# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0001410368-25-029315
**Filing Date:** 2025-11
**Character Count:** 420586
**Document Hash:** ee9a077a6bf7c5273d45c4fcd68d79be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029315.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029315

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**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:** 251510767

**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 Enhanced Opportunities Portfolio (Series ID: S000047900)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150427 | Institutional Shares | LEOIX           |
| C000150428 | Open Shares          | LEOOX           |

## Nport-Ex

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

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.<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: 9/30/2025

**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 \| 98.0%** |  |  |
| **Brazil \| 9.2%** |  |  |
| MercadoLibre, Inc. (\*) | 863 | $2016779 |
| Orizon Valorizacao de Residuos SA (\*) | 74200 | 777237 |
| Pagseguro Digital Ltd., Class A | 122762 | 1227620 |
| PRIO SA (\*) | 156400 | 1120491 |
| Rede D'Or Sao Luiz SA (#) | 205100 | 1621609 |
| Rumo SA | 207344 | 622159 |
| TOTVS SA | 249200 | 2150548 |
|  |  | 9536443 |
| **China \| 29.5%** |  |  |
| Alibaba Group Holding Ltd. | 251900 | 5646534 |
| BYD Co. Ltd., Class H | 49300 | 699163 |
| Contemporary Amperex Technology Co. Ltd., Class A | 17400 | 984010 |
| Foxconn Industrial Internet Co. Ltd., Class A | 191400 | 1789825 |
| Fuyao Glass Industry Group Co. Ltd., Class H (#) | 126000 | 1268584 |
| Lenovo Group Ltd. | 1332000 | 1980463 |
| Minth Group Ltd. | 384000 | 1668481 |
| OmniVision Integrated Circuits Group, Inc. | 66800 | 1421628 |
| Ping An Insurance Group Co. of China Ltd., Class H | 190500 | 1296331 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 107790 | 1270659 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 20800 | 718375 |
| Sungrow Power Supply Co. Ltd., Class A | 63088 | 1436331 |
| Tencent Holdings Ltd. | 79300 | 6756026 |
| Trip.com Group Ltd. | 16750 | 1269808 |
| Xiaomi Corp., Class B (#), (\*) | 170800 | 1189258 |
| Yadea Group Holdings Ltd. (#) | 616000 | 1097715 |
|  |  | 30493191 |
| **Greece \| 0.6%** |  |  |
| Public Power Corp. SA | 40787 | 673305 |
| **India \| 10.2%** |  |  |
| Bajaj Finance Ltd. | 113340 | 1275493 |
| Bharti Airtel Ltd. | 51959 | 1100773 |
| HDFC Bank Ltd. ADR | 71397 | 2438921 |
| ICICI Bank Ltd. ADR | 57665 | 1743213 |
| MakeMyTrip Ltd. (\*) | 9482 | 887515 |
| Mphasis Ltd. | 31472 | 941223 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Reliance Industries Ltd. | 74796 | $1149260 |
| UPL Ltd. | 139316 | 1029158 |
|  |  | 10565556 |
| **Indonesia \| 2.4%** |  |  |
| Bank Central Asia Tbk. PT | 2091900 | 957926 |
| Bank Rakyat Indonesia Persero Tbk. PT | 6307849 | 1474458 |
|  |  | 2432384 |
| **Mexico \| 2.9%** |  |  |
| Arca Continental SAB de CV | 102600 | 1075777 |
| Grupo Financiero Banorte SAB de CV, Class O | 187057 | 1884308 |
|  |  | 2960085 |
| **Peru \| 1.2%** |  |  |
| Credicorp Ltd. | 4495 | 1196929 |
| **Philippines \| 2.7%** |  |  |
| BDO Unibank, Inc. | 784216 | 1791671 |
| International Container Terminal Services, Inc. | 121669 | 985715 |
|  |  | 2777386 |
| **Poland \| 1.9%** |  |  |
| Allegro.eu SA (#), (\*) | 69050 | 676194 |
| Benefit Systems SA | 826 | 691197 |
| InPost SA (\*) | 47269 | 580468 |
|  |  | 1947859 |
| **Portugal \| 0.9%** |  |  |
| Jeronimo Martins SGPS SA | 36435 | 887591 |
| **Singapore \| 1.2%** |  |  |
| Sea Ltd. ADR (\*) | 7040 | 1258259 |
| **South Africa \| 3.2%** |  |  |
| Capitec Bank Holdings Ltd. | 8497 | 1711271 |
| Standard Bank Group Ltd. | 120278 | 1647428 |
|  |  | 3358699 |

---

---

| | | |
|:---|:---|:---|
| 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 \| 8.0%** |  |  |
| CJ Logistics Corp. | 11033 | $661529 |
| Samsung Electronics Co. Ltd. | 90674 | 5450086 |
| SK Hynix, Inc. | 8471 | 2118028 |
|  |  | 8229643 |
| **Taiwan \| 21.4%** |  |  |
| ASE Technology Holding Co. Ltd. | 311289 | 1688726 |
| Bizlink Holding, Inc. | 40622 | 1379420 |
| Hiwin Technologies Corp. | 96714 | 687516 |
| King Yuan Electronics Co. Ltd. | 240000 | 1298602 |
| Lotes Co. Ltd. | 23687 | 1204704 |
| MediaTek, Inc. | 37000 | 1603865 |
| RichWave Technology Corp. | 178000 | 873796 |
| Sercomm Corp. | 228000 | 759314 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 290000 | 12616262 |
|  |  | 22112205 |
| **Turkey \| 0.9%** |  |  |
| BIM Birlesik Magazalar AS | 73877 | 961680 |
| **United States \| 1.8%** |  |  |
| EPAM Systems, Inc. (\*) | 3550 | 535305 |
| SharkNinja, Inc. (\*) | 6428 | 663048 |
| Tenaris SA ADR | 17173 | 614278 |
|  |  | 1812631 |
| **Total Common Stocks**<br> (Cost $58,151,899) |  | 101203846 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 2.0%** | **Repurchase Agreements \| 2.0%** |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $2,112,300 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $2,091,189) Proceeds of $2,050,239 <br> (Cost $2,050,000) | $2050 | $2050000 |
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $108,883) | 108883 | $108883 |
| **Total Investments \| 100.1%** <br> (Cost $60,310,782) |  | $**103362729** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** | **Liabilities in Excess of Cash and Other Assets \| (0.1)%** | **(83560)** |
| **Net Assets \| 100.0%** |  | $**103279169** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 5.7% of net assets of the Portfolio. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio** | **Lazard Emerging Markets Core Equity Portfolio** | **Lazard Emerging Markets Core Equity Portfolio** |
| **Common Stocks \| 101.3%** |  |  |
| **Argentina \| 0.2%** |  |  |
| Grupo Financiero Galicia SA ADR | 11892 | $327744 |
| **Brazil \| 4.7%** |  |  |
| Banco BTG Pactual SA | 193496 | 1754543 |
| Itau Unibanco Holding SA ADR | 253041 | 1857321 |
| MercadoLibre, Inc. (\*) | 559 | 1306349 |
| TOTVS SA | 184800 | 1594789 |
|  |  | 6513002 |
| **China \| 29.7%** |  |  |
| Alibaba Group Holding Ltd. | 331700 | 7435313 |
| BYD Co. Ltd., Class H | 71500 | 1013999 |
| China Merchants Bank Co. Ltd., Class H | 801000 | 4818878 |
| Contemporary Amperex Technology Co. Ltd., Class A | 54200 | 3065135 |
| Full Truck Alliance Co. Ltd. ADR | 109650 | 1422161 |
| Innovent Biologics, Inc. (#), (\*) | 156500 | 1948877 |
| Lenovo Group Ltd. | 1594000 | 2370013 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 164799 | 1942697 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 31400 | 1084470 |
| Tencent Holdings Ltd. | 115792 | 9864991 |
| Trip.com Group Ltd. | 24200 | 1834588 |
| Weichai Power Co. Ltd., Class H | 653000 | 1171233 |
| Xiaomi Corp., Class B (#), (\*) | 264600 | 1842375 |
| Yum China Holdings, Inc. | 29400 | 1290914 |
|  |  | 41105644 |
| **Ghana \| 0.4%** |  |  |
| Kosmos Energy Ltd. (\*) | 332708 | 552295 |
| **Greece \| 3.4%** |  |  |
| GEK Terna SA | 57959 | 1520836 |
| Jumbo SA | 28399 | 973149 |
| National Bank of Greece SA | 150713 | 2195187 |
|  |  | 4689172 |
| **India \| 16.4%** |  |  |
| Bharti Airtel Ltd. | 117375 | 2486637 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| HDFC Bank Ltd. ADR | 90447 | $3089670 |
| Hindalco Industries Ltd. | 143876 | 1234961 |
| ICICI Bank Ltd. ADR | 80549 | 2434996 |
| InterGlobe Aviation Ltd. (#) | 24140 | 1521400 |
| ITC Hotels Ltd. (\*) | 28248 | 72319 |
| ITC Ltd. | 288588 | 1305230 |
| Larsen & Toubro Ltd. | 24880 | 1025426 |
| Lodha Developers Ltd. (#) | 117834 | 1509365 |
| MakeMyTrip Ltd. (\*) | 11583 | 1084169 |
| Polycab India Ltd. | 13134 | 1080248 |
| Reliance Industries Ltd. | 129461 | 1989201 |
| Supreme Industries Ltd. | 21332 | 1013839 |
| Tata Consultancy Services Ltd. | 31356 | 1020217 |
| Thermax Ltd. | 30001 | 1071232 |
| Welspun Living Ltd. | 608645 | 786587 |
|  |  | 22725497 |
| **Indonesia \| 0.8%** |  |  |
| Bank Central Asia Tbk. PT | 2369700 | 1085136 |
| **Mexico \| 3.5%** |  |  |
| Arca Continental SAB de CV | 91945 | 964058 |
| Corp. Inmobiliaria Vesta SAB de CV ADR | 33583 | 950063 |
| Grupo Financiero Banorte SAB de CV, Class O | 170277 | 1715276 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 546774 | 1156634 |
|  |  | 4786031 |
| **Peru \| 1.1%** |  |  |
| Credicorp Ltd. | 5773 | 1537234 |
| **Philippines \| 1.7%** |  |  |
| BDO Unibank, Inc. | 382791 | 874550 |
| International Container Terminal Services, Inc. | 181520 | 1470604 |
|  |  | 2345154 |
| **Portugal \| 0.9%** |  |  |
| Jeronimo Martins SGPS SA | 48824 | 1189399 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 45259 | 0 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** | **Lazard Emerging Markets Core Equity Portfolio (continued)** | **Lazard Emerging Markets Core Equity Portfolio (continued)** |
| Sberbank of Russia PJSC (\*), (¢) | 213889 | $0 |
|  |  | 0 |
| **Saudi Arabia \| 2.6%** |  |  |
| Saudi Arabian Oil Co. (#) | 300349 | 1974117 |
| Saudi National Bank | 155716 | 1630208 |
|  |  | 3604325 |
| **Singapore \| 0.9%** |  |  |
| Sea Ltd. ADR (\*) | 6619 | 1183014 |
| **South Africa \| 4.2%** |  |  |
| Anglo American PLC | 59763 | 2250072 |
| Bidvest Group Ltd. | 71518 | 877466 |
| Capitec Bank Holdings Ltd. | 6508 | 1310692 |
| Shoprite Holdings Ltd. | 83801 | 1330661 |
|  |  | 5768891 |
| **South Korea \| 10.5%** |  |  |
| Coway Co. Ltd. | 21213 | 1486067 |
| Kia Corp. | 23497 | 1689032 |
| Samsung Electronics Co. Ltd. | 98911 | 5945182 |
| Shinhan Financial Group Co. Ltd. | 52693 | 2649980 |
| SK Hynix, Inc. | 10920 | 2730358 |
|  |  | 14500619 |
| **Taiwan \| 16.9%** |  |  |
| Accton Technology Corp. | 50000 | 1731085 |
| ASE Technology Holding Co. Ltd. | 193000 | 1047015 |
| MediaTek, Inc. | 48000 | 2080690 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 32161 | 8982246 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 218000 | 9483949 |
|  |  | 23324985 |
| **United Arab Emirates \| 2.5%** |  |  |
| Adnoc Gas PLC | 1776622 | 1714113 |
| Emaar Properties PJSC | 503360 | 1789254 |
|  |  | 3503367 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **United Kingdom \| 0.9%** |  |  |
| Unilever PLC ADR | 22007 | $1304575 |
| **Total Common Stocks** <br> (Cost $92,836,998) |  | 140046084 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 0.8%** |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $1,133,400 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $1,122,043) Proceeds of $1,100,128 <br> (Cost $1,100,000) | $1100 | $1100000 |
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.0%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $65,672) | 65672 | $65672 |
| **Total Investments \| 102.1%** <br> (Cost $94,002,670) |  | $**141211756** |
| **Liabilities in Excess of Cash and Other Assets \| (2.1)%** |  | **(2865860)** |
| **Net Assets \| 100.0%** |  | $**138345896** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 6.4% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

---

| | | |
|:---|:---|:---|
| 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 \| 97.4%** |  |  |
| **Brazil \| 0.8%** |  |  |
| Cia De Sanena Do Parana | 340300 | $2368945 |
| Telefonica Brasil SA | 190760 | 1221136 |
| TOTVS SA | 98100 | 846584 |
|  |  | 4436665 |
| **Chile \| 0.1%** |  |  |
| Latam Airlines Group SA ADR | 14971 | 677438 |
| **China \| 31.7%** |  |  |
| Agricultural Bank of China Ltd., Class H | 2647000 | 1783660 |
| Alibaba Group Holding Ltd. | 1050000 | 23536566 |
| Alibaba Health Information Technology Ltd. (\*) | 1074000 | 920468 |
| Aluminum Corp. of China Ltd., Class H | 1532000 | 1593864 |
| Atour Lifestyle Holdings Ltd. ADR | 21966 | 825702 |
| Bank of China Ltd., Class H | 4247000 | 2327267 |
| Bank of Hangzhou Co. Ltd., Class A | 715700 | 1535308 |
| Bank of Ningbo Co. Ltd., Class A | 277800 | 1031518 |
| Bank of Shanghai Co. Ltd., Class A | 2611756 | 3287508 |
| BeOne Medicines Ltd. ADR (\*) | 6657 | 2268040 |
| Bilibili, Inc., Class Z (\*) | 34020 | 964509 |
| BOC Aviation Ltd. (#) | 116300 | 1041762 |
| BYD Co. Ltd., Class H | 349500 | 4956541 |
| China Construction Bank Corp., Class H | 1406000 | 1353064 |
| China Hongqiao Group Ltd. | 557500 | 1895810 |
| China Life Insurance Co. Ltd., Class H | 751000 | 2140031 |
| China Merchants Bank Co. Ltd., Class H | 261500 | 1573204 |
| China Nonferrous Mining Corp. Ltd. | 562000 | 1084126 |
| China Pacific Insurance Group Co. Ltd., Class H | 391800 | 1557461 |
| China Resources Beer Holdings Co. Ltd. | 475000 | 1676320 |
| China Tower Corp. Ltd., Class H (#) | 699200 | 1032251 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 4514000 | 3484998 |
| CITIC Ltd. | 450000 | 660374 |
| Contemporary Amperex Technology Co. Ltd., Class A | 33280 | 1882061 |
| FinVolution Group ADR | 128880 | 949846 |
| Geely Automobile Holdings Ltd. | 445000 | 1118863 |
| H World Group Ltd. ADR | 30051 | 1175295 |
| Haier Smart Home Co. Ltd., Class H | 481600 | 1571668 |
| Hengan International Group Co. Ltd. | 211000 | 689326 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | 16400 | 855789 |
| Huaneng Power International, Inc., Class H | 1730000 | 1203973 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| Huaxia Bank Co. Ltd., Class A | 1665700 | $1539929 |
| Industrial & Commercial Bank of China Ltd., Class H | 1540000 | 1137038 |
| Innovent Biologics, Inc. (#), (\*) | 130500 | 1625102 |
| JD Health International, Inc. (#), (\*) | 89950 | 769391 |
| JD Logistics, Inc. (#), (\*) | 998000 | 1686558 |
| JD.com, Inc., Class A | 229704 | 4014592 |
| JF SmartInvest Holdings Ltd. | 84500 | 810786 |
| Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 1087130 | 1044598 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H | 62000 | 709055 |
| Kanzhun Ltd. ADR (\*) | 72265 | 1688110 |
| KE Holdings, Inc. ADR | 29830 | 566770 |
| Kingsoft Corp. Ltd. | 305400 | 1361632 |
| Kuaishou Technology (#) | 345300 | 3759825 |
| LexinFintech Holdings Ltd. ADR | 147568 | 786538 |
| Li Auto, Inc. ADR (\*) | 30660 | 776924 |
| Loncin Motor Co. Ltd., Class A | 581500 | 981314 |
| Meitu, Inc. (#) | 960500 | 1145738 |
| Meituan, Class B (#), (\*) | 269270 | 3603084 |
| Midea Group Co. Ltd., Class A | 275500 | 2813303 |
| NetEase, Inc. | 188500 | 5731111 |
| New China Life Insurance Co. Ltd., Class H | 335100 | 1992580 |
| PDD Holdings, Inc. ADR (\*) | 41340 | 5463908 |
| People's Insurance Co. Group of China Ltd., Class H | 1652000 | 1443897 |
| PetroChina Co. Ltd., Class H | 802000 | 729728 |
| PICC Property & Casualty Co. Ltd., Class H | 1044000 | 2360940 |
| Ping An Insurance Group Co. of China Ltd., Class H | 810500 | 5515362 |
| Pop Mart International Group Ltd. (#) | 95000 | 3248533 |
| Qfin Holdings, Inc. ADR | 40359 | 1161532 |
| Rockchip Electronics Co. Ltd., Class A | 21500 | 680758 |
| Satellite Chemical Co. Ltd., Class A | 374200 | 1018177 |
| Shanghai Amarsoft Information & Technology Co. Ltd., Class A | 85900 | 597318 |
| Shenzhou International Group Holdings Ltd. | 84100 | 666255 |
| Star Lake Bioscience Co., Inc. Zhaoqing Guangdong, Class A | 1099800 | 1172939 |
| Sunshine Insurance Group Co. Ltd., Class H | 522000 | 257581 |
| Tencent Holdings Ltd. | 363500 | 30968670 |
| Tencent Music Entertainment Group ADR | 60845 | 1420122 |
| Trip.com Group Ltd. ADR | 33364 | 2508973 |
| Uni-President China Holdings Ltd. | 2095000 | 2216020 |
| Vipshop Holdings Ltd. ADR | 57607 | 1131402 |
| Wuxi Biologics Cayman, Inc. (#), (\*) | 167500 | 883564 |
| Xiaomi Corp., Class B (#), (\*) | 1183000 | 8237071 |
| Yutong Bus Co. Ltd., Class A | 423500 | 1618639 |

---

---

| | | |
|:---|:---|:---|
| 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)** |
| Zhejiang NHU Co. Ltd., Class A | 348800 | $1168205 |
| Zijin Mining Group Co. Ltd., Class H | 614000 | 2575607 |
|  |  | 187566352 |
| **Egypt \| 0.3%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 936293 | 1891312 |
| **Greece \| 0.8%** |  |  |
| Alpha Bank SA | 524586 | 2236779 |
| National Bank of Greece SA | 54483 | 793564 |
| OPAP SA | 75166 | 1754176 |
|  |  | 4784519 |
| **Hungary \| 1.0%** |  |  |
| Magyar Telekom Telecommunications PLC | 209876 | 1120769 |
| OTP Bank Nyrt | 51836 | 4489419 |
|  |  | 5610188 |
| **India \| 15.4%** |  |  |
| Acutaas Chemicals Ltd. | 42806 | 635426 |
| Adani Ports & Special Economic Zone Ltd. | 100331 | 1586328 |
| Ajanta Pharma Ltd. | 25405 | 688572 |
| Alkem Laboratories Ltd. | 10139 | 619966 |
| Axis Bank Ltd. | 108629 | 1384933 |
| Axis Bank Ltd. GDR | 44492 | 2847546 |
| Bajaj Finance Ltd. | 205984 | 2318079 |
| Bank of Baroda | 868623 | 2529881 |
| Bharat Electronics Ltd. | 214483 | 975907 |
| Bharat Petroleum Corp. Ltd. | 163850 | 626901 |
| Britannia Industries Ltd. | 30244 | 2040966 |
| Canara Bank | 2753252 | 3836762 |
| Cipla Ltd. | 150188 | 2543120 |
| Force Motors Ltd. | 2881 | 545465 |
| Gillette India Ltd. | 9036 | 964919 |
| HCL Technologies Ltd. | 145483 | 2270131 |
| HDFC Bank Ltd. ADR | 118142 | 4035731 |
| HDFC Bank Ltd. | 282932 | 3031318 |
| Hero MotoCorp Ltd. | 28673 | 1767752 |
| Hindalco Industries Ltd. | 177708 | 1525358 |
| Hindustan Aeronautics Ltd. | 20570 | 1099795 |
| Hindustan Petroleum Corp. Ltd. | 205070 | 1024332 |
| Hyundai Motor India Ltd. | 94895 | 2763410 |
| Indian Oil Corp. Ltd. | 361533 | 610014 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| Indus Towers Ltd. (\*) | 736089 | $2843432 |
| Infosys Ltd. | 236904 | 3848757 |
| Jindal Saw Ltd. | 310453 | 709433 |
| JK Cement Ltd. | 9094 | 645355 |
| Karur Vysya Bank Ltd. | 328865 | 781330 |
| LIC Housing Finance Ltd. | 264641 | 1684517 |
| Life Insurance Corp. of India | 140738 | 1427221 |
| Lloyds Metals & Energy Ltd. | 66998 | 924507 |
| Lupin Ltd. | 108567 | 2342642 |
| Manappuram Finance Ltd. | 300684 | 951153 |
| Marico Ltd. | 119862 | 941664 |
| National Aluminium Co. Ltd. | 425714 | 1027399 |
| Nava Ltd. | 161622 | 1185448 |
| Oberoi Realty Ltd. | 65855 | 1173411 |
| Power Finance Corp. Ltd. | 269918 | 1247412 |
| Reliance Industries Ltd. | 72915 | 1120358 |
| Reliance Industries Ltd. GDR (#) | 36737 | 2241812 |
| Solar Industries India Ltd. | 6535 | 980965 |
| South Indian Bank Ltd. | 1897761 | 618835 |
| State Bank of India | 175707 | 1726720 |
| State Bank of India GDR | 41060 | 4036623 |
| Sun Pharmaceutical Industries Ltd. | 185756 | 3339163 |
| Tata Motors Ltd. | 641901 | 4918786 |
| Torrent Pharmaceuticals Ltd. | 76710 | 3113817 |
| Union Bank of India Ltd. | 1335173 | 2083330 |
| Vedanta Ltd. | 311244 | 1633267 |
| WAAREE Energies Ltd. | 19261 | 722184 |
| Yes Bank Ltd. (\*) | 2893853 | 694082 |
|  |  | 91236235 |
| **Indonesia \| 1.1%** |  |  |
| Aneka Tambang Tbk. PT | 6331800 | 1204903 |
| Bank Central Asia Tbk. PT | 1340100 | 613660 |
| Bank Rakyat Indonesia Persero Tbk. PT | 10871400 | 2541188 |
| Indofood Sukses Makmur Tbk. PT | 1908200 | 827559 |
| Sumber Alfaria Trijaya Tbk. PT | 5771900 | 670802 |
| Telkom Indonesia Persero Tbk. PT ADR | 46295 | 871272 |
|  |  | 6729384 |
| **Malaysia \| 1.4%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 170800 | 111202 |
| CIMB Group Holdings Bhd. | 1371400 | 2392028 |
| KPJ Healthcare Bhd. | 1644300 | 1076061 |
| Sime Darby Bhd. | 1448500 | 786100 |

---

---

| | | |
|:---|:---|:---|
| 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)** |
| SP Setia Bhd. Group | 1202600 | $294668 |
| Sunway Construction Group Bhd. | 822700 | 1182776 |
| Tenaga Nasional Bhd. | 415900 | 1306833 |
| Westports Holdings Bhd. | 894100 | 1138339 |
|  |  | 8288007 |
| **Mexico \| 1.3%** |  |  |
| Alfa SAB de CV, Class A | 1345600 | 1078625 |
| Cemex SAB de CV ADR | 154294 | 1387103 |
| Gentera SAB de CV | 998100 | 2588242 |
| Grupo Financiero Inbursa SAB de CV, Class O | 217700 | 598650 |
| Grupo Mexico SAB de CV Series B | 165300 | 1441653 |
| Industrias Penoles SAB de CV (\*) | 18300 | 817897 |
|  |  | 7912170 |
| **Peru \| 0.3%** |  |  |
| Cia de Minas Buenaventura SAA ADR | 36387 | 885296 |
| Credicorp Ltd. | 4072 | 1084292 |
|  |  | 1969588 |
| **Philippines \| 0.8%** |  |  |
| International Container Terminal Services, Inc. | 492920 | 3993445 |
| Metropolitan Bank & Trust Co. | 521470 | 610008 |
|  |  | 4603453 |
| **Poland \| 1.4%** |  |  |
| Asseco Poland SA | 15831 | 873225 |
| KGHM Polska Miedz SA (\*) | 16450 | 725731 |
| ORLEN SA | 53336 | 1269627 |
| PGE Polska Grupa Energetyczna SA (\*) | 779512 | 2303901 |
| Tauron Polska Energia SA (\*) | 581157 | 1455604 |
| Zabka Group SA | 258210 | 1666890 |
|  |  | 8294978 |
| **Qatar \| 0.2%** |  |  |
| Gulf International Services QSC | 1117904 | 968763 |
| **Russia \| 0.0%** |  |  |
| PhosAgro PJSC (\*), (¢), (‡) | 42 | 0 |
| Severstal PAO GDR (\*), (¢) | 9589 | 0 |
|  |  | 0 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Saudi Arabia \| 2.4%** |  |  |
| Almarai Co. JSC | 83802 | $1125020 |
| Co. for Cooperative Insurance | 49314 | 1793252 |
| Electrical Industries Co. | 1219510 | 3561359 |
| Etihad Etisalat Co. | 197802 | 3573657 |
| Saudi Arabian Oil Co. (#) | 130912 | 860451 |
| Saudi Awwal Bank | 72219 | 618997 |
| Saudi Electricity Co. | 454191 | 1841166 |
| Saudi National Bank | 62522 | 654550 |
|  |  | 14028452 |
| **South Africa \| 2.1%** |  |  |
| Gold Fields Ltd. ADR | 120789 | 5068306 |
| Harmony Gold Mining Co. Ltd. ADR | 173110 | 3141947 |
| Investec Ltd. | 90333 | 670709 |
| Naspers Ltd., N Shares | 3742 | 1360200 |
| Telkom SA SOC Ltd. | 367147 | 1086584 |
| Tiger Brands Ltd. | 61281 | 1095393 |
|  |  | 12423139 |
| **South Korea \| 11.8%** |  |  |
| Alteogen, Inc. (\*) | 1860 | 609725 |
| CJ CheilJedang Corp. | 4634 | 763298 |
| Han Kuk Carbon Co. Ltd. | 41197 | 960413 |
| Hana Financial Group, Inc. | 62070 | 3877556 |
| Hanwha Aerospace Co. Ltd. | 900 | 709835 |
| HD Hyundai Co. Ltd. | 23241 | 2579482 |
| HD Hyundai Electric Co. Ltd. | 5376 | 2242381 |
| HD Hyundai Heavy Industries Co. Ltd. | 3903 | 1435536 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 11839 | 3482713 |
| Hyundai Mobis Co. Ltd. | 6889 | 1472804 |
| Hyundai Rotem Co. Ltd. | 6838 | 1069495 |
| Kakao Corp. | 13945 | 596027 |
| KB Financial Group, Inc. | 29373 | 2425846 |
| Kia Corp. | 24783 | 1781473 |
| KIWOOM Securities Co. Ltd. | 7385 | 1301406 |
| Korea Electric Power Corp. | 156077 | 4024306 |
| LG Chem Ltd. | 3178 | 632447 |
| LIG Nex1 Co. Ltd. | 2533 | 925030 |
| Meritz Financial Group, Inc. | 16276 | 1315397 |
| Mirae Asset Securities Co. Ltd. | 148836 | 2283287 |
| Samsung Electronics Co. Ltd. GDR (#) | 12322 | 18409068 |
| Samsung Electronics Co. Ltd. GDR | 1588 | 2385459 |

---

---

| | | |
|:---|:---|:---|
| 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)** |
| SK Hynix, Inc. | 36027 | $9007932 |
| Woori Financial Group, Inc. | 300782 | 5575067 |
|  |  | 69865983 |
| **Taiwan \| 19.3%** |  |  |
| Accton Technology Corp. | 64000 | 2215789 |
| Arcadyan Technology Corp. | 203000 | 1465277 |
| Asia Vital Components Co. Ltd. | 59000 | 1915041 |
| Asustek Computer, Inc. | 88000 | 1933315 |
| Bizlink Holding, Inc. | 51296 | 1741882 |
| Chunghwa Precision Test Tech Co. Ltd. | 36000 | 2259703 |
| Compeq Manufacturing Co. Ltd. | 121000 | 291404 |
| CyberPower Systems, Inc. | 100000 | 687879 |
| Daxin Materials Corp. | 79000 | 1021709 |
| Delta Electronics, Inc. | 464000 | 13006670 |
| Eternal Materials Co. Ltd. | 55000 | 73356 |
| Evergreen Marine Corp. Taiwan Ltd. | 164000 | 964136 |
| Genius Electronic Optical Co. Ltd. | 44000 | 616384 |
| Global Unichip Corp. | 22000 | 973925 |
| Hon Hai Precision Industry Co. Ltd. | 117000 | 833638 |
| International Games System Co. Ltd. | 98000 | 2537546 |
| Lotes Co. Ltd. | 13000 | 661171 |
| MediaTek, Inc. | 186000 | 8062675 |
| President Chain Store Corp. | 256000 | 2084287 |
| Realtek Semiconductor Corp. | 236000 | 4267302 |
| Silicon Motion Technology Corp. ADR | 9056 | 858599 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 266000 | 1107593 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1387000 | 60340538 |
| Wiselink Co. Ltd. | 222582 | 1486062 |
| Yankey Engineering Co. Ltd. | 54200 | 791201 |
| Zhen Ding Technology Holding Ltd. | 339000 | 1858942 |
|  |  | 114056024 |
| **Thailand \| 2.2%** |  |  |
| Advanced Info Service PCL | 174800 | 1569721 |
| Bangkok Bank PCL (‡) | 706700 | 3249446 |
| Bangkok Dusit Medical Services PCL NVDR | 1589900 | 1006271 |
| Charoen Pokphand Foods PCL NVDR | 1275200 | 877837 |
| Delta Electronics Thailand PCL NVDR | 363400 | 1779023 |
| PTT Exploration & Production PCL (‡) | 771500 | 2749830 |
| Srisawad Corp. PCL (‡) | 792500 | 733683 |
| TMBThanachart Bank PCL | 22158200 | 1299200 |
|  |  | 13265011 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Turkey \| 0.4%** |  |  |
| Ford Otomotiv Sanayi AS | 475955 | $1134248 |
| Turk Hava Yollari AO | 126774 | 960871 |
|  |  | 2095119 |
| **United Arab Emirates \| 1.9%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 443009 | 1759015 |
| Abu Dhabi Islamic Bank PJSC | 153460 | 910354 |
| ADNOC Drilling Co. PJSC | 1679428 | 2574556 |
| Adnoc Gas PLC | 1167889 | 1126798 |
| Aldar Properties PJSC | 318788 | 822604 |
| Emaar Development PJSC | 320436 | 1173873 |
| Emaar Properties PJSC | 776298 | 2759446 |
|  |  | 11126646 |
| **United Kingdom \| 0.5%** |  |  |
| Anglogold Ashanti PLC | 40516 | 2849490 |
| **United States \| 0.2%** |  |  |
| Titan SA | 22086 | 901410 |
| **Total Common Stocks**<br> (Cost $489,444,967) |  | 575580326 |
| **Preferred Stocks \| 1.7%** |  |  |
| **Brazil \| 1.7%** |  |  |
| Banco Bradesco SA | 2293600 | 7623427 |
| Petroleo Brasileiro SA - Petrobras | 436639 | 2580988 |
|  |  | 10204415 |
| **Total Preferred Stocks**<br> (Cost $9,146,924) |  | 10204415 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** | **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** | **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** | **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** |
| **Repurchase Agreements \| 0.6%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $3,431,100 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $3,519,044) Proceeds of $3,450,402<br> (Cost $3,450,000) | $| 3450 | $3450000 |
| Description | Shares | Shares | Fair <br> Value |
| **Short-Term Investments \| 0.0%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $184,243) |  | 184243 | $184243 |
| **Total Investments \| 99.7%** |  |  |  |
| (Cost and short proceeds $502,226,134) |  |  | $**589418984** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **1945049** |
| **Net Assets \| 100.0%** |  |  | $**591364033** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 8.2% of net assets of the Portfolio. |
| (¢) | 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. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 95.3%** |  |  |
| **Brazil \| 11.9%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 4439677 | $29967820 |
| Banco do Brasil SA | 21796052 | 90464519 |
| BB Seguridade Participacoes SA | 14567517 | 91035862 |
| Engie Brasil Energia SA | 5376500 | 41114857 |
| Motiva Infraestrutura de Mobilidade SA | 19322917 | 54023205 |
| Petroleo Brasileiro SA - Petrobras ADR | 4866607 | 61611245 |
| PRIO SA (\*) | 6544700 | 46887954 |
| Rede D'Or Sao Luiz SA (#) | 7832100 | 61923955 |
| Suzano SA | 4255800 | 39901248 |
| Vale SA ADR | 6087639 | 66111760 |
| Vibra Energia SA | 17342000 | 80123966 |
|  |  | 663166391 |
| **China \| 20.9%** |  |  |
| Alibaba Group Holding Ltd. | 4173800 | 93558970 |
| Anhui Conch Cement Co. Ltd., Class H | 19171451 | 57999249 |
| China Construction Bank Corp., Class H | 136132224 | 131006871 |
| China Medical System Holdings Ltd. | 31301000 | 56271760 |
| China Merchants Bank Co. Ltd., Class H | 13417994 | 80723690 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 18921541 | 43849970 |
| ENN Natural Gas Co. Ltd., Class A | 20512715 | 51797967 |
| Hengan International Group Co. Ltd. | 13094500 | 42779032 |
| Huayu Automotive Systems Co. Ltd., Class A | 15669960 | 45044175 |
| Lenovo Group Ltd. | 46470000 | 69093165 |
| Midea Group Co. Ltd., Class A | 5650499 | 57700786 |
| NetEase, Inc. | 2103800 | 63963450 |
| Ping An Insurance Group Co. of China Ltd., Class H | 11139000 | 75799657 |
| Sinopharm Group Co. Ltd., Class H | 30787214 | 72665583 |
| Tencent Holdings Ltd. | 706800 | 60216386 |
| Tingyi Cayman Islands Holding Corp. | 35120000 | 47143289 |
| Want Want China Holdings Ltd. | 74168000 | 50419096 |
| Weichai Power Co. Ltd., Class H | 34583288 | 62029241 |
|  |  | 1162062337 |
| **Egypt \| 0.9%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 23467141 | 47392042 |
| **Greece \| 2.3%** |  |  |
| National Bank of Greece SA | 5563110 | 81028631 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| OPAP SA | 1969082 | $45953190 |
|  |  | 126981821 |
| **Hong Kong \| 0.9%** |  |  |
| ASMPT Ltd. | 4663200 | 49168185 |
| **Hungary \| 2.6%** |  |  |
| MOL Hungarian Oil & Gas PLC | 6191387 | 50295752 |
| OTP Bank Nyrt | 1096964 | 95005985 |
|  |  | 145301737 |
| **India \| 5.9%** |  |  |
| Axis Bank Ltd. | 3145524 | 40102927 |
| Indus Towers Ltd. (\*) | 22264059 | 86003634 |
| Infosys Ltd. ADR | 4895097 | 79643228 |
| Tata Consultancy Services Ltd. | 1959663 | 63760734 |
| UPL Ltd. | 7968929 | 58868256 |
|  |  | 328378779 |
| **Indonesia \| 4.1%** |  |  |
| Astra International Tbk. PT | 159291500 | 55258206 |
| Bank Mandiri Persero Tbk. PT | 188067584 | 49808241 |
| Telkom Indonesia Persero Tbk. PT ADR | 4330578 | 81501478 |
| United Tractors Tbk. PT | 24240100 | 39025726 |
|  |  | 225593651 |
| **Mexico \| 7.7%** |  |  |
| America Movil SAB de CV ADR | 3720700 | 78134700 |
| Cemex SAB de CV ADR | 4354462 | 39146614 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 298190 | 70727686 |
| Grupo Financiero Banorte SAB de CV, Class O | 9665037 | 97360200 |
| Grupo Mexico SAB de CV Series B | 5997185 | 52304059 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 23959595 | 50683633 |
| Ternium SA ADR | 1176782 | 40869639 |
|  |  | 429226531 |
| **Peru \| 0.9%** |  |  |
| Credicorp Ltd. | 181477 | 48323696 |
| **Philippines \| 0.8%** |  |  |
| International Container Terminal Services, Inc. | 5809940 | 47069868 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** | **Lazard Emerging Markets Equity Portfolio (continued)** | **Lazard Emerging Markets Equity Portfolio (continued)** |
| **Poland \| 0.1%** |  |  |
| InPost SA (\*) | 307608 | $3777458 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 4695624 | 5 |
| Sberbank of Russia PJSC (\*), (¢) | 13596421 | 13 |
|  |  | 18 |
| **South Africa \| 6.6%** |  |  |
| Bidvest Group Ltd. | 3959300 | 48577291 |
| Kumba Iron Ore Ltd. | 883198 | 16618985 |
| Life Healthcare Group Holdings Ltd. | 52731114 | 35495813 |
| Nedbank Group Ltd. | 5088572 | 62847410 |
| Sanlam Ltd. | 12977762 | 62824823 |
| Standard Bank Group Ltd. | 5394604 | 73889008 |
| Vodacom Group Ltd. | 8910385 | 68798619 |
|  |  | 369051949 |
| **South Korea \| 10.8%** |  |  |
| Coway Co. Ltd. | 777177 | 54444764 |
| Hyundai Mobis Co. Ltd. | 220201 | 47076930 |
| KB Financial Group, Inc. | 1150000 | 94975768 |
| Kia Corp. | 865178 | 62191489 |
| KT Corp. | 1389889 | 50048608 |
| KT&G Corp. | 424965 | 40444887 |
| Shinhan Financial Group Co. Ltd. | 1958368 | 98488157 |
| SK Hynix, Inc. | 606748 | 151706913 |
|  |  | 599377516 |
| **Taiwan \| 14.3%** |  |  |
| ASE Technology Holding Co. Ltd. | 18484000 | 100274711 |
| Globalwafers Co. Ltd. | 4449000 | 68775389 |
| MediaTek, Inc. | 2018000 | 87475683 |
| Novatek Microelectronics Corp. | 3586000 | 50236609 |
| Quanta Computer, Inc. | 9079000 | 86656413 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5656913 | 246100341 |
| Wiwynn Corp. | 788000 | 85681467 |
| Yageo Corp. | 12502076 | 69962311 |
|  |  | 795162924 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Thailand \| 1.5%** |  |  |
| Kasikornbank PCL | 9300354 | $48102536 |
| PTT Exploration & Production PCL (‡) | 9162400 | 32657219 |
|  |  | 80759755 |
| **Turkey \| 1.0%** |  |  |
| BIM Birlesik Magazalar AS | 4230904 | 55074991 |
| **United Kingdom \| 0.9%** |  |  |
| Unilever PLC | 869038 | 51588160 |
| **United States \| 1.2%** |  |  |
| Schlumberger NV | 1890728 | 64984321 |
| **Total Common Stocks**<br> (Cost $4,258,016,983) |  | 5292442130 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 4.2%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $227,321,600 United States Treasury Notes, 4.250% to 4.625%, 02/15/35 to 05/15/35, with a fair value of $237,558,160) Proceeds of $232,927,107<br> (Cost $232,900,000) | $232900 | $232900000 |

