UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08071
Lazard Retirement Series, Inc.
(Exact name of registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 6/30/23
ITEM 1. REPORTS TO STOCKHOLDERS.
Lazard Retirement Series
Semi-Annual Report
June 30, 2023
Equity
Lazard Retirement Emerging Markets Equity Portfolio
Lazard Retirement International Equity Portfolio
Lazard Retirement US Small-Mid Cap Equity Portfolio
Multi-Asset
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Lazard Retirement Series, Inc. Table of Contents
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 www.lazardassetmanagement.com. 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.
Distributed by Lazard Asset Management Securities LLC.
Semi-Annual Report 1
Lazard Retirement Series, Inc. A Message from Lazard (unaudited)
Dear Shareholder:
After suffering through a dismal 2022, global financial markets made solid progress in the first half of 2023, as investors adopted a more optimistic view of mixed developments.
Yet, anxiety about persistent inflationary pressure continued to hang over markets during the six-month period, putting the actions of central banks front and center once again in the minds of investors. Early on, markets rallied on hopes that a severe worldwide economic recession could be avoided, and that slowing inflation would cause major central banks to ease up on monetary tightening efforts. That optimism faded in subsequent months, however, as the Federal Reserve (the “Fed”)—the world’s most influential central bank—continued with its rate-hiking and appeared committed to a “higher for longer” interest-rate policy in order to tame stubbornly high domestic inflation. After lifting interest rates seven times in 2022, the Fed raised rates three times during the first half of the year before pausing in June, in order to give the Fed time to gauge the impact of the rate hikes. It did, however, warn that it could lift interest rates twice more before the end of 2023.The risk of recession appeared to increase during the period, which saw three high-profile bank failures and tighter credit conditions in the aftermath of turmoil.
The interest-rate policy paths of other major central banks were also closely followed by markets. In Europe, the European Central Bank and the Bank of England both raised interest rates four consecutive times during the period and warned that there would be no easing of their aggressive efforts to stamp out stubbornly high inflation in the eurozone and the UK, respectively. Two major central banks in Asia were notable in resisting monetary tightening. The Bank of Japan maintained its ultra-low interest-rate policy stance despite inflationary pressures continuing to intensify in Japan. In addition, the People’s Bank of China cut its main interest rate in June as China’s post-pandemic economic recovery appeared to have stalled. Additionally, fears grew that China’s economy, the world’s second largest, was at risk of falling into a deflationary spiral.
Against this backdrop, global bond markets cautiously recovered after last year’s historic sell-off. Positive contributions arose despite central banks raising interest rates in order to tame pronounced levels of core inflation, which moderated during the period, though more slowly than many market participants expected. Hawkish
2 Semi-Annual Report
sentiment inverted yield curves as a result. Despite central banks shrinking their balance sheets, sovereign rates did not change much with coupon income from the bonds leading to positive performance. Although credit spreads narrowed in the beginning of 2023, the banking crisis in March led to investment grade and high-yield spreads widening. Thus, at the mid-point of this year, spreads were only slightly narrower compared to the end of 2022, leaving credit markets to also rely on coupon income to generate returns. Emerging markets debt also had low single-digit returns in hard currency, while local bonds outperformed and were among the best performing sectors in the first half of 2023. Notable among the group of bond indices was the Bloomberg Global Aggregate Bond Index, which gained 1.4% in the period. Despite bouts of risk aversion in the markets and a hawkish Fed, the US dollar could not defend the heights it had reached last year and sold off moderately versus a basket of US trade partners’ currencies.
Meanwhile, global equity markets, as measured by the MSCI All Country World Index, gained 13.9% in the first half of the year, propelled largely by the strong performance of growth stocks, which outperformed their value counterparts by nearly 20%.The S&P 500 Index—the bellwether of the US equity market—outpaced the broader global stock market and hovered near bull-market territory from its October lows. This was the result of a resilient US economy, hopes that the Fed would soon ease its rate-hiking campaign, and the stellar performance of a handful of top technology company stocks, especially those linked to artificial intelligence.
The challenging market conditions in the first half of 2023 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.
Sincerely,
Lazard Asset Management LLC
Semi-Annual Report 3
Lazard Retirement Series, Inc. Performance Overviews (unaudited)
Please see the “Notes to the Performance Overviews” for important information about the calculation of total returns, performance information generally, performance differences between Service Shares and Investor Shares, and the indexes shown below.
Lazard Retirement Emerging Markets Equity Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Emerging Markets Equity Portfolio and the MSCI Emerging Markets® Index
Average Annual Total Returns
Periods Ended June 30, 2023
| | One
Year | Five
Years | Ten
Years | |
| Service Shares | 13.57% | 1.84% | 2.04% | |
| Investor Shares | 13.83% | 2.08% | 2.29% | |
| MSCI Emerging Markets Index | 1.75% | 0.93% | 2.95% | |
Lazard Retirement International Equity Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement International Equity Portfolio and the MSCI EAFE® Index
Average Annual Total Returns
Periods Ended June 30, 2023
| | One
Year | Five
Years | Ten
Years | |
| Service Shares | 16.05% | 3.35% | 4.37% | |
| MSCI EAFE Index | 18.77% | 4.39% | 5.41% | |
4 Semi-Annual Report
Lazard Retirement US Small-Mid Cap Equity Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement US Small-Mid Cap Equity Portfolio and the Russell 2500® Index
Average Annual Total Returns
Periods Ended June 30, 2023
| | One
Year | Five
Years | Ten
Years | |
| Service Shares | 8.74% | 3.96% | 7.88% | |
| Russell 2500 Index | 13.58% | 6.55% | 9.38% | |
Semi-Annual Report 5
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Global Dynamic Multi-Asset Portfolio, the MSCI World® Index and the GDMA Index
Average Annual Total Returns
Periods Ended June 30, 2023
| | One
Year | Five
Year | Ten
Years | Since
Inception | † |
| Service Shares | 5.88% | 1.69% | 4.53% | 5.08% | |
| Investor Shares | 6.11% | N/A | N/A | 3.43% | |
| MSCI World Index | 18.51% | 9.07% | 9.50% | 9.74%
(Service
Shares)
12.49%
(Investor
Shares) | |
| GDMA Index | 8.40% | 4.19% | 4.98% | 4.94%
(Service
Shares)
5.71%
(Investor
Shares) | |
| † | The inception date for the Service Shares was April 30, 2012 and for the Investor Shares was December 31, 2018. |
Notes to Performance Overviews:
Information About Portfolios Performance Shown Above
Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolios may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or SS&C Global Investor and Distribution Solutions, Inc., the Fund’s transfer agent and dividend disbursing agent (“SS&C GIDS”); without such waiver/reimbursement of expenses, the Portfolios’ 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.
Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles (“GAAP”), if any.
The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of an investment in
6 Semi-Annual Report
a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated, there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.
The performance of Service Shares and Investor Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.
Information About Index Performance Shown Above
The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.
The GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Global Aggregate® Index and is rebalanced monthly. The Bloomberg Global Aggregate Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt and global Treasury.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.
The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 24 emerging markets country indices.
The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.
The Russell 2500 Index measures the performance of the small- to mid-capitalization segment of the US equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. The Russell 3000 Index measures the performance of the largest 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.
Semi-Annual Report 7
Lazard Retirement Series, Inc.
Information About Your Portfolio’s Expenses (unaudited)
Expense Example
As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Service Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from January 1, 2023 through June 30, 2023 and held for the entire period.
Actual Expenses
For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that you also bear fees and charges imposed by participating insurance companies at the separate account level, which are described in the separate prospectuses issued by the participating insurance companies. Such charges will have the effect of reducing account value.
8 Semi-Annual Report
| Portfolios | | Beginning
Account Value
1/1/23 | | Ending
Account
Value
6/30/23 | | Expenses Paid
During Period*
1/1/23- 6/30/23 | | Annualized
Expense Ratio
During Period
1/1/23- 6/30/23 |
| | | | | | | | | |
| Emerging Markets Equity | | | | | | | | |
| Service Shares | | | | | | | | |
| Actual | | $1,000.00 | | $1,132.30 | | $7.35 | | 1.39% |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,017.90 | | $6.95 | | 1.39% |
| Investor Shares | | | | | | | | |
| Actual | | $1,000.00 | | $1,133.70 | | $6.08 | | 1.15% |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,019.09 | | $5.76 | | 1.15% |
| | | | | | | | | |
| International Equity | | | | | | | | |
| Service Shares | | | | | | | | |
| Actual | | $1,000.00 | | $1,128.30 | | $6.54 | | 1.24% |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,018.65 | | $6.21 | | 1.24% |
| | | | | | | | | |
| US Small-Mid Cap Equity | | | | | | | | |
| Service Shares | | | | | | | | |
| Actual | | $1,000.00 | | $1,035.90 | | $5.81 | | 1.15% |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,019.09 | | $5.76 | | 1.15% |
| | | | | | | | | |
| Global Dynamic Multi-Asset | | | | | | | | |
| Service Shares | | | | | | | | |
| Actual | | $1,000.00 | | $1,054.20 | | $5.35 | | 1.05% |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,019.59 | | $5.26 | | 1.05% |
| Investor Shares | | | | | | | | |
| Actual | | $1,000.00 | | $1,054.97 | | $4.59 | | 0.90% |
| Hypothetical (5% Return Before Expenses) | | $1,000.00 | | $1,020.33 | | $4.51 | | 0.90% |
| * | Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period). |
Semi-Annual Report 9
Lazard Retirement Series, Inc.
Portfolio Holdings Presented by Sector June 30, 2023 (unaudited)
| Sector* | | Lazard
Retirement
Emerging
Markets
Equity
Portfolio | | Lazard
Retirement
International
Equity
Portfolio | | Lazard
Retirement
US Small-
Mid Cap
Equity
Portfolio | | Lazard
Retirement
Global
Dynamic
Multi-Asset
Portfolio# |
| | | | | | | | | | | | | | | | | |
| Communication Services | | | 5.7 | % | | | 2.1 | % | | | 5.2 | % | | | 6.0 | % |
| Consumer Discretionary | | | 10.5 | | | | 14.1 | | | | 10.5 | | | | 8.7 | |
| Consumer Staples | | | 6.7 | | | | 12.3 | | | | 3.8 | | | | 7.4 | |
| Energy | | | 10.0 | | | | 4.2 | | | | 5.4 | | | | 1.5 | |
| Financials | | | 26.4 | | | | 15.7 | | | | 13.6 | | | | 12.1 | |
| Health Care | | | 3.7 | | | | 8.3 | | | | 12.9 | | | | 9.7 | |
| Industrials | | | 4.0 | | | | 20.8 | | | | 19.4 | | | | 8.9 | |
| Information Technology | | | 21.3 | | | | 7.4 | | | | 13.8 | | | | 13.7 | |
| Materials | | | 6.7 | | | | 6.5 | | | | 5.7 | | | | 1.4 | |
| Real Estate | | | 1.0 | | | | 1.3 | | | | 5.5 | | | | 2.0 | |
| Utilities | | | 1.9 | | | | 5.5 | | | | 2.1 | | | | 1.9 | |
| Municipal | | | — | | | | — | | | | — | | | | 0.6 | |
| Sovereign Debt | | | — | | | | — | | | | — | | | | 23.7 | |
| U.S. Treasury Securities | | | — | | | | — | | | | — | | | | 1.1 | |
| Short-Term Investments | | | 2.1 | | | | 1.8 | | | | 2.1 | | | | 1.3 | |
| Total Investments | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % | | | 100.0 | % |
| * | Represents percentage of total investments. |
| # | Equity sector breakdown is based upon the underlying holdings of exchange-traded funds held by the Portfolio. |
10 Semi-Annual Report
Lazard Retirement Series, Inc. Portfolios of Investments
June 30, 2023 (unaudited)
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement Emerging Markets Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 97.1% | | | | | | | | |
| | | | | | | | | |
| Brazil | 12.3% | | | | | | | | |
| Banco do Brasil SA | | | 773,802 | | | $ | 7,983,338 | |
| BB Seguridade Participacoes SA | | | 1,165,800 | | | | 7,491,681 | |
| CCR SA | | | 1,829,550 | | | | 5,368,443 | |
| Engie Brasil Energia SA | | | 335,798 | | | | 3,204,254 | |
| Petroleo Brasileiro SA ADR | | | 577,012 | | | | 7,980,076 | |
| Vale SA ADR | | | 289,342 | | | | 3,882,969 | |
| Vibra Energia SA | | | 880,000 | | | | 3,317,322 | |
| | | | | | | | 39,228,083 | |
| | | | | | | | | |
| Chile | 1.1% | | | | | | | | |
| Sociedad Quimica y Minera de Chile SA ADR | | | 46,886 | | | | 3,404,861 | |
| | | | | | | | | |
| China | 23.4% | | | | | | | | |
| A-Living Smart City Services Co. Ltd. | | | 385,500 | | | | 249,426 | |
| Anhui Conch Cement Co. Ltd., Class H | | | 1,099,375 | | | | 2,926,634 | |
| China Construction Bank Corp., Class H | | | 15,998,038 | | | | 10,374,044 | |
| China Medical System Holdings Ltd. | | | 1,762,000 | | | | 2,880,978 | |
| China Merchants Bank Co. Ltd., Class H | | | 1,016,737 | | | | 4,623,778 | |
| China Shenhua Energy Co. Ltd., Class H | | | 742,275 | | | | 2,277,401 | |
| China Vanke Co. Ltd., Class H | | | 2,061,694 | | | | 2,778,658 | |
| ENN Natural Gas Co. Ltd., Class A | | | 1,076,596 | | | | 2,819,110 | |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | | | 811,699 | | | | 4,079,384 | |
| Hengan International Group Co. Ltd. | | | 1,020,027 | | | | 4,300,896 | |
| Huayu Automotive Systems Co. Ltd., Class A | | | 1,425,796 | | | | 3,629,893 | |
| Lenovo Group Ltd. | | | 6,208,000 | | | | 6,486,699 | |
| Midea Group Co. Ltd., Class A | | | 623,600 | | | | 5,075,657 | |
| Ping An Insurance (Group) Co. of China Ltd., Class H | | | 1,013,500 | | | | 6,493,685 | |
| Sinopharm Group Co. Ltd., Class H | | | 2,039,997 | | | | 6,395,351 | |
| Tingyi (Cayman Islands) Holding Corp. | | | 3,028,000 | | | | 4,706,437 | |
| Want Want China Holdings Ltd. | | | 684,000 | | | | 454,594 | |
| Weichai Power Co. Ltd., Class H | | | 2,956,958 | | | | 4,342,408 | |
| | | | | | | | 74,895,033 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 11
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement Emerging Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Egypt | 0.7% | | | | | | | | |
| Commercial International Bank Egypt SAE GDR | | | 1,929,383 | | | $ | 2,199,360 | |
| | | | | | | | | |
| Greece | 1.0% | | | | | | | | |
| OPAP SA | | | 188,492 | | | | 3,288,838 | |
| | | | | | | | | |
| Hong Kong | 1.2% | | | | | | | | |
| ASMPT Ltd. | | | 396,988 | | | | 3,921,884 | |
| | | | | | | | | |
| Hungary | 3.1% | | | | | | | | |
| MOL Hungarian Oil & Gas PLC | | | 297,634 | | | | 2,604,929 | |
| OTP Bank Nyrt | | | 208,853 | | | | 7,420,565 | |
| | | | | | | | 10,025,494 | |
| | | | | | | | | |
| India | 7.6% | | | | | | | | |
| Axis Bank Ltd. | | | 255,656 | | | | 3,085,161 | |
| Bajaj Auto Ltd. | | | 41,776 | | | | 2,389,776 | |
| Bharat Petroleum Corp. Ltd. | | | 572,510 | | | | 2,543,799 | |
| Hindalco Industries Ltd. | | | 72,007 | | | | 371,049 | |
| Indus Towers Ltd. | | | 2,051,690 | | | | 4,114,400 | |
| Infosys Ltd. ADR | | | 198,844 | | | | 3,195,423 | |
| Petronet LNG Ltd. | | | 1,192,780 | | | | 3,237,981 | |
| UPL Ltd. | | | 631,106 | | | | 5,295,113 | |
| | | | | | | | 24,232,702 | |
| | | | | | | | | |
| Indonesia | 4.3% | | | | | | | | |
| PT Astra International Tbk | | | 6,776,304 | | | | 3,087,513 | |
| PT Bank Mandiri (Persero) Tbk | | | 14,809,060 | | | | 5,185,387 | |
| PT Telkom Indonesia (Persero) Tbk ADR | | | 127,044 | | | | 3,388,263 | |
| PT United Tractors Tbk | | | 1,437,300 | | | | 2,255,012 | |
| | | | | | | | 13,916,175 | |
| | | | | | | | | |
| Mexico | 4.4% | | | | | | | | |
| America Movil SAB de CV ADR (*) | | | 148,541 | | | | 3,214,427 | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 424,265 | | | | 3,500,056 | |
| Grupo Mexico SAB de CV, Series B | | | 175,188 | | | | 843,445 | |
| Kimberly-Clark de Mexico SAB de CV, Series A | | | 1,875,189 | | | | 4,170,617 | |
| Ternium SA ADR | | | 58,193 | | | | 2,307,352 | |
| | | | | | | | 14,035,897 | |
The accompanying notes are an integral part of these financial statements.
12 Semi-Annual Report
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement Emerging Markets Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Portugal | 2.4% | | | | | | | | |
| Galp Energia SGPS SA | | | 660,307 | | | $ | 7,720,568 | |
| | | | | | | | | |
| Russia | 0.0% | | | | | | | | |
| Mobile TeleSystems PJSC ADR (*), (¢) | | | 545,705 | | | | 1 | |
| Sberbank of Russia PJSC (¢) | | | 1,580,119 | | | | 1 | |
| | | | | | | | 2 | |
| | | | | | | | | |
| South Africa | 7.6% | | | | | | | | |
| Anglo American PLC | | | 83,534 | | | | 2,367,721 | |
| Bidvest Group Ltd. | | | 208,394 | | | | 2,896,725 | |
| Life Healthcare Group Holdings Ltd. | | | 2,369,545 | | | | 2,586,722 | |
| Nedbank Group, Ltd. | | | 463,008 | | | | 5,622,316 | |
| Sanlam Ltd. | | | 1,110,896 | | | | 3,452,879 | |
| Standard Bank Group, Ltd. | | | 408,453 | | | | 3,852,377 | |
| Vodacom Group, Ltd. | | | 556,572 | | | | 3,470,282 | |
| | | | | | | | 24,249,022 | |
| | | | | | | | | |
| South Korea | 11.1% | | | | | | | | |
| Coway Co. Ltd. | | | 71,017 | | | | 2,376,866 | |
| Doosan Bobcat, Inc. (*) | | | 4,846 | | | | 216,780 | |
| Hyundai Mobis Co., Ltd. | | | 20,035 | | | | 3,552,013 | |
| KB Financial Group, Inc. (*) | | | 139,597 | | | | 5,061,873 | |
| Kia Corp. | | | 37,602 | | | | 2,535,538 | |
| KT Corp. | | | 164,704 | | | | 3,732,947 | |
| KT&G Corp. | | | 38,528 | | | | 2,425,526 | |
| Samsung Electronics Co., Ltd. | | | 114,955 | | | | 6,335,910 | |
| Shinhan Financial Group Co., Ltd. | | | 163,917 | | | | 4,243,254 | |
| SK Hynix, Inc. | | | 56,870 | | | | 5,014,478 | |
| | | | | | | | 35,495,185 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 13
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement Emerging Markets Equity Portfolio (concluded) | | | | | | |
| | | | | | | |
| Taiwan | 13.3% | | | | | | |
| ASE Technology Holding Co., Ltd. | | | 2,083,000 | | | $ | 7,429,770 | |
| Globalwafers Co., Ltd. | | | 201,000 | | | | 3,225,386 | |
| Hon Hai Precision Industry Co., Ltd. | | | 852,320 | | | | 3,102,235 | |
| MediaTek, Inc. | | | 288,000 | | | | 6,392,784 | |
| Novatek Microelectronics Corp. | | | 270,000 | | | | 3,719,734 | |
| Quanta Computer, Inc. | | | 655,000 | | | | 3,208,901 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 682,989 | | | | 12,727,724 | |
| Wiwynn Corp. | | | 58,000 | | | | 2,662,581 | |
| | | | | | | | 42,469,115 | |
| | | | | | | | | |
| Thailand | 2.0% | | | | | | | | |
| Kasikornbank Public Co., Ltd. | | | 848,269 | | | | 3,118,071 | |
| PTT Exploration & Production PCL (‡) | | | 757,300 | | | | 3,203,921 | |
| | | | | | | | 6,321,992 | |
| | | | | | | | | |
| United Kingdom | 1.6% | | | | | | | | |
| Unilever PLC | | | 97,194 | | | | 5,059,846 | |
| | | | | | | | | |
Total Common Stocks
(Cost $289,826,982) | | | | | | | 310,464,057 | |
| | | | | | | | | |
| Short-Term Investments | 2.1% | | | | | | | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.02% (7 day yield)
(Cost $6,628,062) | | | 6,628,062 | | | | 6,628,062 | |
| | | | | | | | | |
Total Investments | 99.2%
(Cost $296,455,044) | | | | | | $ | 317,092,119 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.8% | | | | | | | 2,485,064 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 319,577,183 | |
The accompanying notes are an integral part of these financial statements.
14 Semi-Annual Report
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement International Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 95.4% | | | | | | | | |
| | | | | | | | | |
| Canada | 3.5% | | | | | | | | |
| Gildan Activewear, Inc. | | | 34,304 | | | $ | 1,105,963 | |
| Suncor Energy, Inc. | | | 68,521 | | | | 2,009,984 | |
| TMX Group, Ltd. | | | 42,715 | | | | 961,188 | |
| | | | | | | | 4,077,135 | |
| | | | | | | | | |
| China | 4.2% | | | | | | | | |
| Alibaba Group Holding, Ltd. (*) | | | 109,800 | | | | 1,141,927 | |
| Autohome, Inc. ADR | | | 28,291 | | | | 824,966 | |
| ENN Energy Holdings, Ltd. | | | 79,700 | | | | 995,989 | |
| ESR Group Ltd. | | | 450,000 | | | | 774,710 | |
| Li Ning Co. Ltd. | | | 101,000 | | | | 546,222 | |
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | | | 127,899 | | | | 637,754 | |
| | | | | | | | 4,921,568 | |
| | | | | | | | | |
| Denmark | 2.3% | | | | | | | | |
| AP Moller - Maersk AS, Class B | | | 353 | | | | 621,032 | |
| Carlsberg AS, Class B | | | 12,695 | | | | 2,029,836 | |
| | | | | | | | 2,650,868 | |
| | | | | | | | | |
| Finland | 1.7% | | | | | | | | |
| Nordea Bank Abp | | | 182,248 | | | | 1,985,700 | |
| | | | | | | | | |
| France | 11.5% | | | | | | | | |
| Air Liquide SA | | | 12,309 | | | | 2,206,783 | |
| Airbus SE | | | 10,797 | | | | 1,560,764 | |
| Bureau Veritas SA | | | 39,676 | | | | 1,088,304 | |
| Capgemini SE | | | 8,141 | | | | 1,542,241 | |
| Engie SA | | | 208,821 | | | | 3,473,348 | |
| Pernod Ricard SA | | | 8,111 | | | | 1,792,039 | |
| Thales SA | | | 11,104 | | | | 1,662,135 | |
| | | | | | | | 13,325,614 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 15
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement International Equity Portfolio (continued) | | | | | | |
| | | | | | | |
| Germany | 10.1% | | | | | | |
| Continental AG | | | 24,364 | | | $ | 1,836,176 | |
| Covestro AG (*) | | | 17,381 | | | | 902,515 | |
| Infineon Technologies AG | | | 34,799 | | | | 1,435,129 | |
| Merck KGaA | | | 11,243 | | | | 1,858,832 | |
| MTU Aero Engines AG | | | 6,846 | | | | 1,773,830 | |
| Rheinmetall AG | | | 5,038 | | | | 1,383,283 | |
| Siemens Healthineers AG | | | 29,989 | | | | 1,697,295 | |
| Vonovia SE | | | 38,424 | | | | 750,210 | |
| | | | | | | | 11,637,270 | |
| | | | | | | | | |
| Hong Kong | 1.3% | | | | | | | | |
| AIA Group Ltd. | | | 145,200 | | | | 1,481,502 | |
| | | | | | | | | |
| Ireland | 2.0% | | | | | | | | |
| Ryanair Holdings PLC ADR (*) | | | 21,271 | | | | 2,352,573 | |
| | | | | | | | | |
| Israel | 1.6% | | | | | | | | |
| Bank Leumi Le-Israel BM | | | 241,246 | | | | 1,807,511 | |
| | | | | | | | | |
| Italy | 2.8% | | | | | | | | |
| Enel SpA | | | 266,302 | | | | 1,793,888 | |
| UniCredit SpA | | | 61,775 | | | | 1,440,604 | |
| | | | | | | | 3,234,492 | |
| | | | | | | | | |
| Japan | 16.1% | | | | | | | | |
| Asics Corp. | | | 66,700 | | | | 2,063,918 | |
| Bandai Namco Holdings, Inc. | | | 61,300 | | | | 1,418,444 | |
| BayCurrent Consulting, Inc. | | | 33,200 | | | | 1,247,308 | |
| Daikin Industries Ltd. | | | 9,900 | | | | 2,020,834 | |
| Disco Corp. | | | 10,000 | | | | 1,582,047 | |
| Hitachi Ltd. | | | 19,900 | | | | 1,231,643 | |
| MatsukiyoCocokara & Co. | | | 41,800 | | | | 2,348,931 | |
| Renesas Electronics Corp. (*) | | | 60,500 | | | | 1,144,949 | |
| Shimano, Inc. | | | 4,400 | | | | 736,502 | |
| Sumitomo Mitsui Financial Group, Inc. | | | 42,300 | | | | 1,810,489 | |
| Suzuki Motor Corp. | | | 39,900 | | | | 1,449,915 | |
| Yamaha Corp. | | | 40,800 | | | | 1,568,997 | |
| | | | | | | | 18,623,977 | |
The accompanying notes are an integral part of these financial statements.
16 Semi-Annual Report
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement International Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Mexico | 1.8% | | | | | | | | |
| Arca Continental SAB de CV | | | 201,700 | | | $ | 2,073,208 | |
| | | | | | | | | |
| Netherlands | 3.8% | | | | | | | | |
| Akzo Nobel NV | | | 23,303 | | | | 1,904,100 | |
| Universal Music Group NV | | | 74,328 | | | | 1,651,389 | |
| Wolters Kluwer NV | | | 6,786 | | | | 861,651 | |
| | | | | | | | 4,417,140 | |
| | | | | | | | | |
| Portugal | 0.8% | | | | | | | | |
| Galp Energia SGPS SA | | | 78,642 | | | | 919,513 | |
| | | | | | | | | |
| Singapore | 1.4% | | | | | | | | |
| DBS Group Holdings Ltd. | | | 68,360 | | | | 1,598,416 | |
| | | | | | | | | |
| South Africa | 1.1% | | | | | | | | |
| Anglo American PLC | | | 45,967 | | | | 1,302,907 | |
| | | | | | | | | |
| South Korea | 0.9% | | | | | | | | |
| SK Hynix, Inc. | | | 11,815 | | | | 1,041,781 | |
| | | | | | | | | |
| Spain | 1.3% | | | | | | | | |
| Industria de Diseno Textil SA | | | 37,770 | | | | 1,467,450 | |
| | | | | | | | | |
| Sweden | 1.1% | | | | | | | | |
| Sandvik AB | | | 63,260 | | | | 1,235,253 | |
| | | | | | | | | |
| Switzerland | 2.9% | | | | | | | | |
| ABB, Ltd. | | | 57,474 | | | | 2,261,504 | |
| DSM-Firmenich AG (*) | | | 10,664 | | | | 1,147,609 | |
| | | | | | | | 3,409,113 | |
| | | | | | | | | |
| Taiwan | 1.5% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 16,974 | | | | 1,713,016 | |
| | | | | | | | | |
| United Kingdom | 13.6% | | | | | | | | |
| 3i Group PLC | | | 88,593 | | | | 2,200,139 | |
| BP PLC | | | 333,614 | | | | 1,954,592 | |
| Coca-Cola Europacific Partners PLC | | | 33,668 | | | | 2,167,643 | |
| Compass Group PLC | | | 67,900 | | | | 1,899,383 | |
| RELX PLC | | | 117,102 | | | | 3,903,995 | |
| Unilever PLC | | | 50,782 | | | | 2,647,901 | |
| WPP PLC | | | 90,085 | | | | 941,662 | |
| | | | | | | | 15,715,315 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 17
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement International Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| United States | 8.1% | | | | | | | | |
| Aon PLC, Class A | | | 9,961 | | | $ | 3,438,537 | |
| ICON PLC (*) | | | 10,913 | | | | 2,730,433 | |
| Roche Holding AG | | | 10,600 | | | | 3,239,312 | |
| | | | | | | | 9,408,282 | |
| | | | | | | | | |
Total Common Stocks
(Cost $100,885,117) | | | | | | | 110,399,604 | |
| | | | | | | | | |
| Preferred Stocks | 2.1% | | | | | | | | |
| | | | | | | | | |
| Brazil | 1.1% | | | | | | | | |
| Itau Unibanco Holding SA | | | 215,500 | | | | 1,279,084 | |
| | | | | | | | | |
| Germany | 1.0% | | | | | | | | |
| Henkel AG & Co. KGaA | | | 13,948 | | | | 1,114,957 | |
| | | | | | | | | |
Total Preferred Stocks
(Cost $2,212,236) | | | | | | | 2,394,041 | |
| | | | | | | | | |
| Short-Term Investments | 1.8% | | | | | | | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.02% (7 day yield)
(Cost $2,048,855) | | | 2,048,855 | | | | 2,048,855 | |
| | | | | | | | | |
Total Investments | 99.3%
(Cost $105,146,208) | | | | | | $ | 114,842,500 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 0.7% | | | | | | | 865,611 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 115,708,111 | |
The accompanying notes are an integral part of these financial statements.
18 Semi-Annual Report
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement US Small-Mid Cap Equity Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 96.8% | | | | | | | | |
| | | | | | | | | |
| Aerospace & Defense | 2.7% | | | | | | | | |
| Curtiss-Wright Corp. | | | 3,453 | | | $ | 634,178 | |
| HEICO Corp. | | | 2,851 | | | | 504,456 | |
| | | | | | | | 1,138,634 | |
| | | | | | | | | |
| Automobile Components | 1.0% | | | | | | | | |
| Gentherm, Inc. (*) | | | 7,107 | | | | 401,617 | |
| | | | | | | | | |
| Banks | 6.2% | | | | | | | | |
| Comerica, Inc. | | | 13,559 | | | | 574,359 | |
| Commerce Bancshares, Inc. | | | 12,079 | | | | 588,247 | |
| Home BancShares, Inc. | | | 31,357 | | | | 714,940 | |
| Wintrust Financial Corp. | | | 9,872 | | | | 716,905 | |
| | | | | | | | 2,594,451 | |
| | | | | | | | | |
| Biotechnology | 3.0% | | | | | | | | |
| Halozyme Therapeutics, Inc. (*) | | | 16,718 | | | | 603,018 | |
| United Therapeutics Corp. (*) | | | 2,952 | | | | 651,654 | |
| | | | | | | | 1,254,672 | |
| | | | | | | | | |
| Building Products | 2.7% | | | | | | | | |
| Armstrong World Industries, Inc. | | | 6,204 | | | | 455,746 | |
| Carlisle Cos., Inc. | | | 2,536 | | | | 650,560 | |
| | | | | | | | 1,106,306 | |
| | | | | | | | | |
| Capital Markets | 1.1% | | | | | | | | |
| Morningstar, Inc. | | | 2,426 | | | | 475,666 | |
| | | | | | | | | |
| Chemicals | 2.0% | | | | | | | | |
| Ingevity Corp. (*) | | | 9,443 | | | | 549,205 | |
| Livent Corp. (*) | | | 9,744 | | | | 267,278 | |
| | | | | | | | 816,483 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 19
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement US Small-Mid Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Communications Equipment | 2.2% | | | | | | | | |
| Ciena Corp. (*) | | | 11,348 | | | $ | 482,176 | |
| F5, Inc. (*) | | | 2,834 | | | | 414,501 | |
| | | | | | | | 896,677 | |
| | | | | | | | | |
| Construction Materials | 0.8% | | | | | | | | |
| Eagle Materials, Inc. | | | 1,742 | | | | 324,744 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail | 1.3% | | | | | | | | |
| US Foods Holding Corp. (*) | | | 12,268 | | | | 539,792 | |
| | | | | | | | | |
| Containers & Packaging | 2.9% | | | | | | | | |
| Avery Dennison Corp. | | | 3,645 | | | | 626,211 | |
| Graphic Packaging Holding Co. | | | 24,817 | | | | 596,352 | |
| | | | | | | | 1,222,563 | |
| | | | | | | | | |
| Electrical Equipment | 4.5% | | | | | | | | |
| Array Technologies, Inc. (*) | | | 21,505 | | | | 486,013 | |
| Atkore, Inc. (*) | | | 4,557 | | | | 710,619 | |
| EnerSys | | | 6,041 | | | | 655,569 | |
| | | | | | | | 1,852,201 | |
| | | | | | | | | |
| Electronic Equipment, Instruments & Components | 2.6% | | | | | | | | |
| Cognex Corp. | | | 9,515 | | | | 533,030 | |
| Littelfuse, Inc. | | | 1,891 | | | | 550,867 | |
| | | | | | | | 1,083,897 | |
| | | | | | | | | |
| Energy Equipment & Services | 2.8% | | | | | | | | |
| Cactus, Inc., Class A | | | 12,309 | | | | 520,917 | |
| Liberty Energy, Inc. | | | 46,898 | | | | 627,026 | |
| | | | | | | | 1,147,943 | |
| | | | | | | | | |
| Entertainment | 1.5% | | | | | | | | |
| Take-Two Interactive Software, Inc. (*) | | | 4,187 | | | | 616,159 | |
The accompanying notes are an integral part of these financial statements.
20 Semi-Annual Report
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement US Small-Mid Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Financial Services | 1.4% | | | | | | | | |
| Voya Financial, Inc. | | | 8,024 | | | $ | 575,401 | |
| | | | | | | | | |
| Food Products | 2.4% | | | | | | | | |
| Hostess Brands, Inc. (*) | | | 21,915 | | | | 554,888 | |
| Utz Brands, Inc. | | | 28,142 | | | | 460,403 | |
| | | | | | | | 1,015,291 | |
| | | | | | | | | |
| Gas Utilities | 2.1% | | | | | | | | |
| New Jersey Resources Corp. | | | 18,169 | | | | 857,577 | |
| | | | | | | | | |
| Health Care Equipment & Supplies | 4.0% | | | | | | | | |
| Envista Holdings Corp. (*) | | | 19,028 | | | | 643,908 | |
| Lantheus Holdings, Inc. (*) | | | 4,483 | | | | 376,213 | |
| QuidelOrtho Corp. (*) | | | 7,652 | | | | 634,045 | |
| | | | | | | | 1,654,166 | |
| | | | | | | | | |
| Health Care Providers & Services | 1.6% | | | | | | | | |
| Henry Schein, Inc. (*) | | | 8,182 | | | | 663,560 | |
| | | | | | | | | |
| Hotel & Resort REITs | 1.0% | | | | | | | | |
| Summit Hotel Properties, Inc | | | 66,141 | | | | 430,578 | |
| | | | | | | | | |
| Hotels, Restaurants & Leisure | 2.4% | | | | | | | | |
| Brinker International, Inc. (*) | | | 10,066 | | | | 368,416 | |
| Wyndham Hotels & Resorts, Inc. | | | 9,185 | | | | 629,815 | |
| | | | | | | | 998,231 | |
| | | | | | | | | |
| Household Durables | 1.7% | | | | | | | | |
| Helen of Troy Ltd. (*) | | | 6,652 | | | | 718,549 | |
| | | | | | | | | |
| Insurance | 4.7% | | | | | | | | |
| Brown & Brown, Inc. | | | 12,237 | | | | 842,395 | |
| Globe Life, Inc. | | | 3,969 | | | | 435,082 | |
| Reinsurance Group of America, Inc. | | | 4,814 | | | | 667,653 | |
| | | | | | | | 1,945,130 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 21
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement US Small-Mid Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Interactive Media & Services | 3.6% | | | | | | | | |
| Cars.com, Inc. (*) | | | 28,549 | | | $ | 565,841 | |
| Ziff Davis, Inc. (*) | | | 7,389 | | | | 517,673 | |
| ZoomInfo Technologies, Inc. (*) | | | 16,828 | | | | 427,263 | |
| | | | | | | | 1,510,777 | |
| | | | | | | | | |
| IT Services | 1.1% | | | | | | | | |
| Amdocs, Ltd. | | | 4,215 | | | | 416,653 | |
| Squarespace, Inc., Class A (*) | | | 1,725 | | | | 54,406 | |
| | | | | | | | 471,059 | |
| | | | | | | | | |
| Leisure Products | 1.1% | | | | | | | | |
| Brunswick Corp. | | | 5,087 | | | | 440,738 | |
| | | | | | | | | |
| Life Sciences Tools & Services | 4.2% | | | | | | | | |
| AbCellera Biologics, Inc. (*) | | | 60,946 | | | | 393,711 | |
| Charles River Laboratories International, Inc. (*) | | | 1,505 | | | | 316,426 | |
| ICON PLC (*) | | | 2,213 | | | | 553,693 | |
| Stevanato Group SpA | | | 14,787 | | | | 478,803 | |
| | | | | | | | 1,742,633 | |
| | | | | | | | | |
| Machinery l 5.1% | | | | | | | | |
| Columbus McKinnon Corp. | | | 11,941 | | | | 485,402 | |
| Gates Industrial Corp. PLC (*) | | | 35,711 | | | | 481,384 | |
| Middleby Corp. (*) | | | 5,201 | | | | 768,864 | |
| Nordson Corp. | | | 1,496 | | | | 371,277 | |
| | | | | | | | 2,106,927 | |
| | | | | | | | | |
| Office REITs | 1.3% | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | | 2,393 | | | | 271,582 | |
| Kilroy Realty Corp. | | | 9,213 | | | | 277,219 | |
| | | | | | | | 548,801 | |
| | | | | | | | | |
| Oil, Gas & Consumable Fuels | 2.6% | | | | | | | | |
| Antero Resources Corp. (*) | | | 22,368 | | | | 515,135 | |
| Magnolia Oil & Gas Corp., Class A | | | 26,365 | | | | 551,029 | |
| | | | | | | | 1,066,164 | |
The accompanying notes are an integral part of these financial statements.
22 Semi-Annual Report
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement US Small-Mid Cap Equity Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Professional Services | 4.2% | | | | | | | | |
| Jacobs Solutions, Inc. | | | 5,119 | | | $ | 608,598 | |
| Leidos Holdings, Inc. | | | 6,117 | | | | 541,232 | |
| Sterling Check Corp. (*) | | | 49,128 | | | | 602,309 | |
| | | | | | | | 1,752,139 | |
| | | | | | | | | |
| Residential REITs | 1.5% | | | | | | | | |
| Camden Property Trust | | | 5,875 | | | | 639,611 | |
| | | | | | | | | |
| Retail REITs | 1.5% | | | | | | | | |
| Brixmor Property Group, Inc. | | | 28,731 | | | | 632,082 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment | 1.3% | | | | | | | | |
| MKS Instruments, Inc. | | | 5,019 | | | | 542,554 | |
| | | | | | | | | |
| Software | 6.5% | | | | | | | | |
| CyberArk Software, Ltd. (*) | | | 2,866 | | | | 448,042 | |
| Dolby Laboratories, Inc., Class A | | | 6,863 | | | | 574,296 | |
| Dynatrace, Inc. (*) | | | 5,316 | | | | 273,614 | |
| N-Able, Inc. (*) | | | 28,281 | | | | 407,529 | |
| PTC, Inc. (*) | | | 3,469 | | | | 493,639 | |
| Tyler Technologies, Inc. (*) | | | 1,175 | | | | 489,352 | |
| | | | | | | | 2,686,472 | |
| | | | | | | | | |
| Specialty Retail | 1.8% | | | | | | | | |
| Five Below, Inc. (*) | | | 2,751 | | | | 540,682 | |
| Warby Parker, Inc., Class A (*) | | | 19,200 | | | | 224,448 | |
| | | | | | | | 765,130 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 23
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | |
| Lazard Retirement US Small-Mid Cap Equity Portfolio (concluded) | | | | | | | | |
| | | | | | | | | |
| Textiles, Apparel & Luxury Goods | 2.4% | | | | | | | | |
| Steven Madden Ltd. | | | 9,668 | | | $ | 316,047 | |
| Tapestry, Inc. | | | 15,991 | | | | 684,415 | |
| | | | | | | | 1,000,462 | |
| | | | | | | | | |
Total Common Stocks
(Cost $36,392,148) | | | | | | | 40,235,837 | |
| | | | | | | | | |
| Short-Term Investments | 2.1% | | | | | | | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.02% (7 day yield)
(Cost $856,296) | | | 856,296 | | | | 856,296 | |
| | | | | | | | | |
Total Investments | 98.9%
(Cost $37,248,444) | | | | | | $ | 41,092,133 | |
| | | | | | | | | |
| Cash and Other Assets in Excess of Liabilities | 1.1% | | | | | | | 469,150 | |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 41,561,283 | |
The accompanying notes are an integral part of these financial statements.
24 Semi-Annual Report
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| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio | | | | | | | | |
| | | | | | | | | |
| Common Stocks | 58.6% | | | | | | | | |
| | | | | | | | | |
| Australia | 1.1% | | | | | | | | |
| AGL Energy Ltd. | | | 14,609 | | | $ | 105,647 | |
| BlueScope Steel Ltd. | | | 7,939 | | | | 109,526 | |
| Brambles Ltd. | | | 31,643 | | | | 304,557 | |
| Coles Group Ltd. | | | 13,269 | | | | 163,083 | |
| Computershare Ltd. ADR | | | 26,779 | | | | 421,769 | |
| Coronado Global Resources, Inc. | | | 70,177 | | | | 72,279 | |
| GrainCorp Ltd., Class A | | | 18,416 | | | | 96,523 | |
| Incitec Pivot Ltd. | | | 34,360 | | | | 63,110 | |
| Newcrest Mining Ltd. | | | 6,127 | | | | 109,471 | |
| Northern Star Resources Ltd. | | | 11,810 | | | | 95,874 | |
| Perseus Mining Ltd. | | | 125,002 | | | | 138,817 | |
| Qantas Airways Ltd. (*) | | | 51,824 | | | | 214,897 | |
| Sandfire Resources Ltd. (*) | | | 21,421 | | | | 84,927 | |
| Telstra Group Ltd. | | | 115,658 | | | | 331,957 | |
| Ventia Services Group Pty. Ltd. | | | 52,350 | | | | 106,036 | |
| WiseTech Global Ltd. | | | 3,331 | | | | 178,452 | |
| Yancoal Australia Ltd. | | | 86,669 | | | | 265,822 | |
| | | | | | | | 2,862,747 | |
| | | | | | | | | |
| Austria | 0.0% | | | | | | | | |
| ANDRITZ AG | | | 1,867 | | | | 104,184 | |
| | | | | | | | | |
| Belgium | 0.0% | | | | | | | | |
| Warehouses De Pauw CVA REIT | | | 2,523 | | | | 69,208 | |
| | | | | | | | | |
| Canada | 2.0% | | | | | | | | |
| Alamos Gold, Inc., Class A | | | 9,257 | | | | 110,267 | |
| Atco Ltd., Class I | | | 2,689 | | | | 80,056 | |
| Birchcliff Energy Ltd. | | | 12,039 | | | | 71,248 | |
| Canadian Natural Resources, Ltd. | | | 1,687 | | | | 94,846 | |
| CGI, Inc. (*) | | | 906 | | | | 95,541 | |
| Constellation Software, Inc. | | | 432 | | | | 895,064 | |
| Dollarama, Inc. | | | 4,364 | | | | 295,556 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 25
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| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Fairfax Financial Holdings Ltd. | | | 155 | | | $ | 116,101 | |
| Hydro One Ltd. | | | 15,167 | | | | 433,343 | |
| International Petroleum Corp. (*) | | | 14,853 | | | | 121,662 | |
| Loblaw Cos. Ltd. | | | 843 | | | | 77,176 | |
| Manulife Financial Corp. | | | 40,621 | | | | 767,805 | |
| Metro, Inc. | | | 7,305 | | | | 412,576 | |
| Parex Resources, Inc. | | | 5,686 | | | | 113,999 | |
| Quebecor, Inc., Class B | | | 7,759 | | | | 191,230 | |
| Rogers Communications, Inc., Class B | | | 1,797 | | | | 81,986 | |
| Shopify, Inc. Class A (*) | | | 2,016 | | | | 130,296 | |
| Teck Resources, Ltd., Class B | | | 2,814 | | | | 118,402 | |
| Teekay Tankers Ltd., Class A | | | 2,413 | | | | 92,249 | |
| Toronto-Dominion Bank | | | 12,807 | | | | 794,162 | |
| | | | | | | | 5,093,565 | |
| | | | | | | | | |
| China | 0.3% | | | | | | | | |
| NXP Semiconductors NV | | | 3,672 | | | | 751,585 | |
| | | | | | | | | |
| Denmark | 0.8% | | | | | | | | |
| Carlsberg AS, Class B ADR | | | 20,450 | | | | 655,013 | |
| Novo Nordisk AS, Class B | | | 8,733 | | | | 1,410,500 | |
| | | | | | | | 2,065,513 | |
| | | | | | | | | |
| Finland | 0.3% | | | | | | | | |
| Kone Oyj, ADR | | | 18,076 | | | | 472,326 | |
| Nordea Bank Abp | | | 19,924 | | | | 217,414 | |
| | | | | | | | 689,740 | |
| | | | | | | | | |
| France | 2.1% | | | | | | | | |
| AXA SA | | | 3,535 | | | | 104,436 | |
| BNP Paribas SA | | | 5,640 | | | | 356,275 | |
| Bureau Veritas SA ADR | | | 7,493 | | | | 413,464 | |
| Cie de Saint-Gobain | | | 6,369 | | | | 387,983 | |
| Cie Generale des Etablissements Michelin SCA | | | 2,373 | | | | 70,149 | |
| Hermes International | | | 51 | | | | 110,948 | |
The accompanying notes are an integral part of these financial statements.
26 Semi-Annual Report
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| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Legrand SA ADR | | | 21,821 | | | $ | 432,056 | |
| LVMH Moet Hennessy Louis Vuitton SE ADR | | | 3,791 | | | | 715,893 | |
| Orange SA | | | 45,521 | | | | 532,427 | |
| Pernod Ricard SA ADR | | | 12,061 | | | | 529,478 | |
| Societe Generale SA | | | 10,612 | | | | 276,250 | |
| Thales SA ADR | | | 20,987 | | | | 629,820 | |
| TotalEnergies SE | | | 10,499 | | | | 601,724 | |
| Vinci SA | | | 2,511 | | | | 291,847 | |
| | | | | | | | 5,452,750 | |
| | | | | | | | | |
| Germany | 0.8% | | | | | | | | |
| Bayerische Motoren Werke AG | | | 4,964 | | | | 609,661 | |
| Beiersdorf AG | | | 2,401 | | | | 317,669 | |
| Commerzbank AG | | | 9,191 | | | | 101,772 | |
| Deutsche Bank AG | | | 32,350 | | | | 339,458 | |
| Mercedes-Benz Group AG | | | 1,322 | | | | 106,397 | |
| Merck KGaA ADR | | | 13,135 | | | | 435,425 | |
| Rheinmetall AG | | | 351 | | | | 96,374 | |
| Telefonica Deutschland Holding AG | | | 37,776 | | | | 106,159 | |
| | | | | | | | 2,112,915 | |
| | | | | | | | | |
| Hong Kong | 0.3% | | | | | | | | |
| AIA Group, Ltd. ADR | | | 11,823 | | | | 481,551 | |
| Jardine Matheson Holdings, Ltd. | | | 1,600 | | | | 81,153 | |
| Swire Pacific, Ltd., Class A | | | 24,000 | | | | 184,648 | |
| WH Group, Ltd. | | | 216,000 | | | | 114,789 | |
| | | | | | | | 862,141 | |
| | | | | | | | | |
| Israel | 0.3% | | | | | | | | |
| Bank Hapoalim BM | | | 38,622 | | | | 316,754 | |
| Bezeq The Israeli Telecommunication Corp. Ltd. | | | 132,219 | | | | 161,890 | |
| Elbit Systems Ltd. | | | 570 | | | | 118,805 | |
| Perion Network, Ltd. (*) | | | 2,739 | | | | 84,005 | |
| | | | | | | | 681,454 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 27
| | | | | |
| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Italy | 0.4% | | | | | | | | |
| Banco BPM SpA | | | 25,919 | | | $ | 120,671 | |
| Intesa Sanpaolo SpA | | | 113,373 | | | | 297,980 | |
| Poste Italiane SpA | | | 18,383 | | | | 199,440 | |
| Saras SpA | | | 84,742 | | | | 105,179 | |
| Terna - Rete Elettrica Nazionale | | | 12,328 | | | | 105,010 | |
| UniCredit SpA | | | 5,084 | | | | 118,560 | |
| | | | | | | | 946,840 | |
| | | | | | | | | |
| Japan | 4.4% | | | | | | | | |
| ABC-Mart, Inc. | | | 5,400 | | | | 292,579 | |
| Bank of Kyoto Ltd. | | | 2,300 | | | | 115,541 | |
| Concordia Financial Group Ltd. | | | 56,100 | | | | 221,098 | |
| Daiwa House Industry Co., Ltd. | | | 4,100 | | | | 108,361 | |
| Daiwa Securities Group, Inc. | | | 46,600 | | | | 241,118 | |
| Electric Power Development Co., Ltd. | | | 42,400 | | | | 623,235 | |
| FUJIFILM Holdings Corp. | | | 1,800 | | | | 106,904 | |
| Hachijuni Bank Ltd. | | | 37,600 | | | | 164,010 | |
| Honda Motor Co., Ltd. | | | 12,200 | | | | 368,545 | |
| Japan Post Bank Co., Ltd. | | | 48,000 | | | | 376,066 | |
| Japan Post Holdings Co., Ltd. | | | 166,900 | | | | 1,200,104 | |
| Japan Post Insurance Co., Ltd. | | | 5,700 | | | | 85,698 | |
| Japan Real Estate Investment Corp. REIT | | | 28 | | | | 106,534 | |
| Japan Tobacco, Inc. | | | 4,900 | | | | 107,403 | |
| Kansai Electric Power Co., Inc. | | | 41,400 | | | | 520,142 | |
| Kawasaki Heavy Industries Ltd. | | | 4,400 | | | | 112,991 | |
| KDDI Corp. | | | 10,800 | | | | 333,783 | |
| Kyushu Railway Co. | | | 9,900 | | | | 212,677 | |
| Lawson, Inc. | | | 4,800 | | | | 213,228 | |
| Mazda Motor Corp. | | | 10,700 | | | | 104,570 | |
| Mebuki Financial Group, Inc. | | | 52,900 | | | | 126,500 | |
| Mitsubishi Motors Corp. | | | 26,600 | | | | 93,632 | |
| Mizuho Financial Group, Inc. | | | 30,100 | | | | 459,419 | |
| MS&AD Insurance Group Holdings, Inc. | | | 6,100 | | | | 217,353 | |
| Nihon Kohden Corp. | | | 7,900 | | | | 211,145 | |
| Nintendo Co., Ltd. ADR | | | 45,437 | | | | 517,073 | |
The accompanying notes are an integral part of these financial statements.
28 Semi-Annual Report
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| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Nippon Building Fund, Inc. REIT | | | 22 | | | $ | 86,537 | |
| Nippon Express Holdings, Inc. | | | 3,400 | | | | 191,753 | |
| Nippon Telegraph & Telephone Corp. | | | 255,000 | | | | 302,148 | |
| Nisshinbo Holdings, Inc. | | | 27,000 | | | | 224,311 | |
| Nomura Real Estate Holdings, Inc. | | | 4,200 | | | | 99,908 | |
| Osaka Gas Co., Ltd. | | | 20,900 | | | | 320,607 | |
| Otsuka Holdings Co., Ltd. | | | 9,700 | | | | 355,511 | |
| Rengo Co. Ltd. | | | 12,900 | | | | 79,615 | |
| Sankyo Co. Ltd. | | | 6,100 | | | | 246,876 | |
| Sega Sammy Holdings, Inc. | | | 11,600 | | | | 248,241 | |
| Shimano, Inc. ADR | | | 20,987 | | | | 349,853 | |
| Shin-Etsu Chemical Co. Ltd. | | | 3,900 | | | | 129,623 | |
| Shizuoka Financial Group, Inc. | | | 29,900 | | | | 217,216 | |
| Softbank Corp. | | | 30,100 | | | | 322,009 | |
| Sumco Corp. | | | 6,600 | | | | 93,414 | |
| Sumitomo Mitsui Financial Group, Inc. | | | 1,300 | | | | 55,642 | |
| Tokyo Gas Co. Ltd. | | | 14,600 | | | | 318,975 | |
| Tokyu Fudosan Holdings Corp. | | | 39,000 | | | | 223,225 | |
| Toyota Motor Corp. | | | 6,900 | | | | 110,269 | |
| Yamazaki Baking Co., Ltd. | | | 6,200 | | | | 83,947 | |
| | | | | | | | 11,299,389 | |
| | | | | | | | | |
| Luxembourg | 0.0% | | | | | | | | |
| ArcelorMittal SA | | | 3,560 | | | | 96,990 | |
| | | | | | | | | |
| Netherlands | 1.2% | | | | | | | | |
| ASM International NV | | | 1,104 | | | | 470,326 | |
| ASML Holding NV | | | 79 | | | | 57,186 | |
| Eurocommercial Properties NV REIT | | | 8,079 | | | | 187,558 | |
| ING Groep NV | | | 20,828 | | | | 281,273 | |
| Koninklijke Ahold Delhaize NV | | | 3,119 | | | | 106,389 | |
| Koninklijke KPN NV | | | 23,945 | | | | 85,481 | |
| NN Group NV | | | 2,219 | | | | 82,338 | |
| Shell PLC | | | 18,759 | | | | 558,523 | |
| Wolters Kluwer NV | | | 2,474 | | | | 314,136 | |
| Wolters Kluwer NV ADR | | | 8,240 | | | | 1,047,469 | |
| | | | | | | | 3,190,679 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 29
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| | | | | Fair |
| Description | | Shares | | Value |
| | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| New Zealand | 0.1% | | | | | | | | |
| Spark New Zealand, Ltd. | | | 66,434 | | | $ | 207,653 | |
| | | | | | | | | |
| Norway | 0.0% | | | | | | | | |
| Orkla ASA | | | 13,286 | | | | 95,412 | |
| | | | | | | | | |
| Portugal | 0.0% | | | | | | | | |
| Jeronimo Martins SGPS SA | | | 4,010 | | | | 110,557 | |
| | | | | | | | | |
| Singapore | 0.4% | | | | | | | | |
| Jardine Cycle & Carriage, Ltd. | | | 8,100 | | | | 209,066 | |
| Sembcorp Industries Ltd. | | | 92,800 | | | | 394,971 | |
| STMicroelectronics NV | | | 6,110 | | | | 303,963 | |
| | | | | | | | 908,000 | |
| | | | | | | | | |
| Spain | 0.6% | | | | | | | | |
| Banco Bilbao Vizcaya Argentaria SA | | | 30,141 | | | | 232,409 | |
| Banco Santander SA | | | 20,292 | | | | 75,293 | |
| Iberdrola SA | | | 43,504 | | | | 568,244 | |
| Industria de Diseno Textil SA | | | 2,474 | | | | 96,120 | |
| Industria de Diseno Textil SA ADR | | | 27,197 | | | | 528,438 | |
| | | | | | | | 1,500,504 | |
| | | | | | | | | |
| Sweden | 0.8% | | | | | | | | |
| Assa Abloy AB ADR | | | 31,735 | | | | 382,089 | |
| Epiroc AB ADR | | | 44,631 | | | | 844,419 | |
| Hexagon AB ADR | | | 57,469 | | | | 704,570 | |
| | | | | | | | 1,931,078 | |
| | | | | | | | | |
| Switzerland | 0.7% | | | | | | | | |
| ABB, Ltd. ADR | | | 21,437 | | | | 841,402 | |
| Swatch Group AG ADR | | | 44,273 | | | | 646,386 | |
| Swisscom AG | | | 594 | | | | 370,571 | |
| | | | | | | | 1,858,359 | |
The accompanying notes are an integral part of these financial statements.
30 Semi-Annual Report
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| | | | | Fair |
| Description | | Shares | | Value |
| | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| United Kingdom | 1.9% | | | | | | | | |
| BAE Systems PLC | | | 8,767 | | | $ | 103,441 | |
| Barclays PLC | | | 55,339 | | | | 108,096 | |
| Coca-Cola Europacific Partners PLC | | | 10,210 | | | | 657,830 | |
| Diageo PLC ADR | | | 4,956 | | | | 859,767 | |
| Harbour Energy PLC | | | 29,927 | | | | 87,001 | |
| HSBC Holdings PLC | | | 22,095 | | | | 174,758 | |
| Investec PLC | | | 25,030 | | | | 140,678 | |
| Man Group PLC | | | 33,145 | | | | 91,942 | |
| RELX PLC ADR | | | 31,705 | | | | 1,059,898 | |
| Serco Group PLC | | | 49,138 | | | | 97,165 | |
| Standard Chartered PLC | | | 16,951 | | | | 147,832 | |
| Unilever PLC | | | 7,235 | | | | 377,251 | |
| Unilever PLC ADR | | | 17,435 | | | | 908,887 | |
| | | | | | | | 4,814,546 | |
| | | | | | | | | |
| United States | 40.1% | | | | | | | | |
| Abbott Laboratories | | | 5,533 | | | | 603,208 | |
| Accenture PLC, Class A | | | 5,378 | | | | 1,659,543 | |
| Activision Blizzard, Inc. (*) | | | 2,682 | | | | 226,093 | |
| Adobe, Inc. (*) | | | 2,468 | | | | 1,206,827 | |
| Affiliated Managers Group, Inc. | | | 1,363 | | | | 204,300 | |
| Agilent Technologies, Inc. | | | 733 | | | | 88,143 | |
| Agree Realty Corp. REIT | | | 1,656 | | | | 108,286 | |
| Alaska Air Group, Inc. (*) | | | 1,952 | | | | 103,807 | |
| Align Technology, Inc. (*) | | | 174 | | | | 61,533 | |
| Allison Transmission Holdings, Inc. | | | 2,896 | | | | 163,508 | |
| Alphabet, Inc., Class A (*) | | | 14,061 | | | | 1,683,102 | |
| Alphabet, Inc., Class C (*) | | | 11,789 | | | | 1,426,115 | |
| Altria Group, Inc. | | | 4,743 | | | | 214,858 | |
| Amazon.com, Inc. (*) | | | 13,693 | | | | 1,785,019 | |
| Amdocs, Ltd. | | | 5,749 | | | | 568,289 | |
| Ameren Corp. | | | 1,174 | | | | 95,881 | |
| American International Group, Inc. | | | 5,466 | | | | 314,514 | |
| AmerisourceBergen Corp. | | | 1,721 | | | | 331,172 | |
| AMETEK, Inc. | | | 1,405 | | | | 227,441 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 31
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| | | | | Fair |
| Description | | Shares | | Value |
| | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| AMN Healthcare Services, Inc. (*) | | | 1,147 | | | $ | 125,161 | |
| Amphenol Corp., Class A | | | 10,390 | | | | 882,631 | |
| Aon PLC, Class A | | | 4,312 | | | | 1,488,502 | |
| Apple, Inc. | | | 26,776 | | | | 5,193,741 | |
| AptarGroup, Inc. | | | 1,733 | | | | 200,785 | |
| Assurant, Inc. | | | 707 | | | | 88,884 | |
| Autodesk, Inc. (*) | | | 494 | | | | 101,077 | |
| Automatic Data Processing, Inc. | | | 572 | | | | 125,720 | |
| Avery Dennison Corp. | | | 2,240 | | | | 384,832 | |
| Bank of America Corp. | | | 18,090 | | | | 519,002 | |
| Becton, Dickinson & Co. | | | 365 | | | | 96,364 | |
| Biogen, Inc. (*) | | | 287 | | | | 81,752 | |
| BJ’s Wholesale Club Holdings, Inc. (*) | | | 1,227 | | | | 77,313 | |
| BlueLinx Holdings, Inc. (*) | | | 1,555 | | | | 145,828 | |
| Booking Holdings, Inc. (*) | | | 145 | | | | 391,548 | |
| Booz Allen Hamilton Holding Corp. | | | 8,927 | | | | 996,253 | |
| BorgWarner, Inc. | | | 2,064 | | | | 100,950 | |
| Brighthouse Financial, Inc. (*) | | | 1,737 | | | | 82,247 | |
| Bristol-Myers Squibb Co. | | | 11,336 | | | | 724,937 | |
| Broadcom, Inc. | | | 1,314 | | | | 1,139,803 | |
| BRP, Inc. | | | 6,030 | | | | 510,138 | |
| Cadence Design Systems, Inc. (*) | | | 751 | | | | 176,125 | |
| Cal-Maine Foods, Inc. | | | 5,258 | | | | 236,610 | |
| California Resources Corp. | | | 2,081 | | | | 94,248 | |
| Campbell Soup Co. | | | 3,285 | | | | 150,157 | |
| Cardinal Health, Inc. | | | 7,559 | | | | 714,855 | |
| Caterpillar, Inc. | | | 1,407 | | | | 346,192 | |
| Cboe Global Markets, Inc. | | | 443 | | | | 61,138 | |
| CDW Corp. | | | 885 | | | | 162,398 | |
| Charles Schwab Corp. | | | 9,703 | | | | 549,966 | |
| Charter Communications, Inc., Class A (*) | | | 444 | | | | 163,112 | |
| Cheniere Energy, Inc. | | | 551 | | | | 83,950 | |
| Chesapeake Energy Corp. | | | 1,124 | | | | 94,056 | |
| Chevron Corp. | | | 1,055 | | | | 166,004 | |
| Chipotle Mexican Grill, Inc. (*) | | | 201 | | | | 429,939 | |
| Chubb, Ltd. | | | 655 | | | | 126,127 | |
| Cigna Group | | | 481 | | | | 134,969 | |
| Cirrus Logic, Inc. (*) | | | 1,172 | | | | 94,944 | |
The accompanying notes are an integral part of these financial statements.
32 Semi-Annual Report
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| Description | | Shares | | Value |
| | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Cisco Systems, Inc. | | | 12,351 | | | $ | 639,041 | |
| Citigroup, Inc. | | | 3,867 | | | | 178,037 | |
| Clearway Energy, Inc., Class C | | | 5,737 | | | | 163,849 | |
| CME Group, Inc. | | | 577 | | | | 106,912 | |
| Coca-Cola Co. | | | 18,240 | | | | 1,098,413 | |
| Cognizant Technology Solutions Corp., Class A | | | 3,555 | | | | 232,070 | |
| Colgate-Palmolive Co. | | | 6,936 | | | | 534,349 | |
| Commercial Metals Co. | | | 1,147 | | | | 60,401 | |
| CommVault Systems, Inc. (*) | | | 1,236 | | | | 89,758 | |
| Concentrix Corp. | | | 802 | | | | 64,762 | |
| Consolidated Edison, Inc. | | | 5,278 | | | | 477,131 | |
| Corebridge Financial, Inc. | | | 10,354 | | | | 182,852 | |
| Coterra Energy, Inc. | | | 4,908 | | | | 124,172 | |
| Crowdstrike Holdings, Inc., Class A (*) | | | 602 | | | | 88,416 | |
| CTS Corp. | | | 1,892 | | | | 80,656 | |
| CVS Health Corp. | | | 7,700 | | | | 532,301 | |
| D.R. Horton, Inc. | | | 852 | | | | 103,680 | |
| Danaher Corp. | | | 4,582 | | | | 1,099,680 | |
| Darden Restaurants, Inc. | | | 1,278 | | | | 213,528 | |
| Dave & Buster’s Entertainment, Inc. (*) | | | 2,578 | | | | 114,876 | |
| DaVita, Inc. (*) | | | 934 | | | | 93,839 | |
| Deckers Outdoor Corp. (*) | | | 219 | | | | 115,558 | |
| Deere & Co. | | | 1,582 | | | | 641,011 | |
| Edwards Lifesciences Corp. (*) | | | 8,191 | | | | 772,657 | |
| Electronic Arts, Inc. | | | 3,170 | | | | 411,149 | |
| Elevance Health, Inc. | | | 168 | | | | 74,641 | |
| Eli Lilly & Co. | | | 3,248 | | | | 1,523,247 | |
| EOG Resources, Inc. | | | 931 | | | | 106,544 | |
| Equinix, Inc. REIT | | | 1,077 | | | | 844,303 | |
| Equitable Holdings, Inc. | | | 3,433 | | | | 93,240 | |
| Estee Lauder Cos., Inc., Class A | | | 5,309 | | | | 1,042,581 | |
| Everest Re Group, Ltd. | | | 1,345 | | | | 459,802 | |
| Expedia Group, Inc. (*) | | | 560 | | | | 61,258 | |
| Exxon Mobil Corp. | | | 529 | | | | 56,735 | |
| Fair Isaac Corp. (*) | | | 146 | | | | 118,145 | |
| FedEx Corp. | | | 463 | | | | 114,778 | |
| First Citizens BancShares, Inc., Class A | | | 83 | | | | 106,526 | |
| Fiserv, Inc. (*) | | | 5,008 | | | | 631,759 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 33
| | | | | |
| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Fortinet, Inc. (*) | | | 6,420 | | | $ | 485,288 | |
| Freeport-McMoRan, Inc. | | | 2,170 | | | | 86,800 | |
| General Electric Co. | | | 1,890 | | | | 207,617 | |
| General Mills, Inc. | | | 6,092 | | | | 467,256 | |
| Gilead Sciences, Inc. | | | 8,052 | | | | 620,568 | |
| Global Payments, Inc. | | | 3,038 | | | | 299,304 | |
| GoDaddy, Inc., Class A (*) | | | 1,684 | | | | 126,519 | |
| Graco, Inc. | | | 6,720 | | | | 580,272 | |
| Grand Canyon Education, Inc. (*) | | | 696 | | | | 71,834 | |
| Graphic Packaging Holding Co. | | | 3,741 | | | | 89,896 | |
| GSK PLC | | | 5,167 | | | | 91,273 | |
| H&R Block, Inc. | | | 2,319 | | | | 73,907 | |
| Hartford Financial Services Group, Inc. | | | 1,514 | | | | 109,038 | |
| HCA Healthcare, Inc. | | | 2,938 | | | | 891,624 | |
| Hershey Co. | | | 2,270 | | | | 566,819 | |
| Hess Corp. | | | 637 | | | | 86,600 | |
| Hess Midstream LP, Class A | | | 2,759 | | | | 84,646 | |
| Hilton Grand Vacations, Inc. (*) | | | 2,267 | | | | 103,012 | |
| Hologic, Inc. (*) | | | 1,126 | | | | 91,172 | |
| Hostess Brands, Inc. (*) | | | 3,416 | | | | 86,493 | |
| Huntington Ingalls Industries, Inc. | | | 422 | | | | 96,047 | |
| Ingles Markets, Inc., Class A | | | 932 | | | | 77,030 | |
| Intercontinental Exchange, Inc. | | | 10,110 | | | | 1,143,239 | |
| International Seaways, Inc. | | | 2,402 | | | | 91,852 | |
| Intuitive Surgical, Inc. (*) | | | 2,026 | | | | 692,770 | |
| IQVIA Holdings, Inc. (*) | | | 4,270 | | | | 959,768 | |
| J.M. Smucker Co. | | | 1,008 | | | | 148,851 | |
| Johnson & Johnson | | | 11,783 | | | | 1,950,322 | |
| Kellogg Co. | | | 4,249 | | | | 286,383 | |
| Keysight Technologies, Inc. (*) | | | 490 | | | | 82,051 | |
| Kimberly-Clark Corp. | | | 12,840 | | | | 1,772,690 | |
| Kroger Co. | | | 6,508 | | | | 305,876 | |
| Lamb Weston Holdings, Inc. | | | 1,786 | | | | 205,301 | |
| Lattice Semiconductor Corp. (*) | | | 3,261 | | | | 313,284 | |
| Lennar Corp., Class A | | | 883 | | | | 110,649 | |
| Lockheed Martin Corp. | | | 538 | | | | 247,684 | |
| Lululemon Athletica, Inc. (*) | | | 293 | | | | 110,901 | |
| Martin Marietta Materials, Inc. | | | 488 | | | | 225,305 | |
The accompanying notes are an integral part of these financial statements.
34 Semi-Annual Report
| | | | | |
| | | | | Fair |
| Description | | Shares | | Value |
| | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| MasterCard, Inc., Class A | | | 2,665 | | | $ | 1,048,145 | |
| Matador Resources Co. | | | 2,376 | | | | 124,312 | |
| McDonald’s Corp. | | | 4,303 | | | | 1,284,058 | |
| McGrath RentCorp | | | 875 | | | | 80,920 | |
| McKesson Corp. | | | 817 | | | | 349,112 | |
| Medpace Holdings, Inc. (*) | | | 410 | | | | 98,470 | |
| Merck & Co., Inc. | | | 17,350 | | | | 2,002,016 | |
| Meta Platforms, Inc., Class A (*) | | | 6,837 | | | | 1,962,082 | |
| Microchip Technology, Inc. | | | 6,069 | | | | 543,722 | |
| Microsoft Corp. | | | 13,596 | | | | 4,629,982 | |
| Molina Healthcare, Inc. (*) | | | 408 | | | | 122,906 | |
| Moody’s Corp. | | | 343 | | | | 119,268 | |
| Motorola Solutions, Inc. | | | 1,733 | | | | 508,254 | |
| Nasdaq, Inc. | | | 2,108 | | | | 105,084 | |
| NetApp, Inc. | | | 2,767 | | | | 211,399 | |
| Netflix, Inc. (*) | | | 1,952 | | | | 859,836 | |
| NewMarket Corp. | | | 339 | | | | 136,319 | |
| NexTier Oilfield Solutions, Inc. (*) | | | 14,243 | | | | 127,332 | |
| NIKE, Inc., Class B | | | 5,732 | | | | 632,641 | |
| NiSource, Inc. | | | 3,184 | | | | 87,082 | |
| Northrop Grumman Corp. | | | 217 | | | | 98,909 | |
| Nucor Corp. | | | 370 | | | | 60,673 | |
| NVIDIA Corp. | | | 4,844 | | | | 2,049,109 | |
| NVR, Inc. (*) | | | 17 | | | | 107,961 | |
| O’Reilly Automotive, Inc. (*) | | | 1,162 | | | | 1,110,059 | |
| O-I Glass, Inc. (*) | | | 5,541 | | | | 118,190 | |
| Omnicom Group, Inc. | | | 1,367 | | | | 130,070 | |
| ON Semiconductor Corp. (*) | | | 2,823 | | | | 266,999 | |
| Oracle Corp. | | | 5,449 | | | | 648,921 | |
| Owens Corning | | | 1,631 | | | | 212,846 | |
| PACCAR, Inc. | | | 1,426 | | | | 119,285 | |
| Palo Alto Networks, Inc. (*) | | | 443 | | | | 113,191 | |
| Paychex, Inc. | | | 498 | | | | 55,711 | |
| PepsiCo, Inc. | | | 6,375 | | | | 1,180,778 | |
| Pfizer, Inc. | | | 18,333 | | | | 672,454 | |
| Piedmont Lithium, Inc. (*) | | | 1,672 | | | | 96,491 | |
| Piedmont Office Realty Trust, Inc. REIT Class A | | | 8,122 | | | | 59,047 | |
| Pinnacle West Capital Corp. | | | 927 | | | | 75,513 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 35
| | | | | |
| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Pioneer Natural Resources Co. | | | 373 | | | $ | 77,278 | |
| PNM Resources, Inc. | | | 2,953 | | | | 133,180 | |
| Premier, Inc., Class A | | | 2,543 | | | | 70,339 | |
| Procter & Gamble Co. | | | 10,908 | | | | 1,655,180 | |
| PTC, Inc. (*) | | | 4,539 | | | | 645,900 | |
| Public Storage REIT | | | 1,197 | | | | 349,380 | |
| PulteGroup, Inc. | | | 3,022 | | | | 234,749 | |
| Qualys, Inc. (*) | | | 743 | | | | 95,973 | |
| Regency Centers Corp. REIT | | | 1,360 | | | | 84,007 | |
| Regeneron Pharmaceuticals, Inc. (*) | | | 258 | | | | 185,383 | |
| Republic Services, Inc. | | | 1,399 | | | | 214,285 | |
| Roche Holding AG | | | 1,674 | | | | 511,567 | |
| Rockwell Automation, Inc. | | | 2,240 | | | | 737,968 | |
| Ryman Hospitality Properties, Inc. REIT | | | 1,356 | | | | 126,000 | |
| S&P Global, Inc. | | | 2,508 | | | | 1,005,432 | |
| Salesforce, Inc (*) | | | 503 | | | | 106,264 | |
| SandRidge Energy, Inc. | | | 5,676 | | | | 86,559 | |
| SBA Communications Corp. REIT | | | 860 | | | | 199,314 | |
| Schlumberger NV | | | 1,898 | | | | 93,230 | |
| ServiceNow, Inc. (*) | | | 922 | | | | 518,136 | |
| Sherwin-Williams Co. | | | 903 | | | | 239,765 | |
| Simon Property Group, Inc. REIT | | | 2,601 | | | | 300,363 | |
| SLM Corp. | | | 6,781 | | | | 110,666 | |
| Southwestern Energy Co. (*) | | | 11,520 | | | | 69,235 | |
| Starbucks Corp. | | | 4,505 | | | | 446,265 | |
| State Street Corp. | | | 2,143 | | | | 156,825 | |
| Steel Dynamics, Inc. | | | 525 | | | | 57,188 | |
| Stellantis NV | | | 17,467 | | | | 307,467 | |
| Stride, Inc. (*) | | | 2,059 | | | | 76,657 | |
| Stryker Corp. | | | 2,297 | | | | 700,792 | |
| Synchrony Financial | | | 2,244 | | | | 76,116 | |
| Synopsys, Inc. (*) | | | 1,502 | | | | 653,986 | |
| Sysco Corp. | | | 5,253 | | | | 389,773 | |
| Talos Energy, Inc. (*) | | | 7,371 | | | | 102,236 | |
| Target Corp. | | | 1,174 | | | | 154,851 | |
| Tecnoglass, Inc. | | | 2,601 | | | | 134,368 | |
| Tesla, Inc. (*) | | | 4,806 | | | | 1,258,067 | |
| Texas Instruments, Inc. | | | 4,716 | | | | 848,974 | |
| Texas Pacific Land Corp. | | | 47 | | | | 61,876 | |
| Texas Roadhouse, Inc. | | | 706 | | | | 79,270 | |
The accompanying notes are an integral part of these financial statements.
36 Semi-Annual Report
| | | | | |
| | | | | Fair |
| Description | | Shares | | Value |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | |
| Thermo Fisher Scientific, Inc. | | | 2,118 | | | $ | 1,105,067 | |
| TJX Cos., Inc. | | | 5,444 | | | | 461,597 | |
| Toll Brothers, Inc. | | | 1,435 | | | | 113,465 | |
| TopBuild Corp. (*) | | | 1,522 | | | | 404,882 | |
| Toro Co. | | | 941 | | | | 95,653 | |
| Tractor Supply Co. | | | 246 | | | | 54,391 | |
| Trane Technologies PLC | | | 522 | | | | 99,838 | |
| Travelers Cos., Inc. | | | 629 | | | | 109,232 | |
| U-Haul Holding Co | | | 1,287 | | | | 71,197 | |
| Ulta Beauty, Inc. (*) | | | 126 | | | | 59,295 | |
| UMH Properties, Inc. REIT | | | 5,005 | | | | 79,980 | |
| United Parcel Service, Inc., Class B | | | 548 | | | | 98,229 | |
| United Therapeutics Corp. (*) | | | 457 | | | | 100,883 | |
| UnitedHealth Group, Inc. | | | 3,948 | | | | 1,897,567 | |
| Unum Group | | | 5,136 | | | | 244,987 | |
| Valero Energy Corp. | | | 1,430 | | | | 167,739 | |
| VeriSign, Inc. (*) | | | 892 | | | | 201,565 | |
| Verizon Communications, Inc. | | | 4,520 | | | | 168,099 | |
| Vertex Pharmaceuticals, Inc. (*) | | | 1,298 | | | | 456,779 | |
| Virtu Financial, Inc., Class A | | | 5,907 | | | | 100,951 | |
| Visa, Inc., Class A | | | 4,976 | | | | 1,181,700 | |
| VMware, Inc., Class A (*) | | | 668 | | | | 95,985 | |
| Walmart, Inc. | | | 2,034 | | | | 319,704 | |
| Warner Music Group Corp., Class A | | | 8,716 | | | | 227,400 | |
| Waste Management, Inc. | | | 3,515 | | | | 609,571 | |
| Wells Fargo & Co. | | | 16,071 | | | | 685,910 | |
| Western Union Co. | | | 9,265 | | | | 108,678 | |
| Westlake Corp. | | | 478 | | | | 57,107 | |
| White Mountains Insurance Group Ltd. | | | 107 | | | | 148,613 | |
| Williams-Sonoma, Inc. | | | 686 | | | | 85,846 | |
| WW Grainger, Inc. | | | 1,443 | | | | 1,137,935 | |
| Xcel Energy, Inc. | | | 4,270 | | | | 265,466 | |
| Zillow Group, Inc. Class C (*) | | | 3,661 | | | | 184,002 | |
| Zillow Group, Inc., Class A (*) | | | 2,385 | | | | 117,342 | |
| Zoetis, Inc. | | | 3,970 | | | | 683,674 | |
| Zoom Video Communications, Inc. Class A (*) | | | 1,243 | | | | 84,375 | |
| | | | | | | | 103,455,210 | |
| | | | | | | | | |
Total Common Stocks
(Cost $130,403,015) |
|
|
|
|
|
|
151,161,019 |
|
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 37
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| Corporate Bonds | 13.4% | | | | | | | | | | |
| | | | | | | | | | | |
| Australia | 0.3% | | | | | | | | | | |
Telstra Corp. Ltd.,
4.000%, 04/19/27 | | AUD | | $ | 1,320 | | | $ | 847,266 | |
| | | | | | | | | | | |
| Canada | 0.4% | | | | | | | | | | |
Canadian Imperial Bank of Commerce,
0.950%, 10/23/25 | | USD | | | 1,125 | | | | 1,021,297 | |
| | | | | | | | | | | |
| Denmark | 0.3% | | | | | | | | | | |
Nykredit Realkredit AS,
1.000%, 01/01/27 | | DKK | | | 5,230 | | | | 699,864 | |
| | | | | | | | | | | |
| Germany | 0.4% | | | | | | | | | | |
Mercedes-Benz Group AG,
0.750%, 09/10/30 | | EUR | | | 1,155 | | | | 1,052,051 | |
| | | | | | | | | | | |
| Japan | 0.5% | | | | | | | | | | |
NTT Finance Corp.,
1.162%, 04/03/26 | | USD | | | 625 | | | | 559,356 | |
NTT Finance Corp.,
4.239%, 07/25/25 | | USD | | | 600 | | | | 583,541 | |
| | | | | | | | | | 1,142,897 | |
| | | | | | | | | | | |
| Switzerland | 0.2% | | | | | | | | | | |
ABB Finance USA, Inc.,
4.375%, 05/08/42 | | USD | | | 555 | | | | 492,926 | |
| | | | | | | | | | | |
| United Kingdom | 0.7% | | | | | | | | | | |
Ashtead Capital, Inc.,
4.250%, 11/01/29 | | USD | | | 1,355 | | | | 1,229,756 | |
Tesco Corporate Treasury Services PLC,
2.750%, 04/27/30 | | GBP | | | 580 | | | | 593,555 | |
| | | | | | | | | | 1,823,311 | |
The accompanying notes are an integral part of these financial statements.
38 Semi-Annual Report
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| United States | 10.6% | | | | | | | | | | |
Adobe, Inc.,
2.300%, 02/01/30 | | USD | | $ | 560 | | | $ | 491,238 | |
Alphabet, Inc.,
1.100%, 08/15/30 | | USD | | | 875 | | | | 707,848 | |
American Express Co.,
4.050%, 05/03/29 | | USD | | | 1,125 | | | | 1,071,020 | |
Amgen, Inc.,
3.000%, 02/22/29 | | USD | | | 1,100 | | | | 993,394 | |
Apple, Inc.,
1.125%, 05/11/25 | | USD | | | 1,095 | | | | 1,020,198 | |
AT&T, Inc.,
3.500%, 06/01/41 | | USD | | | 1,025 | | | | 786,876 | |
Ball Corp.,
4.875%, 03/15/26 | | USD | | | 720 | | | | 700,353 | |
Bank of America Corp.,
1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | | CAD | | | 755 | | | | 510,368 | |
Citigroup, Inc.,
1.281% (SOFR + 0.528%), 11/03/25 (§) | | USD | | | 1,240 | | | | 1,161,598 | |
Clean Harbors, Inc.,
4.875%, 07/15/27 | | USD | | | 655 | | | | 627,180 | |
Comcast Corp.,
4.650%, 02/15/33 | | USD | | | 755 | | | | 749,500 | |
Dell International LLC / EMC Corp.,
5.300%, 10/01/29 | | USD | | | 557 | | | | 552,939 | |
Eaton Corp.,
4.150%, 11/02/42 | | USD | | | 295 | | | | 262,432 | |
Goldman Sachs Group, Inc.,
1.992% (SOFR + 1.090%), 01/27/32 (§) | | USD | | | 1,495 | | | | 1,176,901 | |
Home Depot, Inc.,
5.875%, 12/16/36 | | USD | | | 470 | | | | 511,679 | |
John Deere Financial, Inc.,
2.410%, 01/14/25 | | CAD | | | 1,895 | | | | 1,367,862 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 39
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | |
| | | | | | | | | | | |
Johnson Controls International PLC / Tyco Fire & Security Finance SCA,
1.750%, 09/15/30 | | USD | | $ | 990 | | | $ | 798,698 | |
JPMorgan Chase & Co.,
3.540% (SOFR 3 Month + 1.642%), 05/01/28 (§) | | USD | | | 1,240 | | | | 1,159,209 | |
Kimberly-Clark Corp.,
3.200%, 04/25/29 | | USD | | | 313 | | | | 290,166 | |
Lowe’s Cos., Inc.,
5.000%, 04/15/33 | | USD | | | 735 | | | | 727,037 | |
McDonald’s Corp.,
3.125%, 03/04/25 | | CAD | | | 1,485 | | | | 1,082,147 | |
Microsoft Corp.,
3.500%, 11/15/42 | | USD | | | 1,155 | | | | 994,162 | |
Morgan Stanley,
3.625%, 01/20/27 | | USD | | | 1,060 | | | | 1,006,480 | |
Mueller Water Products, Inc.,
4.000%, 06/15/29 (#) | | USD | | | 220 | | | | 195,203 | |
PepsiCo, Inc.,
2.875%, 10/15/49 | | USD | | | 680 | | | | 510,678 | |
Procter & Gamble Co.,
1.200%, 10/29/30 | | USD | | | 320 | | | | 258,008 | |
Prologis LP,
1.250%, 10/15/30 | | USD | | | 2,155 | | | | 1,663,974 | |
Schneider Electric SE,
0.875%, 12/13/26 | | EUR | | | 1,100 | | | | 1,095,026 | |
Service Corp. International,
4.625%, 12/15/27 | | USD | | | 720 | | | | 682,200 | |
Starbucks Corp.,
4.450%, 08/15/49 | | USD | | | 505 | | | | 445,917 | |
Sysco Corp.,
2.400%, 02/15/30 | | USD | | | 875 | | | | 745,255 | |
Toyota Motor Credit Corp.,
2.150%, 02/13/30 | | USD | | | 640 | | | | 547,515 | |
United Rentals North America, Inc.,
4.875%, 01/15/28 | | USD | | | 750 | | | | 713,693 | |
The accompanying notes are an integral part of these financial statements.
40 Semi-Annual Report
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
Verizon Communications, Inc.,
3.875%, 02/08/29 | | USD | | $ | 1,394 | | | $ | 1,307,412 | |
Waste Management, Inc.,
4.625%, 02/15/30 | | USD | | | 495 | | | | 487,685 | |
| | | | | | | | | | 27,401,851 | |
| | | | | | | | | | | |
Total Corporate Bonds
(Cost $36,390,200) | | | | | | | | | 34,481,463 | |
| | | | | | | | | | | |
| Foreign Government Obligations | 20.6% | | | | | | | | | | |
| | | | | | | | | | | |
| Australia | 0.9% | | | | | | | | | | |
New South Wales Treasury Corp.,
1.250%, 11/20/30 | | AUD | | | 2,055 | | | | 1,092,314 | |
Queensland Treasury Corp.,
1.250%, 03/10/31 | | AUD | | | 2,185 | | | | 1,152,989 | |
| | | | | | | | | | 2,245,303 | |
| | | | | | | | | | | |
| Bahamas | 0.4% | | | | | | | | | | |
Bahamas Government International Bonds,
6.950%, 11/20/29 | | USD | | | 1,215 | | | | 953,811 | |
| | | | | | | | | | | |
| Bermuda | 1.1% | | | | | | | | | | |
| Bermuda Government International Bonds: | | | | | | | | | | |
| 3.717%, 01/25/27 | | USD | | | 1,500 | | | | 1,422,990 | |
| 2.375%, 08/20/30 (#) | | USD | | | 1,590 | | | | 1,320,718 | |
| | | | | | | | | | 2,743,708 | |
| | | | | | | | | | | |
| Canada | 2.0% | | | | | | | | | | |
British Columbia,
3.200%, 06/18/44 | | CAD | | | 2,850 | | | | 1,869,759 | |
Export Development Canada,
1.650%, 07/31/24 | | CAD | | | 1,100 | | | | 800,279 | |
Quebec,
1.850%, 02/13/27 | | CAD | | | 1,925 | | | | 1,340,852 | |
Vancouver,
2.900%, 11/20/25 | | CAD | | | 1,495 | | | | 1,082,347 | |
| | | | | | | | | | 5,093,237 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 41
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| Chile | 1.3% | | | | | | | | | | |
| Bonos de la Tesoreria de la Republica en pesos: | | | | | | | | | | |
| 5.800%, 06/01/24 | | CLP | | $ | 940,000 | | | $ | 1,155,334 | |
| 2.300%, 10/01/28 | | CLP | | | 950,000 | | | | 1,029,860 | |
Chile Government International Bonds,
0.830%, 07/02/31 | | EUR | | | 1,305 | | | | 1,116,828 | |
| | | | | | | | | | 3,302,022 | |
| | | | | | | | | | | |
| Colombia | 0.3% | | | | | | | | | | |
Colombia Government International Bonds,
9.850%, 06/28/27 | | COP | | | 3,499,000 | | | | 825,377 | |
| | | | | | | | | | | |
| Costa Rica | 0.4% | | | | | | | | | | |
Costa Rica Government International Bonds,
6.125%, 02/19/31 | | USD | | | 1,010 | | | | 1,001,748 | |
| | | | | | | | | | | |
| Croatia | 0.4% | | | | | | | | | | |
Croatia Government International Bonds,
1.750%, 03/04/41 | | EUR | | | 1,375 | | | | 1,052,756 | |
| | | | | | | | | | | |
| Czech Republic | 0.7% | | | | | | | | | | |
Czech Republic Government Bonds,
7.120% (PRIBOR 6 Month - 0.100%), 11/19/27 (§) | | CZK | | | 41,760 | | | | 1,911,108 | |
| | | | | | | | | | | |
| Denmark | 0.9% | | | | | | | | | | |
Denmark Government Bonds,
0.000%, 11/15/31 | | DKK | | | 19,605 | | | | 2,313,238 | |
| | | | | | | | | | | |
| France | 0.4% | | | | | | | | | | |
French Republic Government Bonds OAT,
1.750%, 06/25/39 | | EUR | | | 1,185 | | | | 1,072,247 | |
| | | | | | | | | | | |
| Hungary | 0.2% | | | | | | | | | | |
Hungary Government International Bonds,
1.750%, 06/05/35 | | EUR | | | 611 | | | | 466,866 | |
The accompanying notes are an integral part of these financial statements.
42 Semi-Annual Report
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| Ireland | 0.8% | | | | | | | | | | |
Ireland Government Bonds,
1.350%, 03/18/31 | | EUR | | $ | 2,055 | | | $ | 2,021,889 | |
| | | | | | | | | | | |
| Italy | 0.5% | | | | | | | | | | |
Italy Buoni Poliennali Del Tesoro,
4.000%, 04/30/35 | | EUR | | | 1,150 | | | | 1,241,078 | |
| | | | | | | | | | | |
| Japan | 1.1% | | | | | | | | | | |
Japan Bank for International Cooperation,
1.625%, 01/20/27 | | USD | | | 1,210 | | | | 1,082,329 | |
Japan International Cooperation Agency,
3.250%, 05/25/27 | | USD | | | 1,990 | | | | 1,866,222 | |
| | | | | | | | | | 2,948,551 | |
| | | | | | | | | | | |
| Mexico | 0.9% | | | | | | | | | | |
| Mexico Bonos: | | | | | | | | | | |
| 8.000%, 09/05/24 | | MXN | | | 18,140 | | | | 1,025,797 | |
| 7.500%, 06/03/27 | | MXN | | | 18,540 | | | | 1,028,682 | |
Mexico Government International Bonds,
6.750%, 02/06/24 | | GBP | | | 165 | | | | 209,508 | |
| | | | | | | | | | 2,263,987 | |
| | | | | | | | | | | |
| New Zealand | 2.2% | | | | | | | | | | |
Housing New Zealand, Ltd.,
3.420%, 10/18/28 | | NZD | | | 2,140 | | | | 1,215,705 | |
| New Zealand Local Government Funding Agency Bonds: | | | | | | | | | | |
| 2.250%, 04/15/24 | | NZD | | | 3,715 | | | | 2,218,074 | |
| 1.500%, 04/20/29 | | NZD | | | 2,330 | | | | 1,169,513 | |
| 2.000%, 04/15/37 | | NZD | | | 2,450 | | | | 1,004,284 | |
| | | | | | | | | | 5,607,576 | |
| | | | | | | | | | | |
| Norway | 0.4% | | | | | | | | | | |
Oslo,
2.350%, 09/04/24 | | NOK | | | 11,000 | | | | 992,773 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 43
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| Panama | 0.6% | | | | | | | | | | |
| Panama Government International Bonds: | | | | | | | | | | |
| 8.875%, 09/30/27 | | USD | | $ | 925 | �� | | $ | 1,058,884 | |
| 3.875%, 03/17/28 | | USD | | | 685 | | | | 647,942 | |
| | | | | | | | | | 1,706,826 | |
| | | | | | | | | | | |
| Peru | 0.8% | | | | | | | | | | |
Peru Government Bonds,
6.150%, 08/12/32 | | PEN | | | 4,955 | | | | 1,305,892 | |
Peruvian Government International Bonds,
3.000%, 01/15/34 | | USD | | | 885 | | | | 731,833 | |
| | | | | | | | | | 2,037,725 | |
| | | | | | | | | | | |
| Poland | 0.7% | | | | | | | | | | |
Poland Government Bonds,
6.950% (WIBOR 6 Month), 05/25/28 (§) | | PLN | | | 7,160 | | | | 1,707,309 | |
| | | | | | | | | | | |
| Portugal | 0.6% | | | | | | | | | | |
Portugal Obrigacoes do Tesouro OT,
1.650%, 07/16/32 | | EUR | | | 1,740 | | | | 1,678,310 | |
| | | | | | | | | | | |
| Singapore | 0.5% | | | | | | | | | | |
Singapore Government Bonds,
3.375%, 09/01/33 | | SGD | | | 1,660 | | | | 1,259,361 | |
| | | | | | | | | | | |
| Spain | 0.6% | | | | | | | | | | |
Spain Government Bonds,
1.000%, 07/30/42 | | EUR | | | 2,295 | | | | 1,573,695 | |
| | | | | | | | | | | |
| Switzerland | 0.5% | | | | | | | | | | |
| Swiss Confederation Government Bonds: | | | | | | | | | | |
| 1.500%, 07/24/25 | | CHF | | | 520 | | | | 584,279 | |
| 0.500%, 06/27/32 | | CHF | | | 610 | | | | 654,337 | |
| | | | | | | | | | 1,238,616 | |
The accompanying notes are an integral part of these financial statements.
44 Semi-Annual Report
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| Thailand | 0.6% | | | | | | | | | | |
Thailand Government Bonds,
1.585%, 12/17/35 | | THB | | $ | 68,575 | | | $ | 1,690,556 | |
| | | | | | | | | | | |
| United Kingdom | 0.8% | | | | | | | | | | |
| U.K. Gilts, | | | | | | | | | | |
| 0.875%, 07/31/33 | | GBP | | | 1,830 | | | | 1,665,206 | |
| 1.250%, 10/22/41 | | GBP | | | 695 | | | | 529,540 | |
| | | | | | | | | | 2,194,746 | |
| | | | | | | | | | | |
Total Foreign Government Obligations
(Cost $55,794,194) | | | | | | | | | 53,144,419 | |
| | | | | | | | | | | |
| Quasi Government Bonds | 1.1% | | | | | | | | | | |
| | | | | | | | | | | |
| Germany | 1.1% | | | | | | | | | | |
| Kreditanstalt fuer Wiederaufbau: | | | | | | | | | | |
| 0.000%, 09/15/28 | | EUR | | | 625 | | | | 583,006 | |
| 1.750%, 09/14/29 | | USD | | | 1,915 | | | | 1,670,986 | |
| 0.000%, 04/18/36 | | USD | | | 1,030 | | | | 608,848 | |
| (Cost $3,101,275) | | | | | | | | | 2,862,840 | |
| | | | | | | | | | | |
| Supranational Bonds | 3.3% | | | | | | | | | | |
Asian Development Bank,
2.125%, 03/19/25 | | USD | | | 706 | | | | 673,119 | |
European Investment Bank,
1.000%, 01/28/28 | | CAD | | | 1,530 | | | | 1,005,154 | |
European Union,
0.400%, 02/04/37 | | EUR | | | 1,390 | | | | 1,060,810 | |
Inter-American Development Bank,
5.100%, 11/17/26 | | IDR | | | 10,650,000 | | | | 694,684 | |
Inter-American Investment Corp.,
1.100%, 06/30/26 | | AUD | | | 867 | | | | 514,913 | |
| International Bank for Reconstruction & Development: | | | | | | | | | | |
| 2.900%, 11/26/25 | | AUD | | | 1,613 | | | | 1,032,859 | |
| 1.250%, 03/16/26 | | NOK | | | 12,410 | | | | 1,062,994 | |
| 1.125%, 09/13/28 | | USD | | | 593 | | | | 506,413 | |
| International Finance Corp.: | | | | | | | | | | |
| 2.125%, 04/07/26 | | USD | | | 755 | | | | 705,436 | |
| 1.500%, 04/15/35 | | AUD | | | 2,411 | | | | 1,103,252 | |
| | | | | | | | | | | |
Total Supranational Bonds
(Cost $9,556,379) | | | | | | | | | 8,359,634 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 45
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| | | | | | | | | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | | | | | | | | | | |
| | | | | | | | | | | |
| U.S. Municipal Bonds | 0.6% | | | | | | | | | | |
| California: | | | | | | | | | | |
| 4.500%, 04/01/33 | | USD | | $ | 650 | | | $ | 639,400 | |
| 7.550%, 04/01/39 | | USD | | | 725 | | | | 913,357 | |
| (Cost $1,818,938) | | | | | | | | | 1,552,757 | |
| | | | | | | | | | | |
| U.S. Treasury Securities | 1.1% | | | | | | | | | | |
| U.S. Treasury Bonds: | | | | | | | | | | |
| 4.125%, 11/15/32 | | USD | | | 480 | | | | 490,500 | |
| 1.750%, 08/15/41 | | USD | | | 3,310 | | | | 2,325,404 | |
| (Cost $2,940,995) | | | | | | | | | 2,815,904 | |
| | | | | | | | | | | |
| | | | | | | |
| Description | | Shares | | | Fair
Value | |
| | | | | | | | | |
| Exchange-Traded Funds | 1.1% | | | | | | | | |
iShares MSCI World ETF
(Cost $1,948,037) | | | 23,117 | | | $ | 2,878,529 | |
| | | | | | | | | |
| Short-Term Investments | 1.3% | | | | | | | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.02% (7 day yield)
(Cost $3,290,111) | | | 3,290,111 | | | | 3,290,111 | |
| | | | | | | | | |
Total Investments | 101.1%
(Cost $245,243,144) (») | | | | | | $ | 260,546,676 | |
| | | | | | | | | |
| Liabilities in Excess of Cash and Other Assets | (1.1)% | | | | | | | (2,740,259 | ) |
| | | | | | | | | |
| Net Assets | 100.0% | | | | | | $ | 257,806,417 | |
The accompanying notes are an integral part of these financial statements.
46 Semi-Annual Report
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at June 30, 2023:
| | | | | | | | | | | | | | | | | | |
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| AUD | | 443,511 | | USD | | 293,845 | | HSB | | 09/13/23 | | | $ | 2,183 | | | $ | — | |
| AUD | | 1,395,712 | | USD | | 924,719 | | HSB | | 09/13/23 | | | | 6,868 | | | | — | |
| CAD | | 2,550,547 | | USD | | 1,900,993 | | HSB | | 07/19/23 | | | | 24,704 | | | | — | |
| CAD | | 341,881 | | USD | | 254,663 | | JPM | | 07/19/23 | | | | 3,462 | | | | — | |
| CAD | | 485,609 | | USD | | 361,643 | | JPM | | 07/19/23 | | | | 4,997 | | | | — | |
| CHF | | 67,634 | | USD | | 76,941 | | HSB | | 07/19/23 | | | | — | | | | 1,270 | |
| CHF | | 383,478 | | USD | | 432,288 | | HSB | | 09/28/23 | | | | — | | | | 9 | |
| CHF | | 230,358 | | USD | | 254,952 | | JPM | | 07/19/23 | | | | 2,779 | | | | — | |
| CLP | | 101,942,900 | | USD | | 127,000 | | HSB | | 08/10/23 | | | | — | | | | 464 | |
| CLP | | 261,982,500 | | USD | | 325,000 | | HSB | | 08/10/23 | | | | 183 | | | | — | |
| CNH | | 83,533,910 | | USD | | 12,160,115 | | HSB | | 08/10/23 | | | | — | | | | 637,489 | |
| CNH | | 4,596,344 | | USD | | 668,952 | | JPM | | 08/10/23 | | | | — | | | | 34,935 | |
| CZK | | 9,036,560 | | USD | | 408,706 | | HSB | | 09/13/23 | | | | 4,879 | | | | — | |
| DKK | | 3,341,500 | | USD | | 482,172 | | CIT | | 09/13/23 | | | | 9,626 | | | | — | |
| EUR | | 185,620 | | USD | | 199,294 | | CIT | | 09/13/23 | | | | 3,957 | | | | — | |
| EUR | | 655,720 | | USD | | 722,000 | | CIT | | 09/13/23 | | | | — | | | | 3,997 | |
| EUR | | 2,489,355 | | USD | | 2,689,411 | | CIT | | 09/13/23 | | | | 36,394 | | | | — | |
| EUR | | 5,821,849 | | USD | | 6,448,986 | | CIT | | 09/13/23 | | | | — | | | | 74,151 | |
| EUR | | 3,742,833 | | USD | | 4,145,539 | | HSB | | 09/13/23 | | | | — | | | | 47,195 | |
| EUR | | 1,190,022 | | USD | | 1,304,079 | | HSB | | 09/28/23 | | | | — | | | | 34 | |
| EUR | | 36,794 | | USD | | 40,797 | | JPM | | 09/13/23 | | | | — | | | | 508 | |
| EUR | | 492,847 | | USD | | 545,911 | | JPM | | 09/13/23 | | | | — | | | | 6,251 | |
| EUR | | 1,422,464 | | USD | | 1,581,922 | | JPM | | 09/13/23 | | | | — | | | | 24,346 | |
| GBP | | 463,601 | | USD | | 580,559 | | HSB | | 09/13/23 | | | | 8,351 | | | | — | |
| GBP | | 333,096 | | USD | | 423,578 | | HSB | | 09/28/23 | | | | — | | | | 465 | |
| GBP | | 820,778 | | USD | | 1,017,847 | | JPM | | 09/13/23 | | | | 24,781 | | | | — | |
| GBP | | 905,465 | | USD | | 1,141,411 | | JPM | | 09/13/23 | | | | 8,794 | | | | — | |
| HUF | | 52,451,012 | | USD | | 150,929 | | HSB | | 08/10/23 | | | | 1,242 | | | | — | |
| INR | | 65,249,625 | | USD | | 792,057 | | HSB | | 08/10/23 | | | | 2,338 | | | | — | |
| JPY | | 530,032,474 | | USD | | 4,050,223 | | CIT | | 09/13/23 | | | | — | | | | 337,085 | |
| JPY | | 1,730,466,593 | | USD | | 13,222,485 | | HSB | | 09/13/23 | | | | — | | | | 1,099,715 | |
| KRW | | 2,106,134,262 | | USD | | 1,605,885 | | JPM | | 08/10/23 | | | | — | | | | 4,783 | |
| MXN | | 7,398,485 | | USD | | 409,013 | | JPM | | 08/10/23 | | | | 20,256 | | | | — | |
| MXN | | 8,661,355 | | USD | | 488,832 | | JPM | | 08/10/23 | | | | 13,710 | | | | — | |
| NOK | | 2,432,331 | | USD | | 220,361 | | JPM | | 09/13/23 | | | | 6,807 | | | | — | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 47
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
| | | | | | | | | | | | | | | | | | |
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| NZD | | 1,896,732 | | USD | | 1,151,818 | | HSB | | 09/13/23 | | | $ | 11,861 | | | $ | — | |
| PEN | | 926,625 | | USD | | 250,000 | | HSB | | 09/13/23 | | | | 4,000 | | | | — | |
| PLN | | 1,947,160 | | USD | | 463,169 | | HSB | | 09/13/23 | | | | 14,084 | | | | — | |
| RON | | 3,661,589 | | USD | | 818,928 | | HSB | | 08/10/23 | | | | — | | | | 13,880 | |
| SEK | | 5,397,818 | | USD | | 528,421 | | HSB | | 09/13/23 | | | | — | | | | 26,286 | |
| SEK | | 688,845 | | USD | | 67,427 | | JPM | | 09/13/23 | | | | — | | | | 3,347 | |
| SGD | | 363,942 | | USD | | 270,800 | | HSB | | 08/10/23 | | | | — | | | | 1,348 | |
| THB | | 12,208,805 | | USD | | 355,000 | | HSB | | 08/10/23 | | | | — | | | | 9,421 | |
| USD | | 1,717,321 | | CAD | | 2,336,254 | | CIT | | 07/19/23 | | | | — | | | | 46,581 | |
| USD | | 187,500 | | MXN | | 3,336,024 | | CIT | | 08/10/23 | | | | — | | | | 6,060 | |
| USD | | 826,282 | | CLP | | 681,534,250 | | CIT | | 08/10/23 | | | | — | | | | 19,665 | |
| USD | | 1,102,000 | | CNH | | 7,987,973 | | CIT | | 08/10/23 | | | | 143 | | | | — | |
| USD | | 478,974 | | NZD | | 754,392 | | CIT | | 09/13/23 | | | | 16,141 | | | | — | |
| USD | | 751,966 | | PEN | | 2,862,583 | | CIT | | 09/13/23 | | | | — | | | | 32,706 | |
| USD | | 839,607 | | CZK | | 18,131,739 | | CIT | | 09/13/23 | | | | 9,755 | | | | — | |
| USD | | 528,481 | | JPY | | 74,765,236 | | CIT | | 09/28/23 | | | | 3,455 | | | | — | |
| USD | | 76,800 | | CHF | | 68,652 | | HSB | | 07/19/23 | | | | — | | | | 10 | |
| USD | | 679,800 | | CAD | | 913,626 | | HSB | | 07/19/23 | | | | — | | | | 9,999 | |
| USD | | 712,994 | | CHF | | 641,473 | | HSB | | 07/19/23 | | | | — | | | | 4,704 | |
| USD | | 785,882 | | CAD | | 1,069,095 | | HSB | | 07/19/23 | | | | — | | | | 21,299 | |
| USD | | 102,500 | | MXN | | 1,766,850 | | HSB | | 08/10/23 | | | | — | | | | 15 | |
| USD | | 165,358 | | SGD | | 218,504 | | HSB | | 08/10/23 | | | | 3,584 | | | | — | |
| USD | | 207,000 | | INR | | 17,137,116 | | HSB | | 08/10/23 | | | | — | | | | 1,639 | |
| USD | | 348,000 | | CNH | | 2,447,735 | | HSB | | 08/10/23 | | | | 10,361 | | | | — | |
| USD | | 1,617,613 | | THB | | 54,190,023 | | HSB | | 08/10/23 | | | | 83,724 | | | | — | |
| USD | | 1,691,874 | | CLP | | 1,395,796,132 | | HSB | | 08/10/23 | | | | — | | | | 40,644 | |
| USD | | 2,039,400 | | CNH | | 14,413,056 | | HSB | | 08/10/23 | | | | 51,270 | | | | — | |
| USD | | 64,000 | | DKK | | 434,995 | | HSB | | 09/13/23 | | | | — | | | | 22 | |
| USD | | 304,657 | | NOK | | 3,211,059 | | HSB | | 09/13/23 | | | | 4,761 | | | | — | |
| USD | | 351,600 | | AUD | | 533,272 | | HSB | | 09/13/23 | | | | — | | | | 4,340 | |
| USD | | 489,800 | | AUD | | 731,115 | | HSB | | 09/13/23 | | | | 1,807 | | | | — | |
| USD | | 581,947 | | COP | | 2,717,112,364 | | HSB | | 09/13/23 | | | | — | | | | 57,061 | |
| USD | | 647,111 | | CZK | | 13,954,540 | | HSB | | 09/13/23 | | | | 8,440 | | | | — | |
| USD | | 698,385 | | DKK | | 4,834,805 | | HSB | | 09/13/23 | | | | — | | | | 13,197 | |
The accompanying notes are an integral part of these financial statements.
48 Semi-Annual Report
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
| | | | | | | | | | | | | | | | | | |
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| USD | | 747,416 | | PEN | | 2,843,020 | | HSB | | 09/13/23 | | | $ | — | | | $ | 31,894 | |
| USD | | 1,342,766 | | DKK | | 9,222,228 | | HSB | | 09/13/23 | | | | — | | | | 14,553 | |
| USD | | 1,905,990 | | PLN | | 7,973,902 | | HSB | | 09/13/23 | | | | — | | | | 48,429 | |
| USD | | 2,716,700 | | EUR | | 2,481,847 | | HSB | | 09/13/23 | | | | — | | | | 884 | |
| USD | | 4,805,600 | | EUR | | 4,442,838 | | HSB | | 09/13/23 | | | | — | | | | 59,239 | |
| USD | | 6,031,165 | | NZD | | 9,500,008 | | HSB | | 09/13/23 | | | | 202,740 | | | | — | |
| USD | | 280,353 | | DKK | | 1,902,977 | | HSB | | 09/28/23 | | | | 10 | | | | — | |
| USD | | 1,784,804 | | JPY | | 252,433,934 | | HSB | | 09/28/23 | | | | 12,129 | | | | — | |
| USD | | 140,600 | | CHF | | 126,791 | | JPM | | 07/19/23 | | | | — | | | | 1,258 | |
| USD | | 384,400 | | CAD | | 509,147 | | JPM | | 07/19/23 | | | | — | | | | 13 | |
| USD | | 4,826,664 | | CAD | | 6,567,815 | | JPM | | 07/19/23 | | | | — | | | | 132,122 | |
| USD | | 76,800 | | RON | | 349,540 | | JPM | | 08/10/23 | | | | — | | | | 51 | |
| USD | | 140,600 | | RON | | 650,807 | | JPM | | 08/10/23 | | | | — | | | | 2,488 | |
| USD | | 257,800 | | KRW | | 337,640,660 | | JPM | | 08/10/23 | | | | 1,123 | | | | — | |
| USD | | 464,845 | | IDR | | 6,902,480,252 | | JPM | | 08/10/23 | | | | 4,584 | | | | — | |
| USD | | 1,017,334 | | SGD | | 1,344,312 | | JPM | | 08/10/23 | | | | 22,044 | | | | — | |
| USD | | 2,103,279 | | MXN | | 38,045,465 | | JPM | | 08/10/23 | | | | — | | | | 104,162 | |
| USD | | 76,800 | | CZK | | 1,680,864 | | JPM | | 09/13/23 | | | | — | | | | 130 | |
| USD | | 117,200 | | DKK | | 806,106 | | JPM | | 09/13/23 | | | | — | | | | 1,442 | |
| USD | | 133,765 | | NZD | | 210,724 | | JPM | | 09/13/23 | | | | 4,483 | | | | — | |
| USD | | 140,600 | | CZK | | 3,109,026 | | JPM | | 09/13/23 | | | | — | | | | 1,694 | |
| USD | | 192,200 | | AUD | | 287,995 | | JPM | | 09/13/23 | | | | — | | | | 26 | |
| USD | | 385,000 | | GBP | | 306,725 | | JPM | | 09/13/23 | | | | — | | | | 4,631 | |
| USD | | 499,700 | | GBP | | 393,487 | | JPM | | 09/13/23 | | | | — | | | | 144 | |
| USD | | 702,143 | | DKK | | 4,710,638 | | JPM | | 09/13/23 | | | | 8,835 | | | | — | |
| USD | | 914,200 | | GBP | | 728,886 | | JPM | | 09/13/23 | | | | — | | | | 11,699 | |
| USD | | 1,395,567 | | EUR | | 1,296,856 | | JPM | | 09/13/23 | | | | — | | | | 24,471 | |
| USD | | 1,473,700 | | JPY | | 210,429,917 | | JPM | | 09/13/23 | | | | — | | | | 465 | |
| USD | | 1,820,000 | | EUR | | 1,679,642 | | JPM | | 09/13/23 | | | | — | | | | 19,183 | |
| USD | | 1,947,887 | | NOK | | 20,531,632 | | JPM | | 09/13/23 | | | | 30,336 | | | | — | |
| USD | | 2,766,200 | | JPY | | 378,161,669 | | JPM | | 09/13/23 | | | | 116,991 | | | | — | |
| USD | | 2,841,810 | | AUD | | 4,241,760 | | JPM | | 09/13/23 | | | | 10,588 | | | | — | |
| USD | | 1,064,756 | | CAD | | 1,448,846 | | MSC | | 07/19/23 | | | | — | | | | 29,142 | |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 49
Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)
| | | | | | | | | | | | | | | | | | |
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| USD | | 1,753,522 | | AUD | | 2,617,580 | | MSC | | 09/13/23 | | | $ | 6,382 | | | $ | — | |
| USD | | 489,687 | | CAD | | 643,146 | | SSB | | 09/28/23 | | | | 3,562 | | | | — | |
| USD | | 931,967 | | JPY | | 131,840,641 | | SSB | | 09/28/23 | | | | 6,138 | | | | — | |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | | | | | | | $ | 839,642 | | | $ | 3,073,041 | |
The accompanying notes are an integral part of these financial statements.
