Lazard Retirement Emerging Markets Equity Portfolio

Investor Shares

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Retirement Emerging Markets Equity Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Investor Shares	$60	1.09%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Investor Shares	MSCI Emerging Markets Index
6/16	$10,000	$10,000
7/16	$10,473	$10,503
8/16	$10,616	$10,764
9/16	$10,882	$10,903
10/16	$10,955	$10,929
11/16	$10,345	$10,426
12/16	$10,583	$10,449
1/17	$11,125	$11,020
2/17	$11,439	$11,358
3/17	$11,730	$11,644
4/17	$11,935	$11,899
5/17	$12,032	$12,251
6/17	$11,975	$12,375
7/17	$12,626	$13,112
8/17	$12,875	$13,405
9/17	$12,772	$13,351
10/17	$13,070	$13,819
11/17	$13,030	$13,847
12/17	$13,561	$14,344
1/18	$14,661	$15,540
2/18	$14,009	$14,823
3/18	$13,823	$14,547
4/18	$13,422	$14,483
5/18	$12,508	$13,970
6/18	$11,938	$13,389
7/18	$12,287	$13,684
8/18	$11,645	$13,314
9/18	$11,744	$13,243
10/18	$11,127	$12,090
11/18	$11,482	$12,588
12/18	$11,077	$12,254
1/19	$12,341	$13,327
2/19	$11,959	$13,357
3/19	$11,894	$13,469
4/19	$12,168	$13,753
5/19	$11,625	$12,755
6/19	$12,233	$13,551
7/19	$11,977	$13,385
8/19	$11,353	$12,733
9/19	$11,768	$12,976
10/19	$12,225	$13,523
11/19	$12,219	$13,504
12/19	$13,110	$14,512
1/20	$12,316	$13,835
2/20	$11,461	$13,106
3/20	$9,119	$11,087
4/20	$9,745	$12,103
5/20	$9,938	$12,196
6/20	$10,215	$13,092
7/20	$10,739	$14,262
8/20	$10,611	$14,577
9/20	$10,443	$14,343
10/20	$10,424	$14,639
11/20	$11,939	$15,993
12/20	$12,975	$17,168
1/21	$12,987	$17,695
2/21	$13,254	$17,830
3/21	$13,626	$17,561
4/21	$13,769	$17,998
5/21	$14,489	$18,415
6/21	$14,390	$18,447
7/21	$13,812	$17,206
8/21	$14,184	$17,656
9/21	$13,771	$16,954
10/21	$13,790	$17,122
11/21	$13,188	$16,424
12/21	$13,727	$16,732
1/22	$14,019	$16,415
2/22	$13,391	$15,925
3/22	$13,175	$15,565
4/22	$12,464	$14,699
5/22	$12,883	$14,764
6/22	$11,627	$13,783
7/22	$11,760	$13,749
8/22	$11,621	$13,806
9/22	$10,395	$12,188
10/22	$10,521	$11,809
11/22	$11,996	$13,561
12/22	$11,673	$13,370
1/23	$12,727	$14,426
2/23	$12,273	$13,491
3/23	$12,602	$13,899
4/23	$12,721	$13,742
5/23	$12,438	$13,511
6/23	$13,235	$14,024
7/23	$13,795	$14,897
8/23	$13,194	$13,979
9/23	$13,069	$13,614
10/23	$12,811	$13,085
11/23	$13,722	$14,132
12/23	$14,313	$14,684
1/24	$13,812	$14,003
2/24	$14,431	$14,669
3/24	$14,661	$15,032
4/24	$14,751	$15,099
5/24	$15,112	$15,185
6/24	$15,502	$15,784
7/24	$15,641	$15,831
8/24	$16,061	$16,086
9/24	$16,991	$17,160
10/24	$15,975	$16,397
11/24	$15,607	$15,808
12/24	$15,413	$15,786
1/25	$16,090	$16,068
2/25	$16,104	$16,146
3/25	$16,371	$16,249
4/25	$16,796	$16,462
5/25	$17,502	$17,164
6/25	$18,597	$18,196
7/25	$18,713	$18,551
8/25	$19,173	$18,789
9/25	$19,871	$20,133
10/25	$21,021	$20,974
11/25	$21,274	$20,473
12/25	$21,904	$21,085
1/26	$23,983	$22,952
2/26	$25,423	$24,213
3/26	$23,345	$21,050
4/26	$25,638	$24,147
5/26	$27,316	$26,486
6/26	$26,863	$26,113

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	10 Years
Investor Shares	44.44%	13.30%	10.39%
MSCI Emerging Markets Index	43.51%	7.20%	10.07%

The performance quoted represents past performance. Past performance does not guarantee future results. The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

Key Portfolio Statistics

Table Summary
Total Net Assets	$484,232,999
# of Portfolio Holdings	88
Portfolio Turnover Rate	22%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$2,320,417

Top 10 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	5.9%
SK Hynix, Inc.	5.6%
Lenovo Group Ltd.	3.5%
MediaTek, Inc.	2.7%
NetEase, Inc.	2.1%
Wiwynn Corp.	2.0%
China Construction Bank Corp., Class H	1.9%
Tencent Holdings Ltd.	1.9%
ASE Technology Holding Co. Ltd.	1.9%
OTP Bank Nyrt	1.8%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	28.0%
Financials	23.6%
Communication Services	9.5%
Consumer Discretionary	9.0%
Energy	7.0%
Consumer Staples	5.9%
Industrials	5.6%
Materials	4.4%
Health Care	3.0%
Other (includes short-term investments)	4.0%

Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

Lazard Retirement Emerging Markets Equity Portfolio

Service Shares

Semi-Annual Shareholder Report - June 30, 2026

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Service Shares	$74	1.34%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Service Shares	MSCI Emerging Markets Index
6/16	$10,000	$10,000
7/16	$10,468	$10,503
8/16	$10,610	$10,764
9/16	$10,872	$10,903
10/16	$10,945	$10,929
11/16	$10,336	$10,426
12/16	$10,570	$10,449
1/17	$11,110	$11,020
2/17	$11,420	$11,358
3/17	$11,707	$11,644
4/17	$11,910	$11,899
5/17	$12,006	$12,251
6/17	$11,944	$12,375
7/17	$12,591	$13,112
8/17	$12,837	$13,405
9/17	$12,736	$13,351
10/17	$13,030	$13,819
11/17	$12,984	$13,847
12/17	$13,511	$14,344
1/18	$14,605	$15,540
2/18	$13,952	$14,823
3/18	$13,763	$14,547
4/18	$13,362	$14,483
5/18	$12,446	$13,970
6/18	$11,879	$13,389
7/18	$12,222	$13,684
8/18	$11,585	$13,314
9/18	$11,676	$13,243
10/18	$11,062	$12,090
11/18	$11,412	$12,588
12/18	$11,004	$12,254
1/19	$12,262	$13,327
2/19	$11,876	$13,357
3/19	$11,812	$13,469
4/19	$12,081	$13,753
5/19	$11,536	$12,755
6/19	$12,145	$13,551
7/19	$11,888	$13,385
8/19	$11,263	$12,733
9/19	$11,676	$12,976
10/19	$12,120	$13,523
11/19	$12,114	$13,504
12/19	$13,000	$14,512
1/20	$12,202	$13,835
2/20	$11,357	$13,106
3/20	$9,035	$11,087
4/20	$9,650	$12,103
5/20	$9,845	$12,196
6/20	$10,111	$13,092
7/20	$10,631	$14,262
8/20	$10,496	$14,577
9/20	$10,332	$14,343
10/20	$10,314	$14,639
11/20	$11,808	$15,993
12/20	$12,834	$17,168
1/21	$12,841	$17,695
2/21	$13,096	$17,830
3/21	$13,466	$17,561
4/21	$13,606	$17,998
5/21	$14,310	$18,415
6/21	$14,207	$18,447
7/21	$13,636	$17,206
8/21	$14,000	$17,656
9/21	$13,592	$16,954
10/21	$13,610	$17,122
11/21	$13,010	$16,424
12/21	$13,536	$16,732
1/22	$13,821	$16,415
2/22	$13,202	$15,925
3/22	$12,991	$15,565
4/22	$12,285	$14,699
5/22	$12,694	$14,764
6/22	$11,455	$13,783
7/22	$11,586	$13,749
8/22	$11,445	$13,806
9/22	$10,240	$12,188
10/22	$10,355	$11,809
11/22	$11,804	$13,561
12/22	$11,490	$13,370
1/23	$12,522	$14,426
2/23	$12,067	$13,491
3/23	$12,394	$13,899
4/23	$12,509	$13,742
5/23	$12,227	$13,511
6/23	$13,010	$14,024
7/23	$13,555	$14,897
8/23	$12,963	$13,979
9/23	$12,835	$13,614
10/23	$12,579	$13,085
11/23	$13,476	$14,132
12/23	$14,049	$14,684
1/24	$13,557	$14,003
2/24	$14,157	$14,669
3/24	$14,380	$15,032
4/24	$14,460	$15,099
5/24	$14,818	$15,185
6/24	$15,196	$15,784
7/24	$15,331	$15,831
8/24	$15,735	$16,086
9/24	$16,648	$17,160
10/24	$15,651	$16,397
11/24	$15,289	$15,808
12/24	$15,093	$15,786
1/25	$15,749	$16,068
2/25	$15,756	$16,146
3/25	$16,021	$16,249
4/25	$16,432	$16,462
5/25	$17,122	$17,164
6/25	$18,189	$18,196
7/25	$18,293	$18,551
8/25	$18,741	$18,789
9/25	$19,414	$20,133
10/25	$20,538	$20,974
11/25	$20,781	$20,473
12/25	$21,397	$21,085
1/26	$23,417	$22,952
2/26	$24,820	$24,213
3/26	$22,787	$21,050
4/26	$25,021	$24,147
5/26	$26,654	$26,486
6/26	$26,202	$26,113

