UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08071
Lazard Retirement Series, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2025
| Item 1: Schedule of Investments. |
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Emerging Markets Equity Portfolio | ||||||||
| Common Stocks | 98.4% | ||||||||
| Brazil | 11.6% | ||||||||
| Banco do Brasil SA | 1,141,004 | $ | 5,636,587 | |||||
| BB Seguridade Participacoes SA | 977,200 | 6,901,166 | ||||||
| CCR SA | 1,296,150 | 2,643,883 | ||||||
| Engie Brasil Energia SA | 360,698 | 2,439,861 | ||||||
| Petroleo Brasileiro SA ADR | 389,143 | 5,580,311 | ||||||
| PRIO SA (*) | 439,000 | 3,061,833 | ||||||
| Rede D’Or Sao Luiz SA (#) | 307,000 | 1,517,125 | ||||||
| Vale SA ADR | 408,352 | 4,075,353 | ||||||
| Vibra Energia SA | 968,200 | 3,016,691 | ||||||
| 34,872,810 | ||||||||
| Chile | 0.6% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR | 43,360 | 1,722,693 | ||||||
| China | 27.9% | ||||||||
| Alibaba Group Holding Ltd. ADR | 45,471 | 6,012,630 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 1,285,875 | 3,635,506 | ||||||
| China Construction Bank Corp., Class H | 10,469,038 | 9,288,388 | ||||||
| China Medical System Holdings Ltd. | 2,999,000 | 2,871,878 | ||||||
| China Merchants Bank Co. Ltd., Class H | 900,237 | 5,297,151 | ||||||
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 1,269,200 | 2,876,797 | ||||||
| ENN Natural Gas Co. Ltd., Class A | 1,083,020 | 2,925,788 | ||||||
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 358,098 | 2,245,936 | ||||||
| Hengan International Group Co. Ltd. | 1,002,527 | 2,811,014 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A | 1,051,096 | 2,621,273 | ||||||
| JD.com, Inc. ADR | 78,760 | 3,238,611 | ||||||
| Lenovo Group Ltd. | 2,054,000 | 2,788,124 | ||||||
| Midea Group Co. Ltd., Class A | 379,000 | 4,109,319 | ||||||
| NetEase, Inc. ADR | 63,044 | 6,488,488 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 747,000 | 4,456,838 | ||||||
| Sinopharm Group Co. Ltd., Class H | 2,065,197 | 4,808,763 | ||||||
| Tencent Holdings Ltd. | 47,100 | 3,001,802 | ||||||
| Tingyi Cayman Islands Holding Corp. | 3,656,000 | 6,137,614 | ||||||
| Want Want China Holdings Ltd. | 4,608,000 | 2,909,812 | ||||||
| Weichai Power Co. Ltd., Class H | 2,439,958 | 5,139,593 | ||||||
| 83,665,325 | ||||||||
| Egypt | 0.8% | ||||||||
| Commercial International Bank - Egypt (CIB) GDR | 1,545,338 | 2,334,389 | ||||||
| Description | Shares | Fair Value | ||||||
| Greece | 3.2% | ||||||||
| Metlen Energy & Metals SA | 63,359 | $ | 2,798,025 | |||||
| National Bank of Greece SA | 411,173 | 4,236,623 | ||||||
| OPAP SA | 130,610 | 2,598,018 | ||||||
| 9,632,666 | ||||||||
| Hong Kong | 0.7% | ||||||||
| ASMPT Ltd. | 312,788 | 2,196,344 | ||||||
| Hungary | 3.1% | ||||||||
| MOL Hungarian Oil & Gas PLC | 415,311 | 3,271,158 | ||||||
| OTP Bank Nyrt | 90,079 | 6,069,347 | ||||||
| 9,340,505 | ||||||||
| India | 4.9% | ||||||||
| Axis Bank Ltd. | 188,474 | 2,426,814 | ||||||
| Indus Towers Ltd. (*) | 1,532,406 | 5,957,326 | ||||||
| Tata Consultancy Services Ltd. | 57,001 | 2,395,457 | ||||||
| UPL Ltd. | 534,547 | 3,961,479 | ||||||
| 14,741,076 | ||||||||
| Indonesia | 4.2% | ||||||||
| Astra International Tbk. PT | 10,685,104 | 3,165,211 | ||||||
| Bank Mandiri Persero Tbk. PT | 12,615,360 | 3,949,350 | ||||||
| Telkom Indonesia Persero Tbk. PT ADR | 237,365 | 3,505,881 | ||||||
| United Tractors Tbk. PT | 1,415,300 | 2,005,446 | ||||||
| 12,625,888 | ||||||||
| Mexico | 7.4% | ||||||||
| America Movil SAB de CV ADR | 249,580 | 3,549,028 | ||||||
| Cemex SAB de CV ADR | 605,415 | 3,396,378 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 20,002 | 3,710,571 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O | 648,365 | 4,496,687 | ||||||
| Grupo Mexico SAB de CV Series B | 421,472 | 2,107,308 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A | 1,607,189 | 2,634,865 | ||||||
| Ternium SA ADR | 78,937 | 2,459,677 | ||||||
| 22,354,514 | ||||||||
| Peru | 0.7% | ||||||||
| Credicorp Ltd. | 12,173 | 2,266,126 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Emerging Markets Equity Portfolio (continued) | ||||||||
| Russia | 0.0% | ||||||||
| Mobile TeleSystems PJSC ADR (*), (¢) | 545,705 | $ | 0 | |||||
| Sberbank of Russia PJSC (¢) | 1,580,119 | 2 | ||||||
| 2 | ||||||||
| South Africa | 7.7% | ||||||||
| Bidvest Group Ltd. | 265,586 | 3,423,666 | ||||||
| Life Healthcare Group Holdings Ltd. | 2,727,806 | 2,056,978 | ||||||
| Nedbank Group Ltd. | 341,336 | 4,800,867 | ||||||
| Sanlam Ltd. | 870,534 | 3,917,515 | ||||||
| Standard Bank Group Ltd. | 361,864 | 4,734,835 | ||||||
| Vodacom Group Ltd. | 597,699 | 4,086,076 | ||||||
| 23,019,937 | ||||||||
| South Korea | 9.6% | ||||||||
| Coway Co. Ltd. | 52,355 | 2,888,143 | ||||||
| Hyundai Mobis Co. Ltd. | 14,771 | 2,627,374 | ||||||
| KB Financial Group, Inc. | 90,529 | 4,866,127 | ||||||
| Kia Corp. | 41,206 | 2,602,061 | ||||||
| KT Corp. | 93,232 | 3,136,354 | ||||||
| KT&G Corp. | 28,506 | 1,966,407 | ||||||
| Shinhan Financial Group Co. Ltd. | 131,365 | 4,194,535 | ||||||
| SK Hynix, Inc. | 49,218 | 6,526,907 | ||||||
| 28,807,908 | ||||||||
| Taiwan | 11.5% | ||||||||
| ASE Technology Holding Co. Ltd. | 1,240,000 | 5,433,696 | ||||||
| Globalwafers Co. Ltd. | 234,000 | 2,266,226 | ||||||
| MediaTek, Inc. | 135,000 | 5,692,539 | ||||||
| Novatek Microelectronics Corp. | 241,000 | 3,977,337 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 397,989 | 11,095,060 | ||||||
| Wiwynn Corp. | 53,000 | 2,658,717 | ||||||
| Yageo Corp. | 221,993 | 3,249,074 | ||||||
| 34,372,649 | ||||||||
| Thailand | 1.7% | ||||||||
| Kasikornbank PCL | 623,869 | 2,975,676 | ||||||
| PTT Exploration & Production PCL (‡) | 614,600 | 2,110,564 | ||||||
| 5,086,240 | ||||||||
| Description | Shares | Fair Value | ||||||
| Turkey | 0.7% | ||||||||
| BIM Birlesik Magazalar AS | 165,065 | $ | 1,991,053 | |||||
| United Kingdom | 1.3% | ||||||||
| Unilever PLC | 65,414 | 3,896,422 | ||||||
| United States | 0.8% | ||||||||
| Schlumberger NV | 55,614 | 2,324,665 | ||||||
| Total Common Stocks (Cost $251,553,227) | 295,251,212 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 1.8% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $5,539,300 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $5,395,939) Proceeds of $5,290,642 (Cost $5,290,000) | $ | 5,290 | $ | 5,290,000 | ||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Emerging Markets Equity Portfolio (concluded) | ||||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $287,647) | 287,647 | $ | 287,647 | |||||
| Total Investments | 100.3% (Cost $257,130,874) | $ | 300,828,859 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.3)% | (1,031,219 | ) | ||||||
| Net Assets | 100.0% | $ | 299,797,640 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio | ||||||||
| Common Stocks | 55.7% | ||||||||
| Australia | 0.8% | ||||||||
| AGL Energy Ltd. | 33,690 | $ | 221,077 | |||||
| Computershare Ltd. ADR | 10,758 | 266,476 | ||||||
| Evolution Mining Ltd. | 43,365 | 193,962 | ||||||
| Northern Star Resources Ltd. | 25,974 | 299,913 | ||||||
| Perseus Mining Ltd. | 126,894 | 267,057 | ||||||
| Qantas Airways Ltd. | 59,741 | 340,685 | ||||||
| REA Group Ltd. | 423 | 58,578 | ||||||
| Westgold Resources Ltd. | 42,691 | 77,807 | ||||||
| 1,725,555 | ||||||||
| Bermuda | 0.3% | ||||||||
| Hamilton Insurance Group Ltd., Class B (*) | 17,603 | 364,910 | ||||||
| RenaissanceRe Holdings Ltd. | 809 | 194,160 | ||||||
| 559,070 | ||||||||
| Brazil | 0.1% | ||||||||
| MercadoLibre, Inc. (*) | 84 | 163,873 | ||||||
| Burkina Faso | 0.1% | ||||||||
| IAMGOLD Corp. (*) | 19,466 | 121,472 | ||||||
| Canada | 1.7% | ||||||||
| Agnico Eagle Mines Ltd. | 3,246 | 351,679 | ||||||
| B2Gold Corp. | 33,225 | 94,430 | ||||||
| Canadian Natural Resources Ltd. | 3,586 | 110,342 | ||||||
| CGI, Inc. | 1,264 | 126,185 | ||||||
| Dollarama, Inc. | 4,857 | 519,367 | ||||||
| Emera, Inc. | 7,198 | 303,166 | ||||||
| Fairfax Financial Holdings Ltd. | 396 | 572,334 | ||||||
| Kinross Gold Corp. | 25,171 | 317,119 | ||||||
| Metro, Inc. | 5,632 | 391,643 | ||||||
| SSR Mining, Inc. (*) | 9,155 | 91,825 | ||||||
| Suncor Energy, Inc. | 11,743 | 454,689 | ||||||
| Teekay Tankers Ltd., Class A | 6,480 | 247,990 | ||||||
| Torex Gold Resources, Inc. (*) | 3,411 | 94,457 | ||||||
| 3,675,226 | ||||||||
| Description | Shares | Fair Value | ||||||
| China | 0.3% | ||||||||
| BOC Hong Kong Holdings Ltd. | 69,500 | $ | 281,358 | |||||
| NXP Semiconductors NV | 1,486 | 282,429 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 57,500 | 100,393 | ||||||
| 664,180 | ||||||||
| Denmark | 0.2% | ||||||||
| Carlsberg AS, Class B ADR | 8,198 | 208,885 | ||||||
| Novo Nordisk AS, Class B | 1,901 | 131,763 | ||||||
| 340,648 | ||||||||
| Finland | 0.3% | ||||||||