50 Semi-Annual Report
Lazard Retirement Series, Inc. Notes to Portfolios of Investments
June 30, 2023 (unaudited)
| (*) | Non-income producing security. |
| | |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| | |
| (‡) | Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 8 in the Notes to Financial Statements. |
| | |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in designated base rate. The rates shown are those in effect on June 30, 2023. |
| | |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2023, these securities amounted to 0.6% of net assets of Lazard Retirement Global Dynamic Multi-Asset Portfolio. |
| | |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| Security Abbreviations: |
| ADR | — | American Depositary Receipt |
| CDOR | — | Canadian Dollar Offered Rate |
| 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 | JPY | — | Japanese Yen |
| CAD | — | Canadian Dollar | KRW | — | South Korean Won |
| CHF | — | Swiss Franc | MXN | — | Mexican New Peso |
| CLP | — | Chilean Peso | NOK | — | Norwegian Krone |
| CNH | — | Chinese Yuan 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 Krone |
| GBP | — | British Pound Sterling | SGD | — | Singapore Dollar |
| HUF | — | Hungarian Forint | THB | — | Thai Baht |
| IDR | — | Indonesian Rupiah | USD | — | United States Dollar |
| INR | — | Indian Rupee | | | |
| Counterparty Abbreviations: |
| CIT | — | Citibank N.A. |
| HSB | — | HSBC Bank USA N.A. |
| JPM | — | JPMorgan Chase Bank N.A. |
| MSC | — | Morgan Stanley & Co. |
| SSB | — | State Street Bank & Trust Co. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 51
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | | Lazard
Retirement
Emerging
Markets
Equity
Portfolio | | Lazard
Retirement
International
Equity
Portfolio | | Lazard
Retirement
Global
Dynamic
Multi-Asset
Portfolio | |
| | | | | | | | | | | | | | |
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | | | | | | | | | | | | | |
| Aerospace & Defense | | | — | % | | | 5.5 | % | | | 0.5 | % | |
| Air Freight & Logistics | | | — | | | | — | | | | 0.1 | | |
| Automobile Components | | | 2.2 | | | | 1.6 | | | | 0.1 | | |
| Automobiles | | | 2.5 | | | | 1.3 | | | | 1.8 | | |
| Banks | | | 20.7 | | | | 8.6 | | | | 5.5 | | |
| Beverages | | | — | | | | 7.0 | | | | 2.1 | | |
| Biotechnology | | | — | | | | — | | | | 0.9 | | |
| Broadline Retail | | | — | | | | 1.0 | | | | 0.9 | | |
| Building Products | | | — | | | | 1.7 | | | | 0.8 | | |
| Capital Markets | | | — | | | | 2.7 | | | | 2.6 | | |
| Chemicals | | | 2.8 | | | | 5.3 | | | | 0.2 | | |
| Commercial Services & Suppliers | | | — | | | | — | | | | 1.4 | | |
| Communications Equipment | | | — | | | | — | | | | 0.4 | | |
| Construction & Engineering | | | — | | | | — | | | | 0.2 | | |
| Construction Materials | | | 0.9 | | | | — | | | | 0.1 | | |
| Consumer Finance | | | — | | | | — | | | | 0.5 | | |
| Consumer Staples Distribution & Retail | | | — | | | | 2.0 | | | | 1.4 | | |
| Containers & Packaging | | | — | | | | — | | | | 0.6 | | |
| Diversified Consumer Services | | | — | | | | — | | | | 0.4 | | |
| Diversified REITs | | | — | | | | — | | | | 1.7 | | |
| Diversified Telecommunication Services | | | 3.5 | | | | — | | | | 2.5 | | |
| Electric Utilities | | | — | | | | 1.6 | | | | 0.8 | | |
| Electrical Equipment | | | — | | | | 2.0 | | | | 1.3 | | |
| Electronic Equipment, Instruments & Components | | | 1.0 | | | | — | | | | 0.9 | | |
| Energy Equipment & Services | | | — | | | | — | | | | 0.1 | | |
| Entertainment | | | — | | | | 1.4 | | | | 0.9 | | |
| Financial Services | | | — | | | | — | | | | 0.8 | | |
| Food Products | | | 1.6 | | | | — | | | | 0.9 | | |
| Gas Utilities | | | 0.9 | | | | 0.9 | | | | 0.2 | | |
| Ground Transportation | | | — | | | | — | | | | 0.2 | | |
| Health Care Equipment & Supplies | | | — | | | | 1.5 | | | | 1.3 | | |
| Health Care Providers & Services | | | 2.8 | | | | — | | | | 2.1 | | |
| Hotels, Restaurants & Leisure | | | 1.0 | | | | 1.6 | | | | 1.8 | | |
| Household Durables | | | 3.6 | | | | — | | | | 0.4 | | |
| Household Products | | | 1.3 | | | | 1.0 | | | | 1.7 | | |
| Independent Power & Renewable Electricity Producers | | | 1.0 | | | | — | | | | 0.3 | | |
| Industrial Conglomerates | | | 0.9 | | | | 1.1 | | | | 0.3 | | |
| Insurance | | | 5.5 | | | | 4.3 | | | | 2.5 | | |
| Interactive Media & Services | | | — | | | | 0.7 | | | | 2.2 | | |
The accompanying notes are an integral part of these financial statements.
52 Semi-Annual Report
| Industry† | | Lazard
Retirement
Emerging
Markets
Equity
Portfolio | | Lazard
Retirement
International
Equity
Portfolio | | Lazard
Retirement
Global
Dynamic
Multi-Asset
Portfolio | |
| | | | | | | | | | | | | | |
| IT Services | | | 1.0 | % | | | 1.3 | % | | | 2.0 | % | |
| Leisure Products | | | — | | | | 3.2 | | | | 0.5 | | |
| Life Sciences Tools & Services | | | — | | | | 2.4 | | | | 1.3 | | |
| Machinery | | | 1.4 | | | | 1.6 | | | | 2.0 | | |
| Marine Transportation | | | — | | | | 0.5 | | | | — | | |
| Media | | | — | | | | 0.8 | | | | 0.5 | | |
| Metals & Mining | | | 3.1 | | | | 1.1 | | | | 0.5 | | |
| Miscellaneous Manufactur | | | — | | | | — | | | | 0.1 | | |
| Multi-Utilities | | | — | | | | 3.0 | | | | 0.5 | | |
| Oil, Gas & Consumable Fuels | | | 10.0 | | | | 4.2 | | | | 1.5 | | |
| Passenger Airlines | | | — | | | | 2.0 | | | | 0.1 | | |
| Personal Care Products | | | 2.9 | | | | 2.3 | | | | 1.0 | | |
| Pharmaceuticals | | | 0.9 | | | | 4.4 | | | | 4.0 | | |
| Professional Services | | | — | | | | 6.1 | | | | 1.5 | | |
| Real Estate Management & Development | | | 0.9 | | | | 1.3 | | | | 0.4 | | |
| Semiconductors & Semiconductor Equipment | | | 13.3 | | | | 6.0 | | | | 2.7 | | |
| Software | | | — | | | | — | | | | 4.8 | | |
| Specialty Retail | | | 1.0 | | | | 1.3 | | | | 1.5 | | |
| Technology Hardware, Storage & Peripherals | | | 5.8 | | | | — | | | | 2.7 | | |
| Textiles, Apparel & Luxury Goods | | | — | | | | 3.2 | | | | 0.9 | | |
| Tobacco | | | 0.8 | | | | — | | | | 0.1 | | |
| Trading Companies & Distributors | | | — | | | | — | | | | 0.8 | | |
| Transportation Infrastructure | | | 1.7 | | | | — | | | | — | | |
| Wireless Telecommunication Services | | | 2.1 | | | | — | | | | 0.3 | | |
| Subtotal | | | 97.1 | | | | 97.5 | | | | 73.1 | | |
| Exchange-Traded Funds | | | — | | | | — | | | | 1.1 | | |
| Foreign Government Obligations | | | — | | | | — | | | | 20.6 | | |
| Supranationals | | | — | | | | — | | | | 3.3 | | |
| U.S. Municipal Bonds | | | — | | | | — | | | | 0.6 | | |
| U.S. Treasury Securities | | | — | | | | — | | | | 1.1 | | |
| Short-Term Investments | | | 2.1 | | | | 1.8 | | | | 1.3 | | |
| Total Investments | | | 99.2 | % | | | 99.3 | % | | | 101.1 | % | |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 53
Lazard Retirement Series, Inc. Statements of Assets and Liabilities (unaudited)
| June 30, 2023 | | | Lazard
Retirement
Emerging Markets
Equity Portfolio | | | Lazard
Retirement
International
Equity Portfolio | |
| ASSETS | | | | | | | | | |
| Investments in securities, at fair value | | | $ | 317,092,119 | | | $ | 114,842,500 | |
| Cash | | | | — | | | | — | |
| Foreign currency, at fair value | | | | 223,602 | | | | 68,721 | |
| Receivables for: | | | | | | | | | |
| Dividends and interest | | | | 2,989,660 | | | | 698,393 | |
| Investments sold | | | | 161,513 | | | | 239,664 | |
| Capital stock sold | | | | 121,670 | | | | 318,055 | |
| Gross unrealized appreciation on forward currency contracts | | | | — | | | | — | |
| Total assets | | | | 320,588,564 | | | | 116,167,333 | |
| | | | | | | | | | |
| LIABILITIES | | | | | | | | | |
| Payables for: | | | | | | | | | |
| Management fees | | | | 262,975 | | | | 55,361 | |
| Foreign capital gains taxes | | | | 236,539 | | | | — | |
| Accrued distribution fees | | | | 50,991 | | | | 24,118 | |
| Accrued administration fees | | | | 28,608 | | | | 16,063 | |
| Accrued professional services | | | | 26,959 | | | | 22,217 | |
| Accrued directors’ fees | | | | 6,423 | | | | 2,952 | |
| Capital stock redeemed | | | | 182,487 | | | | 54,651 | |
| Investments purchased | | | | 181,893 | | | | 272,595 | |
| Gross unrealized depreciation on forward currency contracts | | | | — | | | | — | |
| Other accrued expenses and payables | | | | 34,506 | | | | 11,265 | |
| Total liabilities | | | | 1,011,381 | | | | 459,222 | |
| Net assets | | | $ | 319,577,183 | | | $ | 115,708,111 | |
| | | | | | | | | | |
| NET ASSETS | | | | | | | | | |
| Paid in capital | | | $ | 314,078,109 | | | $ | 103,684,821 | |
| Distributable earnings (Accumulated loss) | | | | 5,499,074 | | | | 12,023,290 | |
| Net assets | | | $ | 319,577,183 | | | $ | 115,708,111 | |
| | | | | | | | | | |
| Service Shares | | | | | | | | | |
| Net assets | | | $ | 228,910,222 | | | $ | 115,708,111 | |
| Shares of capital stock outstanding* | | | | 11,282,312 | | | | 12,892,428 | |
| Net asset value, offering and redemption price per share | | | $ | 20.29 | | | $ | 8.97 | |
| | | | | | | | | | |
| Investor Shares | | | | | | | | | |
| Net assets | | | $ | 90,666,961 | | | | — | |
| Shares of capital stock outstanding* | | | | 4,512,271 | | | | — | |
| Net asset value, offering and redemption price per share | | | $ | 20.09 | | | | — | |
| | | | | | | | | | |
| Cost of investments in securities | | | $ | 296,455,044 | | | $ | 105,146,208 | |
| Cost of foreign currency | | | $ | 223,476 | | | $ | 68,488 | |
| * | $0.001 par value, 2,550,000,000 shares authorized for the Portfolios in total. |
The accompanying notes are an integral part of these financial statements.
54 Semi-Annual Report
| | Lazard
Retirement
US Small-Mid Cap
Equity Portfolio | | | Lazard
Retirement
Global Dynamic
Multi-Asset Portfolio | | |
| | | | | | | | | |
| | $ | 41,092,133 | | | $ | 260,546,676 | | |
| | | — | | | | 90,439 | | |
| | | — | | | | 134,110 | | |
| | | | | | | | | |
| | | 42,340 | | | | 1,301,754 | | |
| | | 551,870 | | | | 10,476,812 | | |
| | | 96,133 | | | | 370,745 | | |
| | | | | | | | | |
| | | — | | | | 839,642 | | |
| | | 41,782,476 | | | | 273,760,178 | | |
| | | | | | | | | |
| | | 15,688 | | | | 120,544 | | |
| | | — | | | | — | | |
| | | 8,296 | | | | 54,007 | | |
| | | 11,300 | | | | 25,122 | | |
| | | 21,059 | | | | 23,794 | | |
| | | 1,906 | | | | 5,810 | | |
| | | 4,057 | | | | 77,926 | | |
| | | 152,015 | | | | 12,539,460 | | |
| | | | | | | | | |
| | | — | | | | 3,073,041 | | |
| | | 6,872 | | | | 34,057 | | |
| | | 221,193 | | | | 15,953,761 | | |
| | $ | 41,561,283 | | | $ | 257,806,417 | | |
| | | | | | | | | |
| | $ | 39,351,209 | | | $ | 242,555,710 | | |
| | | 2,210,074 | | | | 15,250,707 | | |
| | $ | 41,561,283 | | | $ | 257,806,417 | | |
| | | | | | | | | |
| | $ | 41,561,283 | | | $ | 257,137,878 | | |
| | | 3,269,152 | | | | 21,330,101 | | |
| | | | | | | | | |
| | $ | 12.71 | | | $ | 12.06 | | |
| | | | | | | | | |
| | | — | | | $ | 668,539 | | |
| | | — | | | | 55,303 | | |
| | | | | | | | | |
| | | — | | | $ | 12.09 | | |
| | | | | | | | | |
| | $ | 37,248,444 | | | $ | 245,243,144 | | |
| | | — | | | $ | 133,564 | | |
Semi-Annual Report 55
Lazard Retirement Series, Inc. Statements of Operations (unaudited)
| For the Six Months Ended June 30, 2023 | | | Lazard
Retirement
Emerging Markets
Equity Portfolio | | | Lazard
Retirement
International
Equity Portfolio | |
| Investment Income (Loss) | | | | | | | | | |
| Income | | | | | | | | | |
| Dividends^ | | | $ | 9,261,573 | | | $ | 2,381,351 | |
| Interest | | | | — | | | | — | |
| Total investment income* | | | | 9,261,573 | | | | 2,381,351 | |
| | | | | | | | | | |
| Expenses | | | | | | | | | |
| Management fees (Note 3) | | | | 1,564,351 | | | | 428,167 | |
| Distribution fees (Service Shares) | | | | 282,371 | | | | 142,722 | |
| Professional services | | | | 97,103 | | | | 124,726 | |
| Custodian fees | | | | 54,495 | | | | 22,358 | |
| Administration fees | | | | 28,127 | | | | 15,708 | |
| Shareholders’ reports | | | | 15,035 | | | | 8,142 | |
| Shareholders’ services | | | | 14,117 | | | | 7,828 | |
| Directors’ fees and expenses | | | | 12,755 | | | | 6,041 | |
| Other | | | | 5,543 | | | | 3,086 | |
| Total gross expenses | | | | 2,073,897 | | | | 758,778 | |
| Management fees waived and expenses reimbursed | | | | — | | | | (53,552 | ) |
| Total net expenses | | | | 2,073,897 | | | | 705,226 | |
| Net investment income (loss) | | | | 7,187,676 | | | | 1,676,125 | |
| Net Realized and Unrealized Gain (Loss) | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | |
| Investments** | | | | 5,384,772 | | | | 2,133,554 | |
| Foreign currency transactions | | | | (84,016 | ) | | | (5,245 | ) |
| Forward currency contracts | | | | — | | | | — | |
| Total net realized gain (loss) | | | | 5,300,756 | | | | 2,128,309 | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | |
| Investments† | | | | 26,549,222 | | | | 9,991,664 | |
| Foreign currency translations | | | | 2,586 | | | | 11,672 | |
| Forward currency contracts | | | | — | | | | — | |
| Total net change in unrealized appreciation (depreciation) | | | | 26,551,808 | | | | 10,003,336 | |
| Net realized and unrealized gain (loss) | | | | 31,852,564 | | | | 12,131,645 | |
| Net increase (decrease) in net assets resulting from operations | | | $ | 39,040,240 | | | $ | 13,807,770 | |
| *^ | Net of foreign withholding taxes of | | | $ | 1,222,955 | | | $ | 99,185 | |
| ** | Net of foreign capital gains taxes of | | | $ | 27,120 | | | $ | — | |
| † | Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of | | | $ | (24,497 | ) | | $ | — | |
| ^ | Dividend income for Lazard Retirement International Equity Portfolio includes $208,235 of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $307,420.Refer to Note 2(b) in the Notes to Financial Statements for further information. |
The accompanying notes are an integral part of these financial statements.
56 Semi-Annual Report
| | Lazard
Retirement
US Small-Mid Cap
Equity Portfolio | | Lazard
Retirement
Global Dynamic
Multi-Asset Portfolio | |
| | | | | | | | | |
| | $ | 233,250 | | | $ | 1,436,419 | | |
| | | — | | | | 2,631,478 | | |
| | | 233,250 | | | | 4,067,897 | | |
| | | | | | | | | |
| | | 145,305 | | | | 1,028,874 | | |
| | | 48,435 | | | | 320,762 | | |
| | | 27,995 | | | | 81,674 | | |
| | | 10,570 | | | | 71,461 | | |
| | | 10,994 | | | | 26,909 | | |
| | | 8,051 | | | | 12,312 | | |
| | | 7,254 | | | | 11,167 | | |
| | | 3,775 | | | | 11,297 | | |
| | | 2,156 | | | | 4,748 | | |
| | | 264,535 | | | | 1,569,204 | | |
| | | (41,735 | ) | | | (219,263 | ) | |
| | | 222,800 | | | | 1,349,941 | | |
| | | 10,450 | | | | 2,717,956 | | |
| | | | | | | | | |
| | | (445,867 | ) | | | (12,969,935 | ) | |
| | | 3 | | | | (73,264 | ) | |
| | | — | | | | 1,717,857 | | |
| | | (445,864 | ) | | | (11,325,342 | ) | |
| | | | | | | | | |
| | | 2,025,953 | | | | 26,894,688 | | |
| | | (2 | ) | | | 13,666 | | |
| | | — | | | | (4,542,103 | ) | |
| | | | | | | | | |
| | | 2,025,951 | | | | 22,366,251 | | |
| | | 1,580,087 | | | | 11,040,909 | | |
| | | | | | | | | |
| | $ | 1,590,537 | | | $ | 13,758,865 | | |
| | $ | 121 | | | $ | 88,132 | | |
| | $ | — | | | $ | — | | |
| | | | | | | | | |
| | $ | — | | | $ | — | | |
Semi-Annual Report 57
Lazard Retirement Series, Inc. Statements of Changes in Net Assets
| | | Lazard Retirement
Emerging Markets Equity Portfolio | |
| | | Six Months Ended
June 30, 2023
(unaudited) | | | Year Ended
December 31,
2022 | |
| Increase (Decrease) in Net Assets | | | | | | | | | |
| Operations | | | | | | | | | |
| Net investment income (loss) | | | $ | 7,187,676 | | | $ | 15,697,077 | |
| Net realized gain (loss) | | | | 5,300,756 | | | | (13,940,258 | ) |
| Net change in unrealized appreciation (depreciation) | | | | 26,551,808 | | | | (59,756,108 | ) |
| Net increase (decrease) in net assets resulting from operations | | | | 39,040,240 | | | | (57,999,289 | ) |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | |
| Service Shares | | | | — | | | | (7,892,752 | ) |
| Investor Shares | | | | — | | | | (3,219,877 | ) |
| Net decrease in net assets resulting from distributions | | | | — | | | | (11,112,629 | ) |
| Capital stock transactions | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | |
| Service Shares | | | | 5,785,137 | | | | 29,402,377 | |
| Investor Shares | | | | 3,582,490 | | | | 10,300,596 | |
| Net proceeds from reinvestment of distributions | | | | | | | | | |
| Service Shares | | | | — | | | | 7,892,752 | |
| Investor Shares | | | | — | | | | 3,219,877 | |
| Cost of shares redeemed | | | | | | | | | |
| Service Shares | | | | (24,400,789 | ) | | | (58,701,465 | ) |
| Investor Shares | | | | (5,976,973 | ) | | | (16,608,860 | ) |
| Net increase (decrease) in net assets from capital stock transactions | | | | (21,010,135 | ) | | | (24,494,723 | ) |
| Total increase (decrease) in net assets | | | | 18,030,105 | | | | (93,606,641 | ) |
| Net assets at beginning of period | | | | 301,547,078 | | | | 395,153,719 | |
| Net assets at end of period | | | $ | 319,577,183 | | | $ | 301,547,078 | |
| | | | | | | | | | |
| Shares issued and redeemed | | | | | | | | | |
| Service Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 12,241,538 | | | | 13,291,351 | |
| Shares sold | | | | 300,385 | | | | 1,523,619 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 431,534 | |
| Shares redeemed | | | | (1,259,611 | ) | | | (3,004,966 | ) |
| Net increase (decrease) | | | | (959,226 | ) | | | (1,049,813 | ) |
| Shares outstanding at end of period | | | | 11,282,312 | | | | 12,241,538 | |
| | | | | | | | | | |
| Investor Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 4,637,037 | | | | 4,833,215 | |
| Shares sold | | | | 186,537 | | | | 510,846 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 178,189 | |
| Shares redeemed | | | | (311,303 | ) | | | (885,213 | ) |
| Net increase (decrease) | | | | (124,766 | ) | | | (196,178 | ) |
| Shares outstanding at end of period | | | | 4,512,271 | | | | 4,637,037 | |
The accompanying notes are an integral part of these financial statements.
58 Semi-Annual Report
| | Lazard Retirement
International Equity Portfolio | | | Lazard Retirement
US Small-Mid Cap Equity Portfolio | | |
| | Six Months Ended
June 30, 2023
(unaudited) | | | Year Ended
December 31,
2022 | | | Six Months Ended
June 30, 2023
(unaudited) | | | Year Ended
December 31,
2022 | | |
| | | | | | | | | | | | | |
| | $ | 1,676,125 | | | $ | 1,886,509 | | | $ | 10,450 | | | $ | (31,977 | ) | |
| | | 2,128,309 | | | | (2,690,039 | ) | | | (445,864 | ) | | | (850,876 | ) | |
| | | 10,003,336 | | | | (19,755,794 | ) | | | 2,025,951 | | | | (6,987,316 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 13,807,770 | | | | (20,559,324 | ) | | | 1,590,537 | | | | (7,870,169 | ) | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | (17,065,769 | ) | | | — | | | | (11,137,660 | ) | |
| | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | (17,065,769 | ) | | | — | | | | (11,137,660 | ) | |
| | | | | | | | | | | | | | | | | |
| | | 5,525,655 | | | | 8,973,572 | | | | 5,241,970 | | | | 3,852,251 | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 17,065,769 | | | | — | | | | 11,137,660 | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (14,393,477 | ) | | | (17,254,628 | ) | | | (3,456,288 | ) | | | (9,418,550 | ) | |
| | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | (8,867,822 | ) | | | 8,784,713 | | | | 1,785,682 | | | | 5,571,361 | | |
| | | 4,939,948 | | | | (28,840,380 | ) | | | 3,376,219 | | | | (13,436,468 | ) | |
| | | 110,768,163 | | | | 139,608,543 | | | | 38,185,064 | | | | 51,621,532 | | |
| | $ | 115,708,111 | | | $ | 110,768,163 | | | $ | 41,561,283 | | | $ | 38,185,064 | | |
| | | | | | | | | | | | | | | | | |
| | | 13,930,885 | | | | 12,692,339 | | | | 3,112,478 | | | | 2,651,650 | | |
| | | 642,780 | | | | 1,014,860 | | | | 433,233 | | | | 227,429 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | 2,127,901 | | | | — | | | | 833,657 | | |
| | | (1,681,237 | ) | | | (1,904,215 | ) | | | (276,559 | ) | | | (600,258 | ) | |
| | | (1,038,457 | ) | | | 1,238,546 | | | | 156,674 | | | | 460,828 | | |
| | | 12,892,428 | | | | 13,930,885 | | | | 3,269,152 | | | | 3,112,478 | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | | | | | | | | | | | | | | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | |
| | | — | | | | — | | | | — | | | | — | | |
Semi-Annual Report 59
| | | | Lazard Retirement
Global Dynamic Multi-Asset Portfolio | |
| | | | Six Months Ended
June 30, 2023
(unaudited) | | | Year Ended
December 31,
2022 | |
| Increase (Decrease) in Net Assets | | | | | | | | | |
| Operations | | | | | | | | | |
| Net investment income (loss) | | | $ | 2,717,956 | | | $ | 4,438,166 | |
| Net realized gain (loss) | | | | (11,325,342 | ) | | | 6,070,920 | |
| Net change in unrealized appreciation (depreciation) | | | | 22,366,251 | | | | (69,480,378 | ) |
| Net increase (decrease) in net assets resulting from operations | | | | 13,758,865 | | | | (58,971,292 | ) |
| | | | | | | | | | |
| Distributions to shareholders (Note 2(e)) | | | | | | | | | |
| Net investment income and net realized gains | | | | | | | | | |
| Service Shares | | | | — | | | | (16,795,360 | ) |
| Investor Shares | | | | — | | | | (31,129 | ) |
| Net decrease in net assets resulting from distributions | | | | — | | | | (16,826,489 | ) |
| | | | | | | | | | |
| Capital stock transactions | | | | | | | | | |
| Net proceeds from sales | | | | | | | | | |
| Service Shares | | | | 3,502,869 | | | | 20,016,778 | |
| Investor Shares | | | | 95,588 | | | | 176,174 | |
| Net proceeds from reinvestment of distributions | | | | | | | | | |
| Service Shares | | | | — | | | | 16,795,360 | |
| Investor Shares | | | | — | | | | 31,129 | |
| Cost of shares redeemed | | | | | | | | | |
| Service Shares | | | | (23,857,758 | ) | | | (41,140,696 | ) |
| Investor Shares | | | | (26,152 | ) | | | (55,358 | ) |
| Net increase (decrease) in net assets from capital stock transactions | | | | (20,285,453 | ) | | | (4,176,613 | ) |
| Total increase (decrease) in net assets | | | | (6,526,588 | ) | | | (79,974,394 | ) |
| Net assets at beginning of period | | | | 264,333,005 | | | | 344,307,399 | |
| Net assets at end of period | | | $ | 257,806,417 | | | $ | 264,333,005 | |
| | | | | | | | | | |
| Shares issued and redeemed | | | | | | | | | |
| Service Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 23,065,409 | | | | 23,354,843 | |
| Shares sold | | | | 295,405 | | | | 1,632,258 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 1,419,726 | |
| Shares redeemed | | | | (2,030,713 | ) | | | (3,341,418 | ) |
| Net increase (decrease) | | | | (1,735,308 | ) | | | (289,434 | ) |
| Shares outstanding at end of period | | | | 21,330,101 | | | | 23,065,409 | |
| | | | | | | | | | |
| Investor Shares | | | | | | | | | |
| Shares outstanding at beginning of period | | | | 49,451 | | | | 36,797 | |
| Shares sold | | | | 8,082 | | | | 14,577 | |
| Shares issued to shareholders from reinvestment of distributions | | | | — | | | | 2,627 | |
| Shares redeemed | | | | (2,230 | ) | | | (4,550 | ) |
| Net increase (decrease) | | | | 5,852 | | | | 12,654 | |
| Shares outstanding at end of period | | | | 55,303 | | | | 49,451 | |
The accompanying notes are an integral part of these financial statements.
60 Semi-Annual Report
Lazard Retirement Series, Inc. Financial Highlights (unaudited)
LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/23† | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | | | 12/31/18 | |
| Service Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 17.92 | | | $ | 21.86 | | | $ | 21.12 | | | $ | 22.00 | | | $ | 18.80 | | | $ | 23.59 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | 0.43 | | | | 0.89 | | | | 0.61 | | | | 0.36 | | | | 0.43 | | | | 0.42 | |
| Net realized and unrealized gain (loss) | | | 1.94 | | | | (4.18 | ) | | | 0.55 | | | | (0.75 | ) | | | 2.95 | | | | (4.80 | ) |
| Total from investment operations | | | 2.37 | | | | (3.29 | ) | | | 1.16 | | | | (0.39 | ) | | | 3.38 | | | | (4.38 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.65 | ) | | | (0.42 | ) | | | (0.49 | ) | | | (0.18 | ) | | | (0.41 | ) |
| Total distributions | | | — | | | | (0.65 | ) | | | (0.42 | ) | | | (0.49 | ) | | | (0.18 | ) | | | (0.41 | ) |
| Net asset value, end of period | | $ | 20.29 | | | $ | 17.92 | | | $ | 21.86 | | | $ | 21.12 | | | $ | 22.00 | | | $ | 18.80 | |
| Total Return (b) | | | 13.23 | % | | | –15.12 | % | | | 5.52 | % | | | –1.32 | % | | | 18.14 | % | | | –18.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 228,910 | | | $ | 219,359 | | | $ | 290,586 | | | $ | 364,846 | | | $ | 410,188 | | | $ | 403,949 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | 1.39 | % | | | 1.38 | % | | | 1.38 | % | | | 1.43 | % | | | 1.42 | % | | | 1.36 | % |
| Gross expenses | | | 1.39 | % | | | 1.38 | % | | | 1.38 | % | | | 1.43 | % | | | 1.43 | % | | | 1.36 | % |
| Net investment income (loss) | | | 4.51 | % | | | 4.65 | % | | | 2.72 | % | | | 1.95 | % | | | 2.10 | % | | | 1.89 | % |
| Portfolio turnover rate | | | 12 | % | | | 25 | % | | | 35 | % | | | 27 | % | | | 19 | % | | | 16 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 61
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/23† | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | | | 12/31/18 | |
| Investor Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 17.72 | | | $ | 21.64 | | | $ | 20.91 | | | $ | 21.78 | | | $ | 18.58 | | | $ | 23.31 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | 0.46 | | | | 0.94 | | | | 0.66 | | | | 0.41 | | | | 0.47 | | | | 0.45 | |
| Net realized and unrealized gain (loss) | | | 1.91 | | | | (4.16 | ) | | | 0.55 | | | | (0.75 | ) | | | 2.91 | | | | (4.72 | ) |
| Total from investment operations | | | 2.37 | | | | (3.22 | ) | | | 1.21 | | | | (0.34 | ) | | | 3.38 | | | | (4.27 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.70 | ) | | | (0.48 | ) | | | (0.53 | ) | | | (0.18 | ) | | | (0.46 | ) |
| Total distributions | | | — | | | | (0.70 | ) | | | (0.48 | ) | | | (0.53 | ) | | | (0.18 | ) | | | (0.46 | ) |
| Net asset value, end of period | | $ | 20.09 | | | $ | 17.72 | | | $ | 21.64 | | | $ | 20.91 | | | $ | 21.78 | | | $ | 18.58 | |
| Total Return (b) | | | 13.37 | % | | | –14.96 | % | | | 5.80 | % | | | –1.03 | % | | | 18.36 | % | | | –18.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 90,667 | | | $ | 82,189 | | | $ | 104,568 | | | $ | 125,178 | | | $ | 174,389 | | | $ | 165,177 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | 1.15 | % | | | 1.13 | % | | | 1.14 | % | | | 1.18 | % | | | 1.18 | % | | | 1.11 | % |
| Gross expenses | | | 1.15 | % | | | 1.13 | % | | | 1.14 | % | | | 1.18 | % | | | 1.18 | % | | | 1.11 | % |
| Net investment income (loss) | | | 4.82 | % | | | 4.94 | % | | | 2.97 | % | | | 2.28 | % | | | 2.37 | % | | | 2.09 | % |
| Portfolio turnover rate | | | 12 | % | | | 25 | % | | | 35 | % | | | 27 | % | | | 19 | % | | | 16 | % |
| † | 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. 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. Return for a period of less than one year is not annualized. |
| (c) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
62 Semi-Annual Report
LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/23† | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | | | 12/31/18 | |
| Service Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 7.95 | | | $ | 11.00 | | | $ | 10.62 | | | $ | 10.37 | | | $ | 8.60 | | | $ | 10.83 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.13 | * | | | 0.16 | * | | | 0.31 | * | | | 0.11 | | | | 0.20 | | | | 0.18 | |
| Net realized and unrealized gain (loss) | | | 0.89 | | | | (1.80 | ) | | | 0.31 | | | | 0.68 | | | | 1.60 | | | | (1.70 | ) |
| Total from investment operations | | | 1.02 | | | | (1.64 | ) | | | 0.62 | | | | 0.79 | | | | 1.80 | | | | (1.52 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.35 | ) | | | (0.11 | ) | | | (0.22 | ) | | | (0.03 | ) | | | (0.17 | ) |
| Net realized gains | | | — | | | | (1.06 | ) | | | (0.13 | ) | | | (0.32 | ) | | | — | | | | (0.54 | ) |
| Total distributions | | | — | | | | (1.41 | ) | | | (0.24 | ) | | | (0.54 | ) | | | (0.03 | ) | | | (0.71 | ) |
| Net asset value, end of period | | $ | 8.97 | | | $ | 7.95 | | | $ | 11.00 | | | $ | 10.62 | | | $ | 10.37 | | | $ | 8.60 | |
| Total Return (a) | | | 12.83 | %* | | | –15.01 | %* | | | 5.83 | %* | | | 8.24 | % | | | 21.00 | % | | | –13.91 | %** |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | $ | 115,708 | | | $ | 110,768 | | | $ | 139,609 | | | $ | 145,576 | | | $ | 152,725 | | | $ | 169,698 | |
| Ratios to average net assets (b): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | 1.24 | % | | | 1.11 | % | | | 1.10 | % | | | 1.17 | % | | | 1.12 | % | | | 1.12 | % |
| Gross expenses | | | 1.33 | % | | | 1.19 | % | | | 1.18 | % | | | 1.27 | % | | | 1.20 | % | | | 1.14 | % |
| Net investment income (loss) | | | 2.94 | %* | | | 1.62 | %* | | | 2.73 | %* | | | 0.88 | % | | | 1.87 | % | | | 1.62 | % |
| Portfolio turnover rate | | | 17 | % | | | 31 | % | | | 37 | % | | | 33 | % | | | 32 | % | | | 33 | % |
| † | Unaudited. |
| * | Includes $0.02 for period ended June 30, 2023 and $0.03 for year ended December 31, 2022 and the year ended December 31, 2021, respectively, of refunds received as a result of European Union dividend withholding tax reclaims filings. There was a 0.25%, 0.32% and 0.29% impact on the total return of the Portfolio for the period ended June 30, 2023, year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.36%, 0.30% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2023, year ended December 31, 2022 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information. |
| ** | The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and was recorded in the period received. There was a 0.10% impact on the total return of the Portfolio. |
| (a) | 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 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. Return for a period of less than one year is not annualized. |
| (b) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 63
LAZARD RETIREMENT US SMALL-MID CAP EQUITY PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/23† | | 12/31/22 | | | 12/31/21 | | | 12/31/20* | | | 12/31/19* | | | 12/31/18* | |
| Service Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 12.27 | | | $ | 19.47 | | | $ | 16.27 | | | $ | 16.46 | | | $ | 12.92 | | | $ | 16.66 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | — | (a) | | | (0.01 | ) | | | (0.03 | ) | | | 0.03 | | | | 0.04 | | | | 0.02 | |
| Net realized and unrealized gain (loss) | | | 0.44 | | | | (2.64 | ) | | | 3.26 | | | | 0.87 | | | | 3.80 | | | | (2.08 | ) |
| Total from investment operations | | | 0.44 | | | | (2.65 | ) | | | 3.23 | | | | 0.90 | | | | 3.84 | | | | (2.06 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | — | | | | (0.01 | ) | | | (0.03 | ) | | | — | | | | — | (a) |
| Net realized gains | | | — | | | | (4.55 | ) | | | (0.02 | ) | | | (1.06 | ) | | | (0.30 | ) | | | (1.68 | ) |
| Total distributions | | | — | | | | (4.55 | ) | | | (0.03 | ) | | | (1.09 | ) | | | (0.30 | ) | | | (1.68 | ) |
| Net asset value, end of period | | $ | 12.71 | | | $ | 12.27 | | | $ | 19.47 | | | $ | 16.27 | | | $ | 16.46 | | | $ | 12.92 | |
| Total Return (b) | | | 3.59 | % | | | –15.52 | % | | | 19.87 | % | | | 6.76 | % | | | 29.93 | % | | | –13.24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 41,561 | | | $ | 38,185 | | | $ | 51,622 | | | $ | 51,291 | | | $ | 59,460 | | | $ | 51,793 | |
| Ratios to average net assets (c): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % |
| Gross expenses | | | 1.37 | % | | | 1.32 | % | | | 1.29 | % | | | 1.33 | % | | | 1.27 | % | | | 1.23 | % |
| Net investment income (loss) | | | 0.05 | % | | | –0.07 | % | | | –0.17 | % | | | 0.15 | % | | | 0.27 | % | | | 0.14 | % |
| Portfolio turnover rate | | | 31 | % | | | 34 | % | | | 61 | % | | | 71 | % | | | 60 | % | | | 81 | % |
| † | Unaudited. |
| * | On December 4, 2020, the Portfolio effected a 1:2 reverse share split. All per share data prior to December 4, 2020 has been adjusted to reflect the reverse share split. |
| (a) | Amount is less than $0.01 per share. |
| (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 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. Return for a period of less than one year is not annualized. |
| (c) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
64 Semi-Annual Report
LAZARD RETIREMENT GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | |
| throughout each period | | 6/30/23† | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | | | 12/31/18 | |
| Service Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 11.44 | | | $ | 14.72 | | | $ | 13.53 | | | $ | 13.65 | | | $ | 11.61 | | | $ | 13.49 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | 0.12 | | | | 0.19 | | | | 0.12 | | | | 0.10 | | | | 0.16 | | | | 0.16 | |
| Net realized and unrealized gain (loss) | | | 0.50 | | | | (2.72 | ) | | | 1.48 | | | | — | (b) | | | 1.91 | | | | (1.06 | ) |
| Total from investment operations | | | 0.62 | | | | (2.53 | ) | | | 1.60 | | | | 0.10 | | | | 2.07 | | | | (0.90 | ) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.01 | ) | | | (0.41 | ) | | | (0.08 | ) | | | (0.01 | ) | | | (0.18 | ) |
| Net realized gains | | | — | | | | (0.74 | ) | | | — | | | | (0.14 | ) | | | (0.02 | ) | | | (0.80 | ) |
| Total distributions | | | — | | | | (0.75 | ) | | | (0.41 | ) | | | (0.22 | ) | | | (0.03 | ) | | | (0.98 | ) |
| Net asset value, end of period | | $ | 12.06 | | | $ | 11.44 | | | $ | 14.72 | | | $ | 13.53 | | | $ | 13.65 | | | $ | 11.61 | |
| Total Return (c) | | | 5.42 | % | | | –17.38 | % | | | 11.94 | % | | | 0.81 | % | | | 17.79 | % | | | –6.57 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 257,138 | | | $ | 263,766 | | | $ | 343,765 | | | $ | 354,856 | | | $ | 400,694 | | | $ | 386,902 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % |
| Gross expenses | | | 1.22 | % | | | 1.19 | % | | | 1.20 | % | | | 1.22 | % | | | 1.20 | % | | | 1.17 | % |
| Net investment income (loss) | | | 2.11 | % | | | 1.55 | % | | | 0.82 | % | | | 0.75 | % | | | 1.23 | % | | | 1.22 | % |
| Portfolio turnover rate | | | 58 | % | | | 87 | % | | | 75 | % | | | 177 | % | | | 115 | % | | | 110 | % |
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 65
Selected data for a
share of capital stock
outstanding | | Six Months
Ended | | Year Ended | | Period Ended | |
| throughout each period | | 6/30/23† | | 12/31/22 | | | 12/31/21 | | | 12/31/20 | | | 12/31/19 | | | 12/31/18* | |
| Investor Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Net asset value, beginning of period | | $ | 11.46 | | | $ | 14.75 | | | $ | 13.53 | | | $ | 13.65 | | | $ | 11.61 | | | $ | 11.61 | |
| Income (Loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) (a) | | | 0.13 | | | | 0.21 | | | | 0.14 | | | | 0.12 | | | | 0.14 | | | | — | |
| Net realized and unrealized gain (loss) | | | 0.50 | | | | (2.73 | ) | | | 1.49 | | | | — | (b) | | | 1.93 | | | | — | (b) |
| Total from investment operations | | | 0.63 | | | | (2.52 | ) | | | 1.63 | | | | 0.12 | | | | 2.07 | | | | — | (b) |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.03 | ) | | | (0.41 | ) | | | (0.10 | ) | | | (0.01 | ) | | | — | |
| Net realized gains | | | — | | | | (0.74 | ) | | | — | | | | (0.14 | ) | | | (0.02 | ) | | | — | |
| Total distributions | | | — | | | | (0.77 | ) | | | (0.41 | ) | | | (0.24 | ) | | | (0.03 | ) | | | — | |
| Net asset value, end of period | | $ | 12.09 | | | $ | 11.46 | | | $ | 14.75 | | | $ | 13.53 | | | $ | 13.65 | | | $ | 11.61 | |
| Total Return (c) | | | 5.50 | % | | | –17.28 | % | | | 12.16 | % | | | 0.96 | % | | | 17.79 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (in thousands) | | $ | 669 | | | $ | 567 | | | $ | 543 | | | $ | 199 | | | $ | 32 | | | $ | 1 | |
| Ratios to average net assets (d): | | | | | | | | | | | | | | | | | | | | | | | | |
| Net expenses | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.00 | % |
| Gross expenses | | | 1.76 | % | | | 1.88 | % | | | 2.21 | % | | | 4.14 | % | | | 84.50 | % | | | 0.00 | % |
| Net investment income (loss) | | | 2.28 | % | | | 1.73 | % | | | 0.95 | % | | | 0.93 | % | | | 1.05 | % | | | 0.00 | % |
| Portfolio turnover rate | | | 58 | % | | | 87 | % | | | 75 | % | | | 177 | % | | | 115 | % | | | N/A | |
| | |
| † | Unaudited |
| * | The inception date for the Investor Shares was December 31, 2018. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | Amount is less than $0.01 per share. |
| (c) | 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 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. Return for a period of less than one year is not annualized. |
| (d) | Annualized for periods less than one year. |
The accompanying notes are an integral part of these financial statements.
66 Semi-Annual Report
Lazard Retirement Series, Inc. Notes to Financial Statements
June 30, 2023 (unaudited)
1. Organization
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 twenty-three 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. Currently only the following four Portfolios, each of which is “diversified”, as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio (“Emerging Markets Equity Portfolio”), Lazard Retirement International Equity Portfolio (“International Equity Portfolio”), Lazard Retirement US Small-Mid Cap Equity Portfolio (“US Small-Mid Cap Equity Portfolio”), and Lazard Retirement Global Dynamic Multi-Asset Portfolio (“Global Dynamic Multi-Asset Portfolio”). Each of the other nineteen Portfolios had not commenced operations as of June 30, 2023. Effective January 31, 2006, the Fund designated its existing class of shares as Service Shares and commenced offering Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to, and expenses borne by, each class of shares. As of June 30, 2023, only the Emerging Markets Equity and Global Dynamic Multi-Asset Portfolios had issued Investor Shares.
2. Significant Accounting Policies
The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund 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
Semi-Annual Report 67
last reported sales price (for US listed equity securities) or the closing price (for non-US 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-US 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.
Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US 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-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.
If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value in accordance with procedures approved by the Board of Directors (the “Board”).The fair value of non-US securities may be determined with the assistance of an independent pricing service
68 Semi-Annual Report
using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Certain non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.
The Board has designated 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 the Funds’ 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-US 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-US 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
Semi-Annual Report 69
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 Statement of Operations. Such amounts, if and when recorded, would reduce foreign withholding taxes and increase dividend income, resulting in an increase in a Portfolio’s NAV.
(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US 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
70 Semi-Annual Report
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 US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency 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, 2023, the Global Dynamic Multi-Asset Portfolio 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, 2022, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:
| Portfolio | | Short-Term | | | Long-Term | |
| | | | | | | | | |
| Emerging Markets Equity | | $ | 13,114,157 | | | $ | 27,457,138 | |
| International Equity | | | 2,267,766 | | | | 361,187 | |
| US Small-Mid Cap Equity | | | 751,671 | | | | — | |
Under current tax law, 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, 2022, the Portfolios had no such losses to defer.
Semi-Annual Report 71
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:
| Portfolio | | Aggregate
Cost | | Aggregate
Gross
Unrealized
Appreciation | | Aggregate
Gross
Unrealized
Depreciation | | Net
Unrealized
Appreciation
(Depreciation) | |
| | | | | | | | | | | | | | |
| Emerging Markets Equity | | $ | 296,455,044 | | $ | 53,811,722 | | $ | 33,174,647 | | $ | 20,637,074 | |
| International Equity | | | 105,146,208 | | | 17,691,217 | | | 7,994,924 | | | 9,696,292 | |
| US Small-Mid Cap Equity | | | 37,248,444 | | | 5,882,254 | | | 2,038,565 | | | 3,843,689 | |
| Global Dynamic Multi-Asset | | | 245,243,144 | | | 25,741,869 | | | 12,671,736 | | | 13,070,133 | |
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 US 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
72 Semi-Annual Report
currency transactions, certain expenses, currency straddles, wash sales, forward contracts being marked to market, net operating losses, passive foreign investment companies, distribution redesignations, 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 resulted in reclassifications among certain capital accounts.
(f) Allocation of Expenses—Expenses common to the Fund, 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 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
Semi-Annual Report 73
by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, 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 a management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objective(s), 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:
| Portfolio | | Annual Rate |
| | | | | |
| Emerging Markets Equity | | | 1.00 | % |
| International Equity | | | 0.75 | |
| US Small-Mid Cap Equity | | | 0.75 | |
| Global Dynamic Multi-Asset | | | 0.80 | |
The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2024 (or such other date as indicated below) if the aggregate direct expenses of the 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 Fund, on behalf of 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.
74 Semi-Annual Report
| Portfolio | | Service Shares | | Investor Shares |
| | | | | |
| Emerging Markets Equity | | | 1.45 | % | | | 1.20 | % |
| International Equity | | | 1.10 | | | | N/A | |
| US Small-Mid Cap Equity | | | 1.15 | | | | N/A | |
| Global Dynamic Multi-Asset (a) | | | 1.05 | | | | 0.90 | |
(a) This agreement will continue in effect until May 1, 2033 for Investor Shares.
During the period ended June 30, 2023, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:
| | | Service Shares | | Investor Shares | |
| Portfolio | | Management
Fees Waived | | Expenses
Reimbursed | | Management
Fees Waived | | Expenses
Reimbursed | |
| | | | | | | | | | | | | | | | | | |
| International Equity | | $ | 53,552 | | | $ | — | | | $ | — | | | $ | — | | |
| US Small-Mid Cap Equity | | | 41,735 | | | | — | | | | — | | | | — | | |
| Global Dynamic Multi-Asset | | | 216,637 | | | | — | | | | 2,436 | | | | 190 | | |
The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.
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.
SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.
Semi-Annual Report 75
4. Directors’ Compensation
Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) also may be paid additional fees for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statement of Operations of each Portfolio shows the Independent Directors’ compensation and expenses paid by each Portfolio.
5. Securities Transactions and Transactions with Affiliates
Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2023 were as follows:
| Portfolio | | Purchases | | Sales | |
| | | | | | |
| Emerging Markets Equity | | $ | 36,031,587 | | | $ | 54,989,703 | | |
| International Equity | | | 19,330,098 | | | | 27,542,862 | | |
| US Small-Mid Cap Equity | | | 13,520,501 | | | | 11,757,209 | | |
| Global Dynamic Multi-Asset | | | 146,351,862 | | | | 153,793,268 | | |
| | | | | | | | | | |
| | | US Treasury Securities | |
| Portfolio | | Purchases | | Sales | |
| | | | | | |
| Global Dynamic Multi-Asset | | | $1,388,856 | | | | $5,872,740 | | |
76 Semi-Annual Report
For the period ended June 30, 2023, 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.
6. Investment Risks
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, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the 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
Semi-Annual Report 77
and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.
(b) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US 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-US securities may be subject to economic sanctions or other similar governmental actions or developments, 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.
(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 extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. 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 US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.
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(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.
(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, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.
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
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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).
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 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
80 Semi-Annual Report
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 if 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 and legal risk.
(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 ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only a Portfolio’s management fees and operating expenses, but also a Portfolio’s proportional share of the management fees and
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operating expenses of the ETFs in which a 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 of the 1940 Act, 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-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.
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(i) Sector Risk—Implementation of certain Portfolios’ investment strategy may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular market sector, such as companies in the financials sector, and a Portfolio would be expected to be affected by developments in that sector. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt.
(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. 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,
82 Semi-Annual Report
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.
(k) Geopolitical Risk—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios’ investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.
7. Contractual Obligations
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.
Semi-Annual Report 83
8. Fair Value Measurements
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:
| ● | 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) |
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.
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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2023:
| 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, 2023 | |
| Emerging Markets Equity Portfolio | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | |
| Brazil | | $ | 39,228,083 | | | $ | — | | | $ | — | | | $ | 39,228,083 | |
| Chile | | | 3,404,861 | | | | — | | | | — | | | | 3,404,861 | |
| China | | | — | | | | 74,895,033 | | | | — | | | | 74,895,033 | |
| Egypt | | | — | | | | 2,199,360 | | | | — | | | | 2,199,360 | |
| Greece | | | — | | | | 3,288,838 | | | | — | | | | 3,288,838 | |
| Hong Kong | | | — | | | | 3,921,884 | | | | — | | | | 3,921,884 | |
| Hungary | | | — | | | | 10,025,494 | | | | — | | | | 10,025,494 | |
| India | | | 3,195,423 | | | | 21,037,279 | | | | — | | | | 24,232,702 | |
| Indonesia | | | 3,388,263 | | | | 10,527,912 | | | | — | | | | 13,916,175 | |
| Mexico | | | 14,035,897 | | | | — | | | | — | | | | 14,035,897 | |
| Portugal | | | — | | | | 7,720,568 | | | | — | | | | 7,720,568 | |
| Russia | | | — | | | | — | | | | 2 | | | | 2 | |
| South Africa | | | — | | | | 24,249,022 | | | | — | | | | 24,249,022 | |
| South Korea | | | — | | | | 35,495,185 | | | | — | | | | 35,495,185 | |
| Taiwan | | | — | | | | 42,469,115 | | | | — | | | | 42,469,115 | |
| Thailand | | | — | | | | 6,321,992 | | | | — | | | | 6,321,992 | |
| United Kingdom | | | — | | | | 5,059,846 | | | | — | | | | 5,059,846 | |
| Short-Term Investments | | | 6,628,062 | | | | — | | | | — | | | | 6,628,062 | |
| Total | | $ | 69,880,589 | | | $ | 247,211,528 | | | $ | 2 | | | $ | 317,092,119 | |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
| | | Common Stocks | |
| Beginning Balance | | | $ | 2 | |
| Purchases | | | — | |
| Sales | | | — | |
| Amortization of discount | | | — | |
| Transfers in | | | — | |
| Transfers out | | | — | |
| Corporate actions | | | — | |
| Change in unrealized appreciation (depreciation) | | | — | |
| Realized gain (loss) | | | | — | |
| Ending Balance | | | $ | 2 | |
| | | | | | |
| Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023 | | | $ | — | |
Semi-Annual Report 85
| 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, 2023 | |
| Global Dynamic Multi Asset Portfolio | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | |
| Australia | | $ | 421,769 | | | $ | 2,440,978 | | | $ | — | | | $ | 2,862,747 | |
| Austria | | | — | | | | 104,184 | | | | — | | | | 104,184 | |
| Belgium | | | — | | | | 69,208 | | | | — | | | | 69,208 | |
| Canada | | | 4,971,903 | | | | 121,662 | | | | — | | | | 5,093,565 | |
| China | | | 751,585 | | | | — | | | | — | | | | 751,585 | |
| Denmark | | | 655,013 | | | | 1,410,500 | | | | — | | | | 2,065,513 | |
| Finland | | | 472,326 | | | | 217,414 | | | | — | | | | 689,740 | |
| France | | | 2,720,711 | | | | 2,732,039 | | | | — | | | | 5,452,750 | |
| Germany | | | 435,425 | | | | 1,677,490 | | | | — | | | | 2,112,915 | |
| Hong Kong | | | 481,551 | | | | 380,590 | | | | — | | | | 862,141 | |
| Israel | | | 84,005 | | | | 597,449 | | | | — | | | | 681,454 | |
| Italy | | | — | | | | 946,840 | | | | — | | | | 946,840 | |
| Japan | | | 866,926 | | | | 10,432,463 | | | | — | | | | 11,299,389 | |
| Luxembourg | | | — | | | | 96,990 | | | | — | | | | 96,990 | |
| Netherlands | | | 1,517,795 | | | | 1,672,884 | | | | — | | | | 3,190,679 | |
| New Zealand | | | — | | | | 207,653 | | | | — | | | | 207,653 | |
| Norway | | | — | | | | 95,412 | | | | — | | | | 95,412 | |
| Portugal | | | — | | | | 110,557 | | | | — | | | | 110,557 | |
| Singapore | | | — | | | | 908,000 | | | | — | | | | 908,000 | |
| Spain | | | 528,438 | | | | 972,066 | | | | — | | | | 1,500,504 | |
| Sweden | | | 1,931,078 | | | | — | | | | — | | | | 1,931,078 | |
| Switzerland | | | 1,487,788 | | | | 370,571 | | | | — | | | | 1,858,359 | |
| United Kingdom | | | 3,486,382 | | | | 1,328,164 | | | | — | | | | 4,814,546 | |
| United States | | | 102,544,903 | | | | 910,307 | | | | — | | | | 103,455,210 | |
| Corporate Bonds* | | | — | | | | 34,481,463 | | | | — | | | | 34,481,463 | |
| Foreign Government Obligations* | | | — | | | | 53,144,419 | | | | — | | | | 53,144,419 | |
| Quasi Government Bonds* | | | — | | | | 2,862,840 | | | | — | | | | 2,862,840 | |
| Supranational Bonds | | | — | | | | 8,359,634 | | | | — | | | | 8,359,634 | |
| U.S. Municipal Bonds | | | — | | | | 1,552,757 | | | | — | | | | 1,552,757 | |
| U.S. Treasury Securities | | | — | | | | 2,815,904 | | | | — | | | | 2,815,904 | |
| Exchange-Traded Funds | | | 2,878,529 | | | | — | | | | — | | | | 2,878,529 | |
| Short-Term Investments | | | 3,290,111 | | | | — | | | | — | | | | 3,290,111 | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | | — | | | | 839,642 | | | | — | | | | 839,642 | |
| Total | | $ | 129,526,238 | | | $ | 131,860,080 | | | $ | — | | | $ | 261,386,318 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments† | | | | | | | | | | | | | | | | |
| Forward Currency Contracts | | $ | — | | | $ | (3,073,041 | ) | | $ | — | | | $ | (3,073,041 | ) |
| Total | | $ | — | | | $ | (3,073,041 | ) | | $ | — | | | $ | (3,073,041 | ) |
86 Semi-Annual Report
| 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, 2023 | |
| International Equity Portfolio | | | | | | | | | | | | | | | | |
| Common Stocks* | | | | | | | | | | | | | | | | |
| Canada | | $ | 4,077,135 | | | $ | — | | | $ | — | | | $ | 4,077,135 | |
| China | | | 824,966 | | | | 4,096,602 | | | | — | | | | 4,921,568 | |
| Denmark | | | — | | | | 2,650,868 | | | | — | | | | 2,650,868 | |
| Finland | | | — | | | | 1,985,700 | | | | — | | | | 1,985,700 | |
| France | | | — | | | | 13,325,614 | | | | — | | | | 13,325,614 | |
| Germany | | | — | | | | 11,637,270 | | | | — | | | | 11,637,270 | |
| Hong Kong | | | — | | | | 1,481,502 | | | | — | | | | 1,481,502 | |
| Ireland | | | 2,352,573 | | | | — | | | | — | | | | 2,352,573 | |
| Israel | | | — | | | | 1,807,511 | | | | — | | | | 1,807,511 | |
| Italy | | | — | | | | 3,234,492 | | | | — | | | | 3,234,492 | |
| Japan | | | — | | | | 18,623,977 | | | | — | | | | 18,623,977 | |
| Mexico | | | 2,073,208 | | | | — | | | | — | | | | 2,073,208 | |
| Netherlands | | | — | | | | 4,417,140 | | | | — | | | | 4,417,140 | |
| Portugal | | | — | | | | 919,513 | | | | — | | | | 919,513 | |
| Singapore | | | — | | | | 1,598,416 | | | | — | | | | 1,598,416 | |
| South Africa | | | — | | | | 1,302,907 | | | | — | | | | 1,302,907 | |
| South Korea | | | — | | | | 1,041,781 | | | | — | | | | 1,041,781 | |
| Spain | | | — | | | | 1,467,450 | | | | — | | | | 1,467,450 | |
| Sweden | | | — | | | | 1,235,253 | | | | — | | | | 1,235,253 | |
| Switzerland | | | — | | | | 3,409,113 | | | | — | | | | 3,409,113 | |
| Taiwan | | | 1,713,016 | | | | — | | | | — | | | | 1,713,016 | |
| United Kingdom | | | — | | | | 15,715,315 | | | | — | | | | 15,715,315 | |
| United States | | | 6,168,970 | | | | 3,239,312 | | | | — | | | | 9,408,282 | |
| Preferred Stocks* | | | | | | | | | | | | | | | | |
| Brazil | | | 1,279,084 | | | | — | | | | — | | | | 1,279,084 | |
| Germany | | | — | | | | 1,114,957 | | | | — | | | | 1,114,957 | |
| Short-Term Investments | | | 2,048,855 | | | | — | | | | — | | | | 2,048,855 | |
| Total | | $ | 20,537,807 | | | $ | 94,304,693 | | | $ | — | | | $ | 114,842,500 | |
| | | | | | | | | | | | | | | | | |
| US Small-Mid Cap Equity Portfolio | | | | | | | | | | | | | | | | |
| Common Stocks* | | $ | 40,235,837 | | | $ | — | | | $ | — | | | $ | 40,235,837 | |
| Short-Term Investments | | | 856,296 | | | | — | | | | — | | | | 856,296 | |
| Total | | $ | 41,092,133 | | | $ | — | | | $ | — | | | $ | 41,092,133 | |
| * | Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry. |
| † | Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation). |
Semi-Annual Report 87
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 this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, in accordance with procedures approved by the Board, 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.
9. Derivative Instruments
The Global Dynamic Multi-Asset Portfolio 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, 2023, the approximate average monthly notional exposure for derivative instruments was as follows:
| Forward currency contracts: | |
| Average amounts purchased | $71,900,000 |
| Average amounts sold | $64,300,000 |
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The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2023:
| Assets—Derivative Financial Instruments | | | | | Total | |
| Forward currency contracts | | Unrealized appreciation on forward currency contracts | | $ | 839,642 | |
| | | | | | | |
| Liabilities—Derivative Financial Instruments | | | | | | |
| Forward currency contracts | | Unrealized depreciation on forward currency contracts | | $ | 3,073,041 | |
The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2023 was:
| Net Realized Gain (Loss) from: | | Total | |
| Forward currency contracts | | $ | 1,717,857 | |
| | | | | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | Total | |
| Forward currency contracts | | $ | (4,542,103 | ) |
None of the other Portfolios traded in derivative instruments during the period ended June 30, 2023.
As of June 30, 2023, the Global Dynamic Multi-Asset Portfolio 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, 2023:
| 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 | | | $ | 839,642 | | | | $ | — | | | | $ | 839,642 | |
Semi-Annual Report 89
| | | | | 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(a) | | Net Amounts of
Derivative Assets |
| Citibank N.A. | | | $ | 79,471 | | | | $ | (79,471 | ) | | | $ | — | | | | $ | — | |
| HSBC Bank USA N.A. | | | 459,519 | | | | (459,519 | ) | | | — | | | | — | |
| JPMorgan Chase Bank N.A. | | | 284,570 | | | | (284,570 | ) | | | — | | | | — | |
| Morgan Stanley & Co. | | | 6,382 | | | | (6,382 | ) | | | — | | | | — | |
| State Street Bank and Trust Co. | | | | 9,700 | | | | | — | | | | | — | | | | | 9,700 | |
| Total | | | $ | 839,642 | | | | $ | (829,942 | ) | | | $ | — | | | | $ | 9,700 | |
| 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 | | | $ | 3,073,041 | | | | $ | — | | | | $ | 3,073,041 | |
| | | | | Amounts Not Offset
in the Statement of
Assets and Liabilities | | |
| Counterparty | | Net Amounts of
Liabilities Presented
in the Statement of
Assets and Liabilities | | Financial
Instruments | | Collateral
Pledged(a) | | Net Amounts of
Derivative Liabilities |
| Citibank N.A. | | | $ | 520,245 | | | | $ | (79,471 | ) | | | $ | — | | | | $ | 440,774 | |
| HSBC Bank USA N.A. | | | | 2,145,505 | | | | | (459,519 | ) | | | — | | | | 1,685,986 | |
| JPMorgan Chase Bank N.A. | | | | 378,149 | | | | | (284,570 | ) | | | — | | | | 93,579 | |
| Morgan Stanley & Co. | | | | 29,142 | | | | | (6,382 | ) | | | | — | | | | | 22,760 | |
| Total | | | $ | 3,073,041 | | | | $ | (829,942 | ) | | | $ | — | | | | $ | 2,243,099 | |
10. Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) concluded its reference rate reform project with the issuance of Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank offered reference rates as of the end of 2021. ASU No. 2020-04 was initially
90 Semi-Annual Report
intended to be effective for certain reference rate-related contract modifications that had occurred since March of 2020 and that would continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. FASB issued Accounting Standards Update No. 2022-06, “Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”) to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.
11. Subsequent Events
Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has noted that effective on or about September 1, 2023, the Lazard Retirement US Small-Mid Cap Equity Portfolio will be renamed the Lazard Retirement US Small Cap Equity Select Portfolio.
Semi-Annual Report 91
Lazard Retirement Series, Inc. Other Information (unaudited)
Proxy Voting
A description of the policies and procedures used to determine how proxies relating to Fund 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 Fund’s 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.
Schedule of Portfolio Holdings
The Fund files 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 Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.
Board Consideration of Management Agreement
All Portfolios except Lazard Retirement US Convertibles Portfolio
At meetings of the Board held on June 1, 2023 and June 28, 2023, 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 28, 2023 meeting, additional information requested by the Independent Directors at the June 1, 2023 meeting.
In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and
92 Semi-Annual Report
extent of the Investment Manager’s services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds and other clients of the Investment Manager, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds, (iv) the profitability of the Investment Manager and its affiliates from their relationship with each Portfolio, (v) whether economies of scale may be realized as each Portfolio grows and whether potential economies may be 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 Trustee may have afforded different weight to the various factors.
Services Provided
The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients. As of March 31, 2023, the Lazard Funds complex of 34 active funds comprised approximately $20 billion of the approximately $232 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
Semi-Annual Report 93
other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and 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; Portfolio 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 $20 billion fund complex not managed by a large, global firm such as the Investment Manager.
Comparative Fee, Expense Ratio and Performance Information
Only the Emerging Markets Equity, Global Dynamic Multi-Asset, International Equity and US Small-Mid Cap 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 four active Portfolios (and therefore all references in the discussion to one or more Portfolios refer to active Portfolio(s) unless otherwise stated), although it was noted that the Investment Manager proposed to lower the expense limitation for the Developing Markets Equity and International Small Cap Equity Portfolios (both inactive Portfolios).
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,
94 Semi-Annual Report
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:
| ● | a group of variable annuity underlying funds (i.e., funds offered only through variable annuity contracts, variable life insurance policies and/or certain qualified pension or retirement plans or other accounts permitting accumulation of assets on a tax-deferred basis) not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense comparison purposes, based on ISS’s methodology (the “Expense Peer Group”); and |
| | |
| ● | the variable annuity underlying funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third-party service that provides comparative fund information (“Morningstar”), with certain exclusions as specified by ISS (the “Expense Category”). |
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 fee and net expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and 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 three of the four active Portfolios. The Board also received a description of ISS’s methodology for its construction of the Expense Peer Groups and a summary of how the methodology was applied.
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
Semi-Annual Report 95
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, 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 Portfolio’s performance for the one-, three-, five- and ten-year periods ended March 31, 2023, compared to performance for the same time periods to that of:
| ● | a group of variable annuity underlying funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for performance comparison purposes, based on ISS’s methodology (the “Performance Peer Group”); |
| | |
| ● | the variable annuity underlying funds within the broad category of funds to which the Portfolio has been assigned by Morningstar (the “Performance Category”); and |
| | |
| ● | the Portfolio’s benchmark index. |
The Board also received a description of ISS’s methodology for its construction of the Performance Peer Groups and a summary of how the methodology was applied, including, for each Portfolio, deviations from ISS’s stated methodology and the reasons therefor.
When evaluating the performance of each 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
96 Semi-Annual Report
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.
Investment Manager Profitability, Economies of Scale and Other Benefits
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, 2022 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 allocation, 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, in connection with the management of certain active Portfolios, 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 to be appropriate 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
Semi-Annual Report 97
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 either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio’s assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale was reduced.
Conclusions and Determinations
At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the June 1, 2023 and June 28, 2023 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. 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 concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $232 billion global asset management business. |
| | |
| ● | For the active Portfolios, the Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided. |
98 Semi-Annual Report
| ● | The Board, after considering the information provided and the totality of the relevant circumstances for each active Portfolio, concluded that the investment performance of each active Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance. |
| | |
| ● | The Board recognized that potential economies of scale may be realized, particularly as the assets of the active Portfolios increase, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors. |
| | |
| ● | 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. The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Fund’s 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.
Semi-Annual Report 99
Statement Regarding Liquidity Risk Management Program
Statement Regarding Liquidity Risk Management Program The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage liquidity risk. The rule is designed to promote effective liquidity risk management and reduce liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.
The Board approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administrator, the Investment Manager delegates the day-to-day activities required by the LRMP to a Valuation and Liquidity Committee comprised of various Fund officers and senior personnel of the Investment Manager. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.
Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that, among other things, addresses the operation of the LRMP and assesses its adequacy and effectiveness of implementation and any material changes to the LRMP. At a Board meeting held on June 28, 2023, the Board received a written annual report (the “Annual Report”) from the Program Administrator. The Annual Report included, among other things, a statement that the Investment Manager, as the Program Administrator, acting primarily through the Valuation and Liquidity Committee, has reviewed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. There were no material compliance matters relating to compliance with Rule 22e-4 identified in the Annual Report.
100 Semi-Annual Report
Lazard Retirement Series, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com
Investment Manager
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
Distributor
Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Custodian
State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641
Transfer Agent and Dividend Disbursing Agent
SS&C Global Investor and Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015
Legal Counsel
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797
Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www. lazardassetmanagement.com Performance information as of the most recent month end is available online at www. lazardassetmanagement.com. LZDPS010 | |  | We Recycle This document is printed on recycled paper. |
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS
The Registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) The Code of Ethics is not applicable to this semi-annual report.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certifications of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Lazard Retirement Series, Inc.
By /s/ Nathan A. Paul
Nathan A. Paul
Chief Executive Officer
Date: August 25, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ Nathan A. Paul
Nathan A. Paul
Chief Executive Officer
Date: August 25, 2023
By /s/ Christina Kennedy
Christina Kennedy
Treasurer
Date: August 25, 2023
