\*) | 991 | 131387 |
| Once Upon a Farm PBC | 7548 | 123410 |
| Onto Innovation, Inc. (\*) | 741 | 151957 |
| Ramaco Resources, Inc., Class A (\*) | 8542 | 132059 |
| Rambus, Inc. (\*) | 1871 | 160962 |
| RH (\*) | 1753 | 245105 |
| Roku, Inc. (\*) | 1990 | 188294 |
| StepStone Group, Inc., Class A | 3718 | 177423 |
| Stifel Financial Corp. | 1992 | 147249 |
| Terns Pharmaceuticals, Inc. (\*) | 2330 | 122838 |
| Thor Industries, Inc. | 2842 | 227047 |
| Toro Co. | 1379 | 128854 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Wintrust Financial Corp. | 1397 | $194099 |
| Wyndham Hotels & Resorts, Inc. | 1959 | 159130 |
| Zeta Global Holdings Corp., Class A (\*) | 11591 | 184529 |
|  |  | 7307770 |
| **Total Common Stocks**<br> (Cost $12,506,496) |  | 13331089 |
| **Short-Term Investments \| 0.9%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $118,482) | 118482 | 118482 |
| **Total Investments \| 99.8%**<br> (Cost $12,624,978) |  | $**13449571** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** | **Cash and Other Assets in Excess of Liabilities \| 0.2%** | **21579** |
| **Net Assets \| 100.0%** |  | $**13471150** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.6% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds |  | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $127097 | $2217970 | $(2226585) | $– $– $| 2176 | 118482 | $118482 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio** | **Lazard International Equity Portfolio** |  |
| **Common Stocks \| 94.0%** |  |  |
| **Australia \| 2.2%** |  |  |
| Orica Ltd. | 510534 | $7145417 |
| Rio Tinto PLC | 204965 | 19051865 |
|  |  | 26197282 |
| **Belgium \| 0.9%** |  |  |
| KBC Group NV | 88992 | 10878759 |
| **Canada \| 1.5%** |  |  |
| Suncor Energy, Inc. | 273169 | 18067917 |
| **China \| 2.1%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 194900 | 11423755 |
| Li Ning Co. Ltd. | 4625500 | 12896519 |
|  |  | 24320274 |
| **France \| 13.1%** |  |  |
| Air Liquide SA | 89915 | 18522519 |
| Alstom SA (\*) | 377589 | 10759068 |
| Bureau Veritas SA | 669978 | 20125748 |
| Cie de Saint-Gobain SA | 102142 | 8405802 |
| Engie SA | 998667 | 32197214 |
| Legrand SA | 98256 | 15182978 |
| Orange SA | 1366192 | 27914400 |
| Pernod Ricard SA | 103516 | 7726335 |
| Societe Generale SA | 179122 | 13078791 |
|  |  | 153912855 |
| **Germany \| 8.0%** |  |  |
| Allianz SE | 40267 | 16686157 |
| Deutsche Boerse AG | 61649 | 17923590 |
| Deutsche Telekom AG | 452409 | 16682155 |
| Merck KGaA | 144005 | 17883894 |
| Siemens Healthineers AG (#) | 283556 | 11895275 |
| Symrise AG | 155486 | 13164757 |
|  |  | 94235828 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Greece \| 1.7%** |  |  |
| National Bank of Greece SA | 1306845 | $20254943 |
| **Hong Kong \| 3.6%** |  |  |
| AIA Group Ltd. | 2448800 | 27509450 |
| Techtronic Industries Co. Ltd. | 1090000 | 14508601 |
|  |  | 42018051 |
| **Israel \| 1.4%** |  |  |
| Bank Hapoalim BM | 694366 | 16252601 |
| **Italy \| 3.3%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 1168783 | 10183808 |
| Lottomatica Group SpA | 437312 | 12622648 |
| UniCredit SpA | 217416 | 15666443 |
|  |  | 38472899 |
| **Japan \| 18.5%** |  |  |
| Ebara Corp. | 491800 | 13857698 |
| Japan Exchange Group, Inc. | 1346800 | 15637512 |
| Japan Post Bank Co. Ltd. | 1073900 | 17667959 |
| MatsukiyoCocokara & Co. | 532400 | 8507983 |
| Mitsui Fudosan Co. Ltd. | 1013100 | 10723218 |
| Mizuho Financial Group, Inc. | 264400 | 10553486 |
| Nippon Sanso Holdings Corp. | 297500 | 10621686 |
| Nitori Holdings Co. Ltd. | 628800 | 9986905 |
| Otsuka Holdings Co. Ltd. | 259000 | 18281925 |
| Recruit Holdings Co. Ltd. | 278300 | 12039513 |
| Resona Holdings, Inc. | 1626800 | 18101350 |
| Resonac Holdings Corp. | 152500 | 9963960 |
| Shimadzu Corp. | 714200 | 16942957 |
| Shin-Etsu Chemical Co. Ltd. | 539500 | 21950950 |
| Suzuki Motor Corp. | 774300 | 9276866 |
| Toyo Suisan Kaisha Ltd. | 206500 | 14416829 |
|  |  | 218530797 |
| **Mexico \| 0.9%** |  |  |
| Arca Continental SAB de CV | 964012 | 11118706 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** | **Lazard International Equity Portfolio (continued)** |  |
| **Netherlands \| 4.3%** |  |  |
| ASML Holding NV | 19028 | $25186167 |
| IMCD NV | 152535 | 15919922 |
| Universal Music Group NV | 482987 | 9365203 |
|  |  | 50471292 |
| **South Africa \| 1.1%** |  |  |
| Anglo American PLC | 302339 | 12844792 |
| **South Korea \| 2.0%** |  |  |
| Kia Corp. | 92963 | 8947924 |
| Samsung Electronics Co. Ltd. | 129611 | 14559209 |
|  |  | 23507133 |
| **Spain \| 2.5%** |  |  |
| Banco Santander SA | 1722762 | 19493604 |
| Bankinter SA | 613549 | 9658841 |
|  |  | 29152445 |
| **Sweden \| 0.8%** |  |  |
| Sandvik AB | 242420 | 9264147 |
| **Switzerland \| 2.5%** |  |  |
| ABB Ltd. | 240998 | 19601014 |
| Cie Financiere Richemont SA, Class A | 56834 | 10127413 |
|  |  | 29728427 |
| **Taiwan \| 1.2%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 42451 | 14346315 |
| **United Kingdom \| 15.4%** |  |  |
| 3i Group PLC | 335650 | 10998245 |
| AstraZeneca PLC | 144440 | 28211745 |
| Compass Group PLC | 581497 | 16156159 |
| Croda International PLC | 301864 | 11279672 |
| Howden Joinery Group PLC | 1404252 | 14917585 |
| IMI PLC | 499921 | 17043508 |
| Marks & Spencer Group PLC | 2549611 | 11450874 |
| RELX PLC | 768603 | 25340234 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| RS Group PLC | 1067061 | $7967956 |
| SSE PLC | 311648 | 10759350 |
| Unilever PLC | 484495 | 27164053 |
|  |  | 181289381 |
| **United States \| 7.0%** |  |  |
| Amcor PLC CDI | 258475 | 10083021 |
| Aon PLC, Class A | 51895 | 16750668 |
| Chubb Ltd. | 32696 | 10656607 |
| CRH PLC | 100401 | 10554153 |
| Globant SA (\*) | 93045 | 4290305 |
| Medtronic PLC | 160918 | 13943545 |
| Shell PLC | 354634 | 16560282 |
|  |  | 82838581 |
| **Total Common Stocks**<br> (Cost $887,736,073) |  | 1107703425 |
| **Preferred Stocks \| 1.4%** |  |  |
| **Brazil \| 1.4%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $8,213,113) | 1845331 | 15489830 |
| **Short-Term Investments \| 5.4%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $64,139,363) | 64139363 | 64139363 |
| **Total Investments \| 100.8%**<br> (Cost $960,088,549) |  | $**1187332618** |
| **Liabilities in Excess of Cash and Other Assets \| (0.8)%** | **Liabilities in Excess of Cash and Other Assets \| (0.8)%** | **(8851125)** |
| **Net Assets \| 100.0%** |  | $**1178481493** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.0% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Lazard International Equity Portfolio (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $24331939 | $155806564 | $(115999140) | $– $– $| 364995 | 64139363 | $64139363 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio** | **Lazard International Equity Select Portfolio** |  |
| **Common Stocks \| 94.3%** |  |  |
| **Austria \| 0.8%** |  |  |
| BAWAG Group AG (#) | 2762 | $421559 |
| **Belgium \| 0.9%** |  |  |
| KBC Group NV | 4072 | 497779 |
| **Canada \| 2.7%** |  |  |
| Suncor Energy, Inc. | 11776 | 778887 |
| Toromont Industries Ltd. | 4593 | 643040 |
|  |  | 1421927 |
| **China \| 5.8%** |  |  |
| Alibaba Group Holding Ltd. | 27000 | 425048 |
| Contemporary Amperex Technology Co. Ltd., Class A | 11800 | 691638 |
| Li Ning Co. Ltd. | 203000 | 565991 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 11565 | 276597 |
| Tencent Holdings Ltd. | 17700 | 1117435 |
|  |  | 3076709 |
| **Denmark \| 2.0%** |  |  |
| DSV AS | 2789 | 666304 |
| Novonesis Novozymes B, Class B | 6597 | 390343 |
|  |  | 1056647 |
| **France \| 6.9%** |  |  |
| Air Liquide SA | 3810 | 784861 |
| Bureau Veritas SA | 29694 | 891991 |
| Engie SA | 30585 | 986066 |
| Pernod Ricard SA | 4553 | 339832 |
| Sartorius Stedim Biotech | 3493 | 683876 |
|  |  | 3686626 |
| **Germany \| 4.6%** |  |  |
| adidas AG | 2489 | 392232 |
| Allianz SE | 1231 | 510111 |
| Deutsche Boerse AG | 2350 | 683230 |
| Merck KGaA | 2970 | 368843 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| MTU Aero Engines AG | 1421 | $508723 |
|  |  | 2463139 |
| **Greece \| 1.7%** |  |  |
| Piraeus Bank SA | 111889 | 922177 |
| **Hong Kong \| 3.0%** |  |  |
| AIA Group Ltd. | 83200 | 934656 |
| Techtronic Industries Co. Ltd. | 51000 | 678843 |
|  |  | 1613499 |
| **India \| 2.6%** |  |  |
| Bharti Airtel Ltd. | 37290 | 708991 |
| ICICI Bank Ltd. ADR | 25893 | 670629 |
|  |  | 1379620 |
| **Israel \| 1.1%** |  |  |
| Bank Hapoalim BM | 25501 | 596886 |
| **Italy \| 1.0%** |  |  |
| Lottomatica Group SpA | 17721 | 511502 |
| **Japan \| 13.2%** |  |  |
| Ebara Corp. | 11400 | 321224 |
| Hoya Corp. | 5600 | 965977 |
| Japan Post Bank Co. Ltd. | 42100 | 692635 |
| Keyence Corp. | 2300 | 814557 |
| Mitsubishi Electric Corp. | 18400 | 600898 |
| Mitsui Fudosan Co. Ltd. | 47400 | 501708 |
| Nitori Holdings Co. Ltd. | 21600 | 343062 |
| Recruit Holdings Co. Ltd. | 16800 | 726783 |
| Resona Holdings, Inc. | 78500 | 873467 |
| Shin-Etsu Chemical Co. Ltd. | 21100 | 858508 |
| Suzuki Motor Corp. | 24900 | 298326 |
|  |  | 6997145 |
| **Mexico \| 2.7%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 4473 | 496771 |
| Grupo Financiero Banorte SAB de CV, Class O | 84900 | 941607 |
|  |  | 1438378 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (concluded)** | **Lazard International Equity Select Portfolio (concluded)** | **Lazard International Equity Select Portfolio (concluded)** |
| **Netherlands \| 6.3%** |  |  |
| ASML Holding NV | 1511 | $2000016 |
| IMCD NV | 8454 | 882335 |
| Universal Music Group NV | 22583 | 437888 |
|  |  | 3320239 |
| **South Africa \| 1.9%** |  |  |
| Anglo American PLC | 24240 | 1029830 |
| **South Korea \| 3.3%** |  |  |
| KB Financial Group, Inc. | 5856 | 547859 |
| Samsung Electronics Co. Ltd. | 10639 | 1195079 |
|  |  | 1742938 |
| **Spain \| 3.8%** |  |  |
| Banco Santander SA | 100059 | 1132200 |
| Bankinter SA | 28101 | 442382 |
| Industria de Diseno Textil SA | 7341 | 422078 |
|  |  | 1996660 |
| **Switzerland \| 3.2%** |  |  |
| ABB Ltd. | 11612 | 944435 |
| Cie Financiere Richemont SA, Class A | 4230 | 753756 |
|  |  | 1698191 |
| **Taiwan \| 6.3%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 59000 | 3326151 |
| **United Kingdom \| 13.1%** |  |  |
| 3i Group PLC | 14015 | 459230 |
| AstraZeneca PLC | 2994 | 584782 |
| Compass Group PLC | 33255 | 923948 |
| Diploma PLC | 8616 | 687498 |
| Halma PLC | 6267 | 318392 |
| IMI PLC | 12438 | 424041 |
| London Stock Exchange Group PLC | 4599 | 543537 |
| Marks & Spencer Group PLC | 86246 | 387350 |
| RELX PLC | 31997 | 1054916 |
| SSE PLC | 18262 | 630478 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Unilever PLC | 17191 | $963843 |
|  |  | 6978015 |
| **United States \| 7.4%** |  |  |
| Aon PLC, Class A | 2800 | 903784 |
| CRH PLC | 3444 | 362033 |
| Experian PLC | 18818 | 654087 |
| Globant SA (\*) | 4069 | 187622 |
| InterContinental Hotels Group PLC | 3877 | 510608 |
| Medtronic PLC | 4260 | 369129 |
| Shell PLC | 20418 | 953456 |
|  |  | 3940719 |
| **Total Common Stocks**<br> (Cost $38,968,046) |  | 50116336 |
| **Preferred Stocks \| 2.0%** |  |  |
| **Brazil \| 2.0%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $570,133) | 128192 | 1076052 |
| **Total Investments \| 96.3%**<br> (Cost $39,538,179) |  | $**51192388** |
| **Cash and Other Assets in Excess of Liabilities \| 3.7%** | **Cash and Other Assets in Excess of Liabilities \| 3.7%** | **1954488** |
| **Net Assets \| 100.0%** |  | $**53146876** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 0.8% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $747099 | $6818841 | $(7565940) | $– $– $| 9286 | – $|  |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio** |  |  |
| **Common Stocks \| 95.8%** |  |  |
| **Australia \| 1.8%** |  |  |
| Computershare Ltd. | 451308 | $8912798 |
| **Brazil \| 1.9%** |  |  |
| TOTVS SA | 1421908 | 9591294 |
| **Canada \| 4.1%** |  |  |
| Dollarama, Inc. | 59111 | 7254706 |
| Toromont Industries Ltd. | 93345 | 13068702 |
|  |  | 20323408 |
| **China \| 3.4%** |  |  |
| Tencent Holdings Ltd. | 270300 | 17064553 |
| **Denmark \| 4.6%** |  |  |
| Coloplast AS, Class B | 97069 | 6618470 |
| Novo Nordisk AS, Class B | 434077 | 15995381 |
|  |  | 22613851 |
| **France \| 5.1%** |  |  |
| EssilorLuxottica SA | 43691 | 10168437 |
| LVMH Moet Hennessy Louis Vuitton SE | 19861 | 11040038 |
| Pernod Ricard SA | 55499 | 4142392 |
|  |  | 25350867 |
| **Germany \| 6.1%** |  |  |
| Rational AG | 14257 | 10319887 |
| SAP SE | 71806 | 12151949 |
| Scout24 SE (#) | 99500 | 7623836 |
|  |  | 30095672 |
| **Hong Kong \| 4.6%** |  |  |
| AIA Group Ltd. | 1071400 | 12035946 |
| Hong Kong Exchanges & Clearing Ltd. | 210200 | 10654052 |
|  |  | 22689998 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **India \| 2.2%** |  |  |
| HDFC Bank Ltd. ADR | 434999 | $10822775 |
| **Israel \| 2.1%** |  |  |
| Check Point Software Technologies Ltd. (\*) | 73708 | 10529188 |
| **Japan \| 9.3%** |  |  |
| Hoya Corp. | 54900 | 9470028 |
| Keyence Corp. | 26900 | 9526776 |
| M3, Inc. | 865500 | 8835898 |
| Recruit Holdings Co. Ltd. | 215100 | 9305423 |
| SMS Co. Ltd. | 350600 | 3683693 |
| Toei Animation Co. Ltd. | 306400 | 5028191 |
|  |  | 45850009 |
| **Netherlands \| 8.6%** |  |  |
| Argenx SE (\*) | 11593 | 8318578 |
| ASML Holding NV | 11225 | 14857827 |
| IMCD NV | 54133 | 5649806 |
| Universal Music Group NV | 362290 | 7024867 |
| Wolters Kluwer NV | 87506 | 6546339 |
|  |  | 42397417 |
| **Norway \| 1.9%** |  |  |
| Gjensidige Forsikring ASA | 356443 | 9304880 |
| **South Africa \| 2.1%** |  |  |
| Clicks Group Ltd. | 595952 | 10204076 |
| **Sweden \| 5.0%** |  |  |
| Assa Abloy AB, Class B | 420385 | 15075168 |
| Hexagon AB, B Shares | 1000384 | 9733600 |
|  |  | 24808768 |
| **Switzerland \| 4.2%** |  |  |
| Galderma Group AG | 40375 | 7827110 |
| Partners Group Holding AG | 11994 | 12885921 |
|  |  | 20713031 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (concluded)** | **Lazard International Quality Growth Portfolio (concluded)** | **Lazard International Quality Growth Portfolio (concluded)** |
| **Taiwan \| 6.0%** |  |  |
| Lotes Co. Ltd. | 170000 | $11264616 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 54842 | 18533854 |
|  |  | 29798470 |
| **United Kingdom \| 13.6%** |  |  |
| Diageo PLC | 348301 | 6471540 |
| Diploma PLC | 114605 | 9144693 |
| Halma PLC | 232885 | 11831601 |
| London Stock Exchange Group PLC | 125277 | 14805978 |
| RELX PLC | 386518 | 12822125 |
| Unilever PLC | 222647 | 12547600 |
|  |  | 67623537 |
| **United States \| 9.2%** |  |  |
| Accenture PLC, Class A | 49850 | 9884757 |
| Aon PLC, Class A | 42866 | 13836287 |
| Experian PLC | 326604 | 11352294 |
| InterContinental Hotels Group PLC | 79715 | 10498618 |
|  |  | 45571956 |
| **Total Common Stocks**<br> (Cost $509,019,388) |  | 474266548 |
| **Preferred Stocks \| 1.2%** |  |  |
| **Germany \| 1.2%** |  |  |
| Sartorius AG<br> (Cost $8,064,432) | 25674 | 6265168 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 2.9%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $14,242,892) | 14242892 | $14242892 |
| **Total Investments \| 99.9%**<br> (Cost $531,326,712) |  | $**494774608** |
| **Cash and Other Assets in Excess of Liabilities \| 0.1%** | **Cash and Other Assets in Excess of Liabilities \| 0.1%** | **291448** |
| **Net Assets \| 100.0%** |  | $**495066056** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.5% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $12839270 | $27482336 | $(26078714) | $– $– $| 103270 | 14242892 | $14242892 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio** | **Lazard International Strategic Equity Portfolio** | **Lazard International Strategic Equity Portfolio** |
| **Common Stocks \| 95.2%** |  |  |
| **Canada \| 3.2%** |  |  |
| Bird Construction, Inc. | 682027 | $19532712 |
| Element Fleet Management Corp. | 1118094 | 24249081 |
|  |  | 43781793 |
| **France \| 4.8%** |  |  |
| Engie SA | 854999 | 27565330 |
| Societe Generale SA | 544224 | 39737118 |
|  |  | 67302448 |
| **Germany \| 6.5%** |  |  |
| Daimler Truck Holding AG | 361645 | 17240104 |
| Deutsche Boerse AG | 88157 | 25630422 |
| Deutsche Telekom AG | 779568 | 28745834 |
| MTU Aero Engines AG | 51059 | 18279307 |
|  |  | 89895667 |
| **Greece \| 2.9%** |  |  |
| Piraeus Bank SA | 4851580 | 39986203 |
| **Hong Kong \| 2.5%** |  |  |
| AIA Group Ltd. | 2526200 | 28378949 |
| Techtronic Industries Co. Ltd. | 497000 | 6615390 |
|  |  | 34994339 |
| **India \| 2.5%** |  |  |
| Bharti Airtel Ltd. | 1002594 | 19062225 |
| ICICI Prudential Asset Management Co. Ltd. | 517373 | 15484202 |
|  |  | 34546427 |
| **Israel \| 6.5%** |  |  |
| Bank Leumi Le-Israel BM | 1848468 | 41193584 |
| Meitav Investment House Ltd. | 474872 | 16670563 |
| Phoenix Financial Ltd. | 603568 | 32061150 |
|  |  | 89925297 |
| **Italy \| 4.1%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 1965399 | 17124860 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Davide Campari-Milano NV | 1298695 | $9249554 |
| Lottomatica Group SpA | 1061931 | 30651758 |
|  |  | 57026172 |
| **Japan \| 19.7%** |  |  |
| Hoya Corp. | 110000 | 18974555 |
| Japan Exchange Group, Inc. | 1779900 | 20666178 |
| Japan Post Bank Co. Ltd. | 1602000 | 26356336 |
| Keyence Corp. | 70600 | 25003361 |
| Kobe Bussan Co. Ltd. | 558600 | 12141249 |
| Nippon Sanso Holdings Corp. | 562900 | 20097301 |
| Organo Corp. | 198400 | 17862176 |
| Otsuka Holdings Co. Ltd. | 203500 | 14364370 |
| Pan Pacific International Holdings Corp. | 3206200 | 19667546 |
| Resona Holdings, Inc. | 3180600 | 35390431 |
| Resonac Holdings Corp. | 352000 | 22998780 |
| Sugi Holdings Co. Ltd. | 612300 | 13489509 |
| Tokyo Electron Ltd. | 109100 | 26680635 |
|  |  | 273692427 |
| **Luxembourg \| 1.3%** |  |  |
| ArcelorMittal SA | 339219 | 17673832 |
| **Mexico \| 1.6%** |  |  |
| Arca Continental SAB de CV | 1967100 | 22688105 |
| **Netherlands \| 6.4%** |  |  |
| Argenx SE (\*) | 38292 | 27476494 |
| ASML Holding NV | 43168 | 57138768 |
| IMCD NV | 35216 | 3675458 |
|  |  | 88290720 |
| **South Africa \| 2.8%** |  |  |
| Anglo American PLC | 655971 | 27868754 |
| Clicks Group Ltd. | 646221 | 11064798 |
|  |  | 38933552 |
| **Spain \| 2.6%** |  |  |
| Banco Santander SA | 3147620 | 35616329 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (concluded)** | **Lazard International Strategic Equity Portfolio (concluded)** | **Lazard International Strategic Equity Portfolio (concluded)** |
| **Switzerland \| 5.4%** |  |  |
| ABB Ltd. | 374705 | $30475762 |
| Cie Financiere Richemont SA, Class A | 160078 | 28524758 |
| Inficon Holding AG | 127986 | 16086278 |
|  |  | 75086798 |
| **Taiwan \| 2.9%** |  |  |
| Lotes Co. Ltd. | 275000 | 18222174 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 391000 | 22042796 |
|  |  | 40264970 |
| **United Kingdom \| 12.5%** |  |  |
| Coca-Cola Europacific Partners PLC | 208590 | 19146607 |
| Compass Group PLC | 880643 | 24467552 |
| Informa PLC | 2186710 | 21799593 |
| National Grid PLC | 1795867 | 30276421 |
| RELX PLC | 582630 | 19208851 |
| SSE PLC | 655963 | 22646496 |
| Unilever PLC | 448292 | 25134269 |
| Weir Group PLC | 280728 | 10502570 |
|  |  | 173182359 |
| **United States \| 7.0%** |  |  |
| CRH PLC | 220585 | 23187895 |
| Experian PLC | 436065 | 15157004 |
| James Hardie Industries PLC CDI (\*) | 354253 | 6542916 |
| Schneider Electric SE | 100203 | 27522766 |
| Shell PLC | 513967 | 24026606 |
|  |  | 96437187 |
| **Total Common Stocks**<br> (Cost $1,023,839,279) |  | 1319324625 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Preferred Stocks \| 1.3%** |  |  |
| **Germany \| 1.3%** |  |  |
| Sartorius AG<br> (Cost $19,604,570) | 77130 | $18821860 |
| **Short-Term Investments \| 2.0%** | **Short-Term Investments \| 2.0%** |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $27,368,895) | 27368895 | 27368895 |
| **Total Investments \| 98.5%**<br> (Cost $1,070,812,744) |  | $**1365515380** |
| **Cash and Other Assets in Excess of Liabilities \| 1.5%** | **Cash and Other Assets in Excess of Liabilities \| 1.5%** | **20765009** |
| **Net Assets \| 100.0%** |  | $**1386280389** |

---

<br> (\*) Non-income producing security. <br> (a) Affiliated investment.