| Kone OYJ ADR | 7,314 | 201,428 | ||||||
| Nokia OYJ | 103,788 | 547,323 | ||||||
| 748,751 | ||||||||
| France | 1.4% | ||||||||
| BNP Paribas SA | 9,898 | 824,332 | ||||||
| Bureau Veritas SA ADR | 2,989 | 181,089 | ||||||
| Credit Agricole SA | 12,829 | 233,213 | ||||||
| EssilorLuxottica SA ADR | 1,525 | 219,752 | ||||||
| Gaztransport Et Technigaz SA | 543 | 82,283 | ||||||
| Legrand SA ADR | 8,763 | 185,162 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE ADR | 1,523 | 188,654 | ||||||
| Orange SA | 32,872 | 426,225 | ||||||
| Pernod Ricard SA ADR | 4,831 | 95,654 | ||||||
| Societe Generale SA | 5,434 | 245,333 | ||||||
| TotalEnergies SE | 3,622 | 234,092 | ||||||
| 2,915,789 | ||||||||
| Germany | 0.2% | ||||||||
| Commerzbank AG | 2,030 | 46,083 | ||||||
| Infineon Technologies AG | 2,297 | 75,858 | ||||||
| Rheinmetall AG | 146 | 209,394 | ||||||
| Siemens Energy AG (*) | 780 | 45,544 | ||||||
| TUI AG (*) | 10,708 | 72,982 | ||||||
| 449,861 | ||||||||
| Hong Kong | 0.4% | ||||||||
| AIA Group Ltd. ADR | 4,737 | 143,294 | ||||||
| Techtronic Industries Co. Ltd. ADR | 5,285 | 317,431 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| WH Group Ltd. (#) | 456,500 | $ | 419,756 | |||||
| 880,481 | ||||||||
| India | 0.1% | ||||||||
| WNS Holdings Ltd. (*) | 4,424 | 272,032 | ||||||
| Ireland | 0.3% | ||||||||
| Accenture PLC, Class A | 1,809 | 564,480 | ||||||
| AIB Group PLC | 15,907 | 103,257 | ||||||
| Cimpress PLC (*) | 1,029 | 46,542 | ||||||
| 714,279 | ||||||||
| Israel | 0.1% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 51,143 | 75,281 | ||||||
| Wix.com Ltd. (*) | 410 | 66,986 | ||||||
| 142,267 | ||||||||
| Italy | 0.5% | ||||||||
| Banco BPM SpA | 12,500 | 127,106 | ||||||
| BPER Banca SpA | 23,026 | 180,634 | ||||||
| Buzzi SpA | 4,837 | 233,578 | ||||||
| Ferrari NV | 375 | 159,946 | ||||||
| Leonardo SpA | 2,222 | 108,447 | ||||||
| Telecom Italia SpA (*) | 362,130 | 122,440 | ||||||
| UniCredit SpA | 1,120 | 62,863 | ||||||
| 995,014 | ||||||||
| Japan | 4.4% | ||||||||
| ABC-Mart, Inc. | 3,700 | 68,809 | ||||||
| Activia Properties, Inc. REIT | 41 | 93,009 | ||||||
| AGC, Inc. | 6,600 | 200,755 | ||||||
| Canon, Inc. | 8,200 | 255,681 | ||||||
| Chugoku Electric Power Co., Inc. | 38,500 | 220,758 | ||||||
| Dai-ichi Life Holdings, Inc. | 10,800 | 82,219 | ||||||
| Dai Nippon Printing Co. Ltd. | 8,100 | 114,959 | ||||||
| Daiichi Sankyo Co. Ltd. | 3,000 | 70,398 | ||||||
| Daito Trust Construction Co. Ltd. | 2,200 | 225,009 | ||||||
| East Japan Railway Co. | 8,500 | 167,573 | ||||||
| Electric Power Development Co. Ltd. | 23,300 | 393,889 | ||||||
| FANUC Corp. ADR | 13,722 | 187,031 | ||||||
| FUJIFILM Holdings Corp. | 4,700 | 89,979 | ||||||
| GS Yuasa Corp. | 5,000 | 79,961 | ||||||
| Gunma Bank Ltd. | 12,700 | 105,055 | ||||||
| Description | Shares | Fair Value | ||||||
| Hachijuni Bank Ltd. | 13,000 | $ | 92,116 | |||||
| Inpex Corp. | 7,000 | 96,337 | ||||||
| Iwatani Corp. | 7,300 | 73,100 | ||||||
| Iyogin Holdings, Inc. | 14,700 | 173,409 | ||||||
| Japan Airlines Co. Ltd. | 4,900 | 83,684 | ||||||
| Japan Post Bank Co. Ltd. | 23,200 | 234,311 | ||||||
| Japan Post Holdings Co. Ltd. | 52,900 | 528,434 | ||||||
| Kajima Corp. | 4,700 | 95,966 | ||||||
| KDDI Corp. | 17,400 | 274,592 | ||||||
| Kirin Holdings Co. Ltd. | 7,500 | 103,970 | ||||||
| Kuraray Co. Ltd. | 10,700 | 131,600 | ||||||
| Kyoto Financial Group, Inc. | 17,000 | 259,121 | ||||||
| Kyushu Electric Power Co., Inc. | 35,500 | 309,866 | ||||||
| Lasertec Corp. | 500 | 42,892 | ||||||
| Leopalace21 Corp. | 26,600 | 103,968 | ||||||
| Mazda Motor Corp. | 10,900 | 68,898 | ||||||
| Mebuki Financial Group, Inc. | 22,000 | 107,155 | ||||||
| MEIJI Holdings Co. Ltd. | 9,500 | 205,619 | ||||||
| Mitsubishi Chemical Group Corp. | 16,300 | 80,448 | ||||||
| Mitsubishi Electric Corp. | 31,000 | 566,012 | ||||||
| Mitsui Mining & Smelting Co. Ltd. | 5,900 | 172,090 | ||||||
| Mizuho Financial Group, Inc. ADR | 68,933 | 379,821 | ||||||
| MS&AD Insurance Group Holdings, Inc. | 21,400 | 463,569 | ||||||
| Nagoya Railroad Co. Ltd. | 9,500 | 110,590 | ||||||
| Namura Shipbuilding Co. Ltd. | 3,000 | 46,133 | ||||||
| NGK Insulators Ltd. | 17,500 | 215,251 | ||||||
| Nintendo Co. Ltd. ADR | 6,563 | 112,687 | ||||||
| Nippon Telegraph & Telephone Corp. | 458,400 | 442,763 | ||||||
| Osaka Gas Co. Ltd. | 16,700 | 378,167 | ||||||
| Panasonic Holdings Corp. | 10,500 | 125,779 | ||||||
| Shizuoka Financial Group, Inc. | 12,400 | 134,976 | ||||||
| SoftBank Corp. | 282,600 | 393,826 | ||||||
| Sumitomo Corp. | 3,600 | 80,873 | ||||||
| T&D Holdings, Inc. | 4,100 | 87,333 | ||||||
| Tokyo Electron Ltd. | 800 | 109,088 | ||||||
| Toyota Motor Corp. | 7,100 | 125,233 | ||||||
| 9,364,762 | ||||||||
| Mexico | 0.0% | ||||||||
| Fresnillo PLC | 9,236 | 112,610 | ||||||
| Monaco | 0.1% | ||||||||
| Scorpio Tankers, Inc. | 4,335 | 162,909 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Netherlands | 0.8% | ||||||||
| Argenx SE ADR (*) | 309 | $ | 182,886 | |||||
| ASM International NV | 455 | 207,112 | ||||||
| EXOR NV | 2,911 | 264,882 | ||||||
| Koninklijke Ahold Delhaize NV | 3,464 | 129,504 | ||||||
| Koninklijke KPN NV | 43,205 | 182,917 | ||||||
| Wolters Kluwer NV | 1,924 | 298,847 | ||||||
| Wolters Kluwer NV ADR | 2,842 | 442,215 | ||||||
| 1,708,363 | ||||||||
| Norway | 0.2% | ||||||||
| Kongsberg Gruppen ASA | 2,719 | 398,649 | ||||||
| Portugal | 0.0% | ||||||||
| Galp Energia SGPS SA | 5,147 | 90,506 | ||||||
| Singapore | 0.4% | ||||||||
| City Developments Ltd. | 15,800 | 58,759 | ||||||
| Jardine Cycle & Carriage Ltd. | 4,500 | 88,319 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 6,400 | 81,788 | ||||||
| Sea Ltd. ADR (*) | 816 | 106,480 | ||||||
| Sembcorp Industries Ltd. | 17,200 | 80,363 | ||||||
| Singapore Airlines Ltd. | 18,900 | 95,303 | ||||||
| Singapore Exchange Ltd. | 14,000 | 139,375 | ||||||
| United Overseas Bank Ltd. | 8,000 | 225,313 | ||||||
| 875,700 | ||||||||
| Spain | 0.5% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 4,768 | 64,994 | ||||||
| Banco Santander SA | 82,825 | 557,864 | ||||||
| Iberdrola SA | 6,533 | 105,615 | ||||||
| Industria de Diseno Textil SA ADR | 10,908 | 272,700 | ||||||
| 1,001,173 | ||||||||
| Sweden | 0.3% | ||||||||
| Assa Abloy AB ADR | 12,694 | 190,156 | ||||||
| Boliden AB | 2,300 | 75,307 | ||||||
| Essity AB, Class B | 4,235 | 120,368 | ||||||
| Hexagon AB ADR | 23,056 | 246,469 | ||||||
| 632,300 | ||||||||
| Description | Shares | Fair Value | ||||||
| Switzerland | 0.3% | ||||||||
| ABB Ltd. ADR | 8,597 | $ | 448,248 | |||||
| Logitech International SA | 2,319 | 197,223 | ||||||
| 645,471 | ||||||||
| Thailand | 0.0% | ||||||||
| Fabrinet (*) | 463 | 91,447 | ||||||
| United Kingdom | 2.1% | ||||||||
| AstraZeneca PLC | 1,487 | 217,317 | ||||||
| AstraZeneca PLC ADR | 4,909 | 360,811 | ||||||
| Barclays PLC | 54,767 | 205,655 | ||||||
| Coca-Cola Europacific Partners PLC | 4,101 | 356,910 | ||||||
| Diageo PLC ADR | 3,581 | 375,253 | ||||||
| Fidelis Insurance Holdings Ltd. | 5,634 | 91,271 | ||||||
| Global Ship Lease, Inc., Class A | 5,016 | 114,616 | ||||||
| Harbour Energy PLC | 22,076 | 59,896 | ||||||
| HSBC Holdings PLC | 19,321 | 219,075 | ||||||
| NatWest Group PLC | 119,744 | 701,561 | ||||||
| RELX PLC ADR | 10,129 | 510,603 | ||||||
| Rolls-Royce Holdings PLC (*) | 13,415 | 129,704 | ||||||
| Serco Group PLC | 36,286 | 73,996 | ||||||
| Standard Chartered PLC | 29,609 | 438,835 | ||||||
| Unilever PLC ADR | 6,997 | 416,671 | ||||||
| Vodafone Group PLC | 199,393 | 186,593 | ||||||
| 4,458,767 | ||||||||
| United States | 39.8% | ||||||||
| Abercrombie & Fitch Co., Class A (*) | 508 | 38,796 | ||||||
| Adobe, Inc. (*) | 905 | 347,095 | ||||||
| ADT, Inc. | 16,860 | 137,240 | ||||||
| Adtalem Global Education, Inc. (*) | 938 | 94,400 | ||||||
| AES Corp. | 3,836 | 47,643 | ||||||
| Airbnb, Inc., Class A (*) | 1,525 | 182,176 | ||||||
| Akamai Technologies, Inc. (*) | 1,190 | 95,795 | ||||||
| Albertsons Cos., Inc., Class A | 4,621 | 101,616 | ||||||
| Alexandria Real Estate Equities, Inc. REIT | 4,805 | 444,511 | ||||||
| Allison Transmission Holdings, Inc. | 4,420 | 422,861 | ||||||
| Allstate Corp. | 446 | 92,353 | ||||||
| Alnylam Pharmaceuticals, Inc. (*) | 269 | 72,635 | ||||||
| Alphabet, Inc., Class A | 2,273 | 351,497 | ||||||
| Alphabet, Inc., Class C | 11,922 | 1,862,574 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Altria Group, Inc. | 9,662 | $ | 579,913 | |||||
| Amazon.com, Inc. (*) | 17,504 | 3,330,311 | ||||||
| Ameren Corp. | 802 | 80,521 | ||||||
| American Electric Power Co., Inc. | 4,184 | 457,186 | ||||||
| American Express Co. | 3,079 | 828,405 | ||||||
| American Tower Corp. REIT | 892 | 194,099 | ||||||
| Ameriprise Financial, Inc. | 838 | 405,684 | ||||||
