UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08071
Lazard Retirement Series, Inc.
(Exact name of Registrant as specified in charter)
30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)
Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 632-6000
Date of fiscal year end: 12/31
Date of reporting period: 3/31/2024
| Item 1: Schedule of Investments. |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Emerging Markets Equity Portfolio | |
| Common Stocks | 97.8% | | | | | | | | |
| Brazil | 10.8% | | | | | | | | |
| Banco do Brasil SA | | | 685,102 | | | $ | 7,734,273 | |
| BB Seguridade Participacoes SA | | | 1,141,500 | | | | 7,401,519 | |
| CCR SA | | | 1,324,350 | | | | 3,649,264 | |
| Engie Brasil Energia SA | | | 297,198 | | | | 2,385,690 | |
| Petroleo Brasileiro SA ADR | | | 402,270 | | | | 6,118,527 | |
| Vale SA ADR | | | 296,383 | | | | 3,612,909 | |
| Vibra Energia SA | | | 779,200 | | | | 3,885,591 | |
| | | | | | | | 34,787,773 | |
| Chile | 0.9% | | | | | | | | |
| Sociedad Quimica y Minera de Chile SA ADR | | | 55,773 | | | | 2,741,801 | |
| China | 24.8% | | | | | | | | |
| Alibaba Group Holding Ltd. ADR | | | 43,120 | | | | 3,120,163 | |
| Anhui Conch Cement Co. Ltd., Class H | | | 1,309,375 | | | | 2,726,458 | |
| China Construction Bank Corp., Class H | | | 14,164,038 | | | | 8,549,604 | |
| China Medical System Holdings Ltd. | | | 1,560,000 | | | | 1,638,785 | |
| China Merchants Bank Co. Ltd., Class H | | | 905,737 | | | | 3,587,211 | |
| China Shenhua Energy Co. Ltd., Class H | | | 657,275 | | | | 2,583,961 | |
| China Vanke Co. Ltd., Class H | | | 1,825,294 | | | | 1,265,568 | |
| ENN Natural Gas Co. Ltd., Class A | | | 953,196 | | | | 2,527,590 | |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | | | 866,598 | | | | 4,700,883 | |
| Hengan International Group Co. Ltd. | | | 1,063,027 | | | | 3,349,978 | |
| Huayu Automotive Systems Co. Ltd., Class A | | | 1,262,396 | | | | 2,875,114 | |
| JD.com, Inc. ADR | | | 104,208 | | | | 2,854,257 | |
| Lenovo Group Ltd. | | | 6,460,000 | | | | 7,488,294 | |
| Midea Group Co. Ltd., Class A | | | 558,100 | | | | 4,986,620 | |
| NetEase, Inc. ADR | | | 23,041 | | | | 2,384,052 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 897,000 | | | | 3,815,906 | |
| Sinopharm Group Co. Ltd., Class H | | | 2,139,597 | | | | 5,488,172 | |
| Tencent Holdings Ltd. | | | 86,800 | | | | 3,387,343 | |
| Tingyi Cayman Islands Holding Corp. | | | 3,766,000 | | | | 4,128,771 | |
| Want Want China Holdings Ltd. | | | 3,871,000 | | | | 2,285,055 | |
| Weichai Power Co. Ltd., Class H | | | 3,127,958 | | | | 5,963,392 | |
| | | | | | | | 79,707,177 | |
| Egypt | 0.7% | | | | | | | | |
| Commercial International Bank - Egypt (CIB) GDR | | | 1,424,032 | | | | 2,269,881 | |
| Greece | 1.8% | | | | | | | | |
| National Bank of Greece SA (*) | | | 436,724 | | | | 3,419,155 | |
| OPAP SA | | | 126,499 | | | | 2,276,361 | |
| | | | | | | | 5,695,516 | |
| Description | | Shares | | | Fair
Value | |
| Hong Kong | 0.9% | | | | | | | | |
| ASMPT Ltd. | | | 240,388 | | | $ | 3,025,404 | |
| Hungary | 3.0% | | | | | | | | |
| MOL Hungarian Oil & Gas PLC | | | 381,440 | | | | 3,092,965 | |
| OTP Bank Nyrt | | | 144,904 | | | | 6,669,039 | |
| | | | | | | | 9,762,004 | |
| India | 6.3% | | | | | | | | |
| Axis Bank Ltd. | | | 226,349 | | | | 2,847,822 | |
| Hindalco Industries Ltd. | | | 312,268 | | | | 2,098,436 | |
| Indus Towers Ltd. (*) | | | 1,828,123 | | | | 6,385,265 | |
| Infosys Ltd. ADR | | | 177,176 | | | | 3,176,766 | |
| Tata Consultancy Services Ltd. | | | 55,338 | | | | 2,576,711 | |
| UPL Ltd. | | | 552,226 | | | | 3,019,809 | |
| | | | | | | | 20,104,809 | |
| Indonesia | 4.3% | | | | | | | | |
| Astra International Tbk PT | | | 10,414,604 | | | | 3,385,280 | |
| Bank Mandiri Persero Tbk PT | | | 10,346,560 | | | | 4,736,730 | |
| Telkom Indonesia Persero Tbk. PT ADR | | | 148,447 | | | | 3,304,430 | |
| United Tractors Tbk PT | | | 1,594,300 | | | | 2,431,166 | |
| | | | | | | | 13,857,606 | |
| Mexico | 6.1% | | | | | | | | |
| America Movil SAB de CV ADR | | | 213,711 | | | | 3,987,847 | |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | | | 15,399 | | | | 2,512,655 | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 375,665 | | | | 4,035,821 | |
| Grupo Mexico SAB de CV, Series B | | | 494,472 | | | | 2,929,051 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | | | 1,660,189 | | | | 4,001,474 | |
| Ternium SA ADR | | | 51,522 | | | | 2,144,346 | |
| | | | | | | | 19,611,194 | |
| Portugal | 2.1% | | | | | | | | |
| Galp Energia SGPS SA | | | 410,436 | | | | 6,793,935 | |
| Russia | 0.0% | | | | | | | | |
| Mobile TeleSystems PJSC ADR (*), (¢) | | | 545,705 | | | | 1 | |
| Sberbank of Russia PJSC (¢) | | | 1,580,119 | | | | 1 | |
| | | | | | | | 2 | |
| South Africa | 7.8% | | | | | | | | |
| Anglo American PLC | | | 111,413 | | | | 2,753,048 | |
| Bidvest Group Ltd. | | | 242,026 | | | | 3,099,850 | |
| Life Healthcare Group Holdings Ltd. | | | 3,595,341 | | | | 3,263,188 | |
| Nedbank Group Ltd. | | | 409,930 | | | | 4,949,249 | |
| Sanlam Ltd. | | | 1,045,474 | | | | 3,831,874 | |
| Standard Bank Group Ltd. | | | 361,629 | | | | 3,538,127 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Emerging Markets Equity Portfolio (concluded) | |
| Vodacom Group Ltd. | | | 717,810 | | | $ | 3,733,072 | |
| | | | | | | | 25,168,408 | |
| South Korea | 11.2% | | | | | | | | |
| Coway Co. Ltd. | | | 62,876 | | | | 2,630,642 | |
| Doosan Bobcat, Inc. | | | 30,065 | | | | 1,206,458 | |
| Hyundai Mobis Co. Ltd. | | | 17,739 | | | | 3,446,822 | |
| KB Financial Group, Inc. | | | 108,721 | | | | 5,655,486 | |
| Kia Corp. | | | 25,640 | | | | 2,133,326 | |
| KT Corp. | | | 146,757 | | | | 4,137,999 | |
| KT&G Corp. | | | 34,112 | | | | 2,374,619 | |
| Samsung Electronics Co. Ltd. | | | 57,437 | | | | 3,439,030 | |
| Shinhan Financial Group Co. Ltd. | | | 157,764 | | | | 5,573,205 | |
| SK Hynix, Inc. | | | 40,924 | | | | 5,438,678 | |
| | | | | | | | 36,036,265 | |
| Taiwan | 14.0% | | | | | | | | |
| ASE Technology Holding Co. Ltd. | | | 1,845,000 | | | | 8,958,152 | |
| Globalwafers Co. Ltd. | | | 177,000 | | | | 3,069,968 | |
| Hon Hai Precision Industry Co. Ltd. | | | 754,320 | | | | 3,665,339 | |
| MediaTek, Inc. | | | 174,000 | | | | 6,320,944 | |
| Novatek Microelectronics Corp. | | | 228,000 | | | | 4,200,925 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | | 616,989 | | | | 14,865,691 | |
| Yageo Corp. | | | 209,000 | | | | 3,881,811 | |
| | | | | | | | 44,962,830 | |
| Thailand | 1.7% | | | | | | | | |
| Kasikornbank PCL | | | 749,169 | | | | 2,546,506 | |
| PTT Exploration & Production PCL | | | 677,700 | | | | 2,786,022 | |
| | | | | | | | 5,332,528 | |
| United Kingdom | 1.4% | | | | | | | | |
| Unilever PLC | | | 86,089 | | | | 4,320,725 | |
Total Common Stocks
(Cost $276,569,321) | | | | | | | 314,177,858 | |
| Short-Term Investments | 2.0% | | | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield)
(Cost $6,293,509) | | | 6,293,509 | | | | 6,293,509 | |
Total Investments | 99.8%
(Cost $282,862,830) | | | | | | $ | 320,471,367 | |
| Cash and Other Assets in Excess of Liabilities | 0.2% | | | | | | | 554,354 | |
| Net Assets | 100.0% | | | | | | $ | 321,025,721 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio | |
| Common Stocks | 60.4% | | | | | | | | |
| Australia | 1.0% | | | | | | | | |
| Brambles Ltd. | | | 51,386 | | | $ | 541,819 | |
| Cochlear Ltd. | | | 795 | | | | 174,873 | |
| Coles Group Ltd. | | | 18,348 | | | | 202,940 | |
| Computershare Ltd. ADR | | | 12,949 | | | | 220,910 | |
| Fortescue Ltd. | | | 6,790 | | | | 113,781 | |
| GrainCorp Ltd., Class A | | | 22,495 | | | | 120,851 | |
| Northern Star Resources Ltd. | | | 14,426 | | | | 137,697 | |
| Perseus Mining Ltd. | | | 152,674 | | | | 216,276 | |
| Qantas Airways Ltd. (*) | | | 33,269 | | | | 118,285 | |
| REA Group Ltd. | | | 1,314 | | | | 158,829 | |
| Telstra Group Ltd. | | | 122,491 | | | | 308,365 | |
| Woolworths Group Ltd. | | | 3,433 | | | | 74,211 | |
| | | | | | | | 2,388,837 | |
| Austria | 0.1% | | | | | | | | |
| CA Immobilien Anlagen AG | | | 2,078 | | | | 73,418 | |
| Raiffeisen Bank International AG | | | 5,345 | | | | 106,746 | |
| | | | | | | | 180,164 | |
| Bermuda | 0.1% | | | | | | | | |
| Fidelis Insurance Holdings Ltd. | | | 8,673 | | | | 168,950 | |
| RenaissanceRe Holdings Ltd. | | | 416 | | | | 97,773 | |
| | | | | | | | 266,723 | |
| Canada | 2.2% | | | | | | | | |
| Brookfield Corp. | | | 2,755 | | | | 115,281 | |
| CGI, Inc. (*) | | | 4,570 | | | | 504,183 | |
| Constellation Software, Inc. | | | 92 | | | | 251,301 | |
| Dollarama, Inc. | | | 10,479 | | | | 798,293 | |
| Fairfax Financial Holdings Ltd. | | | 327 | | | | 352,481 | |
| Hydro One Ltd. | | | 2,314 | | | | 67,478 | |
| International Petroleum Corp. (*) | | | 18,143 | | | | 216,298 | |
| Loblaw Cos. Ltd. | | | 3,016 | | | | 334,208 | |
| Manulife Financial Corp. | | | 59,722 | | | | 1,491,562 | |
| Metro, Inc. | | | 8,744 | | | | 469,428 | |
| Sun Life Financial, Inc. | | | 5,048 | | | | 275,440 | |
| Teekay Tankers Ltd., Class A | | | 1,519 | | | | 88,725 | |
| Toronto-Dominion Bank | | | 6,203 | | | | 374,537 | |
| | | | | | | | 5,339,215 | |
| China | 0.2% | | | | | | | | |
| BOC Hong Kong Holdings Ltd. | | | 29,500 | | | | 79,049 | |
| NXP Semiconductors NV | | | 1,789 | | | | 443,260 | |
| Wilmar International Ltd. | | | 31,000 | | | | 78,642 | |
| | | | | | | | 600,951 | |
| Description | | Shares | | | Fair
Value | |
| Denmark | 1.1% | | | | | | |
| Carlsberg AS, Class B ADR | | | 9,870 | | | $ | 271,129 | |
| Novo Nordisk AS, Class B | | | 19,028 | | | | 2,437,409 | |
| | | | | | | | 2,708,538 | |
| Finland | 0.2% | | | | | | | | |
| Kone OYJ ADR | | | 8,805 | | | | 205,068 | |
| Nordea Bank Abp | | | 14,684 | | | | 165,926 | |
| | | | | | | | 370,994 | |
| France | 1.3% | | | | | | | | |
| BNP Paribas SA | | | 7,116 | | | | 506,433 | |
| Bureau Veritas SA ADR | | | 3,600 | | | | 219,420 | |
| Cie Generale des Etablissements Michelin SCA | | | 3,120 | | | | 119,621 | |
| Eurazeo SE | | | 1,366 | | | | 119,660 | |
| Gaztransport Et Technigaz SA | | | 720 | | | | 107,692 | |
| Legrand SA ADR | | | 10,549 | | | | 223,850 | |
| LVMH Moet Hennessy Louis Vuitton SE ADR | | | 1,833 | | | | 331,828 | |
| Orange SA | | | 35,197 | | | | 413,482 | |
| Pernod Ricard SA ADR | | | 5,818 | | | | 188,154 | |
| Societe Generale SA | | | 12,963 | | | | 348,763 | |
| Thales SA ADR | | | 10,142 | | | | 346,237 | |
| TotalEnergies SE | | | 1,128 | | | | 77,561 | |
| Vinci SA | | | 1,288 | | | | 164,977 | |
| | | | | | | | 3,167,678 | |
| Germany | 0.8% | | | | | | | | |
| Bayerische Motoren Werke AG | | | 5,033 | | | | 580,714 | |
| Commerzbank AG | | | 11,228 | | | | 154,190 | |
| Deutsche Bank AG | | | 19,329 | | | | 304,029 | |
| Infineon Technologies AG | | | 12,377 | | | | 420,765 | |
| Mercedes-Benz Group AG | | | 920 | | | | 73,281 | |
| Merck KGaA ADR | | | 6,316 | | | | 222,513 | |
| Talanx AG | | | 2,916 | | | | 230,864 | |
| TUI AG (*) | | | 12,861 | | | | 105,933 | |
| | | | | | | | 2,092,289 | |
| Hong Kong | 0.2% | | | | | | | | |
| AIA Group Ltd. ADR | | | 5,704 | | | | 153,324 | |
| Swire Pacific Ltd., Class A | | | 13,000 | | | | 107,048 | |
| United Energy Group Ltd. | | | 3,064,000 | | | | 219,276 | |
| WH Group Ltd. | | | 200,000 | | | | 131,988 | |
| | | | | | | | 611,636 | |
| Ireland | 0.0% | | | | | | | | |
| Cimpress PLC (*) | | | 1,235 | | | | 109,310 | |
| Israel | 0.2% | | | | | | | | |
| Bezeq The Israeli Telecommunication Corp. Ltd. | | | 145,042 | | | | 186,440 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | |
| Perion Network Ltd. (*) | | | 3,691 | | | $ | 82,973 | |
| Wix.com Ltd. (*) | | | 806 | | | | 110,809 | |
| | | | | | | | 380,222 | |
| Italy | 0.5% | | | | | | | | |
| Banco BPM SpA | | | 15,437 | | | | 102,723 | |
| BPER Banca | | | 28,575 | | | | 134,984 | |
| Ferrari NV | | | 442 | | | | 192,648 | |
| Poste Italiane SpA | | | 22,453 | | | | 281,113 | |
| Telecom Italia SpA (*) | | | 434,964 | | | | 105,295 | |
| UniCredit SpA | | | 11,917 | | | | 452,233 | |
| | | | | | | | 1,268,996 | |
| Japan | 4.6% | | | | | | | | |
| Activia Properties, Inc. REIT | | | 26 | | | | 70,804 | |
| ANA Holdings, Inc. | | | 10,000 | | | | 208,796 | |
| Central Japan Railway Co. | | | 7,200 | | | | 178,748 | |
| Chubu Electric Power Co., Inc. | | | 50,300 | | | | 656,080 | |
| Chugoku Electric Power Co., Inc. | | | 12,200 | | | | 91,712 | |
| East Japan Railway Co. | | | 23,500 | | | | 450,563 | |
| Ezaki Glico Co. Ltd. | | | 3,000 | | | | 83,631 | |
| FANUC Corp. | | | 16,519 | | | | 230,110 | |
| GS Yuasa Corp. | | | 6,000 | | | | 124,769 | |
| Hachijuni Bank Ltd. | | | 24,300 | | | | 163,908 | |
| Honda Motor Co. Ltd. | | | 37,900 | | | | 468,745 | |
| Japan Post Bank Co. Ltd. | | | 11,100 | | | | 119,447 | |
| Japan Post Holdings Co. Ltd. | | | 56,600 | | | | 569,743 | |
| Japan Real Estate Investment Corp. REIT | | | 67 | | | | 238,878 | |
| Japan Tobacco, Inc. | | | 4,300 | | | | 114,628 | |
| KDDI Corp. | | | 5,900 | | | | 174,451 | |
| Kyoto Financial Group, Inc. | | | 16,500 | | | | 297,454 | |
| Kyushu Railway Co. | | | 8,700 | | | | 198,329 | |
| Mazda Motor Corp. | | | 13,100 | | | | 153,205 | |
| Mitsubishi Motors Corp. | | | 41,000 | | | | 134,674 | |
| Mizuho Financial Group, Inc. | | | 34,700 | | | | 686,578 | |
| Morinaga Milk Industry Co. Ltd. | | | 6,100 | | | | 124,702 | |
| Nagoya Railroad Co. Ltd. | | | 9,700 | | | | 135,436 | |
| NGK Insulators Ltd. | | | 21,000 | | | | 281,958 | |
| Nintendo Co. Ltd. ADR | | | 21,891 | | | | 297,499 | |
| Nisshinbo Holdings, Inc. | | | 33,000 | | | | 265,103 | |
| Nissin Foods Holdings Co. Ltd. | | | 5,800 | | | | 159,909 | |
| Nomura Real Estate Master Fund, Inc. REIT | | | 86 | | | | 85,041 | |
| Ono Pharmaceutical Co. Ltd. | | | 35,600 | | | | 583,473 | |
| Oracle Corp. | | | 300 | | | | 22,701 | |
| Osaka Gas Co. Ltd. | | | 20,700 | | | | 466,211 | |
| Otsuka Holdings Co. Ltd. | | | 14,400 | | | | 597,202 | |
| Panasonic Holdings Corp. | | | 23,300 | | | | 222,296 | |
| Description | | Shares | | | Fair
Value | |
| Rengo Co. Ltd. | | | 10,800 | | | $ | 82,299 | |
| Sankyo Co. Ltd. | | | 11,400 | | | | 124,465 | |
| Sanrio Co. Ltd. | | | 4,400 | | | | 88,651 | |
| Seven & i Holdings Co. Ltd. | | | 5,500 | | | | 80,057 | |
| Shimano, Inc. ADR | | | 10,118 | | | | 150,961 | |
| Shizuoka Financial Group, Inc. | | | 7,300 | | | | 69,410 | |
| SoftBank Corp. | | | 33,700 | | | | 432,795 | |
| Sompo Holdings, Inc. | | | 12,300 | | | | 257,843 | |
| Subaru Corp. | | | 12,500 | | | | 284,501 | |
| Sumitomo Mitsui Financial Group, Inc. | | | 1,000 | | | | 58,460 | |
| Tokyo Gas Co. Ltd. | | | 20,200 | | | | 460,105 | |
| Tokyu Fudosan Holdings Corp. | | | 8,300 | | | | 67,079 | |
| Toyota Motor Corp. | | | 23,900 | | | | 600,753 | |
| Yamaguchi Financial Group, Inc. | | | 9,000 | | | | 91,326 | |
| | | | | | | | 11,505,489 | |
| Netherlands | 0.8% | | | | | | | | |
| ASM International NV | | | 545 | | | | 333,540 | |
| Eurocommercial Properties NV REIT | | | 9,869 | | | | 224,945 | |
| EXOR NV | | | 1,157 | | | | 128,585 | |
| Koninklijke Ahold Delhaize NV | | | 2,755 | | | | 82,374 | |
| Koninklijke KPN NV | | | 19,897 | | | | 74,406 | |
| Shell PLC | | | 9,378 | | | | 311,148 | |
| Wolters Kluwer NV | | | 2,124 | | | | 332,637 | |
| Wolters Kluwer NV ADR | | | 3,419 | | | | 536,510 | |
| | | | | | | | 2,024,145 | |
| New Zealand | 0.1% | | | | | | | | |
| Spark New Zealand Ltd. | | | 57,934 | | | | 164,932 | |
| Norway | 0.0% | | | | | | | | |
| Orkla ASA | | | 10,979 | | | | 77,460 | |
| Portugal | 0.1% | | | | | | | | |
| Banco Comercial Portugues SA, Class R (*) | | | 394,906 | | | | 133,286 | |
| Mota-Engil SGPS SA | | | 20,643 | | | | 107,146 | |
| | | | | | | | 240,432 | |
| Singapore | 0.4% | | | | | | | | |
| Jardine Cycle & Carriage Ltd. | | | 7,300 | | | | 130,704 | |
| Sembcorp Industries Ltd. | | | 47,700 | | | | 190,824 | |
| Singapore Airlines Ltd. | | | 26,500 | | | | 125,752 | |
| STMicroelectronics NV | | | 9,828 | | | | 423,058 | |
| | | | | | | | 870,338 | |
| Spain | 0.4% | | | | | | | | |
| Acciona SA | | | 819 | | | | 99,728 | |
| Banco Bilbao Vizcaya Argentaria SA | | | 36,814 | | | | 438,566 | |
| Banco Santander SA | | | 27,711 | | | | 135,402 | |
| Iberdrola SA | | | 6,261 | | | | 77,735 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | |
| Industria de Diseno Textil SA ADR | | | 13,130 | | | $ | 330,876 | |
| | | | | | | | 1,082,307 | |
| Sweden | 0.5% | | | | | | | | |
| Assa Abloy AB ADR | | | 15,280 | | | | 219,421 | |
| Epiroc AB ADR | | | 21,574 | | | | 406,454 | |
| Fastighets AB Balder, B Shares (*) | | | 37,410 | | | | 274,391 | |
| Hexagon AB ADR | | | 27,754 | | | | 327,497 | |
| | | | | | | | 1,227,763 | |
| Switzerland | 0.5% | | | | | | | | |
| ABB Ltd. ADR | | | 10,345 | | | | 479,594 | |
| Givaudan SA | | | 39 | | | | 174,253 | |
| Logitech International SA | | | 2,762 | | | | 247,163 | |
| Novartis AG | | | 3,247 | | | | 314,454 | |
| | | | | | | | 1,215,464 | |
| United Kingdom | 2.3% | | | | | | | | |
| AstraZeneca PLC | | | 3,585 | | | | 482,688 | |
| BAE Systems PLC | | | 17,905 | | | | 304,976 | |
| Barclays PLC | | | 127,687 | | | | 296,714 | |
| BP PLC | | | 12,153 | | | | 76,361 | |
| Coca-Cola Europacific Partners PLC | | | 4,935 | | | | 345,203 | |
| Diageo PLC ADR | | | 2,400 | | | | 356,976 | |
| Global Ship Lease, Inc., Class A | | | 6,026 | | | | 122,328 | |
| Harbour Energy PLC | | | 26,514 | | | | 92,204 | |
| HSBC Holdings PLC | | | 15,186 | | | | 118,701 | |
| Investec PLC | | | 30,572 | | | | 204,832 | |
| Man Group PLC | | | 56,473 | | | | 190,860 | |
| NatWest Group PLC | | | 157,084 | | | | 526,064 | |
| RELX PLC | | | 8,695 | | | | 375,703 | |
| RELX PLC ADR | | | 15,349 | | | | 664,458 | |
| Rolls-Royce Holdings PLC (*) | | | 21,729 | | | | 116,855 | |
| Serco Group PLC | | | 42,616 | | | | 102,157 | |
| Standard Chartered PLC | | | 36,862 | | | | 312,381 | |
| Unilever PLC | | | 6,308 | | | | 316,763 | |
| Unilever PLC ADR | | | 8,421 | | | | 422,650 | |
| Vodafone Group PLC | | | 124,527 | | | | 110,257 | |
| Yellow Cake PLC (*) | | | 10,370 | | | | 78,731 | |
| | | | | | | | 5,617,862 | |
| United States | 42.8% | | | | | | | | |
| AbbVie, Inc. | | | 4,372 | | | | 796,141 | |
| Accenture PLC, Class A | | | 2,083 | | | | 721,989 | |
| Adobe, Inc. (*) | | | 2,159 | | | | 1,089,431 | |
| Adtalem Global Education, Inc. (*) | | | 1,282 | | | | 65,895 | |
| Agree Realty Corp. REIT | | | 3,088 | | | | 176,387 | |
| Alkermes PLC (*) | | | 2,994 | | | | 81,048 | |
| Allison Transmission Holdings, Inc. | | | 2,595 | | | | 210,610 | |
| Description | | Shares | | | Fair
Value | |
| Alphabet, Inc., Class A (*) | | | 6,814 | | | $ | 1,028,437 | |
| Alphabet, Inc., Class C (*) | | | 14,728 | | | | 2,242,485 | |
| Altria Group, Inc. | | | 8,535 | | | | 372,297 | |
| Amazon.com, Inc. (*) | | | 10,228 | | | | 1,844,927 | |
| Amdocs Ltd. | | | 3,158 | | | | 285,388 | |
| Ameren Corp. | | | 1,207 | | | | 89,270 | |
| American International Group, Inc. | | | 772 | | | | 60,347 | |
| American Tower Corp. REIT | | | 1,123 | | | | 221,894 | |
| Amphenol Corp., Class A | | | 5,049 | | | | 582,402 | |
| Aon PLC, Class A | | | 2,440 | | | | 814,277 | |
| Apple, Inc. | | | 16,734 | | | | 2,869,546 | |
| Applied Materials, Inc. | | | 4,725 | | | | 974,437 | |
| AppLovin Corp., Class A (*) | | | 1,804 | | | | 124,873 | |
| AptarGroup, Inc. | | | 559 | | | | 80,435 | |
| Arcosa, Inc. | | | 661 | | | | 56,753 | |
| Assurant, Inc. | | | 845 | | | | 159,063 | |
| Atlassian Corp., Class A (*) | | | 593 | | | | 115,700 | |
| Atmos Energy Corp. | | | 2,278 | | | | 270,786 | |
| Autodesk, Inc. (*) | | | 1,593 | | | | 414,849 | |
| Automatic Data Processing, Inc. | | | 872 | | | | 217,773 | |
| AutoZone, Inc. (*) | | | 30 | | | | 94,550 | |
| Avery Dennison Corp. | | | 1,063 | | | | 237,315 | |
| Axis Capital Holdings Ltd. | | | 1,805 | | | | 117,361 | |
| Axos Financial, Inc. (*) | | | 6,602 | | | | 356,772 | |
| Bank of America Corp. | | | 8,738 | | | | 331,345 | |
| Bank of New York Mellon Corp. | | | 7,155 | | | | 412,271 | |
| Best Buy Co., Inc. | | | 1,487 | | | | 121,979 | |
| Biogen, Inc. (*) | | | 486 | | | | 104,796 | |
| Booking Holdings, Inc. | | | 173 | | | | 627,623 | |
| Booz Allen Hamilton Holding Corp. | | | 4,346 | | | | 645,120 | |
| BorgWarner, Inc. | | | 2,419 | | | | 84,036 | |
| Boston Scientific Corp. (*) | | | 1,590 | | | | 108,899 | |
| Brady Corp., Class A | | | 1,438 | | | | 85,245 | |
| Brighthouse Financial, Inc. (*) | | | 1,294 | | | | 66,693 | |
| Brinker International, Inc. (*) | | | 2,900 | | | | 144,072 | |
| Bristol-Myers Squibb Co. | | | 18,872 | | | | 1,023,429 | |
| Broadcom, Inc. | | | 1,399 | | | | 1,854,249 | |
| BRP, Inc. | | | 2,920 | | | | 195,932 | |
| Cadence Design Systems, Inc. (*) | | | 287 | | | | 89,337 | |
| Cal-Maine Foods, Inc. | | | 3,990 | | | | 234,811 | |
| Cardinal Health, Inc. | | | 9,228 | | | | 1,032,613 | |
| Caterpillar, Inc. | | | 3,081 | | | | 1,128,971 | |
| Cboe Global Markets, Inc. | | | 2,238 | | | | 411,188 | |
| CDW Corp. | | | 2,996 | | | | 766,317 | |
| Cencora, Inc. | | | 5,152 | | | | 1,251,884 | |
| Centene Corp. (*) | | | 3,835 | | | | 300,971 | |
| Central Garden & Pet Co., Class A (*) | | | 3,310 | | | | 122,205 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) |
| Charles Schwab Corp. | | | 4,709 | | | $ | 340,649 | |
| Chemed Corp. | | | 285 | | | | 182,950 | |
| Chipotle Mexican Grill, Inc. (*) | | | 175 | | | | 508,685 | |
| Chord Energy Corp. | | | 664 | | | | 118,351 | |
| Chubb Ltd. | | | 286 | | | | 74,111 | |
| Cigna Group | | | 2,524 | | | | 916,692 | |
| Cisco Systems, Inc. | | | 13,303 | | | | 663,953 | |
| Clorox Co. | | | 647 | | | | 99,062 | |
| CMS Energy Corp. | | | 1,535 | | | | 92,622 | |
| Coca-Cola Co. | | | 8,852 | | | | 541,565 | |
| Cognizant Technology Solutions Corp., Class A | | | 8,298 | | | | 608,160 | |
| Colgate-Palmolive Co. | | | 7,506 | | | | 675,915 | |
| Comcast Corp., Class A | | | 11,345 | | | | 491,806 | |
| Comfort Systems USA, Inc. | | | 1,340 | | | | 425,731 | |
| CommVault Systems, Inc. (*) | | | 1,569 | | | | 159,144 | |
| Consolidated Edison, Inc. | | | 3,144 | | | | 285,507 | |
| Constellation Brands, Inc., Class A | | | 225 | | | | 61,146 | |
| Corebridge Financial, Inc. | | | 19,820 | | | | 569,429 | |
| Costco Wholesale Corp. | | | 1,681 | | | | 1,231,551 | |
| Coterra Energy, Inc. | | | 2,844 | | | | 79,291 | |
| Crowdstrike Holdings, Inc., Class A (*) | | | 336 | | | | 107,718 | |
| CSG Systems International, Inc. | | | 675 | | | | 34,790 | |
| CVS Health Corp. | | | 10,748 | | | | 857,260 | |
| Danaher Corp. | | | 2,015 | | | | 503,186 | |
| Datadog, Inc., Class A (*) | | | 715 | | | | 88,374 | |
| Dave & Buster’s Entertainment, Inc. (*) | | | 3,149 | | | | 197,127 | |
| DaVita, Inc. (*) | | | 3,503 | | | | 483,589 | |
| Deckers Outdoor Corp. (*) | | | 285 | | | | 268,259 | |
| Deere & Co. | | | 680 | | | | 279,303 | |
| Dell Technologies, Inc., Class C | | | 3,877 | | | | 442,404 | |
| Dick’s Sporting Goods, Inc. | | | 516 | | | | 116,028 | |
| DocuSign, Inc. (*) | | | 1,635 | | | | 97,364 | |
| DR Horton, Inc. | | | 2,146 | | | | 353,124 | |
| Dropbox, Inc., Class A (*) | | | 2,848 | | | | 69,206 | |
| Eaton Corp. PLC | | | 618 | | | | 193,236 | |
| Electronic Arts, Inc. | | | 2,489 | | | | 330,216 | |
| Elevance Health, Inc. | | | 692 | | | | 358,830 | |
| Eli Lilly & Co. | | | 1,651 | | | | 1,284,412 | |
| Enact Holdings, Inc. | | | 2,963 | | | | 92,386 | |
| Entergy Corp. | | | 4,771 | | | | 504,199 | |
| EOG Resources, Inc. | | | 1,396 | | | | 178,465 | |
| Equitable Holdings, Inc. | | | 13,568 | | | | 515,720 | |
| Estee Lauder Cos., Inc., Class A | | | 2,558 | | | | 394,316 | |
| Euronet Worldwide, Inc. (*) | | | 1,033 | | | | 113,558 | |
| Everest Group Ltd. | | | 331 | | | | 131,572 | |
| Description | | Shares | | | Fair
Value | |
| Expedia Group, Inc. (*) | | | 2,628 | | | $ | 362,007 | |
| Fastenal Co. | | | 1,952 | | | | 150,577 | |
| FedEx Corp. | | | 1,277 | | | | 369,998 | |
| Fiserv, Inc. (*) | | | 5,310 | | | | 848,644 | |
| Fortinet, Inc. (*) | | | 1,162 | | | | 79,376 | |
| General Mills, Inc. | | | 4,498 | | | | 314,725 | |
| General Motors Co. | | | 1,958 | | | | 88,795 | |
| Gilead Sciences, Inc. | | | 7,344 | | | | 537,948 | |
| Global Payments, Inc. | | | 1,344 | | | | 179,639 | |
| Globe Life, Inc. | | | 2,420 | | | | 281,615 | |
| GoDaddy, Inc., Class A (*) | | | 3,029 | | | | 359,482 | |
| GSK PLC | | | 46,620 | | | | 1,001,256 | |
| Gulfport Energy Corp. (*) | | | 1,093 | | | | 175,011 | |
| Hartford Financial Services Group, Inc. | | | 1,059 | | | | 109,130 | |
| HCA Healthcare, Inc. | | | 2,327 | | | | 776,124 | |
| Hess Corp. | | | 778 | | | | 118,754 | |
| Host Hotels & Resorts, Inc. REIT | | | 11,538 | | | | 238,606 | |
| Humana, Inc. | | | 174 | | | | 60,329 | |
| Huron Consulting Group, Inc. (*) | | | 823 | | | | 79,518 | |
| IDEXX Laboratories, Inc. (*) | | | 412 | | | | 222,451 | |
| Intel Corp. | | | 3,984 | | | | 175,973 | |
| Intercontinental Exchange, Inc. | | | 4,460 | | | | 612,938 | |
| International Business Machines Corp. | | | 2,452 | | | | 468,234 | |
| International Seaways, Inc. | | | 2,088 | | | | 111,082 | |
| Intuit, Inc. | | | 533 | | | | 346,450 | |
| Intuitive Surgical, Inc. (*) | | | 208 | | | | 83,011 | |
| IQVIA Holdings, Inc. (*) | | | 2,083 | | | | 526,770 | |
| Jackson Financial, Inc., Class A | | | 2,241 | | | | 148,220 | |
| Johnson & Johnson | | | 4,812 | | | | 761,210 | |
| Juniper Networks, Inc. | | | 3,037 | | | | 112,551 | |
| Kellanova | | | 1,785 | | | | 102,263 | |
| Kilroy Realty Corp. REIT | | | 1,740 | | | | 63,388 | |
| Kimberly-Clark Corp. | | | 5,773 | | | | 746,738 | |
| KLA Corp. | | | 649 | | | | 453,372 | |
| Kroger Co. | | | 3,787 | | | | 216,351 | |
| Lam Research Corp. | | | 197 | | | | 191,399 | |
| Lantheus Holdings, Inc. (*) | | | 1,460 | | | | 90,870 | |
| Lennar Corp., Class A | | | 2,189 | | | | 376,464 | |
| Lockheed Martin Corp. | | | 1,353 | | | | 615,439 | |
| M&T Bank Corp. | | | 703 | | | | 102,244 | |
| Martin Marietta Materials, Inc. | | | 104 | | | | 63,850 | |
| Masco Corp. | | | 14,247 | | | | 1,123,803 | |
| MasterCard, Inc., Class A | | | 3,045 | | | | 1,466,381 | |
| Match Group, Inc. (*) | | | 3,128 | | | | 113,484 | |
| McDonald’s Corp. | | | 1,358 | | | | 382,888 | |
| McKesson Corp. | | | 724 | | | | 388,679 | |
| Medpace Holdings, Inc. (*) | | | 283 | | | | 114,374 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) |
| Merck & Co., Inc. | | | 14,252 | | | $ | 1,880,551 | |
| Meta Platforms, Inc., Class A | | | 5,161 | | | | 2,506,078 | |
| MetLife, Inc. | | | 4,190 | | | | 310,521 | |
| Microchip Technology, Inc. | | | 731 | | | | 65,578 | |
| Microsoft Corp. | | | 13,453 | | | | 5,659,946 | |
| Molina Healthcare, Inc. (*) | | | 366 | | | | 150,364 | |
| Moody’s Corp. | | | 419 | | | | 164,680 | |
| Motorola Solutions, Inc. | | | 856 | | | | 303,863 | |
| MSC Industrial Direct Co., Inc. Class A | | | 1,046 | | | | 101,504 | |
| Murphy USA, Inc. | | | 335 | | | | 140,432 | |
| National Fuel Gas Co. | | | 2,416 | | | | 129,788 | |
| National HealthCare Corp. | | | 1,332 | | | | 125,887 | |
| Netflix, Inc. (*) | | | 752 | | | | 456,712 | |
| Neurocrine Biosciences, Inc. (*) | | | 1,025 | | | | 141,368 | |