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $76926151 | $194541340 | $(244098596) | $– $– $| 240975 | 27368895 | $27368895 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio** | **Lazard US Equity Concentrated Portfolio** |  |  |
| **Common Stocks \| 99.1%** |  |  |  |
| **Aerospace & Defense \| 4.0%** |  |  |  |
| Boeing Co. (\*) | 6425 | $| 1278768 |
| **Broadline Retail \| 8.9%** |  |  |  |
| Amazon.com, Inc. (\*) | 13513 |  | 2814353 |
| **Capital Markets \| 7.5%** |  |  |  |
| Charles Schwab Corp. | 9844 |  | 925139 |
| Intercontinental Exchange, Inc. | 9237 |  | 1452795 |
|  |  |  | 2377934 |
| **Electronic Equipment, Instruments & Components \| 3.3%** | **Electronic Equipment, Instruments & Components \| 3.3%** | **Electronic Equipment, Instruments & Components \| 3.3%** | **Electronic Equipment, Instruments & Components \| 3.3%** |
| Coherent Corp. (\*) | 4338 |  | 1033355 |
| **Entertainment \| 6.5%** |  |  |  |
| Take-Two Interactive Software, Inc. (\*) | 10344 |  | 2042940 |
| **Hotels, Restaurants & Leisure \| 5.9%** | **Hotels, Restaurants & Leisure \| 5.9%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 177553 |  | 1860755 |
| **Insurance \| 3.1%** |  |  |  |
| First American Financial Corp. | 16237 |  | 978929 |
| **Interactive Media & Services \| 4.6%** | **Interactive Media & Services \| 4.6%** |  |  |
| Alphabet, Inc., Class A | 5055 |  | 1453616 |
| **IT Services \| 3.5%** |  |  |  |
| DigitalOcean Holdings, Inc. (\*) | 12821 |  | 1099785 |
| **Pharmaceuticals \| 4.6%** |  |  |  |
| Eli Lilly & Co. | 1599 |  | 1470712 |
| **Semiconductors & Semiconductor Equipment \| 24.0%** | **Semiconductors & Semiconductor Equipment \| 24.0%** | **Semiconductors & Semiconductor Equipment \| 24.0%** | **Semiconductors & Semiconductor Equipment \| 24.0%** |
| Advanced Micro Devices, Inc. (\*) | 11931 |  | 2427123 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Intel Corp. (\*) | 23483 | $1036305 |
| Marvell Technology, Inc. | 26135 | 2588672 |
| NVIDIA Corp. | 8835 | 1540824 |
|  |  | 7592924 |
| **Software \| 10.3%** |  |  |
| Microsoft Corp. | 4983 | 1844557 |
| Zeta Global Holdings Corp., Class A (\*) | 89473 | 1424410 |
|  |  | 3268967 |
| **Specialty Retail \| 8.6%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 26438 | 1343050 |
| RH (\*) | 9944 | 1390370 |
|  |  | 2733420 |
| **Textiles, Apparel & Luxury Goods \| 4.3%** |  |  |
| NIKE, Inc., Class B | 25475 | 1345590 |
| **Total Common Stocks** <br>(Cost $29,607,514) |  | 31352048 |
| **Short-Term Investments \| 0.7%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $232,951) | 232951 | 232951 |
| **Total Investments \| 99.8%** <br>(Cost $29,840,465) |  | $**31584999** |
| **Cash and Other Assets in Excess of Liabilites \| 0.2%** | **Cash and Other Assets in Excess of Liabilites \| 0.2%** | **66263** |
| **Net Assets \| 100.0%** |  | $**31651262** |

---

<br> (\*) Non-income producing security. <br> (a) Affiliated investment.

**Lazard US Equity Concentrated Portfolio (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $14466 | $4008614 | $(3790129) | $– $– $| 2455 | 232951 | $232951 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio** |  |  |
| **Common Stocks \| 96.0%** |  |  |
| **Banks \| 2.8%** |  |  |
| Bank of America Corp. | 41123 | $2004746 |
| **Broadline Retail \| 6.1%** |  |  |
| Amazon.com, Inc. (\*) | 20881 | 4348886 |
| **Capital Markets \| 8.2%** |  |  |
| Blackstone, Inc. | 13641 | 1568579 |
| Intercontinental Exchange, Inc. | 18856 | 2965672 |
| Moody's Corp. | 2993 | 1305696 |
|  |  | 5839947 |
| **Chemicals \| 3.1%** |  |  |
| Linde PLC | 4413 | 2187789 |
| **Commercial Services & Supplies \| 5.7%** |  |  |
| RB Global, Inc. | 15529 | 1488455 |
| Waste Management, Inc. | 11133 | 2558252 |
|  |  | 4046707 |
| **Electrical Equipment \| 3.0%** |  |  |
| AMETEK, Inc. | 9829 | 2106944 |
| **Financial Services \| 3.2%** |  |  |
| Visa, Inc., A Shares | 7623 | 2303975 |
| **Ground Transportation \| 2.5%** |  |  |
| Old Dominion Freight Line, Inc. | 9127 | 1783416 |
| **Health Care Equipment & Supplies \| 2.3%** |  |  |
| Medtronic PLC | 18957 | 1642624 |
| **Hotels, Restaurants & Leisure \| 3.3%** |  |  |
| McDonald's Corp. | 7522 | 2337762 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Household Products \| 2.6%** |  |  |
| Procter & Gamble Co. | 12638 | 1825433 |
| **Insurance \| 3.0%** |  |  |
| Marsh & McLennan Cos., Inc. | 12264 | 2127191 |
| **Interactive Media & Services \| 6.2%** |  |  |
| Alphabet, Inc., Class A | 15346 | 4412896 |
| **Life Sciences Tools & Services \| 3.3%** |  |  |
| Danaher Corp. | 12537 | 2377015 |
| **Oil, Gas & Consumable Fuels \| 3.1%** |  |  |
| ConocoPhillips | 16650 | 2197800 |
| **Pharmaceuticals \| 5.2%** |  |  |
| Eli Lilly & Co. | 1906 | 1753082 |
| Merck & Co., Inc. | 16148 | 1942443 |
|  |  | 3695525 |
| **Professional Services \| 3.8%** |  |  |
| Equifax, Inc. | 8141 | 1465950 |
| Jacobs Solutions, Inc. | 9887 | 1258417 |
|  |  | 2724367 |
| **Real Estate Management & Development \| 2.2%** | **Real Estate Management & Development \| 2.2%** | **Real Estate Management & Development \| 2.2%** |
| CBRE Group, Inc., Class A (\*) | 11635 | 1576077 |
| **Semiconductors & Semiconductor Equipment \| 10.2%** | **Semiconductors & Semiconductor Equipment \| 10.2%** | **Semiconductors & Semiconductor Equipment \| 10.2%** |
| Analog Devices, Inc. | 7422 | 2361235 |
| Broadcom, Inc. | 7623 | 2359395 |
| KLA Corp. | 1028 | 1513637 |
| QUALCOMM, Inc. | 7723 | 994568 |
|  |  | 7228835 |
| **Software \| 8.7%** |  |  |
| Microsoft Corp. | 12491 | 4623793 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (concluded)** | **Lazard US Equity Focus Portfolio (concluded)** |  |
| Palo Alto Networks, Inc. (\*) | 10005 | $1604002 |
|  |  | 6227795 |
| **Technology Hardware, Storage & Peripherals \| 7.5%** | **Technology Hardware, Storage & Peripherals \| 7.5%** | **Technology Hardware, Storage & Peripherals \| 7.5%** |
| Apple, Inc. | 20963 | 5320200 |
| **Total Common Stocks** <br>(Cost $44,412,811) |  | 68315930 |
| **Short-Term Investments \| 4.0%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $2,810,811) | 2810811 | 2810811 |
| **Total Investments \| 100.0%** <br>(Cost $47,223,622) |  | $**71126741** |
| **Cash and Other Assets in Excess of Liabilites \| 0.0%** | **Cash and Other Assets in Excess of Liabilites \| 0.0%** | **26454** |
| **Net Assets \| 100.0%** |  | $**71153195** |

---

(\*) Non-income producing security. <br> (a) Affiliated investment.

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $2244274 | $8891686 | $(8325149) | $– $– $| 27067 | 2810811 | $2810811 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio** | **Lazard US Small Cap Equity Select Portfolio** |  |
| **Common Stocks \| 99.2%** |  |  |
| **Aerospace & Defense \| 1.0%** |  |  |
| StandardAero, Inc. (\*) | 12052 | $311303 |
| **Automobile Components \| 1.0%** |  |  |
| Gentherm, Inc. (\*) | 12174 | 338194 |
| **Automobiles \| 0.8%** |  |  |
| Thor Industries, Inc. | 3436 | 274502 |
| **Banks \| 9.9%** |  |  |
| Atlantic Union Bankshares Corp. | 13168 | 470624 |
| BankUnited, Inc. | 10293 | 464832 |
| Community Financial System, Inc. | 4092 | 239996 |
| Home BancShares, Inc. | 20920 | 563376 |
| Texas Capital Bancshares, Inc. (\*) | 7787 | 738830 |
| Wintrust Financial Corp. | 5234 | 727212 |
|  |  | 3204870 |
| **Biotechnology \| 8.1%** |  |  |
| Arcutis Biotherapeutics, Inc. (\*) | 20107 | 473721 |
| Aurinia Pharmaceuticals, Inc. (\*) | 15222 | 225590 |
| Caris Life Sciences, Inc. | 12557 | 224519 |
| Disc Medicine, Inc. (\*) | 4147 | 265159 |
| MapLight Therapeutics, Inc. | 13294 | 270267 |
| Rhythm Pharmaceuticals, Inc. (\*) | 3815 | 331791 |
| Soleno Therapeutics, Inc. (\*) | 6049 | 202520 |
| Vaxcyte, Inc. (\*) | 4920 | 285901 |
| Xenon Pharmaceuticals, Inc. (\*) | 6298 | 366229 |
|  |  | 2645697 |
| **Building Products \| 0.9%** |  |  |
| Janus International Group, Inc. (\*) | 55495 | 285799 |
| **Capital Markets \| 4.4%** |  |  |
| Bullish | 9145 | 326751 |
| StepStone Group, Inc., Class A | 11499 | 548732 |
| Stifel Financial Corp. | 7698 | 569036 |
|  |  | 1444519 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Commercial Services & Supplies \| 3.4%** | **Commercial Services & Supplies \| 3.4%** |  |
| ABM Industries, Inc. | 13235 | 509812 |
| Casella Waste Systems, Inc., Class A (\*) | 7656 | 607427 |
|  |  | 1117239 |
| **Communications Equipment \| 1.7%** |  |  |
| Lumentum Holdings, Inc. (\*) | 796 | 559397 |
| **Construction & Engineering \| 1.7%** |  |  |
| Legence Corp., Class A | 9942 | 561325 |
| **Construction Materials \| 1.0%** |  |  |
| Eagle Materials, Inc. | 1746 | 330780 |
| **Consumer Finance \| 1.0%** |  |  |
| Figure Technology Solutions, Inc., Class A | 9977 | 338719 |
| **Consumer Staples Distribution & Retail \| 2.1%** | **Consumer Staples Distribution & Retail \| 2.1%** | **Consumer Staples Distribution & Retail \| 2.1%** |
| BJ's Wholesale Club Holdings, Inc. (\*) | 3495 | 343978 |
| Chefs' Warehouse, Inc. (\*) | 5411 | 321684 |
|  |  | 665662 |
| **Containers & Packaging \| 2.4%** |  |  |
| Graphic Packaging Holding Co. | 21983 | 218511 |
| TriMas Corp. | 15388 | 553045 |
|  |  | 771556 |
| **Electrical Equipment \| 3.8%** |  |  |
| EnerSys | 1446 | 251199 |
| Forgent Power Solutions, Inc. | 11867 | 347347 |
| Regal Rexnord Corp. | 3426 | 641553 |
|  |  | 1240099 |
| **Electronic Equipment, Instruments & Components \| 6.1%** | **Electronic Equipment, Instruments & Components \| 6.1%** | **Electronic Equipment, Instruments & Components \| 6.1%** |
| Advanced Energy Industries, Inc. | 2697 | 870349 |
| Coherent Corp. (\*) | 2190 | 521680 |
| Mirion Technologies, Inc. (\*) | 31243 | 580807 |
|  |  | 1972836 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** | **Lazard US Small Cap Equity Select Portfolio (continued)** | **Lazard US Small Cap Equity Select Portfolio (continued)** |
| **Energy Equipment & Services \| 4.9%** | **Energy Equipment & Services \| 4.9%** |  |
| Atlas Energy Solutions, Inc. | 44660 | $585939 |
| Cactus, Inc., Class A | 11724 | 555366 |
| Kodiak Gas Services, Inc. | 7889 | 460087 |
|  |  | 1601392 |
| **Entertainment \| 1.9%** |  |  |
| Roku, Inc. (\*) | 6589 | 623451 |
| **Food Products \| 1.1%** |  |  |
| Once Upon a Farm PBC | 21222 | 346980 |
| **Ground Transportation \| 2.0%** |  |  |
| Landstar System, Inc. | 3952 | 633545 |
| **Health Care Equipment & Supplies \| 2.8%** |  |  |
| Enovis Corp. (\*) | 21700 | 493675 |
| TransMedics Group, Inc. (\*) | 4139 | 411458 |
|  |  | 905133 |
| **Health Care Providers & Services \| 1.6%** | **Health Care Providers & Services \| 1.6%** |  |
| Guardian Pharmacy Services, Inc., Class A (\*) | 13937 | 524868 |
| **Health Care REITs \| 1.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 9024 | 418894 |
| **Hotels, Restaurants & Leisure \| 5.2%** | **Hotels, Restaurants & Leisure \| 5.2%** |  |
| First Watch Restaurant Group, Inc. (\*) | 59336 | 621841 |
| Planet Fitness, Inc., Class A (\*) | 7549 | 561495 |
| Wyndham Hotels & Resorts, Inc. | 6049 | 491360 |
|  |  | 1674696 |
| **Insurance \| 2.1%** |  |  |
| First American Financial Corp. | 11235 | 677358 |
| **IT Services \| 1.8%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 6836 | 586392 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Leisure Products \| 1.0%** |  |  |
| Brunswick Corp. | 4491 | 326765 |
| **Life Sciences Tools & Services \| 0.7%** |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 78249 | 221445 |
| **Machinery \| 5.8%** |  |  |
| Gates Industrial Corp. PLC (\*) | 25399 | 574271 |
| Middleby Corp. (\*) | 4706 | 623922 |
| Toro Co. | 7334 | 685289 |
|  |  | 1883482 |
| **Media \| 1.8%** |  |  |
| NIQ Global Intelligence PLC | 51814 | 589125 |
| **Oil, Gas & Consumable Fuels \| 1.3%** | **Oil, Gas & Consumable Fuels \| 1.3%** |  |
| Antero Resources Corp. (\*) | 9927 | 421302 |
| **Pharmaceuticals \| 0.7%** |  |  |
| Axsome Therapeutics, Inc. (\*) | 1380 | 233248 |
| **Semiconductors & Semiconductor Equipment \| 5.0%** | **Semiconductors & Semiconductor Equipment \| 5.0%** | **Semiconductors & Semiconductor Equipment \| 5.0%** |
| Credo Technology Group Holding Ltd. (\*) | 3699 | 347225 |
| Diodes, Inc. (\*) | 6744 | 460346 |
| Onto Innovation, Inc. (\*) | 1763 | 361538 |
| Rambus, Inc. (\*) | 5461 | 469810 |
|  |  | 1638919 |
| **Software \| 3.3%** |  |  |
| ServiceTitan, Inc., Class A (\*) | 7949 | 504443 |
| Zeta Global Holdings Corp., Class A (\*) | 34564 | 550259 |
|  |  | 1054702 |
| **Specialized REITs \| 1.5%** |  |  |
| CubeSmart | 13221 | 484550 |
| **Specialty Retail \| 3.0%** |  |  |
| Bob's Discount Furniture, Inc. | 33069 | 388561 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (concluded)** | **Lazard US Small Cap Equity Select Portfolio (concluded)** | **Lazard US Small Cap Equity Select Portfolio (concluded)** |
| Floor & Decor Holdings, Inc., Class A (\*) | 11368 | $577494 |
|  |  | 966055 |
| **Trading Companies & Distributors \| 1.1%** |  |  |
| EquipmentShare.com, Inc., Class A | 16979 | 345862 |
| **Total Common Stocks** <br> (Cost $28,914,215) |  | 32220661 |
| **Short-Term Investments \| 1.2%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $391,383) | 391383 | 391383 |
| **Total Investments \| 100.4%** <br> (Cost $29,305,598) |  | $**32612044** |
| **Liabilities in Excess of Cash and Other Assets \| (0.4)%** | **Liabilities in Excess of Cash and Other Assets \| (0.4)%** | **(119248)** |
| **Net Assets \| 100.0%** |  | $**32492796** |

---

(\*) Non-income producing security. <br> (a) Affiliated investment.