---

---

| | | |
|:---|:---|:---|
| 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 \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $12,265,310) | 12265310 | $12265310 |
| **Total Investments \| 99.7%**<br> (Cost $4,503,182,293) |  | $**5537607440** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **16275082** |
| **Net Assets \| 100.0%** |  | $**5553882522** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 1.1% of net assets of the Portfolio. |
| (¢) | 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. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio** |  |  |
| **Common Stocks \| 94.9%** |  |  |
| **France \| 10.0%** |  |  |
| Edenred SE | 99036 | $2359813 |
| FDJ UNITED | 68467 | 2294228 |
|  |  | 4654041 |
| **Germany \| 1.5%** |  |  |
| Carl Zeiss Meditec AG | 14310 | 709063 |
| **Israel \| 2.8%** |  |  |
| Nice Ltd. ADR (\*) | 9112 | 1319235 |
| **Italy \| 10.3%** |  |  |
| Nexi SpA (#) | 515882 | 2919782 |
| Snam SpA | 308808 | 1855553 |
|  |  | 4775335 |
| **Japan \| 5.3%** |  |  |
| Secom Co. Ltd. | 23565 | 863966 |
| Unicharm Corp. | 243500 | 1587677 |
|  |  | 2451643 |
| **Luxembourg \| 3.9%** |  |  |
| SES SA | 238568 | 1820649 |
| **Switzerland \| 1.4%** |  |  |
| SGS SA | 6266 | 651761 |
| **United Kingdom \| 19.9%** |  |  |
| Bunzl PLC | 57521 | 1815906 |
| Diageo PLC | 16696 | 397462 |
| National Grid PLC | 130936 | 1887651 |
| Rentokil Initial PLC | 289175 | 1461270 |
| Severn Trent PLC | 53274 | 1856597 |
| United Utilities Group PLC | 119639 | 1844398 |
|  |  | 9263284 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **United States \| 39.8%** |  |  |
| Baxter International, Inc. | 80920 | $1842548 |
| Brightstar Lottery PLC | 196679 | 3392713 |
| Cognizant Technology Solutions Corp., Class A | 13272 | 890153 |
| Dentsply Sirona, Inc. | 149269 | 1894224 |
| Fiserv, Inc. (\*) | 17682 | 2279740 |
| H&R Block, Inc. | 44603 | 2255574 |
| Henry Schein, Inc. (\*) | 6888 | 457156 |
| Kenvue, Inc. | 52440 | 851101 |
| Omnicom Group, Inc. | 40056 | 3265766 |
| PayPal Holdings, Inc. (\*) | 20334 | 1363598 |
|  |  | 18492573 |
| **Total Common Stocks**<br> (Cost $45,434,620) |  | 44137584 |
| **Preferred Stocks \| 3.9%** |  |  |
| **Germany \| 3.9%** |  |  |
| Henkel AG & Co. KGaA<br> (Cost $1,794,767) | 22568 | 1821618 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 0.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $407,800 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $418,300) Proceeds of $410,048<br> (Cost $410,000) | $410 | $410000 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio (concluded)** | **Lazard Equity Franchise Portfolio (concluded)** | **Lazard Equity Franchise Portfolio (concluded)** |
| **Short-Term Investments \| 0.0%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $21,636) | 21636 | $21636 |
| **Total Investments \| 99.7%**<br>(Cost $47,661,023) |  | $**46390838** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **137314** |
| **Net Assets \| 100.0%** |  | $**46528152** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 6.3% of net assets of the Portfolio. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio** |  |  |
| **Common Stocks \| 97.9%** |  |  |
| **Australia \| 1.0%** |  |  |
| Computershare Ltd. | 34662 | $832825 |
| **Canada \| 2.9%** |  |  |
| Dollarama, Inc. | 8670 | 1143416 |
| Toromont Industries Ltd. | 10490 | 1164701 |
|  |  | 2308117 |
| **China \| 1.6%** |  |  |
| Tencent Holdings Ltd. | 15023 | 1279896 |
| **Denmark \| 1.1%** |  |  |
| Carlsberg AS, Class B | 3925 | 456307 |
| Zealand Pharma AS (\*) | 5502 | 400569 |
|  |  | 856876 |
| **Finland \| 1.0%** |  |  |
| Kone OYJ, Class B | 11918 | 813135 |
| **France \| 3.4%** |  |  |
| EssilorLuxottica SA | 2487 | 811199 |
| Legrand SA | 5625 | 938314 |
| LVMH Moet Hennessy Louis Vuitton SE | 1156 | 707338 |
| Pernod Ricard SA | 3381 | 332438 |
|  |  | 2789289 |
| **Hong Kong \| 1.7%** |  |  |
| AIA Group Ltd. | 68983 | 661218 |
| Techtronic Industries Co. Ltd. | 56500 | 724856 |
|  |  | 1386074 |
| **India \| 1.1%** |  |  |
| HDFC Bank Ltd. ADR | 26641 | 910057 |
| **Ireland \| 1.8%** |  |  |
| Accenture PLC, Class A | 5985 | 1475901 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Japan \| 5.5%** |  |  |
| FANUC Corp. | 22900 | $652534 |
| Mizuho Financial Group, Inc. | 45700 | 1529576 |
| Nintendo Co. Ltd. | 5300 | 454032 |
| Resona Holdings, Inc. | 85700 | 872423 |
| Sanrio Co. Ltd. | 19200 | 899179 |
|  |  | 4407744 |
| **Netherlands \| 6.1%** |  |  |
| Argenx SE ADR (\*) | 1020 | 752311 |
| ASM International NV | 1442 | 866803 |
| ASML Holding NV | 2137 | 2083495 |
| Wolters Kluwer NV | 9161 | 1250547 |
|  |  | 4953156 |
| **Spain \| 1.2%** |  |  |
| Industria de Diseno Textil SA | 17815 | 984211 |
| **Sweden \| 1.8%** |  |  |
| Assa Abloy AB, Class B | 16639 | 583816 |
| Hexagon AB, B Shares | 70551 | 846296 |
|  |  | 1430112 |
| **Switzerland \| 3.5%** |  |  |
| ABB Ltd. | 27370 | 1972657 |
| Partners Group Holding AG | 661 | 863605 |
|  |  | 2836262 |
| **Taiwan \| 3.9%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 11259 | 3144526 |
| **United Kingdom \| 7.6%** |  |  |
| AstraZeneca PLC | 7926 | 1210723 |
| Coca-Cola Europacific Partners PLC | 13133 | 1187355 |
| Diageo PLC | 32842 | 781830 |
| RELX PLC | 33115 | 1586529 |
| Unilever PLC | 22849 | 1350653 |
|  |  | 6117090 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (concluded)** | **Lazard Global Equity Select Portfolio (concluded)** | **Lazard Global Equity Select Portfolio (concluded)** |
| **United States \| 52.7%** |  |  |
| Adobe, Inc. (\*) | 2272 | $801448 |
| Alphabet, Inc., Class A | 4856 | 1180494 |
| Amazon.com, Inc. (\*) | 11146 | 2447327 |
| Amphenol Corp., Class A | 13988 | 1731015 |
| Aon PLC, Class A | 4276 | 1524736 |
| Apple, Inc. | 14346 | 3652922 |
| Avery Dennison Corp. | 2858 | 463482 |
| Bank of America Corp. | 22102 | 1140242 |
| Booz Allen Hamilton Holding Corp. | 9556 | 955122 |
| Charles Schwab Corp. | 20968 | 2001815 |
| Coca-Cola Co. | 18456 | 1224002 |
| Corpay, Inc. (\*) | 1617 | 465793 |
| Danaher Corp. | 5377 | 1066044 |
| Equifax, Inc. | 3482 | 893237 |
| HealthEquity, Inc. (\*) | 6969 | 660452 |
| Intercontinental Exchange, Inc. | 9344 | 1574277 |
| IQVIA Holdings, Inc. (\*) | 6018 | 1143059 |
| KLA Corp. | 1351 | 1457189 |
| McDonald's Corp. | 3187 | 968497 |
| Meta Platforms, Inc., Class A | 1075 | 789458 |
| Microsoft Corp. | 6477 | 3354762 |
| Motorola Solutions, Inc. | 2621 | 1198557 |
| NIKE, Inc., Class B | 11484 | 800779 |
| Procter & Gamble Co. | 6878 | 1056805 |
| PTC, Inc. (\*) | 5931 | 1204112 |
| S&P Global, Inc. | 2784 | 1355001 |
| Salesforce, Inc. | 5806 | 1376022 |
| Texas Instruments, Inc. | 5941 | 1091540 |
| Thermo Fisher Scientific, Inc. | 2697 | 1308099 |
| United Rentals, Inc. | 1085 | 1035806 |
| Visa, Inc., A Shares | 5597 | 1910704 |
| Zoetis, Inc. | 5055 | 739648 |
|  |  | 42572446 |
| **Total Common Stocks**<br> (Cost $48,514,519) |  | 79097717 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 1.1%** |  |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $875,200 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $897,654) Proceeds of $880,102<br> (Cost $880,000) | $| 880 | $880000 |
| Description | Shares | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $52,020) |  | 52020 | $52020 |
| **Total Investments \| 99.1%**<br> (Cost $49,446,539) |  |  | $**80029737** |
| **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **705270** |
| **Net Assets \| 100.0%** |  |  | $**80735007** |

---

(\*) Non-income producing security.

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio** | **Lazard Global Listed Infrastructure Portfolio** | **Lazard Global Listed Infrastructure Portfolio** |
| **Common Stocks \| 93.0%** |  |  |
| **Australia \| 4.7%** |  |  |
| Atlas Arteria Ltd. | 68622116 | $223299372 |
| Transurban Group | 28858457 | 264280328 |
|  |  | 487579700 |
| **Canada \| 4.8%** |  |  |
| Canadian National Railway Co. | 5266970 | 496685452 |
| **France \| 4.7%** |  |  |
| Vinci SA | 3550531 | 494371303 |
| **Germany \| 1.8%** |  |  |
| Fraport AG Frankfurt Airport Services Worldwide (\*) | 2216640 | 191461512 |
| **Hong Kong \| 5.8%** |  |  |
| CK Infrastructure Holdings Ltd. | 38467972 | 252786502 |
| Power Assets Holdings Ltd. | 56600430 | 358697588 |
|  |  | 611484090 |
| **Italy \| 19.9%** |  |  |
| Hera SpA | 71933603 | 323473104 |
| Italgas SpA (^) | 55518592 | 510840113 |
| Snam SpA | 121226042 | 728418285 |
| Terna - Rete Elettrica Nazionale | 51060972 | 518699605 |
|  |  | 2081431107 |
| **Luxembourg \| 1.5%** |  |  |
| SES SA (^) | 21121589 | 161190934 |
| **New Zealand \| 1.1%** |  |  |
| Auckland International Airport Ltd. | 24434926 | 111647805 |
| **Portugal \| 1.0%** |  |  |
| REN - Redes Energeticas Nacionais SGPS SA | 28573279 | 102615956 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Spain \| 0.9%** |  |  |
| Aena SME SA (#) | 3547300 | $97192198 |
| **Switzerland \| 1.7%** |  |  |
| Flughafen Zurich AG | 584875 | 178647142 |
| **United Kingdom \| 18.5%** |  |  |
| National Grid PLC | 60464252 | 871688779 |
| Pennon Group PLC (^) | 26547011 | 167235137 |
| Severn Trent PLC | 12654271 | 441000808 |
| United Utilities Group PLC | 29512220 | 454970949 |
|  |  | 1934895673 |
| **United States \| 26.6%** |  |  |
| American Tower Corp. REIT | 2589234 | 497961483 |
| Consolidated Edison, Inc. | 3866240 | 388634445 |
| Crown Castle, Inc. | 2648684 | 255571519 |
| CSX Corp. | 13807503 | 490304431 |
| Exelon Corp. | 10994142 | 494846331 |
| Ferrovial SE | 11480136 | 660784537 |
|  |  | 2788102746 |
| **Total Common Stocks**<br> (Cost $7,842,576,285) |  | 9737305618 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 4.3%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $457,422,400 United States Treasury Notes, 3.875% to 4.625%, 08/15/34 to 02/15/35, with a fair value of $458,286,086) Proceeds of $449,352,294<br> (Cost $449,300,000) | $449300 | $449300000 |

---

---

| | | |
|:---|:---|:---|
| 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 \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $23,653,165) | 23653165 | $23653165 |
| **Total Investments \| 97.5%**<br> (Cost $8,315,529,450) (») |  | $**10210258783** |
| **Cash and Other Assets in Excess of Liabilities \| 2.5%** | **Cash and Other Assets in Excess of Liabilities \| 2.5%** | **261429662** |
| **Net Assets \| 100.0%** |  | $**10471688445** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (^) | 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". |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 0.9% of net assets of the Portfolio. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

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

Forward Currency Contracts open at September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counter-<br> party | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | 62701776 | AUD | 93788696 | BNP | 12/29/25 | $579777 | $— |
| USD | 112496474 | AUD | 168234120 | CIT | 12/29/25 | 1064709 |  |
| USD | 19556426 | AUD | 29258361 | HSB | 12/29/25 | 176821 |  |
| USD | 171947793 | AUD | 257241133 | MSC | 12/29/25 | 1561231 |  |
| USD | 200432535 | AUD | 299893820 | SSB | 12/29/25 | 1794485 |  |
| USD | 101432128 | CAD | 138902039 | BNP | 12/29/25 | 1210004 |  |
| USD | 62407736 | CAD | 85457915 | CIT | 12/29/25 | 747203 |  |
| USD | 62117705 | CAD | 85070408 | HSB | 12/29/25 | 736770 |  |
| USD | 224281139 | CAD | 306978081 | MSC | 12/29/25 | 2786944 |  |
| USD | 57809743 | CAD | 79171495 | SCB | 12/29/25 | 685056 |  |
| USD | 43226575 | CHF | 33628905 | BNP | 12/29/25 | 546717 |  |
| USD | 48884385 | CHF | 38032311 | SCB | 12/29/25 | 615980 |  |
| USD | 86964501 | CHF | 67652729 | SSB | 12/29/25 | 1103577 |  |
| USD | 630249326 | EUR | 531687267 | BNP | 12/29/25 | 2863390 |  |
| USD | 596723144 | EUR | 503570209 | BNY | 12/29/25 | 2515070 |  |
| USD | 477391468 | EUR | 402598695 | CAN | 12/29/25 | 2328823 |  |
| USD | 623079446 | EUR | 525606995 | CIT | 12/29/25 | 2868173 |  |
| USD | 594737772 | EUR | 501744455 | HSB | 12/29/25 | 2684071 |  |
| USD | 474760561 | EUR | 400439069 | RBC | 12/29/25 | 2246254 |  |
| USD | 620932726 | EUR | 524057987 | SSB | 12/29/25 | 2549268 |  |
| USD | 396745952 | GBP | 292386274 | CAN | 12/29/25 | 3494455 |  |
| USD | 527716139 | GBP | 388831225 | HSB | 12/29/25 | 4748835 |  |
| USD | 367955998 | GBP | 271126642 | MSC | 12/29/25 | 3298120 |  |
| USD | 434580523 | GBP | 320141236 | RBC | 12/29/25 | 3999365 |  |
| USD | 200462354 | GBP | 147764943 | SSB | 12/29/25 | 1722570 |  |
| USD | 90086883 | HKD | 699287435 | BNP | 12/29/25 | 74612 |  |
| USD | 110244269 | HKD | 855782160 | HSB | 12/29/25 | 87999 |  |
| USD | 102131310 | HKD | 792781015 | MSC | 12/29/25 | 84547 |  |
| USD | 129485192 | HKD | 1005115852 | SCB | 12/29/25 | 106691 |  |
| USD | 183459035 | HKD | 1424100763 | SSB | 12/29/25 | 148802 |  |
| USD | 102002846 | NZD | 170296973 | HSB | 12/29/25 | 2939108 |  |
| USD | 8158269 | NZD | 13621657 | RBC | 12/29/25 | 234392 |  |
| 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 | $52603819 | $— |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Lazard Global Small Cap Equity Portfolio** | **Lazard Global Small Cap Equity Portfolio** |  |
| **Common Stocks \| 99.4%** |  |  |
| **Australia \| 1.9%** |  |  |
| ALS Ltd. | 10390 | $137661 |
| AUB Group Ltd. | 5370 | 116021 |
|  |  | 253682 |
| **Canada \| 0.7%** |  |  |
| Aurinia Pharmaceuticals, Inc. (\*) | 7991 | 88301 |
| **Cayman Islands \| 1.4%** |  |  |
| Bullish | 2909 | 185042 |
| **Denmark \| 0.7%** |  |  |
| Zealand Pharma AS (\*) | 1273 | 92680 |
| **France \| 3.4%** |  |  |
| Exosens SAS | 4908 | 249051 |
| Gaztransport Et Technigaz SA | 1041 | 192512 |
|  |  | 441563 |
| **Germany \| 2.4%** |  |  |
| AlzChem Group AG | 749 | 132072 |
| CTS Eventim AG & Co. KGaA | 1935 | 189686 |
|  |  | 321758 |
| **Greece \| 2.5%** |  |  |
| Jumbo SA | 3859 | 132236 |
| National Bank of Greece SA | 13818 | 201264 |
|  |  | 333500 |
| **Israel \| 2.1%** |  |  |
| Next Vision Stabilized Systems Ltd. | 2943 | 133477 |
| Phoenix Financial Ltd. | 3873 | 145094 |
|  |  | 278571 |
| **Italy \| 2.8%** |  |  |
| BFF Bank SpA (#), (\*) | 10348 | 132953 |
| Lottomatica Group SpA | 8678 | 234512 |
|  |  | 367465 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Japan \| 11.2%** |  |  |
| Asics Corp. | 7100 | $185384 |
| BayCurrent, Inc. | 2300 | 135044 |
| Ebara Corp. | 2600 | 59477 |
| Kotobuki Spirits Co. Ltd. | 6600 | 80842 |
| Organo Corp. | 3300 | 252189 |
| Sanwa Holdings Corp. | 5300 | 151870 |
| Sugi Holdings Co. Ltd. | 7700 | 185693 |
| Toyo Suisan Kaisha Ltd. | 3600 | 257651 |
| Yonex Co. Ltd. | 6500 | 164925 |
|  |  | 1473075 |
| **Jersey \| 1.2%** |  |  |
| JTC PLC (#) | 8660 | 153133 |
| **Mexico \| 2.0%** |  |  |
| Arca Continental SAB de CV | 24500 | 256886 |
| **Spain \| 1.6%** |  |  |
| Bankinter SA | 13173 | 207790 |
| **Sweden \| 1.6%** |  |  |
| Asker Healthcare Group AB | 22462 | 204120 |
| **Switzerland \| 1.9%** |  |  |
| Huber & Suhner AG | 757 | 129923 |
| R&S Group Holding AG | 3245 | 113407 |
|  |  | 243330 |
| **Taiwan \| 1.3%** |  |  |
| Gold Circuit Electronics Ltd. | 12000 | 171447 |
| **United Kingdom \| 2.0%** |  |  |
| Ferrari Group PLC | 14242 | 143430 |
| Volution Group PLC | 13649 | 116942 |
|  |  | 260372 |

---

---

| | | |
|:---|:---|:---|
| 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 \| 58.7%** |  |  |
| ABM Industries, Inc. | 3934 | $181436 |
| Antero Resources Corp. (\*) | 2865 | 96149 |
| Arcutis Biotherapeutics, Inc. (\*) | 8046 | 151667 |
| Atlas Energy Solutions, Inc. | 6658 | 75702 |
| BankUnited, Inc. | 3256 | 124249 |
| Brunswick Corp. | 2672 | 168977 |
| Cactus, Inc., Class A | 1739 | 68638 |
| Caris Life Sciences, Inc. | 3126 | 94562 |
| Coherent Corp. (\*) | 2968 | 319713 |
| Credo Technology Group Holding Ltd. (\*) | 815 | 118672 |
| CubeSmart | 4734 | 192484 |
| DigitalOcean Holdings, Inc. (\*) | 11765 | 401892 |
| Diodes, Inc. (\*) | 3489 | 185650 |
| Doximity, Inc., Class A (\*) | 1553 | 113602 |
| Eagle Materials, Inc. | 724 | 168721 |
| EnerSys | 1324 | 149559 |
| Enovis Corp. (\*) | 3226 | 97877 |
| Figure Technology Solutions, Inc., Class A | 1792 | 65175 |
| First American Financial Corp. | 3531 | 226832 |
| First Watch Restaurant Group, Inc. (\*) | 18693 | 292359 |
| Floor & Decor Holdings, Inc., Class A (\*) | 4065 | 299591 |
| Gates Industrial Corp. PLC (\*) | 4695 | 116530 |
| Gentherm, Inc. (\*) | 4082 | 139033 |
| Graphic Packaging Holding Co. | 5561 | 108829 |
| Guardian Pharmacy Services, Inc., Class A (\*) | 4553 | 119425 |
| Janus International Group, Inc. (\*) | 14461 | 142730 |
| Kura Sushi USA, Inc., Class A (\*) | 1476 | 87689 |
| Landstar System, Inc. | 780 | 95597 |
| Legence Corp., Class A | 3078 | 94833 |
| Lumentum Holdings, Inc. (\*) | 1134 | 184513 |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 31989 | 91808 |
| Meritage Homes Corp. | 2356 | 170645 |
| Middleby Corp. (\*) | 1087 | 144495 |
| NIQ Global Intelligence PLC | 6819 | 107058 |
| Onto Innovation, Inc. (\*) | 1146 | 148086 |
| Rambus, Inc. (\*) | 1840 | 191728 |
| RH (\*) | 1569 | 318758 |
| Roku, Inc. (\*) | 2494 | 249724 |
| Schrodinger, Inc. (\*) | 3809 | 76409 |
| SPS Commerce, Inc. (\*) | 1773 | 184640 |
| StepStone Group, Inc., Class A | 2944 | 192273 |
| Stifel Financial Corp. | 1458 | 165439 |
| Thor Industries, Inc. | 955 | 99024 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Shares | Fair <br> Value |
| Toro Co. |  | 2721 | $207340 |
| Verra Mobility Corp. (\*) |  | 4663 | 115176 |
| Wintrust Financial Corp. |  | 1533 | 203031 |
| Wyndham Hotels & Resorts, Inc. |  | 1590 | 127041 |
| Zeta Global Holdings Corp., Class A (\*) |  | 10806 | 214715 |
|  |  |  | 7690076 |
| **Total Common Stocks**<br> (Cost $11,995,785) |  |  | 13022791 |
| Description | Principal <br> Amount <br> (000) | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Repurchase Agreements \| 1.2%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $164,900 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $163,289) Proceeds of $160,019<br> (Cost $160,000) | $| 160 | $160000 |
| Description |  | Shares | Fair <br> Value |
| **Short-Term Investments \| 0.1%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $9,247) |  | 9247 | $9247 |
| **Total Investments \| 100.7%** <br> (Cost $12,165,032) |  |  | $**13192038** |
| **Liabilities in Excess of Cash and Other Assets \| (0.7)%** | **Liabilities in Excess of Cash and Other Assets \| (0.7)%** | **Liabilities in Excess of Cash and Other Assets \| (0.7)%** | **(89082)** |
| **Net Assets \| 100.0%** |  |  | $**13102956** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 2.2% of net assets of the Portfolio. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Lazard International Equity Portfolio** | **Lazard International Equity Portfolio** |  |
| **Common Stocks \| 95.1%** |  |  |
| **Australia \| 1.1%** |  |  |
| Rio Tinto PLC | 202531 | $13346827 |
| **Belgium \| 1.3%** |  |  |
| KBC Group NV | 132558 | 15888223 |
| **Brazil \| 1.0%** |  |  |
| TOTVS SA | 1356200 | 11703747 |
| **Canada \| 2.6%** |  |  |
| Gildan Activewear, Inc. | 336176 | 19421248 |
| Suncor Energy, Inc. | 269925 | 11295848 |
|  |  | 30717096 |
| **China \| 2.9%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 192600 | 10891975 |
| Li Ning Co. Ltd. | 4570000 | 10389389 |
| Tencent Holdings Ltd. | 155900 | 13282024 |
|  |  | 34563388 |
| **Denmark \| 1.6%** |  |  |
| Novo Nordisk AS, Class B | 334408 | 18457888 |
| **Finland \| 1.1%** |  |  |
| Fortum OYJ | 680624 | 12865269 |
| **France \| 13.5%** |  |  |
| Air Liquide SA | 88847 | 18490079 |
| Bureau Veritas SA | 539948 | 16953591 |
| Capgemini SE | 62585 | 9107189 |
| Cie de Saint-Gobain SA | 100928 | 10995165 |
| Engie SA | 986806 | 21167557 |
| Legrand SA | 97089 | 16195550 |
| Orange SA | 1349964 | 21900240 |
| Pernod Ricard SA | 102287 | 10057399 |
| Societe Generale SA | 250646 | 16671809 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| Thales SA | 59939 | $18783572 |
|  |  | 160322151 |
| **Germany \| 6.2%** |  |  |
| Aumovio SE (\*) | 59914 | 2470414 |
| Continental AG | 119828 | 7900144 |
| Merck KGaA | 114115 | 14678585 |
| MTU Aero Engines AG | 40692 | 18676497 |
| Siemens AG | 34297 | 9253953 |
| Siemens Healthineers AG (#) | 280189 | 15158072 |
| Zalando SE (#), (\*) | 201766 | 6185585 |
|  |  | 74323250 |
| **Greece \| 2.0%** |  |  |
| National Bank of Greece SA | 1672527 | 24360937 |
| **Hong Kong \| 3.1%** |  |  |
| AIA Group Ltd. | 2419800 | 23194360 |
| Techtronic Industries Co. Ltd. | 1077000 | 13817161 |
|  |  | 37011521 |
| **Israel \| 1.5%** |  |  |
| Bank Hapoalim BM | 854200 | 17367641 |
| **Italy \| 2.8%** |  |  |
| Lottomatica Group SpA | 432117 | 11677429 |
| UniCredit SpA | 280953 | 21330997 |
|  |  | 33008426 |
| **Japan \| 15.3%** |  |  |
| Bandai Namco Holdings, Inc. | 361700 | 12022942 |
| Ebara Corp. | 154700 | 3538899 |
| FANUC Corp. | 356800 | 10166998 |
| MatsukiyoCocokara & Co. | 526200 | 10684040 |
| Mitsui Fudosan Co. Ltd. | 1001000 | 10935129 |
| Mizuho Financial Group, Inc. | 617000 | 20650953 |
| NEC Corp. | 418300 | 13372673 |
| Nippon Sanso Holdings Corp. | 294000 | 10417900 |
| Nitori Holdings Co. Ltd. | 464000 | 8944372 |
| Otsuka Holdings Co. Ltd. | 255800 | 13665855 |
| Resona Holdings, Inc. | 1282900 | 13059876 |
| Shimadzu Corp. | 705700 | 17796111 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Lazard International Equity Portfolio (continued)** | **Lazard International Equity Portfolio (continued)** | **Lazard International Equity Portfolio (continued)** |
| Shin-Etsu Chemical Co. Ltd. | 350800 | $11479104 |
| Suzuki Motor Corp. | 765100 | 11152657 |
| Toyo Suisan Kaisha Ltd. | 204000 | 14600246 |
|  |  | 182487755 |
| **Mexico \| 0.8%** |  |  |
| Arca Continental SAB de CV | 952712 | 9989339 |
| **Netherlands \| 6.4%** |  |  |
| ASML Holding NV | 32328 | 31518583 |
| IMCD NV | 101793 | 10523570 |
| ING Groep NV | 799438 | 20834181 |
| Universal Music Group NV | 477250 | 13851751 |
|  |  | 76728085 |
| **South Korea \| 1.5%** |  |  |
| Samsung Electronics Co. Ltd. | 302031 | 18153989 |
| **Spain \| 4.0%** |  |  |
| Banco Santander SA | 1702298 | 17791212 |
| Bankinter SA | 1229857 | 19399649 |
| Industria de Diseno Textil SA | 192333 | 10625664 |
|  |  | 47816525 |
| **Sweden \| 2.9%** |  |  |
| Hexagon AB, B Shares | 1421538 | 17052084 |
| Sandvik AB | 642868 | 18002901 |
|  |  | 35054985 |
| **Switzerland \| 2.8%** |  |  |
| ABB Ltd. | 318622 | 22964272 |
| Cie Financiere Richemont SA, Class A | 56158 | 10775534 |
|  |  | 33739806 |
| **Taiwan \| 1.0%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 41947 | 11715378 |
| **United Kingdom \| 13.7%** |  |  |
| 3i Group PLC | 272366 | 15017315 |
| AstraZeneca PLC | 142724 | 21801561 |
| Coca-Cola Europacific Partners PLC | 124861 | 11305914 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| Compass Group PLC | 448947 | $15295420 |
| Croda International PLC | 364925 | 13338295 |
| Howden Joinery Group PLC | 921987 | 10551166 |
| IMI PLC | 493984 | 15299461 |
| JD Sports Fashion PLC | 4229757 | 5426103 |
| RELX PLC | 501848 | 23969365 |
| Unilever PLC | 538583 | 31836794 |
|  |  | 163841394 |
| **United States \| 6.0%** |  |  |
| Amcor PLC CDI | 1277029 | 10399660 |
| Aon PLC, Class A | 42033 | 14988127 |
| Chubb Ltd. | 32307 | 9118651 |
| CRH PLC | 99208 | 11895039 |
| ICON PLC (\*) | 53426 | 9349550 |
| Medtronic PLC | 159007 | 15143827 |
|  |  | 70894854 |
| **Total Common Stocks** <br> (Cost $832,772,069) |  | 1134358474 |
| **Preferred Stocks \| 1.1%** |  |  |
| **Brazil \| 1.1%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $7,894,497) | 1770350 | 12995928 |
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Repurchase Agreements \| 2.7%** |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $32,212,400 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $33,037,886) Proceeds of $32,393,770<br> (Cost $32,390,000) | $32390 | $32390000 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Lazard International Equity Portfolio (concluded)** | **Lazard International Equity Portfolio (concluded)** | **Lazard International Equity Portfolio (concluded)** |
| **Short-Term Investments \| 0.2%** | **Short-Term Investments \| 0.2%** |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $1,705,482) | 1705482 | $1705482 |
| **Total Investments \| 99.1%** <br> (Cost and short proceeds $874,762,048) |  | $**1181449884** |
| **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **10309152** |
| **Net Assets \| 100.0%** |  | $**1191759036** |