| NewMarket Corp. | | | 872 | | | | 553,389 | |
| Newmont Corp. CDI | | | 3,236 | | | | 114,610 | |
| NIKE, Inc., Class B | | | 2,762 | | | | 259,573 | |
| NiSource, Inc. | | | 6,705 | | | | 185,460 | |
| Northrop Grumman Corp. | | | 258 | | | | 123,494 | |
| Nucor Corp. | | | 433 | | | | 85,691 | |
| NVIDIA Corp. | | | 5,935 | | | | 5,362,629 | |
| NVR, Inc. (*) | | | 10 | | | | 81,000 | |
| Oracle Corp. | | | 6,421 | | | | 806,542 | |
| PACCAR, Inc. | | | 898 | | | | 111,253 | |
| Paychex, Inc. | | | 584 | | | | 71,715 | |
| PepsiCo, Inc. | | | 2,816 | | | | 492,828 | |
| PG&E Corp. | | | 8,023 | | | | 134,465 | |
| Pinterest, Inc., Class A (*) | | | 3,102 | | | | 107,546 | |
| Pioneer Natural Resources Co. | | | 484 | | | | 127,050 | |
| PNM Resources, Inc. | | | 2,104 | | | | 79,195 | |
| Procter & Gamble Co. | | | 6,683 | | | | 1,084,317 | |
| Prologis, Inc. REIT | | | 3,409 | | | | 443,920 | |
| PTC, Inc. (*) | | | 2,196 | | | | 414,912 | |
| PulteGroup, Inc. | | | 5,240 | | | | 632,049 | |
| QUALCOMM, Inc. | | | 7,090 | | | | 1,200,337 | |
| Qualys, Inc. (*) | | | 521 | | | | 86,939 | |
| Regeneron Pharmaceuticals, Inc. (*) | | | 288 | | | | 277,197 | |
| RingCentral, Inc., Class A (*) | | | 2,101 | | | | 72,989 | |
| Roche Holding AG | | | 3,565 | | | | 910,062 | |
| Rockwell Automation, Inc. | | | 1,063 | | | | 309,684 | |
| Royal Caribbean Cruises Ltd. (*) | | | 946 | | | | 131,503 | |
| S&P Global, Inc. | | | 1,239 | | | | 527,133 | |
| Sally Beauty Holdings, Inc. (*) | | | 8,895 | | | | 110,476 | |
| Sanofi SA | | | 4,445 | | | | 436,132 | |
| SBA Communications Corp. REIT | | | 945 | | | | 204,781 | |
| Sempra | | | 3,494 | | | | 250,974 | |
| Description | | Shares | | | Fair
Value | |
| ServiceNow, Inc. (*) | | | 1,205 | | | $ | 918,692 | |
| Sherwin-Williams Co. | | | 1,103 | | | | 383,105 | |
| SilverBow Resources, Inc. (*) | | | 3,232 | | | | 110,340 | |
| Simon Property Group, Inc. REIT | | | 3,128 | | | | 489,501 | |
| Simpson Manufacturing Co., Inc. | | | 598 | | | | 122,698 | |
| SLM Corp. | | | 4,445 | | | | 96,857 | |
| Squarespace, Inc., Class A (*) | | | 2,597 | | | | 94,635 | |
| Starbucks Corp. | | | 884 | | | | 80,789 | |
| State Street Corp. | | | 6,771 | | | | 523,534 | |
| Stellantis NV | | | 14,804 | | | | 420,764 | |
| Stryker Corp. | | | 2,231 | | | | 798,408 | |
| Super Micro Computer, Inc. (*) | | | 425 | | | | 429,263 | |
| Synopsys, Inc. (*) | | | 2,400 | | | | 1,371,600 | |
| Sysco Corp. | | | 2,536 | | | | 205,872 | |
| Target Corp. | | | 3,113 | | | | 551,655 | |
| Terex Corp. | | | 2,360 | | | | 151,984 | |
| Tesla, Inc. (*) | | | 2,678 | | | | 470,766 | |
| Texas Instruments, Inc. | | | 2,330 | | | | 405,909 | |
| Texas Pacific Land Corp. | | | 150 | | | | 86,777 | |
| Thermo Fisher Scientific, Inc. | | | 900 | | | | 523,089 | |
| TJX Cos., Inc. | | | 10,432 | | | | 1,058,013 | |
| Toll Brothers, Inc. | | | 3,483 | | | | 450,596 | |
| TopBuild Corp. (*) | | | 747 | | | | 329,225 | |
| Tradeweb Markets, Inc., Class A | | | 1,462 | | | | 152,297 | |
| Travelers Cos., Inc. | | | 365 | | | | 84,001 | |
| U-Haul Holding Co. (*) | | | 1,573 | | | | 106,240 | |
| UMH Properties, Inc. REIT | | | 5,867 | | | | 95,280 | |
| United Therapeutics Corp. (*) | | | 254 | | | | 58,349 | |
| UnitedHealth Group, Inc. | | | 1,668 | | | | 825,160 | |
| Universal Corp. | | | 1,891 | | | | 97,803 | |
| Universal Health Services, Inc., Class B | | | 1,522 | | | | 277,704 | |
| Unum Group | | | 8,052 | | | | 432,070 | |
| Verizon Communications, Inc. | | | 18,448 | | | | 774,078 | |
| Vertex Pharmaceuticals, Inc. (*) | | | 1,548 | | | | 647,079 | |
| Vertiv Holdings Co. | | | 2,293 | | | | 187,269 | |
| Visa, Inc., A Shares | | | 2,083 | | | | 581,324 | |
| Vistra Corp. | | | 1,205 | | | | 83,928 | |
| W.R. Berkley Corp. | | | 1,105 | | | | 97,726 | |
| Walmart, Inc. | | | 7,871 | | | | 473,598 | |
| Warner Music Group Corp., Class A | | | 4,233 | | | | 139,774 | |
| Waste Management, Inc. | | | 1,582 | | | | 337,203 | |
| WD-40 Co. | | | 671 | | | | 169,971 | |
| Wells Fargo & Co. | | | 6,904 | | | | 400,156 | |
| Western Union Co. | | | 8,159 | | | | 114,063 | |
| Westlake Corp. | | | 560 | | | | 85,568 | |
| Williams-Sonoma, Inc. | | | 383 | | | | 121,614 | |
| WK Kellogg Co. | | | 1,039 | | | | 19,533 | |
| | | | | | | | | |
| Description | | | Shares | | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) |
| Workday, Inc., Class A (*) | | | 560 | | | $ | 152,740 | |
| WW Grainger, Inc. | | | 407 | | | | 414,041 | |
| Xcel Energy, Inc. | | | 6,317 | | | | 339,539 | |
| Zoetis, Inc. | | | 1,946 | | | | 329,283 | |
| Zoom Video Communications, Inc. Class A (*) | | | 1,325 | | | | 86,615 | |
| | | | | | | | 106,035,992 | |
Total Common Stocks
(Cost $111,786,386) | | | | | | | 149,547,737 | |
| | | | | | | | | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| Corporate Bonds | 13.0% | | | | | | | | |
| Australia | 0.3% | | | | | | | | | | |
Telstra Group Ltd.,
4.000%, 04/19/27 | | AUD | | | 1,200 | | | $ | 770,669 | |
| Canada | 0.5% | | | | | | | | | | |
Canadian Imperial Bank of Commerce,
0.950%, 10/23/25 | | USD | | | 1,225 | | | | 1,150,088 | |
| Denmark | 0.4% | | | | | | | | | | |
Nykredit Realkredit AS,
1.000%, 01/01/27 | | DKK | | | 8,175 | | | | 1,121,826 | |
| Germany | 0.6% | | | | | | | | | | |
Commerzbank AG,
3.375%, 12/12/25 | | EUR | | | 460 | | | | 497,001 | |
Mercedes-Benz Group AG,
0.750%, 09/10/30 | | EUR | | | 990 | | | | 929,536 | |
| | | | | | | | | | 1,426,537 | |
| Japan | 0.1% | | | | | | | | | | |
NTT Finance Corp.,
4.239%, 07/25/25 | | USD | | | 200 | | | | 197,274 | |
| Norway | 0.4% | | | | | | | | | | |
DNB Boligkreditt AS,
5.150% (3 Month NOK NIBOR + 0.450%), 02/08/28 (§) | | NOK | | | 10,000 | | | | 922,630 | |
| Sweden | 0.2% | | | | | | | | | | |
Swedbank Hypotek AB,
3.000%, 03/28/29 | | SEK | | | 5,100 | | | | 472,995 | |
| Switzerland | 0.4% | | | | | | | | | | |
ABB Finance USA, Inc.,
4.375%, 05/08/42 | | USD | | | 605 | | | | 550,496 | |
UBS Group AG,
4.750% (1-Year EURIBOR ICE Swap + 1.600%), 03/17/32 (§) | | EUR | | | 470 | | | | 533,289 | |
| | | | | | | | | | 1,083,785 | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| United Kingdom | 0.8% | | | | | | | | | | |
Ashtead Capital, Inc.,
4.250%, 11/01/29 | | USD | | $ | 1,295 | | | $ | 1,207,298 | |
Tesco Corporate Treasury Services PLC,
2.750%, 04/27/30 | | GBP | | | 785 | | | | 882,586 | |
| | | | | | | | | | 2,089,884 | |
| United States | 9.3% | | | | | | | | | | |
Adobe, Inc.,
2.300%, 02/01/30 | | USD | | | 615 | | | | 541,227 | |
Alphabet, Inc.,
1.100%, 08/15/30 | | USD | | | 955 | | | | 782,020 | |
American Express Co.,
4.050%, 05/03/29 | | USD | | | 430 | | | | 417,063 | |
Amgen, Inc.,
3.000%, 02/22/29 | | USD | | | 1,205 | | | | 1,114,011 | |
Apple, Inc.,
1.125%, 05/11/25 | | USD | | | 615 | | | | 588,854 | |
AT&T, Inc.,
3.500%, 06/01/41 | | USD | | | 1,120 | | | | 874,269 | |
Bank of America Corp.,
1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | | CAD | | | 825 | | | | 568,160 | |
Citigroup, Inc.,
1.281% (SOFR + 0.528%), 11/03/25 (§) | | USD | | | 685 | | | | 666,353 | |
Clean Harbors, Inc.,
4.875%, 07/15/27 | | USD | | | 635 | | | | 615,951 | |
Comcast Corp.,
4.650%, 02/15/33 | | USD | | | 825 | | | | 809,613 | |
Dell International LLC/EMC Corp.,
5.300%, 10/01/29 | | USD | | | 372 | | | | 376,566 | |
Eaton Corp.,
4.150%, 11/02/42 | | USD | | | 330 | | | | 289,408 | |
Goldman Sachs Group, Inc.,
1.992% (SOFR + 1.090%), 01/27/32 (§) | | USD | | | 960 | | | | 776,829 | |
Home Depot, Inc.,
5.875%, 12/16/36 | | USD | | | 510 | | | | 547,711 | |
John Deere Financial, Inc.,
2.410%, 01/14/25 | | CAD | | | 1,695 | | | | 1,226,874 | |
Johnson Controls International PLC/Tyco Fire & Security Finance SCA,
1.750%, 09/15/30 | | USD | | | 770 | | | | 633,427 | |
| JPMorgan Chase & Co.: | | | | | | | | | | |
| 5.040% (SOFR + 1.190%), 01/23/28 (§) | | USD | | | 260 | | | | 259,104 | |
| 3.540% (SOFR + 1.642%), 05/01/28 (§) | | USD | | | 535 | | | | 511,092 | |
Kimberly-Clark Corp.,
3.200%, 04/25/29 | | USD | | | 343 | | | | 320,032 | |
Lowe’s Cos., Inc.,
5.000%, 04/15/33 | | USD | | | 795 | | | | 791,873 | |
McDonald’s Corp.,
3.125%, 03/04/25 | | CAD | | | 1,615 | | | | 1,171,639 | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) |
Microsoft Corp.,
3.500%, 11/15/42 | | USD | | $ | 1,260 | | | $ | 1,070,871 | |
Morgan Stanley,
3.625%, 01/20/27 | | USD | | | 1,160 | | | | 1,120,447 | |
PepsiCo, Inc.,
2.875%, 10/15/49 | | USD | | | 740 | | | | 515,440 | |
| Procter & Gamble Co.: | | | | | | | | | | |
| 1.200%, 10/29/30 | | USD | | | 350 | | | | 286,280 | |
| 4.550%, 01/29/34 | | USD | | | 243 | | | | 241,665 | |
Prologis LP,
1.250%, 10/15/30 | | USD | | | 1,405 | | | | 1,126,571 | |
Schneider Electric SE,
0.875%, 12/13/26 | | EUR | | | 1,000 | | | | 1,020,540 | |
Starbucks Corp.,
4.450%, 08/15/49 | | USD | | | 550 | | | | 477,049 | |
Sysco Corp.,
2.400%, 02/15/30 | | USD | | | 610 | | | | 527,821 | |
Toyota Motor Credit Corp.,
2.150%, 02/13/30 | | USD | | | 695 | | | | 601,421 | |
United Rentals North America, Inc.,
4.875%, 01/15/28 | | USD | | | 820 | | | | 797,988 | |
Verizon Communications, Inc.,
3.875%, 02/08/29 | | USD | | | 879 | | | | 841,526 | |
Waste Management, Inc.,
4.625%, 02/15/30 | | USD | | | 545 | | | | 542,417 | |
| | | | | | | | | | 23,052,112 | |
Total Corporate Bonds
(Cost $32,809,711) | | | | | | | | | 32,287,800 | |
| | | | | | | | | | | |
| Description | | | | | Shares | | | | Fair
Value | |
| Exchange-Traded Funds | 1.2% |
iShares MSCI World ETF
(Cost $1,750,343) | | | | | 20,771 | | | $ | 3,009,926 | |
| | | | | | | | | | | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| Foreign Government Obligations | 16.9% |
| Australia | 0.8% | | | | | | | | | | |
New South Wales Treasury Corp.,
1.250%, 11/20/30 | | AUD | | | 1,725 | | | $ | 935,169 | |
Queensland Treasury Corp.,
1.250%, 03/10/31 | | AUD | | | 1,830 | | | | 980,838 | |
| | | | | | | | | | 1,916,007 | |
| Bahamas | 0.4% | | | | | | | | | | |
Bahamas Government International Bonds, 6.950%, 11/20/29 | | USD | | | 1,170 | | | | 1,040,934 | |
| Bermuda | 1.0% | | | | | | | | | | |
| Bermuda Government International Bonds: | | | | | | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| 3.717%, 01/25/27 | | USD | | | 1,280 | | | $ | 1,222,000 | |
| 2.375%, 08/20/30 (#) | | USD | | | 1,560 | | | | 1,307,475 | |
| | | | | | | | | | 2,529,475 | |
| Canada | 1.3% | | | | | | | | | | |
British Columbia,
3.200%, 06/18/44 | | CAD | | | 2,000 | | | | 1,244,221 | |
Quebec,
1.850%, 02/13/27 | | CAD | | | 1,490 | | | | 1,036,372 | |
Vancouver,
2.900%, 11/20/25 | | CAD | | | 1,440 | | | | 1,036,911 | |
| | | | | | | | | | 3,317,504 | |
| Chile | 0.7% | | | | | | | | | | |
Bonos de la Tesoreria de la Republica en pesos,
2.500%, 03/01/25 | | CLP | | | 505,000 | | | | 501,431 | |
Chile Government International Bonds,
0.830%, 07/02/31 | | EUR | | | 1,260 | | | | 1,119,765 | |
| | | | | | | | | | 1,621,196 | |
| Colombia | 0.3% | | | | | | | | | | |
Colombia Government International Bonds,
9.850%, 06/28/27 | | COP | | | 3,389,000 | | | | 850,963 | |
| Costa Rica | 0.4% | | | | | | | | | | |
Costa Rica Government International Bonds,
6.125%, 02/19/31 | | USD | | | 1,010 | | | | 1,021,994 | |
| Croatia | 0.2% | | | | | | | | | | |
Croatia Government International Bonds,
1.750%, 03/04/41 | | EUR | | | 590 | | | | 482,762 | |
| Czech Republic | 0.2% | | | | | | | | | | |
Czech Republic Government Bonds,
6.790% (PRIBOR 6 Month - 0.100%), 11/19/27 (§) | | CZK | | | 12,790 | | | | 546,493 | |
| Denmark | 0.4% | | | | | | | | | | |
Denmark Government Bonds,
0.000%, 11/15/31 | | DKK | | | 8,305 | | | | 1,015,123 | |
| Estonia | 0.2% | | | | | | | | | | |
Estonia Government International Bonds,
3.250%, 01/17/34 | | EUR | | | 450 | | | | 480,628 | |
| France | 0.4% | | | | | | | | | | |
French Republic Government Bonds OAT,
1.750%, 06/25/39 | | EUR | | | 1,140 | | | | 1,039,866 | |
| Hungary | 0.2% | | | | | | | | | | |
Hungary Government International Bonds,
1.750%, 06/05/35 | | EUR | | | 591 | | | | 490,753 | |
| Ireland | 0.6% | | | | | | | | | | |
Ireland Government Bonds,
1.350%, 03/18/31 | | EUR | | | 1,500 | | | | 1,495,017 | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) |
| Israel | 0.6% | | | | | | | | | | |
Israel Government Bonds - Fixed,
1.750%, 08/31/25 | | ILS | | | 5,480 | | | $ | 1,459,406 | |
| Italy | 0.4% | | | | | | | | | | |
Italy Buoni Poliennali Del Tesoro,
4.000%, 04/30/35 | | EUR | | | 860 | | | | 954,074 | |
| Japan | 1.8% | | | | | | | | | | |
Japan Bank for International Cooperation,
1.625%, 01/20/27 | | USD | | | 1,210 | | | | 1,111,255 | |
Japan Government Ten Year Bonds,
0.400%, 06/20/25 | | JPY | | | 136,000 | | | | 902,004 | |
Japan Government Two Year Bonds,
0.100%, 01/01/26 | | JPY | | | 150,000 | | | | 989,566 | |
Japan International Cooperation Agency,
3.250%, 05/25/27 | | USD | | | 1,444 | | | | 1,376,565 | |
| | | | | | | | | | 4,379,390 | |
| Mexico | 0.4% | | | | | | | | | | |
| Mexico Bonos: | | | | | | | | | | |
| 8.000%, 09/05/24 | | MXN | | | 7,940 | | | | 471,189 | |
| 7.500%, 06/03/27 | | MXN | | | 8,840 | | | | 503,248 | |
| | | | | | | | | | 974,437 | |
| New Zealand | 1.0% | | | | | | | | | | |
Housing New Zealand Ltd.,
3.420%, 10/18/28 | | NZD | | | 1,800 | | | | 1,014,374 | |
| New Zealand Local Government Funding Agency Bonds: | | | | | | | | | | |
| 1.500%, 04/20/29 | | NZD | | | 1,955 | | | | 995,458 | |
| 2.000%, 04/15/37 | | NZD | | | 1,430 | | | | 583,513 | |
| | | | | | | | | | 2,593,345 | |
| Norway | 0.3% | | | | | | | | | | |
Oslo,
2.350%, 09/04/24 | | NOK | | | 8,000 | | | | 728,765 | |
| Panama | 0.6% | | | | | | | | | | |
| Panama Government International Bonds: | | | | | | | | | | |
| 8.875%, 09/30/27 | | USD | | | 790 | | | | 852,706 | |
| 3.875%, 03/17/28 | | USD | | | 685 | | | | 624,206 | |
| | | | | | | | | | 1,476,912 | |
| Peru | 0.8% | | | | | | | | | | |
Peru Government Bonds,
6.150%, 08/12/32 | | PEN | | | 4,770 | | | | 1,202,975 | |
Peruvian Government International Bonds,
3.000%, 01/15/34 | | USD | | | 855 | | | | 700,833 | |
| | | | | | | | | | 1,903,808 | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| Poland | 0.2% | | | | | | | | |
Poland Government Bonds,
5.790% (WIBOR 6 Month), 05/25/28 (§) | | PLN | | | 2,475 | | | $ | 613,911 | |
| Portugal | 0.7% | | | | | | | | | | |
Portugal Obrigacoes do Tesouro OT,
1.650%, 07/16/32 | | EUR | | | 1,680 | | | | 1,660,517 | |
| Romania | 0.3% | | | | | | | | | | |
Romania Government Bonds, Series 10Y
4.750%, 02/24/25 | | RON | | | 3,185 | | | | 683,782 | |
| Singapore | 0.4% | | | | | | | | | | |
Singapore Government Bonds,
3.375%, 09/01/33 | | SGD | | | 1,390 | | | | 1,051,541 | |
| Slovenia | 0.2% | | | | | | | | | | |
Slovenia Government Bonds,
1.500%, 03/25/35 | | EUR | | | 570 | | | | 524,337 | |
| Spain | 0.5% | | | | | | | | | | |
Spain Government Bonds,
1.000%, 07/30/42 | | EUR | | | 1,810 | | | | 1,292,309 | |
| Switzerland | 0.4% | | | | | | | | | | |
| Swiss Confederation Government Bonds: | | | | | | | | | | |
| 1.500%, 07/24/25 | | CHF | | | 440 | | | | 491,219 | |
| 0.500%, 06/27/32 | | CHF | | | 515 | | | | 562,541 | |
| | | | | | | | | | 1,053,760 | |
| Thailand | 0.6% | | | | | | | | | | |
Thailand Government Bonds,
1.585%, 12/17/35 | | THB | | | 57,075 | | | | 1,401,397 | |
| United Kingdom | 0.6% | | | | | | | | | | |
| U.K. Gilts: | | | | | | | | | | |
| 0.875%, 07/31/33 | | GBP | | | 935 | | | | 903,505 | |
| 1.250%, 10/22/41 | | GBP | | | 580 | | | | 458,920 | |
| | | | | | | | | | 1,362,425 | |
Total Foreign Government Obligations
(Cost $43,031,474) | | | | | | | | | 41,962,831 | |
| Quasi Government Bonds | 1.0% | | | | | | | | | | |
| Germany | 1.0% | | | | | | | | | | |
| Kreditanstalt fuer Wiederaufbau: | | | | | | | | | | |
| 0.000%, 09/15/28 | | EUR | | | 605 | | | | 579,852 | |
| 1.750%, 09/14/29 | | USD | | | 1,605 | | | | 1,407,260 | |
| 0.000%, 04/18/36 | | USD | | | 865 | | | | 505,548 | |
| (Cost $2,655,511) | | | | | | | | | 2,492,660 | |
| Supranational Bonds | 3.5% | | | | | | |
| Asian Development Bank: | | | | | | | | | | |
| 2.125%, 03/19/25 | | USD | | | 296 | | | | 287,335 | |
| 6.200%, 10/06/26 | | INR | | | 46,800 | | | | 553,696 | |
| Description | | Security
Currency | | Principal
Amount
(000) | | | Fair
Value | |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) |
European Bank for Reconstruction & Development,
4.250%, 02/07/28 | | IDR | | | 8,000,000 | | | $ | 473,592 | |
European Investment Bank,
1.000%, 01/28/28 | | CAD | | | 1,475 | | | | 976,317 | |
| European Union: | | | | | | | | | | |
| 2.750%, 02/04/33 | | EUR | | | 445 | | | | 480,035 | |
| 0.400%, 02/04/37 | | EUR | | | 1,340 | | | | 1,060,608 | |
Inter-American Development Bank,
5.100%, 11/17/26 | | IDR | | | 10,900,000 | | | | 670,981 | |
Inter-American Investment Corp.,
1.100%, 06/30/26 | | AUD | | | 837 | | | | 504,961 | |
| International Bank for Reconstruction & Development: | | | | | | | | | | |
| 2.900%, 11/26/25 | | AUD | | | 1,353 | | | | 863,354 | |
| 1.250%, 03/16/26 | | NOK | | | 9,710 | | | | 843,593 | |
| 1.125%, 09/13/28 | | USD | | | 568 | | | | 494,236 | |
| International Finance Corp.: | | | | | | | | | | |
| 2.125%, 04/07/26 | | USD | | | 730 | | | | 693,949 | |
| 1.500%, 04/15/35 | | AUD | | | 1,846 | | | | 867,741 | |
Total Supranational Bonds
(Cost $9,578,163) | | | | | | | | | 8,770,398 | |
| U.S. Municipal Bonds | 0.8% |
| California | 0.8% |
| California: | | | | | | | | | | |
| 5.875%, 10/01/41 | | USD | | | 925 | | | | 975,374 | |
| 7.550%, 04/01/39 | | USD | | | 700 | | | | 857,038 | |
| (Cost $1,967,087) | | | | | | | | | 1,832,412 | |
| U.S. Treasury Securities | 2.0% | | | | | | |
| U.S. Treasury Bonds: | | | | | | | | | | |
| 4.125%, 11/15/32 | | USD | | | 465 | | | | 461,821 | |
| 1.750%, 08/15/41 | | USD | | | 4,105 | | | | 2,770,234 | |
| 3.625%, 02/15/53 | | USD | | | 250 | | | | 219,531 | |
U.S. Treasury Inflation-Indexed Note,
1.250%, 04/15/28 (††) | | USD | | | 1,552 | | | | 1,507,960 | |
Total U.S. Treasury Securities
(Cost $4,645,679) | | | | | | | | | 4,959,546 | |
| | | | | | | | | | | |
| Description | | | | | Shares | | | | Fair
Value | |
| Warrants | 0.0% |
| Canada | 0.0% |
Constellation Software, Inc.
Expires 03/31/40 (*), (¢) (Cost $0) | | | | | 431 | | | $ | 0 | |
| Short-Term Investments | 0.7% | | |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield)
(Cost $1,710,020) | | | | | 1,710,020 | | | | 1,710,020 | |
| | | | |
| Description | | | Fair
Value | |
Total Investments | 99.5%
(Cost $209,934,374) (») | | $ | 246,573,330 | |
| Cash and Other Assets in Excess of Liabilities | 0.5% | | | 1,270,853 | |
| Net Assets | 100.0% | | $ | 247,844,183 | |
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2024:
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| AUD | | 268,464 | | USD | | 180,153 | | JPM | | 04/18/24 | | $ | — | | | $ | 5,134 | |
| CAD | | 346,463 | | USD | | 257,398 | | JPM | | 04/18/24 | | | — | | | | 1,558 | |
| CNH | | 57,060,449 | | USD | | 8,007,725 | | HSB | | 04/18/24 | | | — | | | | 147,679 | |
| CNH | | 4,596,344 | | USD | | 644,907 | | JPM | | 04/18/24 | | | — | | | | 11,763 | |
| CZK | | 670,048 | | USD | | 29,689 | | CIT | | 04/18/24 | | | — | | | | 1,124 | |
| CZK | | 7,815,007 | | USD | | 333,267 | | HSB | | 04/18/24 | | | — | | | | 102 | |
| CZK | | 2,002,068 | | USD | | 88,690 | | JPM | | 04/18/24 | | | — | | | | 3,339 | |
| DKK | | 7,354,072 | | USD | | 1,063,651 | | HSB | | 04/18/24 | | | 816 | | | | — | |
| EUR | | 254,694 | | USD | | 274,496 | | CIT | | 04/18/24 | | | 444 | | | | — | |
| EUR | | 7,968,056 | | USD | | 8,761,031 | | CIT | | 04/18/24 | | | — | | | | 159,573 | |
| EUR | | 1,490,022 | | USD | | 1,618,532 | | HSB | | 06/26/24 | | | — | | | | 5,529 | |
| EUR | | 106,530 | | USD | | 116,100 | | JPM | | 04/18/24 | | | — | | | | 1,102 | |
| EUR | | 234,552 | | USD | | 257,758 | | MSC | | 04/18/24 | | | — | | | | 4,561 | |
| EUR | | 443,752 | | USD | | 481,024 | | MSC | | 04/18/24 | | | — | | | | 1,997 | |
| EUR | | 55,000 | | USD | | 59,743 | | SSB | | 06/26/24 | | | — | | | | 203 | |
| GBP | | 140,000 | | USD | | 178,226 | | HSB | | 04/18/24 | | | — | | | | 1,510 | |
| GBP | | 452,445 | | USD | | 582,333 | | HSB | | 04/18/24 | | | — | | | | 11,233 | |
| GBP | | 887,811 | | USD | | 1,132,048 | | HSB | | 04/18/24 | | | — | | | | 11,405 | |
| GBP | | 626,191 | | USD | | 798,431 | | JPM | | 04/18/24 | | | — | | | | 8,019 | |
| HUF | | 52,451,012 | | USD | | 149,061 | | HSB | | 04/18/24 | | | — | | | | 5,522 | |
| INR | | 37,488,959 | | USD | | 450,231 | | HSB | | 06/26/24 | | | — | | | | 1,887 | |
| JPY | | 643,439,756 | | USD | | 4,454,805 | | CIT | | 04/18/24 | | | — | | | | 193,930 | |
| JPY | | 887,627,490 | | USD | | 6,143,650 | | HSB | | 04/18/24 | | | — | | | | 265,757 | |
| KRW | | 1,768,493,602 | | USD | | 1,331,276 | | JPM | | 06/26/24 | | | — | | | | 11,588 | |
| MXN | | 8,596,426 | | USD | | 489,743 | | JPM | | 04/18/24 | | | 26,070 | | | | — | |
| MXN | | 9,718,792 | | USD | | 565,152 | | JPM | | 04/18/24 | | | 18,007 | | | | — | |
| NZD | | 3,117,908 | | USD | | 1,897,448 | | HSB | | 04/18/24 | | | — | | | | 34,625 | |
| RON | | 346,152 | | USD | | 75,660 | | CIT | | 04/18/24 | | | — | | | | 539 | |
| RON | | 2,607,481 | | USD | | 569,929 | | HSB | | 04/18/24 | | | — | | | | 4,064 | |
| SEK | | 6,055,056 | | USD | | 582,916 | | HSB | | 04/18/24 | | | — | | | | 16,896 | |
| SEK | | 693,053 | | USD | | 66,714 | | JPM | | 04/18/24 | | | — | | | | 1,928 | |
| SGD | | 392,048 | | USD | | 291,000 | | JPM | | 04/18/24 | | | — | | | | 433 | |
| USD | | 552,175 | | AUD | | 822,835 | | HSB | | 04/18/24 | | | 15,746 | | | | — | |
| USD | | 2,284,309 | | AUD | | 3,404,077 | | JPM | | 04/18/24 | | | 65,100 | | | | — | |
| USD | | 857,600 | | AUD | | 1,278,165 | | MSC | | 04/18/24 | | | 24,330 | | | | — | |
| USD | | 269,889 | | CAD | | 361,146 | | CIT | | 04/18/24 | | | 3,205 | | | | — | |
| USD | | 47,711 | | CAD | | 63,856 | | HSB | | 04/18/24 | | | 558 | | | | — | |
| USD | | 359,000 | | CAD | | 485,815 | | HSB | | 04/18/24 | | | 257 | | | | — | |
| USD | | 3,953,309 | | CAD | | 5,291,700 | | JPM | | 04/18/24 | | | 45,728 | | | | — | |
| USD | | 397,830 | | CAD | | 532,422 | | MSC | | 04/18/24 | | | 4,671 | | | | — | |
| USD | | 363,761 | | CAD | | 493,146 | | SSB | | 06/26/24 | | | — | | | | 749 | |
| USD | | 16,186 | | CHF | | 13,675 | | CIT | | 04/18/24 | | | 998 | | | | — | |
| USD | | 354,208 | | CHF | | 299,127 | | HSB | | 04/18/24 | | | 21,976 | | | | — | |
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| USD | | 249,600 | | CNH | | 1,792,238 | | HSB | | 04/18/24 | | $ | 2,720 | | | $ | — | |
| USD | | 1,349,000 | | CNH | | 9,668,471 | | HSB | | 04/18/24 | | | 17,173 | | | | — | |
| USD | | 547,000 | | CNH | | 3,933,001 | | JPM | | 04/18/24 | | | 5,231 | | | | — | |
| USD | | 757,156 | | COP | | 2,999,775,827 | | HSB | | 04/17/24 | | | — | | | | 16,811 | |
| USD | | 306,785 | | CZK | | 6,919,424 | | HSB | | 04/18/24 | | | 11,801 | | | | — | |
| USD | | 44,832 | | DKK | | 303,790 | | CIT | | 04/18/24 | | | 859 | | | | — | |
| USD | | 394,000 | | DKK | | 2,711,377 | | HSB | | 04/18/24 | | | 1,541 | | | | — | |
| USD | | 2,062,646 | | DKK | | 13,973,734 | | HSB | | 04/18/24 | | | 40,016 | | | | — | |
| USD | | 277,415 | | DKK | | 1,902,977 | | HSB | | 06/26/24 | | | 993 | | | | — | |
| USD | | 410,245 | | DKK | | 2,779,761 | | JPM | | 04/18/24 | | | 7,888 | | | | — | |
| USD | | 276,878 | | EUR | | 251,818 | | CIT | | 04/18/24 | | | 5,043 | | | | — | |
| USD | | 728,400 | | EUR | | 674,236 | | CIT | | 04/18/24 | | | 567 | | | | — | |
| USD | | 951,880 | | EUR | | 865,724 | | CIT | | 04/18/24 | | | 17,338 | | | | — | |
| USD | | 1,163,345 | | EUR | | 1,058,048 | | CIT | | 04/18/24 | | | 21,189 | | | | — | |
| USD | | 189,000 | | EUR | | 175,739 | | HSB | | 04/18/24 | | | — | | | | 709 | |
| USD | | 817,000 | | EUR | | 754,060 | | HSB | | 04/18/24 | | | 2,998 | | | | — | |
| USD | | 476,395 | | EUR | | 438,999 | | JPM | | 04/18/24 | | | 2,499 | | | | — | |
| USD | | 510,442 | | EUR | | 464,051 | | MSC | | 04/18/24 | | | 9,502 | | | | — | |
| USD | | 150,400 | | GBP | | 119,073 | | HSB | | 04/18/24 | | | 100 | | | | — | |
| USD | | 531,319 | | GBP | | 416,689 | | HSB | | 04/18/24 | | | 5,353 | | | | — | |
| USD | | 160,127 | | GBP | | 126,904 | | HSB | | 06/26/24 | | | — | | | | 116 | |
| USD | | 464,000 | | GBP | | 369,164 | | JPM | | 04/18/24 | | | — | | | | 1,979 | |
| USD | | 567,801 | | GBP | | 450,000 | | SSB | | 06/26/24 | | | — | | | | 417 | |
| USD | | 373,466 | | IDR | | 5,881,337,754 | | JPM | | 06/26/24 | | | 3,364 | | | | — | |
| USD | | 435,406 | | ILS | | 1,578,883 | | CIT | | 06/26/24 | | | 4,434 | | | | — | |
| USD | | 510,803 | | ILS | | 1,850,400 | | HSB | | 06/26/24 | | | 5,718 | | | | — | |
| USD | | 511,938 | | ILS | | 1,854,739 | | JPM | | 06/26/24 | | | 5,668 | | | | — | |
| USD | | 473,000 | | JPY | | 70,561,463 | | CIT | | 04/18/24 | | | 5,740 | | | | — | |
| USD | | 501,270 | | JPY | | 74,765,236 | | CIT | | 06/26/24 | | | 943 | | | | — | |
| USD | | 386,400 | | JPY | | 56,648,666 | | HSB | | 04/18/24 | | | 11,271 | | | | — | |
| USD | | 1,692,357 | | JPY | | 252,433,934 | | HSB | | 06/26/24 | | | 3,074 | | | | — | |
| USD | | 444,482 | | JPY | | 64,928,616 | | JPM | | 04/18/24 | | | 14,523 | | | | — | |
| USD | | 584,147 | | JPY | | 85,128,373 | | MSC | | 04/18/24 | | | 20,425 | | | | — | |
| USD | | 964,489 | | JPY | | 143,840,641 | | SSB | | 06/26/24 | | | 1,911 | | | | — | |
| USD | | 194,339 | | MXN | | 3,336,024 | | CIT | | 04/18/24 | | | — | | | | 5,833 | |
| USD | | 265,189 | | MXN | | 4,552,902 | | HSB | | 04/18/24 | | | — | | | | 7,999 | |
| USD | | 898,345 | | MXN | | 15,422,119 | | JPM | | 04/18/24 | | | — | | | | 27,031 | |
| USD | | 60,914 | | MXN | | 1,045,648 | | MSC | | 04/18/24 | | | — | | | | 1,828 | |
| USD | | 94,621 | | NOK | | 983,079 | | HSB | | 04/18/24 | | | 4,034 | | | | — | |
| USD | | 1,431,479 | | NOK | | 14,880,178 | | JPM | | 04/18/24 | | | 60,324 | | | | — | |
| USD | | 957,579 | | NOK | | 10,010,343 | | MSC | | 04/18/24 | | | 35,162 | | | | — | |
| USD | | 1,000,159 | | NZD | | 1,625,664 | | CIT | | 04/18/24 | | | 28,891 | | | | — | |
| USD | | 3,097,079 | | NZD | | 5,034,449 | | HSB | | 04/18/24 | | | 89,201 | | | | — | |
| USD | | 580,951 | | PEN | | 2,149,984 | | CIT | | 06/26/24 | | | 3,848 | | | | — | |
| USD | | 518,716 | | PEN | | 1,916,395 | | HSB | | 06/26/24 | | | 4,313 | | | | — | |
| USD | | 346,085 | | PLN | | 1,399,218 | | HSB | | 04/18/24 | | | — | | | | 4,179 | |
Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)
Currency
Purchased | | Quantity | | Currency
Sold | | Quantity | | Counterparty | | Settlement
Date | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| USD | | 551,098 | | RON | | 2,538,859 | | HSB | | 04/18/24 | | $ | 125 | | | $ | — | |
| USD | | 500,632 | | SEK | | 5,230,390 | | JPM | | 04/18/24 | | | 11,701 | | | | — | |
| USD | | 123,553 | | SGD | | 163,936 | | CIT | | 04/18/24 | | | 2,052 | | | | — | |
| USD | | 567,989 | | SGD | | 753,534 | | JPM | | 04/18/24 | | | 9,504 | | | | — | |
| USD | | 967,523 | | THB | | 34,045,202 | | HSB | | 04/18/24 | | | 33,231 | | | | — | |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | | $ | 740,174 | | | $ | 980,651 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement International Equity Portfolio | |
| Common Stocks | 93.6% | | | | | | | | |
| Belgium | 1.2% | | | | | | | | |
| KBC Group NV | | | 18,791 | | | $ | 1,411,887 | |
| Canada | 3.0% | | | | | | | | |
| Gildan Activewear, Inc. | | | 43,603 | | | | 1,618,192 | |
| Suncor Energy, Inc. | | | 52,244 | | | | 1,928,078 | |
| | | | | | | | 3,546,270 | |
| China | 3.3% | | | | | | | | |
| Autohome, Inc. ADR | | | 26,191 | | | | 686,728 | |
| ESR Group Ltd. | | | 414,000 | | | | 443,417 | |
| Li Ning Co. Ltd. | | | 319,000 | | | | 848,587 | |
| Sungrow Power Supply Co. Ltd., Class A | | | 49,900 | | | | 712,800 | |
| Tencent Holdings Ltd. | | | 31,100 | | | | 1,213,668 | |
| | | | | | | | 3,905,200 | |
| Denmark | 0.9% | | | | | | | | |
| Carlsberg AS, Class B | | | 7,560 | | | | 1,035,819 | |
| Finland | 1.7% | | | | | | | | |
| Fortum OYJ | | | 83,547 | | | | 1,031,111 | |
| Nordea Bank Abp | | | 86,951 | | | | 968,491 | |
| | | | | | | | 1,999,602 | |
| France | 11.7% | | | | | | | | |
| Air Liquide SA | | | 9,913 | | | | 2,065,879 | |
| Airbus SE | | | 9,998 | | | | 1,844,192 | |
| Bureau Veritas SA | | | 52,305 | | | | 1,594,277 | |
| Capgemini SE | | | 7,539 | | | | 1,738,438 | |
| Engie SA | | | 112,109 | | | | 1,883,965 | |
| Orange SA | | | 135,655 | | | | 1,593,627 | |
| Pernod Ricard SA | | | 8,547 | | | | 1,381,958 | |
| Thales SA | | | 10,283 | | | | 1,753,011 | |
| | | | | | | | 13,855,347 | |
| Germany | 9.9% | | | | | | | | |
| Continental AG | | | 22,559 | | | | 1,628,298 | |
| Merck KGaA | | | 11,694 | | | | 2,063,853 | |
| MTU Aero Engines AG | | | 4,994 | | | | 1,267,187 | |
| Rheinmetall AG | | | 3,434 | | | | 1,929,883 | |
| SAP SE | | | 11,355 | | | | 2,210,741 | |
| Siemens AG | | | 4,580 | | | | 874,345 | |
| Siemens Healthineers AG | | | 27,767 | | | | 1,699,210 | |
| | | | | | | | 11,673,517 | |
| Greece | 0.9% | | | | | | | | |
| National Bank of Greece SA (*) | | | 140,727 | | | | 1,101,765 | |
| Hong Kong | 1.7% | | | | | | | | |
| AIA Group Ltd. | | | 134,000 | | | | 899,272 | |
| Description | | Shares | | | Fair
Value | |
| Techtronic Industries Co. Ltd. | | | 84,500 | | | $ | 1,145,620 | |
| | | | | | | | 2,044,892 | |
| Israel | 0.9% | | | | | | | | |
| Wix.com Ltd. (*) | | | 7,944 | | | | 1,092,141 | |
| Italy | 3.2% | | | | | | | | |
| Ryanair Holdings PLC ADR | | | 16,420 | | | | 2,390,588 | |
| UniCredit SpA | | | 34,955 | | | | 1,326,491 | |
| | | | | | | | 3,717,079 | |
| Japan | 16.2% | | | | | | | | |
| Asics Corp. | | | 33,600 | | | | 1,586,810 | |
| Bandai Namco Holdings, Inc. | | | 44,300 | | | | 820,146 | |
| BayCurrent Consulting, Inc. | | | 30,700 | | | | 601,991 | |
| FANUC Corp. | | | 56,400 | | | | 1,577,447 | |
| Hitachi Ltd. | | | 18,500 | | | | 1,689,785 | |
| Kokusai Electric Corp. | | | 42,000 | | | | 1,077,865 | |
| MatsukiyoCocokara & Co. | | | 115,300 | | | | 1,851,904 | |
| Nippon Sanso Holdings Corp. | | | 49,800 | | | | 1,563,374 | |
| Nitori Holdings Co. Ltd. | | | 10,100 | | | | 1,522,492 | |
| Recruit Holdings Co. Ltd. | | | 26,000 | | | | 1,145,354 | |
| Renesas Electronics Corp. | | | 104,724 | | | | 1,874,387 | |
| Shimadzu Corp. | | | 37,500 | | | | 1,045,835 | |
| Suzuki Motor Corp. | | | 147,600 | | | | 1,683,710 | |
| ZOZO, Inc. | | | 40,900 | | | | 1,014,999 | |
| | | | | | | | 19,056,099 | |
| Mexico | 1.1% | | | | | | | | |
| Arca Continental SAB de CV | | | 117,000 | | | | 1,276,943 | |
| Netherlands | 3.6% | | | | | | | | |
| Akzo Nobel NV | | | 13,299 | | | | 991,925 | |
| ING Groep NV | | | 114,296 | | | | 1,882,352 | |
| Universal Music Group NV | | | 45,498 | | | | 1,368,068 | |
| | | | | | | | 4,242,345 | |
| Singapore | 1.9% | | | | | | | | |
| DBS Group Holdings Ltd. | | | 48,360 | | | | 1,293,494 | |
| STMicroelectronics NV | | | 22,374 | | | | 964,064 | |
| | | | | | | | 2,257,558 | |
| South Korea | 1.3% | | | | | | | | |
| Samsung Electronics Co. Ltd. | | | 25,001 | | | | 1,496,931 | |
| Spain | 1.5% | | | | | | | | |
| Industria de Diseno Textil SA | | | 34,970 | | | | 1,760,978 | |
| Sweden | 1.6% | | | | | | | | |
| Sandvik AB | | | 87,159 | | | | 1,933,892 | |
| Switzerland | 2.7% | | | | | | | | |
| ABB Ltd. | | | 39,110 | | | | 1,815,200 | |
The accompanying notes are an integral part of these financial statements.
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement International Equity Portfolio (concluded) | |
| Cie Financiere Richemont SA, Class A | | | 8,805 | | | $ | 1,346,938 | |
| | | | | | | | 3,162,138 | |
| Taiwan | 1.8% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 15,716 | | | | 2,138,162 | |
| United Kingdom | 15.2% | | | | | | | | |
| 3i Group PLC | | | 48,610 | | | | 1,721,957 | |
| AstraZeneca PLC | | | 8,935 | | | | 1,203,018 | |
| BP PLC | | | 335,082 | | | | 2,105,432 | |
| Coca-Cola Europacific Partners PLC | | | 18,418 | | | | 1,300,910 | |
| Compass Group PLC | | | 62,864 | | | | 1,842,360 | |
| London Stock Exchange Group PLC | | | 12,017 | | | | 1,439,381 | |
| RELX PLC | | | 92,305 | | | | 3,988,411 | |
| Rentokil Initial PLC | | | 199,377 | | | | 1,189,822 | |
| Unilever PLC | | | 47,016 | | | | 2,360,963 | |
| WPP PLC | | | 83,403 | | | | 789,301 | |
| | | | | | | | 17,941,555 | |
| United States | 8.3% | | | | | | | | |
| Aon PLC, Class A | | | 5,158 | | | | 1,721,328 | |
| Chubb Ltd. | | | 2,919 | | | | 756,400 | |
| CRH PLC | | | 10,012 | | | | 863,635 | |
| Experian PLC | | | 29,687 | | | | 1,296,017 | |
| ICON PLC (*) | | | 7,777 | | | | 2,612,683 | |
| Roche Holding AG | | | 9,817 | | | | 2,506,053 | |
| | | | | | | | 9,756,116 | |
Total Common Stocks
(Cost $93,670,913) | | | | | | | 110,406,236 | |
| Preferred Stocks | 2.5% | | | | | | | | |
| Brazil | 1.1% | | | | | | | | |
| Itau Unibanco Holding SA | | | 199,300 | | | | 1,376,511 | |
| Germany | 1.4% | | | | | | | | |
| Henkel AG & Co. KGaA | | | 20,693 | | | | 1,663,041 | |
Total Preferred Stocks
(Cost $2,646,850) | | | | | | | 3,039,552 | |
| Short-Term Investments | 3.6% |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield)
(Cost $4,187,856) | | | 4,187,856 | | | | 4,187,856 | |
| Description | | | | | Fair
Value | |
Total Investments | 99.7%
(Cost $100,505,619) | | | | | | $ | 117,633,644 | |
| Cash and Other Assets in Excess of Liabilities | 0.3% | | | | | | | 324,578 | |
| Net Assets | 100.0% | | | | | | $ | 117,958,222 | |
The accompanying notes are an integral part of these financial statements.
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement US Small Cap Equity Select Portfolio | |
| Common Stocks | 98.7% | | | | | | | | |
| Aerospace & Defense | 1.1% | | | | | | | | |
| Curtiss-Wright Corp. | | | 1,834 | | | $ | 469,394 | |
| Automobile Components | 1.1% | | | | | | | | |
| Gentherm, Inc. (*) | | | 8,012 | | | | 461,331 | |
| Banks | 6.5% | | | | | | | | |
| Comerica, Inc. | | | 9,936 | | | | 546,381 | |
| Commerce Bancshares, Inc. | | | 12,756 | | | | 678,619 | |
| Home BancShares, Inc. | | | 26,070 | | | | 640,540 | |
| Wintrust Financial Corp. | | | 8,544 | | | | 891,908 | |
| | | | | | | | 2,757,448 | |
| Biotechnology | 3.0% | | | | | | | | |
| Halozyme Therapeutics, Inc. (*) | | | 15,033 | | | | 611,542 | |
| United Therapeutics Corp. (*) | | | 2,837 | | | | 651,716 | |
| | | | | | | | 1,263,258 | |
| Building Products | 2.5% | | | | | | | | |
| Carlisle Cos., Inc. | | | 1,641 | | | | 643,026 | |
| Hayward Holdings, Inc. (*) | | | 27,370 | | | | 419,035 | |
| | | | | | | | 1,062,061 | |
| Capital Markets | 4.9% | | | | | | | | |
| Evercore, Inc., Class A | | | 2,818 | | | | 542,719 | |
| StepStone Group, Inc., Class A | | | 20,536 | | | | 733,957 | |
| Stifel Financial Corp. | | | 10,573 | | | | 826,491 | |
| | | | | | | | 2,103,167 | |
| Chemicals | 1.0% | | | | | | | | |
| Ingevity Corp. (*) | | | 9,083 | | | | 433,259 | |
| Commercial Services & Supplies | 1.4% | |
| Casella Waste Systems, Inc., Class A (*) | | | 6,232 | | | | 616,158 | |
| Communications Equipment | 1.3% | | | | | | | | |
| Ciena Corp. (*) | | | 10,912 | | | | 539,598 | |
| Construction Materials | 1.3% | | | | | | | | |
| Eagle Materials, Inc. | | | 2,051 | | | | 557,359 | |
| Consumer Staples Distribution & Retail | 3.9% | |
| BJ’s Wholesale Club Holdings, Inc. (*) | | | 6,340 | | | | 479,621 | |
| Chefs’ Warehouse Inc. (*) | | | 18,259 | | | | 687,634 | |
| U.S. Foods Holding Corp. (*) | | | 9,029 | | | | 487,295 | |
| | | | | | | | 1,654,550 | |
| Containers & Packaging | 2.8% | | | | | | | | |
| Avery Dennison Corp. | | | 2,140 | | | | 477,755 | |
| Graphic Packaging Holding Co. | | | 23,866 | | | | 696,410 | |
| | | | | | | | 1,174,165 | |
| Description | | Shares | | | Fair
Value | |
| Electrical Equipment | 2.3% | | | | | | | | |
| EnerSys | | | 5,427 | | | $ | 512,635 | |
| Generac Holdings, Inc. (*) | | | 3,672 | | | | 463,186 | |
| | | | | | | | 975,821 | |
| Electronic Equipment, Instruments & Components | 1.4% | |
| Cognex Corp. | | | 14,290 | | | | 606,182 | |
| Energy Equipment & Services | 3.6% | |
| Atlas Energy Solutions, Inc. | | | 21,689 | | | | 490,605 | |
| Cactus, Inc., Class A | | | 13,777 | | | | 690,090 | |
| Liberty Energy, Inc. | | | 17,585 | | | | 364,361 | |
| | | | | | | | 1,545,056 | |
| Financial Services | 1.2% | | | | | | | | |
| AvidXchange Holdings, Inc. (*) | | | 38,967 | | | | 512,416 | |
| Health Care Equipment & Supplies | 4.6% | |
| Enovis Corp. (*) | | | 13,828 | | | | 863,559 | |
| Inspire Medical Systems, Inc. (*) | | | 2,200 | | | | 472,538 | |
| Lantheus Holdings, Inc. (*) | | | 10,198 | | | | 634,723 | |
| | | | | | | | 1,970,820 | |
| Health Care Providers & Services | 0.9% | | | | |
| Henry Schein, Inc. (*) | | | 5,269 | | | | 397,915 | |
| Health Care Technology | 2.1% | | | | | | | | |
| Evolent Health, Inc., Class A (*) | | | 12,970 | | | | 425,286 | |
| Phreesia, Inc. (*) | | | 18,752 | | | | 448,736 | |
| | | | | | | | 874,022 | |
| Hotels, Restaurants & Leisure | 3.1% | |
| Dave & Buster’s Entertainment, Inc. (*) | | | 5,174 | | | | 323,892 | |
| Kura Sushi USA, Inc., Class A (*) | | | 4,479 | | | | 515,802 | |
| Wyndham Hotels & Resorts, Inc. | | | 6,070 | | | | 465,873 | |
| | | | | | | | 1,305,567 | |
| Household Durables | 1.1% | | | | | | | | |
| Helen of Troy Ltd. (*) | | | 4,039 | | | | 465,454 | |
| Insurance | 2.8% | | | | | | | | |
| Hanover Insurance Group, Inc. | | | 3,379 | | | | 460,118 | |
| Reinsurance Group of America, Inc. | | | 3,829 | | | | 738,538 | |
| | | | | | | | 1,198,656 | |
| Interactive Media & Services | 3.4% | | |
| Cars.com, Inc. (*) | | | 30,793 | | | | 529,024 | |
| Ziff Davis, Inc. (*) | | | 8,701 | | | | 548,511 | |
| ZoomInfo Technologies, Inc. (*) | | | 22,341 | | | | 358,126 | |
| | | | | | | | 1,435,661 | |
| IT Services | 2.6% | | | | | | | | |
| DigitalOcean Holdings, Inc. (*) | | | 14,228 | | | | 543,225 | |
| Description | | Shares | | | Fair
Value | |
| Lazard Retirement US Small Cap Equity Select Portfolio (concluded) | |
| Squarespace, Inc., Class A (*) | | | 15,752 | | | $ | 574,003 | |
| | | | | | | | 1,117,228 | |
| Leisure Products | 0.8% | | | | | | | | |
| Brunswick Corp. | | | 3,342 | | | | 322,570 | |
| Life Sciences Tools & Services | 4.4% | |
| AbCellera Biologics, Inc. (*) | | | 75,899 | | | | 343,822 | |
| Charles River Laboratories International, Inc. (*) | | | 2,493 | | | | 675,478 | |
| Maravai LifeSciences Holdings, Inc., Class A (*) | | | 44,915 | | | | 389,413 | |
| Stevanato Group SpA | | | 15,066 | | | | 483,619 | |
| | | | | | | | 1,892,332 | |
| Machinery | 5.4% | | | | | | | | |
| Columbus McKinnon Corp. | | | 12,853 | | | | 573,630 | |
| Gates Industrial Corp. PLC (*) | | | 34,699 | | | | 614,519 | |
| Middleby Corp. (*) | | | 4,999 | | | | 803,789 | |
| Nordson Corp. | | | 1,119 | | | | 307,210 | |
| | | | | | | | 2,299,148 | |
| Oil, Gas & Consumable Fuels | 3.6% | |
| Antero Resources Corp. (*) | | | 23,994 | | | | 695,826 | |
| Magnolia Oil & Gas Corp., Class A | | | 31,981 | | | | 829,907 | |
| | | | | | | | 1,525,733 | |
| Professional Services | 1.1% | | | | | | | | |
| Jacobs Solutions, Inc. | | | 3,096 | | | | 475,948 | |
| Real Estate Management & Development | 1.7% | |
| DigitalBridge Group, Inc. | | | 37,901 | | | | 730,352 | |
| Residential REITs | 1.3% | | | | | | | | |
| Camden Property Trust | | | 5,648 | | | | 555,763 | |
| Retail REITs | 1.5% | | | | | | | | |
| Brixmor Property Group, Inc. | | | 27,963 | | | | 655,732 | |
| Semiconductors & Semiconductor Equipment | 5.4% | |
| Allegro MicroSystems, Inc. (*) | | | 14,965 | | | | 403,456 | |
| Credo Technology Group Holding Ltd. (*) | | | 18,683 | | | | 395,893 | |
| MKS Instruments, Inc. | | | 4,853 | | | | 645,449 | |
| Onto Innovation, Inc. (*) | | | 3,424 | | | | 620,018 | |
| Wolfspeed, Inc. (*) | | | 8,012 | | | | 236,354 | |
| | | | | | | | 2,301,170 | |
| Software | 5.4% | | | | | | | | |
| CyberArk Software Ltd. (*) | | | 1,360 | | | | 361,257 | |
| Dolby Laboratories, Inc., Class A | | | 5,596 | | | | 468,777 | |
| DoubleVerify Holdings, Inc. (*) | | | 16,898 | | | | 594,134 | |
| Dynatrace, Inc. (*) | | | 8,578 | | | | 398,362 | |
| Description | | Shares | | | Fair
Value | |
| N-able, Inc. (*) | | | 36,592 | | | $ | 478,257 | |
| | | | | | | | 2,300,787 | |
| Specialized REITs | 1.3% | | | | | | | | |
| CubeSmart | | | 12,152 | | | | 549,513 | |
| Specialty Retail | 6.1% | | | | | | | | |
| Boot Barn Holdings, Inc. (*) | | | 6,491 | | | | 617,619 | |
| Chewy, Inc., Class A (*) | | | 30,348 | | | | 482,837 | |
| Five Below, Inc. (*) | | | 2,007 | | | | 364,030 | |
| RH (*) | | | 1,573 | | | | 547,813 | |
| Warby Parker, Inc., Class A (*) | | | 44,414 | | | | 604,474 | |
| | | | | | | | 2,616,773 | |
| Trading Companies & Distributors | 0.8% |
| Hudson Technologies, Inc. (*) | | | 30,486 | | | | 335,651 | |
Total Common Stocks
(Cost $36,334,291) | | | | | | | 42,058,018 | |
| Short-Term Investments | 1.0% |
State Street Institutional Treasury Money Market Fund, Premier Class, 5.24% (7 day yield)
(Cost $415,240) | | | 415,240 | | | | 415,240 | |
Total Investments | 99.7%
(Cost $36,749,531) | | | | | | $ | 42,473,258 | |
| Cash and Other Assets in Excess of Liabilities | 0.3% | | | | | | | 134,604 | |
| Net Assets | 100.0% | | | | | | $ | 42,607,862 | |
Lazard Retirement Series, Inc. Notes to Portfolios of Investments
March 31, 2024 (unaudited)
| (*) | Non-income producing security. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (§) | Variable and floating rate securities are securities for which interest rate changes are based on changes in designated base rate. The rate shown are those in effect on March 31, 2024. |
| (#) | Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2024 these securities amounted to 0.5% of net assets of Lazard Retirement Global Dynamic Multi-Assets Portfolio. |
| (††) | A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation. |
| (») | 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 | |
| EURIBOR | - Euro Interbank Offered Rate | |
| ICE | - Intercontinental Exchange | |
| NIBOR | - Nigerian Interbank Offered Rate | |
| 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 | THB | -Thai Baht | |
| CAD | -Canadian Dollar | USD | -United States Dollar | |
| CLP | -Chilean Peso | | | |
| CHF | -Swiss Franc | | | |
| CNH | -Chinese Yuan Renminbi | | | |
| COP | -Colombian Peso | | | |
| CZK | -Czech Koruna | | | |
| DKK | -Danish Krone | | | |
| EUR | -Euro | | | |
| GBP | -British Pound Sterling | | | |
| HUF | -Hungarian Forint | | | |
| IDR | -Indonesian Rupiah | | | |
| ILS | -Israeli Shekel | | | |
| INR | -Indian Rupee | | | |
| JPY | -Japanese Yen | | | |
| KRW | -South Korean Won | | | |
| MXN | -Mexican New Peso | | | |
| NOK | -Norwegian Krone | | | |
| NZD | -New Zealand Dollar | | | |
| PEN | -Peruvian Nuevo Sol | | | |
| PLN | -Polish Zloty | | | |
| RON | -New Romanian Leu | | | |
| SEK | -Swedish Krone | | | |
| SGD | -Singapore Dollar | | | |
Counterparty Abbreviations:
| CIT | -Citibank N.A. | |
| HSB | -HSBC Bank USA N.A. | |
| JPM | -JPMorgan Chase Bank N.A. | |
| MSC | -Morgan Stanley & Co. | |
| SSB | -State Street Bank & Trust Co. | |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:
| Industry† | | Lazard
Retirement
Emerging
Markets
Equity
Portfolio | | Lazard
Retirement
Global
Dynamic
Multi-Asset
Portfolio | | Lazard
Retirement
International
Equity
Portfolio |
| Common & Preferred Stocks and Corporate & Quasi Government Bonds | | | | | | |
| Aerospace & Defense | | — | % | | 0.6 | % | | 5.8 | % |
| Air Freight & Logistics | | — | | | 0.1 | | | — | |
| Auto Components | | 2.0 | | | 0.1 | | | 1.4 | |
| Automobiles | | 0.7 | | | 2.0 | | | 1.4 | |
| Banks | | 20.6 | | | 6.4 | | | 7.9 | |
| Beverages | | — | | | 1.1 | | | 4.2 | |
| Biotechnology | | — | | | 1.6 | | | — | |
| Broadline Retail | | 1.9 | | | 1.1 | | | — | |
| Building Products | | — | | | 0.8 | | | — | |
| Capital Markets | | — | | | 2.4 | | | 2.7 | |
| Chemicals | | 1.0 | | | 0.5 | | | 3.9 | |
| Commercial Services & Suppliers | | — | | | 1.4 | | | 1.0 | |
| Communications Equipment | | — | | | 0.4 | | | — | |
| Construction & Engineering | | — | | | 0.3 | | | — | |
| Construction Materials | | 0.8 | | | — | | | 0.7 | |
| Consumer Finance | | — | | | 0.2 | | | — | |
| Consumer Staples Distribution & Retail | | — | | | 2.2 | | | 1.6 | |
| Containers & Packaging | | — | | | 0.2 | | | — | |
| Diversified REITs | | — | | | 0.5 | | | — | |
| Diversified Telecommunication Services | | 4.3 | | | 1.9 | | | 1.4 | |
| Electric Utilities | | — | | | 0.8 | | | 0.9 | |
| Electrical Equipment | | 0.9 | | | 1.0 | | | 2.1 | |
| Electronic Equipment, Instruments & Components | | 2.4 | | | 0.9 | | | 0.8 | |
| Entertainment | | 0.7 | | | 0.6 | | | 1.2 | |
| Financial Services | | — | | | 2.2 | | | — | |
| Food Products | | 2.0 | | | 0.5 | | | — | |
| Gas Utilities | | 0.8 | | | 0.5 | | | — | |
| Ground Transportation | | — | | | 0.4 | | | — | |
| Health Care Equipment & Supplies | | — | | | 0.6 | | | 1.4 | |
| Health Care Providers & Services | | 2.7 | | | 3.2 | | | — | |
| Hotels & Resort REITs | | — | | | 0.1 | | | — | |
| Hotels, Restaurants & Leisure | | 0.7 | | | 1.7 | | | 1.6 | |
| Household Durables | | 3.8 | | | 1.0 | | | — | |
| Household Products | | 1.2 | | | 1.4 | | | 1.4 | |
| Independent Power & Renewable Electricity Producers | | 0.7 | | | — | | | — | |
| Industrial Conglomerates | | 2.0 | | | 0.2 | | | 2.2 | |
| Industrial REITs | | — | | | 0.2 | | | — | |
| Insurance | | 4.7 | | | 2.7 | | | 2.9 | |
| Interactive Media & Services | | 1.1 | | | 2.8 | | | 1.6 | |
| IT Services | | 1.8 | | | 1.3 | | | 2.4 | |
| Leisure Products | | — | | | 0.2 | | | 0.7 | |
| Life Sciences Tools & Services | | — | | | 0.7 | | | 2.2 | |
| Machinery | | 2.2 | | | 1.8 | | | 3.9 | |
| Media | | — | | | 0.6 | | | 0.7 | |
| Metals & Mining | | 4.2 | | | 0.3 | | | — | |
| Multi-Utilities | | — | | | 0.4 | | | 1.6 | |
| Office REITs | | — | | | 0.1 | | | — | |
| Oil, Gas & Consumable Fuels | | 7.4 | | | 0.9 | | | 3.4 | |
| Passenger Airline | | — | | | 0.2 | | | 2.0 | |
| Personal Care Products | | 2.4 | | | 0.6 | | | 2.0 | |
| Pharmaceuticals | | 0.5 | | | 4.9 | | | 4.9 | |
| Professional Services | | — | | | 1.4 | | | 7.3 | |
| Real Estate Management & Development | | 0.4 | | | 0.2 | | | 0.4 | |
| Retail REITs | | — | | | 0.4 | | | — | |
| Semiconductors & Semiconductor Equipment | | 14.3 | | | 5.0 | | | 5.1 | |
| Software | | — | | | 5.7 | | | 1.9 | |
| Specialized REITs | | — | | | 0.2 | | | — | |
| Specialty Retail | | 1.2 | | | 1.4 | | | 3.6 | |
| Technology Hardware, Storage & Peripherals | | 3.4 | | | 2.0 | | | 1.3 | |
| Textiles, Apparel & Luxury Goods | | — | | | 0.3 | | | 4.6 | |
| Tobacco | | 0.7 | | | 0.3 | | | — | |
| Trading Companies & Distributors | | — | | | 0.6 | | | — | |
| Transportation Infrastructure | | 1.9 | | | — | | | — | |
| Wireless Telecommunication Services | | 2.4 | | | 0.3 | | | — | |
| Subtotal | | 97.8 | | | 74.4 | | | 96.1 | |
| Exchange-Traded Funds | | — | | | 1.2 | | | — | |
| Foreign Government Obligations | | — | | | 16.9 | | | — | |
| Supranational Bonds | | — | | | 3.5 | | | — | |
| U.S. Municipal Bonds | | — | | | 0.8 | | | — | |
| U.S. Treasury Securities | | — | | | 2.0 | | | — | |
| Warrants | | — | | | 0.0 | | | — | |
| Short-Term Investments | | 2.0 | | | 0.7 | | | 3.6 | |
| Total Investments | | 99.8 | % | | 99.5 | % | | 99.7 | % |
| † | Industry classifications may be different than those used for compliance monitoring purposes. |
Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant 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 is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Lazard Retirement Series, Inc.
| By: | /s/ Nathan A. Paul
Nathan A. Paul
Chief Executive Officer |
Date: May 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Nathan A. Paul
Nathan A. Paul
Chief Executive Officer |
Date: May 23, 2024
| By: | /s/ Christina Kennedy
Christina Kennedy
Chief Financial Officer |
Date: May 23, 2024