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br>December 31,<br>2025 | Purchase<br>cost | Sales<br>proceeds | Realized<br>gain (loss) | Dividend<br>Income | Shares at<br>March 31, 2026 | Value at<br>March 31, 2026 |
| Lazard Government Money Market Portfolio | $186322 | $3736812 | $(3531751) | $– $– $| 3479 | 391383 | $391383 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Convertibles Portfolio** |  |  |
| **Common Stocks \| 0.1%** |  |  |
| **Specialty Retail \| 0.1%** |  |  |
| Wayfair, Inc., Class A<br> (Cost $13,347) (\*) | 171 | $12861 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Convertible Corporate Bonds \| 81.9%** |  |  |
| **Aerospace & Defense \| 0.4%** |  |  |
| AeroVironment, Inc., <br> Zero Coupon, 07/15/30 | $73 | $71613 |
| **Automobiles \| 1.6%** |  |  |
| Rivian Automotive, Inc., <br> 4.625%, 03/15/29 | 240 | 257550 |
| **Biotechnology \| 4.6%** |  |  |
| Alnylam Pharmaceuticals, Inc., <br> Zero Coupon, 09/15/28 (#) | 164 | 152317 |
| Bridgebio Pharma, Inc.,<br> 2.500%, 03/15/27 | 125 | 225219 |
| Cytokinetics, Inc., <br> 3.500%, 07/01/27 | 27 | 39535 |
| Halozyme Therapeutics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 02/15/31 (#) | 104 | 101608 |
| &nbsp;&nbsp;&nbsp;0.875%, 11/15/32 (#) | 103 | 101867 |
| Ionis Pharmaceuticals, Inc., <br> Zero Coupon, 12/01/30 (#) | 121 | 126369 |
|  |  | 746915 |
| **Capital Markets \| 2.4%** |  |  |
| Cipher Digital, Inc.,<br> Zero Coupon, 10/01/31 (#) | 93 | 103898 |
| Cleanspark, Inc., <br> Zero Coupon, 06/15/30 | 44 | 42592 |
| Core Scientific, Inc., <br> Zero Coupon, 06/15/31 (#) | 97 | 106336 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value |
| Terawulf, Inc.,<br> 1.000%, 09/01/31 (#) | $| 102 | $141678 |
|  |  |  | 394504 |
| **Commercial Services & Supplies \| 0.5%** | **Commercial Services & Supplies \| 0.5%** | **Commercial Services & Supplies \| 0.5%** |  |
| Affirm Holdings, Inc.,<br> 0.750%, 12/15/29 |  | 52 | 48791 |
| Stride, Inc.,<br> 1.125%, 09/01/27 |  | 18 | 31005 |
|  |  |  | 79796 |
| **Construction & Engineering \| 0.7%** |  |  |  |
| Fluor Corp.,<br> 1.125%, 08/15/29 |  | 48 | 59292 |
| Granite Construction, Inc.,<br> 3.250%, 06/15/30 |  | 35 | 57706 |
|  |  |  | 116998 |
| **Diversified REITs \| 2.6%** |  |  |  |
| Digital Realty Trust LP,<br> 1.875%, 11/15/29 (#) |  | 100 | 106113 |
| Welltower OP LLC,<br> 2.750%, 05/15/28 (#) |  | 158 | 328087 |
|  |  |  | 434200 |
| **Diversified Telecommunication Services \| 2.0%** | **Diversified Telecommunication Services \| 2.0%** | **Diversified Telecommunication Services \| 2.0%** |  |
| Applied Digital Corp.,<br> 2.750%, 06/01/30 |  | 20 | 53140 |
| AST SpaceMobile, Inc.,<br> 2.375%, 10/15/32 (#) |  | 136 | 200770 |
| InterDigital, Inc.,<br> 3.500%, 06/01/27 |  | 21 | 82005 |
|  |  |  | 335915 |
| **Electric Utilities \| 12.2%** |  |  |  |
| Alliant Energy Corp.,<br> 3.250%, 05/30/28 (#) |  | 87 | 92283 |
| CMS Energy Corp.,<br> 3.375%, 05/01/28 |  | 183 | 207019 |
| Duke Energy Corp.,<br> 3.000%, 03/15/29 (#) |  | 98 | 98661 |
| Evergy, Inc.,<br> 4.500%, 12/15/27 |  | 62 | 83716 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** |  |  |
| NextEra Energy Capital Holdings, Inc., <br> 3.000%, 03/01/27 | $| 346 | $| 480508 |
| PG&E Corp., <br> 4.250%, 12/01/27 |  | 351 |  | 363715 |
| PPL Capital Funding, Inc., <br> 3.000%, 12/01/30 (#) |  | 220 |  | 230120 |
| Southern Co., <br> 4.500%, 06/15/27 |  | 146 |  | 162358 |
| WEC Energy Group, Inc., <br> 4.375%, 06/01/29 |  | 223 |  | 276130 |
|  |  |  |  | 1994510 |
| **Electronic Equipment, Instruments & Components \| 2.1%** | **Electronic Equipment, Instruments & Components \| 2.1%** | **Electronic Equipment, Instruments & Components \| 2.1%** | **Electronic Equipment, Instruments & Components \| 2.1%** | **Electronic Equipment, Instruments & Components \| 2.1%** |
| Advanced Energy Industries, Inc., <br> 2.500%, 09/15/28 |  | 36 |  | 86627 |
| Itron, Inc., <br> 1.375%, 07/15/30 |  | 175 |  | 176312 |
| OSI Systems, Inc., <br> 0.500%, 02/01/31 (#) |  | 79 |  | 80817 |
|  |  |  |  | 343756 |
| **Entertainment \| 3.9%** |  |  |  |  |
| Liberty Media Corp.-Liberty Formula One, <br> 2.250%, 08/15/27 |  | 67 |  | 77452 |
| Live Nation Entertainment, Inc., <br> 2.875%, 01/15/30 |  | 519 |  | 560520 |
|  |  |  |  | 637972 |
| **Financial Services \| 2.1%** |  |  |  |  |
| Coinbase Global, Inc., <br> 0.250%, 04/01/30 |  | 230 |  | 213958 |
| SoFi Technologies, Inc.,<br> 1.250%, 03/15/29 (#) |  | 43 |  | 78309 |
| Upstart Holdings, Inc., <br> 2.000%, 10/01/29 |  | 60 |  | 58776 |
|  |  |  |  | 351043 |
| **Health Care Equipment & Supplies \| 2.5%** | **Health Care Equipment & Supplies \| 2.5%** | **Health Care Equipment & Supplies \| 2.5%** |  |  |
| Guardant Health, Inc.,<br> 1.250%, 02/15/31 |  | 72 |  | 121164 |
| Integer Holdings Corp., <br> 1.875%, 03/15/30 |  | 84 |  | 80514 |
| IRhythm Holdings, Inc., <br> 1.500%, 09/01/29 |  | 96 |  | 105216 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value |
| Lantheus Holdings, Inc., <br> 2.625%, 12/15/27 | $| 43 | $51718 |
| Merit Medical Systems, Inc., <br> 3.000%, 02/01/29 (#) |  | 44 | 47146 |
|  |  |  | 405758 |
| **Interactive Media & Services \| 4.2%** | **Interactive Media & Services \| 4.2%** | **Interactive Media & Services \| 4.2%** |  |
| DoorDash, Inc.,<br> Zero Coupon, 05/15/30 (#) |  | 338 | 308594 |
| Hims & Hers Health, Inc., <br> Zero Coupon, 05/15/30 (#) |  | 70 | 52550 |
| Uber Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 05/15/28 (#) |  | 80 | 78300 |
| &nbsp;&nbsp;&nbsp;Series 20280.875%, 12/01/28 |  | 153 | 184250 |
| Wayfair, Inc., <br> 3.500%, 11/15/28 |  | 33 | 57701 |
|  |  |  | 681395 |
| **IT Services \| 14.3%** |  |  |  |
| Lumentum Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 03/15/32 (#) |  | 118 | 454834 |
| &nbsp;&nbsp;&nbsp;0.500%, 06/15/28 |  | 108 | 578801 |
| Parsons Corp., <br> 2.625%, 03/01/29 |  | 114 | 112461 |
| Rubrik, Inc., <br> Zero Coupon, 06/15/30 (#) |  | 150 | 129638 |
| Seagate HDD Cayman, <br> 3.500%, 06/01/28 |  | 35 | 166283 |
| Western Digital Corp., <br> 3.000%, 11/15/28 |  | 93 | 666061 |
| Zscaler, Inc., <br> Zero Coupon, 07/15/28 (#) |  | 258 | 235011 |
|  |  |  | 2343089 |
| **Leisure Products \| 0.7%** |  |  |  |
| NCL Corp. Ltd., <br> 0.875%, 04/15/30 (#) |  | 72 | 74900 |
| Peloton Interactive, Inc., <br> 5.500%, 12/01/29 |  | 27 | 36180 |
|  |  |  | 111080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Machinery \| 1.2%** |  |  |  |  |
| Bloom Energy Corp., <br> Zero Coupon, 11/15/30 (#) | $| 192 | $| 204922 |
| **Metals & Mining \| 1.8%** |  |  |  |  |
| Centrus Energy Corp., <br> Zero Coupon, 08/15/32 (#) |  | 103 |  | 109463 |
| MP Materials Corp., <br> 3.000%, 03/01/30 (#) |  | 79 |  | 188415 |
|  |  |  |  | 297878 |
| **Oil, Gas & Consumable Fuels \| 2.1%** | **Oil, Gas & Consumable Fuels \| 2.1%** | **Oil, Gas & Consumable Fuels \| 2.1%** |  |  |
| Crescent Energy Co., <br> 2.750%, 03/15/31 (#) |  | 90 |  | 103545 |
| Northern Oil & Gas, Inc., <br> 3.625%, 04/15/29 |  | 90 |  | 99031 |
| Solaris Energy Infrastructure, Inc., <br> 0.250%, 10/01/31 |  | 118 |  | 147942 |
|  |  |  |  | 350518 |
| **Passenger Airlines \| 0.1%** |  |  |  |  |
| JetBlue Airways Corp., <br> 2.500%, 09/01/29 |  | 25 |  | 24144 |
| **Pharmaceuticals \| 2.6%** |  |  |  |  |
| Jazz Investments I Ltd., <br> 2.000%, 06/15/26 |  | 200 |  | 243100 |
| Zoetis, Inc.,<br> 0.250%, 06/15/29 (#) |  | 176 |  | 175120 |
|  |  |  |  | 418220 |
| **Semiconductors & Semiconductor Equipment \| 2.4%** | **Semiconductors & Semiconductor Equipment \| 2.4%** | **Semiconductors & Semiconductor Equipment \| 2.4%** | **Semiconductors & Semiconductor Equipment \| 2.4%** | **Semiconductors & Semiconductor Equipment \| 2.4%** |
| Microchip Technology, Inc., <br> 0.750%, 06/01/30 |  | 136 |  | 134735 |
| MKS, Inc.,<br> 1.250%, 06/01/30 |  | 62 |  | 102579 |
| ON Semiconductor Corp., <br> 0.500%, 03/01/29 |  | 151 |  | 147980 |
|  |  |  |  | 385294 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Software \| 13.8%** |  |  |
| Akamai Technologies, Inc., <br> 0.375%, 09/01/27 | $358 | $415638 |
| Cloudflare, Inc.,<br> Zero Coupon, 08/15/26 | 207 | 242720 |
| CoreWeave, Inc., <br> 1.750%, 12/01/31 (#) | 150 | 150728 |
| Datadog, Inc., <br> Zero Coupon, 12/01/29 | 236 | 228979 |
| DigitalOcean Holdings, Inc., <br> Zero Coupon, 08/15/30 (#) | 36 | 82512 |
| Dropbox, Inc., <br> Zero Coupon, 03/01/28 | 127 | 120713 |
| Guidewire Software, Inc., <br> 1.250%, 11/01/29 | 57 | 56893 |
| Nutanix, Inc., <br> 0.250%, 10/01/27 | 88 | 89839 |
| Snowflake, Inc., <br> Zero Coupon, 10/01/27 | 205 | 242515 |
| Strategy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/29 | 511 | 425408 |
| &nbsp;&nbsp;&nbsp;0.625%, 03/15/30 | 177 | 204019 |
|  |  | 2259964 |
| **Specialty Retail \| 1.1%** |  |  |
| GameStop Corp., <br> Zero Coupon, 04/01/30 (#) | 168 | 173292 |
| **Total Convertible Corporate Bonds**<br> (Cost $12,273,811) |  | 13420326 |
| Description | Shares | Fair<br> Value |
| **Preferred Stocks \| 12.7%** |  |  |
| **Aerospace & Defense \| 2.6%** |  |  |
| Boeing Co. | 6628 | $430025 |
| **Banks \| 3.4%** |  |  |
| Bank of America Corp., Series L | 240 | 285975 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Lazard US Convertibles Portfolio (concluded)** | **Lazard US Convertibles Portfolio (concluded)** |  |  |
| Wells Fargo & Co., Class A, Series L | 241 | $| 278355 |
|  |  |  | 564330 |
| **Capital Markets \| 0.9%** |  |  |  |
| ARES Management Corp., Series B | 1346 |  | 48698 |
| KKR & Co., Inc., Series D | 2300 |  | 92506 |
|  |  |  | 141204 |
| **Chemicals \| 1.2%** |  |  |  |
| Albemarle Corp. | 2636 |  | 189397 |
| **Financial Services \| 0.8%** |  |  |  |
| Apollo Global Management, Inc. | 1652 |  | 96576 |
| Shift4 Payments, Inc. | 695 |  | 37280 |
|  |  |  | 133856 |
| **Life Sciences Tools & Services \| 0.4%** |  |  |  |
| Bruker Corp. (\*) | 233 |  | 65764 |
| **Semiconductors & Semiconductor Equipment \| 1.1%** | **Semiconductors & Semiconductor Equipment \| 1.1%** | **Semiconductors & Semiconductor Equipment \| 1.1%** | **Semiconductors & Semiconductor Equipment \| 1.1%** |
| Microchip Technology, Inc. | 3125 |  | 178031 |
| **Software \| 1.8%** |  |  |  |
| Oracle Corp., Series D (\*) | 6508 |  | 292925 |
| **Technology Hardware, Storage & Peripherals \| 0.5%** | **Technology Hardware, Storage & Peripherals \| 0.5%** | **Technology Hardware, Storage & Peripherals \| 0.5%** | **Technology Hardware, Storage & Peripherals \| 0.5%** |
| Hewlett Packard Enterprise Co. | 1367 |  | 88185 |
| **Total Preferred Stocks**<br> (Cost $2,075,379) |  |  | 2083717 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 5.5%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $906,129) | 906129 | $906129 |
| **Total Investments \| 100.2%**<br> (Cost $15,268,666) |  | $**16423033** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** | **Liabilities in Excess of Cash and Other Assets \| (0.2)%** | **(40868)** |
| **Net Assets \| 100.0%** |  | $**16382165** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 28.2% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $762304 | $2190309 | $(2046484) | $– $– $| 5509 | 906129 | $906129 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio** |  |  |
| **Corporate Bonds \| 97.7%** |  |  |
| **Aerospace & Defense \| 2.4%** |  |  |
| Bombardier, Inc., <br> 8.750%, 11/15/30 (#) | $1750 | $1861198 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 500 | 491262 |
| &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 (#) | 1000 | 1012140 |
|  |  | 3364600 |
| **Automobile Components \| 3.7%** |  |  |
| American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/29 | 1500 | 1430916 |
| Goodyear Tire & Rubber Co., <br> 5.250%, 07/15/31 | 2000 | 1788890 |
| Tenneco, Inc., <br> 8.000%, 11/17/28 (#) | 2000 | 1992887 |
|  |  | 5212693 |
| **Automobiles \| 2.3%** |  |  |
| Allison Transmission, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 10/01/27 (#) | 1295 | 1286972 |
| &nbsp;&nbsp;&nbsp;5.875%, 12/01/33 (#) | 2000 | 1987739 |
|  |  | 3274711 |
| **Building Products \| 2.2%** |  |  |
| Griffon Corp., <br> 5.750%, 03/01/28 | 1750 | 1746316 |
| Standard Industries, Inc., <br> 3.375%, 01/15/31 (#) | 1500 | 1344550 |
|  |  | 3090866 |
| **Chemicals \| 4.9%** |  |  |
| Methanex Corp., <br> 5.125%, 10/15/27 | 1750 | 1739107 |
| Methanex U.S. Operations, Inc.,<br> 6.250%, 03/15/32 (#) | 2000 | 2046132 |
| NOVA Chemicals Corp.,<br> 4.250%, 05/15/29 (#) | 1750 | 1702365 |
| WR Grace Holdings LLC, <br> 6.625%, 08/15/32 (#) | 1500 | 1461533 |
|  |  | 6949137 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Commercial Services & Supplies \| 4.9%** | **Commercial Services & Supplies \| 4.9%** | **Commercial Services & Supplies \| 4.9%** |
| ADT Security Corp.,<br> 4.125%, 08/01/29 (#) | $2250 | $2149536 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., <br> 8.375%, 06/15/32 (#) | 2000 | 1989024 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., <br> 3.375%, 08/31/27 (#) | 1500 | 1459890 |
| Valvoline, Inc., <br> 3.625%, 06/15/31 (#) | 1500 | 1355610 |
|  |  | 6954060 |
| **Containers & Packaging \| 0.8%** |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 4.000%, 09/01/29 (#) | 1200 | 1098842 |
| **Diversified REITs \| 2.5%** |  |  |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/31 (#) | 3250 | 3051890 |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/29 (#) | 500 | 486469 |
|  |  | 3538359 |
| **Diversified Telecommunication Services \| 5.4%** | **Diversified Telecommunication Services \| 5.4%** | **Diversified Telecommunication Services \| 5.4%** |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.000%, 09/15/29 (#) | 1500 | 1575810 |
| Level 3 Financing, Inc., <br> 8.500%, 01/15/36 (#) | 2000 | 2086823 |
| Viasat, Inc.,<br> 7.500%, 05/30/31 (#) | 2000 | 1976416 |
| Zayo Group Holdings, Inc., <br> 9.250%, 03/09/30 (#) | 2037 | 2024682 |
|  |  | 7663731 |
| **Electric Utilities \| 3.7%** |  |  |
| NRG Energy, Inc.,<br> 3.625%, 02/15/31 (#) | 1500 | 1381277 |
| XPLR Infrastructure Operating Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 09/15/27 (#) | 1750 | 1732609 |
| &nbsp;&nbsp;&nbsp;8.625%, 03/15/33 (#) | 2000 | 2112838 |
|  |  | 5226724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** |
| **Electrical Equipment \| 1.9%** |  |  |  |  |
| Energizer Holdings, Inc.,<br> 4.750%, 06/15/28 (#) | $| 1700 | $| 1673357 |
| WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 04/15/31 (#) |  | 500 |  | 497015 |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/34 (#) |  | 500 |  | 492425 |
|  |  |  |  | 2662797 |
| **Entertainment \| 1.0%** |  |  |  |  |
| Cinemark USA, Inc., <br> 5.250%, 07/15/28 (#) |  | 1500 |  | 1487176 |
| **Food Products \| 5.6%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, <br> 3.500%, 03/15/29 (#) |  | 1500 |  | 1430910 |
| Performance Food Group, Inc.,<br> 4.250%, 08/01/29 (#) |  | 1800 |  | 1729016 |
| Post Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 09/15/31 (#) |  | 1500 |  | 1394717 |
| &nbsp;&nbsp;&nbsp;6.250%, 10/15/34 (#) |  | 2000 |  | 1958413 |
| U.S. Foods, Inc.,<br> 4.625%, 06/01/30 (#) |  | 1500 |  | 1460543 |
|  |  |  |  | 7973599 |
| **Gas Utilities \| 0.7%** |  |  |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp.,<br> 9.375%, 06/01/28 (#) |  | 1000 |  | 1026631 |
| **Health Care Equipment & Supplies \| 1.5%** | **Health Care Equipment & Supplies \| 1.5%** | **Health Care Equipment & Supplies \| 1.5%** | **Health Care Equipment & Supplies \| 1.5%** | **Health Care Equipment & Supplies \| 1.5%** |
| Bausch & Lomb Corp., <br> 8.375%, 10/01/28 (#) |  | 2000 |  | 2065000 |
| **Health Care Providers & Services \| 3.6%** | **Health Care Providers & Services \| 3.6%** | **Health Care Providers & Services \| 3.6%** | **Health Care Providers & Services \| 3.6%** | **Health Care Providers & Services \| 3.6%** |
| Encompass Health Corp.,<br> 4.625%, 04/01/31 |  | 1849 |  | 1784874 |
| LifePoint Health, Inc., <br> 5.375%, 01/15/29 (#) |  | 2000 |  | 1928707 |
| Tenet Healthcare Corp., <br> 4.375%, 01/15/30 |  | 1500 |  | 1452865 |
|  |  |  |  | 5166446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| **Hotel & Resort REITs \| 2.2%** |  |  |  |  |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, <br> 4.875%, 05/15/29 (#) | $| 1500 | $| 1439845 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 4.500%, 02/15/29 (#) |  | 1750 |  | 1696443 |
|  |  |  |  | 3136288 |
| **Hotels, Restaurants & Leisure \| 3.5%** | **Hotels, Restaurants & Leisure \| 3.5%** | **Hotels, Restaurants & Leisure \| 3.5%** | **Hotels, Restaurants & Leisure \| 3.5%** | **Hotels, Restaurants & Leisure \| 3.5%** |
| Boyd Gaming Corp., <br> 4.750%, 06/15/31 (#) |  | 2000 |  | 1901628 |
| Station Casinos LLC, <br> 4.625%, 12/01/31 (#) |  | 1750 |  | 1633958 |
| Travel & Leisure Co., <br> 4.500%, 12/01/29 (#) |  | 1500 |  | 1434358 |
|  |  |  |  | 4969944 |
| **Household Durables \| 1.2%** |  |  |  |  |
| Somnigroup International, Inc., <br> 4.000%, 04/15/29 (#) |  | 1750 |  | 1682892 |
| **Interactive Media & Services \| 1.0%** | **Interactive Media & Services \| 1.0%** | **Interactive Media & Services \| 1.0%** | **Interactive Media & Services \| 1.0%** | **Interactive Media & Services \| 1.0%** |
| Ziff Davis, Inc., <br> 4.625%, 10/15/30 (#) |  | 1500 |  | 1414300 |
| **IT Services \| 2.3%** |  |  |  |  |
| NCR Atleos Corp., <br> 9.500%, 04/01/29 (#) |  | 1500 |  | 1605664 |
| NCR Voyix Corp., <br> 5.125%, 04/15/29 (#) |  | 1750 |  | 1673800 |
|  |  |  |  | 3279464 |
| **Machinery \| 1.4%** |  |  |  |  |
| Terex Corp., <br> 5.000%, 05/15/29 (#) |  | 2000 |  | 1970411 |
| **Media \| 11.2%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 (#) |  | 1500 |  | 1423311 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 (#) |  | 154 |  | 153826 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** | **Lazard US High Yield Portfolio (continued)** |
| Clear Channel Outdoor Holdings, Inc.,<br> 7.750%, 04/15/28 (#) | $| 2000 | $| 2009490 |
| DISH Network Corp., <br> 11.750%, 11/15/27 (#) |  | 2000 |  | 2060490 |
| Gray Media, Inc., <br> 4.750%, 10/15/30 (#) |  | 2000 |  | 1543154 |
| Lamar Media Corp., <br> 3.625%, 01/15/31 |  | 1500 |  | 1388074 |
| Nexstar Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 07/15/27 (#) |  | 1500 |  | 1499286 |
| &nbsp;&nbsp;&nbsp;6.500%, 09/15/33 (#) |  | 100 |  | 100762 |
| &nbsp;&nbsp;&nbsp;7.250%, 04/15/34 (#) |  | 100 |  | 100298 |
| Scripps Escrow II, Inc., <br> 3.875%, 01/15/29 (#) |  | 1000 |  | 924945 |
| Sirius XM Radio LLC, <br> 3.875%, 09/01/31 (#) |  | 1000 |  | 907919 |
| Univision Communications, Inc., <br> 9.375%, 08/01/32 (#) |  | 2000 |  | 2061231 |
| Virgin Media Secured Finance PLC,<br> 4.500%, 08/15/30 (#) |  | 2000 |  | 1773697 |
|  |  |  |  | 15946483 |
| **Oil, Gas & Consumable Fuels \| 16.0%** | **Oil, Gas & Consumable Fuels \| 16.0%** | **Oil, Gas & Consumable Fuels \| 16.0%** | **Oil, Gas & Consumable Fuels \| 16.0%** | **Oil, Gas & Consumable Fuels \| 16.0%** |
| Borr IHC Ltd./Borr Finance LLC,<br> 10.375%, 11/15/30 (#) |  | 1580 |  | 1597336 |
| Buckeye Partners LP, <br> 4.500%, 03/01/28 (#) |  | 1500 |  | 1475209 |
| Comstock Resources, Inc., <br> 6.750%, 03/01/29 (#) |  | 1500 |  | 1480549 |
| Crescent Energy Finance LLC,<br> 7.875%, 04/15/32 (#) |  | 2000 |  | 2043314 |
| CVR Energy, Inc.,<br> 7.500%, 02/15/31 (#) |  | 1500 |  | 1511200 |
| Kodiak Gas Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 04/01/31 (#) |  | 250 |  | 251238 |
| &nbsp;&nbsp;&nbsp;6.750%, 10/01/35 (#) |  | 2000 |  | 2031824 |
| &nbsp;&nbsp;&nbsp;7.250%, 02/15/29 (#) |  | 1750 |  | 1813096 |
| Nabors Industries, Inc., <br> 9.125%, 01/31/30 (#) |  | 1500 |  | 1574987 |
| Range Resources Corp., <br> 4.750%, 02/15/30 (#) |  | 1750 |  | 1706348 |
| SM Energy Co., <br> 8.750%, 07/01/31 (#) |  | 2000 |  | 2090584 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,<br> 5.500%, 01/15/28 (#) |  | 1250 |  | 1239426 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| Transocean International Ltd.,<br> 8.750%, 02/15/30 (#) | $1610 | $1674711 |
| Venture Global LNG, Inc., <br> 9.875%, 02/01/32 (#) | 2000 | 2147976 |
|  |  | 22637798 |
| **Pharmaceuticals \| 1.4%** |  |  |
| 1261229 BC Ltd.,<br> 10.000%, 04/15/32 (#) | 2000 | 2047688 |
| **Software \| 4.5%** |  |  |
| Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 03/31/29 (#) | 1000 | 975570 |
| &nbsp;&nbsp;&nbsp;9.000%, 09/30/29 (#) | 1500 | 1447011 |
| CoreWeave, Inc., <br> 9.250%, 06/01/30 (#) | 2000 | 1943319 |
| OAK-Eagle Acquireco, Inc., <br> 8.750%, 07/01/34 (#) | 2000 | 2093783 |
|  |  | 6459683 |
| **Specialty Retail \| 5.9%** |  |  |
| Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 03/01/28 | 987 | 969234 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/32 (#) | 750 | 710259 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 (#) | 500 | 477864 |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 (#) | 2000 | 1868105 |
| Group 1 Automotive, Inc., <br> 4.000%, 08/15/28 (#) | 1000 | 967713 |
| Penske Automotive Group, Inc., <br> 3.750%, 06/15/29 | 1750 | 1665033 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.,<br> 5.000%, 06/01/31 (#) | 1750 | 1646537 |
|  |  | 8304745 |
| **Total Corporate Bonds**<br> (Cost $140,913,929) |  | 138605068 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US High Yield Portfolio (concluded)** | **Lazard US High Yield Portfolio (concluded)** | **Lazard US High Yield Portfolio (concluded)** |
| **Short-Term Investments \| 2.6%** | **Short-Term Investments \| 2.6%** | **Short-Term Investments \| 2.6%** |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $3,707,140) | 3707140 | $3707140 |
| **Total Investments \| 100.3%**<br> (Cost $144,621,069) |  | $**142312208** |
| **Liabilities in Excess of Cash and Other Assets \| (0.3)%** | **Liabilities in Excess of Cash and Other Assets \| (0.3)%** | **(431227)** |
| **Net Assets \| 100.0%** |  | $**141880981** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 87.5% of net assets of the Portfolio. |
| (a) | Affiliated investment. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $2253644 | $23677197 | $(22223701) | $– $– $| 23107 | 3707140 | $3707140 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio** | **Lazard US Short Duration Fixed Income Portfolio** | **Lazard US Short Duration Fixed Income Portfolio** |
| **Asset-Backed Securities \| 2.6%** |  |  |
| **Financial Services \| 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Business Jet Securities LLC, Series 2022-1A, Class A,<br> 4.455%, 06/15/37 (#) | $417 | $412826 |
| **Ground Transportation \| 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TRP LLC, Series 2021-1, Class A,<br> 2.070%, 06/19/51 (#) | 476 | 461040 |
| **Total Asset-Backed Securities**<br> (Cost $839,102) |  | 873866 |
| **Corporate Bonds \| 31.6%** |  |  |
| **Aerospace & Defense \| 1.9%** |  |  |
| Boeing Co.,<br> 3.200%, 03/01/29 | 675 | 651034 |
| **Automobiles \| 6.5%** |  |  |
| American Honda Finance Corp.,<br> 5.250%, 07/07/26 | 800 | 801527 |
| Ford Motor Credit Co. LLC,<br> 4.125%, 08/17/27 | 675 | 666256 |
| General Motors Financial Co., Inc.,<br> 5.000%, 04/09/27 | 700 | 703102 |
|  |  | 2170885 |
| **Banks \| 14.5%** |  |  |
| Bank of America Corp.,<br> 2.551% (SOFR+1.050%), 02/04/28 (§) | 1050 | 1033994 |
| Citigroup, Inc.,<br> 3.887% (SOFR+1.825%), 01/10/28 (§) | 1025 | 1020059 |
| Goldman Sachs Group, Inc.,<br> 4.148% (SOFR+0.710%), 01/21/29 (§) | 575 | 571452 |
| JPMorgan Chase & Co.,<br> 4.851% (SOFR+1.990%), 07/25/28 (§) | 950 | 954675 |
| Morgan Stanley,<br> 1.593% (SOFR+0.879%), 05/04/27 (§) | 625 | 623265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| Wells Fargo & Co.,<br>3.196% (SOFR+1.432%), 06/17/27 (§) | $| 675 | $| 673080 |
|  |  |  |  | 4876525 |
| **Diversified Telecommunication Services \| 2.2%** | **Diversified Telecommunication Services \| 2.2%** | **Diversified Telecommunication Services \| 2.2%** | **Diversified Telecommunication Services \| 2.2%** | **Diversified Telecommunication Services \| 2.2%** |
| T-Mobile USA, Inc.,<br>2.625%, 04/15/26 |  | 725 |  | 724467 |
| **Health Care Providers & Services \| 2.0%** | **Health Care Providers & Services \| 2.0%** | **Health Care Providers & Services \| 2.0%** |  |  |
| HCA, Inc.,<br> 4.500%, 02/15/27 |  | 675 |  | 675001 |
| **Interactive Media & Services \| 0.8%** | **Interactive Media & Services \| 0.8%** | **Interactive Media & Services \| 0.8%** |  |  |
| Alphabet, Inc.,<br>3.875%, 11/15/28 |  | 275 |  | 274109 |
| **Oil, Gas & Consumable Fuels \| 1.9%** | **Oil, Gas & Consumable Fuels \| 1.9%** | **Oil, Gas & Consumable Fuels \| 1.9%** |  |  |
| Energy Transfer LP,<br>5.500%, 06/01/27 |  | 650 |  | 656023 |
| **Semiconductors & Semiconductor Equipment \| 1.8%** | **Semiconductors & Semiconductor Equipment \| 1.8%** | **Semiconductors & Semiconductor Equipment \| 1.8%** | **Semiconductors & Semiconductor Equipment \| 1.8%** | **Semiconductors & Semiconductor Equipment \| 1.8%** |
| Intel Corp.,<br>3.750%, 08/05/27 |  | 600 |  | 594927 |
| **Total Corporate Bonds**<br>(Cost $10,598,704) |  |  |  | 10622971 |
| **Mortgage-Backed Securities \| 2.2%** | **Mortgage-Backed Securities \| 2.2%** | **Mortgage-Backed Securities \| 2.2%** |  |  |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A,<br>2.130%, 09/10/39 (#)<br>(Cost $691,804) |  | 750 |  | 722684 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (continued)** | **Lazard US Short Duration Fixed Income Portfolio (continued)** | **Lazard US Short Duration Fixed Income Portfolio (continued)** |
| **U.S. Treasury Securities \| 61.8%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/31/27 | $935 | $937885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/31/28 | 1445 | 1436759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/15/28 | 1585 | 1568655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/15/28 | 1110 | 1101372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 11830 | 11734343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/29 | 4030 | 3994423 |
| **Total U.S. Treasury Securities**<br>(Cost $20,858,812) |  | 20773437 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br>(Cost $81,572) | 81572 | $81572 |
| **Total Investments \| 98.4%** |  |  |
| (Cost $33,069,994) |  | $**33074530** |
| **Cash and Other Assets in Excess of Liabilites \| 1.6%** | **Cash and Other Assets in Excess of Liabilites \| 1.6%** | **537979** |
| **Net Assets \| 100.0%** |  | $**33612509** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 4.7% of net assets of the Portfolio. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2026. |
| (a) | Affiliated investment. |