---

---

| | |
|:---|:---|
| (\*) | 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 September 30, 2025, these securities amounted to 1.8% of net assets of the Portfolio. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio** |  |  |
| **Common Stocks \| 96.0%** |  |  |
| **Belgium \| 1.9%** |  |  |
| KBC Group NV | 8996 | $1078248 |
| **Brazil \| 1.0%** |  |  |
| TOTVS SA | 67200 | 579923 |
| **Canada \| 2.6%** |  |  |
| Gildan Activewear, Inc. | 16731 | 966568 |
| Suncor Energy, Inc. | 13031 | 545322 |
|  |  | 1511890 |
| **China \| 7.0%** |  |  |
| Alibaba Group Holding Ltd. | 29900 | 670232 |
| Contemporary Amperex Technology Co. Ltd., Class A | 13100 | 740835 |
| Li Ning Co. Ltd. | 226000 | 513786 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 12865 | 444322 |
| Tencent Holdings Ltd. | 19400 | 1652798 |
|  |  | 4021973 |
| **Denmark \| 1.6%** |  |  |
| Novo Nordisk AS, Class B | 16006 | 883463 |
| **Finland \| 1.3%** |  |  |
| Sampo OYJ, A Shares | 66391 | 764178 |
| **France \| 9.0%** |  |  |
| Air Liquide SA | 4215 | 877190 |
| Bureau Veritas SA | 29180 | 916210 |
| Capgemini SE | 3097 | 450667 |
| Engie SA | 33847 | 726038 |
| Legrand SA | 4840 | 807367 |
| Pernod Ricard SA | 5037 | 495264 |
| Thales SA | 2859 | 895948 |
|  |  | 5168684 |
| **Germany \| 5.2%** |  |  |
| adidas AG | 2753 | 580667 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Merck KGaA | 3286 | $422677 |
| MTU Aero Engines AG | 2469 | 1133202 |
| Siemens AG | 1550 | 418218 |
| Siemens Healthineers AG (#) | 7847 | 424519 |
|  |  | 2979283 |
| **Greece \| 2.8%** |  |  |
| Piraeus Financial Holdings SA | 186232 | 1578557 |
| **Hong Kong \| 2.8%** |  |  |
| AIA Group Ltd. | 92200 | 883759 |
| Techtronic Industries Co. Ltd. | 56000 | 718441 |
|  |  | 1602200 |
| **India \| 3.0%** |  |  |
| Bharti Airtel Ltd. | 38628 | 818350 |
| ICICI Bank Ltd. ADR | 28654 | 866210 |
|  |  | 1684560 |
| **Indonesia \| 0.8%** |  |  |
| Bank Mandiri Persero Tbk. PT | 1667700 | 441677 |
| **Israel \| 1.3%** |  |  |
| Bank Hapoalim BM | 37716 | 766844 |
| **Italy \| 0.9%** |  |  |
| Lottomatica Group SpA | 19611 | 529963 |
| **Japan \| 12.0%** |  |  |
| FANUC Corp. | 18400 | 524307 |
| Hoya Corp. | 5300 | 732144 |
| Keyence Corp. | 1600 | 595730 |
| Mitsubishi Electric Corp. | 32100 | 835673 |
| Mitsui Fudosan Co. Ltd. | 52500 | 573521 |
| Mizuho Financial Group, Inc. | 15600 | 522131 |
| Nitori Holdings Co. Ltd. | 16000 | 308427 |
| Nomura Research Institute Ltd. | 18200 | 698073 |
| Recruit Holdings Co. Ltd. | 10400 | 558003 |
| Resona Holdings, Inc. | 72900 | 742119 |
| Shin-Etsu Chemical Co. Ltd. | 12000 | 392672 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** | **Lazard International Equity Select Portfolio (continued)** | **Lazard International Equity Select Portfolio (continued)** |
| Suzuki Motor Corp. | 27500 | $400860 |
|  |  | 6883660 |
| **Mexico \| 2.5%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 4949 | 488120 |
| Grupo Financiero Banorte SAB de CV, Class O | 94100 | 947911 |
|  |  | 1436031 |
| **Netherlands \| 6.2%** |  |  |
| ASML Holding NV | 1671 | 1629162 |
| IMCD NV | 4192 | 433378 |
| ING Groep NV | 28133 | 733175 |
| Universal Music Group NV | 24991 | 725341 |
|  |  | 3521056 |
| **South Korea \| 2.4%** |  |  |
| KB Financial Group, Inc. | 6479 | 535085 |
| Samsung Electronics Co. Ltd. | 13881 | 834337 |
|  |  | 1369422 |
| **Spain \| 4.3%** |  |  |
| Banco Santander SA | 94796 | 990741 |
| Bankinter SA | 54836 | 864978 |
| Industria de Diseno Textil SA | 10923 | 603454 |
|  |  | 2459173 |
| **Sweden \| 1.5%** |  |  |
| Hexagon AB, B Shares | 69670 | 835728 |
| **Switzerland \| 3.2%** |  |  |
| ABB Ltd. | 16496 | 1188928 |
| Cie Financiere Richemont SA, Class A | 3413 | 654883 |
|  |  | 1843811 |
| **Taiwan \| 5.0%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 65000 | 2827783 |
| **United Kingdom \| 11.9%** |  |  |
| 3i Group PLC | 11708 | 645538 |
| AstraZeneca PLC | 3312 | 505919 |
| Compass Group PLC | 32081 | 1092985 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Croda International PLC | 12388 | $452791 |
| Diploma PLC | 9534 | 681223 |
| InterContinental Hotels Group PLC | 4289 | 519825 |
| London Stock Exchange Group PLC | 5088 | 584266 |
| RELX PLC | 22580 | 1078471 |
| Unilever PLC | 21400 | 1265000 |
|  |  | 6826018 |
| **United States \| 5.8%** |  |  |
| Aon PLC, Class A | 3097 | 1104328 |
| Chubb Ltd. | 1700 | 479825 |
| CRH PLC | 3809 | 456699 |
| Experian PLC | 16255 | 818639 |
| Medtronic PLC | 4713 | 448866 |
|  |  | 3308357 |
| **Total Common Stocks**<br> (Cost $40,671,939) |  | 54902482 |
| **Preferred Stocks \| 1.8%** |  |  |
| **Brazil \| 1.8%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $643,005) | 137850 | 1011941 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 1.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $1,123,100 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $1,111,850) Proceeds of $1,090,127<br> (Cost $1,090,000) | $1090 | $1090000 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (concluded)** | **Lazard International Equity Select Portfolio (concluded)** | **Lazard International Equity Select Portfolio (concluded)** |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $61,166) | 61166 | $61166 |
| **Total Investments \| 99.8%**<br> (Cost $42,466,110) |  | $**57065589** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** | **Cash and Other Assets in Excess of Liabilities \| 0.2%** | **105746** |
| **Net Assets \| 100.0%** |  | $**57171335** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 0.7% of net assets of the Portfolio. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio** |  |  |
| **Common Stocks \| 96.2%** |  |  |
| **Australia \| 1.9%** |  |  |
| Computershare Ltd. | 436935 | $10498256 |
| **Brazil \| 2.1%** |  |  |
| TOTVS SA | 1375808 | 11872960 |
| **Canada \| 3.6%** |  |  |
| Dollarama, Inc. | 58334 | 7693197 |
| Toromont Industries Ltd. | 111044 | 12329179 |
|  |  | 20022376 |
| **China \| 4.0%** |  |  |
| Tencent Holdings Ltd. | 261700 | 22295739 |
| **Denmark \| 1.1%** |  |  |
| Coloplast AS, Class B | 73738 | 6311530 |
| **France \| 6.2%** |  |  |
| EssilorLuxottica SA | 52448 | 17107278 |
| LVMH Moet Hennessy Louis Vuitton SE | 19225 | 11763472 |
| Pernod Ricard SA | 57829 | 5686054 |
|  |  | 34556804 |
| **Germany \| 6.7%** |  |  |
| Rational AG | 13801 | 10518161 |
| SAP SE | 54386 | 14580432 |
| Scout24 SE (#) | 96328 | 12060770 |
|  |  | 37159363 |
| **Hong Kong \| 3.9%** |  |  |
| AIA Group Ltd. | 1036200 | 9932224 |
| Hong Kong Exchanges & Clearing Ltd. | 203300 | 11555068 |
|  |  | 21487292 |
| **India \| 2.6%** |  |  |
| HDFC Bank Ltd. ADR | 428402 | 14634212 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Ireland \| 1.9%** |  |  |
| Accenture PLC, Class A | 42761 | $10544863 |
| **Israel \| 2.3%** |  |  |
| Check Point Software Technologies Ltd. (\*) | 61023 | 12626269 |
| **Japan \| 9.1%** |  |  |
| Hoya Corp. | 77700 | 10733508 |
| Keyence Corp. | 20900 | 7781728 |
| M3, Inc. | 711900 | 11704450 |
| Recruit Holdings Co. Ltd. | 176600 | 9475313 |
| SMS Co. Ltd. | 365300 | 3846243 |
| Toei Animation Co. Ltd. | 319200 | 6589609 |
|  |  | 50130851 |
| **Netherlands \| 8.1%** |  |  |
| ASML Holding NV | 20820 | 20298716 |
| IMCD NV | 56406 | 5831369 |
| Universal Music Group NV | 350751 | 10180232 |
| Wolters Kluwer NV | 60787 | 8297891 |
|  |  | 44608208 |
| **Norway \| 1.8%** |  |  |
| Gjensidige Forsikring ASA | 345090 | 10141752 |
| **South Africa \| 2.1%** |  |  |
| Clicks Group Ltd. | 576977 | 11786068 |
| **Spain \| 2.3%** |  |  |
| Industria de Diseno Textil SA | 228222 | 12608395 |
| **Sweden \| 4.7%** |  |  |
| Assa Abloy AB, Class B | 406999 | 14280453 |
| Hexagon AB, B Shares | 968536 | 11618090 |
|  |  | 25898543 |
| **Switzerland \| 4.1%** |  |  |
| Partners Group Holding AG | 11610 | 15168611 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| **Lazard International Quality Growth Portfolio (concluded)** | **Lazard International Quality Growth Portfolio (concluded)** | **Lazard International Quality Growth Portfolio (concluded)** |
| VAT Group AG (#) | 19287 | $7674913 |
|  |  | 22843524 |
| **Taiwan \| 6.5%** |  |  |
| Lotes Co. Ltd. | 169000 | 8595219 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 97239 | 27157880 |
|  |  | 35753099 |
| **United Kingdom \| 16.2%** |  |  |
| Diageo PLC | 344813 | 8208553 |
| Diploma PLC | 143976 | 10287375 |
| Halma PLC | 404696 | 18784225 |
| InterContinental Hotels Group PLC | 79284 | 9609191 |
| London Stock Exchange Group PLC | 121283 | 13927176 |
| RELX PLC | 323490 | 15498300 |
| Unilever PLC | 222191 | 13189785 |
|  |  | 89504605 |
| **United States \| 5.0%** |  |  |
| Aon PLC, Class A | 42212 | 15051955 |
| Experian PLC | 248848 | 12532546 |
|  |  | 27584501 |
| **Total Common Stocks**<br> (Cost $473,462,603) |  | 532869210 |
| **Preferred Stocks \| 1.1%** |  |  |
| **Germany \| 1.1%** |  |  |
| Sartorius AG<br> (Cost $8,304,612) | 26061 | 6061328 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 2.0%** |  |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $10,969,600 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $11,250,792) Proceeds of $11,031,284<br> (Cost $11,030,000) | $| 11030 | $11030000 |
| Description | Shares | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $586,657) |  | 586657 | $586657 |
| **Total Investments \| 99.4%**<br> (Cost $493,383,872) |  |  | $**550547195** |
| **Cash and Other Assets in Excess of Liabilities \| 0.6%** | **Cash and Other Assets in Excess of Liabilities \| 0.6%** | **Cash and Other Assets in Excess of Liabilities \| 0.6%** | **3370993** |
| **Net Assets \| 100.0%** |  |  | $**553918188** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 3.6% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio** | **Lazard International Strategic Equity Portfolio** |  |
| **Common Stocks \| 96.1%** |  |  |
| **Canada \| 3.5%** |  |  |
| Bird Construction, Inc. | 225462 | $4889303 |
| Canadian Pacific Kansas City Ltd. | 275270 | 20501355 |
| Element Fleet Management Corp. | 1466764 | 37983886 |
|  |  | 63374544 |
| **China \| 1.5%** |  |  |
| Alibaba Group Holding Ltd. | 1185600 | 26576145 |
| **Denmark \| 2.0%** |  |  |
| Carlsberg AS, Class B | 34760 | 4041078 |
| Novo Nordisk AS, Class B | 595017 | 32842388 |
|  |  | 36883466 |
| **Finland \| 1.0%** |  |  |
| Sampo OYJ, A Shares | 1605993 | 18485406 |
| **France \| 4.9%** |  |  |
| Cie de Saint-Gobain SA | 196340 | 21389413 |
| Engie SA | 1121626 | 24059524 |
| Societe Generale SA | 656311 | 43654764 |
|  |  | 89103701 |
| **Germany \| 4.8%** |  |  |
| Deutsche Boerse AG | 75934 | 20349676 |
| Merck KGaA | 187853 | 24163486 |
| MTU Aero Engines AG | 91582 | 42033592 |
|  |  | 86546754 |
| **Greece \| 3.4%** |  |  |
| Piraeus Financial Holdings SA | 7292856 | 61816380 |
| **Hong Kong \| 2.6%** |  |  |
| AIA Group Ltd. | 2475600 | 23729216 |
| Techtronic Industries Co. Ltd. | 1822000 | 23374992 |
|  |  | 47104208 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **India \| 2.6%** |  |  |
| Bharti Airtel Ltd. | 1158386 | $24540881 |
| HDFC Bank Ltd. | 2141022 | 22938790 |
|  |  | 47479671 |
| **Israel \| 7.3%** |  |  |
| Bank Leumi Le-Israel BM | 3060357 | 60347454 |
| Elbit Systems Ltd. | 59818 | 30308258 |
| Phoenix Financial Ltd. | 1133394 | 42460379 |
|  |  | 133116091 |
| **Italy \| 7.4%** |  |  |
| Amplifon SpA | 529870 | 8659901 |
| BFF Bank SpA (#), (\*) | 2034684 | 26142022 |
| Davide Campari-Milano NV | 3064061 | 19304643 |
| Lottomatica Group SpA | 1296144 | 35026693 |
| UniCredit SpA | 592588 | 44991485 |
|  |  | 134124744 |
| **Japan \| 17.8%** |  |  |
| BayCurrent, Inc. | 495400 | 29087360 |
| Hoya Corp. | 241200 | 33319460 |
| Keyence Corp. | 68800 | 25616408 |
| Kobe Bussan Co. Ltd. | 733100 | 20164054 |
| NEC Corp. | 1235200 | 39488226 |
| Nippon Sanso Holdings Corp. | 452900 | 16048527 |
| OBIC Business Consultants Co. Ltd. | 429900 | 26415053 |
| Pan Pacific International Holdings Corp. | 4206500 | 27748709 |
| Resona Holdings, Inc. | 3583100 | 36475829 |
| Sanrio Co. Ltd. | 529400 | 24792973 |
| Sugi Holdings Co. Ltd. | 803500 | 19377135 |
| Tokyo Electron Ltd. | 143300 | 25836992 |
|  |  | 324370726 |
| **Mexico \| 1.5%** |  |  |
| Arca Continental SAB de CV | 2581000 | 27062201 |
| **Netherlands \| 5.1%** |  |  |
| Argenx SE (\*) | 36762 | 26638630 |
| ASML Holding NV | 68184 | 66476833 |
|  |  | 93115463 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | <br> Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (concluded)** | **Lazard International Strategic Equity Portfolio (concluded)** | **Lazard International Strategic Equity Portfolio (concluded)** |
| **Spain \| 2.1%** |  |  |
| Banco Santander SA | 3727162 | $38953655 |
| **Sweden \| 1.1%** |  |  |
| Hexagon AB, B Shares | 1730598 | 20759418 |
| **Switzerland \| 2.9%** |  |  |
| ABB Ltd. | 742357 | 53504428 |
| **Taiwan \| 1.2%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 512000 | 22274229 |
| **United Kingdom \| 16.9%** |  |  |
| Allfunds Group PLC | 1742270 | 13028074 |
| Coca-Cola Europacific Partners PLC | 398035 | 36041273 |
| Compass Group PLC | 1057445 | 36026671 |
| Informa PLC | 2868622 | 35450609 |
| London Stock Exchange Group PLC | 236262 | 27130451 |
| National Grid PLC | 2355895 | 33963990 |
| RELX PLC | 1067666 | 50994079 |
| Unilever PLC | 661599 | 39108533 |
| Weir Group PLC | 968707 | 35816281 |
|  |  | 307559961 |
| **United States \| 6.5%** |  |  |
| CRH PLC | 289374 | 34695943 |
| Experian PLC | 484618 | 24406455 |
| ICON PLC (\*) | 92458 | 16180150 |
| James Hardie Industries PLC CDI (\*) | 262576 | 4885818 |
| Schneider Electric SE | 131447 | 37108213 |
|  |  | 117276579 |
| **Total Common Stocks**<br> (Cost $1,224,683,640) |  | 1749487770 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 2.9%** | **Repurchase Agreements \| 2.9%** |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $53,773,700 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $53,233,925) Proceeds of $52,196,074<br> (Cost $52,190,000) | $52190 | $52190000 |
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** | **Short-Term Investments \| 0.1%** |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $2,756,432) | 2756432 | $2756432 |
| **Total Investments \| 99.1%**<br> (Cost $1,279,630,072) |  | $**1804434202** |
| **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **Cash and Other Assets in Excess of Liabilities \| 0.9%** | **16597638** |
| **Net Assets \| 100.0%** |  | $**1821031840** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 1.4% of net assets of the Portfolio. |
| (\*) | Non-income producing security. |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio** | **Lazard US Equity Concentrated Portfolio** |  |  |
| **Common Stocks \| 99.0%** |  |  |  |
| **Aerospace & Defense \| 4.0%** |  |  |  |
| Boeing Co. (\*) | 7415 | $| 1600379 |
| **Broadline Retail \| 9.1%** |  |  |  |
| Amazon.com, Inc. (\*) | 16577 |  | 3639812 |
| **Capital Markets \| 7.4%** |  |  |  |
| Charles Schwab Corp. | 12559 |  | 1199007 |
| Intercontinental Exchange, Inc. | 10612 |  | 1787910 |
|  |  |  | 2986917 |
| **Electronic Equipment, Instruments & Components \| 4.9%** | **Electronic Equipment, Instruments & Components \| 4.9%** | **Electronic Equipment, Instruments & Components \| 4.9%** | **Electronic Equipment, Instruments & Components \| 4.9%** |
| Coherent Corp. (\*) | 18329 |  | 1974400 |
| **Financial Services \| 2.7%** |  |  |  |
| Corpay, Inc. (\*) | 3842 |  | 1106727 |
| **Food Products \| 4.0%** |  |  |  |
| Mondelez International, Inc., Class A | 25628 |  | 1600981 |
| **Hotels, Restaurants & Leisure \| 4.8%** |  |  |  |
| First Watch Restaurant Group, Inc. (\*) | 122161 |  | 1910598 |
| **Insurance \| 4.6%** |  |  |  |
| First American Financial Corp. | 28720 |  | 1844973 |
| **Interactive Media & Services \| 9.2%** |  |  |  |
| Alphabet, Inc., Class A | 7807 |  | 1897882 |
| Meta Platforms, Inc., Class A | 2451 |  | 1799965 |
|  |  |  | 3697847 |
| **IT Services \| 9.2%** |  |  |  |
| DigitalOcean Holdings, Inc. (\*) | 107781 |  | 3681799 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Media \| 4.5%** |  |  |
| Trade Desk, Inc., Class A (\*) | 36843 | $1805675 |
| **Pharmaceuticals \| 4.7%** |  |  |
| Eli Lilly & Co. | 2497 | 1905211 |
| **Semiconductors & Semiconductor Equipment \| 16.0%** | **Semiconductors & Semiconductor Equipment \| 16.0%** | **Semiconductors & Semiconductor Equipment \| 16.0%** |
| Intel Corp. | 52204 | 1751444 |
| Marvell Technology, Inc. | 55710 | 4683540 |
|  |  | 6434984 |
| **Software \| 7.1%** |  |  |
| Microsoft Corp. | 5484 | 2840438 |
| **Specialty Retail \| 6.8%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 36974 | 2724984 |
| **Total Common Stocks**<br> (Cost $35,255,088) |  | 39755725 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 0.1%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $49,800 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $51,152) Proceeds of $50,006<br> (Cost $50,000) | $50 | $50000 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio (concluded)** | **Lazard US Equity Concentrated Portfolio (concluded)** | **Lazard US Equity Concentrated Portfolio (concluded)** |
| **Short-Term Investments \| 0.0%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $6,606) | 6606 | $6606 |
| **Total Investments \| 99.1%**<br> (Cost $35,311,694) |  | $**39812331** |
| **Cash and Other Assets in Excess of Liabilites \| 0.9%** | **Cash and Other Assets in Excess of Liabilites \| 0.9%** | **352388** |
| **Net Assets \| 100.0%** |  | $**40164719** |

---

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

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio** |  |  |
| **Common Stocks \| 95.9%** |  |  |
| **Banks \| 3.0%** |  |  |
| Bank of America Corp. | 47397 | $2445211 |
| **Broadline Retail \| 6.4%** |  |  |
| Amazon.com, Inc. (\*) | 23618 | 5185804 |
| **Capital Markets \| 10.1%** |  |  |
| Blackstone, Inc. | 14044 | 2399417 |
| Goldman Sachs Group, Inc. | 2683 | 2136607 |
| Intercontinental Exchange, Inc. | 21733 | 3661576 |
|  |  | 8197600 |
| **Chemicals \| 2.2%** |  |  |
| Linde PLC | 3852 | 1829700 |
| **Commercial Services & Supplies \| 3.2%** |  |  |
| Waste Management, Inc. | 11786 | 2602702 |
| **Electrical Equipment \| 2.6%** |  |  |
| AMETEK, Inc. | 11165 | 2099020 |
| **Financial Services \| 3.4%** |  |  |
| Visa, Inc., A Shares | 8092 | 2762447 |
| **Ground Transportation \| 1.8%** |  |  |
| Old Dominion Freight Line, Inc. | 10263 | 1444825 |
| **Health Care Equipment & Supplies \| 2.1%** |  |  |
| Medtronic PLC | 18180 | 1731463 |
| **Health Care Providers & Services \| 1.4%** |  |  |
| UnitedHealth Group, Inc. | 3403 | 1175056 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Hotels, Restaurants & Leisure \| 3.2%** |  |  |  |
| McDonald's Corp. | 8494 | $| 2581242 |
| **Household Products \| 2.5%** |  |  |  |
| Procter & Gamble Co. | 13381 |  | 2055991 |
| **Insurance \| 3.1%** |  |  |  |
| Marsh & McLennan Cos., Inc. | 12485 |  | 2516102 |
| **Interactive Media & Services \| 5.2%** |  |  |  |
| Alphabet, Inc., Class A | 17285 |  | 4201984 |
| **Life Sciences Tools & Services \| 3.5%** |  |  |  |
| Danaher Corp. | 14450 |  | 2864857 |
| **Oil, Gas & Consumable Fuels \| 2.2%** |  |  |  |
| ConocoPhillips | 19190 |  | 1815182 |
| **Pharmaceuticals \| 4.2%** |  |  |  |
| Eli Lilly & Co. | 2123 |  | 1619849 |
| Merck & Co., Inc. | 21518 |  | 1806006 |
|  |  |  | 3425855 |
| **Professional Services \| 4.8%** |  |  |  |
| Equifax, Inc. | 6589 |  | 1690276 |
| Jacobs Solutions, Inc. | 14630 |  | 2192452 |
|  |  |  | 3882728 |
| **Real Estate Management & Development \| 2.6%** |  |  |  |
| CBRE Group, Inc., Class A (\*) | 13410 |  | 2112880 |
| **Semiconductors & Semiconductor Equipment \| 11.1%** | **Semiconductors & Semiconductor Equipment \| 11.1%** | **Semiconductors & Semiconductor Equipment \| 11.1%** | **Semiconductors & Semiconductor Equipment \| 11.1%** |
| Advanced Micro Devices, Inc. (\*) | 7936 |  | 1283965 |
| Analog Devices, Inc. | 10173 |  | 2499506 |
| Applied Materials, Inc. | 10636 |  | 2177615 |
| Broadcom, Inc. | 9191 |  | 3032203 |
|  |  |  | 8993289 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (concluded)** | **Lazard US Equity Focus Portfolio (concluded)** | **Lazard US Equity Focus Portfolio (concluded)** |
| **Software \| 9.8%** |  |  |
| Microsoft Corp. | 13173 | $6822955 |
| Salesforce, Inc. | 4917 | 1165329 |
|  |  | 7988284 |
| **Technology Hardware, Storage & Peripherals \| 7.5%** | **Technology Hardware, Storage & Peripherals \| 7.5%** | **Technology Hardware, Storage & Peripherals \| 7.5%** |
| Apple, Inc. | 23887 | 6082347 |
| **Total Common Stocks** <br> (Cost $47,204,181) |  | 77994569 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 4.0%** |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $3,150,900 United States Treasury Note, 4.625%, 02/15/35, with a fair value of $3,294,720) Proceeds of $3,230,376 <br> (Cost $3,230,000) | $3230 | $3230000 |
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $176,253) | 176253 | $176253 |
| **Total Investments \| 100.1%** <br> (Cost $50,610,434) |  | $**81400822** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** | **Liabilities in Excess of Cash and Other Assets \| (0.1)%** | **(100649)** |
| **Net Assets \| 100.0%** |  | $**81300173** |

---

(\*) Non-income producing security.

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio** | **Lazard US Small Cap Equity Select Portfolio** | **Lazard US Small Cap Equity Select Portfolio** |
| **Common Stocks \| 99.0%** |  |  |
| **Aerospace & Defense \| 1.6%** |  |  |
| StandardAero, Inc. | 20052 | $547219 |
| **Automobile Components \| 1.4%** |  |  |
| Gentherm, Inc. (\*) | 14023 | 477623 |
| **Automobiles \| 1.0%** |  |  |
| Thor Industries, Inc. | 3227 | 334608 |
| **Banks \| 8.6%** |  |  |
| Atlantic Union Bankshares Corp. | 9594 | 338572 |
| BankUnited, Inc. | 16126 | 615368 |
| Commerce Bancshares, Inc. | 9784 | 584692 |
| Home BancShares, Inc. | 19531 | 552728 |
| Wintrust Financial Corp. | 5689 | 753451 |
|  |  | 2844811 |
| **Biotechnology \| 6.7%** |  |  |
| Arcutis Biotherapeutics, Inc. (\*) | 19322 | 364220 |
| Aurinia Pharmaceuticals, Inc. (\*) | 22586 | 249575 |
| Caris Life Sciences, Inc. | 17959 | 543260 |
| Janux Therapeutics, Inc. (\*) | 9108 | 222599 |
| Rhythm Pharmaceuticals, Inc. (\*) | 2462 | 248637 |
| Soleno Therapeutics, Inc. (\*) | 5151 | 348208 |
| Vaxcyte, Inc. (\*) | 7178 | 258552 |
|  |  | 2235051 |
| **Building Products \| 2.3%** |  |  |
| Hayward Holdings, Inc. (\*) | 20704 | 313044 |
| Janus International Group, Inc. (\*) | 44108 | 435346 |
|  |  | 748390 |
| **Capital Markets \| 4.9%** |  |  |
| Bullish | 5181 | 329563 |
| StepStone Group, Inc., Class A | 10395 | 678898 |
| Stifel Financial Corp. | 5517 | 626014 |
|  |  | 1634475 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| **Commercial Services & Supplies \| 3.7%** |  |  |  |
| ABM Industries, Inc. | 11895 | $| 548597 |
| Casella Waste Systems, Inc., Class A (\*) | 7146 |  | 678013 |
|  |  |  | 1226610 |
| **Communications Equipment \| 1.3%** |  |  |  |
| Lumentum Holdings, Inc. (\*) | 2744 |  | 446476 |
| **Construction & Engineering \| 2.0%** |  |  |  |
| Legence Corp., Class A | 10349 |  | 318853 |
| Primoris Services Corp. | 2420 |  | 332338 |
|  |  |  | 651191 |
| **Construction Materials \| 1.3%** |  |  |  |
| Eagle Materials, Inc. | 1897 |  | 442077 |
| **Consumer Finance \| 0.8%** |  |  |  |
| Figure Technology Solutions, Inc., Class A | 6968 |  | 253426 |
| **Consumer Staples Distribution & Retail \| 3.4%** |  |  |  |
| BJ's Wholesale Club Holdings, Inc. (\*) | 4327 |  | 403493 |
| Chefs' Warehouse, Inc. (\*) | 5050 |  | 294566 |
| Guardian Pharmacy Services, Inc., Class A (\*) | 16772 |  | 439930 |
|  |  |  | 1137989 |
| **Containers & Packaging \| 2.0%** |  |  |  |
| Graphic Packaging Holding Co. | 17527 |  | 343003 |
| TriMas Corp. | 8128 |  | 314066 |
|  |  |  | 657069 |
| **Electrical Equipment \| 1.4%** |  |  |  |
| EnerSys | 4089 |  | 461893 |
| **Electronic Equipment, Instruments & Components \| 3.4%** | **Electronic Equipment, Instruments & Components \| 3.4%** | **Electronic Equipment, Instruments & Components \| 3.4%** | **Electronic Equipment, Instruments & Components \| 3.4%** |
| Coherent Corp. (\*) | 7403 |  | 797451 |
| Mirion Technologies, Inc. (\*) | 14553 |  | 338503 |
|  |  |  | 1135954 |

---

---

| | | |
|:---|:---|:---|
| 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 \| 1.5%** | **Energy Equipment & Services \| 1.5%** | **Energy Equipment & Services \| 1.5%** |
| Atlas Energy Solutions, Inc. | 16670 | $189538 |
| Cactus, Inc., Class A | 8071 | 318562 |
|  |  | 508100 |
| **Entertainment \| 1.8%** |  |  |
| Roku, Inc. (\*) | 5808 | 581555 |
| **Ground Transportation \| 1.2%** |  |  |
| Landstar System, Inc. | 3375 | 413640 |
| **Health Care Equipment & Supplies \| 3.8%** |  |  |
| Enovis Corp. (\*) | 16943 | 514051 |
| Inspire Medical Systems, Inc. (\*) | 3574 | 265191 |
| TransMedics Group, Inc. (\*) | 4328 | 485601 |
|  |  | 1264843 |
| **Health Care Technology \| 3.0%** |  |  |
| Doximity, Inc., Class A (\*) | 4788 | 350242 |
| Evolent Health, Inc., Class A (\*) | 47164 | 399008 |
| Schrodinger, Inc. (\*) | 11855 | 237811 |
|  |  | 987061 |
| **Hotels, Restaurants & Leisure \| 4.3%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 44593 | 697435 |
| Kura Sushi USA, Inc., Class A (\*) | 5357 | 318259 |
| Wyndham Hotels & Resorts, Inc. | 5134 | 410207 |
|  |  | 1425901 |
| **Household Durables \| 1.3%** |  |  |
| Meritage Homes Corp. | 5990 | 433856 |
| **Insurance \| 3.1%** |  |  |
| First American Financial Corp. | 10814 | 694691 |
| Reinsurance Group of America, Inc. | 1730 | 332385 |
|  |  | 1027076 |
| **Interactive Media & Services \| 1.8%** |  |  |
| Cars.com, Inc. (\*) | 24817 | 303264 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair<br> Value | Fair<br> Value |
| MediaAlpha, Inc., Class A (\*) | 25092 | $| 285547 |
|  |  |  | 588811 |
| **IT Services \| 2.8%** |  |  |  |
| DigitalOcean Holdings, Inc. (\*) | 27342 |  | 934003 |
| **Leisure Products \| 1.4%** |  |  |  |
| Brunswick Corp. | 7202 |  | 455454 |
| **Life Sciences Tools & Services \| 0.7%** |  |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 85040 |  | 244065 |
| **Machinery \| 6.2%** |  |  |  |
| Gates Industrial Corp. PLC (\*) | 18542 |  | 460213 |
| Middleby Corp. (\*) | 4308 |  | 572662 |
| Nordson Corp. | 2064 |  | 468425 |
| Toro Co. | 7195 |  | 548259 |
|  |  |  | 2049559 |
| **Media \| 1.2%** |  |  |  |
| NIQ Global Intelligence PLC | 24477 |  | 384289 |
| **Oil, Gas & Consumable Fuels \| 2.1%** |  |  |  |
| Antero Resources Corp. (\*) | 10788 |  | 362045 |
| Magnolia Oil & Gas Corp., Class A | 13685 |  | 326661 |
|  |  |  | 688706 |
| **Pharmaceuticals \| 0.7%** |  |  |  |
| Axsome Therapeutics, Inc. (\*) | 2002 |  | 243143 |
| **Retail REITs \| 2.0%** |  |  |  |
| Brixmor Property Group, Inc. | 23511 |  | 650784 |
| **Semiconductors & Semiconductor Equipment \| 5.2%** | **Semiconductors & Semiconductor Equipment \| 5.2%** | **Semiconductors & Semiconductor Equipment \| 5.2%** | **Semiconductors & Semiconductor Equipment \| 5.2%** |
| Credo Technology Group Holding Ltd. (\*) | 1833 |  | 266903 |
| Diodes, Inc. (\*) | 10244 |  | 545083 |
| Onto Innovation, Inc. (\*) | 3063 |  | 395801 |
| Rambus, Inc. (\*) | 5083 |  | 529649 |
|  |  |  | 1737436 |

---

---

| | | |
|:---|:---|:---|
| 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)** |
| **Software \| 3.3%** |  |  |
| SPS Commerce, Inc. (\*) | 5372 | $559440 |
| Zeta Global Holdings Corp., Class A (\*) | 27203 | 540524 |
|  |  | 1099964 |
| **Specialized REITs \| 2.4%** |  |  |
| CubeSmart | 19682 | 800270 |
| **Specialty Retail \| 2.0%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 9207 | 678556 |
| **Textiles, Apparel & Luxury Goods \| 1.4%** |  |  |
| Kontoor Brands, Inc. | 5859 | 467372 |
| **Total Common Stocks**<br> (Cost $28,514,644) |  | 32899306 |
| **Total Investments \| 99.0%**<br> (Cost $28,514,644) |  | $**32899306** |
| **Cash and Other Assets in Excess of Liabilites \| 1.0%** | **Cash and Other Assets in Excess of Liabilites \| 1.0%** | **336440** |
| **Net Assets \| 100.0%** |  | $**33235746** |

---

(\*) Non-income producing security.

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio** |  |  |
| **Convertible Corporate Bonds \| 87.4%** |  |  |
| **Aerospace & Defense \| 1.0%** |  |  |
| Rocket Lab USA, Inc., <br> 4.250%, 02/01/29 (#) | $19 | $177934 |
| **Automobiles \| 1.8%** |  |  |
| Lucid Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 12/15/26 (#) | 85 | 79262 |
| &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 (#) | 58 | 55231 |
| Rivian Automotive, Inc., <br> 4.625%, 03/15/29 | 164 | 170335 |
|  |  | 304828 |
| **Biotechnology \| 4.6%** |  |  |
| Alnylam Pharmaceuticals, Inc., <br>0.000%, 09/15/28 (#) | 164 | 163077 |
| Bridgebio Pharma, Inc., <br> 2.500%, 03/15/27 | 76 | 106837 |
| Cytokinetics, Inc., <br> 3.500%, 07/01/27 | 27 | 35080 |
| Halozyme Therapeutics, Inc., <br>0.250%, 03/01/27 | 209 | 240089 |
| Ionis Pharmaceuticals, Inc., <br>0.000%, 04/01/26 | 202 | 248611 |
|  |  | 793694 |
| **Capital Markets \| 2.0%** |  |  |
| Core Scientific, Inc., <br>0.000%, 06/15/31 (#) | 97 | 108883 |
| MARA Holdings, Inc., <br>0.000%, 03/01/30 (#) | 235 | 235940 |
|  |  | 344823 |
| **Commercial Services & Supplies \| 2.6%** |  |  |
| Affirm Holdings, Inc., <br> 0.750%, 12/15/29 (#) | 52 | 56602 |
| Global Payments, Inc., <br> 1.500%, 03/01/31 | 197 | 180798 |
| Shift4 Payments, Inc., <br> 0.000%, 12/15/25 | 148 | 152218 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Principal <br> Amount <br> (000) | Fair <br> Value |
| Stride, Inc., <br> 1.125%, 09/01/27 | $| 18 | $51205 |
|  |  |  | 440823 |
| **Construction & Engineering \| 2.3%** |  |  |  |
| Fluor Corp., <br> 1.125%, 08/15/29 |  | 135 | 160515 |
| Granite Construction, Inc., <br> 3.250%, 06/15/30 |  | 74 | 113553 |
| Meritage Homes Corp., <br> 1.750%, 05/15/28 |  | 111 | 114159 |
|  |  |  | 388227 |
| **Diversified REITs \| 2.4%** |  |  |  |
| Digital Realty Trust LP, <br> 1.875%, 11/15/29 (#) |  | 100 | 105250 |
| Welltower OP LLC, <br> 2.750%, 05/15/28 (#) |  | 166 | 311001 |
|  |  |  | 416251 |
| **Diversified Telecommunication Services \| 1.6%** | **Diversified Telecommunication Services \| 1.6%** | **Diversified Telecommunication Services \| 1.6%** |  |
| Applied Digital Corp., <br> 2.750%, 06/01/30 (#) |  | 44 | 110217 |
| AST SpaceMobile, Inc., <br> 2.375%, 10/15/32 (#) |  | 63 | 65614 |
| InterDigital, Inc., <br> 3.500%, 06/01/27 |  | 21 | 93954 |
|  |  |  | 269785 |
| **Electric Utilities \| 9.7%** |  |  |  |
| Alliant Energy Corp., <br> 3.875%, 03/15/26 |  | 84 | 90552 |
| CMS Energy Corp., <br> 3.375%, 05/01/28 |  | 224 | 245840 |
| Duke Energy Corp., <br> 4.125%, 04/15/26 |  | 91 | 97802 |
| Evergy, Inc., <br> 4.500%, 12/15/27 |  | 62 | 78019 |
| NextEra Energy Capital Holdings, Inc., <br> 3.000%, 03/01/27 |  | 274 | 324279 |
| PG&E Corp., <br> 4.250%, 12/01/27 |  | 351 | 355844 |
| Southern Co., <br> 3.875%, 12/15/25 |  | 329 | 370701 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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)** |  |  |
| WEC Energy Group, Inc., <br>4.375%, 06/01/29 | $| 78 | $| 95862 |
|  |  |  |  | 1658899 |
| **Electronic Equipment, Instruments & Components \| 0.6%** | **Electronic Equipment, Instruments & Components \| 0.6%** | **Electronic Equipment, Instruments & Components \| 0.6%** | **Electronic Equipment, Instruments & Components \| 0.6%** | **Electronic Equipment, Instruments & Components \| 0.6%** |
| Itron, Inc., <br> 1.375%, 07/15/30 |  | 94 |  | 107959 |
| **Entertainment \| 1.8%** |  |  |  |  |
| Live Nation Entertainment, Inc., <br> 2.875%, 01/15/30 (#) |  | 283 |  | 314413 |
| **Financial Services \| 2.9%** |  |  |  |  |
| Coinbase Global, Inc., <br> 0.250%, 04/01/30 |  | 230 |  | 289627 |
| SoFi Technologies, Inc., <br> 1.250%, 03/15/29 (#) |  | 43 |  | 122507 |
| Upstart Holdings, Inc., <br> 2.000%, 10/01/29 (#) |  | 60 |  | 83901 |
|  |  |  |  | 496035 |
| **Health Care Equipment & Supplies \| 4.0%** | **Health Care Equipment & Supplies \| 4.0%** | **Health Care Equipment & Supplies \| 4.0%** |  |  |
| Exact Sciences Corp., <br> 0.375%, 03/01/28 |  | 310 |  | 287060 |
| Guardant Health, Inc., <br> 1.250%, 02/15/31 |  | 72 |  | 93925 |
| Integer Holdings Corp., <br> 1.875%, 03/15/30 (#) |  | 84 |  | 81816 |
| iRhythm Technologies, Inc., <br> 1.500%, 09/01/29 |  | 96 |  | 132192 |
| Lantheus Holdings, Inc., <br> 2.625%, 12/15/27 |  | 43 |  | 45333 |
| Merit Medical Systems, Inc., <br> 3.000%, 02/01/29 (#) |  | 44 |  | 51238 |
|  |  |  |  | 691564 |
| **Health Care Providers & Services \| 1.0%** |  |  |  |  |
| Teladoc Health, Inc., <br> 1.250%, 06/01/27 |  | 188 |  | 176531 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Interactive Media & Services \| 9.9%** |  |  |
| Airbnb, Inc., <br>0.000%, 03/15/26 | $305 | $298900 |
| DoorDash, Inc., <br>0.000%, 05/15/30 (#) | 175 | 199325 |
| Hims & Hers Health, Inc., <br>0.000%, 05/15/30 (#) | 70 | 78925 |
| Match Group Financeco 3, Inc., <br> 2.000%, 01/15/30 (#) | 250 | 230375 |
| Opendoor Technologies, Inc., <br> 7.000%, 05/15/30 (#) | 16 | 83341 |
| Snap, Inc., <br>0.125%, 03/01/28 | 257 | 229501 |
| Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | 274 | 334417 |
| &nbsp;&nbsp;&nbsp;0.000%, 05/15/28 (#) | 80 | 85160 |
| Wayfair, Inc., <br> 3.250%, 09/15/27 | 96 | 146523 |
|  |  | 1686467 |
| **IT Services \| 10.5%** |  |  |
| CyberArk Software Ltd., <br> 0.000%, 06/15/30 (#) | 100 | 111290 |
| Lumentum Holdings, Inc., <br>0.500%, 06/15/28 | 260 | 362700 |
| Parsons Corp., <br> 2.625%, 03/01/29 | 114 | 130245 |
| Rubrik, Inc., <br>0.000%, 06/15/30 (#) | 150 | 152100 |
| Seagate HDD Cayman, <br> 3.500%, 06/01/28 | 90 | 255219 |
| Super Micro Computer, Inc., <br> 3.500%, 03/01/29 | 258 | 263869 |
| Western Digital Corp., <br> 3.000%, 11/15/28 | 125 | 401250 |
| Zscaler, Inc., <br>0.000%, 07/15/28 (#) | 122 | 121268 |
|  |  | 1797941 |
| **Leisure Products \| 1.7%** |  |  |
| Carnival Corp., <br> 5.750%, 12/01/27 | 63 | 140864 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** |  |
| NCL Corp. Ltd., <br>0.875%, 04/15/30 (#) | $72 | $85095 |
| Peloton Interactive, Inc., <br> 5.500%, 12/01/29 | 27 | 60507 |
|  |  | 286466 |
| **Machinery \| 2.8%** |  |  |
| Axon Enterprise, Inc., <br>0.500%, 12/15/27 | 33 | 103579 |
| Bloom Energy Corp., <br> 3.000%, 06/01/28 | 85 | 380757 |
|  |  | 484336 |
| **Media \| 1.8%** |  |  |
| Liberty Broadband Corp., <br> 3.125%, 03/31/53 (#) | 225 | 222638 |
| Liberty Media Corp.-Liberty Formula One, <br> 2.250%, 08/15/27 | 67 | 89009 |
|  |  | 311647 |
| **Metals & Mining \| 1.6%** |  |  |
| Centrus Energy Corp., <br>0.000%, 08/15/32 (#) | 69 | 106691 |
| MP Materials Corp., <br> 3.000%, 03/01/30 (#) | 50 | 159400 |
|  |  | 266091 |
| **Oil, Gas & Consumable Fuels \| 1.1%** |  |  |
| CNX Resources Corp., <br> 2.250%, 05/01/26 | 36 | 90162 |
| Northern Oil & Gas, Inc., <br> 3.625%, 04/15/29 | 90 | 90473 |
|  |  | 180635 |
| **Passenger Airlines \| 0.2%** |  |  |
| JetBlue Airways Corp., <br> 2.500%, 09/01/29 | 25 | 25938 |
| **Pharmaceuticals \| 1.2%** |  |  |
| Jazz Investments I Ltd., <br> 2.000%, 06/15/26 | 200 | 213050 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Semiconductors & Semiconductor Equipment \| 3.6%** | **Semiconductors & Semiconductor Equipment \| 3.6%** | **Semiconductors & Semiconductor Equipment \| 3.6%** |
| Microchip Technology, Inc., <br>0.750%, 06/01/30 | $136 | $132192 |
| MKS, Inc., <br> 1.250%, 06/01/30 | 157 | 172307 |
| ON Semiconductor Corp., <br>0.500%, 03/01/29 | 331 | 306232 |
|  |  | 610731 |
| **Software \| 13.6%** |  |  |
| Akamai Technologies, Inc., <br>0.375%, 09/01/27 | 283 | 271397 |
| Bill Holdings, Inc., <br>0.000%, 04/01/30 (#) | 188 | 167790 |
| Cloudflare, Inc., <br>0.000%, 08/15/26 | 207 | 258377 |
| Datadog, Inc., <br>0.000%, 12/01/29 (#) | 236 | 234230 |
| Dropbox, Inc., <br>0.000%, 03/01/28 | 127 | 131381 |
| Five9, Inc., <br> 1.000%, 03/15/29 | 156 | 138606 |
| Guidewire Software, Inc., <br> 1.250%, 11/01/29 (#) | 57 | 66435 |
| Nutanix, Inc., <br>0.250%, 10/01/27 | 88 | 121308 |
| Snowflake, Inc., <br>0.000%, 10/01/27 | 167 | 253757 |
| Strategy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 (#) | 311 | 279515 |
| &nbsp;&nbsp;&nbsp;0.625%, 03/15/30 | 177 | 397099 |
|  |  | 2319895 |
| **Specialty Retail \| 1.1%** |  |  |
| GameStop Corp., <br>0.000%, 04/01/30 (#) | 168 | 191016 |
| **Total Convertible Corporate Bonds** <br> (Cost $13,044,339) |  | 14955979 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Fair <br> Value | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** | **Lazard US Convertibles Portfolio (continued)** |
| **Preferred Stocks \| 10.3%** |  |  |  |
| **Aerospace & Defense \| 2.6%** |  |  |  |
| Boeing Co. | 6368 | $| 443022 |
| **Banks \| 3.9%** |  |  |  |
| Bank of America Corp., Series L | 380 |  | 486400 |
| Wells Fargo & Co., Class A, Series L | 145 |  | 178972 |
|  |  |  | 665372 |
| **Capital Markets \| 1.1%** |  |  |  |
| ARES Management Corp., Series B | 1346 |  | 66883 |
| KKR & Co., Inc., Series D | 2300 |  | 120405 |
|  |  |  | 187288 |
| **Chemicals \| 0.6%** |  |  |  |
| Albemarle Corp. | 2636 |  | 99852 |
| **Financial Services \| 0.7%** |  |  |  |
| Apollo Global Management, Inc. | 1652 |  | 116102 |
| **Machinery \| 0.2%** |  |  |  |
| Chart Industries, Inc., Series B | 656 |  | 46615 |
| **Semiconductors & Semiconductor Equipment \| 0.7%** | **Semiconductors & Semiconductor Equipment \| 0.7%** | **Semiconductors & Semiconductor Equipment \| 0.7%** | **Semiconductors & Semiconductor Equipment \| 0.7%** |
| Microchip Technology, Inc. | 2019 |  | 119182 |
| **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 |  | 92819 |
| **Total Preferred Stocks <br> (Cost $1,625,909)** |  |  | 1770252 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Repurchase Agreements \| 2.0%** |  |  |  |
| Fixed Income Clearing Corp., <br>4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $338,200 United States Treasury Note, 4.250%, 05/15/35, with a fair value of $346,933) Proceeds of $340,040 <br> (Cost $340,000) | $| 340 | $340000 |
| Description |  | Shares | Fair <br> Value |
| **Short-Term Investments \| 0.1%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $20,565) |  | 20565 | $20565 |
| **Total Investments \| 99.8%** <br> (Cost $15,030,813) |  |  | $**17086796** |
| **Cash and Other Assets in Excess of Liabilites \| 0.2%** | **Cash and Other Assets in Excess of Liabilites \| 0.2%** | **Cash and Other Assets in Excess of Liabilites \| 0.2%** | **26026** |
| **Net Assets \| 100.0%** |  |  | $**17112822** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 27.5% of net assets of the Portfolio. |