| Amphenol Corp., Class A | 5,694 | 373,469 | ||||||
| Aon PLC, Class A | 1,374 | 548,350 | ||||||
| Apple, Inc. | 21,776 | 4,837,103 | ||||||
| Applied Industrial Technologies, Inc. | 347 | 78,193 | ||||||
| AppLovin Corp., Class A (*) | 141 | 37,361 | ||||||
| Arch Capital Group Ltd. | 840 | 80,791 | ||||||
| Argan, Inc. | 708 | 92,868 | ||||||
| Arista Networks, Inc. (*) | 1,017 | 78,797 | ||||||
| Assurant, Inc. | 484 | 101,519 | ||||||
| AT&T, Inc. | 8,798 | 248,807 | ||||||
| Atlassian Corp., Class A (*) | 987 | 209,451 | ||||||
| Atmos Energy Corp. | 1,842 | 284,736 | ||||||
| Automatic Data Processing, Inc. | 463 | 141,460 | ||||||
| Avery Dennison Corp. | 882 | 156,970 | ||||||
| Axis Capital Holdings Ltd. | 2,058 | 206,294 | ||||||
| Bank of America Corp. | 7,257 | 302,835 | ||||||
| Bank of New York Mellon Corp. | 14,627 | 1,226,766 | ||||||
| Becton Dickinson & Co. | 1,000 | 229,060 | ||||||
| Biogen, Inc. (*) | 1,446 | 197,871 | ||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 2,395 | 273,269 | ||||||
| Booking Holdings, Inc. | 117 | 539,008 | ||||||
| Booz Allen Hamilton Holding Corp. | 4,230 | 442,373 | ||||||
| BorgWarner, Inc. | 2,014 | 57,701 | ||||||
| Boston Scientific Corp. (*) | 3,916 | 395,046 | ||||||
| Brady Corp., Class A | 1,073 | 75,797 | ||||||
| Brinker International, Inc. (*) | 354 | 52,764 | ||||||
| Broadcom, Inc. | 4,280 | 716,600 | ||||||
| CACI International, Inc., Class A (*) | 209 | 76,686 | ||||||
| Cal-Maine Foods, Inc. | 2,238 | 203,434 | ||||||
| Carnival Corp. (*) | 2,557 | 49,938 | ||||||
| Carnival PLC ADR (*) | 4,597 | 80,585 | ||||||
| Caterpillar, Inc. | 441 | 145,442 | ||||||
| Cboe Global Markets, Inc. | 1,104 | 249,824 | ||||||
| Centene Corp. (*) | 2,676 | 162,460 | ||||||
| Charles Schwab Corp. | 6,330 | 495,512 | ||||||
| Chemed Corp. | 331 | 203,671 | ||||||
| Chipotle Mexican Grill, Inc. (*) | 890 | 44,687 | ||||||
| Chord Energy Corp. | 554 | 62,447 | ||||||
| Description | Shares | Fair Value | ||||||
| Chubb Ltd. | 438 | $ | 132,272 | |||||
| Cigna Group | 701 | 230,629 | ||||||
| Cinemark Holdings, Inc. | 3,156 | 78,553 | ||||||
| Cirrus Logic, Inc. (*) | 5,071 | 505,351 | ||||||
| Clear Secure, Inc., Class A | 3,912 | 101,360 | ||||||
| Clorox Co. | 1,100 | 161,975 | ||||||
| CME Group, Inc. | 971 | 257,597 | ||||||
| CMS Energy Corp. | 4,718 | 354,369 | ||||||
| Coca-Cola Co. | 8,063 | 577,472 | ||||||
| Coca-Cola Consolidated, Inc. | 126 | 170,100 | ||||||
| Colgate-Palmolive Co. | 8,917 | 835,523 | ||||||
| Comfort Systems USA, Inc. | 902 | 290,742 | ||||||
| Concentra Group Holdings Parent, Inc. | 3,964 | 86,019 | ||||||
| Copart, Inc. (*) | 5,029 | 284,591 | ||||||
| Corpay, Inc. (*) | 492 | 171,570 | ||||||
| Costco Wholesale Corp. | 410 | 387,770 | ||||||
| Coterra Energy, Inc. | 10,221 | 295,387 | ||||||
| Coursera, Inc. (*) | 12,295 | 81,885 | ||||||
| Curtiss-Wright Corp. | 667 | 211,619 | ||||||
| Danaher Corp. | 1,675 | 343,375 | ||||||
| Darden Restaurants, Inc. | 633 | 131,512 | ||||||
| Deckers Outdoor Corp. (*) | 1,038 | 116,059 | ||||||
| Dell Technologies, Inc., Class C | 1,439 | 131,165 | ||||||
| Dine Brands Global, Inc. | 2,747 | 63,923 | ||||||
| Docusign, Inc. (*) | 3,181 | 258,933 | ||||||
| Dollar Tree, Inc. (*) | 3,265 | 245,104 | ||||||
| Duke Energy Corp. | 1,239 | 151,121 | ||||||
| eBay, Inc. | 1,786 | 120,966 | ||||||
| Electronic Arts, Inc. | 2,199 | 317,799 | ||||||
| Elevance Health, Inc. | 301 | 130,923 | ||||||
| Eli Lilly & Co. | 840 | 693,764 | ||||||
| EMCOR Group, Inc. | 219 | 80,949 | ||||||
| Encompass Health Corp. | 1,315 | 133,183 | ||||||
| EOG Resources, Inc. | 4,686 | 600,933 | ||||||
| EPAM Systems, Inc. (*) | 398 | 67,198 | ||||||
| Equifax, Inc. | 1,052 | 256,225 | ||||||
| Equitable Holdings, Inc. | 4,629 | 241,125 | ||||||
| Etsy, Inc. (*) | 1,864 | 87,944 | ||||||
| Everest Group Ltd. | 185 | 67,216 | ||||||
| EverQuote, Inc., Class A (*) | 4,982 | 130,479 | ||||||
| Exelixis, Inc. (*) | 2,115 | 78,086 | ||||||
| Expedia Group, Inc. | 969 | 162,889 | ||||||
| F5, Inc. (*) | 1,683 | 448,132 | ||||||
| Fidelity National Information Services, Inc. | 662 | 49,438 | ||||||
| Fiserv, Inc. (*) | 4,555 | 1,005,881 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Flex Ltd. (*) | 2,810 | $ | 92,955 | |||||
| Fortinet, Inc. (*) | 2,442 | 235,067 | ||||||
| Frontdoor, Inc. (*) | 1,621 | 62,279 | ||||||
| FTI Consulting, Inc. (*) | 405 | 66,452 | ||||||
| Garmin Ltd. | 426 | 92,497 | ||||||
| Generac Holdings, Inc. (*) | 530 | 67,124 | ||||||
| General Mills, Inc. | 4,659 | 278,562 | ||||||
| General Motors Co. | 4,000 | 188,120 | ||||||
| Gilead Sciences, Inc. | 4,782 | 535,823 | ||||||
| Goldman Sachs Group, Inc. | 1,414 | 772,454 | ||||||
| GSK PLC | 47,600 | 909,107 | ||||||
| H&R Block, Inc. | 2,115 | 116,135 | ||||||
| Hartford Insurance Group, Inc. | 3,935 | 486,878 | ||||||
| HCA Healthcare, Inc. | 2,783 | 961,666 | ||||||
| HealthEquity, Inc. (*) | 2,124 | 187,698 | ||||||
| Hess Corp. | 664 | 106,061 | ||||||
| Hewlett Packard Enterprise Co. | 7,804 | 120,416 | ||||||
| Horace Mann Educators Corp. | 2,536 | 108,363 | ||||||
| Hormel Foods Corp. | 5,231 | 161,847 | ||||||
| HP, Inc. | 5,728 | 158,608 | ||||||
| Impinj, Inc. (*) | 509 | 46,166 | ||||||
| Ingredion, Inc. | 1,057 | 142,917 | ||||||
| Intercontinental Exchange, Inc. | 2,831 | 488,347 | ||||||
| International Business Machines Corp. | 259 | 64,403 | ||||||
| International Seaways, Inc. | 1,747 | 58,000 | ||||||
| Intuit, Inc. | 461 | 283,049 | ||||||
| Intuitive Surgical, Inc. (*) | 173 | 85,682 | ||||||
| IQVIA Holdings, Inc. (*) | 1,733 | 305,528 | ||||||
| Jackson Financial, Inc., Class A | 3,225 | 270,190 | ||||||
| Johnson & Johnson | 3,136 | 520,074 | ||||||
| Juniper Networks, Inc. | 2,411 | 87,254 | ||||||
| Kimberly-Clark Corp. | 7,621 | 1,083,859 | ||||||
| KLA Corp. | 208 | 141,398 | ||||||
| Kroger Co. | 1,814 | 122,790 | ||||||
| Lam Research Corp. | 1,038 | 75,463 | ||||||
| Lantheus Holdings, Inc. (*) | 887 | 86,571 | ||||||
| Lockheed Martin Corp. | 2,909 | 1,299,479 | ||||||
| LPL Financial Holdings, Inc. | 259 | 84,729 | ||||||
| Marvell Technology, Inc. | 2,211 | 136,131 | ||||||
| Masco Corp. | 660 | 45,896 | ||||||
| MasterCard, Inc., Class A | 2,493 | 1,366,463 | ||||||
| Matador Resources Co. | 908 | 46,390 | ||||||
| Maximus, Inc. | 2,118 | 144,426 | ||||||
| McDonald’s Corp. | 1,129 | 352,666 | ||||||
| McGrath RentCorp | 707 | 78,760 | ||||||
| Description | Shares | Fair Value | ||||||
| Merck & Co., Inc. | 19,174 | $ | 1,721,058 | |||||
| Meta Platforms, Inc., Class A | 3,601 | 2,075,472 | ||||||
| Micron Technology, Inc. | 582 | 50,570 | ||||||
| Microsoft Corp. | 6,363 | 2,388,607 | ||||||
| Molson Coors Beverage Co., Class B | 1,403 | 85,401 | ||||||
| Monolithic Power Systems, Inc. | 223 | 129,336 | ||||||
| Morgan Stanley | 6,667 | 777,839 | ||||||
| Morningstar, Inc. | 239 | 71,669 | ||||||
| Motorola Solutions, Inc. | 711 | 311,283 | ||||||
| National HealthCare Corp. | 913 | 84,726 | ||||||
| NetApp, Inc. | 3,996 | 351,009 | ||||||
| Netflix, Inc. (*) | 1,007 | 939,058 | ||||||
| NETGEAR, Inc. (*) | 3,416 | 83,555 | ||||||
| Neurocrine Biosciences, Inc. (*) | 1,071 | 118,453 | ||||||
| NewMarket Corp. | 180 | 101,961 | ||||||
| NIKE, Inc., Class B | 2,294 | 145,623 | ||||||
| Northrop Grumman Corp. | 658 | 336,903 | ||||||
| Novartis AG | 18,899 | 2,102,279 | ||||||
| NRG Energy, Inc. | 897 | 85,628 | ||||||
| Nutanix, Inc., Class A (*) | 1,461 | 101,992 | ||||||
| NVIDIA Corp. | 35,588 | 3,857,027 | ||||||
| Oracle Corp. | 1,637 | 228,869 | ||||||
| Ovintiv, Inc. | 1,907 | 81,620 | ||||||
| Palantir Technologies, Inc., Class A (*) | 572 | 48,277 | ||||||
| Paychex, Inc. | 459 | 70,815 | ||||||
| PepsiCo, Inc. | 2,947 | 441,873 | ||||||
| Pfizer, Inc. | 10,276 | 260,394 | ||||||
| PG&E Corp. | 6,679 | 114,745 | ||||||
| Philip Morris International, Inc. | 4,357 | 691,587 | ||||||
| Pinnacle West Capital Corp. | 3,298 | 314,134 | ||||||
| Pinterest, Inc., Class A (*) | 7,773 | 240,963 | ||||||
| PJT Partners, Inc., Class A | 551 | 75,972 | ||||||
| Plexus Corp. (*) | 838 | 107,373 | ||||||
| Portland General Electric Co. | 8,825 | 393,595 | ||||||
| Prestige Consumer Healthcare, Inc. (*) | 2,330 | 200,310 | ||||||
| Primoris Services Corp. | 1,150 | 66,021 | ||||||
| Procter & Gamble Co. | 5,491 | 935,776 | ||||||
| PTC, Inc. (*) | 1,826 | 282,939 | ||||||
| Qorvo, Inc. (*) | 3,371 | 244,094 | ||||||
| QUALCOMM, Inc. | 6,937 | 1,065,593 | ||||||
| Qualys, Inc. (*) | 630 | 79,336 | ||||||
| Regeneron Pharmaceuticals, Inc. | 361 | 228,957 | ||||||
| Republic Services, Inc. | 300 | 72,648 | ||||||
| Roche Holding AG | 4,821 | 1,585,157 | ||||||
| Rockwell Automation, Inc. | 883 | 228,150 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Ross Stores, Inc. | 684 | $ | 87,408 | |||||
| S&P Global, Inc. | 1,031 | 523,851 | ||||||
| Salesforce, Inc. | 1,757 | 471,509 | ||||||
| Sanofi SA | 1,147 | 127,099 | ||||||
| SBA Communications Corp. REIT | 1,469 | 323,195 | ||||||
| Sealed Air Corp. | 2,799 | 80,891 | ||||||
| ServiceNow, Inc. (*) | 656 | 522,268 | ||||||
| Simon Property Group, Inc. REIT | 1,662 | 276,025 | ||||||
| Southwest Gas Holdings, Inc. | 1,398 | 100,376 | ||||||
| Spotify Technology SA (*) | 146 | 80,304 | ||||||
| Stride, Inc. (*) | 739 | 93,484 | ||||||
| Sysco Corp. | 2,109 | 158,259 | ||||||
| Targa Resources Corp. | 1,477 | 296,094 | ||||||
| Target Corp. | 3,575 | 373,087 | ||||||
| Tesla, Inc. (*) | 2,992 | 775,407 | ||||||
| Texas Instruments, Inc. | 1,938 | 348,259 | ||||||
| Texas Pacific Land Corp. | 96 | 127,199 | ||||||
| Thermo Fisher Scientific, Inc. | 750 | 373,200 | ||||||
| TJX Cos., Inc. | 5,222 | 636,040 | ||||||
| Trane Technologies PLC | 1,627 | 548,169 | ||||||
| Uber Technologies, Inc. (*) | 1,130 | 82,332 | ||||||
| United Therapeutics Corp. (*) | 335 | 103,270 | ||||||
| UnitedHealth Group, Inc. | 1,076 | 563,555 | ||||||
| Uniti Group, Inc. REIT | 16,966 | 85,509 | ||||||
| Universal Health Services, Inc., Class B | 3,659 | 687,526 | ||||||
| Verizon Communications, Inc. | 5,943 | 269,574 | ||||||
| Visa, Inc., A Shares | 1,983 | 694,962 | ||||||
| Vistra Corp. | 1,008 | 118,380 | ||||||
| Walmart, Inc. | 5,126 | 450,012 | ||||||
| Walt Disney Co. | 5,416 | 534,559 | ||||||
| Warner Music Group Corp., Class A | 3,513 | 110,133 | ||||||
| Waste Management, Inc. | 2,899 | 671,147 | ||||||
| Western Union Co. | 5,956 | 63,014 | ||||||
| Westlake Corp. | 493 | 49,315 | ||||||
| Williams-Sonoma, Inc. | 1,793 | 283,473 | ||||||
| Workday, Inc., Class A (*) | 356 | 83,137 | ||||||
| Xcel Energy, Inc. | 8,172 | 578,496 | ||||||
| Zeta Global Holdings Corp., Class A (*) | 2,969 | 40,260 | ||||||
| Zoetis, Inc. | 1,617 | 266,239 | ||||||
| Zoom Communications, Inc., Class A (*) | 1,026 | 75,688 | ||||||
| 84,492,457 | ||||||||
| Total Common Stocks (Cost $93,822,682) | 118,403,612 | |||||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Corporate Bonds | 13.2% | ||||||||
| Australia | 0.4% | ||||||||
| Telstra Corp. Ltd., 4.000%, 04/19/27 (**) | AUD | 1,200 | $ | 744,294 | ||||
| Canada | 0.2% | ||||||||
| Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | 490 | 480,529 | |||||
| Denmark | 0.5% | ||||||||
| Nykredit Realkredit AS, 1.000%, 01/01/27 | DKK | 8,175 | 1,163,279 | |||||
| Germany | 0.6% | ||||||||
| Commerzbank AG, 3.375%, 12/12/25 (**) | EUR | 460 | 501,538 | |||||
| Mercedes-Benz Group AG, 0.750%, 09/10/30 (**) | EUR | 740 | 705,022 | |||||
| 1,206,560 | ||||||||
| Japan | 0.1% | ||||||||
| NTT Finance Corp., 4.239%, 07/25/25 (#) | USD | 200 | 199,769 | |||||
| Norway | 0.5% | ||||||||
| DNB Boligkreditt AS, 4.970% (3 Month NOK NIBOR+0.450%), 02/08/28 (§) | NOK | 10,000 | 953,805 | |||||
| Sweden | 0.1% | ||||||||
| Swedbank Hypotek AB, 3.000%, 03/28/29 (**) | SEK | 2,500 | 249,805 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Switzerland | 0.8% | ||||||||
| ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 440 | $ | 390,843 | ||||
| Pfandbriefzentrale der schweizerischen Kantonalbanken
AG, Series 405, 2.000%, 10/30/25 (**) | CHF | 400 | 456,476 | |||||
| UBS Group AG, 4.750% (1-Year EURIBOR ICE Swap+1.600%), 03/17/32 (**), (§) | EUR | 835 | 953,356 | |||||
| 1,800,675 | ||||||||
| United Kingdom | 0.9% | ||||||||
| Ashtead Capital, Inc., 4.250%, 11/01/29 (**) | USD | 1,295 | 1,246,760 | |||||
| Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 (**) | GBP | 580 | 668,348 | |||||
| 1,915,108 | ||||||||
| United States | 9.1% | ||||||||
| Adobe, Inc.: | ||||||||
| 2.300%, 02/01/30 | USD | 615 | 558,284 | |||||
| 4.950%, 04/04/34 | USD | 373 | 375,943 | |||||
| American Express Co., 5.442% (SOFR+1.320%), 01/30/36 (§) | USD | 410 | 414,406 | |||||
| Amgen, Inc., 3.000%, 02/22/29 | USD | 1,205 | 1,141,781 | |||||
| Apple, Inc., 1.650%, 02/08/31 | USD | 485 | 419,008 | |||||
| AT&T, Inc., 3.500%, 06/01/41 | USD | 860 | 663,527 | |||||
| Bank of America Corp., 1.978% (CDOR 3 Month+0.600%), 09/15/27 (§) | CAD | 305 | 208,410 | |||||
| Clean Harbors, Inc., 4.875%, 07/15/27 (**) | USD | 425 | 418,983 | |||||
| Comcast Corp., 4.650%, 02/15/33 | USD | 825 | 808,686 | |||||
| Dell International LLC/EMC Corp., 5.300%, 10/01/29 | USD | 372 | 378,761 | |||||
| Eaton Corp., 4.150%, 11/02/42 | USD | 575 | 493,268 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Goldman Sachs Group, Inc., 0.750%, 03/23/32 (**) | EUR | 1,050 | $ | 942,241 | ||||
| Home Depot, Inc., 5.875%, 12/16/36 | USD | 510 | 545,287 | |||||
| John Deere Financial, Inc., 4.380%, 07/11/28 | CAD | 1,140 | 820,272 | |||||
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.750%, 09/15/30 | USD | 770 | 663,508 | |||||
| JPMorgan Chase & Co., 3.540% (SOFR+1.642%), 05/01/28 (§) | USD | 535 | 524,279 | |||||
| Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 108 | 103,680 | |||||
| Lowe’s Cos., Inc., 5.000%, 04/15/33 | USD | 795 | 791,687 | |||||
| McDonald’s Corp., 4.857%, 05/21/31 | CAD | 560 | 412,782 | |||||
| Microsoft Corp., 3.500%, 11/15/42 | USD | 1,260 | 1,043,992 | |||||
| Morgan Stanley, 3.625%, 01/20/27 | USD | 215 | 212,621 | |||||
| Oracle Corp., 5.250%, 02/03/32 | USD | 615 | 622,931 | |||||
| PepsiCo, Inc., 2.875%, 10/15/49 | USD | 445 | 293,515 | |||||
| Procter & Gamble Co.: | ||||||||
| 1.200%, 10/29/30 | USD | 70 | 59,386 | |||||
| 4.550%, 01/29/34 | USD | 243 | 241,819 | |||||
| Prologis Euro Finance LLC, 0.500%, 02/16/32 | EUR | 860 | 760,442 | |||||
| Prologis LP, 3.250%, 09/11/29 (**) | CNY | 2,940 | 413,415 | |||||
| Schneider Electric SE, 0.875%, 12/13/26 (**) | EUR | 1,000 | 1,053,622 | |||||
| Starbucks Corp., 4.450%, 08/15/49 | USD | 550 | 452,687 | |||||
| Stryker Corp., 4.250%, 09/11/29 | USD | 890 | 879,203 | |||||
| Sysco Corp., 2.400%, 02/15/30 | USD | 610 | 548,482 | |||||
| Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 175 | 156,219 | |||||
| United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 820 | 805,998 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 639 | $ | 623,750 | ||||
| Waste Management, Inc., 4.800%, 03/15/32 | USD | 412 | 412,801 | |||||
| 19,265,676 | ||||||||
| Total Corporate Bonds (Cost $28,046,393) | 27,979,500 | |||||||
| Description | Shares | Fair Value | ||||||
| Exchange-Traded Funds | 1.3% | ||||||||
| iShares MSCI World ETF (Cost $1,488,184) | 17,660 | $ | 2,705,159 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Foreign Government Obligations | 17.6% | ||||||||
| Australia | 0.6% | ||||||||
| New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 885 | $ | 469,723 | ||||
| Queensland Treasury Corp.: | ||||||||
| 1.250%, 03/10/31 (**) | AUD | 985 | 513,216 | |||||
| 4.750%, 02/02/34 (**) | AUD | 320 | 197,060 | |||||
| 1,179,999 | ||||||||
| Bermuda | 1.2% | ||||||||
| Bermuda Government International Bonds: | ||||||||
| 3.717%, 01/25/27 (**) | USD | 1,280 | 1,253,200 | |||||
| 2.375%, 08/20/30 (#) | USD | 1,560 | 1,354,018 | |||||
| 2,607,218 | ||||||||
| Canada | 1.1% | ||||||||
| British Columbia, 3.200%, 06/18/44 | CAD | 1,285 | 771,679 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Quebec, 1.850%, 02/13/27 | CAD | 1,195 | $ | 820,020 | ||||
| Vancouver, 2.900%, 11/20/25 | CAD | 1,150 | 800,489 | |||||
| 2,392,188 | ||||||||
| Chile | 0.7% | ||||||||
| Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/28 (**) | CLP | 400,000 | 410,715 | |||||
| Chile Government International Bonds, 0.830%, 07/02/31 | EUR | 1,260 | 1,146,934 | |||||
| 1,557,649 | ||||||||
| Colombia | 0.4% | ||||||||
| Colombia Government International Bonds: | ||||||||
| 9.850%, 06/28/27 | COP | 2,244,000 | 526,860 | |||||
| 8.000%, 04/20/33 | USD | 400 | 412,900 | |||||
| 939,760 | ||||||||
| Costa Rica | 0.5% | ||||||||
| Costa Rica Government International Bonds, 6.125%, 02/19/31 (**) | USD | 1,010 | 1,022,625 | |||||
| Croatia | 0.2% | ||||||||
| Croatia Government International Bonds, 1.750%, 03/04/41 (**) | EUR | 590 | 486,475 | |||||
| Czech Republic | 0.3% | ||||||||
| Czech Republic Government Bonds, 3.690% (PRIBOR 6 Month-0.100%), 11/19/27 (**), (§) | CZK | 12,790 | 554,157 | |||||
| Denmark | 0.3% | ||||||||
| Denmark Government Bonds, 0.000%, 11/15/31 | DKK | 4,685 | 584,704 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Estonia | 0.0% | ||||||||
| Estonia Government International Bonds, 3.250%, 01/17/34 (**) | EUR | 75 | $ | 79,827 | ||||
| France | 0.4% | ||||||||
| French Republic Government Bonds OAT, 1.750%, 06/25/39 (**) | EUR | 935 | 797,980 | |||||
| Hungary | 0.2% | ||||||||
| Hungary Government International Bonds, 1.750%, 06/05/35 (**) | EUR | 591 | 485,549 | |||||
| Ireland | 0.6% | ||||||||
| Ireland Government Bonds, 1.350%, 03/18/31 (**) | EUR | 1,280 | 1,287,428 | |||||
| Israel | 0.4% | ||||||||
| Israel Government Bonds - Fixed, 1.750%, 08/31/25 | ILS | 3,300 | 888,342 | |||||
| Italy | 0.7% | ||||||||
| Italy Buoni Poliennali Del Tesoro: | ||||||||
| 4.000%, 04/30/35 (**) | EUR | 860 | 953,552 | |||||
| 3.650%, 08/01/35 (**) | EUR | 400 | 426,014 | |||||
| 1,379,566 | ||||||||
| Japan | 2.2% | ||||||||
| Japan Bank for International Cooperation, 1.625%, 01/20/27 | USD | 750 | 717,059 | |||||
| Japan Government Forty Year Bonds, 1.400%, 03/20/55 | JPY | 83,650 | 430,308 | |||||
| Japan Government Ten Year Bonds, 0.400%, 06/20/25 | JPY | 136,000 | 906,736 | |||||
| Japan Government Twenty Year Bonds, 2.000%, 12/20/44 | JPY | 125,200 | 807,928 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Japan Government Two Year Bonds, 0.100%, 01/01/26 | JPY | 285,600 | $ | 1,897,329 | ||||
| 4,759,360 | ||||||||
| Mexico | 0.8% | ||||||||
| Mexico Bonos, 8.500%, 05/31/29 | MXN | 25,730 | 1,241,504 | |||||
| Mexico Government International Bonds, 6.750%, 09/27/34 | USD | 400 | 418,800 | |||||
| 1,660,304 | ||||||||
| New Zealand | 0.9% | ||||||||
| Housing New Zealand Ltd., 3.420%, 10/18/28 (**) | NZD | 730 | 406,548 | |||||
| New Zealand Local Government Funding Agency Bonds: | ||||||||
| 1.500%, 04/20/29 (**) | NZD | 1,955 | 1,003,463 | |||||
| 2.000%, 04/15/37 (**) | NZD | 1,430 | 579,678 | |||||
| 1,989,689 | ||||||||
| Panama | 0.6% | ||||||||
| Panama Government International Bonds: | ||||||||
| 8.875%, 09/30/27 | USD | 495 | 534,541 | |||||
| 3.875%, 03/17/28 | USD | 685 | 651,606 | |||||
| 1,186,147 | ||||||||
| Peru | 0.9% | ||||||||
| Peru Government Bonds, 6.150%, 08/12/32 | PEN | 3,985 | 1,087,246 | |||||
| Peruvian Government International Bonds, 3.000%, 01/15/34 | USD | 855 | 707,085 | |||||
| 1,794,331 | ||||||||
| Poland | 0.3% | ||||||||
| Poland Government Bonds, 5.810% (WIBOR 6 Month), 05/25/28 (§) | PLN | 2,475 | 632,164 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| Portugal | 0.8% | ||||||||
| Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32 (**) | EUR | 1,680 | $ | 1,676,307 | ||||
| Romania | 0.1% | ||||||||
| Romania Government Bonds, 7.200%, 10/28/26 | RON | 975 | 212,578 | |||||
| Singapore | 0.4% | ||||||||
| Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 1,080 | 846,693 | |||||
| Slovenia | 0.3% | ||||||||
| Slovenia Government Bonds, 1.500%, 03/25/35 (**) | EUR | 570 | 523,312 | |||||
| Spain | 0.6% | ||||||||
| Spain Government Bonds, 1.000%, 07/30/42 (**) | EUR | 1,925 | 1,344,234 | |||||
| Switzerland | 0.4% | ||||||||
| Swiss Confederation Government Bonds: | ||||||||
| 1.500%, 07/24/25 (**) | CHF | 290 | 329,205 | |||||
| 0.500%, 06/27/32 (**) | CHF | 515 | 585,526 | |||||
| 914,731 | ||||||||
| Thailand | 0.5% | ||||||||
| Thailand Government Bonds, 1.585%, 12/17/35 | THB | 37,800 | 1,066,200 | |||||
| United Arab Emirates | 0.2% | ||||||||
| Abu Dhabi Government International Bonds, 5.000%, 04/30/34 (**) | USD | 400 | 409,172 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| United Kingdom | 1.0% | ||||||||
| U.K. Gilts: | ||||||||
| 0.875%, 07/31/33 (**) | GBP | 1,395 | $ | 1,349,474 | ||||
| 1.250%, 10/22/41 (**) | GBP | 1,100 | 822,005 | |||||
| 2,171,479 | ||||||||
| Total Foreign Government Obligations (Cost $37,925,896) | 37,430,168 | |||||||
| Quasi Government Bonds | 1.1% | ||||||||
| Germany | 1.1% | ||||||||
| Kreditanstalt fuer Wiederaufbau: | ||||||||
| 0.000%, 09/15/28 (**) | EUR | 605 | 603,458 | |||||
| 1.750%, 09/14/29 | USD | 1,375 | 1,248,996 | |||||
| 0.000%, 04/18/36 | USD | 865 | 532,814 | |||||
| Total Quasi Government Bonds (Cost $2,468,511) | 2,385,268 | |||||||
| Supranational Bonds | 4.5% | ||||||||
| Asian Development Bank: | ||||||||
| 6.200%, 10/06/26 | INR | 46,800 | 543,936 | |||||
| 2.950%, 06/05/29 | EUR | 380 | 416,759 | |||||
| European Bank for Reconstruction & Development: | ||||||||
| 30.000%, 08/25/25 | TRY | 14,020 | 333,694 | |||||
| 4.250%, 02/07/28 | IDR | 11,840,000 | 675,258 | |||||
| European Investment Bank, 1.000%, 01/28/28 (**) | CAD | 1,475 | 979,320 | |||||
| European Union: | ||||||||
| 2.750%, 02/04/33 (**) | EUR | 445 | 473,057 | |||||
| 0.400%, 02/04/37 (**) | EUR | 805 | 623,988 | |||||
| Inter-American Development Bank, 5.100%, 11/17/26 | IDR | 10,900,000 | 644,150 | |||||
| Inter-American Investment Corp., 1.100%, 06/30/26 | AUD | 837 | 502,508 | |||||
| International Bank for Reconstruction & Development: | ||||||||
| 2.900%, 11/26/25 | AUD | 1,353 | 838,676 | |||||
| 1.250%, 03/16/26 | NOK | 9,710 | 896,206 | |||||
| Description | Security Currency | Principal Amount (000) | Fair Value | |||||
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
| 1.125%, 09/13/28 | USD | 568 | $ | 515,877 | ||||
| 9.500%, 02/09/29 | BRL | 7,375 | 1,152,671 | |||||
| International Finance Corp.: | ||||||||
| 2.125%, 04/07/26 | USD | 435 | 426,431 | |||||
| 1.500%, 04/15/35 | AUD | 1,321 | 610,436 | |||||
| Total Supranational Bonds (Cost $10,667,134) | 9,632,967 | |||||||
| U.S. Municipal Bonds | 0.9% | ||||||||
| United States | 0.9% | ||||||||
| California: | ||||||||
| 7.550%, 04/01/39 | USD | 700 | 846,712 | |||||
| 5.875%, 10/01/41 | USD | 925 | 953,099 | |||||
| Total U.S. Municipal Bonds (Cost $1,948,338) | 1,799,811 | |||||||
| U.S. Treasury Securities | 4.9% | ||||||||
| U.S. Treasury Bills, 0.000%, 06/12/25 | USD | 2,120 | 2,102,234 | |||||
| U.S. Treasury Bonds: | ||||||||
| 1.750%, 08/15/41 | USD | 4,131 | 2,799,559 | |||||
| 3.625%, 02/15/53 | USD | 1,972 | 1,660,871 | |||||
| U.S. Treasury Inflation-Indexed Notes, 1.250%, 04/15/28 (††) | USD | 492 | 492,490 | |||||
| U.S. Treasury Notes: | ||||||||
| 4.125%, 11/15/32 | USD | 2,550 | 2,553,785 | |||||
| 4.375%, 05/15/34 | USD | 795 | 805,745 | |||||
| Total U.S. Treasury Securities (Cost $10,195,046) | 10,414,684 | |||||||
| Description | Shares | Fair Value | ||||
| Warrants | 0.0% | ||||||
| Canada | 0.0% | ||||||
Constellation Software, Inc., (Cost $0) | 431 | $ | 0 | |||
| Short-Term Investments | 0.1% | ||||||
| State Street Institutional Treasury Plus Money Market
Fund, Premier Class, 4.28% (7 day yield) (Cost $297,458) | 297,458 | 297,458 | ||||
| Total Investments | 99.3% (Cost $186,859,642) (») | $ | 211,048,627 | ||||
| Cash and Other Assets in Excess of Liabilities | 0.7% | 1,385,177 | |||||
| Net Assets | 100.0% | $ | 212,433,804 |
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2025:
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| AUD | 47,472 | USD | 30,000 | JPM | 04/23/25 | $ | — | $ | 332 | ||||||||
| AUD | 144,010 | USD | 90,000 | JPM | 04/23/25 | — | — | ||||||||||
| AUD | 520,000 | USD | 326,594 | SSB | 06/26/25 | — | 1,442 | ||||||||||
| CAD | 292,513 | USD | 205,100 | HSB | 04/23/25 | — | 1,614 | ||||||||||
| CAD | 292,044 | USD | 204,243 | HSB | 04/23/25 | — | 1,083 | ||||||||||
| CAD | 258,766 | USD | 180,000 | HSB | 04/23/25 | 11 | — | ||||||||||
| CAD | 84,947 | USD | 60,000 | JPM | 04/23/25 | — | 906 | ||||||||||
| CHF | 375,199 | USD | 419,739 | HSB | 04/23/25 | 5,423 | — | ||||||||||
| CHF | 182,534 | USD | 202,769 | MSC | 04/23/25 | 4,072 | — | ||||||||||
| CNY | 1,231,875 | USD | 170,000 | HSB | 04/23/25 | — | 204 | ||||||||||
| CNY | 3,409,760 | USD | 470,000 | HSB | 04/23/25 | — | 16 | ||||||||||
| CNY | 41,173,781 | USD | 5,624,597 | HSB | 04/23/25 | 50,590 | — | ||||||||||
| EUR | 1,209,784 | USD | 1,310,000 | CIT | 04/23/25 | — | 386 | ||||||||||
| EUR | 2,716,894 | USD | 2,809,436 | CIT | 04/23/25 | 131,654 | — | ||||||||||
| EUR | 157,538 | USD | 170,000 | HSB | 04/23/25 | 538 | — | ||||||||||
| EUR | 428,823 | USD | 450,000 | HSB | 04/23/25 | 14,209 | — | ||||||||||
| EUR | 692,791 | USD | 716,396 | HSB | 04/23/25 | 33,564 | — | ||||||||||
| EUR | 1,115,022 | USD | 1,214,369 | HSB | 06/26/25 | — | 2,920 | ||||||||||
| EUR | 190,618 | USD | 197,102 | MSC | 04/23/25 | 9,246 | — | ||||||||||
| GBP | 71,673 | USD | 90,000 | CIT | 04/23/25 | 2,579 | — | ||||||||||
| GBP | 206,292 | USD | 252,318 | CIT | 04/23/25 | 14,147 | — | ||||||||||
| GBP | 159,100 | USD | 194,641 | HSB | 04/23/25 | 10,867 | — | ||||||||||
| GBP | 216,750 | USD | 280,000 | JPM | 04/23/25 | — | 27 | ||||||||||
| GBP | 201,627 | USD | 246,630 | JPM | 04/23/25 | 13,809 | — | ||||||||||
| GBP | 170,000 | USD | 219,712 | SSB | 06/26/25 | — | 131 | ||||||||||
| HUF | 52,451,012 | USD | 130,400 | HSB | 04/23/25 | 10,247 | — | ||||||||||
| IDR | 2,940,668,877 | USD | 177,920 | JPM | 04/23/25 | — | 560 | ||||||||||
| INR | 37,488,959 | USD | 429,811 | HSB | 04/23/25 | 8,061 | — | ||||||||||
| JPY | 414,804,126 | USD | 2,700,663 | CIT | 04/23/25 | 71,386 | — | ||||||||||
| JPY | 94,237,907 | USD | 630,000 | HSB | 04/23/25 | — | 228 | ||||||||||
| JPY | 523,158,690 | USD | 3,406,431 | HSB | 04/23/25 | 89,730 | — | ||||||||||
| JPY | 33,365,820 | USD | 220,000 | JPM | 04/23/25 | 2,977 | — | ||||||||||
| KRW | 1,342,005,852 | USD | 923,846 | JPM | 04/23/25 | — | 11,449 | ||||||||||
| MXN | 5,379,597 | USD | 262,000 | HSB | 04/23/25 | 121 | — | ||||||||||
| NZD | 335,865 | USD | 189,440 | HSB | 04/23/25 | 1,348 | — | ||||||||||
| RON | 346,152 | USD | 71,242 | CIT | 04/23/25 | 3,904 | — | ||||||||||
| RON | 68,622 | USD | 14,127 | HSB | 04/23/25 | 771 | — | ||||||||||
| SEK | 1,212,061 | USD | 108,984 | MSC | 04/23/25 | 11,751 | — | ||||||||||
| SGD | 518,335 | USD | 390,000 | JPM | 04/23/25 | — | 3,752 | ||||||||||
| USD | 302,774 | AUD | 486,388 | HSB | 04/23/25 | — | 1,197 | ||||||||||
| USD | 1,845,307 | AUD | 2,963,740 | JPM | 04/23/25 | — | 6,901 | ||||||||||
| USD | 303,295 | AUD | 487,130 | MSC | 04/23/25 | — | 1,140 | ||||||||||
| USD | 197,269 | AUD | 314,547 | MSC | 04/23/25 | 691 | — | ||||||||||
| USD | 252,886 | CAD | 361,146 | CIT | 04/23/25 | 1,654 | — | ||||||||||
| USD | 111,594 | CAD | 160,587 | HSB | 04/23/25 | — | 118 | ||||||||||
| USD | 334,644 | CAD | 477,916 | HSB | 04/23/25 | 2,182 | — | ||||||||||
| USD | 2,059,383 | CAD | 2,941,061 | JPM | 04/23/25 | 13,435 | — | ||||||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)
| Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||
| USD | 133,329 | CAD | 190,399 | MSC | 04/23/25 | $ | 878 | $ | — | ||||||||
| USD | 93,182 | CAD | 133,146 | SSB | 06/26/25 | 268 | — | ||||||||||
| USD | 553,016 | CHF | 499,302 | HSB | 04/23/25 | — | 12,776 | ||||||||||
| USD | 959,212 | CHF | 866,037 | MSC | 04/23/25 | — | 22,152 | ||||||||||
| USD | 401,147 | CHF | 350,000 | SSB | 06/26/25 | 1,542 | — | ||||||||||
| USD | 370,494 | COP | 1,539,125,000 | HSB | 04/23/25 | 3,492 | — | ||||||||||
| USD | 26,541 | CZK | 649,553 | HSB | 04/23/25 | — | 1,612 | ||||||||||
| USD | 42,211 | DKK | 303,790 | CIT | 04/23/25 | — | 1,875 | ||||||||||
| USD | 860,450 | DKK | 6,191,050 | HSB | 04/23/25 | — | 37,996 | ||||||||||
| USD | 386,355 | DKK | 2,779,761 | JPM | 04/23/25 | — | 17,044 | ||||||||||
| USD | 24,080 | DKK | 173,292 | MSC | 04/23/25 | — | 1,068 | ||||||||||
| USD | 758,000 | EUR | 725,208 | CIT | 04/23/25 | — | 27,052 | ||||||||||
| USD | 2,133,999 | EUR | 1,962,643 | MSC | 04/23/25 | 9,401 | — | ||||||||||
| USD | 164,014 | GBP | 126,904 | SSB | 06/26/25 | 98 | — | ||||||||||
| USD | 670,032 | HKD | 5,200,000 | SSB | 06/26/25 | 504 | — | ||||||||||
| USD | 178,493 | IDR | 2,940,668,877 | JPM | 04/23/25 | 1,132 | — | ||||||||||
| USD | 437,621 | ILS | 1,578,883 | CIT | 04/23/25 | 12,781 | — | ||||||||||
| USD | 149,215 | ILS | 538,981 | HSB | 04/23/25 | 4,188 | — | ||||||||||
| USD | 279,076 | ILS | 1,007,161 | JPM | 04/23/25 | 8,073 | — | ||||||||||
| USD | 826,640 | JPY | 121,765,236 | CIT | 06/26/25 | 7,096 | — | ||||||||||
| USD | 910,000 | JPY | 140,405,192 | HSB | 04/23/25 | — | 28,299 | ||||||||||
| USD | 430,571 | JPY | 63,771,699 | HSB | 04/23/25 | 4,398 | — | ||||||||||
| USD | 1,544,165 | JPY | 227,433,934 | HSB | 06/26/25 | 13,415 | — | ||||||||||
| USD | 414,377 | JPY | 63,570,658 | JPM | 04/23/25 | — | 10,452 | ||||||||||
| USD | 418,263 | JPY | 62,539,457 | MSC | 04/23/25 | 325 | — | ||||||||||
| USD | 1,116,079 | JPY | 164,390,641 | SSB | 06/26/25 | 9,644 | — | ||||||||||
| USD | 158,642 | MXN | 3,336,024 | CIT | 04/23/25 | — | 3,906 | ||||||||||
| USD | 103,304 | MXN | 2,172,302 | HSB | 04/23/25 | — | 2,541 | ||||||||||
| USD | 77,930 | MXN | 1,617,826 | JPM | 04/23/25 | — | 899 | ||||||||||
| USD | 469,233 | MXN | 9,866,644 | MSC | 04/23/25 | — | 11,519 | ||||||||||
| USD | 86,134 | NOK | 983,079 | HSB | 04/23/25 | — | 7,310 | ||||||||||
| USD | 1,128,229 | NOK | 12,876,333 | JPM | 04/23/25 | — | 95,688 | ||||||||||
| USD | 944,185 | NZD | 1,683,201 | CIT | 04/23/25 | — | 11,957 | ||||||||||
| USD | 667,123 | NZD | 1,189,341 | HSB | 04/23/25 | — | 8,481 | ||||||||||
| USD | 371,788 | PEN | 1,403,984 | CIT | 04/23/25 | — | 10,152 | ||||||||||
| USD | 507,547 | PEN | 1,916,395 | HSB | 04/23/25 | — | 13,790 | ||||||||||
| USD | 337,128 | PLN | 1,399,218 | HSB | 04/23/25 | — | 23,872 | ||||||||||
| USD | 120,268 | SGD | 163,936 | CIT | 04/23/25 | — | 1,892 | ||||||||||
| USD | 519,592 | SGD | 708,201 | JPM | 04/23/25 | — | 8,140 | ||||||||||
| USD | 413,804 | SGD | 550,000 | SSB | 06/26/25 | 2,630 | — | ||||||||||
| USD | 693,778 | THB | 23,843,475 | HSB | 04/23/25 | — | 10,065 | ||||||||||
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 588,832 | $ | 404,944 | |||||||||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement International Equity Portfolio | ||||||||
| Common Stocks | 97.5% | ||||||||
| Australia | 1.2% | ||||||||
| Rio Tinto PLC | 22,094 | $ | 1,320,833 | |||||
| Belgium | 1.2% | ||||||||
| KBC Group NV | 14,325 | 1,310,154 | ||||||
| Brazil | 0.8% | ||||||||
| TOTVS SA | 145,300 | 849,681 | ||||||
| Canada | 2.5% | ||||||||
| Gildan Activewear, Inc. | 36,621 | 1,619,004 | ||||||
| Suncor Energy, Inc. | 27,180 | 1,052,409 | ||||||
| 2,671,413 | ||||||||
| China | 2.7% | ||||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 21,100 | 739,513 | ||||||
| Li Ning Co. Ltd. | 502,000 | 1,030,850 | ||||||
| Tencent Holdings Ltd. | 17,100 | 1,089,826 | ||||||
| 2,860,189 | ||||||||
| Denmark | 0.7% | ||||||||
| Novo Nordisk AS, Class B | 10,705 | 741,989 | ||||||
| Finland | 1.1% | ||||||||
| Fortum OYJ | 74,244 | 1,217,158 | ||||||
| France | 13.4% | ||||||||
| Air Liquide SA | 9,692 | 1,844,404 | ||||||
| Bureau Veritas SA | 59,599 | 1,801,921 | ||||||
| Capgemini SE | 9,670 | 1,446,006 | ||||||
| Cie de Saint-Gobain SA | 7,471 | 742,633 | ||||||
| Engie SA | 99,627 | 1,941,311 | ||||||
| Orange SA | 149,005 | 1,932,028 | ||||||
| Pernod Ricard SA | 7,597 | 754,617 | ||||||
| Societe Generale SA | 27,121 | 1,224,454 | ||||||
| Thales SA | 10,077 | 2,705,577 | ||||||
| 14,392,951 | ||||||||
| Description | Shares | Fair Value | ||||||
| Germany | 9.8% | ||||||||
| Brenntag SE | 17,058 | $ | 1,102,108 | |||||
| Continental AG | 17,619 | 1,231,540 | ||||||
| Merck KGaA | 10,397 | 1,423,497 | ||||||
| MTU Aero Engines AG | 4,440 | 1,537,800 | ||||||
| Puma SE | 33,033 | 799,911 | ||||||
| Rheinmetall AG | 1,254 | 1,798,496 | ||||||
| Siemens AG | 7,187 | 1,648,904 | ||||||
| Siemens Healthineers AG (#) | 18,264 | 979,952 | ||||||
| 10,522,208 | ||||||||
| Greece | 1.7% | ||||||||
| National Bank of Greece SA | 182,962 | 1,885,194 | ||||||
| Hong Kong | 2.8% | ||||||||
| AIA Group Ltd. | 197,800 | 1,495,212 | ||||||
| Techtronic Industries Co. Ltd. | 122,000 | 1,469,354 | ||||||
| 2,964,566 | ||||||||
| Israel | 0.9% | ||||||||
| Wix.com Ltd. (*) | 6,120 | 999,886 | ||||||
| Italy | 2.7% | ||||||||
| Ryanair Holdings PLC ADR | 27,899 | 1,182,080 | ||||||
| UniCredit SpA | 30,735 | 1,725,076 | ||||||
| 2,907,156 | ||||||||
| Japan | 18.5% | ||||||||
| Bandai Namco Holdings, Inc. | 39,500 | 1,323,933 | ||||||
| FANUC Corp. | 50,200 | 1,370,027 | ||||||
| Hitachi Ltd. | 42,000 | 972,345 | ||||||
| Kokusai Electric Corp. | 57,200 | 940,590 | ||||||
| MatsukiyoCocokara & Co. | 102,400 | 1,602,643 | ||||||
| Mitsui Fudosan Co. Ltd. | 109,200 | 974,895 | ||||||
| Mizuho Financial Group, Inc. | 66,700 | 1,816,606 | ||||||
| NEC Corp. | 98,000 | 2,079,796 | ||||||
| Nippon Sanso Holdings Corp. | 44,200 | 1,335,644 | ||||||
| Nitori Holdings Co. Ltd. | 10,200 | 1,009,916 | ||||||
| Otsuka Holdings Co. Ltd. | 14,500 | 752,655 | ||||||
| Renesas Electronics Corp. | 61,124 | 830,276 | ||||||
| Resona Holdings, Inc. | 138,700 | 1,200,483 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement International Equity Portfolio (continued) | ||||||||
| Shimadzu Corp. | 47,100 | $ | 1,178,025 | |||||
| Suzuki Motor Corp. | 131,200 | 1,599,664 | ||||||
| Toyo Suisan Kaisha Ltd. | 15,800 | 930,181 | ||||||
| 19,917,679 | ||||||||
| Mexico | 1.0% | ||||||||
| Arca Continental SAB de CV | 103,900 | 1,086,395 | ||||||
| Netherlands | 3.4% | ||||||||
| ASML Holding NV | 2,904 | 1,921,568 | ||||||
| ING Groep NV Series N | 87,206 | 1,707,198 | ||||||
| 3,628,766 | ||||||||
| Singapore | 2.5% | ||||||||
| DBS Group Holdings Ltd. | 47,296 | 1,623,173 | ||||||
| Singapore Telecommunications Ltd. | 418,700 | 1,061,568 | ||||||
| 2,684,741 | ||||||||
| South Korea | 0.7% | ||||||||
| SK Hynix, Inc. | 5,721 | 758,674 | ||||||
| Spain | 2.5% | ||||||||
| Bankinter SA | 145,582 | 1,619,759 | ||||||
| Industria de Diseno Textil SA | 20,982 | 1,046,628 | ||||||
| 2,666,387 | ||||||||
| Sweden | 2.3% | ||||||||
| Hexagon AB, B Shares | 132,008 | 1,414,516 | ||||||
| Sandvik AB | 49,186 | 1,037,609 | ||||||
| 2,452,125 | ||||||||
| Switzerland | 2.9% | ||||||||
| ABB Ltd. | 34,757 | 1,798,717 | ||||||
| Cie Financiere Richemont SA, Class A | 7,828 | 1,366,969 | ||||||
| 3,165,686 | ||||||||
| Taiwan | 1.1% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7,196 | 1,194,536 | ||||||
| Description | Shares | Fair Value | ||||||
| United Kingdom | 13.7% | ||||||||
| 3i Group PLC | 43,199 | $ | 2,023,652 | |||||
| AstraZeneca PLC | 7,943 | 1,160,827 | ||||||
| Coca-Cola Europacific Partners PLC | 13,621 | 1,189,006 | ||||||
| Compass Group PLC | 49,209 | 1,624,655 | ||||||
| Croda International PLC | 33,662 | 1,275,681 | ||||||
| JD Sports Fashion PLC | 461,394 | 405,765 | ||||||
| RELX PLC | 82,028 | 4,120,367 | ||||||
| Unilever PLC | 50,366 | 3,000,489 | ||||||
| 14,800,442 | ||||||||
| United States | 7.4% | ||||||||
| Aon PLC, Class A | 4,588 | 1,831,025 | ||||||
| Chubb Ltd. | 3,526 | 1,064,817 | ||||||
| CRH PLC | 10,857 | 955,090 | ||||||
| Experian PLC | 36,278 | 1,681,393 | ||||||
| ICON PLC (*) | 2,671 | 467,398 | ||||||
| Roche Holding AG | 5,923 | 1,947,497 | ||||||
| 7,947,220 | ||||||||
| Total Common Stocks (Cost $87,803,409) | 104,946,029 | |||||||
| Preferred Stocks | 1.0% | ||||||||
| Brazil | 1.0% | ||||||||
| Itau Unibanco Holding SA (Cost $957,915) | 191,180 | $ | 1,052,311 | |||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Lazard Retirement International Equity Portfolio (concluded) | ||||||||
| Repurchase Agreements | 1.6% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $1,969,700 United States Treasury Bond, 3.875%, 05/15/43, with a fair value of $1,815,678) Proceeds of $1,780,216 (Cost $1,780,000) | $ | 1,780 | $ | 1,780,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.1% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $100,392) | 100,392 | $ | 100,392 | |||||
| Total Investments | 100.2% (Cost $90,641,716) | $ | 107,878,732 | ||||||
| Liabilities in Excess of Cash and Other Assets | (0.2)% | (208,500) | |||||||
| Net Assets | 100.0% | $ | 107,670,232 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement US Small Cap Equity Select Portfolio | ||||||||
| Common Stocks | 98.7% | ||||||||
| Aerospace & Defense | 0.8% | ||||||||
| Standardaero, Inc. | 11,332 | $ | 301,885 | |||||
| Automobile Components | 1.0% | ||||||||
| Gentherm, Inc. (*) | 13,294 | 355,482 | ||||||
| Automobiles | 1.3% | ||||||||
| Thor Industries, Inc. | 6,395 | 484,805 | ||||||
| Banks | 7.9% | ||||||||
| BankUnited, Inc. | 25,889 | 891,617 | ||||||
| Commerce Bancshares, Inc. | 8,808 | 548,122 | ||||||
| Home BancShares, Inc. | 23,503 | 664,430 | ||||||
| Wintrust Financial Corp. | 6,846 | 769,901 | ||||||
| 2,874,070 | ||||||||
| Biotechnology | 5.5% | ||||||||
| Arcutis Biotherapeutics, Inc. (*) | 33,120 | 517,997 | ||||||
| Aurinia Pharmaceuticals, Inc. (*) | 69,429 | 558,209 | ||||||
| Janux Therapeutics, Inc. (*) | 6,674 | 180,198 | ||||||
| Rhythm Pharmaceuticals, Inc. (*) | 9,158 | 485,099 | ||||||
| Vaxcyte, Inc. (*) | 6,420 | 242,419 | ||||||
| 1,983,922 | ||||||||
| Building Products | 2.1% | ||||||||
| Hayward Holdings, Inc. (*) | 24,775 | 344,868 | ||||||
| Janus International Group, Inc. (*) | 54,956 | 395,683 | ||||||
| 740,551 | ||||||||
| Capital Markets | 6.0% | ||||||||
| DigitalBridge Group, Inc. | 51,595 | 455,068 | ||||||
| Evercore, Inc., Class A | 1,614 | 322,348 | ||||||
| StepStone Group, Inc., Class A | 14,974 | 782,092 | ||||||
| Stifel Financial Corp. | 6,640 | 625,886 | ||||||
| 2,185,394 | ||||||||
| Commercial Services & Supplies | 3.8% | ||||||||
| ABM Industries, Inc. | 7,354 | 348,285 | ||||||
| Casella Waste Systems, Inc., Class A (*) | 5,878 | 655,456 | ||||||
| Description | Shares | Fair Value | ||||||
| Driven Brands Holdings, Inc. (*) | 22,249 | $ | 381,348 | |||||
| 1,385,089 | ||||||||
| Construction Materials | 1.2% | ||||||||
| Eagle Materials, Inc. | 1,907 | 423,221 | ||||||
| Consumer Staples Distribution & Retail | 4.8% | ||||||||
| BJ’s Wholesale Club Holdings, Inc. (*) | 6,764 | 771,773 | ||||||
| Chefs’ Warehouse, Inc. (*) | 9,603 | 522,979 | ||||||
| Guardian Pharmacy Services, Inc., Class A | 20,972 | 445,865 | ||||||
| 1,740,617 | ||||||||
| Containers & Packaging | 1.5% | ||||||||
| Graphic Packaging Holding Co. | 21,091 | 547,522 | ||||||
| Electrical Equipment | 2.3% | ||||||||
| EnerSys | 4,877 | 446,636 | ||||||
| Generac Holdings, Inc. (*) | 2,903 | 367,665 | ||||||
| 814,301 | ||||||||
| Electronic Equipment, Instruments & Components | 3.6% | ||||||||
| Cognex Corp. | 13,405 | 399,871 | ||||||
| Coherent Corp. (*) | 9,555 | 620,502 | ||||||
| Mirion Technologies, Inc. (*) | 19,673 | 285,258 | ||||||
| 1,305,631 | ||||||||
| Energy Equipment & Services | 3.1% | ||||||||
| Atlas Energy Solutions, Inc. | 25,667 | 457,899 | ||||||
| Cactus, Inc., Class A | 5,055 | 231,671 | ||||||
| Liberty Energy, Inc. | 27,104 | 429,056 | ||||||
| 1,118,626 | ||||||||
| Entertainment | 1.4% | ||||||||
| Roku, Inc. (*) | 7,054 | 496,884 | ||||||
| Ground Transportation | 1.3% | ||||||||
| Landstar System, Inc. | 3,184 | 478,237 | ||||||
| Health Care Equipment & Supplies | 5.7% | ||||||||
| Enovis Corp. (*) | 13,609 | 520,000 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement US Small Cap Equity Select Portfolio (continued) | ||||||||
| Inspire Medical Systems, Inc. (*) | 2,805 | $ | 446,781 | |||||
| Lantheus Holdings, Inc. (*) | 5,892 | 575,059 | ||||||
| RxSight, Inc. (*) | 21,188 | 534,997 | ||||||
| 2,076,837 | ||||||||
| Health Care Technology | 2.5% | ||||||||
| Evolent Health, Inc., Class A (*) | 43,885 | 415,591 | ||||||
| Schrodinger, Inc. (*) | 23,723 | 468,292 | ||||||
| 883,883 | ||||||||
| Hotels, Restaurants & Leisure | 4.0% | ||||||||
| First Watch Restaurant Group, Inc. (*) | 31,525 | 524,891 | ||||||
| Kura Sushi USA, Inc., Class A (*) | 7,511 | 384,563 | ||||||
| Wyndham Hotels & Resorts, Inc. | 5,958 | 539,259 | ||||||
| 1,448,713 | ||||||||
| Insurance | 6.4% | ||||||||
| Abacus Global Management, Inc. (*) | 51,576 | 386,305 | ||||||
| First American Financial Corp. | 13,200 | 866,316 | ||||||
| Hanover Insurance Group, Inc. | 1,916 | 333,288 | ||||||
| Reinsurance Group of America, Inc. | 3,648 | 718,291 | ||||||
| 2,304,200 | ||||||||
| Interactive Media & Services | 1.4% | ||||||||
| Cars.com, Inc. (*) | 43,838 | 494,054 | ||||||
| IT Services | 1.9% | ||||||||
| DigitalOcean Holdings, Inc. (*) | 20,716 | 691,707 | ||||||
| Life Sciences Tools & Services | 0.6% | ||||||||
| Maravai LifeSciences Holdings, Inc., Class A (*) | 102,335 | 226,160 | ||||||
| Machinery | 7.4% | ||||||||
| Gates Industrial Corp. PLC (*) | 30,147 | 555,006 | ||||||
| Middleby Corp. (*) | 4,293 | 652,450 | ||||||
| Nordson Corp. | 1,954 | 394,161 | ||||||
| REV Group, Inc. | 14,403 | 455,135 | ||||||
| Toro Co. | 8,695 | 632,561 | ||||||
| 2,689,313 | ||||||||
| Description | Shares | Fair Value | ||||||
| Oil, Gas & Consumable Fuels | 2.6% | ||||||||
| Antero Resources Corp. (*) | 12,867 | $ | 520,341 | |||||
| Magnolia Oil & Gas Corp., Class A | 16,468 | 415,982 | ||||||
| 936,323 | ||||||||
| Pharmaceuticals | 1.0% | ||||||||
| Axsome Therapeutics, Inc. (*) | 3,212 | 374,616 | ||||||
| Professional Services | 1.3% | ||||||||
| Verra Mobility Corp. (*) | 21,179 | 476,739 | ||||||
| Retail REITs | 1.6% | ||||||||
| Brixmor Property Group, Inc. | 21,198 | 562,807 | ||||||
| Semiconductors & Semiconductor Equipment | 5.0% | ||||||||
| Allegro MicroSystems, Inc. (*) | 19,413 | 487,849 | ||||||
| Credo Technology Group Holding Ltd. (*) | 6,386 | 256,462 | ||||||
| MKS Instruments, Inc. | 6,102 | 489,075 | ||||||
| Onto Innovation, Inc. (*) | 4,752 | 576,607 | ||||||
| 1,809,993 | ||||||||
| Software | 2.7% | ||||||||
| SPS Commerce, Inc. (*) | 2,897 | 384,519 | ||||||
| Zeta Global Holdings Corp., Class A (*) | 44,779 | 607,203 | ||||||
| 991,722 | ||||||||
| Specialized REITs | 2.2% | ||||||||
| CubeSmart | 18,606 | 794,662 | ||||||
| Specialty Retail | 1.8% | ||||||||
| RH (*) | 1,586 | 371,774 | ||||||
| Warby Parker, Inc., Class A (*) | 15,384 | 280,451 | ||||||
| 652,225 | ||||||||
| Textiles, Apparel & Luxury Goods | 1.9% | ||||||||
| Crocs, Inc. (*) | 6,477 | 687,857 | ||||||
| Description | Shares | Fair Value | ||||||
| Lazard Retirement US Small Cap Equity Select Portfolio (concluded) | ||||||||
| Trading Companies & Distributors | 1.1% | ||||||||
| Beacon Roofing Supply, Inc. (*) | 3,098 | $ | 383,223 | |||||
| Total Common Stocks (Cost $37,080,749) | 35,721,271 | |||||||
| Description | Principal Amount (000) | Fair Value | ||||||
| Repurchase Agreements | 0.9% | ||||||||
| Fixed Income Clearing Corp., 4.37%, 04/01/25 (Dated 03/31/25, collateralized by $335,100 United States Treasury Bond, 4.375%, 08/15/43, with a fair value of $326,446) Proceeds of $320,039 (Cost $320,000) | $ | 320 | $ | 320,000 | ||||
| Description | Shares | Fair Value | ||||||
| Short-Term Investments | 0.0% | ||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.28% (7 day yield) (Cost $22,204) | 22,204 | $ | 22,204 | |||||
| Total Investments | 99.6% (Cost $37,422,953) | $ | 36,063,475 | ||||||
| Cash and Other Assets in Excess of Liabilites | 0.4% | 129,903 | |||||||
| Net Assets | 100.0% | $ | 36,193,378 | ||||||
Lazard Retirement Series, Inc.
Notes to Portfolio of Investments
March 31, 2025 (unaudited)
| (*) | Non-income producing security. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, as amended these securities may only be traded among “qualified institutional buyers.” March 31, 2025, the percentage of net assets for each Portfolio was as follows: |
| Portfolio | Percentage of Net Assets |
||
| Emerging Markets Equity Portfolio | 0.5% | ||
| Global Dynamic Multi Asset Portfolio | 0.9% | ||
| International Equity Portfolio | 0.9% |
| (¢) | 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. |
| (**) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. At March 31, 2025, these securities amounted to 13.5% of net assets of Lazard Retirement Global Dynamic Multi-Asset Portfolio. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2025. |
| (††) | A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation. |
| (») | The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
Security Abbreviations:
| ADR | - | American Depositary Receipt |
| CDOR | - | Canadian Dollar Offered Rate |
| ETF | - | Exchange-Traded Fund |
| EURIBOR | - | Euro Interbank Offered Rate |
| GDR | - | Global Depositary Receipt |
| ICE | - | Intercontinental Exchange |
| NIBOR | - | Norway Interbank Offered Rate |
| PJSC | - | Public Joint Stock Company |
| PRIBOR | - | Prague Interbank Offered Rate |
| REITs | - | Real Estate Investment Trusts |
| SOFR | - | Secured Overnight Financing Rate |
| WIBOR | - | Warsaw Interbank Offered Rate |
| Currency Abbreviations: | ||
| AUD | - | Australian Dollar |
| BRL | - | Brazilian Real |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| CLP | - | Chilean Peso |
| CNY | - | Chinese Renminbi |
| COP | - | Colombian Peso |
| CZK | - | Czech Koruna |
| DKK | - | Danish Krone |
| EUR | - | Euro |
| GBP | - | British Pound Sterling |
| HKD | - | Hong Kong Dollar |
| HUF | - | Hungarian Forint |
| IDR | - | Indonesian Rupiah |
| ILS | - | Israeli Shekel |
| INR | - | Indian Rupee |
| JPY | - | Japanese Yen |
| KRW | - | South Korean Won |
| MXN | - | Mexican New Peso |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| PEN | - | Peruvian Nuevo Sol |
| PLN | - | Polish Zloty |
| RON | - | New Romanian Leu |
| SEK | - | Swedish Krona |
| SGD | - | Singapore Dollar |
| THB | - | Thai Baht |
| TRY | - | New Turkey Lira |
| USD | - | United States Dollar |
| Counterparty Abbreviations: | ||
| CIT | - | Citibank N.A. |
| HSB | - | HSBC Bank USA N.A. |
| JPM | - | JPMorgan Chase Bank N.A. |
| MSC | - | Morgan Stanley & Co. |
| SSB | - | State Street Bank & Trust Co. |
Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:
| Industry† | Lazard Retirement Emerging Markets Equity Portfolio | Lazard Retirement Global Dynamic Multi-Asset Portfolio | Lazard Retirement International Equity Portfolio | ||||||
| Common Stocks, Preferred Stocks, Corporate Bonds and Quasi Government Bonds | |||||||||
| Aerospace & Defense | — | % | 1.3 | % | 5.6 | % | |||
| Automobile Components | 1.8 | — | 1.2 | ||||||
| Automobiles | 0.9 | 1.1 | 1.5 | ||||||
| Banks | 22.5 | 6.9 | 14.0 | ||||||
| Beverages | — | 1.4 | 2.8 | ||||||
| Biotechnology | — | 1.3 | — | ||||||
| Broadline Retail | 3.1 | 2.0 | — | ||||||
| Building Products | — | 0.8 | 0.7 | ||||||
| Capital Markets | — | 2.6 | 1.9 | ||||||
| Chemicals | 1.9 | 0.2 | 4.1 | ||||||
| Commercial Services & Supplies | — | 1.9 | — | ||||||
| Communications Equipment | — | 0.6 | — | ||||||
| Construction & Engineering | — | 0.1 | — | ||||||
| Construction Materials | 2.3 | 0.1 | 0.9 | ||||||
| Consumer Finance | — | 0.4 | — | ||||||
| Consumer Staples Distribution & Retail | 1.7 | 1.4 | 1.5 | ||||||
| Containers & Packaging | — | 0.1 | — | ||||||
| Diversified Consumer Services | — | 0.4 | — | ||||||
| Diversified REITs | — | 0.6 | — | ||||||
| Diversified Telecommunication Services | 4.2 | 2.0 | 2.8 | ||||||
| Electric Utilities | — | 1.5 | 1.1 | ||||||
| Electrical Equipment | — | 1.2 | 2.4 | ||||||
| Electronic Equipment, Instruments & Components | 1.1 | 0.4 | 2.4 | ||||||
| Energy Equipment & Services | 0.8 | — | — | ||||||
| Entertainment | 2.2 | 1.2 | — | ||||||
| Financial Services | — | 2.1 | — | ||||||
| Food Products | 3.0 | 1.3 | 0.9 | ||||||
| Gas Utilities | 1.0 | 0.4 | — | ||||||
| Ground Transportation | — | 0.2 | — | ||||||
| Health Care Equipment & Supplies | — | 0.8 | 0.9 | ||||||
| Health Care Providers & Services | 2.8 | 1.7 | — | ||||||
| Health Care REITs | — | 0.2 | — | ||||||
| Hotels, Restaurants & Leisure | 0.9 | 0.8 | 1.5 | ||||||
| Household Durables | 3.1 | 0.1 | — | ||||||
| Household Products | 0.9 | 1.6 | — | ||||||
| Independent Power & Renewable Electricity Producers | 0.8 | 0.3 | — | ||||||
| Industrial Conglomerates | 3.0 | — | 2.4 | ||||||
| Insurance | 5.1 | 2.1 | 4.1 | ||||||
| Interactive Media & Services | 1.0 | 2.3 | 1.0 | ||||||
| IT Services | 0.8 | 0.9 | 4.2 | ||||||
| Leisure Products | — | — | 1.2 | ||||||
| Life Sciences Tools & Services | — | 0.6 | 0.4 | ||||||
| Machinery | 1.7 | 1.6 | 3.7 | ||||||
| Marine Transportation | — | 0.1 | — | ||||||
| Media | — | 0.4 | — | ||||||
| Metals & Mining | 2.8 | 1.0 | 1.2 | ||||||
| Multi-Utilities | — | 0.3 | 1.8 | ||||||
| Oil, Gas & Consumable Fuels | 5.4 | 1.3 | 1.0 | ||||||
| Passenger Airlines | — | 0.3 | 1.1 | ||||||
| Personal Care Products | 2.2 | 0.3 | 2.8 | ||||||
| Pharmaceuticals | 0.9 | 4.4 | 5.6 | ||||||
| Professional Services | — | 1.3 | 7.1 | ||||||
| Real Estate Management & Development | — | 0.2 | 0.9 | ||||||
| Retail REITs | — | 0.1 | — | ||||||
| Semiconductors & Semiconductor Equipment | 12.4 | 3.8 | 5.3 | ||||||
| Software | — | 3.8 | 0.8 | ||||||
| Specialized REITs | — | 0.3 | — | ||||||
| Specialty Retail | 1.0 | 1.6 | 2.2 | ||||||
| Technology Hardware, Storage & Peripherals | 1.8 | 3.0 | — | ||||||
| Textiles, Apparel & Luxury Goods | — | 0.3 | 4.5 | ||||||
| Tobacco | 0.6 | 0.6 | — | ||||||
| Trading Companies & Distributors | — | — | 1.0 | ||||||
| Transportation Infrastructure | 2.1 | — | — | ||||||
| Wireless Telecommunication Services | 2.6 | 0.4 | — | ||||||
| Subtotal | 98.4 | 70.0 | 98.5 | ||||||
| Exchange-Traded Funds | — | 1.3 | — | ||||||
| Foreign Government Obligations | — | 17.6 | — | ||||||
| Supranational Bonds | — | 4.5 | — | ||||||
| U.S. Municipal Bonds | — | 0.9 | — | ||||||
| U.S. Treasury Securities | — | 4.9 | — | ||||||
| Warrants | — | 0.0 | — | ||||||
| Repurchase Agreements | 1.8 | — | 1.6 | ||||||
| Short-Term Investments | 0.1 | 0.1 | 0.1 | ||||||
| Total Investments | 100.3 | % | 99.3 | % | 100.2 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Lazard Retirement Series, Inc.
| By: | /s/ Nathan A. Paul Nathan A. Paul Chief Executive Officer |
Date: May 22, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul Nathan A. Paul Chief Executive Officer |
Date: May 22, 2025
| By: | /s/ Christina Kennedy Christina Kennedy Chief Financial Officer |
Date: May 22, 2025