---

**Lazard US Short Duration Fixed Income Portfolio (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $98880 | $3117064 | $(3134372) | $– $– $| 1887 | 81572 | $81572 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio** | **Lazard Enhanced Opportunities Portfolio** |  |
| **Common Stocks \| 0.4%** |  |  |
| **Canada \| 0.0%** |  |  |
| Premium Brands Holdings Corp. (±) | 96 | $5668 |
| **China \| 0.0%** |  |  |
| indie Semiconductor, Inc., Class A (\*), (±) | 4411 | 14203 |
| **Luxembourg \| 0.1%** |  |  |
| Vinty Holding 5 SA (\*), (¢) | 20125249 | 20125 |
| **Netherlands \| 0.0%** |  |  |
| Pharming Group NV (\*) | 4361 | 7239 |
| **Norway \| 0.0%** |  |  |
| T1 Energy, Inc. (\*), (±) | 120 | 527 |
| **South Africa \| 0.0%** |  |  |
| Caledonia Mining Corp. PLC | 585 | 13215 |
| **United States \| 0.3%** |  |  |
| Arrowhead Pharmaceuticals, Inc. (\*) | 45 | 2821 |
| Aurora Innovation, Inc. (\*) | 838 | 3453 |
| Bill Holdings, Inc. (\*) | 862 | 33015 |
| Bitdeer Technologies Group, Class A (\*), (±) | 45 | 389 |
| Cleanspark, Inc. (\*), (±) | 37 | 315 |
| Cloudflare, Inc., Class A (\*) | 91 | 18777 |
| CorMedix, Inc. (\*), (±) | 2368 | 16079 |
| Cracker Barrel Old Country Store, Inc. (±) | 192 | 5397 |
| Galaxy Digital, Inc., Class A (\*), (±) | 2 | 37 |
| InterDigital, Inc. | 58 | 17516 |
| Lucid Group, Inc. (\*), (±) | 1798 | 17135 |
| Match Group, Inc. | 123 | 3777 |
| PAR Technology Corp. (\*), (±) | 1967 | 26220 |
| Porch Group, Inc. (\*) | 232 | 1663 |
| PPL Corp. | 531 | 20284 |
| Progress Software Corp. (\*), (±) | 23 | 590 |
| Varonis Systems, Inc. (\*), (±) | 477 | 10241 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| WisdomTree, Inc. (±) | 3280 | $47757 |
|  |  | 225466 |
| **Total Common Stocks**<br>(Cost $814,667) |  | 286443 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Convertible Corporate Bonds \| 43.6%** | **Convertible Corporate Bonds \| 43.6%** | **Convertible Corporate Bonds \| 43.6%** |  |
| **Australia \| 0.2%** |  |  |  |
| Telix Pharmaceuticals Ltd.,<br>2.375%, 07/30/29 (\*\*), (±) | AUD | 200 | $136024 |
| **Canada \| 0.5%** |  |  |  |
| Canadian Solar, Inc.,<br>3.250%, 01/15/31 (#), (±) | USD | 59 | 46964 |
| Premium Brands Holdings Corp.,<br>5.500%, 12/31/32 (±) | CAD | 38 | 27475 |
| StorageVault Canada, Inc.,<br>5.000%, 03/31/28 (#), (±) | CAD | 342 | 248061 |
|  |  |  | 322500 |
| **China \| 5.6%** |  |  |  |
| H World Group Ltd.,<br> 3.000%, 05/01/26 (±) | USD | 252 | 339066 |
| indie Semiconductor, Inc.:<br>3.500%, 12/15/29 (#), (±) | USD | 85 | 82025 |
| &nbsp;&nbsp;&nbsp;4.000%, 03/15/31 (#), (±) | USD | 149 | 160175 |
| Lenovo Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 08/26/29 (\*\*), (±) | USD | 660 | 803715 |
| Li Auto, Inc.,<br>0.250%, 05/01/28 (±) | USD | 171 | 171043 |
| Ping An Insurance Group Co. of China Ltd.,<br>0.875%, 07/22/29 (\*\*), (±) | USD | 1400 | 2077600 |
| Silvercorp Metals, Inc.,<br>4.750%, 12/15/29 (±) | USD | 122 | 313369 |
|  |  |  | 3946993 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |
| **India \| 0.1%** |  |  |  |
| MakeMyTrip Ltd.,<br> Zero Coupon, 07/01/30 (#), (±) | USD | 96 | $81072 |
| **Israel \| 0.0%** |  |  |  |
| Camtek Ltd.,<br> Zero Coupon, 09/15/30 (#), (±) | USD | 12 | 18798 |
| **Netherlands \| 1.0%** |  |  |  |
| Nebius Group NV,<br> 3.000%, 06/05/31 (#), (±) | USD | 96 | 208202 |
| Pharming Group NV,<br> 4.500%, 04/25/29 (\*\*), (±) | EUR | 300 | 494296 |
|  |  |  | 702498 |
| **Singapore \| 0.1%** |  |  |  |
| Grab Holdings Ltd.,<br> Zero Coupon, 06/15/30 (\*\*), (±) | USD | 46 | 44022 |
| **Switzerland \| 0.5%** |  |  |  |
| CRISPR Therapeutics AG,<br> 1.731%, 03/01/31 (#), (±) | USD | 372 | 364560 |
| **United States \| 35.6%** |  |  |  |
| Affirm Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 11/15/26 (±) | USD | 274 | 265780 |
| &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 (±) | USD | 15 | 14074 |
| Akamai Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 (±) | USD | 8 | 9288 |
| &nbsp;&nbsp;&nbsp;1.125%, 02/15/29 (±) | USD | 83 | 94998 |
| Alarm.com Holdings, Inc.,<br> 2.250%, 06/01/29 (±) | USD | 84 | 77543 |
| Alphatec Holdings, Inc.,<br>0.750%, 08/01/26 (±) | USD | 265 | 262350 |
| Amyris, Inc.,<br>Zero Coupon, 11/15/26 (¢), («) | USD | 938 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| Array Technologies, Inc.,<br>1.000%, 12/01/28 | USD | 19 | $17252 |
| Arrowhead Pharmaceuticals, Inc.,<br>Zero Coupon, 01/15/32 (±) | USD | 41 | 42521 |
| Astronics Corp.,<br>Zero Coupon, 01/15/31 (#), (±) | USD | 94 | 130989 |
| Avnet, Inc.,<br>1.750%, 09/01/30 (#), (±) | USD | 206 | 223716 |
| Bentley Systems, Inc.,<br>0.375%, 07/01/27 (±) | USD | 116 | 110316 |
| Bill Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 04/01/27 (±) | USD | 59 | 57083 |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 04/01/30 (±) | USD | 916 | 816843 |
| BioMarin Pharmaceutical, Inc.,<br>1.250%, 05/15/27 (±) | USD | 449 | 433274 |
| Bitdeer Technologies Group,<br>4.000%, 11/15/31 (#), (±) | USD | 38 | 31445 |
| BlackLine, Inc.,<br>1.000%, 06/01/29 (±) | USD | 33 | 31094 |
| Bloom Energy Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 (±) | USD | 222 | 1597690 |
| &nbsp;&nbsp;&nbsp;3.000%, 06/01/29 (±) | USD | 39 | 255575 |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 11/15/30 (#), (±) | USD | 38 | 40557 |
| Box, Inc.,<br>1.500%, 09/15/29 (±) | USD | 58 | 53302 |
| Bridgebio Pharma, Inc.,<br>2.500%, 03/15/27 (±) | USD | 482 | 868443 |
| Cheesecake Factory, Inc.,<br>0.375%, 06/15/26 (±) | USD | 47 | 46424 |
| Cipher Digital, Inc.,<br>Zero Coupon, 10/01/31 (#), (±) | USD | 86 | 96078 |
| Cloudflare, Inc.,<br>Zero Coupon, 06/15/30 (#), (±) | USD | 76 | 86317 |
| Coinbase Global, Inc.,<br>Zero Coupon, 10/01/32 (#) | USD | 48 | 38604 |
| Commvault Systems, Inc.,<br>Zero Coupon, 09/15/30 (#), (±) | USD | 1 | 811 |
| Compass, Inc.,<br>0.250%, 04/15/31 (#), (±) | USD | 54 | 45333 |
| CONMED Corp.,<br>2.250%, 06/15/27 (±) | USD | 1146 | 1112193 |
| Core Scientific, Inc.,<br>3.000%, 09/01/29 (#), (±) | USD | 245 | 392919 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |
| Cytokinetics, Inc.,<br>1.750%, 10/01/31 (#), (±) | USD | 41 | $52352 |
| Danimer Scientific, Inc.,<br>Zero Coupon, 12/15/26 (¢) | USD | 300 | 0 |
| Datadog, Inc.,<br>Zero Coupon, 12/01/29 (±) | USD | 48 | 46572 |
| Dexcom, Inc.,<br>0.375%, 05/15/28 (±) | USD | 759 | 699988 |
| DigitalOcean Holdings, Inc.,<br>Zero Coupon, 12/01/26 (±) | USD | 317 | 309947 |
| DoorDash, Inc.,<br>Zero Coupon, 05/15/30 (#), (±) | USD | 46 | 41998 |
| Dropbox, Inc.,<br>Zero Coupon, 03/01/28 (±) | USD | 535 | 508518 |
| Energy Vault Holdings, Inc.,<br>5.250%, 03/01/31 (#), (±) | USD | 77 | 74573 |
| Enovis Corp.,<br>3.875%, 10/15/28 (±) | USD | 406 | 392703 |
| Etsy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 09/01/27 (±) | USD | 97 | 90501 |
| &nbsp;&nbsp;&nbsp;0.250%, 06/15/28 (±) | USD | 719 | 643793 |
| Fastly, Inc.,<br>Zero Coupon, 12/15/30 (#), (±) | USD | 58 | 121237 |
| Fisker, Inc.,<br>Zero Coupon, 09/15/26 (#), (±), («) | USD | 769 | 1138 |
| Five9, Inc.,<br>1.000%, 03/15/29 (±) | USD | 672 | 586320 |
| Galaxy Digital Holdings LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 12/15/26 (#), (±) | USD | 250 | 258660 |
| &nbsp;&nbsp;&nbsp;2.500%, 12/01/29 (#), (±) | USD | 250 | 286728 |
| GameStop Corp.,<br>Zero Coupon, 06/15/32 (#), (±) | USD | 108 | 111672 |
| Green Plains, Inc.,<br>2.250%, 03/15/27 (±) | USD | 19 | 18934 |
| Greenbrier Cos., Inc.,<br>2.875%, 04/15/28 (±) | USD | 85 | 98464 |
| Groupon, Inc.,<br>Series UNRS4.875%, 06/30/30 (±) | USD | 47 | 38502 |
| Haemonetics Corp.,<br>2.500%, 06/01/29 (±) | USD | 99 | 94723 |
| Herbalife Ltd.,<br>4.250%, 06/15/28 (±) | USD | 30 | 36000 |
| Indivior Pharmaceuticals, Inc.,<br>0.625%, 03/15/31 (#), (±) | USD | 28 | 28560 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| Inotiv, Inc.,<br>3.250%, 10/15/27 (±) | USD | 313 | $75511 |
| JBT Marel Corp.,<br>0.375%, 09/15/30 (#), (±) | USD | 55 | 53432 |
| Lantheus Holdings, Inc.,<br>2.625%, 12/15/27 (±) | USD | 202 | 242956 |
| Liberty Interactive LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/29 (±) | USD | 418 | 20900 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/30 (±) | USD | 1073 | 42902 |
| Liberty Live Holdings, Inc.,<br>2.375%, 09/30/53 (#), (±) | USD | 1004 | 1603129 |
| Match Group Financeco 3, Inc.,<br>2.000%, 01/15/30 (#) | USD | 342 | 305064 |
| MGP Ingredients, Inc.,<br>1.875%, 11/15/41 (±) | USD | 545 | 525752 |
| Microchip Technology, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 02/15/30 (#), (±) | USD | 97 | 94793 |
| &nbsp;&nbsp;&nbsp;0.750%, 06/01/30 (±) | USD | 576 | 570643 |
| NCL Corp. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 02/15/27 (±) | USD | 228 | 222642 |
| &nbsp;&nbsp;&nbsp;0.875%, 04/15/30 (#), (±) | USD | 18 | 18725 |
| &nbsp;&nbsp;&nbsp;0.750%, 09/15/30 (#), (±) | USD | 145 | 134883 |
| Nutanix, Inc.,<br>0.500%, 12/15/29 (±) | USD | 130 | 117586 |
| Oddity Finance LLC,<br>Zero Coupon, 06/15/30 (#), (±) | USD | 312 | 213135 |
| ON Semiconductor Corp.,<br>0.500%, 03/01/29 (±) | USD | 456 | 446880 |
| Ormat Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series BZero Coupon, 03/15/31 (#), (±) | USD | 288 | 298440 |
| &nbsp;&nbsp;&nbsp;Series A1.500%, 03/15/31 (#), (±) | USD | 192 | 199862 |
| Pacira BioSciences, Inc.,<br>2.125%, 05/15/29 (±) | USD | 235 | 226940 |
| PagerDuty, Inc.,<br>1.500%, 10/15/28 (±) | USD | 23 | 20809 |
| PAR Technology Corp.,<br>4.000%, 03/15/31 (#), (±) | USD | 48 | 49632 |
| Parsons Corp.,<br>2.625%, 03/01/29 (±) | USD | 270 | 266355 |
| Patrick Industries, Inc.,<br>1.750%, 12/01/28 (±) | USD | 2 | 3471 |
| Pebblebrook Hotel Trust,<br>1.750%, 12/15/26 (±) | USD | 94 | 91793 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |
| Penguin Solutions, Inc.,<br>2.000%, 08/15/30 (±) | USD | 3 | $3023 |
| PG&E Corp.,<br>4.250%, 12/01/27 (±) | USD | 94 | 97405 |
| Pitney Bowes, Inc.,<br>1.500%, 08/15/30 (#), (±) | USD | 59 | 59619 |
| Porch Group, Inc.,<br>6.750%, 10/01/28 (#), (±) | USD | 257 | 256422 |
| Progress Software Corp.,<br>3.500%, 03/01/30 (±) | USD | 37 | 32963 |
| Rapid7, Inc.,<br>0.250%, 03/15/27 (±) | USD | 680 | 641920 |
| RealReal, Inc.,<br>4.000%, 02/15/31 (#), (±) | USD | 102 | 122094 |
| Rubrik, Inc.,<br>Zero Coupon, 06/15/30 (#), (±) | USD | 66 | 57041 |
| Sarepta Therapeutics, Inc.,<br>4.875%, 09/01/30 (#), (±) | USD | 146 | 122458 |
| Semtech Corp.,<br>1.625%, 11/01/27 (±) | USD | 70 | 147928 |
| Shift Technologies, Inc.,<br>Zero Coupon, 05/15/26 (#), (±), («) | USD | 850 | 935 |
| Shift4 Payments, Inc.,<br>0.500%, 08/01/27 (±) | USD | 914 | 860303 |
| Sirius XM Holdings, Inc.,<br>3.750%, 03/15/28 (±) | USD | 87 | 90626 |
| Snap, Inc.,<br>0.125%, 03/01/28 (±) | USD | 486 | 443572 |
| SoFi Technologies, Inc.,<br>1.250%, 03/15/29 (#), (±) | USD | 51 | 92879 |
| Spectrum Brands, Inc.,<br>3.375%, 06/01/29 (±) | USD | 74 | 74041 |
| Super Micro Computer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 (±) | USD | 69 | 55190 |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/30 (#), (±) | USD | 233 | 171228 |
| Tandem Diabetes Care, Inc.,<br>Series 20241.500%, 03/15/29 (±) | USD | 144 | 147045 |
| Tempus AI, Inc.,<br>0.750%, 07/15/30 (#), (±) | USD | 8 | 7646 |
| Tetra Tech, Inc.,<br>2.250%, 08/15/28 (±) | USD | 27 | 28327 |
| Uber Technologies, Inc.,<br>Zero Coupon, 05/15/28 (#), (±) | USD | 333 | 325924 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| Ultra Clean Holdings, Inc.,<br>Zero Coupon, 03/15/31 (#), (±) | USD | 19 | $20173 |
| Unity Software, Inc.,<br>Zero Coupon, 11/15/26 (±) | USD | 233 | 226709 |
| Upwork, Inc.,<br>0.250%, 08/15/26 (±) | USD | 547 | 536744 |
| Varonis Systems, Inc.,<br>1.000%, 09/15/29 (±) | USD | 462 | 404190 |
| Vishay Intertechnology, Inc.,<br>2.250%, 09/15/30 (±) | USD | 162 | 155844 |
| Wayfair, Inc.,<br>3.250%, 09/15/27 (±) | USD | 703 | 951588 |
| WisdomTree, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 08/15/29 (±) | USD | 37 | 50439 |
| &nbsp;&nbsp;&nbsp;4.500%, 10/01/31 (#), (±) | USD | 504 | 522799 |
| Workiva, Inc.,<br>1.250%, 08/15/28 (±) | USD | 358 | 336072 |
| Xometry, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 02/01/27 (±) | USD | 221 | 237022 |
| &nbsp;&nbsp;&nbsp;0.750%, 06/15/30 (#), (±) | USD | 76 | 89680 |
| Ziff Davis, Inc.,<br>3.625%, 03/01/28 (#), (±) | USD | 193 | 189864 |
| Zoetis, Inc.,<br>0.250%, 06/15/29 (#), (±) | USD | 8 | 7960 |
| Zscaler, Inc.,<br>Zero Coupon, 07/15/28 (#), (±) | USD | 47 | 42812 |
|  |  |  | 25251415 |
| **Total Convertible Corporate Bonds**<br> (Cost $33,351,373) |  |  | 30867882 |
| **Corporate Bonds \| 0.4%** |  |  |  |
| **Brazil \| 0.3%** |  |  |  |
| Gol Finance, Inc.,<br>14.375%, 06/06/30 (#), (±) | USD | 210 | 186275 |
| **Colombia \| 0.1%** |  |  |  |
| ABRA Global Finance,<br> 14.000%, 10/22/29 (#), (±) | USD | 121 | 114848 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |
| **Total Corporate Bonds**<br> (Cost $311,929) |  |  | $301123 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of <br> Contracts | Exercise<br> Price | Notional<br> Amount < | Fair<br> Value |
| **Purchased Options \| 0.0%** | **Purchased Options \| 0.0%** | **Purchased Options \| 0.0%** |  |  |  |
| **Call** |  |  |  |  |  |
| B2Gold Corp.,<br>Expires 04/17/26 | MSC | 5 | $5 | $2265 | $65 |
| Bridgebio Pharma, Inc.,<br>Expires 04/17/26 | MSC | 13 | 85 | 96538 | 330 |
| Dropbox, Inc.,<br>Expires 04/17/26 | MSC | 8 | 30 | 18176 | 40 |
| Galaxy Digital, Inc.,<br>Expires 04/17/26 | MSC | 9 | 35 | 33210 | 18 |
| Guardant Health, Inc.,<br>Expires 04/17/26 | MSC | 8 | 135 | 73808 | 88 |
| indie Semiconductor, Inc.,<br>Expires 05/15/26 | MSC | 51 | 4 | 16422 | 680 |
| Shift4 Payments, Inc.,<br>Expires 04/17/26 | MSC | 6 | 85 | 26238 | 6 |
| State Street SPDR S&P 500 ETF Trust,<br>Expires 04/01/26 | MSC | 19 | 660 | 1235646 | 380 |
| **Put** |  |  |  |  |  |
| Pagaya Technologies Ltd.,<br>Expires 04/17/26 | MSC | 18 | 10 | 20970 | 576 |
| **Total Purchased Options**<br>(Cost $30,645) |  |  |  |  | 2183 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **U.S. Treasury Securities \| 52.2%** | **U.S. Treasury Securities \| 52.2%** | **U.S. Treasury Securities \| 52.2%** |  |
| U.S. Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.652%, 04/28/26 (±) | USD | 2085 | $2079323 |
| &nbsp;&nbsp;&nbsp;3.662%, 05/12/26 (±) | USD | 2320 | 2310414 |
| &nbsp;&nbsp;&nbsp;3.678%, 05/21/26 (±) | USD | 1500 | 1492442 |
| &nbsp;&nbsp;&nbsp;3.664%, 05/26/26 (±) | USD | 3135 | 3117542 |
| &nbsp;&nbsp;&nbsp;3.661%, 05/28/26 (±) | USD | 2975 | 2957867 |
| &nbsp;&nbsp;&nbsp;3.672%, 06/04/26 (±) | USD | 4975 | 4943038 |
| &nbsp;&nbsp;&nbsp;3.682%, 06/09/26 (±) | USD | 2730 | 2711191 |
| &nbsp;&nbsp;&nbsp;3.686%, 06/16/26 (±) | USD | 3810 | 3781019 |
| &nbsp;&nbsp;&nbsp;3.655%, 06/18/26 (±) | USD | 4120 | 4087891 |
| &nbsp;&nbsp;&nbsp;3.671%, 06/23/26 (±) | USD | 2015 | 1998389 |
| &nbsp;&nbsp;&nbsp;3.642%, 06/25/26 (±) | USD | 4165 | 4129720 |
| &nbsp;&nbsp;&nbsp;3.658%, 07/02/26 (±) | USD | 1000 | 990792 |
| &nbsp;&nbsp;&nbsp;3.626%, 07/16/26 (±) | USD | 2425 | 2399374 |
| **Total U.S. Treasury Securities**<br> (Cost $37,001,664) |  |  | 36999002 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Warrants \| 0.0%** |  |  |
| **Singapore \| 0.0%** |  |  |
| Maxeon Solar Technologies Ltd.,<br>Expires 01/15/28 (\*), (¢) | 26550 | $0 |
| **United States \| 0.0%** |  |  |
| GameStop Corp.,<br>Expires 10/30/26 (\*), (±) | 390 | 1505 |
| Opendoor Technologies, Inc.,<br>Expires 11/20/26 (\*), (±) | 3 | 1 |
| Opendoor Technologies, Inc.,<br>Expires 11/20/26 (\*), (±) | 3 | 1 |
| Opendoor Technologies, Inc.,<br>Expires 11/20/26 (\*), (±) | 3 | 2 |
|  |  | 1509 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |
| **Total Warrants**<br>(Cost $0) |  | $1509 |
| **Short-Term Investments \| 5.0%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br>(Cost $3,573,189) | 3573189 | 3573189 |
| Total Investments excluding Securities Sold Short \| 101.6%<br> (Cost $75,083,467) |  | **72031331** |
| **Securities Sold Short \| (4.4)%** |  |  |
| **Common Stocks \| (4.4)%** |  |  |
| **Canada \| (0.0)%** |  |  |
| Canadian Solar, Inc. (±) | (1561) | (21620) |
| StorageVault Canada, Inc. | (2136) | (6756) |
|  |  | (28376) |
| **China \| (1.2)%** |  |  |
| Ping An Insurance Group Co. of China Ltd., Class H | (105600) | (823509) |
| **Netherlands \| (0.1)%** |  |  |
| Pharming Group NV (±) | (45337) | (75253) |
| **South Africa \| (0.0)%** |  |  |
| Caledonia Mining Corp. PLC | (585) | (13215) |
| **United States \| (3.1)%** |  |  |
| A10 Networks, Inc. | (334) | (7722) |
| Akamai Technologies, Inc. (±) | (26) | (2986) |
| Array Technologies, Inc. (±) | (339) | (2451) |
| Arrowhead Pharmaceuticals, Inc. (±) | (409) | (25644) |
| Astronics Corp. (±) | (154) | (10276) |
| Aurora Innovation, Inc. (±) | (837) | (3449) |
| Bill Holdings, Inc. (±) | (71) | (2719) |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Bloom Energy Corp., Class A (±) | (13505) | $(1829793) |
| Cloudflare, Inc., Class A (±) | (91) | (18777) |
| Core Scientific, Inc. | (2072) | (30997) |
| Cytokinetics, Inc. | (458) | (30187) |
| Energy Vault Holdings, Inc. (±) | (3043) | (10042) |
| JBT Marel Corp. (±) | (160) | (20459) |
| Match Group, Inc. (±) | (123) | (3777) |
| Microchip Technology, Inc. (±) | (44) | (2843) |
| Ormat Technologies, Inc. | (937) | (104869) |
| Pacira BioSciences, Inc. (±) | (848) | (19165) |
| Patrick Industries, Inc. (±) | (28) | (3110) |
| Porch Group, Inc. | (232) | (1664) |
| PPL Corp. | (531) | (20284) |
| Xometry, Inc., Class A (±) | (1235) | (50437) |
|  |  | (2201651) |
| **Total Common Stocks**<br>(Proceeds $2,855,440) |  | (3142004) |
| **Total Securities Sold Short**<br>(Proceeds $2,855,440) |  | **(3142004)** |
| **Total Investments \| 97.2%**<br> (Cost and short proceeds $72,228,027) (») |  | $**68889327** |
| **Cash and Other Assets in Excess of Liabilities \| 2.8%** | **Cash and Other Assets in Excess of Liabilities \| 2.8%** | **2002635** |
| **Net Assets \| 100.0%** |  | $**70891962** |