---

**Lazard US Convertibles Portfolio (concluded)**

Futures Contracts open at September 30, 2025 :

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Type | Number of <br> Contracts | Notional<br> Amount | Expiration<br> Date | Notional<br> Cost | Fair <br> Value | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| CME E-mini NASDAQ 100 Index Futures | 1 | $20 | 12/19/25 | $485022 | $498035 | $13013 | $— |
| CBOT 5 Year U.S. Treasury Notes Futures | 29 | 2900000 | 12/31/25 | 3165777 | 3166664 | 887 |  |
| Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts |  |  | $13900 | $— |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US High Yield Portfolio** |  |  |
| **Corporate Bonds \| 98.1%** |  |  |
| **Aerospace & Defense \| 2.7%** |  |  |
| Bombardier, Inc., <br> 8.750%, 11/15/30 (#) | $1750 | $1887186 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 500 | 489986 |
| &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 (#) | 1000 | 1019059 |
|  |  | 3396231 |
| **Automobile Components \| 3.8%** |  |  |
| American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/29 | 1500 | 1425420 |
| Goodyear Tire & Rubber Co., <br> 5.250%, 07/15/31 | 2000 | 1878714 |
| Tenneco, Inc., <br> 8.000%, 11/17/28 (#) | 1500 | 1502738 |
|  |  | 4806872 |
| **Automobiles \| 1.0%** |  |  |
| Allison Transmission, Inc., <br> 4.750%, 10/01/27 (#) | 1295 | 1286167 |
| **Building Products \| 2.5%** |  |  |
| Griffon Corp., <br> 5.750%, 03/01/28 | 1750 | 1750588 |
| Standard Industries, Inc., <br> 3.375%, 01/15/31 (#) | 1500 | 1358352 |
|  |  | 3108940 |
| **Chemicals \| 4.4%** |  |  |
| Methanex Corp., <br> 5.125%, 10/15/27 | 1750 | 1752035 |
| NOVA Chemicals Corp., <br> 4.250%, 05/15/29 (#) | 1750 | 1693615 |
| WR Grace Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 06/15/27 (#) | 661 | 656901 |
| &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 (#) | 1500 | 1483170 |
|  |  | 5585721 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Commercial Services & Supplies \| 3.8%** |  |  |
| ADT Security Corp., <br> 4.125%, 08/01/29 (#) | $250 | $241754 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., <br> 5.750%, 07/15/27 (#) | 1733 | 1730283 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., <br> 3.375%, 08/31/27 (#) | 1500 | 1458109 |
| Valvoline, Inc., <br> 3.625%, 06/15/31 (#) | 1500 | 1375360 |
|  |  | 4805506 |
| **Containers & Packaging \| 0.9%** |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 4.000%, 09/01/29 (#) | 1200 | 1110620 |
| **Diversified REITs \| 1.3%** |  |  |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/31 (#) | 1250 | 1193157 |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/29 (#) | 500 | 492224 |
|  |  | 1685381 |
| **Diversified Telecommunication Services \| 4.2%** |  |  |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.000%, 09/15/29 (#) | 2000 | 2103200 |
| Level 3 Financing, Inc., <br> 4.500%, 04/01/30 (#) | 2000 | 1827500 |
| Zayo Group Holdings, Inc., <br> 9.250%, 03/09/30 (#) | 1475 | 1412096 |
|  |  | 5342796 |
| **Electric Utilities \| 2.5%** |  |  |
| NRG Energy, Inc., <br> 3.625%, 02/15/31 (#) | 1500 | 1386786 |
| XPLR Infrastructure Operating Partners LP, <br> 4.500%, 09/15/27 (#) | 1750 | 1716876 |
|  |  | 3103662 |
| **Electrical Equipment \| 1.3%** |  |  |
| Energizer Holdings, Inc., <br> 4.750%, 06/15/28 (#) | 1700 | 1670412 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Entertainment \| 2.4%** |  |  |
| Cinemark USA, Inc., <br> 5.250%, 07/15/28 (#) | $1500 | $1491723 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., <br> 5.375%, 04/15/27 | 1550 | 1545982 |
|  |  | 3037705 |
| **Food Products \| 6.1%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, <br> 3.500%, 03/15/29 (#) | 1500 | 1421484 |
| Performance Food Group, Inc., <br> 4.250%, 08/01/29 (#) | 1800 | 1748496 |
| Post Holdings, Inc., <br> 4.500%, 09/15/31 (#) | 1500 | 1401374 |
| TreeHouse Foods, Inc., <br> 4.000%, 09/01/28 | 1750 | 1696855 |
| U.S. Foods, Inc., <br> 4.625%, 06/01/30 (#) | 1500 | 1465929 |
|  |  | 7734138 |
| **Gas Utilities \| 0.8%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.375%, 06/01/28 (#) | 1000 | 1027350 |
| **Health Care Equipment & Supplies \| 1.6%** |  |  |
| Bausch & Lomb Corp., <br> 8.375%, 10/01/28 (#) | 2000 | 2084375 |
| **Health Care Providers & Services \| 4.1%** |  |  |
| Encompass Health Corp., <br> 4.625%, 04/01/31 | 1849 | 1799053 |
| LifePoint Health, Inc., <br> 5.375%, 01/15/29 (#) | 2000 | 1905000 |
| Tenet Healthcare Corp., <br> 4.375%, 01/15/30 | 1500 | 1458819 |
|  |  | 5162872 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount<br> (000) | Fair <br> Value |
| **Hotel & Resort REITs \| 2.5%** |  |  |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, <br> 4.875%, 05/15/29 (#) | $1500 | $1462495 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 4.500%, 02/15/29 (#) | 1750 | 1716266 |
|  |  | 3178761 |
| **Hotels, Restaurants & Leisure \| 4.0%** |  |  |
| Boyd Gaming Corp., <br> 4.750%, 06/15/31 (#) | 2000 | 1928012 |
| Station Casinos LLC, <br> 4.625%, 12/01/31 (#) | 1750 | 1650801 |
| Travel & Leisure Co., <br> 4.500%, 12/01/29 (#) | 1500 | 1449176 |
|  |  | 5027989 |
| **Household Durables \| 1.3%** |  |  |
| Somnigroup International, Inc., <br> 4.000%, 04/15/29 (#) | 1750 | 1679558 |
| **Interactive Media & Services \| 1.1%** |  |  |
| Ziff Davis, Inc., <br> 4.625%, 10/15/30 (#) | 1500 | 1413732 |
| **IT Services \| 2.6%** |  |  |
| NCR Atleos Corp., <br> 9.500%, 04/01/29 (#) | 1500 | 1623783 |
| NCR Voyix Corp., <br> 5.125%, 04/15/29 (#) | 1750 | 1721860 |
|  |  | 3345643 |
| **Leisure Products \| 1.2%** |  |  |
| Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 06/01/27 (#) | 1038 | 1052864 |
| &nbsp;&nbsp;&nbsp;10.750%, 11/15/29 (#) | 468 | 452275 |
|  |  | 1505139 |
| **Machinery \| 1.6%** |  |  |
| Terex Corp., <br> 5.000%, 05/15/29 (#) | 2000 | 1969609 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Media \| 15.6%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 (#) | $1500 | $1439351 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 (#) | 500 | 496642 |
| Clear Channel Outdoor Holdings, Inc., <br> 7.750%, 04/15/28 (#) | 2000 | 1996363 |
| DISH Network Corp., <br> 11.750%, 11/15/27 (#) | 2000 | 2116514 |
| Gray Media, Inc., <br> 4.750%, 10/15/30 (#) | 2000 | 1532500 |
| Lamar Media Corp., <br> 3.625%, 01/15/31 | 1500 | 1395644 |
| Nexstar Media, Inc., <br> 5.625%, 07/15/27 (#) | 1500 | 1497823 |
| Scripps Escrow II, Inc., <br> 3.875%, 01/15/29 (#) | 1000 | 880984 |
| Sinclair Television Group, Inc., <br> 5.125%, 02/15/27 (#) | 1750 | 1749650 |
| Sirius XM Radio LLC, <br> 3.875%, 09/01/31 (#) | 1000 | 906282 |
| TEGNA, Inc., <br> 5.000%, 09/15/29 | 1750 | 1740966 |
| Univision Communications, Inc., <br> 9.375%, 08/01/32 (#) | 2000 | 2131334 |
| Virgin Media Secured Finance PLC, <br> 4.500%, 08/15/30 (#) | 2000 | 1885682 |
|  |  | 19769735 |
| **Oil, Gas & Consumable Fuels \| 14.1%** |  |  |
| Borr IHC Ltd./Borr Finance LLC, <br> 10.375%, 11/15/30 (#) | 1623 | 1622285 |
| Buckeye Partners LP, <br> 4.500%, 03/01/28 (#) | 1500 | 1481363 |
| Civitas Resources, Inc.,<br> 8.750%, 07/01/31 (#) | 2000 | 2049022 |
| Comstock Resources, Inc., <br> 6.750%, 03/01/29 (#) | 1500 | 1497550 |
| CVR Energy, Inc., <br> 8.500%, 01/15/29 (#) | 1500 | 1533087 |
| Kodiak Gas Services LLC, <br> 7.250%, 02/15/29 (#) | 1750 | 1815914 |
| Nabors Industries, Inc., <br> 9.125%, 01/31/30 (#) | 1500 | 1560000 |

---

---

| | | |
|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| Range Resources Corp., <br> 4.750%, 02/15/30 (#) | $1750 | $1711721 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., <br> 5.500%, 01/15/28 (#) | 1250 | 1243641 |
| Transocean International Ltd., <br> 8.750%, 02/15/30 (#) | 1725 | 1814995 |
| Vital Energy, Inc., <br> 7.875%, 04/15/32 (#) | 1500 | 1456106 |
|  |  | 17785684 |
| **Pharmaceuticals \| 1.2%** |  |  |
| 1261229 BC Ltd., <br> 10.000%, 04/15/32 (#) | 1500 | 1537578 |
| **Software \| 3.3%** |  |  |
| Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 03/31/29 (#) | 1000 | 1009020 |
| &nbsp;&nbsp;&nbsp;9.000%, 09/30/29 (#) | 1000 | 1037207 |
| CoreWeave, Inc., <br> 9.250%, 06/01/30 (#) | 2000 | 2065588 |
|  |  | 4111815 |
| **Specialty Retail \| 6.2%** |  |  |
| Asbury Automotive Group, Inc., <br>4.500%, 03/01/28 | 987 | 974931 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/32 (#) | 750 | 720174 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 (#) | 500 | 475869 |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 (#) | 1500 | 1407649 |
| Group 1 Automotive, Inc., <br> 4.000%, 08/15/28 (#) | 1000 | 971811 |
| Penske Automotive Group, Inc., <br> 3.750%, 06/15/29 | 1750 | 1671691 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., <br> 5.000%, 06/01/31 (#) | 1750 | 1665108 |
|  |  | 7887233 |
| **Total Corporate Bonds <br> (Cost $125,376,552)** |  | 124161224 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal <br> Amount <br> (000) | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US High Yield Portfolio (concluded)** | **Lazard US High Yield Portfolio (concluded)** | **Lazard US High Yield Portfolio (concluded)** | **Lazard US High Yield Portfolio (concluded)** |
| **Repurchase Agreements \| 0.2%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $195,800 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $193,869) Proceeds of $190,022 <br> (Cost $190,000) | $| 190 | $190000 |
| Description |  | Shares | Fair <br> Value |
| **Short-Term Investments \| 0.0%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $13,350) |  | 13350 | $13350 |
| **Total Investments \| 98.3%** <br> (Cost $125,579,902) |  |  | $**124364574** |
| **Cash and Other Assets in Excess of Liabilites \| 1.7%** | **Cash and Other Assets in Excess of Liabilites \| 1.7%** | **Cash and Other Assets in Excess of Liabilites \| 1.7%** | **2204805** |
| **Net Assets \| 100.0%** |  |  | $**126569379** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 82.6% of net assets of the Portfolio. |

---

---

| | | |
|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio** | **Lazard US Short Duration Fixed Income Portfolio** |  |
| **Asset-Backed Securities \| 5.7%** |  |  |
| **Financial Services \| 4.2%** |  |  |
| Business Jet Securities LLC, Series 2022-1A, Class A, <br> 4.455%, 06/15/37 (#) | $534 | $528953 |
| CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, <br> 1.530%, 03/15/61 (#) | 469 | 390488 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, <br> 1.910%, 10/20/61 (#) | 500 | 417074 |
|  |  | 1336515 |
| **Ground Transportation \| 1.5%** |  |  |
| TRP LLC, Series 2021-1, Class A, <br> 2.070%, 06/19/51 (#) | 489 | 468600 |
| **Total Asset-Backed Securities**<br> (Cost $1,811,292) |  | 1805115 |
| **Corporate Bonds \| 33.6%** |  |  |
| **Aerospace & Defense \| 2.3%** |  |  |
| Boeing Co.,<br> 2.196%, 02/04/26 | 725 | 719509 |
| **Automobiles \| 6.8%** |  |  |
| American Honda Finance Corp.,<br> 5.250%, 07/07/26 | 800 | 806772 |
| Ford Motor Credit Co. LLC,<br> 4.125%, 08/17/27 | 675 | 663963 |
| General Motors Financial Co., Inc.,<br> 5.000%, 04/09/27 | 700 | 706415 |
|  |  | 2177150 |
| **Banks \| 16.1%** |  |  |
| Bank of America Corp.,<br> 2.551% (SOFR+1.050%), 02/04/28 (§) | 1050 | 1028350 |
| Citigroup, Inc.,<br> 3.887% (SOFR+1.825%), 01/10/28 (§) | 1025 | 1020816 |
| Goldman Sachs Group, Inc.,<br> 4.937% (SOFR+1.319%), 04/23/28 (§) | 725 | 733487 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value | Fair<br> Value |
| JPMorgan Chase & Co.,<br> 1.045% (SOFR+0.800%), 11/19/26 (§) | $| 1050 | $| 1045296 |
| Morgan Stanley,<br> 1.593% (SOFR+0.879%), 05/04/27 (§) |  | 625 |  | 615134 |
| Wells Fargo & Co.,<br> 3.196% (SOFR+1.432%), 06/17/27 (§) |  | 675 |  | 670236 |
|  |  |  |  | 5113319 |
| **Diversified Telecommunication Services \| 2.3%** | **Diversified Telecommunication Services \| 2.3%** | **Diversified Telecommunication Services \| 2.3%** | **Diversified Telecommunication Services \| 2.3%** | **Diversified Telecommunication Services \| 2.3%** |
| T-Mobile USA, Inc.,<br> 2.625%, 04/15/26 |  | 725 |  | 719073 |
| **Health Care Providers & Services \| 2.1%** | **Health Care Providers & Services \| 2.1%** | **Health Care Providers & Services \| 2.1%** |  |  |
| HCA, Inc.,<br> 4.500%, 02/15/27 |  | 675 |  | 676236 |
| **Oil, Gas & Consumable Fuels \| 2.1%** | **Oil, Gas & Consumable Fuels \| 2.1%** |  |  |  |
| Energy Transfer LP,<br> 5.500%, 06/01/27 |  | 650 |  | 661271 |
| **Semiconductors & Semiconductor Equipment \| 1.9%** | **Semiconductors & Semiconductor Equipment \| 1.9%** | **Semiconductors & Semiconductor Equipment \| 1.9%** | **Semiconductors & Semiconductor Equipment \| 1.9%** | **Semiconductors & Semiconductor Equipment \| 1.9%** |
| Intel Corp.,<br> 3.750%, 08/05/27 |  | 600 |  | 595383 |
| **Total Corporate Bonds**<br> (Cost $10,572,724) |  |  |  | 10661941 |
| **Mortgage-Backed Securities \| 4.4%** |  |  |  |  |
| COMM Mortgage Trust, Series 2016-787S, Class A<br> 3.545%, 02/10/36 (#) |  | 700 |  | 692677 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A<br> 2.130%, 09/10/39 (#) |  | 750 |  | 714820 |
| **Total Mortgage-Backed Securities**<br> (Cost $1,370,420) |  |  |  | 1407497 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Principal<br> Amount<br> (000) | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (concluded)** | **Lazard US Short Duration Fixed Income Portfolio (concluded)** | **Lazard US Short Duration Fixed Income Portfolio (concluded)** | **Lazard US Short Duration Fixed Income Portfolio (concluded)** |
| **U.S. Government Securities \| 3.2%** |  |  |  |
| Federal Farm Credit Banks Funding Corp.,<br> 4.360%, 10/28/27<br> (Cost $1,003,937) | $| 1005 | $1004426 |
| **U.S. Treasury Securities \| 51.7%** |  |  |  |
| U.S. Treasury Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 01/15/28 |  | 4090 | 4145758 |
| &nbsp;&nbsp;&nbsp;3.875%, 03/15/28 |  | 1380 | 1388679 |
| &nbsp;&nbsp;&nbsp;3.625%, 08/15/28 |  | 2980 | 2980000 |
| &nbsp;&nbsp;&nbsp;3.375%, 09/15/28 |  | 7980 | 7925761 |
| **Total U.S. Treasury Securities**<br> (Cost $16,386,440) |  |  | 16440198 |
| **Repurchase Agreements \| 0.2%** |  |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25<br> (Dated 09/30/25, collateralized by $72,200 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $71,550) Proceeds of $70,008<br> (Cost $70,000) |  | 70 | 70000 |
| Description | Shares | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.0%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $8,896) |  | 8896 | $8896 |
| **Total Investments \| 98.8%**<br> (Cost $31,223,709) |  |  | $**31398073** |
| **Cash and Other Assets in Excess of Liabilites \| 1.2%** | **Cash and Other Assets in Excess of Liabilites \| 1.2%** | **Cash and Other Assets in Excess of Liabilites \| 1.2%** | **397099** |
| **Net Assets \| 100.0%** |  |  | $**31795172** |

---

---

| | |
|:---|:---|
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 10.1% 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 September 30, 2025. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio** | **Lazard Enhanced Opportunities Portfolio** |  |
| **Common Stocks \| 1.1%** |  |  |
| **Cameroon \| 0.0%** |  |  |
| Golar LNG Ltd. | 12 | $485 |
| **Luxembourg \| 0.0%** |  |  |
| Vinty Holding 5 SA (\*), (¢) | 18119609 | 9803 |
| **United States \| 1.1%** |  |  |
| Affirm Holdings, Inc. (\*) | 31 | 2265 |
| Akamai Technologies, Inc. (\*) | 16 | 1212 |
| Alkami Technology, Inc. (\*) | 19 | 472 |
| Alphatec Holdings, Inc. (\*), (±) | 452 | 6572 |
| Amphenol Corp., Class A | 15 | 1856 |
| Applied Digital Corp. (\*) | 3742 | 85841 |
| AST SpaceMobile, Inc. (\*) | 1644 | 80688 |
| BigBear.ai Holdings, Inc. (\*), (±) | 8159 | 53197 |
| Bill Holdings, Inc. (\*) | 88 | 4661 |
| Bridgebio Pharma, Inc. (\*) | 18 | 935 |
| Celcuity, Inc. (\*) | 70 | 3458 |
| Cleanspark, Inc. (\*), (±) | 31 | 450 |
| CONMED Corp. | 5 | 235 |
| Core Scientific, Inc. (\*) | 1997 | 35826 |
| DigitalOcean Holdings, Inc. (\*) | 37 | 1264 |
| Dropbox, Inc., Class A (\*), (±) | 583 | 17612 |
| Encore Capital Group, Inc. (\*), (±) | 195 | 8139 |
| Energy Fuels, Inc. (\*) | 786 | 12065 |
| Enovix Corp. (\*) | 44 | 439 |
| Expedia Group, Inc. | 167 | 35696 |
| Guidewire Software, Inc. (\*) | 31 | 7126 |
| JBT Marel Corp. | 2 | 281 |
| Lucid Group, Inc. (\*), (±) | 1798 | 42774 |
| Match Group, Inc. (±) | 61 | 2155 |
| Nutanix, Inc., Class A (\*), (±) | 152 | 11307 |
| Opendoor Technologies, Inc. (\*) | 3776 | 30095 |
| Pagaya Technologies Ltd., Class A (\*), (±) | 104 | 3088 |
| Q2 Holdings, Inc. | 194 | 14044 |
| Shift4 Payments, Inc., Class A (\*) | 1275 | 98685 |
| SoFi Technologies, Inc. (\*), (±) | 962 | 25416 |
| Terawulf, Inc. (\*) | 65 | 742 |
| Tetra Tech, Inc. (±) | 286 | 9547 |
| Upstart Holdings, Inc. (\*), (±) | 140 | 7112 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair <br> Value |
| Vertex, Inc., Class A (\*), (±) | 13 | $322 |
|  |  | 605577 |
| **Total Common Stocks**<br> (Cost $1,076,493) |  | 615865 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Convertible Corporate Bonds \| 44.5%** | **Convertible Corporate Bonds \| 44.5%** | **Convertible Corporate Bonds \| 44.5%** |  |
| **Australia \| 0.9%** |  |  |  |
| IREN Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series IREN, 3.500%, 12/15/29 (#) | USD | 35 | $125248 |
| &nbsp;&nbsp;&nbsp;3.250%, 06/15/30 (#), (±) | USD | 130 | 382630 |
|  |  |  | 507878 |
| **Canada \| 0.4%** |  |  |  |
| StorageVault Canada, Inc.,<br> 5.000%, 03/31/28 (#), (±) | CAD | 342 | 248814 |
| **China \| 0.5%** |  |  |  |
| Ping An Insurance Group Co. of China Ltd., <br> 0.875%, 07/22/29 (\*\*), (±) | USD | 200 | 270000 |
| **Netherlands \| 0.3%** |  |  |  |
| Nebius Group NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 09/15/30 (#), (±) | USD | 7 | 8158 |
| &nbsp;&nbsp;&nbsp;2.750%, 09/15/32 (#), (±) | USD | 15 | 17475 |
| Pharming Group NV, <br> 4.500%, 04/25/29 (\*\*), (±) | EUR | 100 | 147825 |
|  |  |  | 173458 |
| **Singapore \| 0.4%** |  |  |  |
| Sea Ltd., <br> 2.375%, 12/01/25 (±) | USD | 117 | 231309 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| **United States \| 42.0%** |  |  |  |
| A10 Networks, Inc., <br> 2.750%, 04/01/30 (#), (±) | USD | 271 | $285359 |
| ADTRAN Holdings, Inc.,<br> 3.750%, 09/15/30 (#), (±) | USD | 159 | 179432 |
| Affirm Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 (±) | USD | 774 | 739362 |
| &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 (#), (±) | USD | 50 | 54425 |
| Akamai Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 (±) | USD | 39 | 37401 |
| &nbsp;&nbsp;&nbsp;0.250%, 05/15/33 (#), (±) | USD | 222 | 223332 |
| Alkami Technology, Inc., <br> 1.500%, 03/15/30 (#), (±) | USD | 21 | 22486 |
| Alphatec Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 08/01/26 (±) | USD | 242 | 252285 |
| &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 (#), (±) | USD | 336 | 401241 |
| Amyris, Inc., <br> 0.000%, 11/15/26 (¢), («) | USD | 938 | 0 |
| Astronics Corp., <br> 0.000%, 01/15/31 (#), (±) | USD | 176 | 184800 |
| Bentley Systems, Inc., <br> 0.125%, 01/15/26 (±) | USD | 36 | 35568 |
| BigBear.ai Holdings, Inc., <br> 6.000%, 12/15/29 (#), (±) | USD | 42 | 85421 |
| Bill Holdings, Inc., <br> 0.000%, 04/01/30 (#), (±) | USD | 27 | 24097 |
| BioMarin Pharmaceutical, Inc., <br> 1.250%, 05/15/27 (±) | USD | 398 | 378299 |
| Block, Inc.,<br> 0.250%, 11/01/27 (±) | USD | 156 | 142467 |
| Bridgebio Pharma, Inc.,<br> 2.250%, 02/01/29 (±) | USD | 61 | 60283 |
| Cheesecake Factory, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 06/15/26 (±) | USD | 111 | 110701 |
| &nbsp;&nbsp;&nbsp;2.000%, 03/15/30 (#), (±) | USD | 335 | 342705 |
| Cipher Mining, Inc., <br> 0.000%, 10/01/31 (#), (±) | USD | 8 | 8824 |
| Cloudflare, Inc.,<br> 0.000%, 08/15/26 (±) | USD | 71 | 88622 |
| Coinbase Global, Inc., <br> 0.500%, 06/01/26 (±) | USD | 111 | 123488 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| CONMED Corp., <br> 2.250%, 06/15/27 (±) | USD | 1138 | $1085659 |
| Core Scientific, Inc., <br> 3.000%, 09/01/29 (#), (±) | USD | 44 | 79244 |
| Cracker Barrel Old Country Store, Inc., <br> 1.750%, 09/15/30 (#), (±) | USD | 38 | 35150 |
| Danimer Scientific, Inc., <br> 0.000%, 12/15/26 (¢) | USD | 300 | 0 |
| Dexcom, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, 11/15/25 (±) | USD | 1017 | 1010135 |
| &nbsp;&nbsp;&nbsp;0.375%, 05/15/28 (±) | USD | 488 | 445422 |
| DigitalOcean Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/01/26 (±) | USD | 88 | 83111 |
| &nbsp;&nbsp;&nbsp;0.000%, 08/15/30 (#), (±) | USD | 305 | 340649 |
| Dropbox, Inc., <br> 0.000%, 03/01/26 (±) | USD | 819 | 809948 |
| Dynavax Technologies Corp., <br> 2.000%, 03/15/30 (#), (±) | USD | 129 | 121205 |
| Etsy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 09/01/27 (±) | USD | 251 | 231802 |
| &nbsp;&nbsp;&nbsp;0.250%, 06/15/28 (±) | USD | 564 | 499563 |
| Exact Sciences Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 03/15/27 (±) | USD | 43 | 41366 |
| &nbsp;&nbsp;&nbsp;0.375%, 03/01/28 (±) | USD | 93 | 86118 |
| Expedia Group, Inc., <br> 0.000%, 02/15/26 (±) | USD | 523 | 527969 |
| Fisker, Inc., <br> 0.000%, 09/15/26 (#), (±), («) | USD | 766 | 4098 |
| Five9, Inc., <br> 1.000%, 03/15/29 (±) | USD | 10 | 8885 |
| GameStop Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 (#), (±) | USD | 57 | 64809 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/32 (#), (±) | USD | 185 | 211732 |
| Guardant Health, Inc.,<br> 0.000%, 11/15/27 (±) | USD | 889 | 856107 |
| Hims & Hers Health, Inc., <br> 0.000%, 05/15/30 (#), (±) | USD | 21 | 23677 |
| Impinj, Inc.,<br> 1.125%, 05/15/27 (±) | USD | 80 | 133880 |
| Inotiv, Inc., <br> 3.250%, 10/15/27 (±) | USD | 313 | 76685 |
| Jazz Investments I Ltd., <br> 2.000%, 06/15/26 (±) | USD | 532 | 566713 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| JBT Marel Corp., <br> 0.250%, 05/15/26 (±) | USD | 179 | $181023 |
| KalVista Pharmaceuticals, Inc., <br> 3.250%, 10/01/31 (#), (±) | USD | 31 | 33645 |
| LCI Industries, <br> 3.000%, 03/01/30 (#), (±) | USD | 35 | 35910 |
| Liberty Interactive LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/29 (±) | USD | 572 | 54306 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/30 (±) | USD | 1074 | 99345 |
| Lumentum Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/15/26 (±) | USD | 633 | 1067396 |
| &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 (±) | USD | 15 | 36240 |
| MARA Holdings, Inc.,<br> 0.000%, 08/01/32 (#), (±) | USD | 169 | 181506 |
| Marriott Vacations Worldwide Corp., <br> 0.000%, 01/15/26 (±) | USD | 1475 | 1453907 |
| Match Group Financeco 2, Inc., <br> 0.875%, 06/15/26 (#), (±) | USD | 518 | 504381 |
| Match Group Financeco 3, Inc., <br> 2.000%, 01/15/30 (#), (±) | USD | 24 | 22116 |
| MGP Ingredients, Inc., <br> 1.875%, 11/15/41 (±) | USD | 563 | 539526 |
| Microchip Technology, Inc., <br> 0.750%, 06/01/30 (±) | USD | 189 | 183708 |
| Mitek Systems, Inc., <br> 0.750%, 02/01/26 (±) | USD | 665 | 655349 |
| NCL Corp. Ltd.,<br> 0.750%, 09/15/30 (#), (±) | USD | 219 | 222011 |
| Okta, Inc., <br> 0.375%, 06/15/26 (±) | USD | 88 | 85842 |
| ON Semiconductor Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 (±) | USD | 100 | 114050 |
| &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 (±) | USD | 138 | 127674 |
| Pacira BioSciences, Inc.,<br> 2.125%, 05/15/29 (±) | USD | 77 | 78424 |
| PAR Technology Corp., <br> 1.000%, 01/15/30 (#), (±) | USD | 44 | 38104 |
| Pebblebrook Hotel Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 12/15/26 (±) | USD | 161 | 159066 |
| &nbsp;&nbsp;&nbsp;1.625%, 01/15/30 (#), (±) | USD | 185 | 182351 |
| Peloton Interactive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 02/15/26 (±) | USD | 610 | 600087 |
| &nbsp;&nbsp;&nbsp;5.500%, 12/01/29 (±) | USD | 27 | 60507 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| Penguin Solutions, Inc., <br> 2.000%, 08/15/30 (±) | USD | 3 | $3578 |
| Pitney Bowes, Inc., <br> 1.500%, 08/15/30 (#), (±) | USD | 151 | 157267 |
| Porch Group, Inc., <br> 6.750%, 10/01/28 (#), (±) | USD | 164 | 170547 |
| PROS Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 09/15/27 (±) | USD | 42 | 41601 |
| &nbsp;&nbsp;&nbsp;2.500%, 07/01/30 (#), (±) | USD | 492 | 636156 |
| PTC Therapeutics, Inc., <br> 1.500%, 09/15/26 (±) | USD | 840 | 1080450 |
| Q2 Holdings, Inc., <br> 0.750%, 06/01/26 (±) | USD | 43 | 44699 |
| RealReal, Inc., <br> 4.000%, 02/15/31 (#), (±) | USD | 102 | 130968 |
| Semtech Corp., <br> 1.625%, 11/01/27 (±) | USD | 136 | 268260 |
| Shift Technologies, Inc., <br> 0.000%, 05/15/26 (#), (±), («) | USD | 850 | 935 |
| Snap, Inc., <br> 0.125%, 03/01/28 (±) | USD | 90 | 80370 |
| Snowflake, Inc., <br> 0.000%, 10/01/29 (±) | USD | 40 | 62695 |
| Strategy, Inc., <br> 2.250%, 06/15/32 (±) | USD | 223 | 398389 |
| Summit Hotel Properties, Inc., <br> 1.500%, 02/15/26 (±) | USD | 689 | 678321 |
| Super Micro Computer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 (±) | USD | 7 | 7159 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 (#), (±) | USD | 61 | 67466 |
| Teladoc Health, Inc.,<br> 1.250%, 06/01/27 (±) | USD | 153 | 143666 |
| Tempus AI, Inc.,<br> 0.750%, 07/15/30 (#), (±) | USD | 42 | 52815 |
| Unity Software, Inc., <br> 0.000%, 11/15/26 (±) | USD | 290 | 276877 |
| Vertex, Inc., <br> 0.750%, 05/01/29 (±) | USD | 12 | 12240 |
| Vishay Intertechnology, Inc., <br> 2.250%, 09/15/30 (±) | USD | 92 | 83889 |
| Xometry, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 02/01/27 (±) | USD | 221 | 266929 |
| &nbsp;&nbsp;&nbsp;0.750%, 06/15/30 (#), (±) | USD | 76 | 106780 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| Ziff Davis, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 11/01/26 (±) | USD | 316 | $303913 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/01/28 (#), (±) | USD | 668 | 646290 |
|  |  |  | 23563259 |
| **Total Convertible Corporate Bonds** <br> (Cost $25,836,089) |  |  | 24994718 |
| **Corporate Bonds \| 0.5%** |  |  |  |
| **Brazil \| 0.3%** |  |  |  |
| Gol Finance, Inc., <br> 14.375%, 06/06/30 (#), (±) | USD | 162 | 166575 |
| **Colombia \| 0.2%** |  |  |  |
| ABRA Global Finance, <br> 14.000%, 10/22/29 (#), (±) | USD | 117 | 113062 |
| **United States \| 0.0%** |  |  |  |
| GOL Equity Finance SA,<br> 0.000%, 07/15/24 (¢), («) | USD | 616 | 0 |
| **Total Corporate Bonds** <br> (Cost $262,137) |  |  | 279637 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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%** | **Purchased Options \| 0.0%** |  |  |
| **Call** |  |  |  |  |  |
| Bill Holdings, Inc., Expires 10/03/25 | MSC | 5 | $54 | $26485 | $230 |
| Bill Holdings, Inc., Expires 10/17/25 | MSC | 5 | 55 | 26485 | 550 |
| PAR Technology Corp., Expires 10/17/25 | MSC | 8 | 50 | 31664 | 40 |
| Porch Group, Inc., Expires 12/19/25 | MSC | 3 | 13 | 5034 | 1470 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of<br> Contracts | Exercise<br> Price | Notional<br> Amount < | Fair<br> Value |
| Porch Group, Inc., Expires 01/16/26 | MSC | 4 | $15 | $6712 | $1468 |
| Sarepta Therapeutics, Inc., Expires 11/21/25 | MSC | 3 | 30 | 5781 | 237 |
| Sarepta Therapeutics, Inc., Expires 01/16/26 | MSC | 4 | 30 | 7708 | 756 |
| **Put** |  |  |  |  |  |
| BigBear.ai Holdings, Inc., Expires 10/17/25 | MSC | 30 | 6 | 39120 | 1395 |
| Bloom Energy Corp., Expires 01/16/26 | MSC | 3 | 19 | 25371 | 15 |
| iShares Russell 2000 ETF, Expires 10/17/25 | MSC | 39 | 232 | 943644 | 4446 |
| Opendoor Technologies, Inc., Expires 01/16/26 | MSC | 33 | 2 | 26301 | 99 |
| Pagaya Technologies Ltd., Expires 10/17/25 | MSC | 4 | 29 | 11876 | 708 |
| Planet Labs PBC, Expires 10/17/25 | MSC | 8 | 11 | 10384 | 200 |
| Plug Power, Inc., Expires 10/17/25 | MSC | 30 | 2 | 6990 | 360 |
| SPDR S&P 500 ETF Trust, Expires 10/17/25 | MSC | 39 | 645 | 2598102 | 8697 |
| Wayfair, Inc., Expires 10/03/25 | MSC | 6 | 77 | 53598 | 96 |
| Western Digital Corp., Expires 10/17/25 | MSC | 2 | 106 | 24012 | 240 |
| Xometry, Inc., Expires 10/17/25 | MSC | 5 | 50 | 27235 | 425 |
| **Total Purchased Options** <br> (Cost $38,757) |  |  |  |  | 21432 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **U.S. Treasury Securities \| 45.8%** | **U.S. Treasury Securities \| 45.8%** | **U.S. Treasury Securities \| 45.8%** |  |
| U.S. Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 10/02/25 (±) | USD | 495 | $494945 |
| &nbsp;&nbsp;&nbsp;0.000%, 10/07/25 (±) | USD | 2600 | 2598237 |
| &nbsp;&nbsp;&nbsp;0.000%, 10/23/25 (±) | USD | 3205 | 3197112 |
| &nbsp;&nbsp;&nbsp;0.000%, 11/04/25 (±) | USD | 2495 | 2485541 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| &nbsp;&nbsp;&nbsp;0.000%, 11/28/25 (±) | USD | 4530 | $4500810 |
| &nbsp;&nbsp;&nbsp;0.000%, 12/18/25 (±) | USD | 1000 | 991622 |
| &nbsp;&nbsp;&nbsp;0.000%, 12/30/25 (±) | USD | 1610 | 1594524 |
| &nbsp;&nbsp;&nbsp;0.000%, 01/13/26 (±) | USD | 5480 | 5419472 |
| &nbsp;&nbsp;&nbsp;0.000%, 01/20/26 (±) | USD | 1115 | 1101867 |
| &nbsp;&nbsp;&nbsp;0.000%, 03/05/26 (±) | USD | 2355 | 2317118 |
| U.S. Treasury Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 03/31/30 (±) | USD | 525 | 531009 |
| &nbsp;&nbsp;&nbsp;3.625%, 08/31/30 (±) | USD | 494 | 491453 |
| **Total U.S. Treasury Securities** <br> (Cost $25,719,455) |  |  | 25723710 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Warrants \| 0.0%** |  |  |
| **Singapore \| 0.0%** |  |  |
| Maxeon Solar Technologies Ltd., <br> Expires 01/15/28i (\*), (¢) <br> (Cost $0) | 26550 | $0 |
| **Short-Term Investments \| 5.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $2,914,472) | 2914472 | $2914472 |
| **Total Investments excluding Securities Sold Short \| 97.1%** <br> (Cost $55,847,403) |  | $**54549834** |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Securities Sold Short \| (4.8)%** |  |  |
| **Common Stocks \| (3.3)%** |  |  |
| **Australia \| (0.8)%** |  |  |
| IREN Ltd. | (9411) | $(441658) |
| **Cameroon \| (0.0)%** |  |  |
| Golar LNG Ltd. | (12) | (485) |
| **Canada \| (0.0)%** |  |  |
| StorageVault Canada, Inc. | (3152) | (11709) |
| **China \| (0.4)%** |  |  |
| Ping An Insurance Group Co. of China Ltd., Class H | (32600) | (221839) |
| **Netherlands \| (0.1)%** |  |  |
| Pharming Group NV | (49317) | (71996) |
| **Singapore \| (0.4)%** |  |  |
| Sea Ltd. ADR | (1292) | (230919) |
| **United States \| (1.6)%** |  |  |
| A10 Networks, Inc. | (4717) | (85614) |
| ADTRAN Holdings, Inc. (±) | (142) | (1332) |
| Affirm Holdings, Inc. (±) | (2) | (146) |
| Akamai Technologies, Inc. (±) | (16) | (1212) |
| Alkami Technology, Inc. (±) | (19) | (472) |
| AST SpaceMobile, Inc. | (1644) | (80688) |
| Bridgebio Pharma, Inc. (±) | (133) | (6908) |
| Celcuity, Inc. | (70) | (3458) |
| Cloudflare, Inc., Class A (±) | (91) | (19528) |
| CONMED Corp. (±) | (5) | (235) |
| Core Scientific, Inc. (±) | (3294) | (59094) |
| DigitalOcean Holdings, Inc. (±) | (2533) | (86527) |
| Energy Fuels, Inc. | (5898) | (90534) |
| Exact Sciences Corp. | (5) | (274) |
| Expedia Group, Inc. (±) | (5) | (1069) |
| Hims & Hers Health, Inc. (±) | (74) | (4197) |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |
| JBT Marel Corp. | (2) | $(281) |
| Lumentum Holdings, Inc. (±) | (143) | (23268) |
| MACOM Technology Solutions Holdings, Inc. | (23) | (2863) |
| Microchip Technology, Inc. | (106) | (6807) |
| ON Semiconductor Corp. (±) | (414) | (20414) |
| Opendoor Technologies, Inc. (±) | (496) | (3953) |
| Pacira BioSciences, Inc. (±) | (1056) | (27213) |
| PAR Technology Corp. (±) | (1) | (40) |
| Pebblebrook Hotel Trust (±) | (6719) | (76529) |
| Peloton Interactive, Inc., Class A (±) | (4954) | (44586) |
| Q2 Holdings, Inc. (\*), (±) | (147) | (10641) |
| Shift4 Payments, Inc., Class A (±) | (1084) | (83902) |
| Snowflake, Inc. (±) | (216) | (48719) |
| Terawulf, Inc. (±) | (59) | (674) |
| Xometry, Inc., Class A (±) | (1381) | (75223) |
|  |  | (866401) |
| **Total Common Stocks**<br> (Proceeds $1,617,370) |  | (1845007) |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **U.S. Treasury Securities \| (1.5)%** | **U.S. Treasury Securities \| (1.5)%** | **U.S. Treasury Securities \| (1.5)%** |  |
| U.S. Treasury Notes, <br> 3.625%, 08/31/27 <br> (Proceeds $827,419) | &nbsp;&nbsp;&nbsp;&nbsp;USD | (826) | $(825968) |
| **Total Securities Sold Short** <br> (Proceeds $2,444,789) |  |  | **(2670975)** |
| **Total Investments \| 92.3%** <br> (Cost and short proceeds $53,402,614) (») |  |  | $**51878859** |
| **Cash and Other Assets in Excess of Liabilities \| 7.6%** |  |  | **4294836** |
| **Net Assets \| 100.0%** |  |  | $**56173695** |

---

<br> (\*) Non-income producing security. <br> (¢) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
| (±) | Some or all of this security position has been pledged to cover collateral requirements on securities sold short. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 12.4% of net assets of the Portfolio. |
| (\*\*) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. September 30, 2025, these securities amounted to 0.7% of net assets of the Portfolio. |
| («) | Issue in default. |
| < | Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: | Forward Currency Contracts open at September 30, 2025: |
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counter-<br> party | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | 326078 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | 448000 | SSB | 12/29/25 | $2832 | $— |
| USD | 170288 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | 144000 | SSB | 12/29/25 | 369 |  |
| 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 | $3201 | $— |

---

**Written Options at September 30, 2025:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of<br> Contracts | Strike<br> Price | Expiration<br> Date | Notional<br> Amount < | Premiums | Fair<br> Value |
| **Call** |  |  |  |  |  |  |  |
| CME E-mini S&P 500 Index Futures | MSC | 9 | $6825 | 10/17/25 | $(3029625) | $4477 | $(12938) |
| **Put** |  |  |  |  |  |  |  |
| Bill Holdings, Inc. | MSC | 5 | 50 | 10/17/25 | (26485) | 600 | (500) |
| iShares Russell 2000 ETF | MSC | 39 | 222 | 10/17/25 | (943644) | 2688 | (1326) |
| Porch Group, Inc. | MSC | 31 | 10 | 1/16/26 | (52018) | 4713 | (1085) |
| SPDR S&P 500 ETF Trust | MSC | 39 | 625 | 10/17/25 | (2598102) | 7758 | (3510) |
| Total Written Options |  | 123 |  |  |  | $20236 | $(19359) |

---

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

**Total Return Swap Agreements open at September 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration <br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | 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 | $43517 | 11/17/25 | A10 Networks, Inc.,<br> 2.750%, 04/01/30 | 4.09% | $519 | $— |
| USD | BNP | 110115 | 11/17/25 | ADTRAN Holdings, Inc., <br> 3.750%, 09/15/30 | 4.09 | 3732 |  |
| USD | BNP | 248161 | 11/17/25 | Advanced Energy Industries, Inc.,<br> 2.500%, 09/15/28 | 4.09 | 31580 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional <br> Amount | Expiration <br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized <br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $233084 | 11/17/25 | Affirm Holdings, Inc., <br> 0.750%, 12/15/29 | 4.09% | $— | $8147 |
| USD | NIP | 676322 | 11/17/25 | Akamai Technologies, Inc.,<br> 0.375%, 09/01/27 | 4.09 |  | 14167 |
| USD | NIP | 565728 | 11/17/25 | Akamai Technologies, Inc.,<br> 1.125%, 02/15/29 | 4.09 |  | 14875 |
| USD | BNP | 265077 | 11/17/25 | Akamai Technologies, Inc.,<br> 0.250%, 05/15/33 | 4.09 |  | 7688 |
| USD | NIP | 1018823 | 11/17/25 | Alibaba Group Holding Ltd.,<br> 0.500%, 06/30/31 | 4.09 | 300667 |  |
| USD | BNP | 24750 | 11/17/25 | Alkami Technology, Inc., <br> 1.500%, 03/15/30 | 4.09 |  | 2372 |
| USD | NIP | 41716 | 11/17/25 | Alphatec Holdings, Inc., <br> 0.750%, 08/01/26 | 4.09 |  | 1217 |
| USD | NIP | 34973 | 11/17/25 | Amphastar Pharmaceuticals, Inc.,<br> 2.000%, 03/15/29 | 4.09 | 1032 |  |
| USD | BNP | 202206 | 11/17/25 | ANI Pharmaceuticals, Inc.,<br> 2.250%, 09/30/29 | 4.09 | 108 |  |
| USD | NIP | 186524 | 11/17/25 | Applied Digital Corp., <br> 2.750%, 06/01/30 | 4.09 | 115860 |  |
| USD | BNP | 258074 | 11/17/25 | Applied Optoelectronics, Inc.,<br> 2.750%, 01/15/30 | 4.09 |  | 14690 |
| USD | NIP | 56138 | 11/17/25 | Ascendis Pharma AS,<br> 2.250%, 04/01/28 | 4.09 |  | 361 |
| USD | BNP | 102430 | 11/17/25 | AST SpaceMobile, Inc., <br> 4.250%, 03/01/32 | 4.09 | 384 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration <br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $17823 | 11/17/25 | Astronics Corp., <br> 5.500%, 03/15/30 | 4.09% | $1875 | $— |
| USD | BNP | 36711 | 11/17/25 | Bentley Systems, Inc.,<br> 0.125%, 01/15/26 | 4.09 |  | 315 |
| USD | NIP | 92556 | 11/17/25 | BigBear.ai Holdings, Inc.,<br> 6.000%, 12/15/29 | 4.09 | 61662 |  |
| USD | BNP | 129542 | 11/17/25 | BigBear.ai Holdings, Inc.,<br> 6.000%, 12/15/29 | 4.09 |  | 7632 |
| USD | NIP |  | 11/17/25 | BigBear.ai Holdings, Inc. | 4.09 | 3684 |  |
| USD | BNP | 607899 | 11/17/25 | Bill Holdings, Inc.,<br> 0.000%, 04/01/30 | 4.09 | 28714 |  |
| USD | BNP | 697103 | 11/17/25 | Bloom Energy Corp.,<br> 3.000%, 06/01/28 | 4.09 | 81540 |  |
| USD | BNP | 1211972 | 11/17/25 | Bloom Energy Corp.,<br> 3.000%, 06/30/29 | 4.09 | 1287895 |  |
| USD | NIP | 537945 | 11/17/25 | Box, Inc., <br> 0.000%, 01/15/26 | 4.09 |  | 38750 |
| USD | BNP | 83396 | 11/17/25 | Bridgebio Pharma, Inc.,<br> 2.250%, 02/01/29 | 4.09 | 1230 |  |
| USD | NIP | 50237 | 11/17/25 | Bridgebio Pharma, Inc.,<br> 1.750%, 03/01/31 | 4.09 | 472 |  |
| USD | NIP | 369929 | 11/17/25 | Bridgebio Pharma, Inc.,<br> 2.500%, 03/15/27 | 4.09 | 60223 |  |
| USD | BNP | 111266 | 11/17/25 | Cheesecake Factory, Inc.,<br> 0.375%, 06/15/26 | 4.09 |  | 53 |
| USD | BNP | 148014 | 11/17/25 | Cheesecake Factory, Inc.,<br> 2.000%, 03/15/30 | 4.09 | 2756 |  |
| USD | NIP | 44198 | 11/17/25 | Cipher Mining, Inc., <br> 1.750%, 05/15/30 | 4.09 | 3021 |  |
| USD | BNP | 93638 | 11/17/25 | Cleanspark, Inc.,<br> 0.000%, 06/15/30 | 4.09 | 7101 |  |
| USD | NIP | 409950 | 11/17/25 | Cloudflare, Inc.,<br> 0.000%, 08/15/26 | 4.09 | 42858 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional Amount | Expiration <br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $87428 | 11/17/25 | Cloudflare, Inc., <br> 0.000%, 06/15/30 | 4.09% | $— | $986 |
| USD | NIP | 366909 | 11/17/25 | Coinbase Global, Inc.,<br> 0.500%, 06/01/26 | 4.09 |  | 12310 |
| USD | BNP | 706510 | 11/17/25 | Collegium Pharmaceutical, Inc., <br> 2.875%, 02/15/29 | 4.09 | 16642 |  |
| USD | BNP | 200219 | 11/17/25 | Core Scientific, Inc.,<br> 3.000%, 09/01/29 | 4.09 | 6712 |  |
| USD | BNP | 36422 | 11/17/25 | Cracker Barrel Old Country Store, Inc., <br> 1.750%, 09/15/30 | 4.09 |  | 1325 |
| USD | BNP | 1257517 | 11/17/25 | Dayforce, Inc.,<br> 0.250%, 03/15/26 | 4.09 | 23422 |  |
| USD | NIP | 213220 | 11/17/25 | DoorDash, Inc.,<br> 0.000%, 05/15/30 | 4.09 | 4189 |  |
| USD | BNP | 511526 | 11/17/25 | Dropbox, Inc.,<br> 0.000%, 03/01/28 | 4.09 | 19015 |  |
| USD | BNP | 312263 | 11/17/25 | Dynavax Technologies Corp., <br> 2.000%, 03/15/30 | 4.09 |  | 743 |
| USD | BNP | 483676 | 11/17/25 | Encore Capital Group, Inc.,<br> 4.000%, 03/15/29 | 4.09 |  | 8519 |
| USD | BNP | 425270 | 11/17/25 | Encore Capital Group, Inc.,<br> 3.250%, 10/01/25 | 4.09 | 5014 |  |
| USD | BNP | 37077 | 11/17/25 | Enovis Corp.,<br> 3.875%, 10/15/28 | 4.09 |  | 710 |
| USD | BNP | 91143 | 11/17/25 | Enovix Corp.,<br> 4.750%, 09/15/30 | 4.09 |  | 704 |
| USD | NIP | 38884 | 11/17/25 | Exact Sciences Corp.,<br> 2.000%, 03/01/30 | 4.09 | 569 |  |
| USD | NIP | 135932 | 11/17/25 | Exact Sciences Corp.,<br> 0.375%, 03/01/28 | 4.09 | 7079 |  |
| USD | NIP | 557368 | 11/17/25 | Exact Sciences Corp.,<br> 0.375%, 03/15/27 | 4.09 | 10969 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration <br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized <br> Depreciation |
| USD | NIP | $106489 | 11/17/25 | Exact Sciences Corp.,<br> 1.750%, 04/15/31 | 4.09% | $761 | $— |
| USD | BNP | 194777 | 11/17/25 | EZCORP, Inc.,<br> 3.750%, 12/15/29 | 4.09 | 77195 |  |
| USD | BNP | 448132 | 11/17/25 | Five9, Inc.,<br> 1.000%, 03/15/29 | 4.09 |  | 1063 |
| USD | BNP | 1250170 | 11/17/25 | Ford Motor Co.,<br> 0.000%, 03/15/26 | 4.09 | 47917 |  |
| USD | BNP | 183036 | 11/17/25 | Fortuna Mining Corp.,<br> 3.750%, 06/30/29 | 4.09 | 80151 |  |
| USD | BNP | 194351 | 11/17/25 | GameStop Corp.,<br> 0.000%, 06/15/32 | 4.09 | 18825 |  |
| USD | BNP | 79144 | 11/17/25 | GameStop Corp.,<br> 0.000%, 04/01/30 | 4.09 |  | 13542 |
| USD | NIP | 181921 | 11/17/25 | Granite Construction, Inc.,<br> 3.750%, 05/15/28 | 4.09 | 1220 |  |
| USD | BNP | 335720 | 11/17/25 | Greenbrier Cos., Inc.,<br> 2.875%, 04/15/28 | 4.09 |  | 10610 |
| USD | NIP | 455107 | 11/17/25 | Guidewire Software, Inc.,<br> 1.250%, 11/01/29 | 4.09 |  | 10177 |
| USD | NIP | 278915 | 11/17/25 | H World Group Ltd.,<br> 3.000%, 05/01/26 | 4.09 |  | 1011 |
| USD | BNP | 23502 | 11/17/25 | Hims & Hers Health, Inc., <br> 0.000%, 05/15/30 | 4.09 | 1263 |  |
| USD | BNP | 213480 | 11/17/25 | indie Semiconductor, Inc.,<br> 4.500%, 11/15/27 | 4.09 |  | 1725 |
| USD | BNP | 135687 | 11/17/25 | indie Semiconductor, Inc.,<br> 3.500%, 12/15/29 | 4.09 | 3606 |  |
| USD | NIP | 32171 | 11/17/25 | indie Semiconductor, Inc.,<br> 3.500%, 12/15/29 | 4.09 | 1056 |  |
| USD | BNP | 2649686 | 11/17/25 | InterDigital, Inc.,<br> 3.500%, 06/01/27 | 4.09 | 496167 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $1490321 | 11/17/25 | IREN Ltd., <br> 3.500%, 12/15/29 | 4.09% | $232811 | $— |
| USD | BNP | 568441 | 11/17/25 | IREN Ltd.,<br> 3.250%, 06/15/30 | 4.09 | 49206 |  |
| USD | BNP | 32753 | 11/17/25 | Itron, Inc.,<br> 1.375%, 07/31/30 | 4.09 | 1559 |  |
| USD | NIP | 46698 | 11/17/25 | Kite Realty Group LP,<br> 0.750%, 04/01/27 | 4.09 | 93 |  |
| USD | NIP | 37364 | 11/17/25 | LCI Industries,<br> 3.000%, 03/01/30 | 4.09 |  | 1597 |
| USD | BNP | 907853 | 11/17/25 | Liberty Media Corp., <br> 2.375%, 09/30/53 | 4.09 | 88631 |  |
| USD | BNP | 316409 | 11/17/25 | LivaNova PLC, <br> 2.500%, 03/15/29 | 4.09 | 9997 |  |
| USD | BNP | 168541 | 11/17/25 | Live Nation Entertainment, Inc., <br> 2.875%, 01/15/30 | 4.09 | 708 |  |
| USD | BNP | 215321 | 11/17/25 | Lumentum Holdings, Inc.,<br> 0.500%, 12/15/26 | 4.09 | 3779 |  |
| USD | BNP | 199051 | 11/17/25 | Lumentum Holdings, Inc.,<br> 1.500%, 12/15/29 | 4.09 | 172147 |  |
| USD | NIP | 121905 | 11/17/25 | Lumentum Holdings, Inc.,<br> 0.500%, 12/15/26 | 4.09 | 6170 |  |
| USD | BNP | 146497 | 11/17/25 | Lyft, Inc.,<br> 0.625%, 03/31/29 | 4.09 | 23902 |  |
| USD | NIP | 417192 | 11/17/25 | MACOM Technology Solutions Holdings, Inc.,<br> 0.250%, 03/15/26 | 4.09 | 45920 |  |
| USD | NIP | 122754 | 11/17/25 | MARA Holdings, Inc., <br> 0.000%, 08/01/32 | 4.09 |  | 491 |
| USD | BNP | 425890 | 11/17/25 | Match Group Financeco 3, Inc.,<br> 2.000%, 01/15/30 | 4.09 | 9969 |  |
| USD | NIP | 574370 | 03/06/26 | Microchip Technology, Inc.,<br> 0.750%, 06/30/30 | 4.09 | 9552 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $189695 | 11/17/25 | Mirum Pharmaceuticals, Inc., <br> 4.000%, 05/01/29 | 4.09% | $— | $2088 |
| USD | BNP | 128726 | 11/17/25 | NCL Corp. Ltd.,<br> 0.750%, 09/15/30 | 4.09 |  | 6355 |
| USD | BNP | 357580 | 11/17/25 | Nebius Group NV, <br> 2.000%, 06/05/29 | 4.09 | 11847 |  |
| USD | BNP | 856294 | 11/17/25 | Nebius Group NV, <br> 3.000%, 06/05/31 | 4.09 | 17426 |  |
| USD | BNP | 9132 | 11/17/25 | Nebius Group NV, <br> 1.000%, 09/15/30 | 4.09 | 191 |  |
| USD | BNP | 1026171 | 11/17/25 | Nutanix, Inc.,<br> 0.250%, 10/01/27 | 4.09 |  | 15645 |
| USD | BNP | 42998 | 11/17/25 | Nutanix, Inc., <br> 0.500%, 12/15/29 | 4.09 |  | 155 |
| USD | BNP | 442621 | 11/17/25 | ON Semiconductor Corp.,<br> 0.500%, 03/01/29 | 4.09 |  | 2315 |
| USD | BNP | 838442 | 11/17/25 | ON Semiconductor Corp.,<br> 0.000%, 05/01/27 | 4.09 |  | 29555 |
| USD | NIP | 746492 | 11/17/25 | Opendoor Technologies, Inc.,<br> 7.000%, 05/15/30 | 4.09 |  | 49709 |
| USD | BNP | 873551 | 11/17/25 | Opendoor Technologies, Inc.,<br> 7.000%, 05/15/30 | 4.09 |  | 135404 |
| USD | BNP | 486028 | 11/17/25 | OSI Systems, Inc., <br> 2.250%, 08/01/29 | 4.09 | 68452 |  |
| USD | BNP | 273694 | 11/17/25 | Pacira BioSciences, Inc.,<br> 2.125%, 05/31/29 | 4.09 | 10293 |  |
| USD | BNP | 580682 | 11/17/25 | Pagaya Technologies Ltd.,<br> 6.125%, 10/01/29 | 4.09 |  | 13966 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $420835 | 11/17/25 | PAR Technology Corp., <br> 1.500%, 10/15/27 | 4.09% | $— | $41446 |
| USD | NIP | 76926 | 11/17/25 | PAR Technology Corp.,<br> 2.875%, 04/15/26 | 4.09 |  | 30049 |
| USD | BNP | 51516 | 11/17/25 | PAR Technology Corp.,<br> 1.000%, 01/15/30 | 4.09 |  | 4110 |
| USD | BNP | 393221 | 11/17/25 | Peloton Interactive, Inc.,<br> 5.500%, 12/31/29 | 4.09 | 102569 |  |
| USD | BNP | 613785 | 11/17/25 | Penguin Solutions, Inc.,<br> 2.000%, 02/01/29 | 4.09 | 118038 |  |
| USD | BNP | 412229 | 11/17/25 | Penguin Solutions, Inc. | 4.09 | 79672 |  |
| USD | BNP | 279242 | 11/17/25 | Porch Group, Inc., <br> 6.750%,10/01/28 | 4.09 | 7715 |  |
| USD | BNP | 39348 | 11/17/25 | Progress Software Corp.,<br> 3.500%, 03/31/30 | 4.09 |  | 2353 |
| USD | BNP | 73918 | 11/17/25 | PROS Holdings, Inc., <br> 2.250%, 09/15/27 | 4.09 | 3020 |  |
| USD | BNP | 12661 | 11/17/25 | PROS Holdings, Inc.,<br> 2.500%, 07/01/30 | 4.09 | 2809 |  |
| USD | BNP | 722903 | 11/17/25 | Q2 Holdings, Inc.,<br> 0.750%, 06/01/26 | 4.09 |  | 113784 |
| USD | BNP | 185822 | 11/17/25 | RealReal, Inc.,<br> 4.000%, 02/15/31 | 4.09 | 15311 |  |
| USD | NIP | 547530 | 11/17/25 | Repligen Corp.,<br> 1.000%, 12/15/28 | 4.09 |  | 10340 |
| USD | NIP | 224538 | 11/17/25 | Rubrik, Inc.,<br> 0.000%, 06/15/30 | 4.09 | 4193 |  |
| USD | BNP | 1241474 | 11/17/25 | Sea Ltd.,<br> 2.375%, 12/01/25 | 4.09 | 60587 |  |
| USD | NIP | 185161 | 11/17/25 | Semtech Corp.,<br> 1.625%, 11/01/27 | 4.09 | 86336 |  |
| USD | BNP | 565098 | 11/17/25 | Shift4 Payments, Inc.,<br> 0.500%, 08/01/27 | 4.09 |  | 23466 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $130711 | 11/17/25 | Silvercorp Metals, Inc.,<br> 4.750%, 12/15/29 | 4.09% | $80344 | $— |
| USD | NIP | 563713 | 11/17/25 | Sirius XM Holdings, Inc.,<br> 3.750%, 03/15/28 | 4.09 |  | 10972 |
| USD | BNP | 625752 | 11/17/25 | Snowflake, Inc.,<br> 0.000%, 10/01/27 | 4.09 | 12485 |  |
| USD | BNP | 175279 | 11/17/25 | Snowflake, Inc.,<br> 0.000%, 10/01/29 | 4.09 | 1727 |  |
| USD | BNP | 227740 | 11/17/25 | SoFi Technologies, Inc.,<br> 0.000%, 10/15/26 | 4.09 | 30644 |  |
| USD | BNP | 676433 | 11/17/25 | SoFi Technologies, Inc.,<br> 1.250%, 03/15/29 | 4.09 | 411912 |  |
| USD | NIP | 191155 | 11/17/25 | Solaris Energy Infrastructure, Inc., <br> 4.750%, 05/01/30 | 4.09 | 54155 |  |
| USD | BNP | 106196 | 11/17/25 | SSR Mining, Inc.,<br> 2.500%, 04/01/39 | 4.09 | 35878 |  |
| USD | NIP | 25952 | 11/17/25 | Strategy, Inc. | 4.09 |  | 4614 |
| USD | NIP | 876312 | 11/17/25 | Stride, Inc.,<br> 1.125%, 09/01/27 | 4.09 | 10971 |  |
| USD | BNP | 525593 | 11/17/25 | Super Micro Computer, Inc.,<br> 0.000%, 06/15/30 | 4.09 | 6360 |  |
| USD | BNP | 275075 | 11/17/25 | Super Micro Computer, Inc.,<br> 3.500%, 03/01/29 | 4.09 |  | 5826 |
| USD | BNP | 723687 | 11/17/25 | Super Micro Computer, Inc.,<br> 2.250%, 07/15/28 | 4.09 |  | 733 |
| USD | NIP | 846430 | 11/17/25 | Terawulf, Inc.,<br> 2.750%, 02/01/30 | 4.09 | 16665 |  |
| USD | NIP | 294386 | 11/17/25 | Tetra Tech, Inc.,<br> 2.250%, 08/15/28 | 4.09 | 353 |  |
| USD | BNP | 765229 | 11/17/25 | TransMedics Group, Inc.,<br> 1.500%, 06/01/28 | 4.09 | 32058 |  |
| USD | BNP | 1135849 | 11/17/25 | Trip.com Group Ltd. | 4.09 | 95205 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $1253550 | 11/17/25 | Upstart Holdings, Inc., <br> 2.000%, 10/01/29 | 4.09% | $— | $324884 |
| USD | NIP | 561474 | 07/06/26 | Veeco Instruments, Inc.,<br> 2.875%, 06/01/29 | 4.09 | 60960 |  |
| USD | NIP | 15613 | 11/17/25 | Vertex, Inc.,<br> 0.750%, 05/31/29 | 4.09 |  | 2414 |
| USD | BNP | 234987 | 11/17/25 | Vishay Intertechnology, Inc.,<br> 2.250%, 09/15/30 | 4.09 | 1863 |  |
| USD | BNP | 1655856 | 11/17/25 | Wayfair, Inc.,<br> 3.250%, 09/30/27 | 4.09 | 259614 |  |
| USD | NIP | 966795 | 11/17/25 | Western Digital Corp.,<br> 3.000%, 11/15/28 | 4.09 | 1128895 |  |
| USD | BNP | 712378 | 11/17/25 | Western Digital Corp., <br> 3.000%, 11/15/28 | 4.09 | 713138 |  |
| USD | BNP | 98453 | 11/17/25 | Winnebago Industries, Inc.,<br> 3.250%, 01/31/30 | 4.09 |  | 102 |
| USD | BNP | 941981 | 11/17/25 | WisdomTree, Inc. | 4.09 | 150752 |  |
| USD | BNP | 204534 | 11/17/25 | Xometry, Inc.,<br> 1.000%, 02/01/27 | 4.09 | 30101 |  |
| USD | BNP | 93531 | 11/17/25 | Xometry, Inc.,<br> 0.750%, 06/15/30 | 4.09 | 14246 |  |
| USD | BNP | 187198 | 11/17/25 | Zscaler, Inc.,<br> 0.000%, 07/15/28 | 4.09 | 2532 |  |
| **Short Position Contract** | **Short Position Contract** |  |  |  |  |  |  |
| USD | BNP | 65760 | 11/17/25 | A10 Networks, Inc. | 4.09 | 209 |  |
| USD | BNP | 148121 | 11/17/25 | ADTRAN Holdings, Inc. | 4.09 |  | 8537 |
| USD | BNP | 169410 | 11/17/25 | Advanced Energy Industries, Inc. | 4.09 |  | 29819 |
| USD | BNP | 189961 | 11/17/25 | Affirm Holdings, Inc. | 4.09 | 16524 |  |
| USD | BNP | 245403 | 11/17/25 | Akamai Technologies, Inc. | 4.09 | 10150 |  |
| USD | NIP | 294728 | 11/30/27 | Akamai Technologies, Inc. | 4.09 | 8912 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $15488 | 11/17/25 | Alibaba Group Holding Ltd. | 4.09% | $— | $231 |
| USD | NIP | 844942 | 11/30/27 | Alibaba Group Holding Ltd. | 4.09 |  | 281110 |
| USD | BNP | 22502 | 11/17/25 | Alkami Technology, Inc. | 4.09 | 973 |  |
| USD | BNP | 41036 | 11/17/25 | Alphatec Holdings, Inc. | 4.09 | 1350 |  |
| USD | NIP | 250346 | 11/30/27 | Alphatec Holdings, Inc. | 4.09 |  | 61031 |
| USD | NIP | 7431 | 11/30/27 | Amphastar Pharmaceuticals, Inc. | 4.09 | 805 |  |
| USD | BNP | 1375 | 11/17/25 | Amphenol Corp. | 4.09 |  | 478 |
| USD | BNP | 150736 | 11/17/25 | ANI Pharmaceuticals, Inc. | 4.09 | 6128 |  |
| USD | BNP | 10493 | 11/17/25 | Applied Digital Corp. | 4.09 |  | 9358 |
| USD | NIP | 177882 | 11/30/27 | Applied Digital Corp. | 4.09 |  | 153308 |
| USD | BNP | 95103 | 11/17/25 | Applied Optoelectronics, Inc. | 4.09 |  | 15372 |
| USD | NIP | 36526 | 11/30/27 | Ascendis Pharma AS | 4.09 |  | 176 |
| USD | BNP | 79527 | 11/17/25 | AST SpaceMobile, Inc. | 4.09 |  | 621 |
| USD | BNP | 171128 | 11/17/25 | Astronics Corp. | 4.09 |  | 41906 |
| USD | BNP | 197666 | 11/17/25 | BigBear.ai Holdings, Inc. | 4.09 | 15701 |  |
| USD | NIP | 70669 | 11/28/25 | BigBear.ai Holdings, Inc. | 4.09 |  | 43870 |
| USD | BOA | 38075 | 08/27/26 | BigBear.ai Holdings, Inc. | 4.09 |  | 10287 |
| USD | BNP | 137067 | 11/17/25 | Bill Holdings, Inc. | 4.09 |  | 21707 |
| USD | BNP | 2171187 | 11/17/25 | Bloom Energy Corp. | 4.09 |  | 976769 |
| USD | BNP | 70606 | 11/17/25 | Box, Inc. | 4.09 | 3683 |  |
| USD | NIP | 439020 | 11/30/27 | Box, Inc. | 4.09 | 19803 |  |
| USD | BNP | 18273 | 11/17/25 | Bridgebio Pharma, Inc. | 4.09 |  | 1396 |
| USD | NIP | 305522 | 11/30/27 | Bridgebio Pharma, Inc. | 4.09 |  | 27750 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference <br> Rate at <br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $148848 | 11/17/25 | Carnival Corp. | 4.09% | $3370 | $— |
| USD | BNP | 285410 | 11/17/25 | Cheesecake Factory, Inc. | 4.09 | 32510 |  |
| USD | BNP | 16173 | 11/17/25 | Cipher Mining, Inc., 0.000% | 4.09 |  | 1779 |
| USD | NIP | 38736 | 11/30/27 | Cipher Mining, Inc. | 4.09 |  | 3411 |
| USD | BNP | 61755 | 11/17/25 | Cleanspark, Inc., 0.000% | 4.09 |  | 4401 |
| USD | BNP | 75035 | 11/17/25 | Cloudflare, Inc. | 4.09 | 129 |  |
| USD | NIP | 265899 | 11/30/27 | Cloudflare, Inc. | 4.09 |  | 38733 |
| USD | BNP | 14982 | 11/17/25 | Coinbase Global, Inc. | 4.09 |  | 845 |
| USD | NIP | 196178 | 11/30/27 | Coinbase Global, Inc. | 4.09 | 1644 |  |
| USD | BNP | 370034 | 11/17/25 | Collegium Pharmaceutical, Inc. | 4.09 |  | 45628 |
| USD | BNP | 21916 | 11/17/25 | CONMED Corp. | 4.09 | 2319 |  |
| USD | BNP | 187823 | 11/17/25 | Core Scientific, Inc. | 4.09 |  | 8358 |
| USD | BNP | 28030 | 11/17/25 | Cracker Barrel Old Country Store, Inc. | 4.09 | 1095 |  |
| USD | BNP | 48173 | 11/17/25 | Dexcom, Inc. | 4.09 | 9447 |  |
| USD | BNP | 99215 | 11/17/25 | DigitalOcean Holdings, Inc. | 4.09 |  | 9414 |
| USD | BNP | 4087 | 11/17/25 | DoorDash, Inc. | 4.09 | 8 |  |
| USD | NIP | 116058 | 11/30/27 | DoorDash, Inc. | 4.09 |  | 4367 |
| USD | BNP | 322452 | 11/17/25 | Dropbox, Inc. | 4.09 |  | 7632 |
| USD | BNP | 85003 | 11/17/25 | Dynavax Technologies Corp. | 4.09 | 6453 |  |
| USD | NIP | 48017 | 11/30/27 | Dynavax Technologies Corp. | 4.09 | 11415 |  |
| USD | BNP | 230254 | 11/17/25 | Encore Capital Group, Inc. | 4.09 |  | 8742 |
| USD | BNP | 8237 | 11/17/25 | Enovis Corp. | 4.09 | 43 |  |
| USD | BNP | 50766 | 11/17/25 | Enovix Corp. | 4.09 | 1091 |  |
| USD | BNP | 15742 | 11/17/25 | Exact Sciences Corp. | 4.09 |  | 96 |
| USD | NIP | 110505 | 11/30/27 | Exact Sciences Corp. | 4.09 |  | 7850 |
| USD | BNP | 150384 | 11/17/25 | Expedia Group, Inc. | 4.09 |  | 2218 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $160571 | 11/17/25 | EZCORP, Inc. | 4.09% | $— | $75763 |
| USD | BNP | 45346 | 11/17/25 | Five9, Inc. | 4.09 | 5172 |  |
| USD | BNP | 365448 | 11/17/25 | Ford Motor Co. | 4.09 |  | 12082 |
| USD | BNP | 121547 | 11/17/25 | Fortuna Mining Corp. | 4.09 |  | 66151 |
| USD | BNP | 298304 | 11/17/25 | GameStop Corp. | 4.09 |  | 51857 |
| USD | NIP | 172840 | 11/30/27 | Granite Construction, Inc. | 4.09 |  | 2510 |
| USD | BNP | 148456 | 11/17/25 | Greenbrier Cos., Inc. | 4.09 | 17017 |  |
| USD | BNP | 108440 | 11/17/25 | Guardant Health, Inc. | 4.09 |  | 11429 |
| USD | NIP | 259249 | 11/30/27 | Guidewire Software,Inc. | 4.09 | 8159 |  |
| USD | BNP | 51773 | 11/17/25 | H World Group Ltd. | 4.09 |  | 1090 |
| USD | NIP | 111965 | 11/30/27 | H World Group Ltd. | 4.09 |  | 11994 |
| USD | BNP | 23672 | 11/17/25 | Hims & Hers Health,Inc. | 4.09 |  | 2160 |
| USD | BNP | 112122 | 11/17/25 | Impinj, Inc. | 4.09 |  | 8930 |
| USD | BNP | 114017 | 11/17/25 | indie Semiconductor, Inc. | 4.09 |  | 5836 |
| USD | NIP | 19447 | 11/30/27 | indie Semiconductor,Inc. | 4.09 |  | 1087 |
| USD | BNP | 33046 | 11/17/25 | Inotiv, Inc. | 4.09 |  | 1366 |
| USD | BNP | 2640370 | 11/17/25 | InterDigital, Inc. | 4.09 |  | 502095 |
| USD | BNP | 1851842 | 11/17/25 | IREN Ltd. | 4.09 |  | 292442 |
| USD | HSB | 932389 | 04/29/27 | iShares iBoxx $ High Yield Corporate Bond ETF | 4.09 |  | 15829 |
| USD | BNP | 21010 | 11/17/25 | Itron, Inc. | 4.09 | 530 |  |
| USD | NIP | 153554 | 11/30/27 | Jazz Pharmaceuticals PLC | 4.09 |  | 3376 |
| USD | BNP | 46944 | 11/17/25 | JBT Marel Corp. | 4.09 | 759 |  |
| USD | BNP | 4392 | 11/17/25 | KalVista Pharmaceuticals, Inc. | 4.09 |  | 100 |
| USD | BNP | 645 | 11/17/25 | Kite Realty Group Trust | 4.09 | 22 |  |
| USD | NIP | 21221 | 11/30/27 | Kite Realty Group Trust | 4.09 |  | 429 |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $9391 | 11/17/25 | LCI Industries | 4.09% | $1131 | $— |
| USD | NIP | 28431 | 11/30/27 | LCI Industries | 4.09 | 3002 |  |
| USD | BNP | 126094 | 11/17/25 | LivaNova PLC | 4.09 |  | 11541 |
| USD | BNP | 856920 | 11/17/25 | Live Nation Entertainment, Inc. | 4.09 |  | 84621 |
| USD | BOA | 30179 | 04/01/30 | Lucid Group, Inc. | 4.09 |  | 12519 |
| USD | BNP | 1018353 | 11/17/25 | Lumentum Holdings, Inc. | 4.09 |  | 366787 |
| USD | NIP | 153103 | 11/30/27 | Lumentum Holdings, Inc. | 4.09 |  | 71534 |
| USD | BNP | 94876 | 11/17/25 | Lyft, Inc. | 4.09 |  | 4147 |
| USD | BNP | 96481 | 11/17/25 | MACOM Technology Solutions Holdings, Inc. | 4.09 | 984 |  |
| USD | NIP | 352779 | 11/30/27 | MACOM Technology Solutions Holdings, Inc. | 4.09 |  | 102 |
| USD | BNP | 28102 | 11/17/25 | MARA Holdings, Inc. | 4.09 |  | 2324 |
| USD | NIP | 192157 | 11/30/27 | MARA Holdings, Inc. | 4.09 |  | 4829 |
| USD | BNP | 73278 | 11/17/25 | Match Group, Inc. | 4.09 |  | 2235 |
| USD | BNP | 20153 | 11/17/25 | Microchip Technology, Inc. | 4.09 | 492 |  |
| USD | NIP | 84237 | 11/30/27 | Microchip Technology, Inc. | 4.09 |  | 6107 |
| USD | BNP | 30674 | 11/17/25 | Mirion Technologies, Inc. | 4.09 |  | 3086 |
| USD | NIP | 171712 | 11/30/27 | Mirum Pharmaceuticals, Inc. | 4.09 | 685 |  |
| USD | BNP | 1089799 | 11/17/25 | Nebius Group NV | 4.09 |  | 43068 |
| USD | BNP | 157808 | 11/17/25 | Norwegian Cruise Line Holdings Ltd. | 4.09 | 6090 |  |
| USD | BNP | 778163 | 11/17/25 | Nutanix, Inc. | 4.09 |  | 17880 |
| USD | BNP | 587049 | 11/17/25 | ON Semiconductor Corp. | 4.09 | 40360 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $785520 | 11/17/25 | Opendoor Technologies, Inc. | 4.09% | $85743 | $— |
| USD | NIP | 709460 | 11/30/27 | Opendoor Technologies, Inc. | 4.09 | 24877 |  |
| USD | BNP | 358882 | 11/17/25 | OSI Systems, Inc. | 4.09 |  | 46571 |
| USD | BNP | 107634 | 11/17/25 | Pacira BioSciences, Inc. | 4.09 |  | 2705 |
| USD | BNP | 494918 | 11/17/25 | Pagaya Technologies Ltd. | 4.09 | 13085 |  |
| USD | BNP | 18489 | 11/17/25 | PAR Technology Corp. | 4.09 | 4389 |  |
| USD | NIP | 124912 | 11/30/27 | PAR Technology Corp. | 4.09 | 38127 |  |
| USD | BNP | 4394 | 11/17/25 | Pebblebrook Hotel Trust | 4.09 | 296 |  |
| USD | BNP | 293102 | 11/17/25 | Peloton Interactive, Inc. | 4.09 |  | 94688 |
| USD | BNP | 639055 | 11/17/25 | Penguin Solutions, Inc. | 4.09 |  | 196657 |
| EUR | BNP | 4736 | 11/17/25 | Pharming Group NV | 1.93 |  | 80 |
| USD | BNP | 86340 | 11/17/25 | Pitney Bowes, Inc. | 4.09 | 5908 |  |
| USD | BNP | 70139 | 11/17/25 | Porch Group, Inc. | 4.09 |  | 19242 |
| USD | BNP | 10210 | 11/17/25 | Progress Software Corp. | 4.09 |  | 392 |
| USD | BNP | 265897 | 11/17/25 | PROS Holdings, Inc. | 4.09 |  | 126819 |
| USD | BNP | 555538 | 11/17/25 | PTC Therapeutics, Inc. | 4.09 |  | 119178 |
| USD | BNP | 267447 | 11/17/25 | Q2 Holdings, Inc. | 4.09 | 41421 |  |
| USD | BNP | 174437 | 11/17/25 | RealReal, Inc. | 4.09 |  | 39917 |
| USD | BNP | 691 | 11/17/25 | Repay Holdings Corp. | 4.09 | 59 |  |
| USD | BNP | 5970 | 11/17/25 | Repligen Corp. | 4.09 |  | 439 |
| USD | NIP | 161452 | 11/30/27 | Repligen Corp. | 4.09 |  | 3372 |
| USD | BNP | 6419 | 11/17/25 | Rubrik, Inc. | 4.09 |  | 155 |
| USD | NIP | 89551 | 11/30/27 | Rubrik, Inc. | 4.09 |  | 5215 |
| USD | BNP | 1236300 | 11/17/25 | Sea Ltd. | 4.09 |  | 64941 |
| USD | BNP | 84094 | 11/17/25 | Semtech Corp. | 4.09 |  | 14759 |
| USD | NIP | 229981 | 11/30/27 | Semtech Corp. | 4.09 |  | 142652 |
| USD | BNP | 163289 | 11/17/25 | Shift4 Payments, Inc. | 4.09 | 17383 |  |

---

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $91261 | 11/17/25 | Silvercorp Metals, Inc. | 4.09% | $— | $62601 |
| USD | NIP | 172650 | 11/30/27 | Sirius XM Holdings,Inc. | 4.09 |  | 6460 |
| USD | BNP | 638669 | 11/17/25 | Snowflake, Inc. | 4.09 |  | 4765 |
| USD | BNP | 848198 | 11/17/25 | SoFi Technologies, Inc. | 4.09 |  | 356946 |
| USD | BNP | 10612 | 11/17/25 | Solaris Energy Infrastructure, Inc. | 4.09 |  | 1447 |
| USD | NIP | 127908 | 11/30/27 | Solaris Energy Infrastructure,Inc. | 4.09 |  | 43385 |
| USD | BNP | 85421 | 11/17/25 | SSR Mining, Inc. | 4.09 |  | 33636 |
| CAD | BNP | 14197 | 11/17/25 | StorageVault Canada,Inc. | 2.56 |  | 1806 |
| USD | BNP | 333400 | 11/17/25 | Strategy, Inc. | 4.09 | 16614 |  |
| USD | NIP | 18081 | 11/30/27 | Strategy, Inc. | 4.09 | 1708 |  |
| USD | NIP | 864655 | 11/30/27 | Stride, Inc. | 4.09 |  | 5215 |
| USD | BNP | 813367 | 11/17/25 | Super Micro Computer, Inc. | 4.09 |  | 7097 |
| USD | BNP | 32300 | 11/17/25 | Tempus AI, Inc. | 4.09 |  | 302 |
| USD | BNP | 1785 | 11/17/25 | Terawulf, Inc. | 4.09 | 5 |  |
| USD | NIP | 594254 | 11/30/27 | Terawulf, Inc. | 4.09 |  | 21525 |
| USD | BNP | 506 | 11/17/25 | Tetra Tech,Inc. | 4.09 | 40 |  |
| USD | NIP | 137941 | 11/30/27 | Tetra Tech,Inc. | 4.09 |  | 4702 |
| USD | BNP | 555082 | 11/17/25 | TransMedics Group, Inc. | 4.09 | 19354 |  |
| USD | BNP | 713112 | 11/17/25 | Trip.com Group Ltd. | 4.09 |  | 141965 |
| USD | BNP | 430023 | 11/17/25 | U.S. Treasury Notes, 3.875%, 03/31/27 | 4.09 | 2356 |  |
| USD | BNP | 1175208 | 11/17/25 | U.S. Treasury Notes, 3.875%, 04/30/30 | 4.09 |  | 11901 |
| USD | BNP | 591613 | 11/17/25 | U.S. Treasury Notes, 3.750%, 04/30/27 | 4.09 | 987 |  |
| USD | BNP | 845974 | 11/17/25 | U.S. Treasury Notes, 3.750%, 06/30/27 | 4.09 | 1610 |  |
| USD | BNP | 668531 | 11/17/25 | U.S. Treasury Notes, 3.875%, 06/30/30 | 4.09 |  | 4090 |

---

**Lazard Enhanced Opportunities Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 9/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $827203 | 11/17/25 | U.S. Treasury Notes, 3.875%, 07/31/27 | 4.09% | $3913 | $— |
| USD | BNP | 769628 | 11/17/25 | Upstart Holdings, Inc. | 4.09 | 134097 |  |
| USD | BNP | 45884 | 11/17/25 | Veeco Instruments, Inc. | 4.09 |  | 11521 |
| USD | NIP | 215712 | 11/30/27 | Veeco Instruments, Inc. | 4.09 |  | 78524 |
| USD | NIP | 11270 | 11/30/27 | Vertex, Inc. | 4.09 | 409 |  |
| USD | BNP | 85933 | 11/17/25 | Vishay Intertechnology, Inc. | 4.09 | 804 |  |
| USD | BNP | 1243660 | 11/17/25 | Wayfair, Inc. | 4.09 |  | 170439 |
| USD | BNP | 1028636 | 11/17/25 | Western Digital Corp. | 4.09 |  | 1009288 |
| USD | NIP | 584170 | 11/30/27 | Western Digital Corp. | 4.09 |  | 806386 |
| USD | BNP | 13054 | 11/17/25 | Winnebago Industries, Inc. | 4.09 | 21 |  |
| USD | BNP | 610769 | 11/17/25 | WisdomTree, Inc. | 4.09 |  | 175634 |
| USD | BNP | 270541 | 11/17/25 | Xometry, Inc. | 4.09 |  | 42390 |
| USD | BNP | 37940 | 11/17/25 | Ziff Davis, Inc. | 4.09 |  | 952 |
| USD | BNP | 59003 | 11/17/25 | Zscaler, Inc. | 4.09 |  | 2995 |
| 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 | $7903817 | $8414325 |

---

---

| | |
|:---|:---|
| > | For long position contracts, the Portfolio receives appreciation and dividends/interest and pays depreciation of the referenced entity as well as financing charges at the referenced rate. The financing charge rate for long positions is the Overnight Bank Funding Rate (OBFR) plus a spread of up to 65 basis points. For short position contracts, the Portfolio pays appreciation and dividends/ interest and receives depreciation of the referenced entity as well as financing charges at the referenced rate. Generally, the financing charge rate for short positions is the OBFR minus a spread of up to 235 basis points, with one specific position having a rate of OBFR minus a spread of 508 basis points. |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio** | **Lazard Opportunistic Strategies Portfolio** |  |
| **Exchange-Traded Funds \| 91.1%** |  |  |
| **Commodity \| 2.4%** |  |  |
| U.S. Copper Index Fund | 18758 | $562740 |
| **Equity Funds \| 67.1%** |  |  |
| Invesco QQQ Trust, Series 1 | 2477 | 1487117 |
| iShares MSCI Japan ETF | 18847 | 1511718 |
| iShares MSCI USA Momentum Factor ETF | 4954 | 1270453 |
| SPDR EURO STOXX 50 ETF | 16458 | 1022371 |
| Vanguard S&P 500 ETF | 6907 | 4229709 |
| Vanguard S&P 500 Growth ETF | 8118 | 3535064 |
| Vanguard S&P 500 Value ETF | 13694 | 2731542 |
| WisdomTree Aluminium | 69956 | 245515 |
|  |  | 16033489 |
| **Fixed Income \| 21.6%** |  |  |
| iShares 1-3 Year Treasury Bond ETF | 15130 | 1255185 |
| iShares 20+ Year Treasury Bond ETF | 34386 | 3073077 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7552 | 841821 |
|  |  | 5170083 |
| **Total Exchange-Traded Funds**<br> (Cost $16,176,510) |  | 21766312 |
| Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 7.5%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25 <br> (Dated 09/30/25, collateralized by $1,854,700 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $1,836,161) Proceeds of $1,800,210<br> (Cost $1,800,000) | $1800 | $1800000 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.4%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $97,967) | 97967 | $97967 |
| **Total Investments \| 99.0%**<br> (Cost $18,074,477) (») |  | $**23664279** |
| **Cash and Other Assets in Excess of Liabilites \| 1.0%** | **Cash and Other Assets in Excess of Liabilites \| 1.0%** | **233152** |
| **Net Assets \| 100.0%** |  | $**23897431** |

---

---

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

---

**Lazard Opportunistic Strategies Portfolio (concluded)**

**Forward Currency Contracts open at September 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counter-<br> party | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| CNY | 10837435 | USD | 1528830 | SSB | 10/16/25 | $— | $5766 |
| USD | 1520284 | CNY | 10837435 | SSB | 10/16/25 |  | 2780 |
| 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 | $— | $8546 |

---

**Total Return Swap Agreements open at September 30, 2025 :**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Rate | Payment<br> Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $327373 | 12/09/25 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+ 0.92bps | Upon Maturity(a) | $398534 | $— |
| USD | GSC | 1490068 | 02/26/26 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+ 0.60bps | Upon Maturity(a) |  | 53835 |
| 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 | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements |  | $398,534\* | $53,835\* |

---

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

\* Include net accrued dividends and financing charges of $64,525.

The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZEU (SOFR+0.92bps) | Shares | Fair Value |
| &nbsp;&nbsp;BAE Systems PLC | 5959 | $165013 |
| &nbsp;&nbsp;Exosens SAS | 100 | 5072 |
| &nbsp;&nbsp;Hensoldt AG | 228 | 29525 |
| &nbsp;&nbsp;Kongsberg Gruppen ASA | 1736 | 55483 |
| &nbsp;&nbsp;Leonardo SpA | 1141 | 72365 |
| &nbsp;&nbsp;Renk Group AG | 197 | 20263 |
| &nbsp;&nbsp;Rheinmetall AG | 86 | 200372 |
| &nbsp;&nbsp;Saab Ab, Class B | 1054 | 64319 |
| &nbsp;&nbsp;Thales SA | 406 | 127079 |
| &nbsp;&nbsp;Total Fair Value |  | $739491 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZGB (SOFR+0.60bps) | Shares | Fair Value |
| &nbsp;&nbsp;Amazon.Com Inc. | 323 | $70921 |
| &nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 14075 | 75737 |
| &nbsp;&nbsp;Bank Of America Corp. | 1639 | 84556 |
| &nbsp;&nbsp;DigitalOcean Holdings Inc. | 1963 | 67056 |
| &nbsp;&nbsp;Ferrovial SE | 1746 | 99994 |
| &nbsp;&nbsp;Intuitive Surgical Inc. | 125 | 55904 |
| &nbsp;&nbsp;Lantheus Holdings Inc. | 779 | 39955 |
| &nbsp;&nbsp;London Stock Exchange Group | 516 | 59098 |
| &nbsp;&nbsp;Lotes Co Ltd. | 1325 | 67167 |
| &nbsp;&nbsp;Mizuho Financial Group Inc. | 2996 | 101052 |
| &nbsp;&nbsp;National Grid PLC | 6381 | 91654 |
| &nbsp;&nbsp;Onto Innovation Inc. | 350 | 45227 |
| &nbsp;&nbsp;Partners Group Holding AG | 49 | 63616 |
| &nbsp;&nbsp;Qbe Insurance Group Ltd. | 5960 | 81201 |
| &nbsp;&nbsp;RELX PLC | 1544 | 73862 |
| &nbsp;&nbsp;Rio Tinto Ltd. | 1027 | 82927 |
| &nbsp;&nbsp;Schrodinger Inc. | 3115 | 62487 |
| &nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 3148 | 88894 |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2195 | 93985 |
| &nbsp;&nbsp;Unilever PLC | 1351 | 79946 |
| &nbsp;&nbsp;Total Fair Value |  | $1485239 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•)** |  |  |
| **Common Stocks \| 80.1%** |  |  |
| **Australia \| 2.5%** |  |  |
| Aurizon Holdings Ltd. | 8774 | $18562 |
| BHP Group Ltd. | 843 | 23554 |
| Evolution Mining Ltd. | 297 | 2140 |
| Fortescue Ltd. | 329 | 4081 |
| Goodman Group REIT | 1622 | 35316 |
| Northern Star Resources Ltd. | 194 | 3060 |
| Rio Tinto PLC | 227 | 14959 |
| South32 Ltd. | 950 | 1725 |
| Transurban Group | 4041 | 37007 |
|  |  | 140404 |
| **Belgium \| 0.1%** |  |  |
| Warehouses De Pauw CVA REIT | 329 | 8258 |
| **Brazil \| 1.6%** |  |  |
| Allos SA | 2000 | 9706 |
| Energisa SA | 1100 | 10512 |
| Motiva Infraestrutura de Mobilidade SA | 9800 | 27399 |
| Multiplan Empreendimentos Imobiliarios SA | 3500 | 19123 |
| Suzano SA | 300 | 2813 |
| Vale SA | 300 | 3246 |
| Wheaton Precious Metals Corp. | 68 | 7610 |
| Yara International ASA | 249 | 9089 |
|  |  | 89498 |
| **Canada \| 6.0%** |  |  |
| Agnico Eagle Mines Ltd. | 126 | 21239 |
| Alamos Gold, Inc., Class A | 82 | 2858 |
| Atco Ltd., Class I | 940 | 34028 |
| Barrick Mining Corp. | 413 | 13534 |
| Boardwalk Real Estate Investment Trust REIT | 270 | 13412 |
| Canadian National Railway Co. | 217 | 20464 |
| Enbridge, Inc. | 525 | 26486 |
| First Capital Real Estate Investment Trust REIT | 1475 | 20953 |
| Franco-Nevada Corp. | 51 | 11352 |
| Granite Real Estate Investment Trust REIT | 576 | 32006 |
| Hydro One Ltd. (#) | 1404 | 50089 |
| Keyera Corp. | 405 | 13587 |
| Kinross Gold Corp. | 155 | 3847 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Lundin Gold, Inc. | 51 | $3304 |
| Nutrien Ltd. | 352 | 20672 |
| TC Energy Corp. | 828 | 45051 |
| Teck Resources Ltd., Class B | 43 | 1886 |
|  |  | 334768 |
| **China \| 1.8%** |  |  |
| C&D International Investment Group Ltd. | 2000 | 4598 |
| China Overseas Land & Investment Ltd. | 14500 | 26797 |
| China Resources Land Ltd. | 8000 | 31276 |
| Hopson Development Holdings Ltd. (\*) | 11368 | 5048 |
| Midea Real Estate Holding Ltd. (#) | 6800 | 3937 |
| Seazen Group Ltd. (\*) | 44000 | 14481 |
| Yuexiu Property Co. Ltd. | 21000 | 14084 |
|  |  | 100221 |
| **Finland \| 0.2%** |  |  |
| Stora Enso OYJ, R Shares | 339 | 3730 |
| UPM-Kymmene OYJ | 208 | 5696 |
|  |  | 9426 |
| **France \| 3.7%** |  |  |
| Aeroports de Paris SA | 114 | 15117 |
| Covivio SA REIT | 250 | 16861 |
| Engie SA | 1971 | 42279 |
| Klepierre SA REIT | 334 | 13010 |
| TotalEnergies SE | 375 | 22883 |
| Unibail-Rodamco-Westfield REIT | 204 | 21513 |
| Vinci SA | 546 | 76024 |
|  |  | 207687 |
| **Germany \| 0.3%** |  |  |
| TAG Immobilien AG | 537 | 9285 |
| Vonovia SE | 177 | 5524 |
|  |  | 14809 |
| **Hong Kong \| 1.4%** |  |  |
| Henderson Land Development Co. Ltd. | 2000 | 7060 |
| Hongkong Land Holdings Ltd. | 900 | 5695 |
| Kerry Properties Ltd. | 1500 | 4023 |
| Link REIT | 3300 | 16975 |
| Swire Properties Ltd. | 4400 | 12518 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Wharf Real Estate Investment Co. Ltd. | 10000 | $29571 |
|  |  | 75842 |
| **Israel \| 0.1%** |  |  |
| ICL Group Ltd. | 674 | 4213 |
| **Italy \| 1.2%** |  |  |
| Terna - Rete Elettrica Nazionale | 6501 | 66040 |
| **Japan \| 3.7%** |  |  |
| Aeon Co. Ltd. | 4680 | 56826 |
| Daiwa House Industry Co. Ltd. | 500 | 17975 |
| East Japan Railway Co. | 1300 | 31856 |
| Hankyu Hanshin Holdings, Inc. | 600 | 17700 |
| Hoshino Resorts REIT, Inc. | 2 | 3641 |
| Hulic Co. Ltd. | 900 | 9864 |
| Industrial & Infrastructure Fund Investment Corp. REIT | 17 | 15611 |
| Japan Prime Realty Investment Corp. REIT | 16 | 11155 |
| Japan Real Estate Investment Corp. REIT | 15 | 12630 |
| Katitas Co. Ltd. | 300 | 5654 |
| Nippon Steel Corp. | 1500 | 6171 |
| Osaka Gas Co. Ltd. | 600 | 17392 |
|  |  | 206475 |
| **Luxembourg \| 0.0%** |  |  |
| ArcelorMittal SA | 56 | 2024 |
| **Mexico \| 0.8%** |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV | 1600 | 20704 |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 935 | 22102 |
|  |  | 42806 |
| **Norway \| 0.0%** |  |  |
| Norsk Hydro ASA | 408 | 2765 |
| **Singapore \| 1.0%** |  |  |
| Keppel DC REIT | 12000 | 22261 |
| Parkway Life REIT | 4000 | 12791 |
| Sembcorp Industries Ltd. | 4800 | 22454 |
|  |  | 57506 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **South Africa \| 0.8%** |  |  |
| Anglo American PLC | 465 | $17507 |
| Gold Fields Ltd. | 210 | 8907 |
| Growthpoint Properties Ltd. REIT | 19318 | 16523 |
|  |  | 42937 |
| **South Korea \| 0.1%** |  |  |
| POSCO Holdings, Inc. | 20 | 3951 |
| **Spain \| 1.4%** |  |  |
| Aena SME SA (#) | 1230 | 33701 |
| Iberdrola SA | 2244 | 42520 |
|  |  | 76221 |
| **Sweden \| 0.1%** |  |  |
| Boliden AB (\*) | 148 | 6040 |
| **Switzerland \| 0.1%** |  |  |
| Allreal Holding AG | 23 | 5379 |
| **United Arab Emirates \| 0.3%** |  |  |
| Emaar Development PJSC | 4858 | 17797 |
| **United Kingdom \| 4.1%** |  |  |
| Big Yellow Group PLC REIT | 776 | 10145 |
| National Grid PLC | 4830 | 69632 |
| Segro PLC REIT | 817 | 7229 |
| Severn Trent PLC | 550 | 19168 |
| Shaftesbury Capital PLC REIT | 27787 | 53160 |
| SSE PLC | 1871 | 43847 |
| Tritax Big Box REIT PLC | 13514 | 26283 |
|  |  | 229464 |
| **United States \| 48.8%** |  |  |
| Agree Realty Corp. | 258 | 18328 |
| Alexandria Real Estate Equities, Inc. REIT | 608 | 50671 |
| Amcor PLC | 1115 | 9121 |
| Ameren Corp. | 428 | 44675 |
| American Electric Power Co., Inc. | 410 | 46125 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| American Homes 4 Rent, Class A REIT | 1019 | $33882 |
| American Tower Corp. REIT | 594 | 114238 |
| American Water Works Co., Inc. | 92 | 12805 |
| Apple Hospitality REIT, Inc. | 1782 | 21402 |
| Archer-Daniels-Midland Co. | 59 | 3525 |
| Atmos Energy Corp. | 245 | 41834 |
| AvalonBay Communities, Inc. REIT | 293 | 56599 |
| Avery Dennison Corp. | 21 | 3406 |
| BP PLC | 259 | 1486 |
| Brixmor Property Group, Inc. | 938 | 25964 |
| CareTrust REIT, Inc. | 756 | 26218 |
| CF Industries Holdings, Inc. | 102 | 9149 |
| Cheniere Energy, Inc. | 264 | 62035 |
| Chevron Corp. | 34 | 5280 |
| CMS Energy Corp. | 111 | 8132 |
| ConocoPhillips | 148 | 13999 |
| Consolidated Edison, Inc. | 244 | 24527 |
| Constellation Energy Corp. | 31 | 10201 |
| Corteva, Inc. | 312 | 21101 |
| Coterra Energy, Inc. | 597 | 14119 |
| Crown Castle, Inc. | 1072 | 103437 |
| CSX Corp. | 904 | 32101 |
| CubeSmart | 351 | 14272 |
| Darling Ingredients, Inc. (\*) | 89 | 2747 |
| Devon Energy Corp. | 71 | 2489 |
| Digital Realty Trust, Inc. REIT | 329 | 56878 |
| Dominion Energy, Inc. | 583 | 35662 |
| DTE Energy Co. | 73 | 10324 |
| Duke Energy Corp. | 234 | 28957 |
| EastGroup Properties, Inc. REIT | 180 | 30467 |
| Energy Transfer LP | 3488 | 59854 |
| Entergy Corp. | 618 | 57591 |
| Enterprise Products Partners LP | 2013 | 62947 |
| EOG Resources, Inc. | 12 | 1345 |
| Equinix, Inc. REIT | 94 | 73625 |
| Equity LifeStyle Properties, Inc. REIT | 175 | 10623 |
| Equity Residential REIT | 511 | 33077 |
| Essex Property Trust, Inc. REIT | 53 | 14186 |
| Exelon Corp. | 480 | 21605 |
| Extra Space Storage, Inc. REIT | 196 | 27624 |
| Exxon Mobil Corp. | 213 | 24016 |
| Ferrovial SE | 1132 | 65157 |
| First Industrial Realty Trust, Inc. | 610 | 31397 |
| FMC Corp. | 107 | 3598 |
| Freeport-McMoRan, Inc. | 406 | 15923 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| Halliburton Co. | 63 | $1550 |
| Host Hotels & Resorts, Inc. REIT | 1401 | 23845 |
| Ingredion, Inc. | 121 | 14775 |
| International Paper Co. | 34 | 1578 |
| Invitation Homes, Inc. REIT | 597 | 17510 |
| Iron Mountain, Inc. REIT | 210 | 21407 |
| Kinder Morgan, Inc. | 1107 | 31339 |
| Marathon Petroleum Corp. | 33 | 6360 |
| Mid-America Apartment Communities, Inc. REIT | 404 | 56451 |
| Mosaic Co. | 152 | 5271 |
| National Storage Affiliates Trust | 277 | 8371 |
| Newmont Corp. | 282 | 23775 |
| NextEra Energy, Inc. | 610 | 46049 |
| NiSource, Inc. | 871 | 37714 |
| NNN REIT, Inc. | 484 | 20604 |
| Norfolk Southern Corp. | 87 | 26136 |
| Nucor Corp. | 63 | 8532 |
| Omega Healthcare Investors, Inc. | 652 | 27527 |
| ONEOK, Inc. | 212 | 15470 |
| Packaging Corp. of America | 18 | 3923 |
| Park Hotels & Resorts, Inc. REIT | 447 | 4953 |
| Phillips 66 | 48 | 6529 |
| Pinnacle West Capital Corp. | 91 | 8159 |
| Prologis, Inc. | 999 | 114405 |
| Public Storage REIT | 130 | 37550 |
| Realty Income Corp. REIT | 538 | 32705 |
| Regency Centers Corp. REIT | 418 | 30472 |
| Reliance, Inc. | 16 | 4493 |
| Ryman Hospitality Properties, Inc. REIT | 98 | 8780 |
| SBA Communications Corp. REIT | 501 | 96868 |
| Schlumberger NV | 44 | 1512 |
| Scotts Miracle-Gro Co. | 27 | 1538 |
| Sealed Air Corp. | 156 | 5515 |
| Shell PLC | 482 | 17161 |
| Simon Property Group, Inc. REIT | 347 | 65121 |
| SL Green Realty Corp. REIT | 479 | 28649 |
| STAG Industrial, Inc. | 227 | 8011 |
| Steel Dynamics, Inc. | 47 | 6553 |
| Sunstone Hotel Investors, Inc. REIT | 1314 | 12312 |
| Targa Resources Corp. | 361 | 60482 |
| Union Pacific Corp. | 244 | 57674 |
| Valero Energy Corp. | 41 | 6981 |
| Ventas, Inc. REIT | 940 | 65791 |
| WEC Energy Group, Inc. | 122 | 13980 |
| Welltower, Inc. REIT | 400 | 71256 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Xcel Energy, Inc. | 754 | $60810 |
|  |  | 2725171 |
| **Zambia \| 0.0%** |  |  |
| First Quantum Minerals Ltd. (\*) | 133 | 3008 |
| **Total Common Stocks**<br> (Cost $3,837,023) |  | 4472710 |
| **Exchange-Traded Funds \| 2.1%** |  |  |
| iShares Gold Trust (~) | 795 | 57852 |
| iShares Silver Trust (~) | 1443 | 61140 |
| **Total Exchange-Traded Funds**<br> (Cost $75,919) |  | 118992 |
| **Preferred Stocks \| 0.0%** |  |  |
| **Brazil \| 0.0%** |  |  |
| Petroleo Brasileiro SA – Petrobras<br> (Cost $2,916) | 500 | 2955 |
| **Rights \| 0.0%** |  |  |
| **Singapore \| 0.0%** |  |  |
| Keppel DC REIT, CVR, 10/13/25i (\*), (¢)<br> (Cost $0) | 960 | 112 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 13.5%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $751,106) | 751106 | $751106 |
| **Total Investments \| 95.7%**<br> (Cost $4,666,964) |  | $**5345875** |
| **Cash and Other Assets in Excess of Liabilities \| 4.3%** | **Cash and Other Assets in Excess of Liabilities \| 4.3%** | **237417** |
| **Net Assets \| 100.0%** |  | $**5583292** |

---

---

| | |
|:---|:---|
| (•) | 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 September 30, 2025, these securities amounted to 1.6% 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. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

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

**Total Return Swap Agreements open at September 30, 2025 (~):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counter-<br> party | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Payable | Payment Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $1004002 | 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) | $16002 | $— |

---

---

| | |
|:---|:---|
| *(~)* | *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.* |

---

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 September 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Commodity | Commodity Index<br> Ticker Symbol | Commodity Exposure Expressed as <br> a Percentage of Notional Amount |
| &nbsp;&nbsp;Aluminum | BCOMAL | 8.29% |
| &nbsp;&nbsp;Brent Crude | BCOMCO | 11.37 |
| &nbsp;&nbsp;Coffee | BCOMKC | 6.59 |
| &nbsp;&nbsp;Copper | BCOMHG | 11.30 |
| &nbsp;&nbsp;Corn | BCOMCN | 7.83 |
| &nbsp;&nbsp;Cotton | BCOMCT | 1.14 |
| &nbsp;&nbsp;Crude Oil | BCOMCL | 8.71 |
| &nbsp;&nbsp;Gasoline (RBOB) | BCOMRB | 2.40 |
| &nbsp;&nbsp;Gold | BCOMGC | 0.17 |
| &nbsp;&nbsp;Heating Oil | BCOMHO | 9.14 |
| &nbsp;&nbsp;Kansas Wheat | BCOMKW | 0.01 |
| &nbsp;&nbsp;Lean Hogs | BCOMLH | 0.19 |
| &nbsp;&nbsp;Live Cattle | BCOMLC | 6.35 |
| &nbsp;&nbsp;Natural Gas | BCOMNG | 0.87 |
| &nbsp;&nbsp;Nickel | BCOMNI | 3.00 |
| &nbsp;&nbsp;Silver | BCOMSI | 0.01 |
| &nbsp;&nbsp;Soy Meal | BCOMSM | 4.70 |
| &nbsp;&nbsp;Soybeans | BCOMSY | 8.09 |
| &nbsp;&nbsp;Sugar | BCOMSB | 1.65 |
| &nbsp;&nbsp;Wheat | BCOMWH | 3.31 |
| &nbsp;&nbsp;Zinc | BCOMZS | 4.88 |
| &nbsp;&nbsp;Total |  | 100.00% |

---

**The Lazard Funds, Inc.** Notes to Portfolios of Investments<br> September 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> Developing<br> Markets Equity<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Core Equity<br> Portfolio | Lazard<br> Emerging<br> Markets Equity<br> Advantage<br> Portfolio | Lazard<br> Emerging<br> Markets Equity<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 7.6% | 8.9% | 10.5% | 8.9% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 16.5 | 14.7 | 13 | 9.3 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 2.9 | 5.2 | 3.7 | 6.8 |
| &nbsp;&nbsp;&nbsp;Energy | 2.8 | 4.4 | 3.6 | 5.4 |
| &nbsp;&nbsp;&nbsp;Financials | 18.1 | 19.8 | 21.9 | 24.8 |
| &nbsp;&nbsp;&nbsp;Health Care | 2.3 | 2.2 | 3.6 | 4.1 |
| &nbsp;&nbsp;&nbsp;Industrials | 9.8 | 11.7 | 7.2 | 6.2 |
| &nbsp;&nbsp;&nbsp;Information Technology | 36.4 | 28.1 | 25.5 | 21.6 |
| &nbsp;&nbsp;&nbsp;Materials | 1 | 3.2 | 6.5 | 6.6 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 3.1 | 1.2 |  |
| &nbsp;&nbsp;&nbsp;Utilities | 0.6 |  | 2.4 | 1.6 |
| Other (includes short-term investments) | 2 | -1.3 | 0.9 | 4.7 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard Equity<br> Franchise<br> Portfolio | Lazard Global<br> Equity Select<br> Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 10.9% | 4.7% | 1.5% | 4.1% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17.1 | 9.8 |  | 11 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 9.9 | 8 |  | 7.3 |
| &nbsp;&nbsp;&nbsp;Energy |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Financials | 19.2 | 18.4 |  | 21.9 |
| &nbsp;&nbsp;&nbsp;Health Care | 10.6 | 9.9 |  | 9.1 |
| &nbsp;&nbsp;&nbsp;Industrials | 10.3 | 16.4 | 30.7 | 19.5 |
| &nbsp;&nbsp;&nbsp;Information Technology | 4.7 | 30.1 |  | 10.9 |
| &nbsp;&nbsp;&nbsp;Materials |  | 0.6 |  | 7.6 |
| &nbsp;&nbsp;&nbsp;Real Estate |  |  | 7.2 | 0.9 |
| &nbsp;&nbsp;&nbsp;Utilities | 16.1 |  | 53.6 | 2.9 |
| Other (includes short-term investments) | 1.2 | 2.1 | 7 | 3.8 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard<br> Global Small<br> Cap Equity<br> Portfolio | Lazard<br> International<br> Equity Select<br> Portfolio | Lazard<br> International<br> Quality Growth<br> Portfolio | Lazard<br> International<br> Strategic<br> Equity<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 4.1% | 5.7% | 9.2% | 3.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 18.5 | 11.8 | 7.5 | 8.3 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6.9 | 3.8 | 7 | 9.1 |
| &nbsp;&nbsp;&nbsp;Energy | 3.3 | 0.9 |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 16.2 | 27.1 | 16.2 | 26.3 |
| &nbsp;&nbsp;&nbsp;Health Care | 7.8 | 6.9 | 9.4 | 7.9 |
| &nbsp;&nbsp;&nbsp;Industrials | 20.9 | 20.7 | 22 | 22.7 |
| &nbsp;&nbsp;&nbsp;Information Technology | 17.1 | 14.8 | 26 | 12.3 |
| &nbsp;&nbsp;&nbsp;Materials | 3.1 | 3.8 |  | 3.1 |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.5 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities |  | 1.3 |  | 3.2 |
| Other (includes short-term investments) | 0.6 | 2.2 | 2.7 | 3.9 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| Asset Class/Sector | Lazard <br> US Equity<br> Concentrated<br> Portfolio | Lazard US<br> Equity Focus<br> Portfolio | Lazard US<br> Small Cap<br> Equity Select<br> Portfolio |
| &nbsp;&nbsp;&nbsp;Communication Services | 13.7% | 5.2% | 4.8% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 20.7 | 9.6 | 12.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4 | 2.5 | 3.4 |
| &nbsp;&nbsp;&nbsp;Energy |  | 2.2 | 3.6 |
| &nbsp;&nbsp;&nbsp;Financials | 14.7 | 19.6 | 17.4 |
| &nbsp;&nbsp;&nbsp;Health Care | 4.7 | 11.2 | 14.9 |
| &nbsp;&nbsp;&nbsp;Industrials | 4 | 12.4 | 18.4 |
| &nbsp;&nbsp;&nbsp;Information Technology | 37.2 | 28.4 | 16 |
| &nbsp;&nbsp;&nbsp;Materials |  | 2.2 | 3.3 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 2.6 | 4.4 |
| Other (includes short-term investments) | 1 | 4.1 | 1 |
| Total | 100.0% | 100.0% | 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 | 13.3% | 20.9% | 2.3% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.3 | 19.9 | 6.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 13.4 | 16.8 | 2.1 |
| &nbsp;&nbsp;&nbsp;Energy | 1.1 | 14.1 | 2.1 |
| &nbsp;&nbsp;&nbsp;Financials | 13.0 | 3.8 | 20.3 |
| &nbsp;&nbsp;&nbsp;Industrials | 8.8 | 9.0 | 3.8 |
| &nbsp;&nbsp;&nbsp;Information Technology | 28.9 | 5.9 | 1.9 |
| &nbsp;&nbsp;&nbsp;Materials | 2.2 | 4.4 |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  |  | 4.4 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  |  | 3.2 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  |  | 51.7 |
| &nbsp;&nbsp;&nbsp;Utilities | 9.7 | 3.3 |  |
| Other (includes short-term investments) | 2.3 | 1.9 | 1.4 |
| 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 | —% | 2.4% | —% |
| &nbsp;&nbsp;&nbsp;Communication Services | 6.8 | 6.1 |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 6.5 | 6.8 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 14.9 | 3.4 | 1.4 |
| &nbsp;&nbsp;&nbsp;Energy |  | 1.4 | 8.9 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds |  |  | 2.1 |
| &nbsp;&nbsp;&nbsp;Financials | 4.6 | 9.7 |  |
| &nbsp;&nbsp;&nbsp;Fixed Income |  | 21.6 |  |
| &nbsp;&nbsp;&nbsp;Health Care |  | 5.1 |  |
| &nbsp;&nbsp;&nbsp;Industrials | 1.5 | 9.7 | 9.2 |
| &nbsp;&nbsp;&nbsp;Information Technology | 11.7 | 20.8 |  |
| &nbsp;&nbsp;&nbsp;Materials |  | 1.7 | 6.2 |
| &nbsp;&nbsp;&nbsp;Real Estate | 0.2 | 0.9 | 38.1 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 45.8 |  |  |
| &nbsp;&nbsp;&nbsp;Utilities |  | 1.5 | 16.3 |
| Other (includes short-term investments) | 8.0 | 8.9 | 17.8 |
| Total | 100.0% | 100.0% | 100.0% |

---

---

| | |
|:---|:---|
| **Security Abbreviations:** | **Security Abbreviations:** |
| ADR | — American Depositary Receipt |
| CDI | — CHESS Depositary Interest |
| CVR | — Contingent Value Rights |
| ETF | — Exchange-Traded Fund |
| GDR | — Global Depositary Receipt |
| JSC | — Joint Stock Company |
| NVDR | — Non-Voting Depository Receipt |
| PJSC | — Public Joint Stock Company |
| QSC | — Qatar Shareholder Company |
| REITs | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CNY | — Chinese Renminbi |
| EUR | — Euro |
| GBP | — British Pound Sterling |
| HKD | — Hong Kong Dollar |
| NZD | — New Zealand Dollar |
| USD | — United States Dollar |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| BNP | — BNP Paribas SA |
| BNY | — Bank of New York Mellon |
| BOA | — Bank of America N.A. |
| CAN | — Canadian Imperial Bank of Commerce |
| CIT | — Citibank N.A. |
| GSC | — Goldman Sachs International |
| HSB | — HSBC Bank USA N.A. |
| MSC | — Morgan Stanley & Co. |
| NIP | — Nomura International Plc |
| RBC | — Royal Bank of Canada |
| SCB | — Standard Chartered Bank |
| SSB | — State Street Bank & Trust Co. |

---

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

**Item 2. Controls and Procedures.**

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

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

**SIGNATURES**

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

The Lazard Funds, Inc.

---

| | |
|:---|:---|
| By: | /s/ Nathan A. Paul |
|  | Nathan A. Paul |
|  | Chief Executive Officer |
| Date: November 24, 2025 | Date: November 24, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Nathan A. Paul |
|  | Nathan A. Paul |
|  | Chief Executive Officer |
| Date: November 24, 2025 | Date: November 24, 2025 |
| By: | /s/ Christina Kennedy |
|  | Christina Kennedy |
|  | Chief Financial Officer |
| Date: November 24, 2025 | Date: November 24, 2025 |

---

## 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 Enhanced Opportunities Portfolio

- **b. EDGAR series identifier (if any):** S000047900

- **c. LEI of Series:** 549300WDE3F1JD57FL29

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $66414318.96

**Total Liabilities:** $10240741.20

**Net Assets:** $56173577.76

**Cash Not Reported:** $135475.68

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -69.13000000 | **1-Year:** -56.40000000 | **5-Year:** -25.53000000 | **10-Year:** -0.32000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -309.18000000 | **1-Year:** -3845.17000000 | **5-Year:** -4809.01000000 | **10-Year:** -69.51000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000150428 | 0.66%                | 0.80%                | 0.99%                |
| Class ID C000150427 | 0.67%                | 0.92%                | 0.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $458809.59               | $-87505.50                                 |
| Month 2  | $118954.54               | $382931.45                                 |
| Month 3  | $684891.20               | $320142.60                                 |

**Designated Index Information**

- **Index Name:** ICE BofAML U.S. Convertible ex Mandatory Index

- **Index Identifier:** V0A0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PROS HOLDINGS INC                       | PROS Holdings Inc                                          | CUSIP: 74346YAG8<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41601.00     | 0.07%             | 2027-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | LCI INDUSTRIES 3.0 03/01/30                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       350 | OU      | $35910.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                     | Coinbase Global Inc                                        | CUSIP: 19260QAB3<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    111000 | PA      | $123487.50    | 0.22%             | 2026-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                     | SAREPTA THERAPEUTICS INC                                   | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DE               |  | US        |         4 | NC      | $756.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFIRM HOLDINGS INC                     | Affirm Holdings Inc                                        | CUSIP: 00827BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $54425.00     | 0.10%             | 2029-12-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Astronics Corp                          | Astronics Corp                                             | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |       677 | NS      | $30877.97     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | WISDOMTREE INVESTMENTS INC CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    610769 | OU      | $-177806.12   | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                 | Pebblebrook Hotel Trust                                    | CUSIP: 70509VAB6<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              |  | US        |    185000 | PA      | $182351.00    | 0.32%             | 2030-01-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | TEMPUS AI INC CFD                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     32300 | OU      | $-387.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | COINBASE GLOBAL INC .5 06/01/26                            | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3200 | OU      | $356000.00    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | FORD CFD                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    365448 | OU      | $-13289.18    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ALPHATEC HOLDINGS INC                   | Alphatec Holdings Inc                                      | CUSIP: 02081GAC6<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |    336000 | PA      | $401240.72    | 0.71%             | 2030-03-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | ALPHATEC HOLDINGS INC CFD                                  | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    250346 | OU      | $-61856.78    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | PORCH GROUP INC                                            | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         4 | NC      | $1468.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                              | Vertex Inc                                                 | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |        31 | NS      | $768.49       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | EZCORP INC 3.75 12/15/29                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1490 | OU      | $272819.00    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| CONFLUENT INC                           | Confluent Inc                                              | CUSIP: 20717MAB9<br>LEI: 254900MRZ83YWUV7SN74 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2027-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | ISHARES RUSSELL 2000 ETF                                   | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        39 | NC      | $4446.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | EXACT SCIENCES CORP .375 03/15/27 SWAP                     | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      5930 | OU      | $570466.00    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AST SpaceMobile Inc                     | AST SpaceMobile Inc                                        | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |      1644 | NS      | $80687.52     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | ANI PHARMACEUTICALS INC CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    150736 | OU      | $5824.47      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PENGUIN SOLUTIONS, INC.                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    639055 | OU      | $-198961.20   | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| DROPBOX INC                             | Dropbox Inc                                                | CUSIP: 26210CAC8<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |    819000 | PA      | $809947.58    | 1.44%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | NEBIUS GROUP NV 2.0 06/05/29 .                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1610 | OU      | $369575.50    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC                | Super Micro Computer Inc                                   | CUSIP: 86800UAE4<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |     61000 | PA      | $67466.00     | 0.12%             | 2030-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ASTRONICS CORP                          | Astronics Corp                                             | CUSIP: 046433AE8<br>LEI: 549300NNXCF8H4MSMK17 | Long             | DBT              | CORP              | US        |    176000 | PA      | $184800.00    | 0.33%             | 2031-01-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DYNAVAX TECHNOLOGIES                    | Dynavax Technologies Corp                                  | CUSIP: 268158AE2<br>LEI: 549300T5URIXWDILX594 | Long             | DBT              | CORP              | US        |    129000 | PA      | $121205.33    | 0.22%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | CLOUDFLARE INC - CLASS A CFD                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     75035 | OU      | $-71.15       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Exact Sciences Corp                     | Exact Sciences Corp                                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Short            | EC               | CORP              | US        |        -5 | NS      | $-273.55      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MITEK SYSTEMS INC                       | Mitek Systems Inc                                          | CUSIP: 606710AA9<br>LEI: 549300ABZAQ3R25XG118 | Long             | DBT              | CORP              | US        |    665000 | PA      | $655348.67    | 1.17%             | 2026-02-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| DigitalOcean Holdings Inc               | DigitalOcean Holdings Inc                                  | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |        71 | NS      | $2425.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KalVista Pharmaceuticals Inc            | KalVista Pharmaceuticals Inc                               | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               | CORP              | US        |       369 | NS      | $4494.42      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                     | Shift4 Payments Inc                                        | CUSIP: 82452J109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1084 | NS      | $-83901.60    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp                    | Western Digital Corp                                       | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |        42 | NS      | $5042.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | BILL HOLDINGS INC                                          | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         5 | NC      | $230.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | CLOUDFLARE INC 0.0 06/15/30                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       760 | OU      | $86488.00     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | VEECO INSTRUMENTS INC CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     45884 | OU      | $-11658.84    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Alkami Technology Inc                   | Alkami Technology Inc                                      | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |        29 | NS      | $720.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | SOLARIS ENERGY INFRASTRU 4.75 05/01/30                     | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1370 | OU      | $245902.06    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | RUBRIK INC-A CFD                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      6419 | OU      | $-160.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | XOMETRY INC .75 06/15/30                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       770 | OU      | $108185.00    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | GREENBRIER COS INC 2.875 04/15/28                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      3040 | OU      | $326541.60    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | GRANITE CONSTRUCTION INC CFD                               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    172840 | OU      | $-2381.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mirion Technologies Inc                 | Mirion Technologies Inc                                    | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |      1452 | NS      | $33773.52     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | SPDR S+P 500 ETF TRUST                                     | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        21 | NC      | $42.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | LUMENTUM HOLDINGS INC CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   1018354 | OU      | $-369725.51   | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | COINBASE GLOBAL INC -CLASS A CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     14982 | OU      | $-879.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | GREENBRIER COMPANIES INC CFD                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    148456 | OU      | $16502.64     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | ISHARES RUSSELL 2000 ETF                                   | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |       -39 | NC      | $-1326.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | SIRIUS XM HOLDINGS INC CFD                                 | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    172650 | OU      | $-7032.96     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ESC CB144A DANIMER SCI                  | ESC CB144A DANIMER SCI                                     | CUSIP: 236ESCAA7<br>LEI: 549300L6Q02MAX72BH35 | Long             | DBT              | CORP              | US        |    300000 | PA      | $0.00         | 0.00%             | 2026-12-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BNP Paribas SA                          | CHEESECAKE FACTORY INC/THE CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    285410 | OU      | $31498.27     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | APPLIED DIGITAL CORP CFD                                   | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    177882 | OU      | $-153876.49   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                         | CMS Energy Corp                                            | CUSIP: 125896BW9<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | GAMESTOP CORP 0.0 06/15/32                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1870 | OU      | $214021.50    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | LCI INDUSTRIES CFD                                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     28431 | OU      | $2907.62      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ADTRAN HOLDINGS INC 3.75 09/15/30                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1010 | OU      | $113978.50    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| H World Group Ltd                       | H World Group Ltd                                          | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | KY        |       153 | NS      | $5983.83      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | TRIP.COM GROUP LTD                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | SG        |    713112 | OU      | $-144544.18   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ON SEMICONDUCTOR CORP 0.0 05/01/27                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | DE        |      7120 | OU      | $812036.00    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | WESTERN DIGITAL CORP CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   1028636 | OU      | $-1012743.82  | -1.80%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | WESTERN DIGITAL CORP CFD                                   | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    584170 | OU      | $-808285.55   | -1.44%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                          | Ziff Davis Inc                                             | CUSIP: 48123VAH5<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    668000 | PA      | $646290.00    | 1.15%             | 2028-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | ASCENDIS PHARMA A/S - ADR CFD                              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     36526 | OU      | $-253.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | GUIDEWIRE SOFTWARE INC CFD                                 | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    259249 | OU      | $8011.69      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BRIDGEBIO PHARMA INC 1.75 03/01/31                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       380 | OU      | $50796.50     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | WESTERN DIGITAL CORP                                       | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         2 | NC      | $240.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                     | NCL Corp Ltd                                               | CUSIP: 62886HBW0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    219000 | PA      | $222011.25    | 0.40%             | 2030-09-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | EXACT SCIENCES CORP .375 03/01/28                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1550 | OU      | $143530.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ZSCALER INC CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     59003 | OU      | $-3026.51     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ZIFF DAVIS INC                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     37940 | OU      | $-1074.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amphenol Corp                           | Amphenol Corp                                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |        15 | NS      | $1856.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 HOLDINGS INC                         | Q2 Holdings Inc                                            | CUSIP: 74736LAD1<br>LEI: 549300M9RKR9DZXWS696 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44698.50     | 0.08%             | 2026-06-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | TETRA TECH INC CFD                                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    137941 | OU      | $-5159.47     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5480000 | PA      | $5419472.36   | 9.65%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | LRN 1.125 09/01/27                                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3120 | OU      | $887562.29    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacira BioSciences Inc                  | Pacira BioSciences Inc                                     | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       166 | NS      | $4277.82      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                         | Nebius Group NV                                            | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |       627 | NS      | $70393.29     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | ENOVIS CORP 3.875 10/15/28 CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       370 | OU      | $36528.25     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ABRA GLOBAL FINANCE                     | ABRA Global Finance                                        | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |    116679 | PA      | $113061.95    | 0.20%             | 2029-10-22      | Fixed         | 14.00%                | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | INDIE SEMICONDUCTOR INC 3.5 12/15/29                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1300 | OU      | $139497.96    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC                | Super Micro Computer Inc                                   | CUSIP: 86800UAB0<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7159.25      | 0.01%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | HUAZHU GROUP LTD CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     51773 | OU      | $-1182.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | STORAGEVAULT CANADA INC CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | CA        |     19492 | OU      | $-1799.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | REALREAL INC/THE CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    174437 | OU      | $-40373.76    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SUPER MICRO COMPUTER INC 2.25 07/15/28                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      6400 | OU      | $726102.92    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                | S+P EMINI 3RD WK OCT25C 6825                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |        -9 | NC      | $-12937.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $991621.93    | 1.77%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SOFI TECHNOLOGIES INC 0.0 10/15/26                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1990 | OU      | $259346.75    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ANI PHARMACEUTICALS INC                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1440 | OU      | $202780.71    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Seaport Group Securities LLC            | SAREPTA THERAPEUTICS INC                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         3 | NC      | $237.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | PAR TECHNOLOGY CORP 2.875 04/15/26                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       420 | OU      | $47171.25     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagaya Technologies Ltd                 | Pagaya Technologies Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |       270 | NS      | $8016.30      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | OPENDOOR TECHNOLOGIES INC CFD                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    785520 | OU      | $85459.34     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| TELADOC HEALTH INC                      | Teladoc Health Inc                                         | CUSIP: 87918AAF2<br>LEI: 549300I2PVFBC9MFAC61 | Long             | DBT              | CORP              | US        |    153000 | PA      | $143666.16    | 0.26%             | 2027-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CONMED Corp                             | CONMED Corp                                                | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Short            | EC               | CORP              | US        |        -5 | NS      | $-235.15      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ INVESTMENTS I LTD                  | Jazz Investments I Ltd                                     | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    532000 | PA      | $566713.00    | 1.01%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | STRIDE INC CFD                                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    864655 | OU      | $-5452.12     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BIGBEAR.AI HOLDINGS INC                                    | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |         0 | OU      | $3683.80      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | PLANET LABS PBC                                            | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         8 | NC      | $200.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | ALPHATEC HOLDINGS INC .75 08/01/26                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       390 | OU      | $40657.50     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | EXACT SCIENCES CORP 1.75 04/15/31                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1150 | OU      | $107579.04    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | DIGITALOCEAN HOLDINGS INC CFD                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     99215 | OU      | $-9755.73     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BENTLEY SYSTEMS INC                     | Bentley Systems Inc                                        | CUSIP: 08265TAB5<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35568.00     | 0.06%             | 2026-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| CIPHER MINING                           | Cipher Mining Inc                                          | CUSIP: 17253JAB2<br>LEI: 254900QABG5HCQZ28A17 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8824.00      | 0.02%             | 2031-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                   | ON Semiconductor Corp                                      | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    100000 | PA      | $114050.00    | 0.20%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                       | Expedia Group Inc                                          | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |        66 | NS      | $14107.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | TERAWULF INC CFD                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1785 | OU      | $3.12         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | MICROCHIP TECHNOLOGY INC CFD                               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     84237 | OU      | $-6377.04     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cloudflare Inc                          | Cloudflare Inc                                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |        41 | NS      | $8798.19      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | KITE REALTY GROUP LP .75 04/01/27                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       460 | OU      | $46970.12     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc | MACOM Technology Solutions Holdings Inc                    | CUSIP: 55405Y100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -23 | NS      | $-2863.27     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | NUTANIX INC .25 10/01/27                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      7360 | OU      | $1014576.00   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ZSCALER INC. 0.0 07/15/28                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1910 | OU      | $189854.00    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ENCORE CAPITAL GROUP INC 4.0 03/15/29                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4810 | OU      | $477261.81    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SUPER MICRO COMPUTER INC 0.0 06/15/30                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | CV        |      4830 | OU      | $534198.00    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | HIMS & HERS HEALTH INC CFD                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     23672 | OU      | $-2192.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | VEECO INSTRUMENTS INC                                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    215712 | OU      | $-79215.41    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ADVANCED ENERGY IND 2.5 09/15/28                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2020 | OU      | $280679.00    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ADTRAN HOLDINGS INC CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    148122 | OU      | $-8712.09     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.           | PURCHASED USD / SOLD EUR                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $369.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Snowflake Inc                           | Snowflake Inc                                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Short            | EC               | CORP              | US        |      -216 | NS      | $-48718.80    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                   | ON Semiconductor Corp                                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Short            | EC               | CORP              | US        |      -414 | NS      | $-20414.34    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | BOX INC - CLASS A CFD                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     70606 | OU      | $3419.93      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ALPHATEC HOLDINGS INC CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     41036 | OU      | $1196.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                         | Rivian Automotive Inc                                      | CUSIP: 76954AAC7<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2030-10-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CORE SCIENTIFIC INC                     | Core Scientific Inc                                        | CUSIP: 21874AAC0<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |     44000 | PA      | $79244.00     | 0.14%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Celcuity Inc                            | Celcuity Inc                                               | CUSIP: 15102K100<br>LEI: 25490070W7UU7W2SEY87 | Short            | EC               | CORP              | US        |       -70 | NS      | $-3458.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | REPLIGEN CORP CFD                                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    161452 | OU      | $-3897.81     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| A10 Networks Inc                        | A10 Networks Inc                                           | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Short            | EC               | CORP              | US        |     -4717 | NS      | $-85613.55    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                           | Golar LNG Ltd                                              | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |        12 | NS      | $484.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International Bank Ltd.   | LUCID GROUP INC                                            | CUSIP: 000000000<br>LEI: EYKN6V0ZCB8VD9IULB80 | N/A              | DE               |  | US        |     30179 | OU      | $-12594.99    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | LIVE NATION ENTERTAINMEN 2.875 01/15/30                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1530 | OU      | $169983.00    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                           | ISHARES IBOXX H/Y CORP BOND CFD                            | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |    932389 | OU      | $-15829.42    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | BRIDGEBIO PHARMA INC 2.25 02/01/29                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       860 | OU      | $84989.50     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PEBBLEBROOK HOTEL TRUST CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      4394 | OU      | $293.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ASTRONICS CORP CFD                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    171128 | OU      | $-42463.53    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | VERTEX INC                                                 | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       130 | OU      | $13260.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JBT MAREL CORP                          | JBT Marel Corp                                             | CUSIP: 477839AB0<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |    179000 | PA      | $181022.70    | 0.32%             | 2026-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Greenbrier Cos Inc/The                  | Greenbrier Cos Inc/The                                     | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |        63 | NS      | $2908.71      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | WINNEBAGO INDS INC                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1100 | OU      | $98780.00     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| PORCH GROUP INC                         | Porch Group Inc                                            | CUSIP: 733245AC8<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103992.22    | 0.19%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Expedia Group Inc                       | Expedia Group Inc                                          | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Short            | EC               | CORP              | US        |        -5 | NS      | $-1068.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | PAR TECHNOLOGY STK CFD                                     | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    124912 | OU      | $37717.48     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 3                 | Match Group Financeco 3 Inc                                | CUSIP: 44932KAA4<br>LEI: 5493003IEL8HSZKWUI17 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22116.00     | 0.04%             | 2030-01-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                 | Pebblebrook Hotel Trust                                    | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              |  | US        |    161000 | PA      | $159065.59    | 0.28%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PHARMING NV                             | Pharming Group NV                                          | CUSIP: 000000000<br>LEI: 724500DCJ9MPG74JEH91 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $147824.85    | 0.26%             | 2029-04-25      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | Q2 HOLDINGS INC .75 06/01/26                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      5890 | OU      | $612265.50    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PROS HOLDINGS INC CFD                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    265897 | OU      | $-127765.76   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | KITE REALTY GROUP TRUST CFD                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     21221 | OU      | $-499.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC                 | Peloton Interactive Inc                                    | CUSIP: 70614WAB6<br>LEI: 5493002YS021166W0339 | Long             | DBT              | CORP              | US        |    610000 | PA      | $600087.50    | 1.07%             | 2026-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BIGBEAR.AI HOLDINGS INC CFD                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     70670 | OU      | $-43893.40    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| BILL Holdings Inc                       | BILL Holdings Inc                                          | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |        81 | NS      | $4290.57      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                             | Dropbox Inc                                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |       734 | NS      | $22174.14     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd | Ping An Insurance Group Co of China Ltd                    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Short            | EC               | CORP              | CN        |    -32600 | NS      | $-221839.38   | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Collegium Pharmaceutical Inc            | Collegium Pharmaceutical Inc                               | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |       236 | NS      | $8257.64      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | SILVERCORP METALS INC 4.75 12/15/29                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1300 | OU      | $211624.01    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Tetra Tech Inc                          | Tetra Tech Inc                                             | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |       300 | NS      | $10014.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citadel Securities LLC                  | PAR TECHNOLOGY CORP                                        | CUSIP: 000000000<br>LEI: 12UUJYTN7D3SW8KCSG25 | N/A              | DE               |  | US        |         8 | NC      | $40.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | PENGUIN SOLUTIONS INC                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4140 | OU      | $493695.00    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | ASCENDIS PHARMA A/S 2.25 04/01/28                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | DE        |       410 | OU      | $55913.75     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Energy Industries Inc          | Advanced Energy Industries Inc                             | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |        29 | NS      | $4934.06      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   4530000 | PA      | $4500810.32   | 8.01%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hims & Hers Health Inc                  | Hims & Hers Health Inc                                     | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Short            | EC               | CORP              | US        |       -74 | NS      | $-4197.28     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | BILL HOLDINGS INC 0.0 04/01/30                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      7160 | OU      | $639030.00    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CLEANSPARK INC 0.0 06/15/30                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       810 | OU      | $100873.88    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Super Micro Computer Inc                | Super Micro Computer Inc                                   | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |       387 | NS      | $18552.78     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES                 | Summit Hotel Properties Inc                                | CUSIP: 866082AA8<br>LEI: 254900OBQWJK6X20LS71 | Long             | DBT              |  | US        |    689000 | PA      | $678320.50    | 1.21%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Akamai Technologies Inc                 | Akamai Technologies Inc                                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Short            | EC               | CORP              | US        |       -16 | NS      | $-1212.16     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | PROGRESS SOFTWARE CORP                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       370 | OU      | $37305.25     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BOX INC 0.0 01/15/26                                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      4010 | OU      | $501250.00    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | MIRUM PHARMACEUTICALS 4.0 05/01/29                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       780 | OU      | $187707.00    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SUPER MICRO COMPUTER INC 3.5 03/01/29                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2650 | OU      | $271028.75    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | OPENDOOR TECHNOLOGIES INC CFD                              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    709460 | OU      | $24813.16     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS                   | DigitalOcean Holdings Inc                                  | CUSIP: 25402DAC6<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |    305000 | PA      | $340648.69    | 0.61%             | 2030-08-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | INTERDIGITAL INC CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   2640370 | OU      | $-505366.20   | -0.90%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | AKAMAI TECHNOLOGIES INC CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    245403 | OU      | $9259.13      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | MARA HOLDINGS INC 0.0 08/01/32                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1140 | OU      | $122436.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | FORD MOTOR COMPANY 0.0 03/15/26                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |     12830 | OU      | $1303528.00   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ASTRONICS CORP 5.5 03/15/30                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |        90 | OU      | $19728.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | DOORDASH INC - A CFD                                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    116058 | OU      | $-4433.17     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Porch Group Inc                         | Porch Group Inc                                            | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |       193 | NS      | $3238.54      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | OPENDOOR TECHNOLOGIES INC                                  | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        33 | NC      | $99.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | GUIDEWIRE SOFTWARE INC 1.25 11/01/29                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3820 | OU      | $445229.79    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CLEANSPARK INC CFD                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     61755 | OU      | $-4466.61     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors            | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   2914472 | NS      | $2914472.49   | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc                  | Sirius XM Holdings Inc                                     | CUSIP: 829933100<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |       383 | NS      | $8914.33      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                     | Ascendis Pharma A/S                                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |         7 | NS      | $1391.67      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd               | Alibaba Group Holding Ltd                                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |        26 | NS      | $4646.98      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | FORTUNA MINING CORP CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    121547 | OU      | $-66559.16    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| CONMED Corp                             | CONMED Corp                                                | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |       421 | NS      | $19799.63     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | MIRION TECHNOLOGIES INC CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     30674 | OU      | $-3099.52     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORP                     | Exact Sciences Corp                                        | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41366.00     | 0.07%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | OSI SYSTEMS INC CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    358882 | OU      | $-47877.73    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | BIGBEAR.AI HOLDINGS INC 6.0 12/15/29                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       600 | OU      | $122029.85    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | US TREASURY N/B 3.875 06/30/30                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | US        |      6710 | OU      | $675115.12    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Akamai Technologies Inc                 | Akamai Technologies Inc                                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |        27 | NS      | $2045.52      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | VEECO INSTRS INC DEL                                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      4870 | OU      | $624577.50    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| PROS Holdings Inc                       | PROS Holdings Inc                                          | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |       395 | NS      | $9049.45      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                    | Applied Digital Corp                                       | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |      3788 | NS      | $86896.72     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc       | Solaris Energy Infrastructure Inc                          | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |        52 | NS      | $2078.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | BLOOM ENERGY CORP 3.0 06/01/28 CFD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1740 | OU      | $779433.00    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Holdings Inc                     | Affirm Holdings Inc                                        | CUSIP: 00827B106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |        -2 | NS      | $-146.16      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | NUTANIX INC - A CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    778163 | OU      | $-20264.98    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | KALVISTA PHARMACEUTICALS INC CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      4392 | OU      | $-102.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ENOVIS CORP CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      8237 | OU      | $15.03        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | CLOUDFLARE INC - CLASS A CFD                               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    265899 | OU      | $-39462.69    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                          | Ziff Davis Inc                                             | CUSIP: 48123VAE2<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |    316000 | PA      | $303913.00    | 0.54%             | 2026-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MARA Holdings Inc                       | MARA Holdings Inc                                          | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |       317 | NS      | $5788.42      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | WAYFAIR INC                                                | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         6 | NC      | $96.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                               | Block Inc                                                  | CUSIP: 852234AK9<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    156000 | PA      | $142467.00    | 0.25%             | 2027-11-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ALKAMI TECHNOLOGY INC                   | Alkami Technology Inc                                      | CUSIP: 01644JAA6<br>LEI: 254900FCNYU4HNEV9L47 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22485.75     | 0.04%             | 2030-03-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | WISDOM TREE INC                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      8360 | OU      | $1096832.00   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | THE REALREAL INC 4.0 02/15/31                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1570 | OU      | $201588.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ON SEMICONDUCTOR CORPORATION CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    587049 | OU      | $38474.85     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | IMPINJ INC CFD                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    112122 | OU      | $-9342.46     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT VACATION WORLDW                | Marriott Vacations Worldwide Corp                          | CUSIP: 57164YAD9<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1453907.50   | 2.59%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | WAYFAIR INC SR UNSECURED 09/27 3.25                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |     12590 | OU      | $1921583.16   | 3.42%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | MACOM TECHNOLOGY SOLUTIONS H CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     96481 | OU      | $623.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | JAZZ PHARMACEUTICALS PLC CFD                               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    153554 | OU      | $-3815.33     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PORCH GROUP INC 6.75 10/01/28                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       700 | OU      | $72794.56     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | AMPHENOL CORP-CL A CFD                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      1375 | OU      | $-481.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SNOWFLAKE INC 0.0 10/01/27                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4210 | OU      | $638842.24    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | INTERDIGITAL INC 3.5 06/01/27                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      7040 | OU      | $3149696.00   | 5.61%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | PORCH GROUP INC                                            | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |       -31 | NC      | $-1085.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NEBIUS GROUP NV                         | Nebius Group NV                                            | CUSIP: 63954QAE6<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |      7000 | PA      | $8158.50      | 0.01%             | 2030-09-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | AKAMAI TECHNOLOGIES INC .375 09/01/27                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | DE        |      6930 | OU      | $664587.00    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Silvercorp Metals Inc                   | Silvercorp Metals Inc                                      | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | CA        |        98 | NS      | $619.36       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN INSURANCE GROUP                 | Ping An Insurance Group Co of China Ltd                    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | DBT              | CORP              | CN        |    200000 | PA      | $270000.00    | 0.48%             | 2029-07-22      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | BILL HOLDINGS INC                                          | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        -5 | NC      | $-500.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | AFFIRM HOLDINGS INC .75 12/15/29                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2070 | OU      | $225319.50    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| PAR Technology Corp                     | PAR Technology Corp                                        | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Short            | EC               | CORP              | US        |        -1 | NS      | $-39.58       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | REPAY HOLDINGS CORP CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       691 | OU      | $57.80        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | TRANSMEDICS GROUP INC CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    555082 | OU      | $17756.39     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Microchip Technology Inc                | Microchip Technology Inc                                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Short            | EC               | CORP              | US        |      -106 | NS      | $-6807.32     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc           | Amphastar Pharmaceuticals Inc                              | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |        47 | NS      | $1252.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | US TREASURY N/B 3.875 03/31/27                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | US        |      4280 | OU      | $429270.63    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | PAGAYA TECHNOLOGIES LTD                                    | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | IL        |         8 | NC      | $1416.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | AST SPACEMOBILE INC CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     79527 | OU      | $-620.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JBT Marel Corp                          | JBT Marel Corp                                             | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Short            | EC               | CORP              | US        |        -2 | NS      | $-280.90      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Rubrik Inc                              | Rubrik Inc                                                 | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |        16 | NS      | $1316.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALOCEAN HOLDINGS                   | DigitalOcean Holdings Inc                                  | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |     88000 | PA      | $83111.60     | 0.15%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SOLARIS ENERGY INFRASTRUCTUR CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     10612 | OU      | $-1458.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphatec Holdings Inc                   | Alphatec Holdings Inc                                      | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |       350 | NS      | $5089.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | ENCORE CAPITAL GROUP INC 3.25 10/01/25                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4050 | OU      | $432135.00    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | OSI SYSTEMS INC                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      3830 | OU      | $556594.75    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CERIDIAN HCM HOLDING INC .25 03/15/26                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |     13130 | OU      | $1286411.75   | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | INDIE SEMICONDUCTOR INC 3.5 12/15/29                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       310 | OU      | $33264.90     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | LUMENTUM HOLDINGS INC .5 12/15/26                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       760 | OU      | $128155.00    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PAR TECHNOLOGY CORP 1.0 01/15/30                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       550 | OU      | $47630.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | NEBIUS GROUP NV 1.0 09/15/30                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |        80 | OU      | $9324.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | TETRA TECH INC CFD                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       506 | OU      | $38.92        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADTRAN Holdings Inc                     | ADTRAN Holdings Inc                                        | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Short            | EC               | CORP              | US        |      -142 | NS      | $-1331.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | TERAWULF INC CFD                                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    594254 | OU      | $-21957.58    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC                  | Array Technologies Inc                                     | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | CIPHER MINING 1.75 05/15/30                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       160 | OU      | $47224.00     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | US TREASURY N/B 3.75 04/30/27                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | US        |      5920 | OU      | $592832.50    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Xometry Inc                             | Xometry Inc                                                | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |       149 | NS      | $8116.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | GAMESTOP CORP 0.0 04/01/30                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       580 | OU      | $65946.00     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bloom Energy Corp                       | Bloom Energy Corp                                          | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |       382 | NS      | $32305.74     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | IAC FINANCECO 3 INC 2.0 01/15/30                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4750 | OU      | $437712.50    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                       | Expedia Group Inc                                          | CUSIP: 30212PBE4<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    523000 | PA      | $527968.50    | 0.94%             | 2026-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | APPLIED OPTOELECTRONICS INC CFD                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     95104 | OU      | $-15669.45    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | LYFT INC                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1320 | OU      | $170775.00    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SHIFT4 PAYMENTS INC-CLASS A CFD                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    163289 | OU      | $16925.79     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CORE SCIENTIFIC INC CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    187823 | OU      | $-8423.03     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | HIMS & HERS HEALTH 0.0 05/15/30                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       220 | OU      | $24805.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DEXCOM INC                              | Dexcom Inc                                                 | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |    488000 | PA      | $445422.00    | 0.79%             | 2028-05-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CRACKER BARREL OLD COUNT 1.75 09/15/30                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       380 | OU      | $35150.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | KITE REALTY GROUP TRUST CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |       645 | OU      | $20.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONMED CORP                             | CONMED Corp                                                | CUSIP: 207410AH4<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | DBT              | CORP              | US        |   1138000 | PA      | $1085659.28   | 1.93%             | 2027-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Penguin Solutions Inc                   | Penguin Solutions Inc                                      | CUSIP: 706915105<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | EC               | CORP              | US        |       341 | NS      | $8961.48      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRONICS CORP                          | Astronics Corp                                             | CUSIP: 046433AC2<br>LEI: 549300NNXCF8H4MSMK17 | Long             | DBT              | CORP              | US        |     32000 | PA      | $70144.00     | 0.12%             | 2030-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | LIVE NATION CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    856920 | OU      | $-87695.35    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| LivaNova PLC                            | LivaNova PLC                                               | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |        71 | NS      | $3718.98      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | PELOTON INTERACTIVE INC                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2220 | OU      | $497502.00    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                | Microchip Technology Inc                                   | CUSIP: 595017BG8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    189000 | PA      | $183708.00    | 0.33%             | 2030-06-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                | Snap Inc                                                   | CUSIP: 83304AAH9<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     90000 | PA      | $80370.00     | 0.14%             | 2028-03-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | BLOOM ENERGY CORP- A CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   2171188 | OU      | $-981666.67   | -1.75%            |  |  |  | No            |                  2 | On Loan: No      |
| CHEESECAKE FACTORY (THE)                | Cheesecake Factory Inc/The                                 | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |    335000 | PA      | $342705.00    | 0.61%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | CORE SCIENTIFIC INC 3.0 09/01/29                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1150 | OU      | $207115.00    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| WisdomTree Inc                          | WisdomTree Inc                                             | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |       979 | NS      | $13608.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | EXACT SCIENCES CORP CFD                                    | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    110505 | OU      | $-8161.40     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cleanspark Inc                          | Cleanspark Inc                                             | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |       104 | NS      | $1508.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | BIGBEAR.AI HOLDINGS INC                                    | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        15 | NC      | $870.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | ENCORE CAPITAL GROUP INC CFD                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    230254 | OU      | $-9542.25     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PROS HOLDINGS INC 2.25 09/15/27                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       780 | OU      | $77259.00     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| XOMETRY INC                             | Xometry Inc                                                | CUSIP: 98423FAB5<br>LEI: 5493006JFRGU7YRRXE44 | Long             | DBT              | CORP              | US        |    221000 | PA      | $266929.34    | 0.48%             | 2027-02-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BILL HOLDINGS INC                       | BILL Holdings Inc                                          | CUSIP: 090043AE0<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24097.50     | 0.04%             | 2030-04-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BRIDGEBIO PHARMA INC                    | Bridgebio Pharma Inc                                       | CUSIP: 10806XAD4<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60283.25     | 0.11%             | 2029-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TransMedics Group Inc                   | TransMedics Group Inc                                      | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |       127 | NS      | $14249.40     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | SUPER MICRO COMPUTER INC CFD                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    813367 | OU      | $-10194.15    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| PROS HOLDINGS INC                       | PROS Holdings Inc                                          | CUSIP: 74346YAK9<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | DBT              | CORP              | US        |    492000 | PA      | $636156.00    | 1.13%             | 2030-07-01      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| CLOUDFLARE INC                          | Cloudflare Inc                                             | CUSIP: 18915MAC1<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |     71000 | PA      | $88622.12     | 0.16%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | WESTERN DIGITAL CORP 3.0 11/15/28 CFD                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4450 | OU      | $1428450.00   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Applied Optoelectronics Inc             | Applied Optoelectronics Inc                                | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |       160 | NS      | $4148.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHATEC HOLDINGS INC                   | Alphatec Holdings Inc                                      | CUSIP: 02081GAB8<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |    242000 | PA      | $252285.00    | 0.45%             | 2026-08-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Nutanix Inc                             | Nutanix Inc                                                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |       259 | NS      | $19267.01     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                           | Tempus AI Inc                                              | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |         4 | NS      | $322.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH INC                     | Guardant Health Inc                                        | CUSIP: 40131MAB5<br>LEI: 254900M8C3E5VC8BR186 | Long             | DBT              | CORP              | US        |    889000 | PA      | $856107.00    | 1.52%             | 2027-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENGUIN SOLUTIONS INC                   | Penguin Solutions Inc                                      | CUSIP: 83205YAE4<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | DBT              | CORP              | US        |      3000 | PA      | $3577.50      | 0.01%             | 2030-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | BILL HOLDINGS INC CFD                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    137067 | OU      | $-22161.24    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| FIVE9 INC                               | Five9 Inc                                                  | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8885.00      | 0.02%             | 2029-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CHEESECAKE FACTORY (THE) 2.0 03/15/30                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1480 | OU      | $151404.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International Bank Ltd.   | BIGBEAR.AI HOLDINGS INC CFD                                | CUSIP: 000000000<br>LEI: EYKN6V0ZCB8VD9IULB80 | N/A              | DE               |  | US        |     38075 | OU      | $-10316.58    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Cipher Mining Inc                       | Cipher Mining Inc                                          | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |       975 | NS      | $12275.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | LUMENTUM HOLDINGS INC .5 12/15/26                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1300 | OU      | $219212.50    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | REPLIGEN CORP                                              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      5350 | OU      | $539280.00    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | US TREASURY N/B 3.875 07/31/27                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | DE        |      8230 | OU      | $826375.58    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | BIGBEAR.AI HOLDINGS INC                                    | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        15 | NC      | $525.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                     | Shift4 Payments Inc                                        | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1218 | NS      | $94273.20     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | A10 NETWORKS INC 2.75 04/01/30                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       420 | OU      | $44225.32     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Pharming Group NV                       | Pharming Group NV                                          | CUSIP: 000000000<br>LEI: 724500DCJ9MPG74JEH91 | Short            | EC               | CORP              | NL        |    -49317 | NS      | $-71995.76    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Lumentum Holdings Inc                   | Lumentum Holdings Inc                                      | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Short            | EC               | CORP              | US        |      -143 | NS      | $-23267.53    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | CIPHER MINING INC CFD                                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     38736 | OU      | $-3414.96     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | Q2 HOLDINGS INC CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    267447 | OU      | $40503.96     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | FIVE9 INC                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      5050 | OU      | $448692.50    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | JBT MARCEL CORP CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     46944 | OU      | $595.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BOX INC - CLASS A CFD                                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    439020 | OU      | $18348.12     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| IREN LTD                                | IREN Ltd                                                   | CUSIP: 46270CAA7<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |    130000 | PA      | $382629.94    | 0.68%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1115000 | PA      | $1101867.17   | 1.96%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | SEMTECH CORP CFD                                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    229981 | OU      | $-143273.82   | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Vishay Intertechnology Inc              | Vishay Intertechnology Inc                                 | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |       315 | NS      | $4819.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP INGREDIENTS INC                     | MGP Ingredients Inc                                        | CUSIP: 55303JAB2<br>LEI: 2549006OMHFVZ4MS8538 | Long             | DBT              | CORP              | US        |    563000 | PA      | $539526.38    | 0.96%             | 2041-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BRIDGEBIO PHARMA INC 2.5 03/15/27                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3070 | OU      | $431565.25    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Core Scientific Inc                     | Core Scientific Inc                                        | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Short            | EC               | CORP              | US        |     -3294 | NS      | $-59094.36    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | BILL HOLDINGS INC                                          | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         5 | NC      | $550.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | AFFIRM HOLDINGS INC CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    189961 | OU      | $16103.87     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | NEBIUS GROUP NV                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   1089799 | OU      | $-43342.37    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                 | Sea Ltd                                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Short            | EC               | CORP              | KY        |     -1292 | NS      | $-230919.16   | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| A10 NETWORKS INC                        | A10 Networks Inc                                           | CUSIP: 002121AA9<br>LEI: 549300UQD4IWUML81Q35 | Long             | DBT              | CORP              | US        |    271000 | PA      | $285358.62    | 0.51%             | 2030-04-01      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | GRANITE CONSTRUCTION INC 3.75 05/15/28                     | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       760 | OU      | $183236.00    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                 | Pebblebrook Hotel Trust                                    | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |         6 | NS      | $68.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | TRIP.COM GROUP LTD .75 06/29 CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      9660 | OU      | $1235997.00   | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Hims & Hers Health Inc                  | Hims & Hers Health Inc                                     | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |        28 | NS      | $1588.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMETRY INC                             | Xometry Inc                                                | CUSIP: 98423FAC3<br>LEI: 5493006JFRGU7YRRXE44 | Long             | DBT              | CORP              | US        |     76000 | PA      | $106780.00    | 0.19%             | 2030-06-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | SPDR S+P 500 ETF TRUST                                     | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |       -39 | NC      | $-3510.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | INOTIV INC CFD                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     33046 | OU      | $-1426.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | PAR TECHNOLOGY CORP 1.5 10/15/27                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3940 | OU      | $380981.00    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| THE REALREAL INC                        | RealReal Inc/The                                           | CUSIP: 88339PAJ0<br>LEI: 549300O00VUGT4H1PE90 | Long             | DBT              | CORP              | US        |    102000 | PA      | $130968.00    | 0.23%             | 2031-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ADTRAN Holdings Inc                     | ADTRAN Holdings Inc                                        | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |       176 | NS      | $1650.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | US TREASURY N/B 3.75 06/30/27                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | US        |      8460 | OU      | $847520.16    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | VISHAY INTERTECHNOLOGY INC CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     85933 | OU      | $466.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SoFi Technologies Inc                   | SoFi Technologies Inc                                      | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |       100 | NS      | $2642.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | DOORDASH INC 0.0 05/15/30                                  | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | DE        |      1910 | OU      | $217549.00    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd      | Norwegian Cruise Line Holdings Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |        81 | NS      | $1995.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | CRACKER BARREL OLD COUNTRY CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     28030 | OU      | $1064.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Opendoor Technologies Inc               | Opendoor Technologies Inc                                  | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |      3470 | NS      | $27655.90     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | BLOOM ENERGY CORP                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      6060 | OU      | $2503992.00   | 4.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | ALIBABA GROUP HLDG LTD                                     | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      7190 | OU      | $1322600.50   | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SMART GLOBAL HOLDINGS IN 2.0 02/01/29                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      5290 | OU      | $734494.45    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SSR MINING INC 2.5 04/01/39 144A SWAP                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1010 | OU      | $142536.25    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| HIMS & HERS HEALTH                      | Hims & Hers Health Inc                                     | CUSIP: 433000AA4<br>LEI: 254900V041EIVTSB6D58 | Long             | DBT              | CORP              | US        |     21000 | PA      | $23677.50     | 0.04%             | 2030-05-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Terawulf Inc                            | Terawulf Inc                                               | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Short            | EC               | CORP              | US        |       -59 | NS      | $-673.78      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Citadel Securities LLC                  | BLOOM ENERGY CORP                                          | CUSIP: 000000000<br>LEI: 12UUJYTN7D3SW8KCSG25 | N/A              | DE               |  | US        |         3 | NC      | $15.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STORAGEVAULT CANADA INC                 | StorageVault Canada Inc                                    | CUSIP: 86212HAC9<br>LEI: 254900A6LDI0HRL1VD69 | Long             | DBT              | CORP              | CA        |    342000 | PA      | $248814.40    | 0.44%             | 2028-03-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VERTEX INC                              | Vertex Inc                                                 | CUSIP: 92538JAB2<br>LEI: 549300QMYW171MP1PL50 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12240.00     | 0.02%             | 2029-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CHEESECAKE FACTORY (THE)                | Cheesecake Factory Inc/The                                 | CUSIP: 163072AA9<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110700.78    | 0.20%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| GAMESTOP CORP                           | GameStop Corp                                              | CUSIP: 36467WAD1<br>LEI: 549300505KLOET039L77 | Long             | DBT              | CORP              | US        |     57000 | PA      | $64809.00     | 0.12%             | 2030-04-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | PELOTON INTERACTIVE INC-A CFD                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    293102 | OU      | $-95751.95    | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797RZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1610000 | PA      | $1594523.67   | 2.84%             | 2025-12-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| StorageVault Canada Inc                 | StorageVault Canada Inc                                    | CUSIP: 86212H105<br>LEI: 254900A6LDI0HRL1VD69 | Short            | EC               | CORP              | CA        |     -3152 | NS      | $-11709.31    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | VERTEX INC - CLASS A CFD                                   | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     11270 | OU      | $387.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | PORCH GROUP INC                                            | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         3 | NC      | $1470.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC                   | Lumentum Holdings Inc                                      | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $36240.00     | 0.06%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PAR TECHNOLOGY STK CFD                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     18489 | OU      | $4319.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OSI Systems Inc                         | OSI Systems Inc                                            | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |        23 | NS      | $5732.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | DROPBOX INC-CLASS A CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    322452 | OU      | $-8588.78     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | BIGBEAR.AI HOLDINGS INC CFD                                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    197667 | OU      | $15634.64     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MAXEON SOLAR TECHNOLOGIES LTD           | MAXEON SOLAR TECHNOLOGIES LTD                              | CUSIP: 000000000<br>LEI: 5493007JPB074ITT6Y72 | N/A              | DE               |  | SG        |     26550 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BNP Paribas SA                          | SNOWFLAKE INC-CLASS A CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    638669 | OU      | $-5275.79     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY INTERACTIVE LLC                 | Liberty Interactive LLC                                    | CUSIP: 530715AG6<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |    571644 | PA      | $54306.19     | 0.10%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ALKAMI TECHNOLOGY INC 1.5 03/15/30                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       210 | OU      | $22485.75     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | IREN LTD 3.25 06/15/30                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2100 | OU      | $618094.52    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITY SOFTWARE INC                      | Unity Software Inc                                         | CUSIP: 91332UAB7<br>LEI: 549300D1ESJMGNQNG432 | Long             | DBT              | CORP              | US        |    290000 | PA      | $276877.50    | 0.49%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC                 | Akamai Technologies Inc                                    | CUSIP: 00971TAL5<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |     39000 | PA      | $37401.00     | 0.07%             | 2027-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SOFI TECHNOLOGIES INC                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    848198 | OU      | $-359909.27   | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | HUAZHU GROUP LTD CFD                                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    111965 | OU      | $-12365.36    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PHARMING GROUP NV CFD                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | NL        |      4042 | OU      | $-81.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lumentum Holdings Inc                   | Lumentum Holdings Inc                                      | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |        48 | NS      | $7810.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | LUMENTUM HOLDINGS INC CFD                                  | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    153103 | OU      | $-71762.03    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIRA BIOSCIENCES INC                  | Pacira BioSciences Inc                                     | CUSIP: 695127AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     77000 | PA      | $78424.01     | 0.14%             | 2029-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CRACKER BARREL OLD COUNT                | Cracker Barrel Old Country Store Inc                       | CUSIP: 22410JAC0<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | DBT              | CORP              | US        |     38000 | PA      | $35150.00     | 0.06%             | 2030-09-15      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| SHIFT TECHNOLOGIES INC                  | Shift Technologies Inc                                     | CUSIP: 82452TAA5<br>LEI: 5493000DBZBX1I1QVY71 | Long             | DBT              | CORP              | US        |    850000 | PA      | $935.00       | 0.00%             | 2026-05-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                 | Pebblebrook Hotel Trust                                    | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Short            | EC               |  | US        |     -6719 | NS      | $-76529.41    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORP                   | ON Semiconductor Corp                                      | CUSIP: 682189AU9<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    138000 | PA      | $127673.61    | 0.23%             | 2029-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | DYNAVAX TECHNOLOGIES CORP CFD                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     85003 | OU      | $6148.65      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | LYFT INC- CFD                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     94876 | OU      | $-4256.75     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TEMPUS AI INC                           | TEMPUS AI INC                                              | CUSIP: 88023BAD5<br>LEI: 2549009LA0KWRAGQBX50 | Long             | DBT              | CORP              | US        |     42000 | PA      | $52815.00     | 0.09%             | 2030-07-15      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Match Group Inc                         | Match Group Inc                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |       131 | NS      | $4626.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                           | Golar LNG Ltd                                              | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Short            | EC               | CORP              | BM        |       -12 | NS      | $-484.92      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | BRIDGEBIO PHARMA INC CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     18273 | OU      | $-1464.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | TRANSMEDICS GROUP INC 1.5 06/01/28                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      5620 | OU      | $799922.70    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SEA LTD-ADR CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | KY        |   1236300 | OU      | $-68965.23    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Bridgebio Pharma Inc                    | Bridgebio Pharma Inc                                       | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |       146 | NS      | $7583.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | PORCH GROUP INC 6.75 10/01/28                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2070 | OU      | $215263.90    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | AST SPACEMOBILE INC 4.25 03/01/32                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       490 | OU      | $102814.25    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | SEMTECH CORP 1.625 11/01/27                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1380 | OU      | $272205.00    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | Pacira Biosciences Inc                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2800 | OU      | $285178.23    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Opendoor Technologies Inc               | Opendoor Technologies Inc                                  | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Short            | EC               | CORP              | US        |      -496 | NS      | $-3953.12     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | VISHAY INTERTECHNOLOGY 2.25 09/15/30 CFD                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2610 | OU      | $237990.74    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | OPENDOOR TECHNOLOGIES IN 7.0 05/15/30                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1340 | OU      | $697982.76    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | TERAWULF INC 2.75 02/01/30                                 | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | DE        |      5350 | OU      | $863817.80    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NEBIUS GROUP NV                         | Nebius Group NV                                            | CUSIP: 63954QAF3<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $17475.00     | 0.03%             | 2032-09-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | INDIE SEMICONDUCTOR INC 4.5 11/15/27                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2140 | OU      | $212127.50    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | BENTLEY SYSTEMS INC .125 01/15/26                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       370 | OU      | $36556.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ENOVIX CORP CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     50766 | OU      | $1055.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | DOORDASH INC - A CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      4087 | OU      | $7.59         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Affirm Holdings Inc                     | Affirm Holdings Inc                                        | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       380 | NS      | $27770.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | MIRUM PHARMACEUTICALS INC CFD                              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    171712 | OU      | $606.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCI INDUSTRIES                          | LCI Industries                                             | CUSIP: 501812AC5<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35910.00     | 0.06%             | 2030-03-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | FORTUNA SILVER MINES INC 3.75 06/30/29 144A                | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1660 | OU      | $263983.49    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | MATCH GROUP INC CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     73278 | OU      | $-2483.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | COINBASE GLOBAL INC -CLASS A CFD                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    196178 | OU      | $1108.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | LIVANOVA PLC                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      3040 | OU      | $327537.81    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                      | Trip.com Group Ltd                                         | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |        75 | NS      | $5640.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | LIVANOVA PLC CFD                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    126094 | OU      | $-11926.80    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY INTERACTIVE LLC                 | Liberty Interactive LLC                                    | CUSIP: 530715AL5<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   1074000 | PA      | $99345.00     | 0.18%             | 2030-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | UPSTART HOLDINGS INC 2.0 10/01/29                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      6680 | OU      | $934097.71    | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2600000 | PA      | $2598237.52   | 4.63%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DigitalOcean Holdings Inc               | DigitalOcean Holdings Inc                                  | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Short            | EC               | CORP              | US        |     -2563 | NS      | $-87552.08    | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                   | Alkami Technology Inc                                      | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Short            | EC               | CORP              | US        |       -19 | NS      | $-471.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VISHAY INTERTECHNOLOGY                  | Vishay Intertechnology Inc                                 | CUSIP: 928298AR9<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |     92000 | PA      | $83889.46     | 0.15%             | 2030-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | DROPBOX INC 0.0 03/01/28                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      5150 | OU      | $532767.50    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| BigBear.ai Holdings Inc                 | BigBear.ai Holdings Inc                                    | CUSIP: 08975B109<br>LEI: 549300XGCF2ELN28CS63 | Long             | EC               | CORP              | US        |      7762 | NS      | $50608.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                           | Snowflake Inc                                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |         2 | NS      | $451.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | APPLIED DIGITAL CORP CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     10493 | OU      | $-9395.60     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Jazz Pharmaceuticals PLC                | Jazz Pharmaceuticals PLC                                   | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |       112 | NS      | $14761.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | AKAMAI TECHNOLOGIES INC .25 05/15/33                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2570 | OU      | $258542.00    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ALKAMI TECHNOLOGY INC CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     22502 | OU      | $890.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ADVANCED ENERGY INDUSTRIES CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    169410 | OU      | $-30334.44    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Q2 Holdings Inc                         | Q2 Holdings Inc                                            | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Short            | EC               | CORP              | US        |      -147 | NS      | $-10641.33    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| KALVISTA PHARMA INC                     | KalVista Pharmaceuticals Inc                               | CUSIP: 483497AA1<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | DBT              | CORP              | US        |     31000 | PA      | $33644.76     | 0.06%             | 2031-10-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | ALIBABA GROUP HOLDING-SP ADR SWAP                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     15488 | OU      | $-239.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | RUBRIK INC-A CFD                                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     89551 | OU      | $-5365.35     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | APPLIED DIGITAL CORP 2.75 06/01/30                         | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      1210 | OU      | $303096.13    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | AKAMAI TECHNOLOGIES INC 1.125 02/15/29                     | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      5880 | OU      | $553014.00    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| LCI Industries                          | LCI Industries                                             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |        14 | NS      | $1304.10      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BIGBEAR.AI HOLDINGS INC                 | BigBear.ai Holdings Inc                                    | CUSIP: 08975BAC3<br>LEI: 549300XGCF2ELN28CS63 | Long             | DBT              | CORP              | US        |     42000 | PA      | $85420.89     | 0.15%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | ALIBABA GROUP HOLDING-SP ADR SWAP                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    844942 | OU      | $-283201.42   | -0.50%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BRIDGEBIO PHARMA INC CFD                                   | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    305522 | OU      | $-28608.10    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| ETSY INC                                | Etsy Inc                                                   | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |    459000 | PA      | $406559.25    | 0.72%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | MICROCHIP TECHNOLOGY INC CFD                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     20153 | OU      | $437.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | XOMETRY INC 1.0 02/01/27                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1950 | OU      | $235525.89    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SEA LTD 2.375 12/01/25                                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | KY        |      6610 | OU      | $1306797.00   | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| OKTA INC                                | Okta Inc                                                   | CUSIP: 679295AF2<br>LEI: 549300N8J06I8MRHU620 | Long             | DBT              | CORP              | US        |     88000 | PA      | $85841.76     | 0.15%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | DYNAVAX TECHNOLOGIES CORP CFD                              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     48017 | OU      | $11255.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Strategy Inc                            | Strategy Inc                                               | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |         6 | NS      | $1933.26      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                                | IREN Ltd                                                   | CUSIP: 000000000<br>LEI: 254900FZF02RB3NNGB71 | Long             | EC               | CORP              | AU        |       116 | NS      | $5443.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc                        | Pitney Bowes Inc                                           | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |       208 | NS      | $2373.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP                     | Exact Sciences Corp                                        | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |     93000 | PA      | $86118.00     | 0.15%             | 2028-03-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | A10 NETWORKS INC CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     65760 | OU      | $-15.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | EXACT SCIENCES CORP CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     15742 | OU      | $-123.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Impinj Inc                              | Impinj Inc                                                 | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |        12 | NS      | $2169.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | INDIE SEMICONDUCTOR INC-A CFD                              | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     19447 | OU      | $-1106.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | WESTERN DIGITAL CORP 3.0 11/15/28                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      6540 | OU      | $2099340.00   | 3.74%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | WINNEBAGO STK CFD                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     13054 | OU      | $-20.84       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ESC GCB144A3C7 GOL EQU                  | ESC GCB144A3C7 GOL EQU                                     | CUSIP: 362ESCAJ4<br>LEI: 222100H9BH197YU7RY14 | Long             | DBT              | CORP              | US        |    616000 | PA      | $0.00         | 0.00%             | 2024-07-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BNP Paribas SA                          | ENOVIX CORP 4.75 09/15/30                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       760 | OU      | $90535.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CONMED CORP CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     21916 | OU      | $2351.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL                 | BioMarin Pharmaceutical Inc                                | CUSIP: 09061GAK7<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |    398000 | PA      | $378299.00    | 0.67%             | 2027-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Celcuity Inc                            | Celcuity Inc                                               | CUSIP: 15102K100<br>LEI: 25490070W7UU7W2SEY87 | Long             | EC               | CORP              | US        |        70 | NS      | $3458.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | SPDR S+P 500 ETF TRUST                                     | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        39 | NC      | $8697.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | GUARDANT HEALTH INC CFD                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    108440 | OU      | $-11771.51    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Core Scientific Inc                     | Core Scientific Inc                                        | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |      2100 | NS      | $37674.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | US TREASURY N/B 3.875 04/30/30                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              |  | US        |     11840 | OU      | $1191492.49   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corp                           | Carnival Corp                                              | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |      5060 | NS      | $146284.60    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | AMPHASTAR PHARMACEUTICAL 2.0 03/15/29                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       400 | OU      | $36455.90     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SEMTECH CORP                            | Semtech Corp                                               | CUSIP: 816850AF8<br>LEI: 549300J7WUY317SW6O61 | Long             | DBT              | CORP              | US        |    136000 | PA      | $268260.00    | 0.48%             | 2027-11-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3205000 | PA      | $3197111.69   | 5.69%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2355000 | PA      | $2317118.51   | 4.12%             | 2026-03-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pacira BioSciences Inc                  | Pacira BioSciences Inc                                     | CUSIP: 695127100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1056 | NS      | $-27213.12    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                            | Strategy Inc                                               | CUSIP: 594972AN1<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |    223000 | PA      | $398389.50    | 0.71%             | 2032-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | NORWEGIAN CRUISE LINE HOLDINGS LTD                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | BM        |    157808 | OU      | $5742.23      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | MARA HOLDINGS INC CFD                                      | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    192157 | OU      | $-5269.97     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | MACOM TECHNOLOGY SOLUTIONS H CFD                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    352779 | OU      | $-1270.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PITNEY BOWES INC CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     86340 | OU      | $5693.67      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | EXPEDIA INC CFD                                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    150384 | OU      | $-2660.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | NEBIUS GROUP NV 3.0 06/05/31 .                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      3760 | OU      | $873918.00    | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | MICROSTRATEGY INC-CL A CFD                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    333400 | OU      | $15378.64     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | UPSTART HOLDINGS INC CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    769628 | OU      | $131275.35    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | MICROCHIP TECHNOLOGY INC                                   | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      6030 | OU      | $586116.00    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                   | ON Semiconductor Corp                                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |       337 | NS      | $16617.47     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GOL FINANCE                             | Gol Finance Inc                                            | CUSIP: 36254VAN8<br>LEI: 549300FRXVB8W0960Y03 | Long             | DBT              | CORP              | KY        |    162480 | PA      | $166574.50    | 0.30%             | 2030-06-06      | Fixed         | 14.38%                | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | WAYFAIR INC- CLASS A CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   1243660 | OU      | $-174007.17   | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| IREN Ltd                                | IREN Ltd                                                   | CUSIP: 000000000<br>LEI: 254900FZF02RB3NNGB71 | Short            | EC               | CORP              | AU        |     -6974 | NS      | $-327289.82   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Peloton Interactive Inc                 | Peloton Interactive Inc                                    | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |       269 | NS      | $2421.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf Inc                            | Terawulf Inc                                               | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |       221 | NS      | $2523.82      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | IRIS ENERGY LTD CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |   1851842 | OU      | $-294078.68   | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PROGRESS SOFTWARE CORP CFD                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     10210 | OU      | $-420.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | EZCORP INC-CL A CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    160571 | OU      | $-76343.74    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | DYNAVAX TECHNOLOGIES 2.0 03/15/30                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      3330 | OU      | $312878.87    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | TETRA TECH INC 2.25 08/15/28                               | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      2730 | OU      | $295863.75    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| PAR TECHNOLOGY CORP                     | PAR Technology Corp                                        | CUSIP: 698884AG8<br>LEI: 549300HYPTHBJQINVG57 | Long             | DBT              | CORP              | US        |     44000 | PA      | $38104.00     | 0.07%             | 2030-01-15      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    495000 | PA      | $494944.71    | 0.88%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CARNIVAL CORP                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    148848 | OU      | $2563.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Notes                                        | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $531008.79    | 0.95%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GameStop Corp                           | GameStop Corp                                              | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |       236 | NS      | $6438.08      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | SIRIUS XM HOLDINGS 3.75 03/15/28                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      5310 | OU      | $554895.00    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| ADTRAN HOLDINGS INC                     | ADTRAN Holdings Inc                                        | CUSIP: 00486HAA3<br>LEI: 549300VV36J86CRRWF77 | Long             | DBT              | CORP              | US        |    159000 | PA      | $179431.50    | 0.32%             | 2030-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | PAGAYA TECHNOLOGIES LTD 6.125 10/01/29                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2390 | OU      | $568342.00    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.           | PURCHASED USD / SOLD CAD                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $2831.98      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | CIPHER MINING INC CFD                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     16173 | OU      | $-1780.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc                | Encore Capital Group Inc                                   | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |      1786 | NS      | $74547.64     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                             | Enovis Corp                                                | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |        31 | NS      | $940.54       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | LUMENTUM HOLDINGS INC 1.5 12/15/29                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1540 | OU      | $372064.00    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | SOLARIS ENERGY INFRASTRUCTUR CFD                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    127908 | OU      | $-43722.75    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SNOWFLAKE INC 0.0 10/01/29                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1130 | OU      | $177113.38    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AFFIRM HOLDINGS INC                     | Affirm Holdings Inc                                        | CUSIP: 00827BAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    774000 | PA      | $739361.96    | 1.32%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PTC THERAPEUTICS INC CFD                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    555538 | OU      | $-121005.04   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | COLLEGIUM PHARMACEUTICAL INC CFD                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    370034 | OU      | $-46977.18    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| JBT Marel Corp                          | JBT Marel Corp                                             | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |         2 | NS      | $280.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | PLUG POWER INC                                             | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |        30 | NC      | $360.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                 | indie Semiconductor Inc                                    | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |       638 | NS      | $2596.66      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | LIBERTY MEDIA CORP 2.375 09/30/53                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      6120 | OU      | $1000314.00   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | FIVE9 INC CFD                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     45346 | OU      | $5028.37      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | RUBRIK INC 0.0 06/15/30                                    | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      2260 | OU      | $229164.00    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgebio Pharma Inc                    | Bridgebio Pharma Inc                                       | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Short            | EC               | CORP              | US        |      -133 | NS      | $-6908.02     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | IREN LTD 3.5 12/15/29 IREN                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4820 | OU      | $1724837.00   | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPINJ INC                              | Impinj Inc                                                 | CUSIP: 453204AD1<br>LEI: 549300M26VGKSMMWWN17 | Long             | DBT              | CORP              | US        |     80000 | PA      | $133880.00    | 0.24%             | 2027-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | M/A-COM TECH SOLUTIONS .25 03/15/26                        | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3060 | OU      | $464703.95    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | H WORLD GROUP LTD 3.0 05/01/26                             | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | DE        |      2520 | OU      | $278969.04    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                        | Pitney Bowes Inc                                           | CUSIP: 724479AR1<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    151000 | PA      | $157266.50    | 0.28%             | 2030-08-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | REPLIGEN CORP CFD                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      5970 | OU      | $-446.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | DEXCOM INC CFD                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     48173 | OU      | $9279.29      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PORCH GROUP INC CFD                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     70139 | OU      | $-19483.04    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Notes                                        | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |   -826000 | PA      | $-825967.74   | -1.47%            | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | EXACT SCIENCES CORP 2.0 03/01/30                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       380 | OU      | $39600.77     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ED&F Man Capital Markets, Inc.          | XOMETRY INC                                                | CUSIP: 000000000<br>LEI: 5493006BWPDUCYG6EQ34 | N/A              | DE               |  | US        |         5 | NC      | $425.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | NCL CORPORATION LTD .75 09/15/30                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1210 | OU      | $122663.75    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Notes                                        | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    494000 | PA      | $491452.81    | 0.87%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ESC CB AMYRIS INC                       | ESC CB AMYRIS INC                                          | CUSIP: 032ESCAA3<br>LEI: 549300BG17WCUK6EIM58 | Long             | DBT              | CORP              | US        |    938000 | PA      | $0.00         | 0.00%             | 2026-11-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BNP Paribas SA                          | SSR MINING INC CFD                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     85421 | OU      | $-33894.94    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | CLOUDFLARE INC 0.0 08/15/26                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |      3640 | OU      | $454344.41    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                  | U.S. Treasury Bills                                        | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2495000 | PA      | $2485540.71   | 4.42%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ITRON INC - ITRI CFD                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     21010 | OU      | $457.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INOTIV INC                              | Inotiv Inc                                                 | CUSIP: 45783QAB6<br>LEI: 549300FH5Z13X0Q5SK81 | Long             | DBT              | CORP              | US        |    313000 | PA      | $76685.00     | 0.14%             | 2027-10-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Cloudflare Inc                          | Cloudflare Inc                                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |       -91 | NS      | $-19527.69    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| MARA HOLDINGS INC                       | MARA Holdings Inc                                          | CUSIP: 565788AJ5<br>LEI: 549300M8ISKPTX2W7F94 | Long             | DBT              | CORP              | US        |    169000 | PA      | $181506.00    | 0.32%             | 2032-08-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Xometry Inc                             | Xometry Inc                                                | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Short            | EC               | CORP              | US        |     -1381 | NS      | $-75223.07    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | XOMETRY INC-A CFD                                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    270541 | OU      | $-43261.07    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | INDIE SEMICONDUCTOR INC-A CFD                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    114017 | OU      | $-5933.73     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | AKAMAI TECHNOLOGIES INC CFD                                | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |    294728 | OU      | $7976.07      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC                   | Lumentum Holdings Inc                                      | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |    633000 | PA      | $1067396.25   | 1.90%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| PTC Therapeutics Inc                    | PTC Therapeutics Inc                                       | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |       261 | NS      | $16017.57     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                 | Sea Ltd                                                    | CUSIP: 81141RAF7<br>LEI: 529900OM6JLLW44YKI15 | Long             | DBT              | CORP              | KY        |    117000 | PA      | $231309.00    | 0.41%             | 2025-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Nomura International PLC                | BIGBEAR.AI HOLDINGS INC 6.0 12/15/29                       | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       760 | OU      | $154571.14    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                           | Snowflake Inc                                              | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $62695.00     | 0.11%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2                 | Match Group Financeco 2 Inc                                | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |    518000 | PA      | $504380.68    | 0.90%             | 2026-06-15      | Fixed         | 0.88%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | GAMESTOP CORP-CLASS A CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    298304 | OU      | $-52844.14    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | LCI INDUSTRIES CFD                                         | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |      9391 | OU      | $1100.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | NUTANIX INC .5 12/15/29                                    | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       380 | OU      | $42871.68     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | COLLEGIUM PHARMACEUTICAL                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      6130 | OU      | $726226.97    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Lucid Group Inc                         | Lucid Group Inc                                            | CUSIP: 549498202<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | EC               | CORP              | US        |      1798 | NS      | $42774.42     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMESTOP CORP                           | GameStop Corp                                              | CUSIP: 36467WAF6<br>LEI: 549300505KLOET039L77 | Long             | DBT              | CORP              | US        |    185000 | PA      | $211732.50    | 0.38%             | 2032-06-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                          | PROS HOLDINGS INC 2.5 07/01/30                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       120 | OU      | $15516.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Peloton Interactive Inc                 | Peloton Interactive Inc                                    | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Short            | EC               | CORP              | US        |     -4954 | NS      | $-44586.00    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | CHEESECAKE FACTORY (THE) .375 06/15/26                     | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1120 | OU      | $111698.08    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ON SEMICONDUCTOR CORP .5 03/01/29                          | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      4780 | OU      | $442231.79    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC                 | Akamai Technologies Inc                                    | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |    222000 | PA      | $223332.00    | 0.40%             | 2033-05-15      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| VINTY HLDG 5 SA                         | VINTY HLDG 5 SA                                            | CUSIP: 000000000<br>LEI: 2138005LNETKBA1YXW31 | Long             | EC               | CORP              | LU        |  18119609 | NS      | $9802.71      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Q2 Holdings Inc                         | Q2 Holdings Inc                                            | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |       594 | NS      | $42999.66     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura International PLC                | MICROSTRATEGY INC                                          | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DCR              |  | US        |       120 | OU      | $21438.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura International PLC                | AMPHASTAR PHARMACEUTICALS IN CFD                           | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |      7431 | OU      | $742.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ETSY INC                                | Etsy Inc                                                   | CUSIP: 29786AAL0<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |    251000 | PA      | $231801.52    | 0.41%             | 2027-09-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                     | Coinbase Global Inc                                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |        46 | NS      | $15524.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AST SpaceMobile Inc                     | AST SpaceMobile Inc                                        | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Short            | EC               | CORP              | US        |     -1644 | NS      | $-80687.52    | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | SOFI TECHNOLOGIES INC 1.25 03/15/29                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      3830 | OU      | $1091167.00   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PAGAYA TECHNOLOGIES LTD -A CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    494919 | OU      | $11921.60     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | MARA HOLDINGS INC CFD                                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     28102 | OU      | $-2337.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | OPENDOOR TECHNOLOGIES IN 7.0 05/15/30                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      1420 | OU      | $739653.37    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SEMTECH CORP CFD                                           | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     84094 | OU      | $-15006.96    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | ITRON INC                                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |       300 | OU      | $34455.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Upstart Holdings Inc                    | Upstart Holdings Inc                                       | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |       634 | NS      | $32207.20     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                          | SILVERCORP METALS INC CFD                                  | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |     91261 | OU      | $-62909.36    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| PAR Technology Corp                     | PAR Technology Corp                                        | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |       537 | NS      | $21254.46     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PELOTON INTERACTIVE INC                 | Peloton Interactive Inc                                    | CUSIP: 70614WAD2<br>LEI: 5493002YS021166W0339 | Long             | DBT              | CORP              | US        |     27000 | PA      | $60507.00     | 0.11%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | SHIFT4 PAYMENTS INC .5 08/01/27                            | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      5510 | OU      | $543606.96    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| FISKER INC                              | Fisker Inc                                                 | CUSIP: 33813JAA4<br>LEI: 549300UUN5RWU44MBX79 | Long             | DBT              | CORP              | US        |    765982 | PA      | $4098.01      | 0.01%             | 2026-09-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura International PLC                | MICROSTRATEGY INC-CL A CFD                                 | CUSIP: 000000000<br>LEI: DGQCSV2PHVF7I2743539 | N/A              | DE               |  | US        |     18081 | OU      | $1648.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Repay Holdings Corp                     | Repay Holdings Corp                                        | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |       121 | NS      | $632.83       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                              | Dexcom Inc                                                 | CUSIP: 252131AK3<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   1017000 | PA      | $1010135.25   | 1.80%             | 2025-11-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | PACIRA PHARMACEUTICALS INC CFD                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DE               |  | US        |    107634 | OU      | $-3099.75     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                          | APPLIED OPTOELECTRONICS 2.75 01/15/30                      | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCR              |  | US        |      2430 | OU      | $244475.54    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC THERAPEUTICS INC                    | PTC Therapeutics Inc                                       | CUSIP: 69366JAD3<br>LEI: 549300UJLWOIWFDGB318 | Long             | DBT              | CORP              | US        |    840000 | PA      | $1080450.00   | 1.92%             | 2026-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** LAZARD FUNDS INC

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer