Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The Portfolio seeks maximum total return from a combination of capital appreciation and current income.
Strategy. Under normal circumstances, the Portfolio invests at least 80% of its assets in high yield fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the US. The Portfolio considers high yield fixed income securities to be those rated, at the time of purchase, below investment grade by S&P Global Ratings (S&P) or Moodys Investors Service, Inc. (Moodys) and as low as C or Ca by S&P or Moodys, respectively, or the unrated equivalent as determined by the Investment Manager (junk bonds). The Portfolio may invest in dollar-denominated securities of non-US companies, including, to a limited extent, in emerging market companies. Although the Portfolio may invest in fixed-income securities without regard to … Under normal circumstances, the Portfolio invests at least 80% of its assets in high yield fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the US. The Portfolio considers high yield fixed income securities to be those rated, at the time of purchase, below investment grade by S&P Global Ratings (S&P) or Moodys Investors Service, Inc. (Moodys) and as low as C or Ca by S&P or Moodys, respectively, or the unrated equivalent as determined by the Investment Manager (junk bonds). The Portfolio may invest in dollar-denominated securities of non-US companies, including, to a limited extent, in emerging market companies. Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolios average weighted maturity is expected to range between two and ten years. Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks. The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector. The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities as described above and need not be tied economically to the US.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| LAZARD GOVT MNY MMKT INS | — | $3.71M | 2.62% |
| Iron Mountain Inc. | — | $3.05M | 2.16% |
| ADT Security Corp/The 4.13 08/01/2029 | ADT | $2.15M | 1.52% |
| Venture Global LNG, Inc. | — | $2.15M | 1.52% |
| XPLR Infrastructure Operating Partners LP 8.63 03/15/2033 | XIFR | $2.11M | 1.49% |
| OAK-Eagle Acquireco Inc | — | $2.09M | 1.48% |
| SM Energy Company | SM | $2.09M | 1.48% |
| LVLT 8.5 01/15/36 144A | LVLT | $2.09M | 1.48% |
| BLCOCN 8 3/8 10/01/28 | BLCOCN | $2.06M | 1.46% |
| Univision Communications Inc. | — | $2.06M | 1.46% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Nuveen ESG High Yield Corporate Bond ETF · NUHY | 10% | 0.30% |
| BondBloxx USD High Yield Bond Telecom, Media & Technology Sector ETF · XHYT | 9% | 0.35% |
| Integrity High Income Fund · IHFAX, IHFCX, IHFIX | 9% | 0.84% |
Advisers
| Firm | Role |
|---|---|
| Lazard Asset Management LLC | Adviser |
Footnotes
- Expense ratio as of April 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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