---

---

| | |
|:---|:---|
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (\*) | Non-income producing security. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (\*\*) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. March 31, 2026, these securities amounted to 5.0% of net assets of the Portfolio. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 12.2% of net assets of the Portfolio. |
| («) | Issue in default. |
| < | Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
| (a) | Affiliated investment. |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | |
|:---|:---|
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $2876234 | $32844977 | $(32148022) | $– $– $| 31195 | 3573189 | $3573189 |

---

**Forward Currency Contracts open at March 31, 2026:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | <br> Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;&nbsp;USD | 327963 | CAD | 448000 | SSB | 06/25/26 | $4735 | $— |
| &nbsp;&nbsp;&nbsp;USD | 167121 | EUR | 144000 | SSB | 06/25/26 | 43 |  |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts |  | $4778 | $— |

---

**Written Options at March 31, 2026:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of <br> Contracts | Strike<br> Price | Expiration<br> Date | Notional<br> Amount < | Premiums | Fair<br> Value |
| **Put** |  |  |  |  |  |  |  |
| Bridgebio Pharma, Inc. | MSC | 8 | $65 | 4/17/26 | $(59408) | $2714 | $(960) |
| Guardant Health, Inc. | MSC | 8 | 85 | 4/17/26 | (73808) | 5549 | (1920) |
| Total Written Options |  | 16 |  |  |  | $8263 | $(2880) |

---

< Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.