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	10 Years
Service Shares	44.06%	13.02%	10.11%
MSCI Emerging Markets Index	43.51%	7.20%	10.07%

Key Portfolio Statistics

Table Summary
Total Net Assets	$484,232,999
# of Portfolio Holdings	88
Portfolio Turnover Rate	22%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$2,320,417

Top 10 Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.	5.9%
SK Hynix, Inc.	5.6%
Lenovo Group Ltd.	3.5%
MediaTek, Inc.	2.7%
NetEase, Inc.	2.1%
Wiwynn Corp.	2.0%
China Construction Bank Corp., Class H	1.9%
Tencent Holdings Ltd.	1.9%
ASE Technology Holding Co. Ltd.	1.9%
OTP Bank Nyrt	1.8%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	28.0%
Financials	23.6%
Communication Services	9.5%
Consumer Discretionary	9.0%
Energy	7.0%
Consumer Staples	5.9%
Industrials	5.6%
Materials	4.4%
Health Care	3.0%
Other (includes short-term investments)	4.0%

Additional Information

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Investor Shares

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Retirement Global Dynamic Multi-Asset Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Investor Shares	$46	0.90%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Investor Shares	MSCI World Index	GDMA Index
12/18	$10,000	$10,000	$10,000
1/19	$10,551	$10,000	$10,000
2/19	$10,749	$10,301	$10,122
3/19	$10,870	$10,436	$10,251
4/19	$10,999	$10,806	$10,418
5/19	$10,672	$10,183	$10,188
6/19	$11,189	$10,854	$10,637
7/19	$11,197	$10,907	$10,648
8/19	$11,097	$10,684	$10,647
9/19	$11,157	$10,912	$10,707
10/19	$11,304	$11,189	$10,879
11/19	$11,494	$11,501	$10,989
12/19	$11,779	$11,845	$11,185
1/20	$11,736	$11,773	$11,223
2/20	$10,968	$10,778	$10,786
3/20	$9,975	$9,352	$9,952
4/20	$10,208	$10,373	$10,593
5/20	$10,424	$10,874	$10,872
6/20	$10,571	$11,162	$11,064
7/20	$10,950	$11,696	$11,505
8/20	$11,276	$12,477	$11,881
9/20	$11,083	$12,047	$11,654
10/20	$10,899	$11,678	$11,481
11/20	$11,549	$13,171	$12,320
12/20	$11,892	$13,729	$12,663
1/21	$11,760	$13,593	$12,545
2/21	$11,804	$13,941	$12,598
3/21	$11,997	$14,405	$12,686
4/21	$12,375	$15,075	$13,061
5/21	$12,542	$15,292	$13,217
6/21	$12,613	$15,520	$13,257
7/21	$12,859	$15,798	$13,464
8/21	$13,048	$16,191	$13,603
9/21	$12,569	$15,519	$13,200
10/21	$13,085	$16,398	$13,558
11/21	$12,904	$16,039	$13,390
12/21	$13,338	$16,724	$13,666
1/22	$12,705	$15,839	$13,165
2/22	$12,479	$15,439	$12,920
3/22	$12,370	$15,862	$12,901
4/22	$11,538	$14,545	$12,011
5/22	$11,584	$14,556	$12,032
6/22	$10,969	$13,295	$11,318
7/22	$11,421	$14,350	$11,888
8/22	$10,917	$13,750	$11,405
9/22	$10,205	$12,472	$10,582
10/22	$10,465	$13,368	$10,925
11/22	$11,119	$14,297	$11,562
12/22	$11,033	$13,690	$11,348
1/23	$11,456	$14,659	$11,936
2/23	$11,061	$14,307	$11,594
3/23	$11,398	$14,749	$11,956
4/23	$11,533	$15,007	$12,087
5/23	$11,264	$14,857	$11,909
6/23	$11,639	$15,756	$12,269
7/23	$11,812	$16,285	$12,517
8/23	$11,632	$15,896	$12,282
9/23	$11,194	$15,210	$11,838
10/23	$10,990	$14,769	$11,595
11/23	$11,744	$16,154	$12,431
12/23	$12,253	$16,947	$12,995
1/24	$12,304	$17,150	$12,983
2/24	$12,569	$17,877	$13,176
3/24	$12,864	$18,452	$13,424
4/24	$12,416	$17,766	$13,006
5/24	$12,844	$18,560	$13,381
6/24	$12,926	$18,937	$13,527
7/24	$13,262	$19,271	$13,833
8/24	$13,618	$19,780	$14,180
9/24	$13,781	$20,143	$14,430
10/24	$13,414	$19,743	$14,045
11/24	$13,720	$20,649	$14,391
12/24	$13,313	$20,111	$14,049
1/25	$13,639	$20,821	$14,337
2/25	$13,710	$20,671	$14,388
3/25	$13,506	$19,750	$14,112
4/25	$13,598	$19,926	$14,382
5/25	$13,903	$21,105	$14,782
6/25	$14,270	$22,016	$15,241
7/25	$14,209	$22,300	$15,226
8/25	$14,582	$22,881	$15,535
9/25	$14,868	$23,617	$15,836
10/25	$15,101	$24,090	$15,974
11/25	$15,239	$24,158	$16,015
12/25	$15,440	$24,353	$16,101
1/26	$15,896	$24,898	$16,356
2/26	$16,256	$25,080	$16,508
3/26	$15,239	$23,483	$15,728
4/26	$16,087	$25,735	$16,581
5/26	$16,458	$26,907	$16,986
6/26	$16,373	$26,714	$16,865

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	Since Inception 12/31/18
Investor Shares	14.74%	5.36%	6.80%
MSCI World Index	21.34%	11.47%	15.14%
GDMA Index	10.65%	4.93%	7.87%

Key Portfolio Statistics

Table Summary
Total Net Assets	$19,035,304
# of Portfolio Holdings	474
Portfolio Turnover Rate	37%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$0

Top 10 Holdings (% of Net Assets)

Table Summary
NVIDIA Corp.	3.1%
Apple, Inc.	3.1%
Alphabet, Inc., Class C	2.8%
Amazon.com, Inc.	2.1%
Microsoft Corp.	1.8%
Broadcom, Inc.	1.2%
Micron Technology, Inc.	1.0%
Bermuda Government International Bonds, 2.375%, due 08/20/30	0.9%
Eli Lilly & Co.	0.9%
ASML Holding NV	0.9%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	20.1%
Sovereign Debt	14.1%
Financials	13.0%
Industrials	8.6%
Health Care	6.8%
Consumer Discretionary	6.4%
Communication Services	6.0%
Consumer Staples	4.3%
Other (includes short-term investments)	20.7%

Additional Information

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Service Shares

Semi-Annual Shareholder Report - June 30, 2026

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Service Shares	$54	1.05%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Service Shares	MSCI World Index	GDMA Index
6/16	$10,000	$10,000	$10,000
7/16	$10,280	$10,422	$10,249
8/16	$10,196	$10,431	$10,228
9/16	$10,264	$10,487	$10,284
10/16	$10,009	$10,284	$10,041
11/16	$9,949	$10,431	$9,914
12/16	$10,076	$10,681	$10,010
1/17	$10,298	$10,939	$10,187
2/17	$10,537	$11,242	$10,353
3/17	$10,647	$11,362	$10,416
4/17	$10,826	$11,530	$10,551
5/17	$11,040	$11,774	$10,745
6/17	$11,065	$11,820	$10,761
7/17	$11,321	$12,102	$10,980
8/17	$11,389	$12,119	$11,042
9/17	$11,569	$12,391	$11,116
10/17	$11,749	$12,626	$11,200
11/17	$12,023	$12,899	$11,384
12/17	$12,145	$13,074	$11,480
1/18	$12,667	$13,764	$11,852
2/18	$12,190	$13,194	$11,554
3/18	$12,091	$12,906	$11,489
4/18	$12,082	$13,054	$11,463
5/18	$12,136	$13,136	$11,456
6/18	$12,073	$13,130	$11,428
7/18	$12,352	$13,540	$11,597
8/18	$12,485	$13,708	$11,674
9/18	$12,512	$13,784	$11,657
10/18	$11,771	$12,772	$11,164
11/18	$11,880	$12,917	$11,244
12/18	$11,347	$11,935	$10,931
1/19	$11,973	$12,863	$11,439
2/19	$12,197	$13,250	$11,578
3/19	$12,334	$13,424	$11,727
4/19	$12,481	$13,900	$11,917
5/19	$12,110	$13,098	$11,654
6/19	$12,696	$13,961	$12,167
7/19	$12,706	$14,030	$12,180
8/19	$12,592	$13,743	$12,180
9/19	$12,670	$14,036	$12,247
10/19	$12,827	$14,393	$12,444
11/19	$13,042	$14,794	$12,570
12/19	$13,366	$15,237	$12,795
1/20	$13,307	$15,144	$12,838
2/20	$12,445	$13,864	$12,338
3/20	$11,309	$12,029	$11,384
4/20	$11,574	$13,344	$12,117
5/20	$11,818	$13,988	$12,436
6/20	$11,985	$14,358	$12,656
7/20	$12,416	$15,045	$13,161
8/20	$12,776	$16,050	$13,590
9/20	$12,557	$15,497	$13,331
10/20	$12,348	$15,021	$13,133
11/20	$13,075	$16,942	$14,092
12/20	$13,474	$17,660	$14,486
1/21	$13,324	$17,485	$14,350
2/21	$13,364	$17,933	$14,410
3/21	$13,583	$18,529	$14,511
4/21	$14,011	$19,392	$14,941
5/21	$14,201	$19,671	$15,119
6/21	$14,280	$19,964	$15,165
7/21	$14,549	$20,322	$15,401
8/21	$14,764	$20,828	$15,561
9/21	$14,211	$19,963	$15,100
10/21	$14,805	$21,093	$15,509
11/21	$14,590	$20,631	$15,316
12/21	$15,082	$21,513	$15,633
1/22	$14,365	$20,375	$15,059
2/22	$14,108	$19,859	$14,779
3/22	$13,986	$20,404	$14,757
4/22	$13,043	$18,709	$13,740
5/22	$13,094	$18,724	$13,764
6/22	$12,397	$17,102	$12,947
7/22	$12,910	$18,460	$13,598
8/22	$12,331	$17,688	$13,046
9/22	$11,525	$16,044	$12,104
10/22	$11,819	$17,196	$12,497
11/22	$12,548	$18,391	$13,226
12/22	$12,461	$17,610	$12,981
1/23	$12,930	$18,856	$13,653
2/23	$12,494	$18,403	$13,262
3/23	$12,864	$18,972	$13,677
4/23	$13,017	$19,304	$13,827
5/23	$12,712	$19,111	$13,623
6/23	$13,126	$20,267	$14,034
7/23	$13,333	$20,948	$14,318
8/23	$13,117	$20,448	$14,049
9/23	$12,622	$19,566	$13,541
10/23	$12,403	$18,998	$13,264
11/23	$13,244	$20,779	$14,220
12/23	$13,809	$21,799	$14,864
1/24	$13,866	$22,061	$14,851
2/24	$14,166	$22,996	$15,073
3/24	$14,500	$23,735	$15,356
4/24	$13,993	$22,853	$14,877
5/24	$14,477	$23,874	$15,307
6/24	$14,570	$24,360	$15,474
7/24	$14,950	$24,789	$15,824
8/24	$15,342	$25,444	$16,220
9/24	$15,515	$25,910	$16,506
10/24	$15,100	$25,396	$16,066
11/24	$15,457	$26,562	$16,462
12/24	$14,996	$25,869	$16,071
1/25	$15,342	$26,782	$16,400
2/25	$15,434	$26,589	$16,459
3/25	$15,192	$25,406	$16,143
4/25	$15,307	$25,631	$16,452
5/25	$15,641	$27,149	$16,910
6/25	$16,056	$28,320	$17,435
7/25	$15,987	$28,685	$17,417
8/25	$16,396	$29,433	$17,771
9/25	$16,719	$30,379	$18,114
10/25	$16,983	$30,988	$18,273
11/25	$17,127	$31,075	$18,320
12/25	$17,354	$31,326	$18,418
1/26	$17,869	$32,027	$18,710
2/26	$18,264	$32,262	$18,883
3/26	$17,115	$30,207	$17,992
4/26	$18,073	$33,104	$18,966
5/26	$18,480	$34,611	$19,430
6/26	$18,396	$34,363	$19,292

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	10 Years
Service Shares	14.57%	5.20%	6.29%
MSCI World Index	21.34%	11.47%	13.14%
GDMA Index	10.65%	4.93%	6.79%

Key Portfolio Statistics

Table Summary
Total Net Assets	$19,035,304
# of Portfolio Holdings	474
Portfolio Turnover Rate	37%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$0

Top 10 Holdings (% of Net Assets)

Table Summary
NVIDIA Corp.	3.1%
Apple, Inc.	3.1%
Alphabet, Inc., Class C	2.8%
Amazon.com, Inc.	2.1%
Microsoft Corp.	1.8%
Broadcom, Inc.	1.2%
Micron Technology, Inc.	1.0%
Bermuda Government International Bonds, 2.375%, due 08/20/30	0.9%
Eli Lilly & Co.	0.9%
ASML Holding NV	0.9%

Sector Allocation (% of Net Assets)

Table Summary
Information Technology	20.1%
Sovereign Debt	14.1%
Financials	13.0%
Industrials	8.6%
Health Care	6.8%
Consumer Discretionary	6.4%
Communication Services	6.0%
Consumer Staples	4.3%
Other (includes short-term investments)	20.7%

Additional Information

Lazard Retirement International Equity Portfolio

Service Shares

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the Lazard Retirement International Equity Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

What were the Portfolio costs for the last six months?

(based on a $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference1}
Service Shares	$59	1.13%

Footnote	Description
Footnote¹	Annualized

Portfolio Performance

Table Summary
	Service Shares	MSCI EAFE Index
6/16	$10,000	$10,000
7/16	$10,234	$10,507
8/16	$10,129	$10,514
9/16	$10,313	$10,643
10/16	$9,835	$10,426
11/16	$9,651	$10,218
12/16	$9,819	$10,567
1/17	$9,955	$10,874
2/17	$10,065	$11,030
3/17	$10,354	$11,333
4/17	$10,651	$11,622
5/17	$11,050	$12,048
6/17	$10,982	$12,027
7/17	$11,347	$12,374
8/17	$11,304	$12,369
9/17	$11,510	$12,677
10/17	$11,691	$12,869
11/17	$11,871	$13,004
12/17	$12,012	$13,213
1/18	$12,611	$13,876
2/18	$11,934	$13,249
3/18	$11,968	$13,011
4/18	$11,979	$13,308
5/18	$11,812	$13,009
6/18	$11,657	$12,850
7/18	$11,835	$13,166
8/18	$11,610	$12,912
9/18	$11,733	$13,024
10/18	$10,866	$11,987
11/18	$10,855	$11,972
12/18	$10,341	$11,391
1/19	$10,918	$12,139
2/19	$11,291	$12,449
3/19	$11,375	$12,527
4/19	$11,700	$12,880
5/19	$11,315	$12,261
6/19	$11,952	$12,988
7/19	$11,712	$12,824
8/19	$11,463	$12,491
9/19	$11,753	$12,849
10/19	$11,994	$13,311
11/19	$12,091	$13,461
12/19	$12,513	$13,898
1/20	$12,284	$13,608
2/20	$11,379	$12,378
3/20	$9,605	$10,726
4/20	$10,160	$11,419
5/20	$10,691	$11,916
6/20	$10,981	$12,322
7/20	$11,427	$12,609
8/20	$12,039	$13,257
9/20	$11,771	$12,913
10/20	$11,249	$12,397
11/20	$12,906	$14,319
12/20	$13,544	$14,985
1/21	$13,251	$14,825
2/21	$13,430	$15,158
3/21	$13,774	$15,506
4/21	$14,246	$15,973
5/21	$14,577	$16,494
6/21	$14,284	$16,308
7/21	$14,361	$16,431
8/21	$14,725	$16,721
9/21	$14,282	$16,235
10/21	$14,647	$16,635
11/21	$13,826	$15,860
12/21	$14,334	$16,672
1/22	$13,774	$15,867
2/22	$13,552	$15,586
3/22	$13,357	$15,686
4/22	$12,549	$14,672
5/22	$12,888	$14,782
6/22	$11,845	$13,410
7/22	$12,301	$14,078
8/22	$11,601	$13,410
9/22	$10,543	$12,155
10/22	$11,049	$12,809
11/22	$12,351	$14,252
12/22	$12,183	$14,263
1/23	$13,286	$15,418
2/23	$12,873	$15,096
3/23	$13,240	$15,470
4/23	$13,424	$15,907
5/23	$12,918	$15,234
6/23	$13,746	$15,927
7/23	$14,007	$16,443
8/23	$13,512	$15,813
9/23	$12,984	$15,273
10/23	$12,564	$14,653
11/23	$13,667	$16,014
12/23	$14,117	$16,864
1/24	$13,993	$16,961
2/24	$14,490	$17,272
3/24	$15,003	$17,840
4/24	$14,475	$17,383
5/24	$15,205	$18,056
6/24	$14,863	$17,765
7/24	$15,515	$18,286
8/24	$16,177	$18,881
9/24	$16,337	$19,055
10/24	$15,312	$18,019
11/24	$15,296	$17,916
12/24	$14,912	$17,509
1/25	$15,793	$18,429
2/25	$16,273	$18,787
3/25	$16,209	$18,711
4/25	$16,850	$19,568
5/25	$17,715	$20,463
6/25	$18,243	$20,914
7/25	$17,907	$20,620
8/25	$18,563	$21,500
9/25	$19,292	$21,911
10/25	$19,292	$22,169
11/25	$19,410	$22,306
12/25	$19,851	$22,976
1/26	$21,070	$24,175
2/26	$22,035	$25,293
3/26	$19,918	$22,690
4/26	$21,036	$24,381
5/26	$21,714	$25,129
6/26	$21,680	$25,145

Average Annual Total Returns (%)

Table Summary
Fund	1 Year	5 Years	10 Years
Service Shares	18.84%	8.70%	8.05%
MSCI EAFE Index	20.23%	9.05%	9.66%

Key Portfolio Statistics

Table Summary
Total Net Assets	$126,136,870
# of Portfolio Holdings	78
Portfolio Turnover Rate	40%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$402,951

Top 10 Holdings (% of Net Assets)

Table Summary
Engie SA	2.5%
Unilever PLC	2.3%
Banco Santander SA	2.2%
AstraZeneca PLC	2.2%
AIA Group Ltd.	2.0%
RELX PLC	1.9%
Samsung Electronics Co. Ltd.	1.9%
National Bank of Greece SA	1.8%
Shimadzu Corp.	1.7%
Merck KGaA	1.7%

Sector Allocation (% of Net Assets)

Table Summary
Financials	24.3%
Industrials	17.9%
Materials	12.4%
Information Technology	11.8%
Consumer Discretionary	7.7%
Health Care	7.6%
Consumer Staples	7.4%
Utilities	3.4%
Other (includes short-term investments)	7.5%

Additional Information

The Registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Shares of the Portfolios are currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis.

Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about Lazard Retirement Series, Inc. (the “Fund”), you may obtain a prospectus or a Portfolio’s summary prospectus by calling 800-823-6300, or online, at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.

Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.

Lazard Retirement Series, Inc. Portfolios of Investments
June 30, 2026 (unaudited)

* $0.001 par value, 2,550,000,000 shares authorized for the Portfolios in total.

Lazard Retirement Series, Inc. Notes to Financial Statements
June 30, 2026 (unaudited)

Lazard Retirement Series, Inc. was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund, comprised of fifteen no-load portfolios (each referred to as a “Portfolio”), is currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis. As of June 30, 2026, only the following three Portfolios, each of which is “diversified”, as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio and Lazard Retirement International Equity Portfolio. The other twelve Portfolios have not commenced operations.

Each Portfolio offers Service Shares and Emerging Markets Equity and Global Dynamic Multi-Asset also offer Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to, and expenses borne by, each class of shares.

The accompanying financial statements are presented in conformity with GAAP. The Portfolios are investment companies and therefore apply specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of the financial statements:

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for U.S. listed equity securities) or the closing price (for non-U.S. listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the

Nasdaq Official Closing Price. If there is no available closing price for a non-U.S. listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.

Trading on certain non-U.S. securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-U.S. countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.

The Board of Directors (the “Board”) has designated Lazard Asset Management LLC (the “Investment Manager”) to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of its Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which

market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date except for certain dividends from non-U.S. securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method.

A Portfolio may be subject to taxes imposed by non-U.S. countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has

been awarded, at which time the amount will be recorded within dividend income on the Statements of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio’s NAV per share.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Portfolios are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios’ accounting records and the U.S. dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended June 30, 2026, Global Dynamic Multi-Asset traded in forward currency contracts.

(d) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2025, none of the Portfolios had unused realized capital loss carryovers.

During the year ended December 31, 2025, the following Portfolio utilized realized capital loss carryovers from previous years as follows:

Post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2025, the Portfolios had no such losses to defer.

For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(e) Dividends and Distributions—For each Portfolio, income dividends, if any, will be declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, certain expenses, currency straddles, wash sales, forward contracts being marked to market, net operating losses, passive foreign investment companies, distribution redesignations, capital loss carryforwards, equalization, foreign bond bifurcation, return of capital distributions, premium amortization, non-deductible organization expenses and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(f) Allocation of Expenses—Expenses common to the Fund, Lazard Active ETF Trust, The Lazard Funds, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered

management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds (or a series thereof, as applicable) are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Service Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes (if applicable) based upon the relative net assets of each class.

(g) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

(h) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities of such class, by the total number of Portfolio shares of such class outstanding.

3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations and

the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2027 (or such other date as indicated below) if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

Additionally, each Portfolio may invest in other investment companies managed by the Investment Manager. The Portfolio deducts any fees charged by such investment company from the payment to be made to the Investment Manager under the Management Agreement.

During the period ended June 30, 2026, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

State Street Bank and Trust Company (“State Street”) serves as the Fund’s custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, among other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Service Shares, for certain distribution activities and providing services to holders of the Portfolio’s Service Shares. The Distributor may make payments to participating insurance companies or to other third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.

The Statements of Operations show the fees and expenses paid by each Portfolio to the Independent Directors of the Fund (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act)). Certain Directors of the Fund are officers of the Investment Manager, and such “interested persons” of the Fund are not compensated by the Portfolios. Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2026 were as follows:

For the period ended June 30, 2026, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

A summary of the Fund’s transactions in Lazard mutual funds for the period ended June 30, 2026 is as follows:

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market,

economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, market manipulations, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

(b) Non-U.S. Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of

company information, differing auditing and legal standards, and, potentially, less liquidity. Non-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices.

(c) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from limited reliable access to capital, extreme debt burdens or volatile inflation rates. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries may be subject to manipulation and have historically been extremely volatile and less liquid than more developed markets, thus, a Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal,

market and currency risks. Significant devaluation of emerging market currencies against the U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.

(d) Foreign Currency Risk—Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager generally does not intend to utilize foreign currency contracts for the purpose of generating investment returns.

(e) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices.

A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher-rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering a Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such

as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(f) Derivatives and Hedging Risk—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities, indexes and currencies; structured notes; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for

hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even when entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational risk (including from documentation issues, settlement issues, systems failures, inadequate controls, and human error) and legal risk (including risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract).

(g) ETF Risk—Shares of exchange-traded funds (“ETFs”) may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in ETFs are subject to the risks of the ETF’s investments, as well as to the general risks of investing in ETFs. A Portfolio investing in ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12, subject to certain limitations and conditions.

(h) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct

investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.

(i) Sector Risk—When a significant portion of a Portfolio’s assets are invested in a particular market sector, a Portfolio would be expected to be affected by developments in that sector.

(j) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

Changes in valuation methodology or inputs may result in transfers into or out of the current assigned level within the hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2026:

Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of the investment or if a price is not available through a pricing source in the Fund’s pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

Global Dynamic Multi-Asset may use derivative instruments, including forward currency contracts.

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

During the period ended June 30, 2026, Global Dynamic Multi-Asset’s approximate average monthly notional exposure for derivative instruments was as follows:

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2026:

The effect of derivative instruments on the Statements of Operations for the period ended June 30, 2026 was:

None of the other Portfolios traded in derivative instruments during the period ended June 30, 2026.

As of June 30, 2026, Global Dynamic Multi-Asset held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2026:

The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker (“CODM”) for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment’s financial statements.

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

A description of the policies and procedures used to determine how proxies relating to portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.

The proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

The Fund files the complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)

At meetings of the Board held on May 27, 2026 and June 30, 2026, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings in response to detailed questions from the Independent Directors and their counsel, including, at the June 30, 2026 meeting, additional information requested by the Independent Directors at the May 27, 2026 meeting.

In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager’s services, (ii) the investment performance of each active Portfolio (as defined below) as well as performance information for comparable funds, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds and other clients of the Investment Manager, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each active Portfolio, (v) whether economies of scale have been realized as each active Portfolio grows and whether potential economies have been shared, in some

measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2026, the Lazard Fund Complex of 29 active funds comprised approximately $26.3 billion of the approximately $259.2 billion of total assets under the management of the Investment Manager and its global affiliates.

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager’s representatives stated that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; each

active Portfolio’s asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition.

The Board considered the position of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a fund complex of comparable size not managed by a large, global firm such as the Investment Manager.

Only the Emerging Markets Equity, Global Dynamic Multi-Asset and International Equity Portfolios (the “active Portfolios”) had commenced operations. For all other Portfolios (the “inactive Portfolios”) the Board determined to defer consideration of advisory fees in the Management Agreement (and review of net expense ratios) until a Portfolio was to commence operations, at which time current information regarding the advisory fee and the estimated net expense ratio would be considered. Accordingly, the following discussion of advisory fees, expense ratios and performance was limited to those of the three active Portfolios (and therefore all references in the discussion to one or more Portfolios refer to active Portfolio(s) unless otherwise stated).

ISS Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. (“ISS”), an independent provider of investment company data, including, among other information, each Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) compared to those of:

Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board, which showed that the advisory fees and the net expense ratios of each Portfolio were generally competitive within each Portfolio’s respective Peer Group. The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the active and inactive Portfolios, pursuant to which the Investment Manager was currently waiving certain advisory fees and/or reimbursing certain expenses for the three active Portfolios. The Board also received a description of ISS’s methodology for its construction of the Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.

Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the significant differences in

services provided and/or different competitive markets and other factors, to evaluate the advisory fees of the relevant Portfolios.

ISS Performance Comparisons. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each active Portfolio’s performance for the one-, three-, five- and ten-year periods ended February 28, 2026, compared to performance for the same time periods to that of:

When evaluating the performance of each active Portfolio, the Board considered ISS’s performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance in certain periods and Portfolios which otherwise are not performing in accordance with expectations as well as any other Portfolios for which the Board requested additional information.

The Board reviewed information prepared by the Investment Manager for each active Portfolio concerning the Investment Manager’s estimated profitability percentage resulting from its, and its affiliates’, relationship with the Portfolio for the calendar year ended December 31, 2025 and the Investment Manager’s cost allocation methodology to compute an estimate of each active Portfolio’s costs to the Investment Manager. The Investment

Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the active Portfolios’ brokerage allocations, commission payments and soft dollar commissions and benefits. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios other than the benefit of soft dollar commissions. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Service Shares.

The Board considered that the profitability percentages were within or below ranges determined not to be excessive by relevant court cases. The Board (1) considered the Investment Manager’s estimated profitability percentage with respect to each active Portfolio as part of the evaluation of the Portfolio’s fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability percentage in light of the relevant circumstances for each active Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. The Board further considered that, as the assets of each active Portfolio had decreased over the most recently completed calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale was reduced.

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the May 27, 2026 and June 30, 2026 meetings and throughout the year as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. In evaluating the Management Agreement, the Board relied on the information described above, in addition to other information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement. Such other information included the investment performance of the active Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The Registrant’s remuneration paid to directors, officers and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors during the period covered by this report.

(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-CSR 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-CSR 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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.

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.

Description	Shares		Fair Value

Lazard Retirement Emerging Markets Equity Portfolio

Common Stocks \| 97.7%

Argentina \| 0.9%
Vista Energy SAB de CV ADR (*)		67,330	$	4,295,654

Brazil \| 11.1%
Arcos Dorados Holdings, Inc., Class A		300,623		2,423,021
Banco do Brasil SA		1,430,904		5,518,722
BB Seguridade Participacoes SA		1,024,700		7,775,119
Engie Brasil Energia SA		566,877		3,824,715
Motiva Infraestrutura de Mobilidade SA		1,308,250		3,705,057
Petroleo Brasileiro SA - Petrobras ADR		319,507		5,163,233
PRIO SA (*)		512,600		5,178,330
Rede D’Or Sao Luiz SA (#)		702,500		4,723,432
Suzano SA		338,900		2,609,549
Vale SA ADR		399,671		6,011,052
Vibra Energia SA		1,219,448		7,060,671
				53,992,901

China \| 21.6%
Alibaba Group Holding Ltd.		219,900		2,627,128
Aluminum Corp. of China Ltd., Class H		2,726,000		2,602,635
Anhui Conch Cement Co. Ltd., Class H		568,200		1,217,473
ANTA Sports Products Ltd.		475,600		4,320,304
Bosideng International Holdings Ltd.		7,656,000		4,186,171
China Construction Bank Corp., Class H		8,937,038		9,208,292
China Medical System Holdings Ltd.		1,761,000		2,314,355
China Merchants Bank Co. Ltd., Class H		1,098,237		6,304,165
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,373,998		3,048,067
ENN Natural Gas Co. Ltd., Class A		1,995,620		4,623,847
Hengan International Group Co. Ltd.		483,835		1,342,809
Huayu Automotive Systems Co. Ltd., Class A		936,196		2,140,325
Lenovo Group Ltd.		5,688,000		16,992,617
Midea Group Co. Ltd., Class A		690,700		7,684,558
NetEase, Inc.		400,700		10,313,833
Ping An Insurance Group Co. of China Ltd., Class H		731,500		4,783,657
Sinopharm Group Co. Ltd., Class H		2,465,597		5,009,471
Tencent Holdings Ltd.		166,600		9,181,196
Tingyi Cayman Islands Holding Corp.		2,710,000		3,387,448

Description	Shares		Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (continued)

Want Want China Holdings Ltd.		5,733,000	$	2,480,323
Weichai Power Co. Ltd., Class H		160,518		705,157
				104,473,831

Czech Republic \| 0.5%
CSG NV		171,682		2,506,426

Egypt \| 0.9%
Commercial International Bank - Egypt (CIB) GDR		36,931		94,174
Commercial International Bank - Egypt (CIB) GDR (United Kingdom)		1,657,825		4,229,503
				4,323,677

France \| 0.9%
Gaztransport Et Technigaz SA		20,459		4,333,327

Greece \| 2.0%
Allwyn AG		202,132		3,220,444
National Bank of Greece SA		365,235		6,315,838
				9,536,282

Hungary \| 3.1%
MOL Hungarian Oil & Gas PLC		519,428		6,171,644
OTP Bank Nyrt		59,267		8,758,177
				14,929,821

India \| 5.8%
Axis Bank Ltd.		302,770		4,333,160
Indus Towers Ltd. (*)		1,665,105		6,917,602
Infosys Ltd. ADR		484,728		5,084,797
State Bank of India		358,841		3,925,726
Tata Consultancy Services Ltd.		204,046		4,400,095
UPL Ltd.		572,779		3,478,130
				28,139,510

Indonesia \| 3.5%
Alamtri Resources Indonesia Tbk. PT		16,561,400		2,097,652
Astra International Tbk. PT		14,584,004		3,686,600
Bank Mandiri Persero Tbk. PT		20,269,660		4,378,086

Description	Shares		Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (continued)

Telkom Indonesia Persero Tbk. PT ADR		325,289	$	4,368,631
United Tractors Tbk. PT		1,832,900		2,361,544
				16,892,513

Mexico \| 5.5%
America Movil SAB de CV ADR		271,818		7,064,550
Grupo Aeroportuario del Pacifico SAB de CV ADR		23,013		5,825,971
Grupo Financiero Banorte SAB de CV, Class O		634,565		6,697,450
Kimberly-Clark de Mexico SAB de CV, Class A		1,622,289		3,592,924
Ternium SA ADR		79,683		3,402,464
				26,583,359

Peru \| 1.2%
Credicorp Ltd.		15,318		5,967,586

Philippines \| 0.9%
International Container Terminal Services, Inc.		287,040		4,190,618

Russia \| 0.0%
Sberbank of Russia PJSC (*), (¢)		1,580,119		2

South Africa \| 6.7%
Bidvest Group Ltd.		445,409		6,523,637
Kumba Iron Ore Ltd.		106,833		1,898,575
Life Healthcare Group Holdings Ltd.		3,548,326		2,259,481
Nedbank Group Ltd.		379,945		6,265,245
Sanlam Ltd.		852,028		4,598,500
Standard Bank Group Ltd.		284,680		5,608,705
Vodacom Group Ltd.		584,994		5,417,131
				32,571,274

South Korea \| 12.7%
Coway Co. Ltd.		21,521		1,259,672
Hyundai Mobis Co. Ltd.		7,449		2,423,110
KB Financial Group, Inc.		75,501		7,764,030
Kia Corp.		69,763		6,246,245
KT Corp.		83,560		2,858,894
KT&G Corp.		54,700		5,999,275

Description	Shares		Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (continued)

Shinhan Financial Group Co. Ltd.		128,573	$	7,966,752
SK Hynix, Inc.		15,299		26,992,261
				61,510,239

Taiwan \| 16.9%
ASE Technology Holding Co. Ltd.		422,000		9,112,909
MediaTek, Inc.		95,000		12,972,286
Novatek Microelectronics Corp.		377,000		6,393,611
Quanta Computer, Inc.		736,000		8,551,983
Realtek Semiconductor Corp.		269,000		6,872,506
Taiwan Semiconductor Manufacturing Co. Ltd.		370,989		28,487,743
Wiwynn Corp.		65,000		9,537,924
				81,928,962

Thailand \| 1.1%
Kasikornbank PCL (‡)		610,569		4,006,684
PTT Exploration & Production PCL (‡)		284,900		1,149,188
				5,155,872

Turkey \| 0.9%
BIM Birlesik Magazalar AS		555,544		4,356,704

United Kingdom \| 0.9%
Unilever PLC		71,799		4,319,941

United States \| 0.6%
SLB Ltd.		66,175		3,076,476

Total Common Stocks (Cost $314,773,764)				473,084,975

Description	Shares		Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (concluded)

Short-Term Investments \| 2.4%
Lazard Government Money Market Portfolio, 3.47% (7 Day Yield) (a) (Cost $11,450,335)		11,450,335	$	11,450,335

Total Investments \| 100.1% (Cost $326,224,099)			$	484,535,310

Liabilities in Excess of Cash and Other Assets \| (0.1)%				(302,311	)

Net Assets \| 100.0%			$	484,232,999

2		Portfolios of Investments (N-CSR Item 7)
2		Lazard Retirement Emerging Markets Equity Portfolio
7		Lazard Retirement Global Dynamic Multi-Asset Portfolio
29		Lazard Retirement International Equity Portfolio
33		Abbreviations (N-CSR Item 7)
34		Statements of Assets and Liabilities (N-CSR Item 7)
38		Statements of Operations (N-CSR Item 7)
40		Statements of Changes in Net Assets (N-CSR Item 7)
42		Financial Highlights (N-CSR Item 7)
47		Notes to Financial Statements (N-CSR Item 7)
73		Other Information (N-CSR Item 7)
74		Additional Information (N-CSR Items 8-11)

(*)	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 June 30, 2026, these securities amounted to 1.0% 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 GAAP hierarchy – see Note 8 in the Notes to Financial Statements.
(a)	Affiliated investment.

Description	Security Currency	Principal Amount (000)		Fair Value

Corporate Bonds \| 6.4%

Canada \| 0.2%
Canadian Imperial Bank of Commerce, 3.800% (1 day CAD Overnight Index+1.100%), 12/10/30 (§)	CAD		35	$	24,855

(*)	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 June 30, 2026, these securities amounted to 1.2% 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 June 30, 2026.
(**)	Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. June 30, 2026, these securities amounted to 6.8% of net assets of the Portfolio.
(††)	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.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(a)	Affiliated investment.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
CHF	37,280	USD	48,177	HSB	07/22/26		$	—		$	1,937
CNY	1,451,979	USD	214,181	HSB	07/22/26			—			86
EUR	163,236	USD	193,470	HSB	07/22/26			—			6,806
EUR	10,385	USD	12,309	HSB	07/22/26			—			433
EUR	8,421	USD	9,925	HSB	07/22/26			—			295
GBP	3,859	USD	5,240	HSB	07/22/26			—			122
GBP	25,002	USD	33,953	MSC	07/22/26			—			790
JPY	31,769,595	USD	203,072	CIT	07/22/26			—			7,375
JPY	3,504,919	USD	22,410	MSC	07/22/26			—			820
JPY	5,919,837	USD	37,000	MSC	07/22/26			—			534
KRW	66,000,000	USD	44,972	JPM	07/22/26			—			2,359
NOK	183,576	USD	19,563	HSB	07/22/26			—			1,022
SEK	34,604	USD	3,799	MSC	07/22/26			—			226
SGD	33,541	USD	26,574	CIT	07/22/26			—			613
SGD	33,268	USD	26,359	HSB	07/22/26			—			609
USD	5,750	AUD	8,033	HSB	07/22/26			190			—
USD	1,074	AUD	1,500	JPM	07/22/26			35			—
USD	43,827	AUD	61,251	MSC	07/22/26			1,435			—
USD	45,177	BRL	230,508	CIT	07/22/26			736			—
USD	996	CAD	1,361	MSC	07/22/26			36			—
USD	7,141	CAD	9,750	MSC	07/22/26			260			—
USD	147,921	CAD	201,967	MSC	07/22/26			5,393			—
USD	22,059	CHF	17,069	HSB	07/22/26			887			—
USD	28,944	CLP	25,633,100	CIT	07/22/26			1,132			—
USD	25,491	CZK	522,449	CIT	07/22/26			893			—
USD	47,058	CZK	964,552	HSB	07/22/26			1,643			—
USD	22,829	DKK	144,178	MSC	07/22/26			766			—
USD	9,131	HUF	2,803,232	HSB	07/22/26			136			—
USD	21,000	HUF	6,510,176	JPM	07/22/26			110			—
USD	11,000	IDR	196,834,000	HSB	07/22/26			11			—
USD	55,308	ILS	164,919	HSB	07/22/26			—			139
USD	19,324	JPY	3,022,920	HSB	07/22/26			703			—
USD	36,000	JPY	5,608,058	MSC	07/22/26			1,455			—
USD	17,295	MXN	299,575	CIT	07/22/26			192			—
USD	30,164	MXN	522,580	JPM	07/22/26			330			—
USD	92,965	NZD	156,772	HSB	07/22/26			3,864			—
USD	37,745	PEN	130,000	HSB	07/22/26			—			262
USD	14,330	PLN	51,418	HSB	07/22/26			662			—
USD	41,991	RON	182,626	CIT	07/22/26			2,207			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	23,076		$	24,428

ADR	—	American Depositary Receipt
CDI	—	CHESS Depositary Interest
CDOR	—	Canadian Dollar Offered Rate
GDR	—	Global Depositary Receipt
PJSC	—	Public Joint Stock Company
PRIBOR	—	Prague Interbank Offered Rate
REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate
WIBOR	—	Warsaw Interbank Offered Rate

Currency Abbreviations:
AUD	— Australian Dollar	INR	— Indian Rupee
BRL	— Brazilian Real	JPY	— Japanese Yen
CAD	— Canadian Dollar	KRW	— South Korean Won
CHF	— Swiss Franc	MXN	— Mexican New Peso
CLP	— Chilean Peso	NOK	— Norwegian Krone
CNY	— Chinese Renminbi	NZD	— New Zealand Dollar
COP	— Colombian Peso	PEN	— Peruvian Nuevo Sol
CZK	— Czech Koruna	PLN	— Polish Zloty
DKK	— Danish Krone	RON	— New Romanian Leu
EUR	— Euro	SEK	— Swedish Krona
GBP	— British Pound Sterling	SGD	— Singapore Dollar
HUF	— Hungarian Forint	THB	— Thai Baht
IDR	— Indonesian Rupiah	TRY	— New Turkey Lira
ILS	— Israeli Shekel	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.

June 30, 2026	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio

ASSETS
Investments in securities, at fair value:
Unaffiliated issuers		$	473,084,975		$	16,839,062
Affiliated issuers (Note 5)			11,450,335			2,202,467
Cash			113,797			24
Foreign currency, at fair value			51,397			2,254
Receivables for:
Dividends and interest			2,015,322			302,490
Capital stock sold			224,550			3,083
Investments sold			257			34,522
Gross unrealized appreciation on forward currency contracts			—			23,076
Total assets			486,940,633			19,406,978

LIABILITIES
Payables for:
Management fees			407,844			17,615
Foreign capital gains taxes			199,423			—
Accrued custodian fees			87,204			111,013
Accrued professional services			69,694			63,738
Accrued administration fees			68,961			38,827
Accrued distribution fees			62,298			11,633
Accrued shareholders’ reports			26,869			23,542
Accrued directors’ fees			7,426			4,707
Capital stock redeemed			1,318,133			21,078
Investments purchased			449,755			39,003
Gross unrealized depreciation on forward currency contracts			—			24,428
Other accrued expenses and payables			10,027			16,090
Total liabilities			2,707,634			371,674
Net assets		$	484,232,999		$	19,035,304

NET ASSETS
Paid in capital		$	258,431,489		$	5,100,430
Distributable earnings (Accumulated loss)			225,801,510			13,934,874
Net assets		$	484,232,999		$	19,035,304

Service Shares
Net assets		$	277,589,149		$	18,216,603
Shares of capital stock outstanding*			7,586,441			1,186,330
Net asset value, offering and redemption price per share		$	36.59		$	15.36

Investor Shares
Net assets		$	206,643,850		$	818,701
Shares of capital stock outstanding*			5,710,237			52,974
Net asset value, offering and redemption price per share		$	36.19		$	15.45

Lazard Retirement International Equity Portfolio


$	121,642,943
	5,010,501
	702
	2,606

	748,259
	372,216
	593,514

	—
	128,370,741

	72,242
	—
	28,626
	53,644
	31,975
	26,911
	10,480
	3,258
	15,112
	1,985,331

	—
	6,292
	2,233,871
$	126,136,870

$	77,929,086
	48,207,784

$	126,136,870

$	126,136,870
	9,851,916

$	12.80

	—
	—

	—

Lazard Retirement International Equity Portfolio


$	101,172,618
$	5,010,501
$	2,607

For the Six Months Ended June 30, 2026		Lazard Retirement Emerging Markets Equity Portfolio				Lazard Retirement Global Dynamic Multi-Asset Portfolio

Investment Income
Dividends:
Unaffiliated issuers*			$	8,368,568			$	99,057
Affiliated issuers (Note 5)				270,823				21,280
Interest*				1,936				115,067
Total investment income				8,641,327				235,404

Expenses
Management fees (Note 3)				2,332,117				69,442
Distribution fees (Service Shares)				338,042				22,146
Professional services				83,505				23,916
Custodian fees				53,669				66,018
Administration fees				37,724				14,177
Shareholders’ reports				16,237				12,647
Shareholders’ services				15,764				9,872
Directors’ fees and expenses				13,871				4,498
Other				9,246				2,753
Total gross expenses				2,900,175				225,469
Management fees waived and expenses reimbursed				(11,700	)			(128,851	)
Total net expenses				2,888,475				96,618
Net investment income (loss)				5,752,852				138,786

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				45,065,370				1,415,748
Affiliated issuers (Note 5)				—				(37,181	)
Foreign currency transactions				(270,044	)			155
Forward currency contracts				—				(29,657	)
Total net realized gain (loss)				44,795,326				1,349,065
Net change in unrealized appreciation (depreciation) on:
Investments†				41,929,516				(442,670	)
Affiliated issuers (Note 5)				—				12,150
Foreign currency translations				10,707				(7,506	)
Forward currency contracts				—				15,392
Total net change in unrealized appreciation (depreciation)				41,940,223				(422,634	)
Net realized and unrealized gain (loss)				86,735,549				926,431
Net increase (decrease) resulting from operations			$	92,488,401			$	1,065,217
*	Net of foreign withholding taxes paid (reclaimed)		$	1,209,063			$	8,609
**	Net of foreign capital gains taxes of		$	58,456			$	—
†	Includes net change in foreign capital gains taxes of		$	624,175			$	—

Lazard Retirement International Equity Portfolio

	$	1,867,445
		52,788
		4,145
		1,924,378

		441,957
		147,319
		54,767
		20,118
		15,938
		6,577
		7,536
		5,593
		3,274
		703,079
		(39,006	)
		664,073
		1,260,305

		11,128,440
		—
		6,370
		—
		11,134,810

		(2,096,479	)
		—
		(15,120	)
		—

		(2,111,599	)
		9,023,211
	$	10,283,516
	$	207,783
	$	—
	$	—

	Lazard Retirement Emerging Markets Equity Portfolio
	Six Months Ended June 30, 2026 (unaudited)				Year Ended December 31, 2025

Increase (Decrease) in Net Assets From
Operations
Net investment income (loss)		$	5,752,852			$	10,329,903
Net realized gain (loss)			44,795,326				23,772,066
Net change in unrealized appreciation (depreciation)			41,940,223				84,264,273
Net increase (decrease) resulting from operations			92,488,401				118,366,242

Distributions to shareholders (Note 2(e))
Net investment income and/or net realized gains
Service Shares			—				(6,141,349	)
Investor Shares			—				(3,530,073	)
Net decrease in net assets resulting from distributions			—				(9,671,422	)

Capital stock transactions
Net proceeds from sales
Service Shares			23,788,201				21,194,397
Investor Shares			44,331,025				63,975,032
Net proceeds from reinvestment of distributions
Service Shares			—				6,141,349
Investor Shares			—				3,530,073
Cost of shares redeemed
Service Shares			(48,816,668	)			(59,599,495	)
Investor Shares			(44,173,087	)			(22,408,588	)
Net increase (decrease) in net assets from capital stock transactions			(24,870,529	)			12,832,768
Total increase (decrease) in net assets			67,617,872				121,527,588
Net assets at beginning of period			416,615,127				295,087,539
Net assets at end of period		$	484,232,999			$	416,615,127

Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period			8,318,245				9,609,618
Shares sold			696,779				832,495
Shares issued to shareholders from reinvestment of distributions			—				233,423
Shares redeemed			(1,428,583	)			(2,357,291	)
Net increase (decrease)			(731,804	)			(1,291,373	)
Shares outstanding at end of period			7,586,441				8,318,245

Investor Shares
Shares outstanding at beginning of period			5,696,492				4,068,065
Shares sold			1,337,073				2,398,149
Shares issued to shareholders from reinvestment of distributions			—				135,929
Shares redeemed			(1,323,328	)			(905,651	)
Net increase (decrease)			13,745				1,628,427
Shares outstanding at end of period			5,710,237				5,696,492

Lazard Retirement Global Dynamic Multi-Asset Portfolio								Lazard Retirement International Equity Portfolio
Six Months Ended June 30, 2026 (unaudited)				Year Ended December 31, 2025				Six Months Ended June 30, 2026 (unaudited)				Year Ended December 31, 2025

	$	138,786			$	3,254,789			$	1,260,305			$	1,844,245
		1,349,065				38,396,313				11,134,810				18,511,186
		(422,634	)			(20,643,091	)			(2,111,599	)			11,836,692
		1,065,217				21,008,011				10,283,516				32,192,123

		—				(7,874,821	)			—				(6,595,753	)
		—				(41,623	)			—				—
		—				(7,916,444	)			—				(6,595,753	)

		1,410,235				9,954,452				21,856,868				18,952,209
		51,984				158,339				—				—

		—				7,874,821				—				6,595,753
		—				41,623				—				—

		(1,258,076	)			(232,105,265	)			(12,999,106	)			(45,053,352	)
		(51,143	)			(441,708	)			—				—

		153,000				(214,517,738	)			8,857,762				(19,505,390	)
		1,218,217				(201,426,171	)			19,141,278				6,090,980
		17,817,087				219,243,258				106,995,592				100,904,612
	$	19,035,304			$	17,817,087			$	126,136,870			$	106,995,592

		1,176,113				16,787,427				9,125,708				10,839,522
		94,436				731,778				1,766,057				1,786,563

		—				576,066				—				593,677
		(84,219	)			(16,919,158	)			(1,039,849	)			(4,094,054	)
		10,217				(15,611,314	)			726,208				(1,713,814	)
		1,186,330				1,176,113				9,851,916				9,125,708

		52,905				68,917				—				—
		3,445				11,603				—				—

		—				3,031				—				—
		(3,376	)			(30,646	)			—				—
		69				(16,012	)			—				—
		52,974				52,905				—				—

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/26†			12/31/25			12/31/24			12/31/23			12/31/22			12/31/21

Service Shares
Net asset value, beginning of period	$	29.88		$	21.65		$	20.83		$	17.92		$	21.86		$	21.12
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.39			0.76			0.75			0.74			0.89			0.61
Net realized and unrealized gain (loss)		6.32			8.19			0.82			3.14			(4.18	)		0.55
Total from investment operations		6.71			8.95			1.57			3.88			(3.29	)		1.16
Less distributions from:
Net investment income		—			(0.72	)		(0.75	)		(0.97	)		(0.65	)		(0.42	)
Total distributions		—			(0.72	)		(0.75	)		(0.97	)		(0.65	)		(0.42	)
Net asset value, end of period	$	36.59		$	29.88		$	21.65		$	20.83		$	17.92		$	21.86
Total Return (b)		22.46	%		41.77	%		7.43	%		22.27	%		–15.12	%		5.52	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	277,589		$	248,510		$	208,054		$	230,885		$	219,359		$	290,586
Ratios to average net assets (c):
Net expenses		1.34	%		1.38	%		1.40	%		1.42	%		1.38	%		1.38	%
Gross expenses		1.35	%		1.39	%		1.41	%		1.42	%		1.38	%		1.38	%
Net investment income (loss)		2.33	%		2.99	%		3.41	%		3.81	%		4.65	%		2.72	%
Portfolio turnover rate		22	%		30	%		23	%		25	%		25	%		35	%

†	Unaudited
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C Global Investor and Distribution Solutions, Inc. (“SS&C GIDS”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity		$326,224,099		$181,333,197		$23,021,986		$158,311,211
Global Dynamic Multi-Asset		14,351,407		5,065,144		376,374		4,688,770
International Equity		106,183,119		24,353,135		3,882,810		20,470,325

Portfolio	Annual Rate
Emerging Markets Equity		1.00	%
Global Dynamic Multi-Asset		0.75
International Equity		0.75

Portfolio		Purchases		Sales
Emerging Markets Equity	$	101,419,886	$	111,512,774
Global Dynamic Multi-Asset		6,386,216		8,367,931
International Equity		54,968,206		46,122,882

	U.S. Treasury Securities
Portfolio	Purchases			Sales
Global Dynamic Multi-Asset	$61,975			$199,950

Issuer	Values at December 31, 2025		Purchase cost		Sales proceeds			Realized gain (loss)			Change in unrealized appreciation (depreciation)		Dividend income		Shares at June 30, 2026		Values at June 30, 2026

Emerging Markets Equity
Lazard Government Money Market Portfolio	$	19,021,474	$	79,382,318	$	(86,953,457	)	$	—		$	—	$	270,823		11,450,335	$	11,450,335

Global Dynamic Multi-Asset
Lazard Emerging Markets Opportunities ETF	$	909,652	$	933,344	$	(1,817,965	)	$	(37,181	)	$	12,150	$	—		—	$	—
Lazard Government Money Market Portfolio		118,975		4,640,353		(2,556,861	)		—			—		21,280		2,202,467		2,202,467
Total	$	1,028,627	$	5,573,697	$	(4,374,826	)	$	(37,181	)	$	12,150	$	21,280		2,202,467	$	2,202,467

International Equity
Lazard Government Money Market Portfolio	$	2,936,825	$	41,354,386	$	(39,280,710	)	$	—		$	—	$	52,788		5,010,501	$	5,010,501

●	Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities
●	Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)
●	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities)

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2026

Emerging Markets Equity Portfolio
Common Stocks*
Argentina		$	4,295,654	$	—	$	—	$	4,295,654
Brazil			53,992,901		—		—		53,992,901
China			—		104,473,831		—		104,473,831
Czech Republic			—		2,506,426		—		2,506,426
Egypt			94,174		4,229,503		—		4,323,677
France			—		4,333,327		—		4,333,327
Greece			—		9,536,282		—		9,536,282
Hungary			—		14,929,821		—		14,929,821
India			5,084,797		23,054,713		—		28,139,510
Indonesia			4,368,631		12,523,882		—		16,892,513
Mexico			26,583,359		—		—		26,583,359
Peru			5,967,586		—		—		5,967,586
Philippines			—		4,190,618		—		4,190,618
Russia			—		—		2		2
South Africa			—		32,571,274		—		32,571,274
South Korea			—		61,510,239		—		61,510,239
Taiwan			—		81,928,962		—		81,928,962
Thailand			—		5,155,872		—		5,155,872
Turkey			—		4,356,704		—		4,356,704
United Kingdom			—		4,319,941		—		4,319,941
United States			3,076,476		—		—		3,076,476
Short-Term Investments			11,450,335		—		—		11,450,335
Total		$	114,913,913	$	369,621,395	$	2	$	484,535,310

*	Portfolio holdings are disclosed on an individual basis in the Portfolios of Investments.
†	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).

Forward currency contracts:
Average amounts purchased	$2,400,000
Average amounts sold	$2,300,000

Assets–Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	23,076

Liabilities–Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	24,428

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(29,657	)

Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$	15,392

Description		Gross Amounts of Recognized Assets					Gross Amounts Offset in the Statement of Assets and Liabilities					Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward currency contracts				$23,076				$	—				$	23,076

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Received			Net Amounts of Derivative Assets
Citibank N.A.		$	5,160		$	(5,160	)		$	—		$	—
HSBC Bank USA N.A.			8,096			(8,096	)			—			—
JPMorgan Chase Bank N.A.			475			(475	)			—			—
Morgan Stanley & Co.			9,345			(2,370	)			—			6,975
Total		$	23,076		$	(16,101	)		$	—		$	6,975

Description		Gross Amounts of Recognized Liabilities					Gross Amounts Offset in the Statement of Assets and Liabilities					Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward currency contracts				$24,428				$	—				$	24,428