**Lazard Enhanced Opportunities Portfolio (continued)** 

**Total Return Swap Agreements open at March 31, 2026:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** |
| USD | BNP | $20722 | 11/17/28 | A10 Networks, Inc., 2.750%, 04/01/30 | 3.64% | $3397 | $— |
| USD | BNP | 191446 | 11/17/28 | ADTRAN Holdings, Inc., 3.750%, 09/15/30 | 3.64 | 1345 |  |
| USD | BNP | 903259 | 11/17/28 | Advanced Energy Industries, Inc., 2.500%, 09/15/28 | 3.64 | 16262 |  |
| USD | BNP | 481691 | 11/17/28 | Affirm Holdings, Inc., 0.750%, 12/01/29 | 3.64 |  | 59466 |
| USD | BNP | 170408 | 11/17/28 | Akamai Technologies, Inc., 0.250%, 05/15/33 | 3.64 | 3033 |  |
| USD | BNP | 73050 | 11/17/28 | Akamai Technologies, Inc., 0.375%, 09/01/27 | 3.64 | 104 |  |
| USD | BNP | 448511 | 11/17/28 | Akamai Technologies, Inc., 1.125%, 02/15/29 | 3.64 | 4099 |  |
| USD | BNP | 268432 | 11/17/28 | Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 3.64 |  | 9850 |
| USD | BNP | 27187 | 11/17/28 | ANI Pharmaceuticals, Inc., 2.250%, 09/01/29 | 3.64 |  | 3535 |
| USD | BNP | 2216825 | 11/17/28 | Applied Digital Corp., 2.750%, 06/01/30 | 3.64 |  | 217464 |
| USD | BNP | 2215321 | 11/17/28 | Applied Optoelectronics, Inc., 2.750%, 01/15/30 | 3.64 |  | 308829 |
| USD | BNP | 60445 | 11/17/28 | Array Technologies, Inc., 2.875%, 07/01/31 | 3.64 |  | 12798 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $415845 | 11/17/28 | Arrowhead Pharmaceuticals, Inc., 0.000%, 01/15/32 | 3.64% | $— | $30094 |
| USD | BNP | 143100 | 11/17/28 | Ascendis Pharma AS, 2.250%, 04/01/28 | 3.64 |  | 5291 |
| USD | BNP | 398545 | 11/17/28 | AST SpaceMobile, Inc., 2.375%, 10/15/32 | 3.64 |  | 71797 |
| USD | BNP | 117279 | 11/17/28 | Astronics Corp., 0.000%, 01/15/31 | 3.64 | 15089 |  |
| USD | BNP | 87621 | 11/17/28 | B2Gold Corp., 2.750%, 02/01/30 | 3.64 |  | 9783 |
| USD | BNP | 60849 | 11/17/28 | Bill Holdings, Inc. | 3.64 |  | 217 |
| USD | BNP | 460514 | 11/17/28 | BlackLine, Inc., 1.000%, 06/01/29 | 3.64 |  | 42622 |
| USD | BMO | 608032 | 04/01/27 | Bloom Energy Corp., 3.000%, 06/01/29 | 3.64 |  | 43597 |
| USD | BNP | 3465352 | 11/17/28 | Bloom Energy Corp., 3.000%, 06/01/29 | 3.64 | 91483 |  |
| USD | BNP | 65869 | 11/17/28 | Bloom Energy Corp., 0.001%, 11/15/30 | 3.64 |  | 6108 |
| USD | BNP | 2634290 | 11/17/28 | Bloom Energy Corp., 3.000%, 06/01/28 | 3.64 | 53527 |  |
| USD | BNP | 53445 | 11/17/28 | Bridgebio Pharma, Inc., 2.250%, 02/01/29 | 3.64 |  | 547 |
| USD | BNP | 483926 | 11/17/28 | Bridgebio Pharma, Inc., 2.500%, 03/15/27 | 3.64 | 33435 |  |
| USD | BNP | 79990 | 11/17/28 | Bridgebio Pharma, Inc., 1.750%, 03/01/31 | 3.64 |  | 113 |
| USD | BNP | 18856 | 11/17/28 | Camtek Ltd., 0.000%, 09/15/30 | 3.64 |  | 60 |
| USD | BNP | 144678 | 11/17/28 | Canadian Solar, Inc., 3.250%, 01/15/31 | 3.64 |  | 36285 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $90233 | 11/17/28 | Check Point Software Technologies Ltd., 0.000%, 12/15/30 | 3.64% | $— | $3661 |
| USD | NIP | 47934 | 11/30/27 | Cheesecake Factory, Inc. | 3.64 |  | 4191 |
| USD | BNP | 47823 | 11/17/28 | Cheesecake Factory, Inc., 0.375%, 06/15/26 | 3.64 |  | 364 |
| USD | BNP | 141590 | 11/17/28 | Cheesecake Factory, Inc. | 3.64 |  | 5796 |
| USD | SGN | 239077 | 01/29/27 | Cipher Digital, Inc., 0.000%, 10/01/31 | 3.64 |  | 73734 |
| USD | NIP | 1100942 | 11/30/27 | Cipher Digital, Inc., 1.750%, 05/15/30 | 3.64 |  | 164384 |
| USD | NIP | 286090 | 11/30/27 | Cipher Digital, Inc., 0.000%, 10/01/31 | 3.64 |  | 30126 |
| USD | BNP | 146562 | 11/17/28 | Cipher Digital, Inc., 0.000%, 10/01/31 | 3.64 |  | 19221 |
| USD | BNP | 824904 | 11/17/28 | Cipher Digital, Inc., 1.750%, 05/15/30 | 3.64 |  | 276203 |
| USD | NIP | 48100 | 11/30/27 | Cleanspark, Inc., 0.001%, 06/01/30 | 3.64 |  | 1682 |
| USD | BNP | 1006278 | 11/17/28 | Cloudflare, Inc., 0.000%, 06/15/30 | 3.64 |  | 12617 |
| USD | BNP | 839391 | 11/17/28 | Cloudflare, Inc., 0.000%, 08/15/26 | 3.64 |  | 39808 |
| USD | BNP | 33319 | 11/17/28 | Cogent Biosciences, Inc., 1.625%, 11/15/31 | 3.64 | 1187 |  |
| USD | BNP | 621511 | 11/17/28 | Cohu, Inc., 1.500%, 01/15/31 | 3.64 | 12521 |  |
| USD | BNP | 51679 | 11/17/28 | Collegium Pharmaceutical, Inc., 2.875%, 02/15/29 | 3.64 |  | 7306 |
| USD | BNP | 17149 | 11/17/28 | Commvault Systems, Inc., 0.000%, 09/15/30 | 3.64 |  | 1742 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $100046 | 11/17/28 | Compass, Inc., 0.250%, 04/15/31 | 3.64% | $— | $20252 |
| USD | BOA | 190393 | 03/04/27 | Core Scientific, Inc., 3.000%, 09/01/29 | 3.64 |  | 6269 |
| USD | NIP | 742716 | 11/30/27 | Core Scientific, Inc., 3.000%, 09/01/29 | 3.64 |  | 67306 |
| USD | NIP | 216714 | 11/30/27 | Core Scientific, Inc., 0.000%, 06/15/31 | 3.64 |  | 9175 |
| USD | BNP | 314876 | 11/17/28 | Core Scientific, Inc., 3.000%, 09/01/29 | 3.64 |  | 29001 |
| USD | BNP | 40817 | 11/17/28 | CoreWeave, Inc., 1.750%, 12/01/31 | 3.64 |  | 3445 |
| USD | BNP | 299578 | 11/17/28 | CorMedix, Inc., 4.000%, 08/01/30 | 3.64 |  | 49089 |
| USD | BNP | 262086 | 11/17/28 | CyberArk Software Ltd., 0.000%, 06/15/30 | 3.64 |  | 3764 |
| USD | BNP | 59314 | 11/17/28 | Cytokinetics, Inc., 1.750%, 10/01/31 | 3.64 |  | 1442 |
| USD | BNP | 297572 | 11/17/28 | Denison Mines Corp., 4.250%, 09/15/31 | 3.64 | 1698 |  |
| USD | BNP | 1267878 | 11/17/28 | DigitalOcean Holdings, Inc., 0.000%, 08/15/30 | 3.64 | 79662 |  |
| USD | BNP | 631274 | 11/17/28 | Dropbox, Inc., 0.000%, 03/01/28 | 3.64 |  | 40140 |
| USD | BNP | 496878 | 11/17/28 | Encore Capital Group, Inc., 4.000%, 03/15/29 | 3.64 | 96005 |  |
| USD | BNP | 50227 | 11/17/28 | Endeavour Silver Corp., 0.250%, 01/15/31 | 3.64 | 1828 |  |
| USD | BNP | 37077 | 11/17/28 | Enovis Corp., 3.875%, 10/15/28 | 3.64 |  | 632 |
| USD | BNP | 802230 | 11/17/28 | Eos Energy Enterprises, Inc., 6.750%, 06/15/30 | 3.64 |  | 476452 |
| USD | BNP | 304130 | 11/17/28 | Eos Energy Enterprises, Inc., 1.750%, 12/01/31 | 3.64 |  | 154453 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $1627461 | 11/17/28 | Equinox Gold Corp., 4.750%, 10/15/28 | 3.64% | $— | $1911 |
| USD | BNP | 1354542 | 11/17/28 | Evergy, Inc., 4.500%, 12/15/27 | 3.64 | 121959 |  |
| USD | BNP | 489533 | 11/17/28 | Fastly, Inc., 0.000%, 12/15/30 | 3.64 | 70607 |  |
| USD | BNP | 35274 | 11/17/28 | Fastly, Inc., 7.750%, 06/01/28 | 3.64 | 8057 |  |
| USD | BNP | 61874 | 11/17/28 | First Majestic Silver Corp., 0.125%, 01/15/31 | 3.64 |  | 711 |
| USD | BNP | 81257 | 11/17/28 | First Majestic Silver Corp., 0.375%, 01/15/27 | 3.64 | 239 |  |
| USD | BNP | 208949 | 11/17/28 | Fluence Energy, Inc., 2.250%, 06/15/30 | 3.64 |  | 20068 |
| USD | BNP | 642378 | 11/17/28 | Fluor Corp., 1.125%, 08/15/29 | 3.64 | 4331 |  |
| USD | BNP | 449082 | 11/17/28 | Fortuna Mining Corp., 3.750%, 06/01/29 | 3.64 | 25214 |  |
| USD | SGN | 415300 | 01/29/27 | Galaxy Digital Holdings LP, 2.500%, 12/01/29 | 3.64 |  | 126488 |
| USD | NIP | 35671 | 11/30/27 | Galaxy Digital Holdings LP, 0.500%, 05/01/31 | 3.64 |  | 1313 |
| USD | BNP | 510736 | 11/17/28 | GameStop Corp., 0.000%, 06/15/32 | 3.64 |  | 13445 |
| USD | BNP | 114189 | 11/17/28 | Golar LNG Ltd., 2.750%, 12/15/30 | 3.64 | 903 |  |
| USD | BNP | 48091 | 11/17/28 | Grab Holdings Ltd., 0.000%, 06/15/30 | 3.64 |  | 3118 |
| USD | BNP | 1205407 | 11/17/28 | Granite Construction, Inc., 3.750%, 05/15/28 | 3.64 | 104710 |  |
| USD | BNP | 40995 | 11/17/28 | Green Plains, Inc., 5.250%, 11/01/30 | 3.64 | 585 |  |
| USD | BNP | 648291 | 11/17/28 | Greenbrier Cos., Inc., 2.875%, 04/15/28 | 3.64 | 3071 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $1211320 | 11/17/28 | Guardant Health, Inc., 0.000%, 11/15/27 | 3.64% | $— | $46539 |
| USD | BNP | 63350 | 11/17/28 | Guidewire Software, Inc., 1.250%, 11/01/29 | 3.64 |  | 148 |
| USD | BNP | 677858 | 11/17/28 | H World Group Ltd., 3.000%, 05/01/26 | 3.64 | 37680 |  |
| USD | BNP | 132589 | 11/17/28 | Haemonetics Corp., 2.500%, 06/01/29 | 3.64 |  | 7138 |
| USD | BNP | 35234 | 11/17/28 | HAT Holdings I LLC/HAT Holdings II LLC, 3.750%, 08/15/28 | 3.64 | 6204 |  |
| USD | BNP | 129547 | 11/17/28 | Herbalife Ltd., 4.250%, 06/15/28 | 3.64 |  | 8312 |
| USD | BNP | 73843 | 11/17/28 | Hims & Hers Health, Inc., 0.000%, 05/15/30 | 3.64 |  | 4036 |
| USD | BNP | 83616 | 11/17/28 | Impinj, Inc., 0.000%, 09/15/29 | 3.64 | 376 |  |
| USD | NIP | 32386 | 11/30/27 | indie Semiconductor, Inc., 3.500%, 12/15/29 | 3.64 |  | 2266 |
| USD | BNP | 436593 | 11/17/28 | indie Semiconductor, Inc., 3.500%, 12/15/29 | 3.64 |  | 50425 |
| USD | BNP | 3857146 | 11/17/28 | InterDigital, Inc., 3.500%, 06/01/27 | 3.64 |  | 340446 |
| USD | BNP | 827937 | 11/17/28 | Intuitive Machines, Inc., 2.500%, 10/01/30 | 3.64 |  | 19470 |
| USD | BNP | 316605 | 11/17/28 | Ionis Pharmaceuticals, Inc., 1.750%, 06/15/28 | 3.64 |  | 25974 |
| USD | BNP | 210849 | 11/17/28 | Ionis Pharmaceuticals, Inc., 0.000%, 12/01/30 | 3.64 |  | 12443 |
| USD | NIP | 1000445 | 11/30/27 | IREN Ltd., 3.250%, 06/01/30 | 3.64 |  | 161610 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $15530 | 11/30/27 | IREN Ltd., 0.000%, 07/01/31 | 3.64% | $— | $1669 |
| USD | NIP | 4292162 | 11/30/27 | IREN Ltd., 3.500%, 12/15/29 | 3.64 |  | 692553 |
| USD | BNP | 28714 | 11/17/28 | IREN Ltd., 0.250%, 06/01/32 | 3.64 |  | 3284 |
| USD | BNP | 120197 | 11/17/28 | Itron, Inc., 1.375%, 07/01/30 | 3.64 |  | 5026 |
| USD | BNP | 698836 | 11/17/28 | JBT Marel Corp., 0.375%, 09/15/30 | 3.64 |  | 65394 |
| USD | NIP | 43014 | 11/30/27 | Kite Realty Group LP, 0.750%, 04/01/27 | 3.64 |  | 1855 |
| USD | BNP | 293498 | 11/17/28 | Lantheus Holdings, Inc., 2.625%, 12/15/27 | 3.64 | 15138 |  |
| USD | BNP | 50190 | 11/17/28 | LeMaitre Vascular, Inc., 2.500%, 02/01/30 | 3.64 | 4424 |  |
| USD | BNP | 170357 | 11/17/28 | Li Auto, Inc., 0.250%, 05/01/28 | 3.64 |  | 1161 |
| USD | BNP | 265953 | 11/17/28 | Liberty Live Holdings, Inc., 2.375%, 09/30/53 | 3.64 | 670 |  |
| USD | BNP | 66917 | 11/17/28 | Life360, Inc., 0.000%, 06/01/30 | 3.64 |  | 8317 |
| USD | BNP | 58136 | 11/17/28 | Ligand Pharmaceuticals, Inc., 0.750%, 10/01/30 | 3.64 |  | 2173 |
| USD | BNP | 407981 | 11/17/28 | LivaNova PLC, 2.500%, 03/15/29 | 3.64 | 8172 |  |
| USD | BNP | 150046 | 11/17/28 | Live Nation Entertainment, Inc., 3.125%, 01/15/29 | 3.64 |  | 7951 |
| USD | NIP | 516101 | 11/30/27 | Lumentum Holdings, Inc., 0.500%, 12/15/26 | 3.64 | 19853 |  |
| USD | BNP | 218396 | 11/17/28 | Lumentum Holdings, Inc., 0.375%, 03/15/32 | 3.64 |  | 17978 |
| USD | BNP | 238232 | 11/17/28 | Lumentum Holdings, Inc., 1.500%, 12/15/29 | 3.64 |  | 25561 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $236492 | 11/17/28 | Lumentum Holdings, Inc., 0.500%, 06/01/28 | 3.64% | $— | $648 |
| USD | BNP | 1704512 | 11/17/28 | Lumentum Holdings, Inc., 0.500%, 12/15/26 | 3.64 | 4351795 |  |
| USD | BNP | 58819 | 11/17/28 | Lyft, Inc., 0.625%, 03/01/29 | 3.64 |  | 948 |
| USD | BNP | 17160 | 11/17/28 | Lyft, Inc., 0.000%, 09/15/30 | 3.64 |  | 2075 |
| USD | BNP | 216960 | 11/17/28 | Match Group Financeco 3, Inc., 2.000%, 01/15/30 | 3.64 |  | 3685 |
| USD | BNP | 191756 | 11/17/28 | Mirion Technologies, Inc., 0.250%, 06/01/30 | 3.64 |  | 32772 |
| USD | BNP | 1662513 | 11/17/28 | Mirum Pharmaceuticals, Inc., 4.000%, 05/01/29 | 3.64 | 344057 |  |
| USD | BNP | 1697705 | 11/17/28 | MKS, Inc., 1.250%, 06/01/30 | 3.64 |  | 105590 |
| USD | BNP | 78266 | 11/17/28 | NCL Corp. Ltd., 1.125%, 02/15/27 | 3.64 |  | 1999 |
| USD | BNP | 79779 | 11/17/28 | NCL Corp. Ltd., 0.875%, 04/15/30 | 3.64 |  | 1467 |
| USD | BNP | 48993 | 11/17/28 | NCL Corp. Ltd., 0.750%, 09/15/30 | 3.64 |  | 5263 |
| USD | NIP | 55042 | 11/30/27 | Nebius Group NV, 2.000%, 06/05/29 | 3.64 | 1018 |  |
| USD | NIP | 79143 | 11/30/27 | Nebius Group NV, 3.000%, 06/05/31 | 3.64 | 1186 |  |
| USD | BNP | 110514 | 11/17/28 | Nebius Group NV, 1.000%, 09/15/30 | 3.64 |  | 7165 |
| USD | BNP | 2895555 | 11/17/28 | Nebius Group NV, 2.000%, 06/05/29 | 3.64 |  | 63956 |
| USD | BNP | 2257489 | 11/17/28 | Nebius Group NV, 3.000%, 06/05/31 | 3.64 |  | 74963 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $97774 | 11/17/28 | Nebius Group NV, 2.750%, 09/15/32 | 3.64% | $— | $7682 |
| USD | BNP | 192953 | 11/17/28 | Nebius Group NV, 1.250%, 03/15/31 | 3.64 |  | 7872 |
| USD | BNP | 32846 | 11/17/28 | Oddity Finance LLC, 0.000%, 06/15/30 | 3.64 |  | 8941 |
| USD | BNP | 44444 | 11/17/28 | Omnicell, Inc. | 3.64 | 2541 |  |
| USD | BNP | 379025 | 11/17/28 | ON Semiconductor Corp., 0.500%, 03/01/29 | 3.64 | 11134 |  |
| USD | BNP | 515489 | 11/17/28 | ON Semiconductor Corp., 0.000%, 05/01/27 | 3.64 |  | 41387 |
| USD | BNP |  | 11/17/28 | Opendoor Technologies, Inc. | 3.64 | 32 |  |
| USD | BNP | 849735 | 11/17/28 | Opendoor Technologies, Inc., 7.000%, 05/15/30 | 3.64 |  | 220910 |
| USD | BNP | 181156 | 11/17/28 | Oscar Health, Inc., 2.250%, 09/01/30 | 3.64 |  | 15781 |
| USD | BNP | 430179 | 11/17/28 | OSI Systems, Inc., 2.250%, 08/01/29 | 3.64 |  | 8546 |
| USD | BNP | 438284 | 11/17/28 | OSI Systems, Inc., 0.500%, 02/01/31 | 3.64 |  | 9965 |
| USD | BNP | 142637 | 11/17/28 | Pacira BioSciences, Inc., 2.125%, 05/01/29 | 3.64 |  | 1464 |
| USD | BNP | 834809 | 11/17/28 | Pagaya Technologies Ltd., 6.125%, 10/01/29 | 3.64 |  | 387682 |
| USD | NIP | 42355 | 11/30/27 | PAR Technology Corp., 2.875%, 04/15/26 | 3.64 |  | 285 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $130667 | 11/17/28 | Parsons Corp., 2.625%, 03/01/29 | 3.64% | $— | $12040 |
| USD | BNP | 329850 | 11/17/28 | Patrick Industries, Inc., 1.750%, 12/01/28 | 3.64 | 32306 |  |
| USD | BNP | 73191 | 11/17/28 | Peloton Interactive, Inc., 5.500%, 12/01/29 | 3.64 |  | 8000 |
| USD | BNP | 395268 | 11/17/28 | Penguin Solutions, Inc., 2.000%, 08/01/30 | 3.64 | 2661 |  |
| USD | BNP | 321448 | 11/17/28 | Penguin Solutions, Inc., 2.000%, 02/01/29 | 3.64 |  | 6442 |
| USD | BNP | 63398 | 11/17/28 | Pitney Bowes, Inc., 1.500%, 08/15/30 | 3.64 |  | 2661 |
| USD | BNP | 1106711 | 11/17/28 | Planet Labs PBC, 0.500%, 10/15/30 | 3.64 | 25312 |  |
| USD | BNP | 157119 | 11/17/28 | Plug Power, Inc., 6.750%, 12/01/33 | 3.64 |  | 1485 |
| USD | BNP | 153349 | 11/17/28 | Porch Group Inc., 6.750%, 10/01/28 | 3.64 |  | 706 |
| USD | BNP | 1160662 | 11/17/28 | PTC Therapeutics, Inc., 1.500%, 09/15/26 | 3.64 |  | 39369 |
| USD | BNP | 404040 | 11/17/28 | RealReal, Inc., 4.000%, 02/15/31 | 3.64 |  | 48263 |
| USD | BNP | 36947 | 11/17/28 | Rivian Automotive, Inc., 4.625%, 03/15/29 | 3.64 |  | 6847 |
| USD | BNP | 4330755 | 11/17/28 | Seagate HDD Cayman, 3.500%, 06/01/28 | 3.64 | 888446 |  |
| USD | BNP | 562673 | 11/17/28 | Semtech Corp., 1.625%, 11/01/27 | 3.64 | 47823 |  |
| USD | BNP | 21556 | 11/17/28 | Semtech Corp., 0.000%, 10/15/30 | 3.64 |  | 274 |
| USD | BNP | 574436 | 11/17/28 | Silvercorp Metals, Inc., 4.750%, 12/15/29 | 3.64 | 6546 |  |
| USD | BNP | 576490 | 11/17/28 | Snowflake, Inc., 0.000%, 10/01/27 | 3.64 |  | 37112 |
| USD | BNP | 278913 | 11/17/28 | Snowflake, Inc., 0.000%, 10/01/29 | 3.64 |  | 25248 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $114341 | 11/30/27 | SoFi Technologies, Inc., 1.250%, 03/15/29 | 3.64% | $— | $8845 |
| USD | BNP | 1424252 | 11/17/28 | SoFi Technologies, Inc., 1.250%, 03/15/29 | 3.64 |  | 351434 |
| USD | BNP | 454895 | 11/17/28 | SoFi Technologies, Inc., 0.000%, 10/15/26 | 3.64 |  | 91568 |
| USD | BNP | 855630 | 11/17/28 | SolarEdge Technologies, Inc., 2.250%, 07/01/29 | 3.64 | 110053 |  |
| USD | BNP | 1374501 | 11/17/28 | Solaris Energy Infrastructure, Inc., 4.750%, 05/01/30 | 3.64 | 151101 |  |
| USD | BNP | 61467 | 11/17/28 | Solaris Energy Infrastructure, Inc., 0.250%, 10/01/31 | 3.64 |  | 1237 |
| USD | BNP | 151778 | 11/17/28 | Sphere Entertainment Co., 3.500%, 12/01/28 | 3.64 | 6954 |  |
| USD | BNP | 1986448 | 11/17/28 | Stride, Inc., 1.125%, 09/01/27 | 3.64 |  | 73674 |
| USD | BNP | 331276 | 11/17/28 | Super Micro Computer, Inc., 0.000%, 06/15/30 | 3.64 |  | 93211 |
| USD | BNP | 79317 | 11/17/28 | Super Micro Computer, Inc., 3.500%, 03/01/29 | 3.64 |  | 18316 |
| USD | BNP | 469289 | 11/17/28 | Super Micro Computer, Inc., 2.250%, 07/15/28 | 3.64 |  | 114403 |
| USD | BNP | 42246 | 11/17/28 | T1 Energy, Inc., 5.250%, 12/01/30 | 3.64 |  | 12432 |
| USD | BNP | 35274 | 11/17/28 | Tandem Diabetes Care, Inc., 1.500%, 03/01/29 | 3.64 |  | 2580 |
| USD | BNP | 20776 | 11/17/28 | Tempus AI, Inc., 0.750%, 07/15/30 | 3.64 |  | 1632 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $1967173 | 11/30/27 | Terawulf, Inc., 2.750%, 02/01/30 | 3.64% | $— | $136902 |
| USD | BNP | 110627 | 11/17/28 | Terawulf, Inc., 2.750%, 02/01/30 | 3.64 | 18552 |  |
| USD | BNP | 241193 | 11/17/28 | Tetra Tech, Inc., 2.250%, 08/15/28 | 3.64 |  | 20297 |
| USD | BNP | 1149579 | 11/17/28 | TransMedics Group, Inc., 1.500%, 06/01/28 | 3.64 |  | 173629 |
| USD | BNP | 61521 | 11/17/28 | Transocean International Ltd., 4.625%, 09/30/29 | 3.64 |  | 2528 |
| USD | BNP | 127962 | 11/17/28 | Trip.com Group Ltd., 0.750%, 06/01/29 | 3.64 |  | 8441 |
| USD | BNP | 300775 | 11/17/28 | Uber Technologies, Inc., 0.000%, 05/15/28 | 3.64 |  | 15995 |
| USD | BNP | 30547 | 11/17/28 | Ultra Clean Holdings, Inc., 03/15/31 | 3.64 | 240 |  |
| USD | BNP | 45830 | 11/17/28 | Unity Software, Inc. | 3.64 | 1075 |  |
| USD | BNP | 385667 | 11/17/28 | Upstart Holdings, Inc., 2.000%, 10/01/29 | 3.64 |  | 150186 |
| USD | BNP | 297879 | 11/17/28 | Veeco Instruments, Inc., 2.875%, 06/01/29 | 3.64 | 19758 |  |
| USD | BNP | 492817 | 11/17/28 | Viavi Solutions, Inc., 0.625%, 03/01/31 | 3.64 | 140982 |  |
| USD | BNP | 686816 | 11/17/28 | Vishay Intertechnology, Inc., 2.250%, 09/15/30 | 3.64 |  | 29171 |
| USD | BNP | 11940 | 11/17/28 | Wayfair, Inc., 3.250%, 09/01/27 | 3.64 | 268 |  |
| USD | BNP | 1327415 | 11/17/28 | Wayfair, Inc., 3.500%, 11/15/28 | 3.64 |  | 268776 |
| USD | NIP | 4395488 | 11/30/27 | Western Digital Corp., 3.000%, 11/15/28 | 3.64 |  | 171259 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $5573770 | 11/17/28 | Western Digital Corp., 3.000%, 11/15/28 | 3.64% | $2409366 | $— |
| USD | BNP | 291068 | 11/17/28 | Workiva, Inc., 1.250%, 08/15/28 | 3.64 |  | 8059 |
| USD | BNP | 211387 | 11/17/28 | World Kinect Corp., 3.250%, 07/01/28 | 3.64 |  | 9704 |
| USD | BNP | 232053 | 11/17/28 | Xometry, Inc., 0.750%, 06/15/30 | 3.64 |  | 39381 |
| USD | BNP | 368997 | 11/17/28 | Xometry, Inc., 1.000%, 02/01/27 | 3.64 |  | 17789 |
| USD | BNP | 335127 | 11/17/28 | Zoetis, Inc., 0.250%, 06/15/29 | 3.64 | 1384 |  |
| **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** |
| USD | BNP | 5827 | 11/17/28 | A10 Networks, Inc. | 3.64 |  | 831 |
| USD | BNP | 126611 | 11/17/28 | ADTRAN Holdings, Inc. | 3.64 |  | 2535 |
| USD | BNP | 824621 | 11/17/28 | Advanced Energy Industries, Inc. | 3.64 |  | 13373 |
| USD | BNP | 141593 | 11/17/28 | Affirm Holdings, Inc. | 3.64 | 36817 |  |
| USD | BNP | 429666 | 11/17/28 | Akamai Technologies, Inc. | 3.64 |  | 16023 |
| USD | BNP | 14481 | 11/17/28 | Alarm.com Holdings, Inc. | 3.64 | 1007 |  |
| USD | BNP | 195965 | 11/17/28 | Alibaba Group Holding Ltd. | 3.64 | 9802 |  |
| USD | NIP | 6843 | 11/30/27 | Alphatec Holdings, Inc. | 3.64 | 1252 |  |
| USD | BNP | 15780 | 11/17/28 | ANI Pharmaceuticals, Inc. | 3.64 | 1170 |  |
| USD | BNP | 1944899 | 11/17/28 | Applied Digital Corp. | 3.64 | 235697 |  |
| USD | BNP | 1892658 | 11/17/28 | Applied Optoelectronics, Inc. | 3.64 | 340622 |  |
| USD | BNP | 43590 | 11/17/28 | Array Technologies, Inc. | 3.64 | 15513 |  |
| USD | BNP | 229942 | 11/17/28 | Arrowhead Pharmaceuticals, Inc. | 3.64 | 20045 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $110123 | 11/17/28 | Ascendis Pharma AS | 3.64% | $5147 | $— |
| USD | BNP | 268210 | 11/17/28 | AST SpaceMobile, Inc. | 3.64 | 40592 |  |
| USD | BNP | 165253 | 11/17/28 | Astronics Corp. | 3.64 |  | 18304 |
| USD | BNP | 140042 | 11/17/28 | Aurora Innovation, Inc. | 3.64 | 12638 |  |
| USD | BNP | 100341 | 11/17/28 | Avnet, Inc. | 3.64 |  | 1999 |
| USD | BNP | 64858 | 11/17/28 | B2Gold Corp. | 3.64 | 9186 |  |
| USD | BNP | 34537 | 11/17/28 | Bill Holdings, Inc. | 3.64 | 4436 |  |
| USD | BNP | 7219 | 11/17/28 | BioMarin Pharmaceutical, Inc. | 3.64 | 610 |  |
| USD | NIP | 13746 | 11/30/27 | Bitdeer Technologies Group | 3.64 |  | 1044 |
| USD | BNP | 112064 | 11/17/28 | BlackLine, Inc. | 3.64 | 17505 |  |
| USD | BMO | 596410 | 04/01/27 | Bloom Energy Corp. | 3.64 | 42933 |  |
| USD | BNP | 5937591 | 11/17/28 | Bloom Energy Corp. | 3.64 |  | 187985 |
| USD | BNP | 13065 | 11/17/28 | Box, Inc. | 3.64 | 254 |  |
| USD | NIP | 566369 | 11/30/27 | Bridgebio Pharma, Inc. | 3.64 |  | 51299 |
| USD | BNP | 661753 | 11/17/28 | Bridgebio Pharma, Inc. | 3.64 |  | 18105 |
| USD | BNP | 30359 | 11/17/28 | Camtek Ltd. | 3.64 | 1707 |  |
| USD | BNP | 78909 | 11/17/28 | Canadian Solar, Inc. | 3.64 | 27145 |  |
| USD | BNP | 18544 | 11/17/28 | Check Point Software Technologies Ltd. | 3.64 | 2261 |  |
| USD | BNP | 83481 | 11/17/28 | Cheesecake Factory, Inc. | 3.64 | 7935 |  |
| USD | SGN | 176710 | 01/29/27 | Cipher Digital, Inc. | 3.64 | 74496 |  |
| USD | NIP | 1158664 | 11/30/27 | Cipher Digital, Inc. | 3.64 | 191342 |  |
| USD | BNP | 914772 | 11/17/28 | Cipher Digital, Inc. | 3.64 | 284248 |  |
| USD | NIP | 20984 | 11/30/27 | Cleanspark, Inc. | 3.64 | 1675 |  |
| USD | BNP | 171 | 11/17/28 | Cleanspark, Inc. | 3.64 | 26 |  |
| USD | BNP | 1093653 | 11/17/28 | Cloudflare, Inc. | 3.64 | 60627 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $17769 | 11/17/28 | Cogent Biosciences, Inc. | 3.64% | $— | $1282 |
| USD | BNP | 425319 | 11/17/28 | Cohu, Inc. | 3.64 |  | 9014 |
| USD | BNP | 33208 | 11/17/28 | Collegium Pharmaceutical, Inc. | 3.64 | 9930 |  |
| USD | BNP | 2535 | 11/17/28 | Commvault Systems, Inc. | 3.64 | 666 |  |
| USD | BNP | 63793 | 11/17/28 | Compass, Inc. | 3.64 | 22104 |  |
| USD | BOA | 166487 | 10/30/26 | Core Scientific, Inc. | 3.64 | 49225 |  |
| USD | NIP | 628615 | 11/30/27 | Core Scientific, Inc. | 3.64 | 70478 |  |
| USD | BNP | 580062 | 11/17/28 | Core Scientific, Inc. | 3.64 | 79920 |  |
| USD | BNP | 27399 | 11/17/28 | CoreWeave, Inc. | 3.64 | 4626 |  |
| USD | BNP | 142739 | 11/17/28 | CorMedix, Inc. | 3.64 | 44005 |  |
| USD | BNP | 37430 | 11/17/28 | Cracker Barrel Old Country Store, Inc., 1.750%, 09/15/30 | 3.64 | 38 |  |
| USD | BNP | 168340 | 11/17/28 | CRISPR Therapeutics AG | 3.64 | 14944 |  |
| USD | BNP | 34497 | 11/17/28 | Cytokinetics, Inc. | 3.64 | 952 |  |
| USD | BNP | 13108 | 11/17/28 | Datadog, Inc. | 3.64 | 950 |  |
| USD | BNP | 196598 | 11/17/28 | Denison Mines Corp. | 3.64 |  | 2351 |
| USD | BNP | 52386 | 11/17/28 | Dexcom, Inc. | 3.64 | 7238 |  |
| USD | BNP | 1128495 | 11/17/28 | DigitalOcean Holdings, Inc. | 3.64 |  | 69224 |
| USD | BNP | 11165 | 11/17/28 | DoorDash, Inc. | 3.64 | 207 |  |
| USD | BNP | 240755 | 11/17/28 | Dropbox, Inc. | 3.64 | 31465 |  |
| USD | BNP | 271795 | 11/17/28 | Encore Capital Group, Inc. | 3.64 |  | 103249 |
| USD | BNP | 25999 | 11/17/28 | Endeavour Silver Corp. | 3.64 |  | 2292 |
| USD | BNP | 37764 | 11/17/28 | Energy Vault Holdings, Inc. | 3.64 | 5447 |  |
| USD | BNP | 51453 | 11/17/28 | Enovis Corp. | 3.64 | 1272 |  |
| USD | BNP | 828905 | 11/17/28 | Eos Energy Enterprises, Inc. | 3.64 | 561166 |  |
| USD | BNP | 1432493 | 11/17/28 | Equinox Gold Corp. | 3.64 | 36697 |  |
| USD | BNP | 1200276 | 11/17/28 | Evergy, Inc. | 3.64 |  | 102378 |
| USD | BNP | 523161 | 11/17/28 | Fastly, Inc. | 3.64 |  | 71703 |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $93193 | 11/17/28 | First Majestic Silver Corp. | 3.64% | $— | $1783 |
| USD | BNP | 115760 | 11/17/28 | Fluence Energy, Inc. | 3.64 | 19782 |  |
| USD | BNP | 389078 | 11/17/28 | Fluor Corp. | 3.64 |  | 3862 |
| USD | BNP | 343412 | 11/17/28 | Fortuna Mining Corp. | 3.64 |  | 5017 |
| USD | BOA | 375 | 11/17/26 | Galaxy Digital, Inc. | 3.64 | 99 |  |
| USD | SGN | 314973 | 01/29/27 | Galaxy Digital, Inc. | 3.64 | 142336 |  |
| USD | NIP | 171900 | 11/30/27 | Galaxy Digital, Inc. | 3.64 | 17024 |  |
| USD | BNP | 5146 | 11/17/28 | Galaxy Digital, Inc. | 3.64 | 758 |  |
| USD | BNP | 306374 | 11/17/28 | GameStop Corp. | 3.64 | 2508 | 1695 |
| USD | BNP | 66737 | 11/17/28 | Golar LNG Ltd. | 3.64 |  | 1813 |
| USD | BNP | 25558 | 11/17/28 | Grab Holdings Ltd. | 3.64 | 2024 |  |
| USD | BNP | 1154650 | 11/17/28 | Granite Construction, Inc. | 3.64 |  | 109300 |
| USD | BNP | 27847 | 11/17/28 | Green Plains, Inc. | 3.64 |  | 543 |
| USD | BNP | 375549 | 11/17/28 | Greenbrier Cos., Inc. | 3.64 | 3509 |  |
| USD | BNP | 4790 | 11/17/28 | Groupon, Inc. | 3.64 |  | 445 |
| USD | BNP | 304891 | 11/17/28 | Guardant Health, Inc. | 3.64 |  | 730 |
| USD | BNP | 19265 | 11/17/28 | Guidewire Software, Inc. | 3.64 | 1021 |  |
| USD | NIP | 172461 | 11/30/27 | H World Group Ltd. | 3.64 | 13094 |  |
| USD | BNP | 832564 | 11/17/28 | H World Group Ltd. | 3.64 |  | 48031 |
| USD | BNP | 30691 | 11/17/28 | HA Sustainable Infrastructure Capital, Inc. | 3.64 |  | 2234 |
| USD | BNP | 38238 | 11/17/28 | Haemonetics Corp. | 3.64 | 7019 |  |
| USD | BNP | 86381 | 11/17/28 | Herbalife Ltd. | 3.64 | 12377 |  |
| USD | BNP | 19296 | 11/17/28 | Hims & Hers Health, Inc. | 3.64 | 3022 |  |
| USD | BNP | 17901 | 11/17/28 | Impinj, Inc. | 3.64 |  | 377 |
| USD | BNP | 350421 | 11/17/28 | indie Semiconductor, Inc. | 3.64 | 29191 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $14333 | 11/17/28 | Indivior Pharmaceuticals, Inc. | 3.64% | $40 | $— |
| USD | BNP | 33046 | 11/17/28 | Inotiv, Inc. | 3.64 | 26571 |  |
| USD | BNP | 3834208 | 11/17/28 | InterDigital, Inc. | 3.64 | 322633 |  |
| USD | BNP | 604506 | 11/17/28 | Intuitive Machines, Inc. | 3.64 | 37722 |  |
| USD | BNP | 356508 | 11/17/28 | Ionis Pharmaceuticals, Inc. | 3.64 | 33957 |  |
| USD | NIP | 4612401 | 11/30/27 | IREN Ltd. | 3.64 | 883078 |  |
| USD | BNP | 23097 | 11/17/28 | IREN Ltd. | 3.64 | 5479 |  |
| USD | BNP | 45749 | 11/17/28 | Itron, Inc. | 3.64 | 3179 |  |
| USD | BNP | 302859 | 11/17/28 | JBT Marel Corp. | 3.64 | 60961 |  |
| USD | NIP | 24771 | 11/30/27 | Kite Realty Group Trust | 3.64 | 1668 |  |
| USD | BNP | 4328 | 11/17/28 | Kite Realty Group Trust | 3.64 | 81 |  |
| USD | NIP | 4919 | 11/30/27 | Lantheus Holdings, Inc. | 3.64 |  | 148 |
| USD | BNP | 244828 | 11/17/28 | Lantheus Holdings, Inc. | 3.64 |  | 19711 |
| USD | BNP | 23643 | 11/17/28 | LeMaitre Vascular, Inc. | 3.64 |  | 3647 |
| USD | BNP | 473640 | 04/26/27 | Lenovo Group Ltd. | 3.64 | 17370 |  |
| USD | BNP | 11355 | 11/17/28 | Li Auto, Inc. | 3.64 | 569 |  |
| USD | BNP | 24762 | 11/17/28 | Life360, Inc. | 3.64 | 5171 |  |
| USD | BNP | 38267 | 11/17/28 | Ligand Pharmaceuticals, Inc. | 3.64 | 2134 |  |
| USD | BNP | 216327 | 11/17/28 | LivaNova PLC | 3.64 | 5584 |  |
| USD | BNP | 1622391 | 11/17/28 | Live Nation Entertainment, Inc. | 3.64 |  | 13572 |
| USD | BOA | 18178 | 04/01/30 | Lucid Group, Inc. | 3.64 | 1082 |  |
| USD | NIP | 786060 | 11/30/27 | Lumentum Holdings, Inc. | 3.64 |  | 30352 |
| USD | BNP | 2002791 | 11/17/28 | Lumentum Holdings, Inc. | 3.64 |  | 4401970 |
| USD | BNP | 26729 | 11/17/28 | Lyft, Inc. | 3.64 | 850 |  |
| USD | BNP | 6663 | 11/17/28 | MakeMyTrip Ltd. | 3.64 | 250 |  |
| USD | NIP | 8461 | 11/30/27 | Match Group, Inc. | 3.64 | 71 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $18130 | 11/17/28 | Match Group, Inc. | 3.64% | $382 | $— |
| USD | BNP | 110351 | 11/17/28 | Microchip Technology, Inc. | 3.64 | 8408 |  |
| USD | BNP | 109393 | 11/17/28 | Mirion Technologies, Inc. | 3.64 | 28482 |  |
| USD | BNP | 1551004 | 11/17/28 | Mirum Pharmaceuticals, Inc. | 3.64 |  | 325172 |
| USD | BNP | 1322140 | 11/17/28 | MKS, Inc. | 3.64 | 96927 |  |
| USD | BNP | 4420332 | 11/17/28 | Nebius Group NV | 3.64 |  | 168692 |
| USD | BNP | 142441 | 11/17/28 | Norwegian Cruise Line Holdings Ltd. | 3.64 | 17821 |  |
| USD | BNP | 24665 | 11/17/28 | Nutanix, Inc. | 3.64 | 683 |  |
| USD | BNP | 47390 | 11/17/28 | Oddity Tech Ltd. | 3.64 | 28475 |  |
| USD | BNP | 18751 | 11/17/28 | Omnicell, Inc. | 3.64 | 3298 |  |
| USD | BNP | 587918 | 11/17/28 | ON Semiconductor Corp. | 3.64 | 59987 |  |
| USD | BNP | 753351 | 11/17/28 | Opendoor Technologies, Inc. | 3.64 | 218288 |  |
| USD | BNP | 61810 | 11/17/28 | Ormat Technologies, Inc. | 3.64 |  | 2314 |
| USD | BNP | 64258 | 11/17/28 | Oscar Health, Inc. | 3.64 | 10929 |  |
| USD | BNP | 566761 | 11/17/28 | OSI Systems, Inc. | 3.64 | 31021 |  |
| USD | BNP | 83893 | 11/17/28 | Pacira BioSciences, Inc. | 3.64 | 689 |  |
| USD | BNP | 651214 | 11/17/28 | Pagaya Technologies Ltd. | 3.64 | 383736 |  |
| USD | BNP | 98343 | 11/17/28 | Palo Alto Networks, Inc. | 3.64 | 2001 |  |
| USD | BNP | 19274 | 11/17/28 | PAR Technology Corp. | 3.64 | 1200 |  |
| USD | BNP | 109824 | 11/17/28 | Parsons Corp. | 3.64 | 20076 |  |
| USD | BNP | 298086 | 11/17/28 | Patrick Industries, Inc. | 3.64 |  | 25653 |
| USD | BNP | 41492 | 11/17/28 | Peloton Interactive, Inc. | 3.64 | 5297 |  |
| USD | BNP | 367751 | 11/17/28 | Penguin Solutions, Inc. | 3.64 | 74309 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $25283 | 11/17/28 | PG&E Corp. | 3.64% | $— | $546 |
| EUR | BNP | 240264 | 07/06/26 | Pharming Group NV | 1.93 |  | 3738 |
| USD | BNP | 1103685 | 04/26/27 | Ping An Insurance Group Co. of China Ltd. | 3.64 | 90510 |  |
| USD | BNP | 66653 | 11/17/28 | Pitney Bowes, Inc. | 3.64 |  | 127 |
| USD | BNP | 971098 | 11/17/28 | Planet Labs PBC | 3.64 |  | 13064 |
| USD | BNP | 93647 | 11/17/28 | Plug Power, Inc. | 3.64 | 3721 |  |
| CAD | BNP | 11788 | 03/07/28 | Premium Brands Holdings Corp. | 2.27 | 2006 |  |
| USD | BNP | 7796 | 11/17/28 | Progress Software Corp. | 3.64 | 2821 |  |
| USD | BNP | 860669 | 11/17/28 | PTC Therapeutics, Inc. | 3.64 |  | 46191 |
| USD | BNP | 352023 | 11/17/28 | RealReal, Inc. | 3.64 | 73166 |  |
| USD | BNP | 16811 | 11/17/28 | Rivian Automotive, Inc. | 3.64 | 1943 |  |
| USD | BNP | 13915 | 11/17/28 | Rubrik, Inc. | 3.64 | 1282 |  |
| USD | BNP | 24383 | 11/17/28 | Sarepta Therapeutics, Inc. | 3.64 | 865 |  |
| USD | BNP | 4318463 | 11/17/28 | Seagate Technology Holdings PLC | 3.64 |  | 906852 |
| USD | BNP | 655532 | 11/17/28 | Semtech Corp. | 3.64 |  | 26570 |
| USD | BMO | 4578 | 04/01/27 | Shift4 Payments, Inc. | 3.64 | 730 |  |
| USD | NIP | 219280 | 11/30/27 | Silvercorp Metals, Inc. | 3.64 |  | 30942 |
| USD | BNP | 415586 | 11/17/28 | Silvercorp Metals, Inc. | 3.64 |  | 63487 |
| USD | NIP | 9306 | 11/30/27 | Sirius XM Holdings, Inc. | 3.64 |  | 914 |
| USD | BNP | 15170 | 11/17/28 | Sirius XM Holdings, Inc. | 3.64 |  | 385 |
| USD | BNP | 492366 | 11/17/28 | Snowflake, Inc. | 3.64 | 69672 |  |
| USD | NIP | 180287 | 11/30/27 | SoFi Technologies, Inc. | 3.64 | 17646 |  |
| USD | BNP | 1401348 | 11/17/28 | SoFi Technologies, Inc. | 3.64 | 497446 |  |
| USD | BNP | 620150 | 11/17/28 | SolarEdge Technologies, Inc. | 3.64 |  | 115681 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $1213605 | 11/17/28 | Solaris Energy Infrastructure, Inc. | 3.64% | $— | $69389 |
| USD | BNP | 15219 | 11/17/28 | Spectrum Brands Holdings, Inc. | 3.64 |  | 920 |
| USD | BNP | 141948 | 11/17/28 | Sphere Entertainment Co. | 3.64 |  | 7019 |
| USD | BNP | 1554388 | 11/17/28 | Stride, Inc. | 3.64 |  | 89210 |
| USD | BNP | 342671 | 11/17/28 | Super Micro Computer, Inc. | 3.64 | 71901 |  |
| USD | BNP | 27275 | 11/17/28 | T1 Energy, Inc. | 3.64 | 12202 |  |
| USD | BNP | 81238 | 11/17/28 | Tandem Diabetes Care, Inc. | 3.64 | 21283 |  |
| AUD | BNP | 20011 | 04/12/27 | Telix Pharmaceuticals Ltd. | 4.10 |  | 3551 |
| USD | BNP | 11813 | 11/17/28 | Tempus AI, Inc. | 3.64 | 2091 |  |
| USD | NIP | 1628505 | 11/30/27 | Terawulf, Inc. | 3.64 | 143064 |  |
| USD | BNP | 58679 | 11/17/28 | Terawulf, Inc. | 3.64 | 7171 |  |
| USD | BNP | 108395 | 11/17/28 | Tetra Tech, Inc. | 3.64 | 18317 |  |
| USD | BNP | 771948 | 11/17/28 | TransMedics Group, Inc. | 3.64 | 180738 |  |
| USD | BNP | 54566 | 11/17/28 | Transocean Ltd. | 3.64 | 2593 |  |
| USD | BNP | 45640 | 11/17/28 | Trip.com Group Ltd. | 3.64 | 6560 |  |
| USD | BNP | 432638 | 11/17/28 | U.S. Treasury Bills, 0.001%, 12/24/26 | 3.64 |  | 724 |
| USD | BNP | 48999 | 11/17/28 | U.S. Treasury Notes, 3.875%, 09/30/32 | 3.64 | 644 |  |
| USD | BNP | 1367195 | 11/17/28 | U.S. Treasury Notes, 3.500%, 03/15/29 | 3.64 |  | 1593 |
| USD | BNP | 1040025 | 11/17/28 | U.S. Treasury Notes, 3.500%, 02/28/31 | 3.64 |  | 5424 |
| USD | BNP | 91621 | 11/17/28 | U.S. Treasury Notes, 3.750%, 02/28/33 | 3.64 |  | 522 |
| USD | BNP | 1456163 | 11/17/28 | U.S. Treasury Notes, 3.750%, 02/29/28 | 3.64 |  | 1297 |

---

**Lazard Enhanced Opportunities Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 3/31/2026 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $1440150 | 11/17/28 | U.S. Treasury Notes, 3.500%, 09/30/29 | 3.64% | $20471 | $— |
| USD | BNP | 27230 | 11/17/28 | Ultra Clean Holdings, Inc. | 3.64 |  | 251 |
| USD | BNP | 16036 | 11/17/28 | Unity Software, Inc. | 3.64 |  | 1558 |
| USD | BNP | 156760 | 11/17/28 | Upstart Holdings, Inc. | 3.64 | 70490 |  |
| USD | BNP | 59899 | 11/17/28 | Varonis Systems, Inc. | 3.64 | 11534 |  |
| USD | NIP | 21634 | 11/30/27 | Veeco Instruments, Inc. | 3.64 |  | 3800 |
| USD | BNP | 171462 | 11/17/28 | Veeco Instruments, Inc. | 3.64 |  | 10045 |
| USD | BNP | 455449 | 11/17/28 | Viavi Solutions, Inc. | 3.64 |  | 123810 |
| USD | BNP | 268705 | 11/17/28 | Vishay Intertechnology, Inc. | 3.64 | 14967 |  |
| USD | BNP | 2121233 | 11/17/28 | Wayfair, Inc. | 3.64 | 459387 |  |
| USD | NIP | 2688667 | 11/30/27 | Western Digital Corp. | 3.64 | 103087 |  |
| USD | BNP | 6111457 | 11/17/28 | Western Digital Corp. | 3.64 |  | 3487897 |
| USD | BNP | 289603 | 11/17/28 | WisdomTree, Inc. | 3.64 | 4029 |  |
| USD | BNP | 76136 | 11/17/28 | Workiva, Inc. | 3.64 | 4707 |  |
| USD | BNP | 86191 | 11/17/28 | World Kinect Corp. | 3.64 | 9269 |  |
| USD | BNP | 348924 | 11/17/28 | Xometry, Inc. | 3.64 | 98082 |  |
| USD | BNP | 20277 | 11/17/28 | Ziff Davis, Inc. | 3.64 | 1397 |  |
| USD | BNP | 137021 | 11/17/28 | Zoetis, Inc. | 3.64 |  | 2216 |
| USD | BNP | 1226 | 11/17/28 | Zscaler, Inc. | 3.64 | 104 |  |
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | $16489595 | $17918211 |

---

---

| | |
|:---|:---|
| > | For long position contracts, the Portfolio receives appreciation and dividends/interest and pays depreciation of the referenced entity as well as financing charges at the referenced rate. The financing charge rate for long positions is the Overnight Bank Funding Rate (OBFR) plus a spread of up to 80 basis points. For short position contracts, the Portfolio pays appreciation and dividends/ interest and receives depreciation of the referenced entity as well as financing charges at the referenced rate. Generally, the financing charge rate for short positions is the OBFR minus a spread of up to 214 basis points, with one specific position having a rate of OBFR minus a spread of 264 basis points. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio** |  |  |
| **Exchange-Traded Funds \| 80.6%** |  |  |
| **Commodity \| 4.9%** |  |  |
| U.S. Copper Index Fund | 9229 | $317754 |
| U.S. Oil Fund LP | 2016 | 256536 |
| WisdomTree Aluminium | 120992 | 559185 |
|  |  | 1133475 |
| **Equity Funds \| 50.8%** |  |  |
|  Franklin FTSE Latin America ETF | 13035 | 368630 |
| Invesco QQQ Trust, Series 1 | 2293 | 1323474 |
| iShares MSCI Japan ETF | 11108 | 937959 |
| iShares MSCI USA Momentum Factor ETF | 1556 | 373424 |
| Lazard Next Gen Technologies ETF (a) | 11841 | 399415 |
| State Street SPDR EURO STOXX 50 ETF | 15981 | 992100 |
| Vanguard S&P 500 ETF | 3450 | 2061547 |
| Vanguard S&P 500 Growth ETF | 5946 | 2424125 |
| Vanguard S&P 500 Value ETF | 13297 | 2709796 |
|  |  | 11590470 |
| **Fixed Income \| 24.9%** |  |  |
| iShares 1-3 Year Treasury Bond ETF | 14691 | 1213036 |
| iShares 20+ Year Treasury Bond ETF | 32350 | 2804422 |
| iShares iBoxx USD Investment Grade Corporate Bond ETF | 6710 | 731323 |
| iShares International Treasury Bond ETF | 22756 | 934361 |
|  |  | 5683142 |
| **Total Exchange-Traded Funds**<br> (Cost $14,401,046) |  | 18407087 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio** | **Lazard Opportunistic Strategies Portfolio** |  |
| **Short-Term Investments \| 19.1%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a)<br> (Cost $4,355,096) | 4355096 | $4355096 |
| **Total Investments \| 99.7%**<br> (Cost $18,756,142) |  | $**22762183** |
| **Cash and Other Assets in Excess of Liabilites \| 0.3%** | **Cash and Other Assets in Excess of Liabilites \| 0.3%** | **58736** |
| **Net Assets \| 100.0%** |  | $**22820919** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated investments.

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Change in<br> unrealized<br> appreciation<br> (depreciation) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $1496981 | $3742147 | $(884032) | $— | $— | $17263 | 4355096 | $4355096 |
| Lazard Next Gen Technologies ETF | 457325 |  | (13079) | (1044) | (43787) | 897 | 11841 | 399415 |
| Total Securities | $1954306 | $3742147 | $(897111) | $(1044) | $(43787) | $18160 | 4366937 | $4754511 |

---

**Lazard Opportunistic Strategies Portfolio (concluded)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Rate | Payment<br> Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $594248 | 12/09/26 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+<br> 1.05bps | Upon<br> Maturity(a) | $99520 | $— |
| USD | GSC | 791071 | 12/21/26 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+<br> 0.45bps | Upon<br> Maturity(a) | 21867 |  |
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements |  |  | $121387 \* | $— \* |

---

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

\* Include net accrued dividends and financing charges of $10,213.

The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZEG (SOFR+1.05bps) | Shares | Fair<br> Value |
| &nbsp;&nbsp;BAE Systems PLC | 6974 | $203078 |
| &nbsp;&nbsp;Exosens SAS | 118 | 8347 |
| &nbsp;&nbsp;Hensoldt AG | 268 | 23418 |
| &nbsp;&nbsp;Kongsberg Gruppen ASA | 2043 | 87086 |
| &nbsp;&nbsp;Leonardo SpA | 1343 | 90096 |
| &nbsp;&nbsp;Renk Group AG | 232 | 13579 |
| &nbsp;&nbsp;Rheinmetall AG | 107 | 178650 |
| &nbsp;&nbsp;Saab AB, Class B | 1259 | 82110 |
| &nbsp;&nbsp;Theon International PLC | 170 | 6072 |
| &nbsp;&nbsp;Tkms AG& Co KGaA | 148 | 13446 |
| &nbsp;&nbsp;Total Fair Value |  | $705882 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZTH (SOFR+0.45bps) | Shares | Fair<br> Value |
| &nbsp;&nbsp;Abivax SA, ADR | 240 | $26724 |
| &nbsp;&nbsp;Apogee Therapeutics, Inc. | 237 | 19948 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc. | 1037 | 24432 |
| &nbsp;&nbsp;Argenx SE, ADR | 103 | 75217 |
| &nbsp;&nbsp;Ascendis Pharma A/S, ADR | 205 | 46890 |
| &nbsp;&nbsp;Axsome Therapeutics, Inc. | 305 | 51551 |
| &nbsp;&nbsp;Disc Medicine, Inc. | 197 | 12596 |
| &nbsp;&nbsp;Insmed, Inc. | 306 | 50037 |
| &nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | 372 | 27933 |
| &nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | 79 | 41354 |
| &nbsp;&nbsp;Maze Therapeutics, Inc. | 225 | 6716 |
| &nbsp;&nbsp;Mirum Pharmaceuticals, Inc. | 232 | 21432 |
| &nbsp;&nbsp;Newamsterdam Pharma Co NV | 323 | 10339 |
| &nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. | 345 | 30005 |
| &nbsp;&nbsp;Roivant Sciences Ltd. | 2043 | 56591 |
| &nbsp;&nbsp;Scholar Rock Holding Corp. | 257 | 12634 |
| &nbsp;&nbsp;Terns Pharmaceuticals, Inc. | 334 | 17608 |
| &nbsp;&nbsp;TG Therapeutics, Inc. | 480 | 15946 |
| &nbsp;&nbsp;Vera Therapeutics, Inc. | 242 | 9736 |
| &nbsp;&nbsp;Viridian Therapeutics, Inc. | 373 | 7296 |
| &nbsp;&nbsp;Xenon Pharmaceuticals, Inc. | 273 | 15875 |
| &nbsp;&nbsp;Total Fair Value |  | $580860 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•)** |  |  |
| **Common Stocks \| 72.0%** |  |  |
| **Australia \| 1.9%** |  |  |
| Anglogold Ashanti PLC | 27 | $2709 |
| Aurizon Holdings Ltd. | 8552 | 23576 |
| BHP Group Ltd. | 320 | 11692 |
| Evolution Mining Ltd. | 113 | 1024 |
| Fortescue Ltd. | 125 | 1766 |
| Goodman Group REIT | 1672 | 29765 |
| Northern Star Resources Ltd. | 125 | 1825 |
| Rio Tinto PLC | 96 | 8924 |
| South32 Ltd. | 361 | 1085 |
| Transurban Group | 3938 | 38272 |
|  |  | 120638 |
| **Belgium \| 0.1%** |  |  |
| Warehouses De Pauw CVA REIT | 339 | 8811 |
| **Brazil \| 1.6%** |  |  |
| Iguatemi SA | 4800 | 25891 |
| Motiva Infraestrutura de Mobilidade SA | 9600 | 29301 |
| Multiplan Empreendimentos Imobiliarios SA | 5700 | 35004 |
| Suzano SA | 100 | 1002 |
| Vale SA | 100 | 1592 |
| Wheaton Precious Metals Corp. | 26 | 3413 |
| Yara International ASA | 94 | 5472 |
|  |  | 101675 |
| **Canada \| 5.1%** |  |  |
| Agnico Eagle Mines Ltd. | 42 | 8525 |
| Alamos Gold, Inc., Class A | 31 | 1379 |
| Atco Ltd., Class I | 917 | 44884 |
| Barrick Mining Corp. | 145 | 5926 |
| Boardwalk Real Estate Investment Trust REIT | 669 | 30274 |
| Canadian National Railway Co. | 212 | 21820 |
| Enbridge, Inc. | 204 | 11059 |
| First Capital Real Estate Investment Trust REIT | 1521 | 22545 |
| Franco-Nevada Corp. | 21 | 5200 |
| Granite Real Estate Investment Trust REIT | 594 | 34929 |
| Hydro One Ltd. (#) | 1369 | 56537 |
| Kinross Gold Corp. | 220 | 6726 |
| Lundin Gold, Inc. | 31 | 2369 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Nutrien Ltd. | 176 | $13286 |
| TC Energy Corp. | 807 | 50518 |
| Teck Resources Ltd., Class B | 16 | 829 |
|  |  | 316806 |
| **China \| 1.1%** |  |  |
| C&D International Investment Group Ltd. | 4000 | 6452 |
| China Overseas Land & Investment Ltd. | 19500 | 28976 |
| China Resources Land Ltd. | 2500 | 9355 |
| Hopson Development Holdings Ltd. (\*) | 11668 | 4008 |
| Midea Real Estate Holding Ltd. (#) | 7000 | 3148 |
| Seazen Group Ltd. (\*) | 18000 | 4815 |
| Yuexiu Property Co. Ltd. | 21000 | 10185 |
|  |  | 66939 |
| **Finland \| 0.0%** |  |  |
| Stora Enso OYJ, R Shares | 129 | 1520 |
| **France \| 3.1%** |  |  |
| Aeroports de Paris SA | 111 | 13506 |
| Covivio SA REIT | 257 | 15365 |
| Engie SA | 2159 | 69607 |
| Klepierre SA REIT | 344 | 12966 |
| TotalEnergies SE | 136 | 12557 |
| Vinci SA | 462 | 69193 |
|  |  | 193194 |
| **Germany \| 0.2%** |  |  |
| TAG Immobilien AG | 553 | 8649 |
| Vonovia SE | 182 | 4532 |
|  |  | 13181 |
| **Hong Kong \| 1.3%** |  |  |
| Henderson Land Development Co. Ltd. | 2000 | 7418 |
| Hongkong Land Holdings Ltd. | 1000 | 7822 |
| Kerry Properties Ltd. | 2500 | 7009 |
| Link REIT | 3400 | 15742 |
| Swire Properties Ltd. | 4400 | 12788 |
| Wharf Real Estate Investment Co. Ltd. | 11000 | 31891 |
|  |  | 82670 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** | **Lazard Real Assets Portfolio (•) (continued)** |  |
| **Israel \| 0.0%** |  |  |
| ICL Group Ltd. | 257 | $1324 |
| **Italy \| 0.8%** |  |  |
| Terna - Rete Elettrica Nazionale | 4605 | 52736 |
| **Japan \| 3.2%** |  |  |
| Central Japan Railway Co. | 400 | 10358 |
| Daiwa House Industry Co. Ltd. | 500 | 15630 |
| East Japan Railway Co. | 1200 | 27387 |
| Hankyu Hanshin Holdings, Inc. | 600 | 17345 |
| Hoshino Resorts REIT, Inc. | 3 | 4613 |
| Hulic Co. Ltd. | 2400 | 27938 |
| Industrial & Infrastructure Fund Investment Corp. REIT | 18 | 16102 |
| Japan Prime Realty Investment Corp. REIT | 23 | 14115 |
| Japan Real Estate Investment Corp. REIT | 17 | 12521 |
| Katitas Co. Ltd. | 300 | 6026 |
| KDX Realty Investment Corp. REIT | 10 | 10160 |
| Nippon Steel Corp. | 500 | 1837 |
| Osaka Gas Co. Ltd. | 600 | 24331 |
| Sekisui House Reit, Inc. | 17 | 9629 |
|  |  | 197992 |
| **Luxembourg \| 0.0%** |  |  |
| ArcelorMittal SA | 21 | 1094 |
| **Mexico \| 0.7%** |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV | 1600 | 22934 |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 910 | 22449 |
|  |  | 45383 |
| **Singapore \| 0.7%** |  |  |
| Keppel DC REIT | 13260 | 22563 |
| Parkway Life REIT | 4100 | 12789 |
| UOL Group Ltd. | 800 | 6094 |
|  |  | 41446 |
| **South Africa \| 0.5%** |  |  |
| Anglo American PLC | 216 | 9177 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Gold Fields Ltd. | 80 | $3721 |
| Growthpoint Properties Ltd. REIT | 19922 | 19148 |
|  |  | 32046 |
| **South Korea \| 0.0%** |  |  |
| POSCO Holdings, Inc. | 9 | 1989 |
| **Spain \| 0.6%** |  |  |
| Aena SME SA (#) | 1199 | 35701 |
| **Sweden \| 0.2%** |  |  |
| Boliden AB (\*) | 73 | 3875 |
| Catena AB | 136 | 6384 |
|  |  | 10259 |
| **Switzerland \| 0.1%** |  |  |
| International Workplace Group PLC | 2504 | 5868 |
| **United Arab Emirates \| 0.4%** |  |  |
| Emaar Development PJSC | 6374 | 23743 |
| **United Kingdom \| 4.7%** |  |  |
| Big Yellow Group PLC REIT | 799 | 9034 |
| National Grid PLC | 3684 | 62108 |
| Segro PLC REIT | 843 | 7331 |
| Severn Trent PLC | 589 | 24186 |
| Shaftesbury Capital PLC REIT | 33984 | 57650 |
| SSE PLC | 2006 | 69255 |
| Tritax Big Box REIT PLC | 30989 | 58429 |
| United Utilities Group PLC | 421 | 7360 |
|  |  | 295353 |
| **United States \| 45.7%** |  |  |
| Alexandria Real Estate Equities, Inc. REIT | 1126 | 52269 |
| Ameren Corp. | 718 | 78923 |
| American Electric Power Co., Inc. | 400 | 52432 |
| American Homes 4 Rent, Class A REIT | 483 | 13485 |
| American Tower Corp. REIT | 579 | 99924 |
| American Water Works Co., Inc. | 150 | 20414 |
| Apple Hospitality REIT, Inc. | 1478 | 17012 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Archer-Daniels-Midland Co. | 11 | $800 |
| Atmos Energy Corp. | 239 | 44148 |
| AvalonBay Communities, Inc. REIT | 360 | 58806 |
| Avery Dennison Corp. | 11 | 1899 |
| Brixmor Property Group, Inc. | 599 | 17251 |
| Camden Property Trust | 237 | 23145 |
| CareTrust REIT, Inc. | 779 | 28550 |
| CF Industries Holdings, Inc. | 67 | 8699 |
| Cheniere Energy, Inc. | 203 | 57603 |
| Chevron Corp. | 13 | 2690 |
| CMS Energy Corp. | 108 | 8379 |
| ConocoPhillips | 56 | 7392 |
| Consolidated Edison, Inc. | 478 | 54100 |
| Constellation Energy Corp. | 30 | 8378 |
| Corteva, Inc. | 134 | 11217 |
| Coterra Energy, Inc. | 227 | 7977 |
| Crown Castle, Inc. | 1270 | 103264 |
| CSX Corp. | 881 | 36165 |
| CubeSmart | 362 | 13267 |
| Darling Ingredients, Inc. (\*) | 45 | 2783 |
| Devon Energy Corp. | 27 | 1359 |
| Digital Realty Trust, Inc. REIT | 364 | 65596 |
| Dominion Energy, Inc. | 568 | 35114 |
| DTE Energy Co. | 71 | 10382 |
| Duke Energy Corp. | 324 | 42425 |
| EastGroup Properties, Inc. REIT | 234 | 43311 |
| Energy Transfer LP | 3401 | 65639 |
| Entergy Corp. | 603 | 67753 |
| Enterprise Products Partners LP | 667 | 25239 |
| EOG Resources, Inc. | 4 | 578 |
| Equinix, Inc. REIT | 79 | 77439 |
| Equity Residential REIT | 652 | 38566 |
| Essex Property Trust, Inc. REIT | 81 | 19602 |
| Exelon Corp. | 468 | 22941 |
| Extra Space Storage, Inc. REIT | 40 | 5245 |
| Exxon Mobil Corp. | 78 | 13234 |
| Ferrovial SE | 997 | 64823 |
| First Industrial Realty Trust, Inc. | 629 | 36388 |
| FMC Corp. | 40 | 689 |
| Freeport-McMoRan, Inc. | 154 | 9052 |
| Halliburton Co. | 24 | 936 |
| Host Hotels & Resorts, Inc. REIT | 1443 | 27648 |
| Ingredion, Inc. | 50 | 5633 |
| Invitation Homes, Inc. REIT | 2037 | 50619 |
| Iron Mountain, Inc. REIT | 121 | 12359 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Kinder Morgan, Inc. | 896 | $30043 |
| Marathon Petroleum Corp. | 13 | 3174 |
| Mid-America Apartment Communities, Inc. REIT | 483 | 58984 |
| Mosaic Co. | 74 | 1887 |
| Newmont Corp. | 107 | 11583 |
| NextEra Energy, Inc. | 502 | 46626 |
| NiSource, Inc. | 1265 | 59025 |
| NNN REIT, Inc. | 499 | 20973 |
| Norfolk Southern Corp. | 85 | 24395 |
| Nucor Corp. | 27 | 4566 |
| Omega Healthcare Investors, Inc. | 1168 | 51182 |
| Phillips 66 | 18 | 3279 |
| Pinnacle West Capital Corp. | 205 | 20654 |
| Prologis, Inc. | 1030 | 136145 |
| Public Service Enterprise Group, Inc. | 95 | 7690 |
| Public Storage REIT | 69 | 18691 |
| Realty Income Corp. REIT | 337 | 20618 |
| Regency Centers Corp. REIT | 431 | 32609 |
| Ryman Hospitality Properties, Inc. REIT | 101 | 9319 |
| Sabra Health Care REIT, Inc. | 1364 | 26230 |
| SBA Communications Corp. REIT | 489 | 84162 |
| Scotts Miracle-Gro Co. | 10 | 608 |
| Shell PLC | 183 | 8546 |
| Simon Property Group, Inc. REIT | 465 | 86736 |
| SL Green Realty Corp. REIT | 494 | 18248 |
| SLB Ltd. | 16 | 822 |
| STAG Industrial, Inc. | 234 | 8438 |
| Steel Dynamics, Inc. | 11 | 1980 |
| Sunstone Hotel Investors, Inc. REIT | 1355 | 12209 |
| Targa Resources Corp. | 269 | 67446 |
| Union Pacific Corp. | 238 | 57744 |
| Valero Energy Corp. | 16 | 3953 |
| Ventas, Inc. REIT | 814 | 66569 |
| WEC Energy Group, Inc. | 403 | 46655 |
| Welltower, Inc. REIT | 551 | 108938 |
| Williams Cos., Inc. | 1025 | 74600 |
| Xcel Energy, Inc. | 735 | 58388 |
|  |  | 2867257 |
| **Zambia \| 0.0%** |  |  |
| First Quantum Minerals Ltd. (\*) | 112 | 2678 |
| **Total Common Stocks**<br> (Cost $3,776,289) |  | 4520303 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** | **Lazard Real Assets Portfolio (•) (continued)** | **Lazard Real Assets Portfolio (•) (continued)** |
| **Exchange-Traded Funds \| 0.7%** |  |  |
| iShares Gold Trust (~)<br> (Cost $43,829) | 515 | $45402 |
| **Preferred Stocks \| 0.0%** |  |  |
| **Brazil \| 0.0%** |  |  |
| Petroleo Brasileiro SA – Petrobras<br> (Cost $1,167) | 200 | 1879 |
| **Short-Term Investments \| 19.0%** |  |  |
| Lazard Government Money Market Portfolio, 3.50% (7 day yield) (a) | 672761 | 672761 |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.60% (7 day yield) (~) | 517521 | 517521 |
| **Total Short-Term Investments**<br> (Cost $1,190,282) |  | 1190282 |
| **Total Investments \| 91.7%**<br> (Cost $5,011,567) |  | $**5757866** |
| **Cash and Other Assets in Excess of Liabilities \| 8.3%** | **Cash and Other Assets in Excess of Liabilities \| 8.3%** | **520432** |
| **Net Assets \| 100.0%** |  | $**6278298** |

---

---

| | |
|:---|:---|
| (•) | Lazard Real Assets Portfolio's Portfolio of Investments and accompanying notes are presented on a consolidated basis. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At March 31, 2026, these securities amounted to 1.5% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |
| (~) | The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio. |
| (a) | Affiliated investment. |

---

**Lazard Real Assets Portfolio (•) (concluded)**

**Affiliated Investment for the period ended March 31, 2026 were as follows:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Value at<br> December 31,<br> 2025 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) | Dividend<br> Income | Shares at<br> March 31, 2026 | Value at<br> March 31, 2026 |
| Lazard Government Money Market Portfolio | $366014 | $681154 | $(374407) | $– $– $| 3977 | 672761 | $672761 |

---

**Total Return Swap Agreements open at March 31, 2026 (~):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional Amount | Expiration Date | Receive | Pay | Payable | Payment<br> Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $1469161 | 07/29/26 | Appreciation, and dividends paid, on commodities in a custom momentum basket | 0.00% | Depreciation and dividend expenses (if applicable), on commodities in a custom momentum basket | Upon<br> Maturity(a) | $250,669\* | $—\* |

---

---

| | |
|:---|:---|
| (~) | The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio. |
| (a) | For swap agreements, the net settlement will occur on the expiration date. |
| \* | Include net accrued dividends and financing charges of $2,500. |

---

The following table represents the commodity exposure expressed as a percentage of the notional amount of the custom total return basket swap agreements with GSC, as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Commodity | Commodity Index<br> Ticker Symbol | Commodity Exposure Expressed as a<br> Percentage of Notional Amount |
| &nbsp;&nbsp;Aluminium | BCOMLA | 3.73% |
| &nbsp;&nbsp;Brent Crude Oil | BCOMCO | 11.20 |
| &nbsp;&nbsp;Chicago Wheat | BCOMW | 2.69 |
| &nbsp;&nbsp;Cocoa | BCOMCC | 0.80 |
| &nbsp;&nbsp;Coffee | BCOMKC | 1.91 |
| &nbsp;&nbsp;Copper HG | BCOMHG | 5.09 |
| &nbsp;&nbsp;Corn | BCOMC | 4.71 |
| &nbsp;&nbsp;Cotton | BCOMCT | 1.44 |
| &nbsp;&nbsp;Gasoil | BCOMQS | 4.98 |
| &nbsp;&nbsp;Gold | BCOMGC | 13.08 |
| &nbsp;&nbsp;Heating Oil | BCOMHO | 3.65 |
| &nbsp;&nbsp;Kansas Wheat | BCOMKW | 1.78 |
| &nbsp;&nbsp;Lead | BCOMLL | 0.73 |
| &nbsp;&nbsp;Lean Hogs | BCOMLH | 1.84 |
| &nbsp;&nbsp;Live Cattle | BCOMLC | 3.33 |
| &nbsp;&nbsp;Natural Gas | BCOMNG | 5.82 |
| &nbsp;&nbsp;Nickel | BCOMLN | 1.77 |
| &nbsp;&nbsp;RBOB Gasoline | BCOMXB | 3.32 |
| &nbsp;&nbsp;Silver | BCOMSI | 3.18 |
| &nbsp;&nbsp;Soybean | BCOMS | 4.92 |
| &nbsp;&nbsp;Soybean Meal | BCOMSM | 2.54 |
| &nbsp;&nbsp;Soybean Oil | BCOMBO | 3.29 |
| &nbsp;&nbsp;Sugar | BCOMSB | 2.54 |
| &nbsp;&nbsp;WTI Crude Oil | BCOMCL | 9.73 |
| &nbsp;&nbsp;Zinc | BCOMLX | 1.93 |
| &nbsp;&nbsp;Total |  | 100.00% |

---

**The Lazard Funds, Inc.** Notes to Portfolios of Investments <br> March 31, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> Developing<br> Markets Equity<br> Portfolio | Lazard<br> Emerging<br> Markets Equity<br> Advantage<br> Portfolio | Lazard<br> Emerging<br> Markets Equity<br> Portfolio | Lazard Equity<br> Franchise<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 5.5% | 7.7% | 8.6% | 11.8% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 13.1 | 9.7 | 9.8 | 18.6 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1.5 | 3.3 | 6.8 | 9.6 |
| &nbsp;&nbsp;&nbsp;Energy | 3.4 | 4.6 | 8.5 |  |
| &nbsp;&nbsp;&nbsp;Financials | 17.1 | 19.9 | 24.9 | 20.4 |
| &nbsp;&nbsp;&nbsp;Health Care | 1.9 | 2.9 | 3.4 | 9.8 |
| &nbsp;&nbsp;&nbsp;Industrials | 13 | 7.5 | 7.3 | 10.7 |
| &nbsp;&nbsp;&nbsp;Information Technology | 41.3 | 32.2 | 20.5 | 9.8 |
| &nbsp;&nbsp;&nbsp;Materials | 1.3 | 7.2 | 4.5 |  |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 1.2 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1 | 2.4 | 1.8 | 5.4 |
| Other (includes short-term investments) | 0.9 | 1.4 | 3.9 | 3.9 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard<br> Global Small<br> Cap Equity<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity Select<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 5.8% | 3.0% | 4.6% | 4.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 16.5 | 6.9 | 9.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 3.7 | 6.8 | 4 |
| &nbsp;&nbsp;&nbsp;Energy |  | 6.3 | 2.9 | 3.3 |
| &nbsp;&nbsp;&nbsp;Financials |  | 14.5 | 25 | 24.1 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 4.4 | 7.7 | 6.1 |
| &nbsp;&nbsp;&nbsp;Industrials | 27.5 | 22.5 | 18.4 | 19.6 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 20.6 | 6.3 | 14.8 |
| &nbsp;&nbsp;&nbsp;Materials |  | 5.3 | 12.3 | 6.4 |
| &nbsp;&nbsp;&nbsp;Real Estate | 8.9 | 2.1 | 0.9 | 1 |
| &nbsp;&nbsp;&nbsp;Utilities | 52.2 |  | 3.6 | 3 |
| Other (includes short-term investments) | 5.6 | 1.1 | 4.6 | 3.7 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> International<br> Quality Growth<br> Portfolio | Lazard<br> International<br> Strategic<br> Equity<br> Portfolio | Lazard<br> US Equity<br> Concentrated<br> Portfolio | Lazard US<br> Equity Focus<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 7.3% | 5.1% | 11.1% | 6.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.8 | 7.4 | 27.7 | 9.4 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6.7 | 8.2 |  | 2.6 |
| &nbsp;&nbsp;&nbsp;Energy |  | 1.7 |  | 3.1 |
| &nbsp;&nbsp;&nbsp;Financials | 17.1 | 26.9 | 10.6 | 17.2 |
| &nbsp;&nbsp;&nbsp;Health Care | 14.9 | 5.7 | 4.6 | 10.8 |
| &nbsp;&nbsp;&nbsp;Industrials | 21.4 | 15.2 | 4.0 | 15.0 |
| &nbsp;&nbsp;&nbsp;Information Technology | 23.8 | 11.9 | 41.1 | 26.4 |
| &nbsp;&nbsp;&nbsp;Materials |  | 8.6 |  | 3.1 |
| &nbsp;&nbsp;&nbsp;Real Estate |  |  |  | 2.2 |
| Utilities |  | 5.8 |  |  |
| Other (includes short-term investments) | 3.0 | 3.5 | 0.9 | 4.0 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | |
|:---|:---|
| Asset Class/Sector | Lazard US<br> Small Cap<br> Equity Select<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.7% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 11.0 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.2 |
| &nbsp;&nbsp;&nbsp;Energy | 6.2 |
| &nbsp;&nbsp;&nbsp;Financials | 17.4 |
| &nbsp;&nbsp;&nbsp;Health Care | 13.9 |
| &nbsp;&nbsp;&nbsp;Industrials | 19.7 |
| &nbsp;&nbsp;&nbsp;Information Technology | 17.9 |
| &nbsp;&nbsp;&nbsp;Materials | 3.4 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.8 |
| Other (includes short-term investments) | 0.8 |
| Total | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| Asset Class/Sector | Lazard US<br> Convertibles<br> Portfolio | Lazard US<br> High Yield<br> Portfolio | Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 6.2% | 17.6% | 3.0% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.5 | 17.6 | 6.5 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 10.2 | 17.0 | 2.0 |
| &nbsp;&nbsp;&nbsp;Energy | 2.1 | 16.0 | 1.9 |
| &nbsp;&nbsp;&nbsp;Financials | 12.2 | 4.7 | 15.7 |
| &nbsp;&nbsp;&nbsp;Health Care | 0.4 |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 7.0 | 8.7 | 3.3 |
| &nbsp;&nbsp;&nbsp;Information Technology | 33.9 | 6.8 | 1.8 |
| &nbsp;&nbsp;&nbsp;Materials | 3.0 | 4.9 |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  |  | 2.2 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  |  | 61.8 |
| &nbsp;&nbsp;&nbsp;Utilities | 12.2 | 4.4 |  |
| Other (includes short-term investments) | 5.3 | 2.3 | 1.8 |
| Total | 100.0% | 100.0% | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio | Lazard<br> Real Assets<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Commodity | —% | 4.9% | —% |
| &nbsp;&nbsp;&nbsp;Communication Services | 5.5 | 4.2 |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 4.6 | 4.5 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 11.2 | 2.6 | 0.2 |
| &nbsp;&nbsp;&nbsp;Energy | 0.2 | 1.7 | 7.2 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds |  |  | 0.7 |
| &nbsp;&nbsp;&nbsp;Financials | 6.1 | 5.8 |  |
| &nbsp;&nbsp;&nbsp;Fixed Income |  | 24.9 |  |
| &nbsp;&nbsp;&nbsp;Health Care | 0.0 | 6.8 |  |
| &nbsp;&nbsp;&nbsp;Industrials | 4.1 | 7.7 | 8.3 |
| &nbsp;&nbsp;&nbsp;Information Technology | 11.3 | 14.3 |  |
| &nbsp;&nbsp;&nbsp;Materials | 0.5 | 1.3 | 2.2 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 0.0 |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 0.7 | 36.7 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 52.2 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 0.9 | 1.2 | 17.4 |
| &nbsp;&nbsp;&nbsp;Warrants | 0.0 |  |  |
| Other (includes short-term investments) | 3.4 | 19.4 | 27.3 |
| Total | 100.0% | 100.0% | 100.0% |

---

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | — American Depositary Receipt |
| CDI | — CHESS Depositary Interest |
| ETF | — Exchange-Traded Fund |
| GDR | — Global Depositary Receipt |
| KSC | — Kuwait Shareholding Company |
| NVDR | — Non-Voting Depository Receipt |
| PJSC | — Public Joint Stock Company |
| QSC | — Qatar Shareholder Company |
| REITs | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Financing Rate |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound Sterling |
| HKD | — Hong Kong Dollar |
| NZD | — New Zealand Dollar |
| USD | — United States Dollar |

---

**Counterparty Abbreviations:**

---

| | |
|:---|:---|
| BMO | — Bank of Montreal |
| BNP | — BNP Paribas SA |
| BNY | — Bank of New York Mellon |
| BOA | — Bank of America N.A. |
| CAN | — Canadian Imperial Bank of Commerce |
| CIT | — Citibank N.A. |
| GSC | — Goldman Sachs International |
| HSB | — HSBC Bank USA N.A. |
| MSC | — Morgan Stanley & Co. |
| NIP | — Nomura International Plc |
| RBC | — Royal Bank of Canada |
| SCB | — Standard Chartered Bank |
| SGN | — Societe Generale |
| SSB | — State Street Bank & Trust Co. |

---

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/ Jennifer Ryan |
|  | Jennifer Ryan |
|  | Principal Executive Officer |

---

Date: May 27, 2026

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/ Jennifer Ryan |
|  | Jennifer Ryan |
|  | Principal Executive Officer |

---

Date: May 27, 2026

---

| | |
|:---|:---|
| By: | /s/ Christina Kennedy |
|  | Christina Kennedy |
|  | Principal Financial Officer |

---

Date: May 27, 2026

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LAZARD FUNDS INC

- **b. Investment Company Act file number:** 811-06312

- **c. CIK number of Registrant:** 0000874964

- **d. LEI of Registrant:** FHQ86OSTXPK3IHDU6X52

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 ROCKEFELLER PLAZA

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

  - **Telephone number:** 212-632-6000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lazard Developing Markets Equity Portfolio

- **b. EDGAR series identifier (if any):** S000023480

- **c. LEI of Series:** 5493004QOFW24EYJKM98

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $103016499.97

**Total Liabilities:** $193375.91

**Net Assets:** $102823124.06

**Cash Not Reported:** $23450.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069022 | 8.87%                | 4.62%                | -11.11%              |
| Class ID C000069023 | 8.81%                | 4.65%                | -11.13%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1782344.24              | $7286726.90                                |
| Month 2  | $1366639.31              | $3923172.34                                |
| Month 3  | $845437.00               | $-13969265.57                              |

### Schedule of Portfolio Investments

| Name                                                                 | Title                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Capstone Copper Corp                                                 | Capstone Copper Corp                                                 | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     84871 | NS      | $639994.82    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                                   | Grupo Financiero Banorte SAB de CV                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    237957 | NS      | $2639128.07   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                                     | EPAM Systems Inc                                                     | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      5011 | NS      | $678489.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                                        | HDFC Bank Ltd                                                        | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     52559 | NS      | $1307667.92   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                                       | ICICI Bank Ltd                                                       | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     51168 | NS      | $1325251.20   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                                              | Reliance Industries Ltd                                              | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     71567 | NS      | $1037041.14   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mphasis Ltd                                                          | Mphasis Ltd                                                          | CUSIP: 000000000<br>LEI: 335800NSYTIQLQKUYP62 | Long             | EC               | CORP              | IN        |     30114 | NS      | $667319.32    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Sercomm Corp                                                         | Sercomm Corp                                                         | CUSIP: 000000000<br>LEI: 254900MJ2QQG3VODNZ25 | Long             | EC               | CORP              | TW        |    218000 | NS      | $518596.74    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd                                                     | Lenovo Group Ltd                                                     | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |   1276000 | NS      | $1516339.80   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co Ltd                                         | King Yuan Electronics Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    128000 | NS      | $1105922.88   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                                         | MediaTek Inc                                                         | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     35000 | NS      | $1694737.98   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                                            | Capitec Bank Holdings Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      8132 | NS      | $1996494.87   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                                    | Bharti Airtel Ltd                                                    | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     49716 | NS      | $945245.61    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                                                         | SK hynix Inc                                                         | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      7493 | NS      | $4075387.68   | 3.96%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc                        | International Container Terminal Services Inc                        | CUSIP: 000000000<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |     92619 | NS      | $1062154.97   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                                                             | Kia Corp                                                             | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      7591 | NS      | $730652.97    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                                           | BYD Co Ltd                                                           | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     98300 | NS      | $1347735.42   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                                 | Bank Rakyat Indonesia Persero Tbk PT                                 | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   5019749 | NS      | $989250.23    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd                                            | Zijin Mining Group Co Ltd                                            | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    158000 | NS      | $717849.80    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                           | Samsung Electronics Co Ltd                                           | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     69849 | NS      | $7846140.92   | 7.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                              | Hanwha Aerospace Co Ltd                                              | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      1555 | NS      | $1267064.61   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                            | Taiwan Semiconductor Manufacturing Co Ltd                            | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    277000 | NS      | $15615996.04  | 15.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Public Power Corp SA                                                 | Public Power Corp SA                                                 | CUSIP: 000000000<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | EC               | CORP              | GR        |     50467 | NS      | $1059116.58   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LAZARD GOVT MNY MMKT INS                                             | LAZARD GOVT MNY MMKT INS                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    875500 | NS      | $875500.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Amber Enterprises India Ltd                                          | Amber Enterprises India Ltd                                          | CUSIP: 000000000<br>LEI: 3358009JZU4XT3666G06 | Long             | EC               | CORP              | IN        |     10038 | NS      | $701070.36    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd                                        | ASE Technology Holding Co Ltd                                        | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    210289 | NS      | $2306846.37   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd                                    | HD Hyundai Marine Solution Co Ltd                                    | CUSIP: 000000000<br>LEI: 988400NV4TGR7O3GJM74 | Long             | EC               | CORP              | KR        |      6903 | NS      | $824914.89    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                                             | Bank Central Asia Tbk PT                                             | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   1899800 | NS      | $726837.63    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd                              | Ping An Insurance Group Co of China Ltd                              | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    208000 | NS      | $1622063.22   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Bank Group Ltd                                              | Standard Bank Group Ltd                                              | CUSIP: 000000000<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |    115084 | NS      | $2086045.18   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aselsan Elektronik Sanayi Ve Ticaret AS                              | Aselsan Elektronik Sanayi Ve Ticaret AS                              | CUSIP: 000000000<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |    108134 | NS      | $780226.39    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                                                      | Minth Group Ltd                                                      | CUSIP: 000000000<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | KY        |    343900 | NS      | $1446052.40   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV                           | Grupo Aeroportuario del Pacifico SAB de CV                           | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     34210 | NS      | $843940.83    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                                             | TOTVS SA                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    136700 | NS      | $922091.95    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotes Co Ltd                                                         | Lotes Co Ltd                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     29687 | NS      | $1967133.38   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                                             | Jeronimo Martins SGPS SA                                             | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     34863 | NS      | $836328.34    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Benefit Systems SA                                                   | Benefit Systems SA                                                   | CUSIP: 000000000<br>LEI: 2594007UY43JEUOLID52 | Long             | EC               | CORP              | PL        |      1053 | NS      | $1007025.14   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Bizlink Holding Inc                                                  | Bizlink Holding Inc                                                  | CUSIP: 000000000<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     19622 | NS      | $1099448.70   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                                      | BDO Unibank Inc                                                      | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    456146 | NS      | $852760.64    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Sunlord Electronics Co Ltd                                  | Shenzhen Sunlord Electronics Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    149000 | NS      | $744470.17    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd                                          | Sungrow Power Supply Co Ltd                                          | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |     38188 | NS      | $839635.14    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                                  | Shenzhen Inovance Technology Co Ltd                                  | CUSIP: 000000000<br>LEI: 836800KA53998FUTIA85 | Long             | EC               | CORP              | CN        |    103190 | NS      | $1010564.31   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                                          | Xiaomi Corp                                                          | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    284000 | NS      | $1168352.94   | 1.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Foxconn Industrial Internet Co Ltd                                   | Foxconn Industrial Internet Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    105800 | NS      | $801601.40    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                               | Contemporary Amperex Technology Co Ltd                               | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     28100 | NS      | $1647036.98   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                            | Alibaba Group Holding Ltd                                            | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    221300 | NS      | $3483819.65   | 3.39%             |  |  |  | No            |                  2 | On Loan: No      |
| OmniVision Integrated Circuits Group Inc                             | OmniVision Integrated Circuits Group Inc                             | CUSIP: 000000000<br>LEI: 8368000MFHXX01GPND38 | Long             | EC               | CORP              | CN        |     64100 | NS      | $892467.18    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Orizon Valorizacao de Residuos SA                                    | Orizon Valorizacao de Residuos SA                                    | CUSIP: 000000000<br>LEI: 894500ACAMVLSLV62B28 | Long             | EC               | CORP              | BR        |     71100 | NS      | $979643.62    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TAB Gida Sanayi Ve Ticaret AS                                        | TAB Gida Sanayi Ve Ticaret AS                                        | CUSIP: 000000000<br>LEI: 7890009J9I7A16RG7593 | Long             | EC               | CORP              | TR        |    141474 | NS      | $777523.96    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Silicon2 Co Ltd                                                      | Silicon2 Co Ltd                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     37676 | NS      | $958343.57    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                                        | Allegro.eu SA                                                        | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |    110269 | NS      | $791787.06    | 0.77%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TR        |    203869 | NS      | $910701.34    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                                 | Tencent Holdings Ltd                                                 | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     76000 | NS      | $4798024.61   | 4.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                                | Rede D'Or Sao Luiz SA                                                | CUSIP: 000000000<br>LEI: 9269004BEA774D836A73 | Long             | EC               | CORP              | BR        |    196300 | NS      | $1476840.26   | 1.44%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bajaj Finance Ltd                                                    | Bajaj Finance Ltd                                                    | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |     90351 | NS      | $794944.72    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CSG NV                                                               | CSG NV                                                               | CUSIP: 000000000<br>LEI: 31570078IM9ILNPQUB16 | Long             | EC               | CORP              | NL        |     31133 | NS      | $837730.83    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| D'Alba Global Co Ltd                                                 | D'Alba Global Co Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      7716 | NS      | $724695.12    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                                    | Fuyao Glass Industry Group Co Ltd                                    | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |    120800 | NS      | $907268.58    | 0.88%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PharmaResearch Co Ltd                                                | PharmaResearch Co Ltd                                                | CUSIP: 000000000<br>LEI: 988400WCI2SXC6H7SG23 | Long             | EC               | CORP              | KR        |      2503 | NS      | $496771.63    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIO SA/Brazil                                                       | PRIO SA/Brazil                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    188900 | NS      | $2414562.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Yadea Group Holdings Ltd                                             | Yadea Group Holdings Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    806000 | NS      | $1367502.27   | 1.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Credicorp Ltd                                                        | Credicorp Ltd                                                        | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      5809 | NS      | $1970296.62   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagseguro Digital Ltd                                                | Pagseguro Digital Ltd                                                | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |    117462 | NS      | $1176969.24   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                                                       | SharkNinja Inc                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11056 | NS      | $1170830.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-29

**Name of Applicant:** LAZARD FUNDS INC

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer