# EDGAR Filing Document

**Accession Number:** 0001033669
**File Stem:** 0000930413-26-000441
**Filing Date:** 2026-2
**Character Count:** 235939
**Document Hash:** 3aeb78accd6e9748fe4aac457e33a1f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000441.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000930413-26-000441

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAZARD RETIREMENT SERIES INC
- **CENTRAL INDEX KEY:** 0001033669

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08071
- **FILM NUMBER:** 26666493

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 212-632-6000

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020

## Series and Classes Contracts Data

### Lazard Retirement Emerging Markets Equity Portfolio (Series ID: S000010295)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000028468 | Service Shares  |  |
| C000028469 | Investor Shares |  |

### Lazard Retirement US Small Cap Equity Select Portfolio (Series ID: S000010298)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000028474 | Service Shares |  |

### Lazard Retirement International Equity Portfolio (Series ID: S000010300)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000028478 | Service Shares |  |

### Lazard Retirement Global Dynamic Multi-Asset Portfolio (Series ID: S000037000)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000113248 | Investor Shares |  |
| C000113249 | Service Shares  |  |

?xml version='1.0' encoding='ASCII'?

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: 12/31/25

ITEM 1. REPORTS TO STOCKHOLDERS.

# Lazard Retirement US Small Cap Equity Select Portfolio
![Image](if1169f19e8b39852523a3b27.jpg)

# Service Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Retirement US Small Cap Equity Select Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $111 | 1.10% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the information technology and the consumer staples sectors contributed to performance. Shares of optical laser producer Lumentum rose after the company reported solid earnings results, driven by strong margin performance and new customer wins. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Shares of Coherent, a global leader in lasers and semiconductors, particularly optical transceivers (small components that reliably connect switches and servers in a data center), rose after reporting earnings results and amid encouraging artificial intelligence capex momentum. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Weak stock selection within the health care and consumer discretionary sectors hurt performance in the year. Shares of clinical-stage biopharmaceutical company Janux fell amid several setbacks for one of its prostate cancer treatments during the year. The position was sold in December. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Shares of medical equipment company Enovis fell amid a surprising demand slowdown within the US for joint replacements, coupled with slower than expected synergy realization from the company's large European acquisition completed in 2024.

## **Portfolio Performance**![Growth of 10K Chart](iacd9fb40d8a7f6953162181e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9229 | $9436 | $9121 |
| **2/16** | $9337 | $9433 | $9120 |
| **3/16** | $10014 | $10097 | $9848 |
| **4/16** | $10027 | $10159 | $10003 |
| **5/16** | $10135 | $10341 | $10228 |
| **6/16** | $9986 | $10362 | $10222 |
| **7/16** | $10487 | $10774 | $10832 |
| **8/16** | $10605 | $10801 | $11023 |
| **9/16** | $10562 | $10818 | $11146 |
| **10/16** | $10362 | $10584 | $10616 |
| **11/16** | $11235 | $11058 | $11800 |
| **12/16** | $11578 | $11274 | $12131 |
| **1/17** | $11550 | $11486 | $12179 |
| **2/17** | $11793 | $11913 | $12414 |
| **3/17** | $11721 | $11921 | $12430 |
| **4/17** | $11693 | $12047 | $12566 |
| **5/17** | $11850 | $12171 | $12311 |
| **6/17** | $12065 | $12280 | $12736 |
| **7/17** | $12094 | $12512 | $12831 |
| **8/17** | $11991 | $12536 | $12668 |
| **9/17** | $12577 | $12842 | $13458 |
| **10/17** | $12757 | $13122 | $13573 |
| **11/17** | $13132 | $13521 | $13964 |
| **12/17** | $13193 | $13656 | $13908 |
| **1/18** | $13478 | $14375 | $14271 |
| **2/18** | $12908 | $13846 | $13718 |
| **3/18** | $13019 | $13568 | $13896 |
| **4/18** | $13240 | $13619 | $14016 |
| **5/18** | $13605 | $14004 | $14867 |
| **6/18** | $13716 | $14095 | $14973 |
| **7/18** | $14064 | $14563 | $15234 |
| **8/18** | $14406 | $15074 | $15891 |
| **9/18** | $14156 | $15099 | $15509 |
| **10/18** | $12509 | $13988 | $13824 |
| **11/18** | $12892 | $14268 | $14044 |
| **12/18** | $11446 | $12940 | $12376 |
| **1/19** | $12616 | $14050 | $13768 |
| **2/19** | $13165 | $14545 | $14484 |
| **3/19** | $13076 | $14757 | $14181 |
| **4/19** | $13732 | $15346 | $14662 |
| **5/19** | $12882 | $14353 | $13522 |
| **6/19** | $13892 | $15361 | $14478 |
| **7/19** | $14016 | $15590 | $14561 |
| **8/19** | $13607 | $15272 | $13842 |
| **9/19** | $14113 | $15540 | $14130 |
| **10/19** | $14438 | $15874 | $14502 |
| **11/19** | $14583 | $16478 | $15099 |
| **12/19** | $14872 | $16954 | $15535 |
| **1/20** | $14565 | $16935 | $15037 |
| **2/20** | $13390 | $15549 | $13771 |
| **3/20** | $10264 | $13410 | $10779 |
| **4/20** | $11691 | $15187 | $12259 |
| **5/20** | $12414 | $15999 | $13057 |
| **6/20** | $12396 | $16364 | $13519 |
| **7/20** | $12974 | $17294 | $13893 |
| **8/20** | $13331 | $18546 | $14676 |
| **9/20** | $12823 | $17871 | $14185 |
| **10/20** | $13096 | $17485 | $14482 |
| **11/20** | $14970 | $19613 | $17152 |
| **12/20** | $15878 | $20495 | $18635 |
| **1/21** | $16073 | $20404 | $19573 |
| **2/21** | $17264 | $21042 | $20793 |
| **3/21** | $17820 | $21796 | $21002 |
| **4/21** | $18698 | $22919 | $21443 |
| **5/21** | $18718 | $23024 | $21487 |
| **6/21** | $18571 | $23592 | $21903 |
| **7/21** | $18240 | $23991 | $21113 |
| **8/21** | $18524 | $24675 | $21585 |
| **9/21** | $17997 | $23568 | $20948 |
| **10/21** | $18818 | $25162 | $21839 |
| **11/21** | $17997 | $24779 | $20929 |
| **12/21** | $19033 | $25754 | $21397 |
| **1/22** | $18006 | $24239 | $19337 |
| **2/22** | $18124 | $23628 | $19543 |
| **3/22** | $18075 | $24395 | $19787 |
| **4/22** | $17000 | $22206 | $17826 |
| **5/22** | $16970 | $22176 | $17853 |
| **6/22** | $15318 | $20321 | $16384 |
| **7/22** | $16863 | $22227 | $18095 |
| **8/22** | $16158 | $21398 | $17725 |
| **9/22** | $14769 | $19413 | $16026 |
| **10/22** | $16237 | $21005 | $17790 |
| **11/22** | $17023 | $22102 | $18206 |
| **12/22** | $16080 | $20808 | $17024 |
| **1/23** | $17377 | $22241 | $18683 |
| **2/23** | $16958 | $21721 | $18368 |
| **3/23** | $16381 | $22302 | $17490 |
| **4/23** | $16014 | $22539 | $17176 |
| **5/23** | $15503 | $22627 | $17017 |
| **6/23** | $16656 | $24172 | $18401 |
| **7/23** | $17482 | $25039 | $19526 |
| **8/23** | $16800 | $24555 | $18549 |
| **9/23** | $16053 | $23386 | $17457 |
| **10/23** | $15215 | $22766 | $16267 |
| **11/23** | $16289 | $24889 | $17739 |
| **12/23** | $17692 | $26209 | $19906 |
| **1/24** | $17312 | $26499 | $19132 |
| **2/24** | $18216 | $27934 | $20214 |
| **3/24** | $18910 | $28835 | $20937 |
| **4/24** | $17796 | $27566 | $19464 |
| **5/24** | $18596 | $28868 | $20440 |
| **6/24** | $18242 | $29762 | $20251 |
| **7/24** | $19251 | $30315 | $22309 |
| **8/24** | $19590 | $30975 | $21975 |
| **9/24** | $19849 | $31616 | $22129 |
| **10/24** | $19400 | $31384 | $21809 |
| **11/24** | $21086 | $33471 | $24202 |
| **12/24** | $19658 | $32448 | $22203 |
| **1/25** | $20732 | $33473 | $22785 |
| **2/25** | $19318 | $32831 | $21566 |
| **3/25** | $17755 | $30916 | $20098 |
| **4/25** | $17198 | $30709 | $19634 |
| **5/25** | $17524 | $32655 | $20682 |
| **6/25** | $18312 | $34314 | $21807 |
| **7/25** | $18543 | $35070 | $22185 |
| **8/25** | $19452 | $35882 | $23770 |
| **9/25** | $19374 | $37120 | $24509 |
| **10/25** | $19560 | $37915 | $24953 |
| **11/25** | $19994 | $38020 | $25193 |
| **12/25** | $20087 | $38012 | $25046 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 2.18% | 4.82% | 7.22% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9226538 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 89% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $140319 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| DigitalOcean Holdings, Inc. | 3.2% |
| Zeta Global Holdings Corp., Class A | 2.7% |
| Coherent Corp. | 2.4% |
| Wintrust Financial Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.2% |
| Floor & Decor Holdings, Inc., Class A | 2.2% |
| First American Financial Corp. | 2.2% |
| First Watch Restaurant Group, Inc. | 2.2% |
| Toro Co. | 2.1% |
| BankUnited, Inc. | 2.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.3% |
| Information Technology | 18.3% |
| Financials | 17.7% |
| Health Care | 16.6% |
| Consumer Discretionary | 11.1% |
| Energy | 4.4% |
| Materials | 3.3% |
| Communication Services | 3.2% |
| Consumer Staples | 2.8% |
| Other (includes short-term investments) | 2.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i84975522aa4a5cb18486d6f4.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](if1169f19e8b39852523a3b27.jpg)

# Lazard Retirement Emerging Markets Equity Portfolio
![Image](if1169f19e8b39852523a3b27.jpg)

# Investor Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Retirement Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $137 | 1.13% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the financials and consumer discretionary sectors boosted relative performance, as did stock selection in Taiwan and Indonesia. Shares of Taiwan Semiconductor Manufacturing Company traded higher on optimism that the contract chipmaker will continue to benefit from strong demand for chips linked to artificial intelligence (AI). 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Higher-than-benchmark exposures to the materials sector and to South Africa and Hungary also contributed. Traders bid up shares of OTP Bank after the Hungary-based lender issued a better-than-expected guidance for 2025.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Lower-than-benchmark exposures to the real estate and consumer discretionary sectors and to India and Saudi Arabia were beneficial to relative performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the materials sector detracted from relative performance, as did stock selection in South Africa and Brazil. Shares of Brazil-based, state-owned oil producer Petroleo Brasileiro (Petrobras) fell along with the decline in the price of crude oil.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Higher-than-benchmark exposures to the consumer staples and energy sectors and to Indonesia and Argentina detracted. Shares of Bank Mandiri retreated as part of a broader market sell-off of Indonesia-based lender stocks due to weak macro sentiment, fiscal pressures, and tight liquidity across the country's banking sector.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Lower-than-benchmark exposures to the information technology sector and to Poland and Taiwan were detrimental to relative performance.

## **Portfolio Performance**![Growth of 10K Chart](ie7969fc4b890568cb4a48063.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9736 | $9351 |
| **2/16** | $9555 | $9336 |
| **3/16** | $10903 | $10571 |
| **4/16** | $11244 | $10629 |
| **5/16** | $10812 | $10232 |
| **6/16** | $11444 | $10641 |
| **7/16** | $11986 | $11177 |
| **8/16** | $12150 | $11455 |
| **9/16** | $12453 | $11602 |
| **10/16** | $12537 | $11630 |
| **11/16** | $11839 | $11094 |
| **12/16** | $12112 | $11119 |
| **1/17** | $12732 | $11727 |
| **2/17** | $13091 | $12086 |
| **3/17** | $13424 | $12391 |
| **4/17** | $13659 | $12662 |
| **5/17** | $13770 | $13037 |
| **6/17** | $13705 | $13168 |
| **7/17** | $14449 | $13953 |
| **8/17** | $14734 | $14264 |
| **9/17** | $14616 | $14208 |
| **10/17** | $14957 | $14706 |
| **11/17** | $14911 | $14735 |
| **12/17** | $15520 | $15264 |
| **1/18** | $16778 | $16536 |
| **2/18** | $16033 | $15774 |
| **3/18** | $15819 | $15480 |
| **4/18** | $15360 | $15412 |
| **5/18** | $14315 | $14866 |
| **6/18** | $13662 | $14248 |
| **7/18** | $14062 | $14561 |
| **8/18** | $13327 | $14167 |
| **9/18** | $13441 | $14092 |
| **10/18** | $12733 | $12865 |
| **11/18** | $13140 | $13395 |
| **12/18** | $12677 | $13040 |
| **1/19** | $14123 | $14182 |
| **2/19** | $13686 | $14214 |
| **3/19** | $13611 | $14333 |
| **4/19** | $13925 | $14635 |
| **5/19** | $13304 | $13573 |
| **6/19** | $14000 | $14420 |
| **7/19** | $13707 | $14244 |
| **8/19** | $12992 | $13549 |
| **9/19** | $13467 | $13808 |
| **10/19** | $13991 | $14390 |
| **11/19** | $13984 | $14370 |
| **12/19** | $15004 | $15443 |
| **1/20** | $14094 | $14723 |
| **2/20** | $13116 | $13946 |
| **3/20** | $10436 | $11798 |
| **4/20** | $11153 | $12879 |
| **5/20** | $11373 | $12978 |
| **6/20** | $11690 | $13932 |
| **7/20** | $12289 | $15176 |
| **8/20** | $12143 | $15512 |
| **9/20** | $11951 | $15263 |
| **10/20** | $11930 | $15578 |
| **11/20** | $13663 | $17018 |
| **12/20** | $14849 | $18269 |
| **1/21** | $14863 | $18829 |
| **2/21** | $15168 | $18974 |
| **3/21** | $15594 | $18687 |
| **4/21** | $15758 | $19152 |
| **5/21** | $16581 | $19596 |
| **6/21** | $16468 | $19630 |
| **7/21** | $15807 | $18309 |
| **8/21** | $16232 | $18788 |
| **9/21** | $15760 | $18042 |
| **10/21** | $15782 | $18220 |
| **11/21** | $15092 | $17477 |
| **12/21** | $15709 | $17805 |
| **1/22** | $16043 | $17468 |
| **2/22** | $15325 | $16946 |
| **3/22** | $15078 | $16563 |
| **4/22** | $14265 | $15642 |
| **5/22** | $14744 | $15711 |
| **6/22** | $13306 | $14667 |
| **7/22** | $13459 | $14631 |
| **8/22** | $13299 | $14692 |
| **9/22** | $11897 | $12969 |
| **10/22** | $12040 | $12567 |
| **11/22** | $13729 | $14431 |
| **12/22** | $13359 | $14228 |
| **1/23** | $14566 | $15351 |
| **2/23** | $14045 | $14356 |
| **3/23** | $14422 | $14791 |
| **4/23** | $14558 | $14623 |
| **5/23** | $14234 | $14377 |
| **6/23** | $15146 | $14923 |
| **7/23** | $15787 | $15852 |
| **8/23** | $15099 | $14876 |
| **9/23** | $14956 | $14487 |
| **10/23** | $14662 | $13924 |
| **11/23** | $15704 | $15038 |
| **12/23** | $16380 | $15626 |
| **1/24** | $15807 | $14901 |
| **2/24** | $16515 | $15609 |
| **3/24** | $16778 | $15996 |
| **4/24** | $16881 | $16068 |
| **5/24** | $17295 | $16159 |
| **6/24** | $17740 | $16796 |
| **7/24** | $17900 | $16846 |
| **8/24** | $18381 | $17118 |
| **9/24** | $19444 | $18261 |
| **10/24** | $18282 | $17449 |
| **11/24** | $17861 | $16822 |
| **12/24** | $17639 | $16799 |
| **1/25** | $18414 | $17099 |
| **2/25** | $18430 | $17182 |
| **3/25** | $18735 | $17291 |
| **4/25** | $19222 | $17518 |
| **5/25** | $20030 | $18265 |
| **6/25** | $21283 | $19363 |
| **7/25** | $21415 | $19741 |
| **8/25** | $21942 | $19994 |
| **9/25** | $22740 | $21424 |
| **10/25** | $24057 | $22319 |
| **11/25** | $24346 | $21786 |
| **12/25** | $25068 | $22437 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Investor Shares | 42.12% | 11.04% | 9.63% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $416615127 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3373186 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.5% |
| SK Hynix, Inc. | 3.9% |
| ASE Technology Holding Co. Ltd. | 2.6% |
| China Construction Bank Corp., Class H | 2.2% |
| Wiwynn Corp. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |
| Indus Towers Ltd. | 1.7% |
| MediaTek, Inc. | 1.7% |
| KB Financial Group, Inc. | 1.6% |
| Quanta Computer, Inc. | 1.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 22.8% |
| Consumer Discretionary | 9.2% |
| Communication Services | 7.9% |
| Industrials | 7.6% |
| Consumer Staples | 6.4% |
| Energy | 5.7% |
| Materials | 5.4% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 6.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i84975522aa4a5cb18486d6f4.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](if1169f19e8b39852523a3b27.jpg)

# Lazard Retirement Emerging Markets Equity Portfolio
![Image](if1169f19e8b39852523a3b27.jpg)

# Service Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Retirement Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $167 | 1.38% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the financials and consumer discretionary sectors boosted relative performance, as did stock selection in Taiwan and Indonesia. Shares of Taiwan Semiconductor Manufacturing Company traded higher on optimism that the contract chipmaker will continue to benefit from strong demand for chips linked to artificial intelligence (AI). 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Higher-than-benchmark exposures to the materials sector and to South Africa and Hungary also contributed. Traders bid up shares of OTP Bank after the Hungary-based lender issued a better-than-expected guidance for 2025.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Lower-than-benchmark exposures to the real estate and consumer discretionary sectors and to India and Saudi Arabia were beneficial to relative performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the materials sector detracted from relative performance, as did stock selection in South Africa and Brazil. Shares of Brazil-based, state-owned oil producer Petroleo Brasileiro (Petrobras) fell along with the decline in the price of crude oil.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Higher-than-benchmark exposures to the consumer staples and energy sectors and to Indonesia and Argentina detracted. Shares of Bank Mandiri retreated as part of a broader market sell-off of Indonesia-based lender stocks due to weak macro sentiment, fiscal pressures, and tight liquidity across the country's banking sector.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Lower-than-benchmark exposures to the information technology sector and to Poland and Taiwan were detrimental to relative performance.

## **Portfolio Performance**![Growth of 10K Chart](ib3bc10bcc47f6b3a2c6f9846.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9732 | $9351 |
| **2/16** | $9548 | $9336 |
| **3/16** | $10892 | $10571 |
| **4/16** | $11229 | $10629 |
| **5/16** | $10796 | $10232 |
| **6/16** | $11427 | $10641 |
| **7/16** | $11962 | $11177 |
| **8/16** | $12124 | $11455 |
| **9/16** | $12424 | $11602 |
| **10/16** | $12507 | $11630 |
| **11/16** | $11811 | $11094 |
| **12/16** | $12078 | $11119 |
| **1/17** | $12696 | $11727 |
| **2/17** | $13050 | $12086 |
| **3/17** | $13378 | $12391 |
| **4/17** | $13609 | $12662 |
| **5/17** | $13719 | $13037 |
| **6/17** | $13648 | $13168 |
| **7/17** | $14388 | $13953 |
| **8/17** | $14669 | $14264 |
| **9/17** | $14553 | $14208 |
| **10/17** | $14889 | $14706 |
| **11/17** | $14837 | $14735 |
| **12/17** | $15439 | $15264 |
| **1/18** | $16689 | $16536 |
| **2/18** | $15942 | $15774 |
| **3/18** | $15726 | $15480 |
| **4/18** | $15268 | $15412 |
| **5/18** | $14221 | $14866 |
| **6/18** | $13573 | $14248 |
| **7/18** | $13966 | $14561 |
| **8/18** | $13237 | $14167 |
| **9/18** | $13342 | $14092 |
| **10/18** | $12641 | $12865 |
| **11/18** | $13041 | $13395 |
| **12/18** | $12574 | $13040 |
| **1/19** | $14012 | $14182 |
| **2/19** | $13570 | $14214 |
| **3/19** | $13497 | $14333 |
| **4/19** | $13804 | $14635 |
| **5/19** | $13182 | $13573 |
| **6/19** | $13878 | $14420 |
| **7/19** | $13584 | $14244 |
| **8/19** | $12870 | $13549 |
| **9/19** | $13342 | $13808 |
| **10/19** | $13849 | $14390 |
| **11/19** | $13842 | $14370 |
| **12/19** | $14855 | $15443 |
| **1/20** | $13943 | $14723 |
| **2/20** | $12978 | $13946 |
| **3/20** | $10324 | $11798 |
| **4/20** | $11026 | $12879 |
| **5/20** | $11249 | $12978 |
| **6/20** | $11553 | $13932 |
| **7/20** | $12147 | $15176 |
| **8/20** | $11993 | $15512 |
| **9/20** | $11806 | $15263 |
| **10/20** | $11785 | $15578 |
| **11/20** | $13493 | $17018 |
| **12/20** | $14666 | $18269 |
| **1/21** | $14673 | $18829 |
| **2/21** | $14964 | $18974 |
| **3/21** | $15387 | $18687 |
| **4/21** | $15547 | $19152 |
| **5/21** | $16352 | $19596 |
| **6/21** | $16234 | $19630 |
| **7/21** | $15582 | $18309 |
| **8/21** | $15998 | $18788 |
| **9/21** | $15531 | $18042 |
| **10/21** | $15552 | $18220 |
| **11/21** | $14866 | $17477 |
| **12/21** | $15467 | $17805 |
| **1/22** | $15793 | $17468 |
| **2/22** | $15085 | $16946 |
| **3/22** | $14845 | $16563 |
| **4/22** | $14038 | $15642 |
| **5/22** | $14505 | $15711 |
| **6/22** | $13090 | $14667 |
| **7/22** | $13238 | $14631 |
| **8/22** | $13078 | $14692 |
| **9/22** | $11701 | $12969 |
| **10/22** | $11833 | $12567 |
| **11/22** | $13488 | $14431 |
| **12/22** | $13129 | $14228 |
| **1/23** | $14309 | $15351 |
| **2/23** | $13789 | $14356 |
| **3/23** | $14162 | $14791 |
| **4/23** | $14294 | $14623 |
| **5/23** | $13972 | $14377 |
| **6/23** | $14866 | $14923 |
| **7/23** | $15489 | $15852 |
| **8/23** | $14813 | $14876 |
| **9/23** | $14666 | $14487 |
| **10/23** | $14373 | $13924 |
| **11/23** | $15398 | $15038 |
| **12/23** | $16053 | $15626 |
| **1/24** | $15491 | $14901 |
| **2/24** | $16177 | $15609 |
| **3/24** | $16431 | $15996 |
| **4/24** | $16524 | $16068 |
| **5/24** | $16932 | $16159 |
| **6/24** | $17364 | $16796 |
| **7/24** | $17518 | $16846 |
| **8/24** | $17980 | $17118 |
| **9/24** | $19023 | $18261 |
| **10/24** | $17884 | $17449 |
| **11/24** | $17470 | $16822 |
| **12/24** | $17247 | $16799 |
| **1/25** | $17996 | $17099 |
| **2/25** | $18004 | $17182 |
| **3/25** | $18306 | $17291 |
| **4/25** | $18776 | $17518 |
| **5/25** | $19565 | $18265 |
| **6/25** | $20784 | $19363 |
| **7/25** | $20903 | $19741 |
| **8/25** | $21414 | $19994 |
| **9/25** | $22184 | $21424 |
| **10/25** | $23468 | $22319 |
| **11/25** | $23746 | $21786 |
| **12/25** | $24450 | $22437 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 41.77% | 10.76% | 9.35% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $416615127 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3373186 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.5% |
| SK Hynix, Inc. | 3.9% |
| ASE Technology Holding Co. Ltd. | 2.6% |
| China Construction Bank Corp., Class H | 2.2% |
| Wiwynn Corp. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |
| Indus Towers Ltd. | 1.7% |
| MediaTek, Inc. | 1.7% |
| KB Financial Group, Inc. | 1.6% |
| Quanta Computer, Inc. | 1.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 22.8% |
| Consumer Discretionary | 9.2% |
| Communication Services | 7.9% |
| Industrials | 7.6% |
| Consumer Staples | 6.4% |
| Energy | 5.7% |
| Materials | 5.4% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 6.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i84975522aa4a5cb18486d6f4.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](if1169f19e8b39852523a3b27.jpg)

# Lazard Retirement Global Dynamic Multi-Asset Portfolio
![Image](if1169f19e8b39852523a3b27.jpg)

# Investor Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Retirement Global Dynamic Multi-Asset Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $97 | 0.90% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)The Portfolio's average overweight to equity versus fixed income relative to the benchmark helped performance, as equities outperformed fixed income during the year. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within equity, stock selection in the materials and health care sectors and stock selection in Canada and the United Kingdom helped performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within fixed income, underweight positioning to the CNY (Chinese Yuan) curve and overweight to the PEN (Peruvian Sol) curve helped performance. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within equity, stock selection in the information technology sector, as well as stock selection in the United States, detracted from performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within fixed income, overweight positioning to the GBP (British pound sterling) curve, detracted from performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)The use of derivatives (currency forwards) for foreign exchange hedging purposes marginally detracted from performance for the year. 

## **Portfolio Performance**![Growth of 10K Chart](i6e41793c8e16f865c4645441.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **MSCI World Index** | **GDMA Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **1/19** | $10551 | $10000 | $10000 |
| **2/19** | $10749 | $10301 | $10122 |
| **3/19** | $10870 | $10436 | $10251 |
| **4/19** | $10999 | $10806 | $10418 |
| **5/19** | $10672 | $10183 | $10188 |
| **6/19** | $11189 | $10854 | $10637 |
| **7/19** | $11197 | $10907 | $10648 |
| **8/19** | $11097 | $10684 | $10647 |
| **9/19** | $11157 | $10912 | $10707 |
| **10/19** | $11304 | $11189 | $10879 |
| **11/19** | $11494 | $11501 | $10989 |
| **12/19** | $11779 | $11845 | $11185 |
| **1/20** | $11736 | $11773 | $11223 |
| **2/20** | $10968 | $10778 | $10786 |
| **3/20** | $9975 | $9352 | $9952 |
| **4/20** | $10208 | $10373 | $10593 |
| **5/20** | $10424 | $10874 | $10872 |
| **6/20** | $10571 | $11162 | $11064 |
| **7/20** | $10950 | $11696 | $11505 |
| **8/20** | $11276 | $12477 | $11881 |
| **9/20** | $11083 | $12047 | $11654 |
| **10/20** | $10899 | $11678 | $11481 |
| **11/20** | $11549 | $13171 | $12320 |
| **12/20** | $11892 | $13729 | $12663 |
| **1/21** | $11760 | $13593 | $12545 |
| **2/21** | $11804 | $13941 | $12598 |
| **3/21** | $11997 | $14405 | $12686 |
| **4/21** | $12375 | $15075 | $13061 |
| **5/21** | $12542 | $15292 | $13217 |
| **6/21** | $12613 | $15520 | $13257 |
| **7/21** | $12859 | $15798 | $13464 |
| **8/21** | $13048 | $16191 | $13603 |
| **9/21** | $12569 | $15519 | $13200 |
| **10/21** | $13085 | $16398 | $13558 |
| **11/21** | $12904 | $16039 | $13390 |
| **12/21** | $13338 | $16724 | $13666 |
| **1/22** | $12705 | $15839 | $13165 |
| **2/22** | $12479 | $15439 | $12920 |
| **3/22** | $12370 | $15862 | $12901 |
| **4/22** | $11538 | $14545 | $12011 |
| **5/22** | $11584 | $14556 | $12032 |
| **6/22** | $10969 | $13295 | $11318 |
| **7/22** | $11421 | $14350 | $11888 |
| **8/22** | $10917 | $13750 | $11405 |
| **9/22** | $10205 | $12472 | $10582 |
| **10/22** | $10465 | $13368 | $10925 |
| **11/22** | $11119 | $14297 | $11562 |
| **12/22** | $11033 | $13690 | $11348 |
| **1/23** | $11456 | $14659 | $11936 |
| **2/23** | $11061 | $14307 | $11594 |
| **3/23** | $11398 | $14749 | $11956 |
| **4/23** | $11533 | $15007 | $12087 |
| **5/23** | $11264 | $14857 | $11909 |
| **6/23** | $11639 | $15756 | $12269 |
| **7/23** | $11812 | $16285 | $12517 |
| **8/23** | $11632 | $15896 | $12282 |
| **9/23** | $11194 | $15210 | $11838 |
| **10/23** | $10990 | $14769 | $11595 |
| **11/23** | $11744 | $16154 | $12431 |
| **12/23** | $12253 | $16947 | $12995 |
| **1/24** | $12304 | $17150 | $12983 |
| **2/24** | $12569 | $17877 | $13176 |
| **3/24** | $12864 | $18452 | $13424 |
| **4/24** | $12416 | $17766 | $13006 |
| **5/24** | $12844 | $18560 | $13381 |
| **6/24** | $12926 | $18937 | $13527 |
| **7/24** | $13262 | $19271 | $13833 |
| **8/24** | $13618 | $19780 | $14180 |
| **9/24** | $13781 | $20143 | $14430 |
| **10/24** | $13414 | $19743 | $14045 |
| **11/24** | $13720 | $20649 | $14391 |
| **12/24** | $13313 | $20111 | $14049 |
| **1/25** | $13639 | $20821 | $14337 |
| **2/25** | $13710 | $20671 | $14388 |
| **3/25** | $13506 | $19750 | $14112 |
| **4/25** | $13598 | $19926 | $14382 |
| **5/25** | $13903 | $21105 | $14782 |
| **6/25** | $14270 | $22016 | $15241 |
| **7/25** | $14209 | $22300 | $15226 |
| **8/25** | $14582 | $22881 | $15535 |
| **9/25** | $14868 | $23617 | $15836 |
| **10/25** | $15101 | $24090 | $15974 |
| **11/25** | $15239 | $24158 | $16015 |
| **12/25** | $15440 | $24353 | $16101 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/31/18 |
| Investor Shares | 15.98% | 5.36% | 6.40% |
| MSCI World Index | 21.09% | 12.15% | 14.78% |
| GDMA Index | 14.60% | 4.92% | 7.74% |

---

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17817087 |
| # of Portfolio Holdings | 429 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $960390 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Lazard Emerging Markets Opportunities ETF | 5.1% |
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 3.1% |
| Alphabet, Inc., Class C | 3.0% |
| Microsoft Corp. | 2.7% |
| Amazon.com, Inc. | 2.6% |
| Novartis AG | 1.2% |
| Meta Platforms, Inc., Class A | 1.1% |
| Bermuda Government International Bonds, 2.375%, due 08/20/30 | 1.0% |
| Broadcom, Inc. | 1.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 19.0% |
| Sovereign Debt | 16.4% |
| Financials | 15.2% |
| Industrials | 8.5% |
| Consumer Discretionary | 7.7% |
| Health Care | 7.6% |
| Communication Services | 6.8% |
| Equity Funds | 5.1% |
| Consumer Staples | 4.9% |
| Other (includes short-term investments) | 8.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i84975522aa4a5cb18486d6f4.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](if1169f19e8b39852523a3b27.jpg)

# Lazard Retirement Global Dynamic Multi-Asset Portfolio
![Image](if1169f19e8b39852523a3b27.jpg)

# Service Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Retirement Global Dynamic Multi-Asset Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $113 | 1.05% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)The Portfolio's average overweight to equity versus fixed income relative to the benchmark helped performance, as equities outperformed fixed income during the year. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within equity, stock selection in the materials and health care sectors and stock selection in Canada and the United Kingdom helped performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within fixed income, underweight positioning to the CNY (Chinese Yuan) curve and overweight to the PEN (Peruvian Sol) curve helped performance. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within equity, stock selection in the information technology sector, as well as stock selection in the United States, detracted from performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Within fixed income, overweight positioning to the GBP (British pound sterling) curve, detracted from performance.

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)The use of derivatives (currency forwards) for foreign exchange hedging purposes marginally detracted from performance for the year. 

## **Portfolio Performance**![Growth of 10K Chart](i475e620efd47533bd97bcff0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **MSCI World Index** | **GDMA Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9679 | $9402 | $9744 |
| **2/16** | $9626 | $9332 | $9816 |
| **3/16** | $10148 | $9965 | $10282 |
| **4/16** | $10226 | $10123 | $10432 |
| **5/16** | $10217 | $10180 | $10391 |
| **6/16** | $10252 | $10066 | $10485 |
| **7/16** | $10539 | $10491 | $10746 |
| **8/16** | $10453 | $10499 | $10724 |
| **9/16** | $10522 | $10555 | $10782 |
| **10/16** | $10261 | $10351 | $10528 |
| **11/16** | $10200 | $10500 | $10395 |
| **12/16** | $10330 | $10751 | $10495 |
| **1/17** | $10557 | $11011 | $10681 |
| **2/17** | $10802 | $11316 | $10854 |
| **3/17** | $10916 | $11437 | $10920 |
| **4/17** | $11099 | $11606 | $11063 |
| **5/17** | $11318 | $11851 | $11266 |
| **6/17** | $11344 | $11897 | $11282 |
| **7/17** | $11606 | $12182 | $11512 |
| **8/17** | $11676 | $12199 | $11577 |
| **9/17** | $11860 | $12473 | $11655 |
| **10/17** | $12045 | $12708 | $11743 |
| **11/17** | $12326 | $12984 | $11935 |
| **12/17** | $12451 | $13159 | $12037 |
| **1/18** | $12986 | $13854 | $12426 |
| **2/18** | $12497 | $13280 | $12114 |
| **3/18** | $12395 | $12991 | $12046 |
| **4/18** | $12386 | $13140 | $12019 |
| **5/18** | $12441 | $13222 | $12011 |
| **6/18** | $12377 | $13216 | $11982 |
| **7/18** | $12663 | $13629 | $12159 |
| **8/18** | $12800 | $13797 | $12240 |
| **9/18** | $12827 | $13874 | $12222 |
| **10/18** | $12068 | $12856 | $11705 |
| **11/18** | $12179 | $13002 | $11789 |
| **12/18** | $11633 | $12013 | $11460 |
| **1/19** | $12274 | $12948 | $11993 |
| **2/19** | $12505 | $13337 | $12139 |
| **3/19** | $12645 | $13512 | $12295 |
| **4/19** | $12795 | $13991 | $12495 |
| **5/19** | $12415 | $13184 | $12219 |
| **6/19** | $13016 | $14053 | $12757 |
| **7/19** | $13026 | $14122 | $12771 |
| **8/19** | $12909 | $13833 | $12770 |
| **9/19** | $12990 | $14128 | $12841 |
| **10/19** | $13150 | $14487 | $13047 |
| **11/19** | $13371 | $14891 | $13179 |
| **12/19** | $13702 | $15337 | $13415 |
| **1/20** | $13642 | $15244 | $13460 |
| **2/20** | $12759 | $13955 | $12936 |
| **3/20** | $11594 | $12108 | $11935 |
| **4/20** | $11865 | $13431 | $12704 |
| **5/20** | $12116 | $14080 | $13039 |
| **6/20** | $12287 | $14452 | $13270 |
| **7/20** | $12729 | $15144 | $13799 |
| **8/20** | $13098 | $16155 | $14249 |
| **9/20** | $12874 | $15598 | $13978 |
| **10/20** | $12659 | $15120 | $13770 |
| **11/20** | $13405 | $17053 | $14775 |
| **12/20** | $13813 | $17776 | $15188 |
| **1/21** | $13660 | $17599 | $15046 |
| **2/21** | $13701 | $18050 | $15109 |
| **3/21** | $13925 | $18651 | $15215 |
| **4/21** | $14364 | $19519 | $15665 |
| **5/21** | $14558 | $19800 | $15851 |
| **6/21** | $14640 | $20095 | $15900 |
| **7/21** | $14916 | $20455 | $16148 |
| **8/21** | $15136 | $20964 | $16315 |
| **9/21** | $14569 | $20094 | $15832 |
| **10/21** | $15178 | $21232 | $16261 |
| **11/21** | $14958 | $20766 | $16059 |
| **12/21** | $15462 | $21654 | $16391 |
| **1/22** | $14727 | $20508 | $15789 |
| **2/22** | $14464 | $19990 | $15496 |
| **3/22** | $14338 | $20538 | $15472 |
| **4/22** | $13372 | $18832 | $14406 |
| **5/22** | $13424 | $18846 | $14431 |
| **6/22** | $12710 | $17214 | $13574 |
| **7/22** | $13235 | $18580 | $14258 |
| **8/22** | $12641 | $17804 | $13678 |
| **9/22** | $11815 | $16149 | $12691 |
| **10/22** | $12116 | $17308 | $13103 |
| **11/22** | $12865 | $18512 | $13867 |
| **12/22** | $12775 | $17726 | $13610 |
| **1/23** | $13256 | $18980 | $14315 |
| **2/23** | $12809 | $18524 | $13905 |
| **3/23** | $13188 | $19096 | $14340 |
| **4/23** | $13345 | $19431 | $14497 |
| **5/23** | $13032 | $19237 | $14283 |
| **6/23** | $13457 | $20400 | $14714 |
| **7/23** | $13669 | $21085 | $15012 |
| **8/23** | $13448 | $20582 | $14730 |
| **9/23** | $12940 | $19694 | $14197 |
| **10/23** | $12715 | $19122 | $13907 |
| **11/23** | $13578 | $20915 | $14909 |
| **12/23** | $14157 | $21942 | $15585 |
| **1/24** | $14216 | $22205 | $15571 |
| **2/24** | $14523 | $23147 | $15803 |
| **3/24** | $14866 | $23891 | $16101 |
| **4/24** | $14346 | $23003 | $15598 |
| **5/24** | $14842 | $24030 | $16049 |
| **6/24** | $14937 | $24519 | $16224 |
| **7/24** | $15327 | $24951 | $16591 |
| **8/24** | $15728 | $25611 | $17006 |
| **9/24** | $15906 | $26080 | $17307 |
| **10/24** | $15480 | $25563 | $16845 |
| **11/24** | $15847 | $26736 | $17260 |
| **12/24** | $15374 | $26039 | $16850 |
| **1/25** | $15728 | $26958 | $17195 |
| **2/25** | $15823 | $26764 | $17256 |
| **3/25** | $15575 | $25572 | $16925 |
| **4/25** | $15693 | $25799 | $17249 |
| **5/25** | $16036 | $27326 | $17729 |
| **6/25** | $16461 | $28506 | $18280 |
| **7/25** | $16390 | $28873 | $18261 |
| **8/25** | $16809 | $29626 | $18632 |
| **9/25** | $17141 | $30578 | $18992 |
| **10/25** | $17411 | $31190 | $19158 |
| **11/25** | $17558 | $31279 | $19208 |
| **12/25** | $17791 | $31531 | $19310 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 15.72% | 5.19% | 5.93% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| GDMA Index | 14.60% | 4.92% | 6.80% |

---

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $17817087 |
| # of Portfolio Holdings | 429 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $960390 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Lazard Emerging Markets Opportunities ETF | 5.1% |
| NVIDIA Corp. | 3.5% |
| Apple, Inc. | 3.1% |
| Alphabet, Inc., Class C | 3.0% |
| Microsoft Corp. | 2.7% |
| Amazon.com, Inc. | 2.6% |
| Novartis AG | 1.2% |
| Meta Platforms, Inc., Class A | 1.1% |
| Bermuda Government International Bonds, 2.375%, due 08/20/30 | 1.0% |
| Broadcom, Inc. | 1.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 19.0% |
| Sovereign Debt | 16.4% |
| Financials | 15.2% |
| Industrials | 8.5% |
| Consumer Discretionary | 7.7% |
| Health Care | 7.6% |
| Communication Services | 6.8% |
| Equity Funds | 5.1% |
| Consumer Staples | 4.9% |
| Other (includes short-term investments) | 8.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i84975522aa4a5cb18486d6f4.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](if1169f19e8b39852523a3b27.jpg)

# Lazard Retirement International Equity Portfolio
![Image](if1169f19e8b39852523a3b27.jpg)

# Service Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Retirement International Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last year ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Shares | $129 | 1.11% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the financials sector, particularly banks helped performance (National Bank of Greece, Bankinter, Unicredit). 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock section within semiconductors and software & services along with underweight exposure to the healthcare sector also helped performance. 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Overweight exposure to the information technology sector detracted from performance. Weak stock selection within materials also hurt performance (Croda, Amcor).

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Stock selection in the healthcare sector detracted, as the pharmaceutical industry lagged the overall index (ICON, Merck). 

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX).

* ![Bullet](ic80284c0d4b3ea9467f51a25.jpg)Underweight exposure to Japan and stock selection helped performance.

## **Portfolio Performance**![Growth of 10K Chart](i13c858fc4a2d0db257a3a787.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9511 | $9277 |
| **2/16** | $9267 | $9107 |
| **3/16** | $9919 | $9699 |
| **4/16** | $10033 | $9980 |
| **5/16** | $10033 | $9890 |
| **6/16** | $9748 | $9558 |
| **7/16** | $9976 | $10042 |
| **8/16** | $9873 | $10049 |
| **9/16** | $10053 | $10173 |
| **10/16** | $9587 | $9965 |
| **11/16** | $9407 | $9766 |
| **12/16** | $9571 | $10100 |
| **1/17** | $9704 | $10393 |
| **2/17** | $9811 | $10542 |
| **3/17** | $10092 | $10832 |
| **4/17** | $10382 | $11107 |
| **5/17** | $10771 | $11515 |
| **6/17** | $10705 | $11495 |
| **7/17** | $11060 | $11826 |
| **8/17** | $11018 | $11822 |
| **9/17** | $11219 | $12116 |
| **10/17** | $11395 | $12300 |
| **11/17** | $11571 | $12429 |
| **12/17** | $11709 | $12628 |
| **1/18** | $12293 | $13262 |
| **2/18** | $11633 | $12663 |
| **3/18** | $11666 | $12435 |
| **4/18** | $11676 | $12719 |
| **5/18** | $11514 | $12433 |
| **6/18** | $11363 | $12281 |
| **7/18** | $11536 | $12584 |
| **8/18** | $11317 | $12340 |
| **9/18** | $11437 | $12448 |
| **10/18** | $10592 | $11457 |
| **11/18** | $10581 | $11442 |
| **12/18** | $10080 | $10887 |
| **1/19** | $10643 | $11602 |
| **2/19** | $11006 | $11898 |
| **3/19** | $11088 | $11973 |
| **4/19** | $11404 | $12310 |
| **5/19** | $11029 | $11719 |
| **6/19** | $11651 | $12414 |
| **7/19** | $11416 | $12256 |
| **8/19** | $11174 | $11939 |
| **9/19** | $11456 | $12281 |
| **10/19** | $11692 | $12722 |
| **11/19** | $11786 | $12866 |
| **12/19** | $12197 | $13284 |
| **1/20** | $11974 | $13006 |
| **2/20** | $11092 | $11830 |
| **3/20** | $9363 | $10251 |
| **4/20** | $9904 | $10914 |
| **5/20** | $10421 | $11389 |
| **6/20** | $10704 | $11777 |
| **7/20** | $11139 | $12051 |
| **8/20** | $11735 | $12671 |
| **9/20** | $11474 | $12342 |
| **10/20** | $10965 | $11849 |
| **11/20** | $12581 | $13685 |
| **12/20** | $13202 | $14322 |
| **1/21** | $12916 | $14169 |
| **2/21** | $13090 | $14487 |
| **3/21** | $13426 | $14820 |
| **4/21** | $13886 | $15266 |
| **5/21** | $14209 | $15764 |
| **6/21** | $13923 | $15586 |
| **7/21** | $13998 | $15704 |
| **8/21** | $14354 | $15981 |
| **9/21** | $13922 | $15517 |
| **10/21** | $14277 | $15899 |
| **11/21** | $13477 | $15159 |
| **12/21** | $13972 | $15935 |
| **1/22** | $13426 | $15165 |
| **2/22** | $13210 | $14897 |
| **3/22** | $13020 | $14993 |
| **4/22** | $12232 | $14023 |
| **5/22** | $12563 | $14128 |
| **6/22** | $11546 | $12817 |
| **7/22** | $11991 | $13455 |
| **8/22** | $11308 | $12816 |
| **9/22** | $10277 | $11617 |
| **10/22** | $10770 | $12242 |
| **11/22** | $12040 | $13621 |
| **12/22** | $11875 | $13632 |
| **1/23** | $12951 | $14736 |
| **2/23** | $12548 | $14428 |
| **3/23** | $12906 | $14786 |
| **4/23** | $13085 | $15204 |
| **5/23** | $12592 | $14560 |
| **6/23** | $13399 | $15223 |
| **7/23** | $13653 | $15715 |
| **8/23** | $13171 | $15113 |
| **9/23** | $12656 | $14597 |
| **10/23** | $12247 | $14005 |
| **11/23** | $13322 | $15305 |
| **12/23** | $13761 | $16118 |
| **1/24** | $13640 | $16211 |
| **2/24** | $14124 | $16508 |
| **3/24** | $14624 | $17051 |
| **4/24** | $14109 | $16614 |
| **5/24** | $14821 | $17258 |
| **6/24** | $14488 | $16979 |
| **7/24** | $15124 | $17477 |
| **8/24** | $15769 | $18045 |
| **9/24** | $15925 | $18212 |
| **10/24** | $14926 | $17222 |
| **11/24** | $14910 | $17124 |
| **12/24** | $14535 | $16734 |
| **1/25** | $15394 | $17614 |
| **2/25** | $15862 | $17956 |
| **3/25** | $15800 | $17883 |
| **4/25** | $16424 | $18702 |
| **5/25** | $17267 | $19558 |
| **6/25** | $17783 | $19989 |
| **7/25** | $17455 | $19708 |
| **8/25** | $18095 | $20548 |
| **9/25** | $18805 | $20942 |
| **10/25** | $18805 | $21188 |
| **11/25** | $18920 | $21320 |
| **12/25** | $19349 | $21959 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 33.12% | 7.95% | 6.82% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

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

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

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $106995592 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $762666 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Unilever PLC | 2.6% |
| Engie SA | 2.2% |
| AstraZeneca PLC | 2.2% |
| RELX PLC | 2.2% |
| National Bank of Greece SA | 2.1% |
| Samsung Electronics Co. Ltd. | 2.1% |
| ASML Holding NV | 2.1% |
| AIA Group Ltd. | 2.1% |
| UniCredit SpA | 2.0% |
| Bank Hapoalim BM | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 17.9% |
| Consumer Discretionary | 10.1% |
| Information Technology | 9.3% |
| Consumer Staples | 9.1% |
| Health Care | 9.0% |
| Materials | 8.8% |
| Communication Services | 3.9% |
| Utilities | 2.9% |
| Other (includes short-term investments) | 5.0% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i84975522aa4a5cb18486d6f4.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](if1169f19e8b39852523a3b27.jpg)

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the "CEO/CFO Code of Ethics"). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Directors (the "Board") has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the "SEC"). Mr. Solmson and Ms. Eckl are "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $148,350 in 2024 and $151,400 in 2025 (plus expenses in each case).

(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant's investment manager ("Lazard") and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant ("Service Affiliates") that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $1,294,787 in 2024 and $1,504,598 in 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $14,135 in 2024 and $14,602 in 2025. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $38,241 in 2024 and $8,808 in 2025.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2024 and 0 in 2025.

(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.

There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.

(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval of the Auditor's engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant's Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor's engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.

(f) None.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $472,450 in 2024 and $488,256 in 2025.

(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor's independence.

(i) Not applicable.

(j) 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 Financial Statements and Financial Highlights filed under Item 7 of this Form.

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

Lazard Retirement Series

Annual Financial

Statements

December 31, 2025

Equity

Lazard Retirement Emerging Markets Equity Portfolio

Lazard Retirement International Equity Portfolio

Lazard Retirement US Small Cap Equity Select Portfolio

Multi-Asset

Lazard Retirement Global Dynamic Multi-Asset Portfolio

![](x11_c114842x1x1m4.jpg)

**Lazard Retirement Series, Inc.** **Table of Contents**

------

---

| | |
|:---|:---|
| 2 | [**Portfolios of Investments (N-CSR Item 7)**](#xx11xc114842a001xm4) |
| 2 | [Lazard Retirement Emerging Markets Equity Portfolio](#xx11xc114842a002xm4) |
| 7 | [Lazard Retirement Global Dynamic Multi-Asset Portfolio](#xx11xc114842a003xm4) |
| 30 | [Lazard Retirement International Equity Portfolio](#xx11xc114842a004xm4) |
| 35 | [Lazard Retirement US Small Cap Equity Select Portfolio](#xx11xc114842a005xm4) |
| 40 | [**Abbreviations (N-CSR Item 7)**](#xx11xc114842a006xm4) |
| 41 | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx11xc114842a007xm4) |
| 43 | [**Statements of Operations (N-CSR Item 7)**](#xx11xc114842a008xm4) |
| 45 | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx11xc114842a009xm4) |
| 48 | [**Financial Highlights (N-CSR Item 7)**](#xx11xc114842a010xm4) |
| 57 | [**Notes to Financial Statements (N-CSR Item 7)**](#xx11xc114842a011xm4) |
| 84 | [**Report of Independent Registered Public Accounting Firm**](#xx11xc114842a012xm4) |
| 86 | [**Tax and Other Information (unaudited)**](#xx11xc114842a013xm4) |
| 88 | [**Additional Information (unaudited) (N-CSR Items 8-11)**](#xx11xc114842a014xm4) |

---

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

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

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

**Distributed by Lazard Asset Management Securities LLC.**

Annual Financial Statements **1**

**Lazard Retirement Series, Inc.** Portfolios of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br>Value |
| **Lazard Retirement Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 95.4%** |  |  |
| **Brazil \| 10.7%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 301037 | $2209612 |
| Banco do Brasil SA | 1477904 | 5814765 |
| BB Seguridade Participacoes SA | 987700 | 6508647 |
| Engie Brasil Energia SA | 510377 | 2945463 |
| Motiva Infraestrutura de Mobilidade SA | 1310150 | 3585405 |
| Petroleo Brasileiro SA - Petrobras ADR | 329986 | 3910334 |
| PRIO SA (\*) | 443800 | 3339906 |
| Rede D'Or Sao Luiz SA (#) | 337700 | 2500676 |
| Suzano SA | 288600 | 2703520 |
| Vale SA ADR | 412779 | 5378510 |
| Vibra Energia SA | 1259448 | 5922787 |
|  |  | 44819625 |
| **China \| 19.4%** |  |  |
| Alibaba Group Holding Ltd. | 244500 | 4474692 |
| Anhui Conch Cement Co. Ltd., Class H | 1299875 | 3677039 |
| Bosideng International Holdings Ltd. | 4932000 | 2823215 |
| China Construction Bank Corp., Class H | 9230038 | 9096532 |
| China Medical System Holdings Ltd. | 1888000 | 3124017 |
| China Merchants Bank Co. Ltd., Class H | 909737 | 6152288 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 1282900 | 3233353 |
| ENN Natural Gas Co. Ltd., Class A | 1390820 | 4131786 |
| Hengan International Group Co. Ltd. | 828053 | 2964711 |
| Huayu Automotive Systems Co. Ltd., Class A | 1062496 | 3041267 |
| Lenovo Group Ltd. | 3150000 | 3735110 |
| Midea Group Co. Ltd., Class A | 463000 | 5176173 |
| NetEase, Inc. | 121200 | 3335312 |
| Ping An Insurance Group Co. of China Ltd., Class H | 755500 | 6355145 |
| Sinopharm Group Co. Ltd., Class H | 2087597 | 5197521 |
| Tencent Holdings Ltd. | 32600 | 2498048 |
| Tingyi Cayman Islands Holding Corp. | 2716000 | 4110662 |
| Want Want China Holdings Ltd. | 5029000 | 2998778 |
| Weichai Power Co. Ltd., Class H | 1903958 | 4582366 |
|  |  | 80708015 |

---

*The accompanying notes are an integral part of these financial statements.*

**2** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br>Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| **Egypt \| 0.9%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 1750338 | $3740949 |
| **France \| 0.7%** |  |  |
| Gaztransport Et Technigaz SA | 15130 | 2775782 |
| **Greece \| 2.5%** |  |  |
| National Bank of Greece SA | 377213 | 5745563 |
| OPAP SA | 202411 | 4542264 |
|  |  | 10287827 |
| **Hong Kong \| 0.7%** |  |  |
| ASMPT Ltd. | 316188 | 3146564 |
| **Hungary \| 2.5%** |  |  |
| MOL Hungarian Oil & Gas PLC | 419814 | 3772361 |
| OTP Bank Nyrt | 61211 | 6558516 |
|  |  | 10330877 |
| **India \| 6.9%** |  |  |
| Axis Bank Ltd. | 213285 | 3019147 |
| Indus Towers Ltd. (\*) | 1509640 | 7036187 |
| Infosys Ltd. ADR | 287091 | 5115961 |
| State Bank of India | 247161 | 2701094 |
| Tata Consultancy Services Ltd. | 168470 | 6022510 |
| UPL Ltd. | 540342 | 4780987 |
|  |  | 28675886 |
| **Indonesia \| 4.7%** |  |  |
| Astra International Tbk. PT | 10800904 | 4339168 |
| Bank Mandiri Persero Tbk. PT | 19637060 | 6005187 |
| Telkom Indonesia Persero Tbk. PT ADR | 293640 | 6181122 |
| United Tractors Tbk. PT | 1643600 | 2907404 |
|  |  | 19432881 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **3**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br>Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| **Mexico \| 6.0%** |  |  |
| America Movil SAB de CV ADR | 252286 | $5214751 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 23768 | 6265958 |
| Grupo Financiero Banorte SAB de CV, Class O | 655365 | 6075615 |
| Grupo Mexico SAB de CV Series B | 106425 | 1004884 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 1624589 | 3464346 |
| Ternium SA ADR | 79793 | 3047295 |
|  |  | 25072849 |
| **Peru \| 0.8%** |  |  |
| Credicorp Ltd. | 12306 | 3531822 |
| **Philippines \| 0.9%** |  |  |
| International Container Terminal Services, Inc. | 393940 | 3777197 |
| **Poland \| 1.0%** |  |  |
| InPost SA (\*) | 342493 | 4195112 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 545705 | 1 |
| Sberbank of Russia PJSC (\*), (¢) | 1580119 | 1 |
|  |  | 2 |
| **South Africa \| 7.6%** |  |  |
| Bidvest Group Ltd. | 345591 | 4953517 |
| Kumba Iron Ore Ltd. | 95841 | 2031496 |
| Life Healthcare Group Holdings Ltd. | 3553214 | 2444196 |
| Nedbank Group Ltd. | 345036 | 5538353 |
| Sanlam Ltd. | 879972 | 5224558 |
| Standard Bank Group Ltd. | 365787 | 6427772 |
| Vodacom Group Ltd. | 604179 | 5155273 |
|  |  | 31775165 |
| **South Korea \| 11.2%** |  |  |
| Coway Co. Ltd. | 22039 | 1330276 |
| Hyundai Mobis Co. Ltd. | 14931 | 3868735 |

---

*The accompanying notes are an integral part of these financial statements.*

**4** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br>Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| KB Financial Group, Inc. | 77977 | $6740962 |
| Kia Corp. | 58664 | 4941655 |
| KT Corp. | 93703 | 3421804 |
| KT&G Corp. | 28815 | 2837145 |
| Shinhan Financial Group Co. Ltd. | 132790 | 7086315 |
| SK Hynix, Inc. | 36165 | 16376430 |
|  |  | 46603322 |
| **Taiwan \| 14.6%** |  |  |
| ASE Technology Holding Co. Ltd. | 1385000 | 10979650 |
| Globalwafers Co. Ltd. | 289000 | 3709813 |
| MediaTek, Inc. | 152000 | 6887359 |
| Novatek Microelectronics Corp. | 243000 | 2886184 |
| Quanta Computer, Inc. | 760000 | 6579065 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 383989 | 18759160 |
| Wiwynn Corp. | 53000 | 7508393 |
| Yageo Corp. | 458972 | 3361778 |
|  |  | 60671402 |
| **Thailand \| 1.5%** |  |  |
| Kasikornbank PCL (‡) | 630569 | 3892895 |
| PTT Exploration & Production PCL (‡) | 621200 | 2228078 |
|  |  | 6120973 |
| **Turkey \| 0.8%** |  |  |
| BIM Birlesik Magazalar AS | 286881 | 3592504 |
| **United Kingdom \| 0.8%** |  |  |
| Unilever PLC | 52379 | 3433270 |
| **United States \| 1.2%** |  |  |
| SLB Ltd. | 128203 | 4920431 |
| **Total Common Stocks**<br>(Cost $280,606,585) |  | 397612455 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br>Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 4.6%** |  |  |
| Lazard Government Money Market Portfolio, 3.59% (7 day yield) (a)<br>(Cost $19,021,474) | 19021474 | $19021474 |
| **Total Investments \| 100.0%**<br>(Cost $299,628,059) |  | $**416633929** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** |  | **(18802)** |
| **Net Assets \| 100.0%** |  | $**416615127** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 0.6% of net assets of the Portfolio.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(‡)* | *Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 8 in the Notes to Financial Statements.* |
| *(a)* | *Affiliated investment.* |

---

*The accompanying notes are an integral part of these financial statements.*

**6** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio** |  |  |
| **Common Stocks \| 68.6%** |  |  |
| **Australia \| 0.9%** |  |  |
| Brambles Ltd. | 1626 | $24924 |
| Catalyst Metals Ltd. (\*) | 4967 | 24238 |
| Computershare Ltd. | 90 | 2044 |
| Perseus Mining Ltd. | 5001 | 18832 |
| Qantas Airways Ltd. | 4300 | 29665 |
| Ramelius Resources Ltd. | 13216 | 36481 |
| Regis Resources Ltd. | 3823 | 19146 |
|  |  | 155330 |
| **Belgium \| 0.0%** |  |  |
| UCB SA | 7 | 1952 |
| **Bermuda \| 0.0%** |  |  |
| Hamilton Insurance Group Ltd., Class B (\*) | 97 | 2706 |
| RenaissanceRe Holdings Ltd. | 24 | 6748 |
|  |  | 9454 |
| **Canada \| 2.4%** |  |  |
| Agnico Eagle Mines Ltd. | 541 | 91744 |
| Aritzia, Inc. (\*) | 194 | 16586 |
| Barrick Mining Corp. | 2209 | 96227 |
| CCL Industries, Inc., Class B | 37 | 2337 |
| Empire Co. Ltd., Class A | 72 | 2503 |
| Hydro One Ltd. (#) | 534 | 21258 |
| Intact Financial Corp. | 11 | 2290 |
| Kinross Gold Corp. | 1098 | 30927 |
| Loblaw Cos. Ltd. | 1251 | 56555 |
| Magna International, Inc. | 510 | 27188 |
| Metro, Inc. | 57 | 4103 |
| Parex Resources, Inc. | 172 | 2312 |
| Quebecor, Inc., Class B | 143 | 5386 |
| Suncor Energy, Inc. | 995 | 44163 |
| Torex Gold Resources, Inc. | 374 | 17859 |
|  |  | 421438 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **7**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **China \| 0.3%** |  |  |
| BOC Hong Kong Holdings Ltd. | 11000 | $55618 |
| **Denmark \| 0.1%** |  |  |
| Novo Nordisk AS, Class B | 346 | 17637 |
| **France \| 2.6%** |  |  |
| BNP Paribas SA | 1657 | 156795 |
| Gaztransport Et Technigaz SA | 290 | 53204 |
| Orange SA | 647 | 10795 |
| Societe Generale SA | 905 | 72914 |
| Technip Energies NV | 612 | 23246 |
| TotalEnergies SE | 1247 | 81277 |
| Vinci SA | 429 | 60243 |
|  |  | 458474 |
| **Germany \| 0.7%** |  |  |
| Deutsche Bank AG | 624 | 24270 |
| Friedrich Vorwerk Group SE | 134 | 12850 |
| GEA Group AG | 32 | 2172 |
| Rheinmetall AG | 18 | 33007 |
| Siemens Energy AG (\*) | 176 | 24874 |
| TUI AG (\*) | 2380 | 25116 |
|  |  | 122289 |
| **Hong Kong \| 0.7%** |  |  |
| CLP Holdings Ltd. | 3000 | 26805 |
| HKT Trust & HKT Ltd. | 1000 | 1478 |
| Prudential PLC | 3011 | 46457 |
| Sun Hung Kai Properties Ltd. | 3000 | 36394 |
| WH Group Ltd. (#) | 11000 | 12247 |
|  |  | 123381 |
| **Ireland \| 0.1%** |  |  |
| AIB Group PLC | 1763 | 18945 |

---

*The accompanying notes are an integral part of these financial statements.*

**8** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Israel \| 0.1%** |  |  |
| Bank Hapoalim BM | 77 | $1742 |
| El Al Israel Airlines Ltd. (\*) | 3748 | 19225 |
|  |  | 20967 |
| **Italy \| 0.9%** |  |  |
| Banco BPM SpA | 1247 | 18942 |
| Italgas SpA | 2663 | 29776 |
| Leonardo SpA | 491 | 28127 |
| Lottomatica Group SpA | 762 | 19996 |
| Telecom Italia SpA (\*) | 26958 | 16172 |
| UniCredit SpA | 504 | 41840 |
|  |  | 154853 |
| **Japan \| 4.0%** |  |  |
| Asahi Kasei Corp. | 700 | 6212 |
| Bandai Namco Holdings, Inc. | 200 | 5331 |
| Canon, Inc. | 1300 | 38483 |
| Chiyoda Corp. (\*) | 3700 | 17380 |
| Chugai Pharmaceutical Co. Ltd. | 300 | 15770 |
| Chugoku Electric Power Co., Inc. | 2100 | 13320 |
| Daito Trust Construction Co. Ltd. | 100 | 1907 |
| Denso Corp. | 1000 | 13794 |
| Hachijuni Bank Ltd. | 200 | 2160 |
| Hirose Electric Co. Ltd. ADR | 156 | 1664 |
| Hokuhoku Financial Group, Inc. | 100 | 2918 |
| Iyogin Holdings, Inc. | 100 | 1625 |
| Japan Airlines Co. Ltd. | 6500 | 120990 |
| Japan Post Bank Co. Ltd. | 1900 | 26722 |
| Japan Post Holdings Co. Ltd. | 5600 | 58889 |
| Kao Corp. | 100 | 4002 |
| Kirin Holdings Co. Ltd. | 200 | 3008 |
| Kyoto Financial Group, Inc. | 100 | 2181 |
| Leopalace21 Corp. | 3400 | 14289 |
| Mebuki Financial Group, Inc. | 400 | 2644 |
| Mitsubishi Electric Corp. | 3000 | 88009 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Mitsui Fudosan Co. Ltd. | 4100 | $46647 |
| MS&AD Insurance Group Holdings, Inc. | 1200 | 28257 |
| NGK Insulators Ltd. | 300 | 6425 |
| Nissan Chemical Corp. | 100 | 3427 |
| NTT, Inc. | 23100 | 23306 |
| Orix JREIT, Inc. | 4 | 2712 |
| Sanki Engineering Co. Ltd. | 200 | 7338 |
| Sankyo Co. Ltd. | 200 | 3246 |
| SHO-BOND Holdings Co. Ltd. | 400 | 3377 |
| SoftBank Corp. | 12200 | 16749 |
| Sony Group Corp. | 2100 | 53676 |
| Sumitomo Mitsui Financial Group, Inc. | 600 | 19310 |
| Tokyo Electron Ltd. | 100 | 21962 |
| Toyoda Gosei Co. Ltd. | 100 | 2521 |
| Toyota Boshoku Corp. | 100 | 1606 |
| Toyota Motor Corp. | 1200 | 25670 |
|  |  | 707527 |
| **Mexico \| 0.0%** |  |  |
| Fresnillo PLC | 46 | 2048 |
| **Netherlands \| 0.5%** |  |  |
| ASML Holding NV | 24 | 25677 |
| EXOR NV | 203 | 17204 |
| Koninklijke Ahold Delhaize NV | 632 | 25920 |
| NXP Semiconductors NV | 89 | 19318 |
| Wolters Kluwer NV | 56 | 5814 |
|  |  | 93933 |
| **Norway \| 0.0%** |  |  |
| Orkla ASA | 178 | 1987 |
| **Portugal \| 0.1%** |  |  |
| Banco Comercial Portugues SA, Class R | 14436 | 15128 |
| EDP SA | 141 | 648 |
|  |  | 15776 |

---

*The accompanying notes are an integral part of these financial statements.*

**10** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Singapore \| 0.2%** |  |  |
| Jardine Cycle & Carriage Ltd. | 100 | $2631 |
| Singapore Exchange Ltd. | 300 | 3942 |
| Singapore Technologies Engineering Ltd. | 400 | 2610 |
| UOL Group Ltd. | 5300 | 35993 |
|  |  | 45176 |
| **Spain \| 0.3%** |  |  |
| Acciona SA | 189 | 41069 |
| Banco Santander SA | 1256 | 14739 |
|  |  | 55808 |
| **Sweden \| 0.1%** |  |  |
| Telefonaktiebolaget LM Ericsson ADR | 2291 | 22108 |
| **Switzerland \| 0.4%** |  |  |
| TE Connectivity PLC | 305 | 69391 |
| **United Kingdom \| 3.3%** |  |  |
| Admiral Group PLC | 43 | 1841 |
| AstraZeneca PLC | 494 | 90991 |
| Barclays PLC | 10127 | 64287 |
| Chemring Group PLC | 1776 | 11266 |
| HSBC Holdings PLC | 5152 | 80772 |
| Imperial Brands PLC | 134 | 5634 |
| International Consolidated Airlines Group SA | 6190 | 34321 |
| Legal & General Group PLC | 8275 | 29056 |
| London Stock Exchange Group PLC | 19 | 2288 |
| NatWest Group PLC | 12744 | 111153 |
| Next PLC | 74 | 13615 |
| Rolls-Royce Holdings PLC | 2874 | 44671 |
| Sage Group PLC | 244 | 3553 |
| Standard Chartered PLC | 3178 | 77610 |
| TechnipFMC PLC | 588 | 26201 |
|  |  | 597259 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **11**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **United States \| 50.9%** |  |  |
| 3M Co. | 636 | $101824 |
| AdaptHealth Corp. (\*) | 1427 | 14213 |
| Adobe, Inc. (\*) | 194 | 67898 |
| Advanced Micro Devices, Inc. (\*) | 61 | 13064 |
| Airbnb, Inc., Class A (\*) | 182 | 24701 |
| Akamai Technologies, Inc. (\*) | 54 | 4711 |
| Alarm.com Holdings, Inc. (\*) | 442 | 22551 |
| Allison Transmission Holdings, Inc. | 161 | 15762 |
| Allstate Corp. | 581 | 120935 |
| Alphabet, Inc., Class C | 1692 | 530950 |
| Altria Group, Inc. | 884 | 50971 |
| Amazon.com, Inc. (\*) | 2029 | 468334 |
| Ameren Corp. | 619 | 61813 |
| American Electric Power Co., Inc. | 383 | 44164 |
| American Express Co. | 72 | 26636 |
| American International Group, Inc. | 241 | 20618 |
| Ameriprise Financial, Inc. | 145 | 71099 |
| AMETEK, Inc. | 193 | 39625 |
| Amgen, Inc. | 13 | 4255 |
| Amphenol Corp., Class A | 460 | 62164 |
| Analog Devices, Inc. | 64 | 17357 |
| Apple, Inc. | 2057 | 559216 |
| AT&T, Inc. | 76 | 1888 |
| Atlassian Corp., Class A (\*) | 135 | 21889 |
| Atmos Energy Corp. | 33 | 5532 |
| Autodesk, Inc. (\*) | 205 | 60682 |
| Automatic Data Processing, Inc. | 7 | 1801 |
| Axis Capital Holdings Ltd. | 25 | 2677 |
| Bank of America Corp. | 1778 | 97790 |
| Bank of New York Mellon Corp. | 70 | 8126 |
| Biogen, Inc. (\*) | 31 | 5456 |
| BioMarin Pharmaceutical, Inc. (\*) | 56 | 3328 |
| BJ's Wholesale Club Holdings, Inc. (\*) | 309 | 27819 |
| Booking Holdings, Inc. | 11 | 58909 |

---

*The accompanying notes are an integral part of these financial statements.*

**12** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Booz Allen Hamilton Holding Corp. | 36 | $3037 |
| Boston Scientific Corp. (\*) | 73 | 6961 |
| Bristol-Myers Squibb Co. | 1305 | 70392 |
| Broadcom, Inc. | 524 | 181356 |
| Buzzi SpA | 408 | 24800 |
| Cardinal Health, Inc. | 110 | 22605 |
| Carnival PLC ADR (\*) | 545 | 16530 |
| Centene Corp. (\*) | 62 | 2551 |
| Chubb Ltd. | 144 | 44945 |
| Cigna Group | 21 | 5780 |
| Cirrus Logic, Inc. (\*) | 140 | 16590 |
| Cisco Systems, Inc. | 47 | 3620 |
| Citigroup, Inc. | 20 | 2334 |
| CME Group, Inc. | 22 | 6008 |
| Cognizant Technology Solutions Corp., Class A | 47 | 3901 |
| Colgate-Palmolive Co. | 117 | 9245 |
| Comfort Systems USA, Inc. | 48 | 44798 |
| Consolidated Edison, Inc. | 20 | 1986 |
| Corteva, Inc. | 302 | 20243 |
| Costco Wholesale Corp. | 90 | 77611 |
| Coterra Energy, Inc. | 76 | 2000 |
| CRH PLC | 121 | 15101 |
| Curtiss-Wright Corp. | 146 | 80485 |
| Darden Restaurants, Inc. | 17 | 3128 |
| Dell Technologies, Inc., Class C | 238 | 29959 |
| Dick's Sporting Goods, Inc. | 61 | 12076 |
| Docusign, Inc. (\*) | 212 | 14501 |
| Dollar General Corp. | 17 | 2257 |
| eBay, Inc. | 141 | 12281 |
| Eli Lilly & Co. | 142 | 152605 |
| EMCOR Group, Inc. | 38 | 23248 |
| Entergy Corp. | 371 | 34292 |
| Equitable Holdings, Inc. | 775 | 36929 |
| Everest Group Ltd. | 55 | 18664 |
| EverQuote, Inc., Class A (\*) | 992 | 26784 |
| Exelixis, Inc. (\*) | 49 | 2148 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Exelon Corp. | 64 | $2790 |
| FirstEnergy Corp. | 48 | 2149 |
| Fiserv, Inc. (\*) | 374 | 25122 |
| Flex Ltd. (\*) | 270 | 16313 |
| Fox Corp., Class A | 440 | 32151 |
| Garmin Ltd. | 13 | 2637 |
| GE Vernova, Inc. | 23 | 15032 |
| General Dynamics Corp. | 492 | 165637 |
| General Electric Co. | 120 | 36964 |
| General Mills, Inc. | 60 | 2790 |
| General Motors Co. | 481 | 39115 |
| Genpact Ltd. | 72 | 3368 |
| Gilead Sciences, Inc. | 77 | 9451 |
| Global Payments, Inc. | 1061 | 82121 |
| Goldman Sachs Group, Inc. | 60 | 52740 |
| GSK PLC | 4481 | 110123 |
| Hartford Insurance Group, Inc. | 458 | 63112 |
| HCA Healthcare, Inc. | 177 | 82634 |
| Hess Midstream LP, Class A | 56 | 1932 |
| Horace Mann Educators Corp. | 54 | 2494 |
| HP, Inc. | 2356 | 52492 |
| Huron Consulting Group, Inc. (\*) | 13 | 2248 |
| Illinois Tool Works, Inc. | 49 | 12069 |
| Intel Corp. (\*) | 1199 | 44243 |
| Intuit, Inc. | 3 | 1987 |
| Jackson Financial, Inc., Class A | 179 | 19090 |
| Johnson & Johnson | 406 | 84022 |
| Kimberly-Clark Corp. | 104 | 10493 |
| Kroger Co. | 334 | 20868 |
| Lam Research Corp. | 422 | 72238 |
| Leggett & Platt, Inc. | 1393 | 15323 |
| Lockheed Martin Corp. | 257 | 124303 |
| Maplebear, Inc. (\*) | 320 | 14394 |
| Marvell Technology, Inc. | 227 | 19290 |
| MasTec, Inc. (\*) | 71 | 15433 |
| Mastercard, Inc., Class A | 148 | 84490 |

---

*The accompanying notes are an integral part of these financial statements.*

**14** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| McKesson Corp. | 36 | $29530 |
| Medtronic PLC | 38 | 3650 |
| Merck & Co., Inc. | 1478 | 155574 |
| Meta Platforms, Inc., Class A | 303 | 200007 |
| Micron Technology, Inc. | 442 | 126151 |
| Microsoft Corp. | 983 | 475398 |
| Monolithic Power Systems, Inc. | 23 | 20846 |
| Motorola Solutions, Inc. | 58 | 22233 |
| MSCI, Inc. | 23 | 13196 |
| Nasdaq, Inc. | 811 | 78772 |
| NetApp, Inc. | 377 | 40373 |
| Netflix, Inc. (\*) | 633 | 59350 |
| NetScout Systems, Inc. (\*) | 511 | 13828 |
| Neurocrine Biosciences, Inc. (\*) | 28 | 3971 |
| NewMarket Corp. | 5 | 3436 |
| Northrop Grumman Corp. | 42 | 23949 |
| Novartis AG | 1573 | 217291 |
| NVIDIA Corp. | 3335 | 621977 |
| Omega Healthcare Investors, Inc. | 91 | 4035 |
| Oracle Corp. | 248 | 48338 |
| Palantir Technologies, Inc., Class A (\*) | 234 | 41593 |
| PayPal Holdings, Inc. | 471 | 27497 |
| Pegasystems, Inc. | 260 | 15527 |
| Penguin Solutions, Inc. (\*) | 512 | 10015 |
| PepsiCo, Inc. | 761 | 109219 |
| Pfizer, Inc. | 1262 | 31424 |
| Philip Morris International, Inc. | 1026 | 164570 |
| Pinnacle West Capital Corp. | 41 | 3637 |
| Pinterest, Inc., Class A (\*) | 635 | 16440 |
| Plexus Corp. (\*) | 25 | 3675 |
| Portland General Electric Co. | 1022 | 49046 |
| Primoris Services Corp. | 103 | 12786 |
| Procter & Gamble Co. | 90 | 12898 |
| QUALCOMM, Inc. | 555 | 94933 |
| Quest Diagnostics, Inc. | 56 | 9718 |
| Rambus, Inc. (\*) | 178 | 16356 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Reddit, Inc., Class A (\*) | 62 | $14252 |
| Regeneron Pharmaceuticals, Inc. | 3 | 2316 |
| Republic Services, Inc. | 7 | 1484 |
| RingCentral, Inc., Class A (\*) | 656 | 18945 |
| Roche Holding AG | 171 | 70669 |
| Ross Stores, Inc. | 12 | 2162 |
| Royal Caribbean Cruises Ltd. | 57 | 15898 |
| Royalty Pharma PLC, Class A | 54 | 2087 |
| RTX Corp. | 271 | 49701 |
| S&P Global, Inc. | 27 | 14110 |
| Salesforce, Inc. | 187 | 49538 |
| Sally Beauty Holdings, Inc. (\*) | 906 | 12920 |
| SBA Communications Corp. REIT | 199 | 38493 |
| Seneca Foods Corp., Class A (\*) | 21 | 2323 |
| ServiceNow, Inc. (\*) | 121 | 18536 |
| Shell PLC | 489 | 17963 |
| Simon Property Group, Inc. REIT | 124 | 22954 |
| Skyworks Solutions, Inc. | 460 | 29169 |
| Slide Insurance Holdings, Inc. | 818 | 15935 |
| Targa Resources Corp. | 63 | 11623 |
| Target Corp. | 289 | 28250 |
| Tenet Healthcare Corp. (\*) | 124 | 24641 |
| Teradata Corp. (\*) | 689 | 20973 |
| Tesla, Inc. (\*) | 304 | 136715 |
| TJX Cos., Inc. | 695 | 106759 |
| Toro Co. | 30 | 2362 |
| U.S. Bancorp | 502 | 26787 |
| Uber Technologies, Inc. (\*) | 232 | 18957 |
| Universal Health Services, Inc., Class B | 340 | 74127 |
| Urban Outfitters, Inc. (\*) | 274 | 20621 |
| Valmont Industries, Inc. | 35 | 14081 |
| Verizon Communications, Inc. | 138 | 5621 |
| Visa, Inc., A Shares | 268 | 93990 |
| Walmart, Inc. | 457 | 50914 |
| Walt Disney Co. | 1131 | 128674 |
| WEC Energy Group, Inc. | 19 | 2004 |

---

*The accompanying notes are an integral part of these financial statements.*

**16** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Western Digital Corp. | 212 | $36521 |
| Western Union Co. | 221 | 2058 |
| Workday, Inc., Class A (\*) | 99 | 21263 |
| Xcel Energy, Inc. | 97 | 7164 |
| Zoetis, Inc. | 272 | 34223 |
|  |  | 9061189 |
| **Total Common Stocks** <br>(Cost $7,366,342) |  | 12232540 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Corporate Bonds \| 7.3%** |  |  |  |
| **Canada \| 0.2%** |  |  |  |
| Canadian Imperial Bank of Commerce, 3.800%<br>(1 day CAD Overnight Index+1.100%), 12/10/30 (§) | CAD | 35 | $25766 |
| **Denmark \| 0.4%** |  |  |  |
| Nykredit Realkredit AS,<br>Series 13H, 1.000%, 01/01/27 | DKK | 470 | 73248 |
| **Germany \| 0.2%** |  |  |  |
| Mercedes-Benz Group AG,<br>0.750%, 09/10/30 (\*\*) | EUR | 40 | 42617 |
| **Singapore \| 0.8%** |  |  |  |
| Temasek Financial I Ltd.,<br>2.750%, 08/28/34 (\*\*) | CNY | 1000 | 147750 |
| **Sweden \| 0.1%** |  |  |  |
| Swedbank Hypotek AB,<br>Series 199, 3.000%, 03/28/29 (\*\*) | SEK | 200 | 22015 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **17**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Switzerland \| 0.1%** |  |  |  |
| ABB Finance USA, Inc.,<br>4.375%, 05/08/42 | USD | 15 | $13332 |
| **United States \| 5.5%** |  |  |  |
| Adobe, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 02/01/30 | USD | 25 | 23407 |
| &nbsp;&nbsp;&nbsp;4.950%, 04/04/34 | USD | 13 | 13434 |
| American Express Co.,<br>5.442% (SOFR+1.320%), 01/30/36 (§) | USD | 50 | 51934 |
| Amgen, Inc., <br>3.000%, 02/22/29 | USD | 45 | 43605 |
| Apple, Inc., <br>1.650%, 02/08/31 | USD | 20 | 17838 |
| AT&T, Inc.,<br>5.550%, 11/01/45 | USD | 55 | 52966 |
| Bank of America Corp.,<br>1.978% (CDOR 3 Month+0.600%), 09/15/27 (§) | CAD | 15 | 10866 |
| Comcast Corp.,<br>4.650%, 02/15/33 | USD | 45 | 45166 |
| Dell International LLC/EMC Corp.,<br>5.300%, 10/01/29 | USD | 12 | 12383 |
| Eaton Corp.,<br>4.150%, 11/02/42 | USD | 30 | 25971 |
| Goldman Sachs Group, Inc.,<br>0.750%, 03/23/32 (\*\*) | EUR | 55 | 55288 |
| Home Depot, Inc.,<br>5.875%, 12/16/36 | USD | 25 | 27110 |
| John Deere Financial, Inc.,<br>4.380%, 07/11/28 | CAD | 60 | 44990 |
| Johnson Controls International PLC/<br>Tyco Fire & Security Finance SCA, <br> 1.750%, 09/15/30 | USD | 40 | 35662 |

---

*The accompanying notes are an integral part of these financial statements.*

**18** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| JPMorgan Chase & Co., <br>3.540% (SOFR+1.642%), 05/01/28 (§) | USD | 25 | $24859 |
| Kimberly-Clark Corp., <br>3.200%, 04/25/29 | USD | 3 | 2927 |
| Lowe's Cos., Inc., <br>4.850%, 10/15/35 | USD | 30 | 29755 |
| McDonald's Corp., <br>4.857%, 05/21/31 | CAD | 30 | 22925 |
| Microsoft Corp., <br>3.500%, 11/15/42 | USD | 65 | 52911 |
| Morgan Stanley, <br>3.625%, 01/20/27 | USD | 10 | 9974 |
| Oracle Corp., <br>5.250%, 02/03/32 | USD | 30 | 29996 |
| PepsiCo, Inc., <br>2.875%, 10/15/49 | USD | 20 | 13155 |
| Procter & Gamble Co., <br>4.550%, 01/29/34 | USD | 8 | 8123 |
| Prologis Euro Finance LLC, <br>0.500%, 02/16/32 | EUR | 100 | 99011 |
| Starbucks Corp., <br>4.450%, 08/15/49 | USD | 60 | 49619 |
| Stryker Corp., <br>4.250%, 09/11/29 | USD | 25 | 25137 |
| Sysco Corp., <br>2.400%, 02/15/30 | USD | 30 | 27920 |
| Toyota Motor Credit Corp., <br>4.650%, 09/03/32 | USD | 30 | 30279 |
| United Rentals North America, Inc., <br>4.875%, 01/15/28 | USD | 45 | 45004 |
| Verizon Communications, Inc., <br>4.750%, 01/15/33 | USD | 25 | 24980 |
| Waste Management, Inc.,<br>4.800%, 03/15/32 | USD | 12 | 12269 |
|  |  |  | 969464 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **19**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Total Corporate Bonds** <br> (Cost $1,234,616) |  |  | $1294192 |
| &nbsp;&nbsp;Description |  | Shares | Fair <br>Value |
| **Exchange-Traded Funds \| 5.1%** |  |  |  |
| Lazard Emerging Markets Opportunities ETF <br>(Cost $921,802) (a) |  | 36270 | $909652 |
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Foreign Government Obligations \| 13.3%** |  |  |  |
| **Australia \| 0.4%** |  |  |  |
| Australia Government Bonds,<br>4.250%, 04/21/26 (\*\*) | AUD | 20 | $13362 |
| New South Wales Treasury Corp.,<br>1.250%, 11/20/30 | AUD | 45 | 25673 |
| Queensland Treasury Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 03/10/31 (\*\*) | AUD | 50 | 28111 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/02/34 (\*\*) | AUD | 15 | 9791 |
|  |  |  | 76937 |
| **Bermuda \| 1.0%** |  |  |  |
| Bermuda Government International Bonds,<br>2.375%, 08/20/30 (#) | USD | 200 | 181875 |
| **Canada \| 0.8%** |  |  |  |
| British Columbia,<br>3.200%, 06/18/44 | CAD | 70 | 42434 |
| Quebec: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.850%, 02/13/27 | CAD | 65 | 47031 |
| &nbsp;&nbsp;&nbsp;3.900%, 11/22/32 | CAD | 35 | 26154 |

---

*The accompanying notes are an integral part of these financial statements.*

**20** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Vancouver,<br>3.750%, 11/28/35 | CAD | 50 | $35869 |
|  |  |  | 151488 |
| **Chile \| 0.9%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos,<br>5.000%, 10/01/28 (\*\*) | CLP | 45000 | 48948 |
| Chile Government International Bonds,<br>0.830%, 07/02/31 | EUR | 100 | 102889 |
|  |  |  | 151837 |
| **Colombia \| 0.0%** |  |  |  |
| Colombia TES,<br>7.000%, 03/26/31 | COP | 22000 | 4548 |
| **Croatia \| 0.5%** |  |  |  |
| Croatia Government International Bonds,<br>1.750%, 03/04/41 (\*\*) | EUR | 100 | 90561 |
| **Czech Republic \| 0.5%** |  |  |  |
| Czech Republic Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.480% (PRIBOR 6 Month-0.100%), 11/19/27 (\*\*), (§) | CZK | 730 | 35413 |
| &nbsp;&nbsp;&nbsp;5.000%, 09/30/30 | CZK | 530 | 26863 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/11/32 | CZK | 520 | 25549 |
|  |  |  | 87825 |
| **Denmark \| 0.2%** |  |  |  |
| Denmark Government Bonds,<br>Zero Coupon, 11/15/31 | DKK | 300 | 41241 |
| **France \| 0.3%** |  |  |  |
| French Republic Government Bonds OAT,<br>1.750%, 06/25/39 (\*\*) | EUR | 50 | 45867 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **21**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Germany \| 0.1%** |  |  |  |
| State of Rhineland-Palatinate,<br>2.750%, 10/10/35 | EUR | 20 | $22635 |
| **Hungary \| 0.5%** |  |  |  |
| Hungary Government Bonds, <br>3.250%, 10/22/31 | HUF | 21590 | 56031 |
| Hungary Government International Bonds,<br>1.750%, 06/05/35 (\*\*) | EUR | 31 | 29156 |
|  |  |  | 85187 |
| **Ireland \| 0.4%** |  |  |  |
| Ireland Government Bonds,<br>1.350%, 03/18/31 (\*\*) | EUR | 65 | 71985 |
| **Israel \| 0.3%** |  |  |  |
| Israel Government Bonds - Fixed,<br>2.000%, 03/31/27 | ILS | 195 | 59948 |
| **Italy \| 0.6%** |  |  |  |
| Italy Buoni Poliennali Del Tesoro: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 04/30/35 (\*\*) | EUR | 45 | 55555 |
| &nbsp;&nbsp;&nbsp;3.650%, 08/01/35 (\*\*) | EUR | 45 | 53719 |
|  |  |  | 109274 |
| **Japan \| 1.2%** |  |  |  |
| Japan Government Forty Year Bonds, <br>1.400%, 03/20/55 | JPY | 22950 | 93385 |
| Japan Government Twenty Year Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/20/40 | JPY | 5200 | 24592 |
| &nbsp;&nbsp;&nbsp;2.000%, 12/20/44 | JPY | 7200 | 39994 |
| Japan Government Two Year Bonds,<br>1.000%, 10/01/27 | JPY | 7700 | 49060 |
|  |  |  | 207031 |

---

*The accompanying notes are an integral part of these financial statements.*

**22** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Mexico \| 0.9%** |  |  |  |
| Mexico Bonos: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 05/31/29 | MXN | 1480 | $82932 |
| &nbsp;&nbsp;&nbsp;8.000%, 02/21/36 | MXN | 550 | 28292 |
| Mexico Government International Bonds,<br>6.750%, 09/27/34 | USD | 50 | 54113 |
|  |  |  | 165337 |
| **New Zealand \| 0.7%** |  |  |  |
| Housing New Zealand Ltd., <br>3.420%, 10/18/28 (\*\*) | NZD | 50 | 28755 |
| New Zealand Local Government Funding Agency Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, 04/20/29 (\*\*) | NZD | 110 | 59322 |
| &nbsp;&nbsp;&nbsp;2.000%, 04/15/37 (\*\*) | NZD | 70 | 30171 |
|  |  |  | 118248 |
| **Norway \| 0.2%** |  |  |  |
| Norway Government Bonds,<br>3.750%, 06/12/35 (\*\*) | NOK | 310 | 29785 |
| **Panama \| 0.4%** |  |  |  |
| Panama Government International Bonds,<br>8.875%, 09/30/27 | USD | 70 | 74935 |
| **Peru \| 0.7%** |  |  |  |
| Peru Government Bonds, <br>5.400%, 08/12/34 | PEN | 280 | 83051 |
| Peruvian Government International Bonds,<br>3.000%, 01/15/34 | USD | 45 | 39150 |
|  |  |  | 122201 |
| **Poland \| 0.2%** |  |  |  |
| Poland Government Bonds, <br> 4.160% (WIBOR 6 Month), 05/25/28 (§) | PLN | 140 | 38731 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **23**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Portugal \| 0.4%** |  |  |  |
| Portugal Obrigacoes do Tesouro OT,<br>1.650%, 07/16/32 (\*\*) | EUR | 60 | $65796 |
| **Romania \| 0.5%** |  |  |  |
| Romania Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, 10/28/26 | RON | 230 | 53445 |
| &nbsp;&nbsp;&nbsp;4.750%, 10/11/34 | RON | 140 | 28044 |
| Romania Government International Bonds,<br>5.375%, 06/07/33 (\*\*) | EUR | 10 | 11870 |
|  |  |  | 93359 |
| **Singapore \| 0.0%** |  |  |  |
| Singapore Government Bonds,<br>3.375%, 09/01/33 | SGD | 5 | 4234 |
| **Slovenia \| 0.2%** |  |  |  |
| Slovenia Government Bonds,<br>1.500%, 03/25/35 (\*\*) | EUR | 30 | 30671 |
| **Spain \| 0.3%** |  |  |  |
| Spain Government Bonds,<br>1.000%, 07/30/42 (\*\*) | EUR | 65 | 50593 |
| **Thailand \| 0.2%** |  |  |  |
| Thailand Government Bonds,<br>1.585%, 12/17/35 | THB | 880 | 27679 |
| **United Kingdom \| 0.9%** |  |  |  |
| U.K. Gilts: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, 07/31/33 (\*\*) | GBP | 70 | 73779 |
| &nbsp;&nbsp;&nbsp;4.500%, 03/07/35 (\*\*) | GBP | 20 | 27004 |
| &nbsp;&nbsp;&nbsp;1.250%, 10/22/41 (\*\*) | GBP | 60 | 48378 |
| &nbsp;&nbsp;&nbsp;4.375%, 07/31/54 (\*\*) | GBP | 5 | 5909 |
|  |  |  | 155070 |
| **Total Foreign Government Obligations** <br>(Cost $2,196,225) |  |  | 2364878 |

---

*The accompanying notes are an integral part of these financial statements.*

**24** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Preferred Stocks \| 0.1%** |  |  |
| **Germany \| 0.1%** |  |  |
| Volkswagen AG <br>(Cost $13,515) | 127 | $15446 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Quasi Government Bonds \| 0.6%** |  |  |  |
| **Germany \| 0.6%** |  |  |  |
| Kreditanstalt fuer Wiederaufbau: |  |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 09/15/28 (\*\*) | EUR | 30 | $33155 |
| &nbsp;&nbsp;&nbsp;1.750%, 09/14/29 | USD | 50 | 46802 |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 04/18/36 | USD | 45 | 29015 |
| **Total Quasi Government Bonds** <br> (Cost $101,994) |  |  | 108972 |
| **Supranational Bonds \| 3.1%** |  |  |  |
| Asian Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, 10/06/26 | INR | 2690 | 29828 |
| &nbsp;&nbsp;&nbsp;2.950%, 06/05/29 | EUR | 20 | 23904 |
| European Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;Zero Coupon, 05/28/27 | TRY | 1080 | 16573 |
| &nbsp;&nbsp;&nbsp;28.000%, 09/27/27 | TRY | 1240 | 26956 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/07/28 | IDR | 690000 | 40666 |
| European Investment Bank,<br>1.000%, 01/28/28 (\*\*) | CAD | 80 | 56354 |
| European Union: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, 02/04/33 (\*\*) | EUR | 20 | 23320 |
| &nbsp;&nbsp;&nbsp;0.400%, 02/04/37 (\*\*) | EUR | 40 | 34567 |
| Inter-American Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 11/17/26 | IDR | 630000 | 37754 |
| &nbsp;&nbsp;&nbsp;2.500%, 04/14/27 (\*\*) | AUD | 40 | 26128 |
| &nbsp;&nbsp;&nbsp;4.375%, 07/17/34 | USD | 25 | 25381 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **25**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br>Currency | Principal<br>Amount<br>(000) | Fair<br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Inter-American Investment Corp., <br>1.100%, 06/30/26 | AUD | 42 | $27589 |
| International Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 03/16/26 | NOK | 560 | 55246 |
| &nbsp;&nbsp;&nbsp;1.125%, 09/13/28 | USD | 28 | 26242 |
| &nbsp;&nbsp;&nbsp;9.500%, 02/09/29 | BRL | 415 | 71372 |
| International Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 04/07/26 | USD | 5 | 4978 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/15/35 | AUD | 71 | 34404 |
| **Total Supranational Bonds** <br>(Cost $549,313) |  |  | 561262 |
| **U.S. Municipal Bonds \| 0.6%** |  |  |  |
| **United States \| 0.6%** |  |  |  |
| California: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, 04/01/39 | USD | 40 | 48543 |
| &nbsp;&nbsp;&nbsp;5.875%, 10/01/41 | USD | 50 | 52292 |
| **Total U.S. Municipal Bonds** <br>(Cost $94,788) |  |  | 100835 |
| **U.S. Treasury Securities \| 2.3%** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 08/15/41 | USD | 151 | 101884 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/45 | USD | 25 | 24873 |
| &nbsp;&nbsp;&nbsp;3.625%, 02/15/53 | USD | 102 | 82580 |
| U.S. Treasury Inflation-Indexed Notes,<br>2.125%, 01/15/35 (††) | USD | 21 | 20998 |
| U.S. Treasury Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | USD | 140 | 141602 |
| &nbsp;&nbsp;&nbsp;4.375%, 05/15/34 | USD | 35 | 35767 |
| **Total U.S. Treasury Securities** <br>(Cost $396,244) |  |  | 407704 |

---

*The accompanying notes are an integral part of these financial statements.*

**26** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Warrants \| 0.0%** |  |  |
| **Canada \| 0.0%** |  |  |
| Constellation Software, Inc., <br>Expires 03/31/40 (\*), (¢)<br> (Cost $0) | 431 | $0 |
| **Short-Term Investments \| 0.7%** |  |  |
| Lazard Government Money Market Portfolio, <br>3.59% (7 day yield) (a) <br> (Cost $118,975) | 118975 | 118975 |
| **Total Investments \| 101.7%** <br>(Cost $12,993,814) (») |  | $**18114456** |
| **Liabilities in Excess of Cash and Other Assets \| (1.7)%** |  | **(297369)** |
| **Net Assets \| 100.0%** |  | $**17817087** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 1.2% of net assets of the Portfolio.* |
| *(§)* | *Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on December 31, 2025.* |
| *(\*\*)* | *Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. At December 31, 2025, these securities amounted to 7.8% of net assets of the Portfolio.* |
| *(††)* | *A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(»)* | *The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.* |
| *(a)* | *Affiliated investments.* |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **27**

------

**Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)**

**Forward Currency Contracts open at December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Quantity | Currency<br>Sold | Quantity | Counterparty | Settlement <br>Date | Unrealized<br>Appreciation | Unrealized <br>Depreciation |
| AUD | 1701123 | USD | 1108588 | HSB | 01/21/26 | $26772 | $— |
| AUD | 74304 | USD | 49000 | MSC | 01/21/26 | 592 |  |
| CAD | 846429 | USD | 606699 | JPM | 01/21/26 | 10518 |  |
| CAD | 25353 | USD | 18136 | MSC | 01/21/26 | 351 |  |
| CHF | 37280 | USD | 46865 | HSB | 01/21/26 | 276 |  |
| CHF | 5099 | USD | 6504 | MSC | 01/21/26 |  | 56 |
| CNH | 1960756 | USD | 276399 | HSB | 01/21/26 | 4945 |  |
| COP | 109592000 | USD | 29077 | HSB | 01/21/26 |  | 303 |
| DKK | 1277713 | USD | 199148 | JPM | 01/21/26 | 2078 |  |
| EUR | 47236 | USD | 55321 | HSB | 01/21/26 | 233 |  |
| EUR | 20660 | USD | 23945 | HSB | 01/21/26 | 353 |  |
| EUR | 280706 | USD | 326338 | HSB | 01/21/26 | 3798 |  |
| GBP | 13348 | USD | 17771 | HSB | 01/21/26 | 220 |  |
| GBP | 50487 | USD | 67306 | HSB | 01/21/26 | 747 |  |
| ILS | 1410548 | USD | 429944 | JPM | 01/21/26 | 12958 |  |
| JPY | 203769711 | USD | 1352211 | CIT | 01/21/26 |  | 49570 |
| JPY | 6985729 | USD | 45352 | CIT | 01/21/26 |  | 694 |
| JPY | 4501013 | USD | 29000 | CIT | 01/21/26 |  | 226 |
| KRW | 102600000 | USD | 72394 | JPM | 01/21/26 |  | 1133 |
| MXN | 3407801 | USD | 182227 | JPM | 01/21/26 | 6729 |  |
| NOK | 8304591 | USD | 822608 | JPM | 01/21/26 | 1345 |  |
| NZD | 631641 | USD | 362919 | CIT | 01/21/26 | 965 |  |
| NZD | 7702 | USD | 4437 | HSB | 01/21/26 |  | 1 |
| RON | 2005612 | USD | 453538 | CIT | 01/21/26 | 8864 |  |
| RON | 718230 | USD | 162455 | HSB | 01/21/26 | 3136 |  |
| SEK | 34604 | USD | 3657 | MSC | 01/21/26 | 105 |  |
| SGD | 28029 | USD | 21695 | CIT | 01/21/26 | 134 |  |
| SGD | 83043 | USD | 64392 | CIT | 01/21/26 | 283 |  |
| SGD | 33268 | USD | 25724 | HSB | 01/21/26 | 186 |  |
| USD | 1087348 | AUD | 1668531 | HSB | 01/21/26 |  | 26259 |
| USD | 20304 | AUD | 31245 | HSB | 01/21/26 |  | 549 |
| USD | 78370 | AUD | 120292 | MSC | 01/21/26 |  | 1915 |
| USD | 13336 | AUD | 20145 | MSC | 01/21/26 |  | 109 |
| USD | 35626 | CAD | 49802 | HSB | 01/21/26 |  | 690 |
| USD | 568539 | CAD | 793191 | JPM | 01/21/26 |  | 9856 |
| USD | 32000 | CAD | 44975 | JPM | 01/21/26 |  | 796 |
| USD | 136481 | CAD | 190399 | MSC | 01/21/26 |  | 2358 |

---

*The accompanying notes are an integral part of these financial statements.*

**28** Annual Financial Statements

------

**Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Quantity | Currency<br>Sold | Quantity | Counterparty | Settlement <br>Date | Unrealized<br>Appreciation | Unrealized <br>Depreciation |
| USD | 26513 | CAD | 37026 | MSC | 01/21/26 | $— | $486 |
| USD | 6800 | CNH | 47735 | HSB | 01/21/26 |  | 49 |
| USD | 27836 | COP | 109592000 | HSB | 01/21/26 |  | 938 |
| USD | 25102 | CZK | 522449 | CIT | 01/21/26 |  | 319 |
| USD | 45916 | CZK | 964552 | HSB | 01/21/26 |  | 1016 |
| USD | 253773 | DKK | 1628180 | JPM | 01/21/26 |  | 2648 |
| USD | 27007 | DKK | 173292 | MSC | 01/21/26 |  | 285 |
| USD | 14000 | DKK | 89567 | MSC | 01/21/26 |  | 106 |
| USD | 147000 | EUR | 127404 | HSB | 01/21/26 |  | 2839 |
| USD | 22864 | EUR | 19454 | HSB | 01/21/26 |  | 16 |
| USD | 11836 | EUR | 10068 | HSB | 01/21/26 |  | 5 |
| USD | 17700 | EUR | 15041 | HSB | 01/21/26 | 11 |  |
| USD | 49960 | GBP | 37476 | HSB | 01/21/26 |  | 554 |
| USD | 16046 | HUF | 5478602 | HSB | 01/21/26 |  | 688 |
| USD | 204007 | ILS | 668993 | HSB | 01/21/26 |  | 6052 |
| USD | 28000 | ILS | 91127 | HSB | 01/21/26 |  | 613 |
| USD | 248523 | ILS | 815346 | JPM | 01/21/26 |  | 7490 |
| USD | 149000 | JPY | 22795341 | CIT | 01/21/26 | 3276 |  |
| USD | 1043772 | JPY | 157289855 | CIT | 01/21/26 | 38263 |  |
| USD | 6500 | JPY | 1017754 | HSB | 01/21/26 |  | 6 |
| USD | 16002 | MXN | 299575 | CIT | 01/21/26 |  | 609 |
| USD | 176088 | MXN | 3292991 | JPM | 01/21/26 |  | 6502 |
| USD | 34000 | MXN | 637389 | JPM | 01/21/26 |  | 1342 |
| USD | 860563 | NOK | 8686070 | HSB | 01/21/26 |  | 1239 |
| USD | 481679 | NZD | 838387 | HSB | 01/21/26 |  | 1311 |
| USD | 37901 | PEN | 130000 | HSB | 01/21/26 |  | 752 |
| USD | 13929 | PLN | 51418 | HSB | 01/21/26 |  | 392 |
| USD | 657252 | RON | 2906468 | CIT | 01/21/26 |  | 12846 |
| USD | 60118 | SGD | 77531 | CIT | 01/21/26 |  | 264 |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $127138 | $143882 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **29**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement International Equity Portfolio** |  |  |
| **Common Stocks \| 95.9%** |  |  |
| **Australia \| 1.3%** |  |  |
| Rio Tinto PLC | 18078 | $1442352 |
| **Belgium \| 1.4%** |  |  |
| KBC Group NV | 11721 | 1523532 |
| **Canada \| 2.3%** |  |  |
| Gildan Activewear, Inc. | 22587 | 1411780 |
| Suncor Energy, Inc. | 23955 | 1063232 |
|  |  | 2475012 |
| **China \| 2.8%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 17300 | 905694 |
| Li Ning Co. Ltd. | 410000 | 981698 |
| Tencent Holdings Ltd. | 13900 | 1065119 |
|  |  | 2952511 |
| **Denmark \| 1.0%** |  |  |
| Novo Nordisk AS, Class B | 20987 | 1069766 |
| **France \| 12.8%** |  |  |
| Air Liquide SA | 7932 | 1492682 |
| Bureau Veritas SA | 48761 | 1552818 |
| Capgemini SE | 7282 | 1205991 |
| Cie de Saint-Gobain SA | 8949 | 908440 |
| Engie SA | 88892 | 2337290 |
| Legrand SA | 8494 | 1262259 |
| Orange SA | 121913 | 2034139 |
| Pernod Ricard SA | 9091 | 778271 |
| Societe Generale SA | 15741 | 1268219 |
| Thales SA | 3107 | 839202 |
|  |  | 13679311 |

---

*The accompanying notes are an integral part of these financial statements.*

**30** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **Germany \| 7.9%** |  |  |
| Allianz SE | 3529 | $1618640 |
| Beiersdorf AG | 9610 | 1057540 |
| Merck KGaA | 10106 | 1450626 |
| MTU Aero Engines AG | 2487 | 1037371 |
| Siemens AG | 3069 | 861886 |
| Siemens Healthineers AG (#) | 24814 | 1302175 |
| Symrise AG | 7817 | 632557 |
| Zalando SE (#), (\*) | 18003 | 534527 |
|  |  | 8495322 |
| **Greece \| 2.1%** |  |  |
| National Bank of Greece SA | 149695 | 2280097 |
| **Hong Kong \| 3.2%** |  |  |
| AIA Group Ltd. | 214600 | 2204262 |
| Techtronic Industries Co. Ltd. | 102000 | 1171856 |
|  |  | 3376118 |
| **Israel \| 1.9%** |  |  |
| Bank Hapoalim BM | 89934 | 2034669 |
| **Italy \| 2.9%** |  |  |
| Lottomatica Group SpA | 38343 | 1006197 |
| UniCredit SpA | 25145 | 2087430 |
|  |  | 3093627 |
| **Japan \| 14.4%** |  |  |
| Bandai Namco Holdings, Inc. | 32300 | 860901 |
| Ebara Corp. | 31900 | 752411 |
| FANUC Corp. | 31400 | 1222078 |
| MatsukiyoCocokara & Co. | 46700 | 810724 |
| Mitsui Fudosan Co. Ltd. | 89300 | 1016002 |
| Mizuho Financial Group, Inc. | 54600 | 1982619 |
| Nippon Sanso Holdings Corp. | 26100 | 779362 |
| Nitori Holdings Co. Ltd. | 41500 | 726462 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **31**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| Otsuka Holdings Co. Ltd. | 22800 | $1288077 |
| Resona Holdings, Inc. | 113400 | 1075225 |
| Shimadzu Corp. | 62700 | 1669826 |
| Shin-Etsu Chemical Co. Ltd. | 31200 | 970261 |
| Suzuki Motor Corp. | 67400 | 1001021 |
| Toyo Suisan Kaisha Ltd. | 17800 | 1218802 |
|  |  | 15373771 |
| **Mexico \| 0.9%** |  |  |
| Arca Continental SAB de CV | 85100 | 920966 |
| **Netherlands \| 5.0%** |  |  |
| ASML Holding NV | 2076 | 2219069 |
| IMCD NV | 9055 | 823783 |
| ING Groep NV | 38411 | 1079779 |
| Magnum Ice Cream Co. NV (\*) | 9550 | 151579 |
| Universal Music Group NV | 42612 | 1113260 |
|  |  | 5387470 |
| **South Africa \| 1.0%** |  |  |
| Anglo American PLC | 26839 | 1106019 |
| **South Korea \| 2.1%** |  |  |
| Samsung Electronics Co. Ltd. | 26714 | 2226460 |
| **Spain \| 4.4%** |  |  |
| Banco Santander SA | 151198 | 1774285 |
| Bankinter SA | 109237 | 1808748 |
| Industria de Diseno Textil SA | 17167 | 1130797 |
|  |  | 4713830 |
| **Sweden \| 2.4%** |  |  |
| Hexagon AB, B Shares | 122305 | 1446630 |
| Sandvik AB | 33993 | 1101040 |
|  |  | 2547670 |

---

*The accompanying notes are an integral part of these financial statements.*

**32** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **Switzerland \| 2.4%** |  |  |
| ABB Ltd. | 21096 | $1559444 |
| Cie Financiere Richemont SA, Class A | 4915 | 1060736 |
|  |  | 2620180 |
| **Taiwan \| 1.1%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3711 | 1127736 |
| **United Kingdom \| 16.2%** |  |  |
| 3i Group PLC | 29602 | 1287905 |
| AstraZeneca PLC | 12679 | 2335370 |
| Coca-Cola Europacific Partners PLC | 11144 | 1016008 |
| Compass Group PLC | 50902 | 1619448 |
| Croda International PLC | 26524 | 961229 |
| Howden Joinery Group PLC | 122608 | 1365259 |
| IMI PLC | 43793 | 1460006 |
| JD Sports Fashion PLC | 377507 | 428639 |
| Marks & Spencer Group PLC | 223432 | 993902 |
| RELX PLC | 57151 | 2311659 |
| SSE PLC | 27722 | 812874 |
| Unilever PLC | 42444 | 2775046 |
|  |  | 17367345 |
| **United States \| 6.4%** |  |  |
| Amcor PLC CDI | 115484 | 965040 |
| Aon PLC, Class A | 4543 | 1603134 |
| Chubb Ltd. | 2888 | 901402 |
| CRH PLC | 8884 | 1108723 |
| ICON PLC (\*) | 4717 | 859532 |
| Medtronic PLC | 14146 | 1358865 |
|  |  | 6796696 |
| **Total Common Stocks** <br>(Cost $80,389,719) |  | 102610460 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **33**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement International Equity Portfolio (concluded)** |  |  |
| **Preferred Stocks \| 1.1%** |  |  |
| **Brazil \| 1.1%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $808,501) | 161071 | $1154564 |
| **Short-Term Investments \| 2.7%** |  |  |
| Lazard Government Money Market Portfolio, 3.59% (7 day yield) (a)<br> (Cost $2,936,825) | 2936825 | 2936825 |
| **Total Investments \| 99.7%** <br>(Cost $84,135,045) |  | $**106701849** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **293743** |
| **Net Assets \| 100.0%** |  | $**106995592** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 1.7% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |
| *(a)* | *Affiliated investment.* |

---

*The accompanying notes are an integral part of these financial statements.*

**34** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio** |  |  |
| **Common Stocks \| 99.7%** |  |  |
| **Aerospace & Defense \| 1.6%** |  |  |
| StandardAero, Inc. (\*) | 5332 | $152922 |
| **Automobile Components \| 1.0%** |  |  |
| Gentherm, Inc. (\*) | 2606 | 94780 |
| **Automobiles \| 1.4%** |  |  |
| Thor Industries, Inc. | 1237 | 127003 |
| **Banks \| 9.1%** |  |  |
| Atlantic Union Bankshares Corp. | 3706 | 130822 |
| BankUnited, Inc. | 4291 | 191250 |
| Home BancShares, Inc. | 5193 | 144261 |
| Texas Capital Bancshares, Inc. (\*) | 1822 | 164964 |
| Wintrust Financial Corp. | 1512 | 211408 |
|  |  | 842705 |
| **Biotechnology \| 7.9%** |  |  |
| Arcutis Biotherapeutics, Inc. (\*) | 2585 | 75069 |
| Aurinia Pharmaceuticals, Inc. (\*) | 4362 | 69574 |
| Caris Life Sciences, Inc. | 3596 | 97020 |
| Disc Medicine, Inc. (\*) | 864 | 68610 |
| MapLight Therapeutics, Inc. | 5163 | 90688 |
| Rhythm Pharmaceuticals, Inc. (\*) | 654 | 70004 |
| Soleno Therapeutics, Inc. (\*) | 1371 | 63478 |
| Vaxcyte, Inc. (\*) | 1908 | 88035 |
| Xenon Pharmaceuticals, Inc. (\*) | 2310 | 103534 |
|  |  | 726012 |
| **Building Products \| 1.1%** |  |  |
| Janus International Group, Inc. (\*) | 15862 | 103738 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **35**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Capital Markets \| 5.0%** |  |  |
| Bullish | 2516 | $95281 |
| StepStone Group, Inc., Class A | 2763 | 177302 |
| Stifel Financial Corp. | 1485 | 185951 |
|  |  | 458534 |
| **Commercial Services & Supplies \| 4.0%** |  |  |
| ABM Industries, Inc. | 3811 | 161205 |
| Casella Waste Systems, Inc., Class A (\*) | 2087 | 204401 |
|  |  | 365606 |
| **Communications Equipment \| 1.9%** |  |  |
| Lumentum Holdings, Inc. (\*) | 466 | 171763 |
| **Construction & Engineering \| 2.2%** |  |  |
| Legence Corp., Class A | 2873 | 123654 |
| Primoris Services Corp. | 643 | 79822 |
|  |  | 203476 |
| **Construction Materials \| 1.1%** |  |  |
| Eagle Materials, Inc. | 505 | 104373 |
| **Consumer Finance \| 1.4%** |  |  |
| Figure Technology Solutions, Inc., Class A | 3267 | 133424 |
| **Consumer Staples Distribution & Retail \| 2.8%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (\*) | 1336 | 120280 |
| Chefs' Warehouse, Inc. (\*) | 2188 | 136378 |
|  |  | 256658 |
| **Containers & Packaging \| 2.2%** |  |  |
| Graphic Packaging Holding Co. | 6319 | 95164 |
| TriMas Corp. | 2931 | 103904 |
|  |  | 199068 |

---

*The accompanying notes are an integral part of these financial statements.*

**36** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Electrical Equipment \| 3.1%** |  |  |
| EnerSys | 856 | $125618 |
| Regal Rexnord Corp. | 1163 | 163192 |
|  |  | 288810 |
| **Electronic Equipment, Instruments & Components \| 5.2%** |  |  |
| Advanced Energy Industries, Inc. | 778 | 162890 |
| Coherent Corp. (\*) | 1209 | 223145 |
| Mirion Technologies, Inc. (\*) | 3874 | 90729 |
|  |  | 476764 |
| **Energy Equipment & Services \| 3.3%** |  |  |
| Atlas Energy Solutions, Inc. | 7345 | 69190 |
| Cactus, Inc., Class A | 2808 | 128269 |
| Kodiak Gas Services, Inc. | 2875 | 107525 |
|  |  | 304984 |
| **Entertainment \| 1.5%** |  |  |
| Roku, Inc. (\*) | 1259 | 136589 |
| **Ground Transportation \| 1.4%** |  |  |
| Landstar System, Inc. | 898 | 129043 |
| **Health Care Equipment & Supplies \| 3.6%** |  |  |
| Enovis Corp. (\*) | 6202 | 165221 |
| Inspire Medical Systems, Inc. (\*) | 687 | 63362 |
| TransMedics Group, Inc. (\*) | 851 | 103524 |
|  |  | 332107 |
| **Health Care Providers & Services \| 1.3%** |  |  |
| Guardian Pharmacy Services, Inc., Class A (\*) | 4011 | 120691 |
| **Health Care Technology \| 2.3%** |  |  |
| Certara, Inc. (\*) | 9105 | 80215 |
| Doximity, Inc., Class A (\*) | 2905 | 128634 |
|  |  | 208849 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **37**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Hotels, Restaurants & Leisure \| 5.0%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 13200 | $199056 |
| Kura Sushi USA, Inc., Class A (\*) | 1949 | 101991 |
| Wyndham Hotels & Resorts, Inc. | 2146 | 162152 |
|  |  | 463199 |
| **Insurance \| 2.2%** |  |  |
| First American Financial Corp. | 3252 | 199803 |
| **IT Services \| 3.2%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 6161 | 296467 |
| **Leisure Products \| 1.5%** |  |  |
| Brunswick Corp. | 1915 | 142170 |
| **Life Sciences Tools & Services \| 0.8%** |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 22611 | 73486 |
| **Machinery \| 6.8%** |  |  |
| Gates Industrial Corp. PLC (\*) | 6114 | 131268 |
| Middleby Corp. (\*) | 1145 | 170227 |
| Nordson Corp. | 549 | 131996 |
| Toro Co. | 2484 | 195540 |
|  |  | 629031 |
| **Media \| 1.7%** |  |  |
| NIQ Global Intelligence PLC | 9477 | 156276 |
| **Oil, Gas & Consumable Fuels \| 1.1%** |  |  |
| Antero Resources Corp. (\*) | 2868 | 98831 |
| **Pharmaceuticals \| 0.8%** |  |  |
| Axsome Therapeutics, Inc. (\*) | 399 | 72873 |

---

*The accompanying notes are an integral part of these financial statements.*

**38** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br>Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (concluded)** |  |  |
| **Semiconductors & Semiconductor Equipment \| 4.6%** |  |  |
| Credo Technology Group Holding Ltd. (\*) | 487 | $70075 |
| Diodes, Inc. (\*) | 2727 | 134550 |
| Onto Innovation, Inc. (\*) | 619 | 97715 |
| Rambus, Inc. (\*) | 1351 | 124143 |
|  |  | 426483 |
| **Software \| 3.4%** |  |  |
| SPS Commerce, Inc. (\*) | 764 | 68095 |
| Zeta Global Holdings Corp., Class A (\*) | 12233 | 248942 |
|  |  | 317037 |
| **Specialized REITs \| 2.0%** |  |  |
| CubeSmart | 5233 | 188650 |
| **Specialty Retail \| 2.2%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 3316 | 201911 |
| **Total Common Stocks** <br>(Cost $8,454,875) |  | 9204116 |
| **Short-Term Investments \| 1.6%** |  |  |
| Lazard Government Money Market Portfolio, 3.59% (7 day yield) (a)<br> (Cost $144,272) | 144272 | 144272 |
| **Total Investments \| 101.3%**<br> (Cost $8,599,147) |  | $**9348388** |
| **Liabilities in Excess of Cash and Other Assets \| (1.3)%** |  | **(121850)** |
| **Net Assets \| 100.0%** |  | $**9226538** |

---

*(\*)* *Non-income producing security.* <br>*(a)* *Affiliated investment.*

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **39**

**Lazard Retirement Series, Inc.** Abbreviations

December 31, 2025

**Security Abbreviations:**

---

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

---

**Currency Abbreviations:**

---

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

---

**Counterparty Abbreviations:**

---

| | |
|:---|:---|
| CIT | — Citibank N.A. |
| HSB | — HSBC Bank USA N.A. |
| JPM | — JPMorgan Chase Bank N.A. |
| MSC | — Morgan Stanley & Co. |

---

*The accompanying notes are an integral part of these financial statements.*

**40** Annual Financial Statements

**Lazard Retirement Series, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br>Retirement<br>Emerging Markets<br>Equity Portfolio | Lazard<br>Retirement<br>Global Dynamic<br>Multi-Asset Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated issuers | $397612455 | $17085829 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 19021474 | 1028627 |
| Cash |  | 117 |
| Foreign currency, at fair value | 176789 | 1297 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 1095335 | 317608 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 1079371 | 446 |
| &nbsp;&nbsp;&nbsp;Investments sold | 1289 |  |
| Gross unrealized appreciation on forward currency contracts |  | 127138 |
| Total assets | 418986713 | 18561062 |
| **LIABILITIES** |  |  |
| Due to custodian | 129178 |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 823598 |  |
| &nbsp;&nbsp;&nbsp;Management fees | 361886 | 3806 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 74207 | 89056 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 56746 | 68759 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 56469 | 11734 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 41340 | 31897 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 24900 | 21095 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees |  | 1089 |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 632095 | 359360 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 160950 |  |
| Gross unrealized depreciation on forward currency contracts |  | 143882 |
| Other accrued expenses and payables | 10217 | 13297 |
| Total liabilities | 2371586 | 743975 |
| Net assets | $416615127 | $17817087 |
| **NET ASSETS** |  |  |
| Paid in capital | $283302018 | $4947430 |
| Distributable earnings (Accumulated loss) | 133313109 | 12869657 |
| Net assets | $416615127 | $17817087 |
| **Service Shares** |  |  |
| Net assets | $248509760 | $17045910 |
| Shares of capital stock outstanding\* | 8318245 | 1176113 |
| **Net asset value, offering and redemption price per share** | $29.88 | $14.49 |
| **Investor Shares** |  |  |
| Net assets | $168105367 | $771177 |
| Shares of capital stock outstanding\* | 5696492 | 52905 |
| **Net asset value, offering and redemption price per share** | $29.51 | $14.58 |
| Cost of unaffiliated issuers | $280606585 | $11953037 |
| Cost of affiliated issuers | $19021474 | $1040777 |
| Cost of foreign currency | $178560 | $1299 |

---

\* *$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.*

Annual Financial Statements **41**

------

---

| | |
|:---|:---|
| Lazard<br>Retirement<br>International<br>Equity Portfolio | Lazard<br>Retirement<br>US Small Cap<br>Equity Select Portfolio |
| $103765024 | $9204116 |
| 2936825 | 144272 |
| 589 | 4 |
| 2509 |  |
| 666320 | 2942 |
| 24342 | 1727 |
|  | 25601 |
| 107395609 | 9378662 |
| 72709 | 2138 |
| 25167 | 12644 |
| 47539 | 33231 |
| 23937 | 2779 |
| 21408 | 13765 |
| 9068 | 12282 |
| 91 | 199 |
| 192497 | 6639 |
|  | 63131 |
| 7601 | 5316 |
| 400017 | 152124 |
| $106995592 | $9226538 |
| $69071324 | $7856947 |
| 37924268 | 1369591 |
| $106995592 | $9226538 |
| $106995592 | $9226538 |
| 9125708 | 712421 |
| $11.72 | $12.95 |
| $81198220 | $8454875 |
| $2936825 | $144272 |
| $2512 | $— |

---

**42** Annual Financial Statements

**Lazard Retirement Series, Inc.** Statements of Operations

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard<br>Retirement<br>Emerging Markets<br>Equity Portfolio | Lazard<br>Retirement<br>Global Dynamic<br>Multi-Asset Portfolio |
| **Investment Income** |  |  |
| Dividends: |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated issuers\* | $14404193 | $2042454 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers(a) | 91686 | 24485 |
| Interest\* | 228310 | 2977399 |
| Total investment income | 14724189 | 5044338 |
| **Expenses** |  |  |
| Management fees (Note 3) | 3376832 | 1279351 |
| Distribution fees (Service Shares) | 564034 | 423881 |
| Professional services | 176589 | 146706 |
| Custodian fees | 105880 | 115834 |
| Administration fees | 59496 | 47577 |
| Shareholders' reports | 44014 | 38846 |
| Directors' fees and expenses | 29739 | 22562 |
| Shareholders' services | 27846 | 21133 |
| Other | 13502 | 12620 |
| Total gross expenses | 4397932 | 2108510 |
| Management fees waived and expenses reimbursed | (3646) | (318961) |
| Total net expenses | 4394286 | 1789549 |
| Net investment income (loss) | 10329903 | 3254789 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments\*\* | 23990066 | 38761770 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers(a) |  | (812) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (218000) | (17863) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | (346782) |
| Total net realized gain (loss) | 23772066 | 38396313 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | 84250551 | (20788959) |
| &nbsp;&nbsp;&nbsp;Affiliated issuers(a) |  | (12150) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 13722 | 53789 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 104229 |
| Total net change in unrealized appreciation (depreciation) | 84264273 | (20643091) |
| Net realized and unrealized gain (loss) | 108036339 | 17753222 |
| Net increase (decrease) in net assets resulting from operations | $118366242 | $21008011 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign withholding taxes paid (reclaimed) | $1619295 | $106717 |
| \*\* Net of foreign capital gains taxes of | $67037 | $— |
| †&nbsp;&nbsp;&nbsp;&nbsp;Includes net change in foreign capital gains taxes of | $(340515) | $— |

---

*(a)* *See Note 5 for information on affiliated issuers.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **43**

------

---

| | |
|:---|:---|
| Lazard<br>Retirement<br>International<br>Equity Portfolio | Lazard<br>Retirement<br>US Small Cap<br>Equity Select Portfolio |
| $3019537 | $321673 |
| 21635 | 1841 |
| 63996 | 14723 |
| 3105168 | 338237 |
| 853714 | 236667 |
| 284572 | 78889 |
| 108384 | 60354 |
| 17644 | 2713 |
| 31515 | 21231 |
| 17365 | 17635 |
| 13802 | 8196 |
| 16262 | 13251 |
| 8713 | 4523 |
| 1351971 | 443459 |
| (91048 | (96348) |
| 1260923 | 347111 |
| 1844245 | (8874) |
| 18498590 | 1067069 |
| 12596 |  |
| 18511186 | 1067069 |
| 11765173 | (2094736) |
| 71519 |  |
| 11836692 | (2094736) |
| 30347878 | (1027667) |
| $32192123 | $(1036541) |
| $268867 | $— |
| $— | $— |
| $— | $— |

---

# *Dividend income for Lazard Retirement International Equity Portfolio includes $47,112 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 $315,979. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

**44** Annual Financial Statements

**Lazard Retirement Series, Inc.** Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | Lazard Retirement<br>Emerging Markets Equity Portfolio | Lazard Retirement<br>Emerging Markets Equity Portfolio |
| | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income (loss) | $10329903 | $11086872 |
| Net realized gain (loss) | 23772066 | 15353318 |
| Net change in unrealized appreciation (depreciation) | 84264273 | (2451527) |
| Net increase (decrease) in net assets resulting from operations | 118366242 | 23988663 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Service Shares | (6141349) | (7457769) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (3530073) | (3304876) |
| Net decrease in net assets resulting from distributions | (9671422) | (10762645) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Service Shares | 21194397 | 22684215 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 63975032 | 5766927 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 6141349 | 7457769 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 3530073 | 3304876 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (59599495) | (62435399) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (22408588) | (18137517) |
| Net increase (decrease) in net assets from capital stock transactions | 12832768 | (41359129) |
| Total increase (decrease) in net assets | 121527588 | (28133111) |
| Net assets at beginning of period | 295087539 | 323220650 |
| Net assets at end of period | $416615127 | $295087539 |
| **Shares issued and redeemed** |  |  |
| **Service Shares** |  |  |
| Shares outstanding at beginning of period | 9609618 | 11086878 |
| Shares sold | 832495 | 1024305 |
| Shares issued to shareholders from reinvestment of distributions | 233423 | 332491 |
| Shares redeemed | (2357291) | (2834056) |
| Net increase (decrease) | (1291373) | (1477260) |
| Shares outstanding at end of period | 8318245 | 9609618 |
| **Investor Shares** |  |  |
| Shares outstanding at beginning of period | 4068065 | 4485531 |
| Shares sold | 2398149 | 266557 |
| Shares issued to shareholders from reinvestment of distributions | 135929 | 149204 |
| Shares redeemed | (905651) | (833227) |
| Net increase (decrease) | 1628427 | (417466) |
| Shares outstanding at end of period | 5696492 | 4068065 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **45**

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Retirement<br>Global Dynamic Multi-Asset Portfolio | Lazard Retirement<br>Global Dynamic Multi-Asset Portfolio | Lazard Retirement<br>International Equity Portfolio | Lazard Retirement<br>International Equity Portfolio |
| Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 |
| $3254789 | $3906785 | $1844245 | $1729545 |
| 38396313 | 18357552 | 18511186 | 5595196 |
| (20643091) | (2267270) | 11836692 | (381654) |
| 21008011 | 19997067 | 32192123 | 6943087 |
| (7874821) |  | (6595753) | (3396900) |
| (41623) |  |  |  |
| (7916444) |  | (6595753) | (3396900) |
| 9954452 | 9202056 | 18952209 | 8619297 |
| 158339 | 144719 |  |  |
| 7874821 |  | 6595753 | 3396900 |
| 41623 |  |  |  |
| (232105265) | (56951363) | (45053352) | (29152982) |
| (441708) | (128606) |  |  |
| (214517738) | (47733194) | (19505390) | (17136785) |
| (201426171) | (27736127) | 6090980 | (13590598) |
| 219243258 | 246979385 | 100904612 | 114495210 |
| $17817087 | $219243258 | $106995592 | $100904612 |
| 16787427 | 20541409 | 10839522 | 12599414 |
| 731778 | 717880 | 1786563 | 899055 |
| 576066 |  | 593677 | 347687 |
| (16919158) | (4471862) | (4094054) | (3006634) |
| (15611314) | (3753982) | (1713814) | (1759892) |
| 1176113 | 16787427 | 9125708 | 10839522 |
| 68917 | 67328 |  |  |
| 11603 | 11505 |  |  |
| 3031 |  |  |  |
| (30646) | (9916) |  |  |
| (16012) | 1589 |  |  |
| 52905 | 68917 |  |  |

---

**46** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | Lazard Retirement<br>US Small Cap Equity Select Portfolio | Lazard Retirement<br>US Small Cap Equity Select Portfolio |
| | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024 |
| **Increase (Decrease) in Net Assets From Operations** |  |  |
| Net investment income (loss) | $(8874) | $(114208) |
| Net realized gain (loss) | 1067069 | 5267321 |
| Net change in unrealized appreciation (depreciation) | (2094736) | (791650) |
| Net increase (decrease) in net assets resulting from operations | (1036541) | 4361463 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains Service Shares | (4736177) | (1471884) |
| Net increase (decrease) in net assets resulting from distributions | (4736177) | (1471884) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 3232539 | 1791502 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Service Shares | 4736177 | 1471884 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Service Shares | (33352592) | (7413186) |
| Net increase (decrease) in net assets from capital stock transactions | (25383876) | (4149800) |
| Total increase (decrease) in net assets | (31156594) | (1260221) |
| Net assets at beginning of period | 40383132 | 41643353 |
| Net assets at end of period | $9226538 | $40383132 |
| **Shares issued and redeemed** |  |  |
| **Service Shares** |  |  |
| Shares outstanding at beginning of period | 2793452 | 3085276 |
| Shares sold | 238598 | 127012 |
| Shares issued to shareholders from reinvestment of distributions | 387259 | 106350 |
| Shares redeemed | (2706888) | (525186) |
| Net increase (decrease) | (2081031) | (291824) |
| Shares outstanding at end of period | 712421 | 2793452 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **47**

**Lazard Retirement Series, Inc.** Financial Highlights

------

LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $21.65 | $20.83 | $17.92 | $21.86 | $21.12 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.76 | 0.75 | 0.74 | 0.89 | 0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.19 | 0.82 | 3.14 | (4.18) | 0.55 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.95 | 1.57 | 3.88 | (3.29) | 1.16 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.72) | (0.75) | (0.97) | (0.65) | (0.42) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.72) | (0.75) | (0.97) | (0.65) | (0.42) |
| Net asset value, end of period | $29.88 | $21.65 | $20.83 | $17.92 | $21.86 |
| **Total Return** (b) | 41.77% | 7.43% | 22.27% | –15.12% | 5.52% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $248510 | $208054 | $230885 | $219359 | $290586 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1.38% | 1.40% | 1.42% | 1.38% | 1.38% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.39% | 1.41% | 1.42% | 1.38% | 1.38% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.99% | 3.41% | 3.81% | 4.65% | 2.72% |
| Portfolio turnover rate | 30% | 23% | 25% | 25% | 35% |

---

*The accompanying notes are an integral part of these financial statements.*

**48** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Investor Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $21.39 | $20.59 | $17.72 | $21.64 | $20.91 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.81 | 0.79 | 0.79 | 0.94 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 8.09 | 0.82 | 3.10 | (4.16) | 0.55 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 8.90 | 1.61 | 3.89 | (3.22) | 1.21 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.78) | (0.81) | (1.02) | (0.70) | (0.48) |
| Total distributions | (0.78) | (0.81) | (1.02) | (0.70) | (0.48) |
| Net asset value, end of period | $29.51 | $21.39 | $20.59 | $17.72 | $21.64 |
| **Total Return** (b) | 42.12% | 7.68% | 22.61% | –14.96% | 5.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $168105 | $87033 | $92335 | $82189 | $104568 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1.13% | 1.15% | 1.17% | 1.13% | 1.14% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.14% | 1.16% | 1.17% | 1.13% | 1.14% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.19% | 3.63% | 4.08% | 4.94% | 2.97% |
| Portfolio turnover rate | 30% | 23% | 25% | 25% | 35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C Global Investor and Distribution Solutions ("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.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **49**

------

LAZARD RETIREMENT GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br>outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.01 | $11.98 | $11.44 | $14.72 | $13.53 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.26 | 0.21 | 0.22 | 0.19 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.75 | 0.82 | 0.97 | (2.72) | 1.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.01 | 1.03 | 1.19 | (2.53) | 1.60 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.15) |  |  | (0.01) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.38) |  | (0.65) | (0.74) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.53) |  | (0.65) | (0.75) | (0.41) |
| Net asset value, end of period | $14.49 | $13.01 | $11.98 | $11.44 | $14.72 |
| **Total Return** (b) | 15.72% | 8.60% | 10.81% | –17.38% | 11.94% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $17046 | $218342 | $246170 | $263766 | $343765 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.23% | 1.21% | 1.24% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.91% | 1.65% | 1.88% | 1.55% | 0.82% |
| Portfolio turnover rate | 93% | 63% | 92% | 87% | 75% |

---

*The accompanying notes are an integral part of these financial statements.*

**50** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br>outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Investor Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.07 | $12.03 | $11.46 | $14.75 | $13.53 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.27 | 0.23 | 0.24 | 0.21 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.79 | 0.81 | 0.98 | (2.73) | 1.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.06 | 1.04 | 1.22 | (2.52) | 1.63 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.17) |  |  | (0.03) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.38) |  | (0.65) | (0.74) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.55) |  | (0.65) | (0.77) | (0.41) |
| Net asset value, end of period | $14.58 | $13.07 | $12.03 | $11.46 | $14.75 |
| **Total Return** (b) | 16.06% | 8.65% | 11.06% | –17.28% | 12.16% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $771 | $901 | $810 | $567 | $543 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.45% | 1.52% | 1.81% | 1.88% | 2.21% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.93% | 1.80% | 2.03% | 1.73% | 0.95% |
| Portfolio turnover rate | 93% | 63% | 92% | 87% | 75% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **51**

------

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C 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.* 

*The accompanying notes are an integral part of these financial statements.*

**52** Annual Financial Statements

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LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br>outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.31 | $9.09 | $7.95 | $11.00 | $10.62 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.19 | 0.17 | 0.15 | 0.16 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.86 | 0.35 | 1.10 | (1.80) | 0.31 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.05 | 0.52 | 1.25 | (1.64) | 0.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.28) | (0.11) | (0.35) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.41) | (0.02) |  | (1.06) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.30) | (0.11) | (1.41) | (0.24) |
| Net asset value, end of period | $11.72 | $9.31 | $9.09 | $7.95 | $11.00 |
| **Total Return (a)** | 33.12% | 5.63% | 15.88% | –15.01% | 5.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $106996 | $100905 | $114495 | $110768 | $139609 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1.11% | 1.09% | 1.21% | 1.11% | 1.10% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.19% | 1.20% | 1.32% | 1.19% | 1.18% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.62% | 1.54% | 1.71% | 1.62% | 2.73% |
| Portfolio turnover rate | 45% | 39% | 41% | 31% | 37% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **53**

------

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

*The accompanying notes are an integral part of these financial statements.*

**54** Annual Financial Statements

------

LAZARD RETIREMENT US SMALL CAP EQUITY SELECT PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br>outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $14.46 | $13.50 | $12.27 | $19.47 | $16.27 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) | (0.04) | — (a) | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.22 (b) | 1.52 | 1.23 | (2.64) | 3.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.21 | 1.48 | 1.23 | (2.65) | 3.23 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized gains | (1.72) | (0.52) |  | (4.55) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.72) | (0.52) |  | (4.55) | (0.03) |
| Net asset value, end of period | $12.95 | $14.46 | $13.50 | $12.27 | $19.47 |
| **Total Return (c)** | 2.18% | 11.12% | 10.02% | –15.52% | 19.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $9227 | $40383 | $41643 | $38185 | $51622 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1.10% | 1.12% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.41% | 1.35% | 1.38% | 1.32% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.03% | –0.28% | 0.04% | –0.07% | –0.17% |
| Portfolio turnover rate | 89% | 98% | 63% | 34% | 61% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Financial Statements **55**

------

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Amount is less than $0.01 per share.* 

*(b)* *The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales and repurchases of Portfolio shares in relation to fluctuating market values for investments held by the Portfolio.* 

*(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.* 

*The accompanying notes are an integral part of these financial statements.*

**56** Annual Financial Statements

**Lazard Retirement Series, Inc.** Notes to Financial Statements

December 31, 2025

**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 nineteen no-load portfolios (each referred to as a "Portfolio"), is currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis. As of December 31, 2025, only the following four Portfolios, each of which is "diversified", as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio.

The other fifteen Portfolios have not commenced operations. Each Portfolio offers Service Shares and Emerging Markets Equity and Global Dynamic Multi-Asset also offer Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to, and expenses borne by, each class of shares.

**2. Significant Accounting Policies**

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

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

Annual Financial Statements **57**

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

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

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

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

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

**58** Annual Financial Statements

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

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

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

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

Annual Financial Statements **59**

recorded within dividend income on the Statements of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio's NAV per share.

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

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

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

**60** Annual Financial Statements

During the year ended December 31, 2025, Global Dynamic Multi-Asset traded in forward currency contracts.

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Emerging Markets Equity | $14042278 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br>Cost | Aggregate<br>Gross<br>Unrealized<br>Appreciation | Aggregate<br>Gross<br>Unrealized<br>Depreciation | Net<br>Unrealized<br>Appreciation<br>(Depreciation) |
| Emerging Markets Equity | $302065705 | $129391448 | $14823621 | $114567827 |
| Global Dynamic Multi-Asset | 13262389 | 5283808 | 434242 | 4849566 |
| International Equity | 84984921 | 25085646 | 3368718 | 21716928 |
| US Small Cap Equity Select | 8907353 | 1290553 | 849518 | 441035 |

---

Annual Financial Statements **61**

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

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

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

**62** Annual Financial Statements

The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Paid in<br>Capital | Total Distributable<br>Earnings |
| Emerging Markets Equity | $941294 | $(941294) |
| Global Dynamic Multi-Asset | 33158730 | (33158730) |
| International Equity | 3530854 | (3530854) |
| US Small Cap Equity Select | 81116 | (81116) |

---

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term Capital Gain | Long-Term Capital Gain |
| &nbsp;&nbsp;Portfolio | 2025 | 2024 | 2025 | 2024 |
| Emerging Markets Equity | $9671422 | $10762645 | $— | $— |
| Global Dynamic Multi-Asset | 3024091 |  | 4892353 |  |
| International Equity | 2923549 | 3142597 | 3672204 | 254303 |
| US Small Cap Equity Select | 2135277 |  | 2600900 | 1471884 |

---

At December 31, 2025, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Undistributed<br>Ordinary (Income/<br>Deferred<br>Ordinary Losses) | Undistributed<br>Long-Term<br>Capital Gain<br>(Deferred Capital Losses) | Net Unrealized<br>Appreciation<br>(Depreciation)<br>Including<br>Foreign Currency |
| Emerging Markets Equity | $10765151 | $8806646 | $113741312 |
| Global Dynamic Multi-Asset | 8001510 |  | 4868147 |
| International Equity | 4468317 | 11686073 | 21769878 |
| US Small Cap Equity Select | 215570 | 712986 | 441035 |

---

*(f) Allocation of Expenses*—Expenses common to the Fund, Lazard Active ETF Trust, The Lazard Funds, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a "Lazard Fund" and collectively, the "Lazard Fund Complex"), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund

Annual Financial Statements **63**

not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Service Shares. Each Portfolio's income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes (if applicable) based upon the relative net assets of each class.

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

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

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

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the "Management Agreement") with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio's investment objectives, policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services

**64** Annual Financial Statements

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Annual Rate |
| Emerging Markets Equity | 1.00% |
| Global Dynamic Multi-Asset | 0.75 |
| International Equity | 0.75 |
| US Small Cap Equity Select | 0.75 |

---

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2026 (or such other date as indicated below) if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio's average daily net assets set forth opposite the Portfolio's name in the table below. The Fund may invest in other investment companies managed by the Investment Manager. The Fund deducts any fees charged by such investment company from the payment to be made to the Investment Manager under the Management Agreement. 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Service Shares | Investor Shares |
| Emerging Markets Equity | 1.40% | 1.15% |
| Global Dynamic Multi-Asset (a) | 1.05 | 0.90 |
| International Equity | 1.10 | N/A |
| US Small Cap Equity Select | 1.10 | N/A |

---

*(a) This agreement will continue in effect until May 1, 2035 for Investor Shares.*

Annual Financial Statements **65**

During the year ended December 31, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Service Shares | Service Shares | Investor Shares | Investor Shares |
| &nbsp;&nbsp;Portfolio | Management<br>Fees Waived | Expenses<br>Reimbursed | Management<br>Fees Waived | Expenses<br>Reimbursed |
| Emerging Markets Equity | $2427 | $— | $1219 | $— |
| Global Dynamic Multi-Asset | 313344 |  | 5617 |  |
| International Equity | 91048 |  | N/A | N/A |
| US Small Cap Equity Select | 96348 |  | N/A | N/A |

---

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.

**66** Annual Financial Statements

**4. Directors' Compensation**

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

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Emerging Markets Equity | $99270632 | $102137335 |
| Global Dynamic Multi-Asset | 145808504 | 356337882 |
| International Equity | 49277842 | 75219802 |
| US Small Cap Equity Select | 27231295 | 57049256 |

---

---

| | | |
|:---|:---|:---|
|  | U.S. Treasury Securities | U.S. Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Global Dynamic Multi-Asset | $7008050 | $13491791 |

---

For the year ended December 31, 2025, 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.

Annual Financial Statements **67**

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A summary of the Fund's transactions in Lazard mutual funds for the year ended December 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Values at<br>December 31,<br>2024 | Purchase<br>cost | Sales<br>proceeds | Realized<br>gain<br>(loss) | Change in<br>unrealized<br>appreciation<br>(depreciation) | Dividend<br>income | Shares at<br>December 31,<br>2025 | Values at<br>December 31,<br>2025 |
| **Emerging Markets Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $42706086 | $(23684612) | $— | $— | $91686 | 19021474 | $19021474 |
| **Global Dynamic Multi-Asset** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Emerging Markets Opportunities ETF | $— | $953063 | $(30449) | $(812) | $(12150) | $— | 36270 | $909652 |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $50899243 | $(50780268) | $— | $— | $24485 | 118975 | $118975 |
| **International Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $12125216 | $(9188391) | $— | $— | $21635 | 2936825 | $2936825 |
| **US Small Cap Equity Select** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $1672605 | $(1528333) | $— | $— | $1841 | 144272 | $144272 |

---

**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

**68** Annual Financial Statements

------

markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio's securities, including changes in interest rates, currency rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

*(b) Non-U.S. Securities Risk*—A Portfolio's performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, which could, among other things, effectively restrict or eliminate the Portfolio's ability to

Annual Financial Statements **69**

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purchase or sell certain foreign securities.To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

*(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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, a Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.

*(d) Foreign Currency Risk*—Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio's investments denominated in such currencies (particularly currencies of emerging markets countries), as well as

**70** Annual Financial Statements

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any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.

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

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

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

Annual Financial Statements **71**

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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).

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

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of "original issue discount" previously accrued thereon, i.e., purchased at a "market discount." The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

*(f) Derivatives and Hedging Risk*—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase

**72** Annual Financial Statements

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volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities, indexes and currencies; structured notes; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio's performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager's ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even when entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational risk (including from documentation issues,

Annual Financial Statements **73**

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settlement issues, systems failures, inadequate controls, and human error) and legal risk (including risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract).

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

*(h) Depositary Receipts Risk*—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.

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

**74** Annual Financial Statements

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

**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.

Annual Financial Statements **75**

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**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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

**76** Annual Financial Statements

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The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>and Liabilities<br>(Level 1) | Significant<br>Other<br>Observable <br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Balance as of<br>December 31,<br>2025 |
| **Emerging Markets Equity** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $11498456 | $33321169 | $— | $44819625 |
| &nbsp;&nbsp;&nbsp;China |  | 80708015 |  | 80708015 |
| &nbsp;&nbsp;&nbsp;Egypt | 1565 | 3739384 |  | 3740949 |
| &nbsp;&nbsp;&nbsp;France |  | 2775782 |  | 2775782 |
| &nbsp;&nbsp;&nbsp;Greece |  | 10287827 |  | 10287827 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3146564 |  | 3146564 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 10330877 |  | 10330877 |
| &nbsp;&nbsp;&nbsp;India | 5115961 | 23559925 |  | 28675886 |
| &nbsp;&nbsp;&nbsp;Indonesia | 6181122 | 13251759 |  | 19432881 |
| &nbsp;&nbsp;&nbsp;Mexico | 25072849 |  |  | 25072849 |
| &nbsp;&nbsp;&nbsp;Peru | 3531822 |  |  | 3531822 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 3777197 |  | 3777197 |
| &nbsp;&nbsp;&nbsp;Poland |  | 4195112 |  | 4195112 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 31775165 |  | 31775165 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 46603322 |  | 46603322 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 60671402 |  | 60671402 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 6120973 |  | 6120973 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 3592504 |  | 3592504 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 3433270 |  | 3433270 |
| &nbsp;&nbsp;&nbsp;United States | 4920431 |  |  | 4920431 |
| Short-Term Investments | 19021474 |  |  | 19021474 |
| Total | $75343680 | $341290247 | $2 | $416633929 |

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Annual Financial Statements **77**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>and Liabilities<br>(Level 1) | Significant<br>Other<br>Observable <br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Balance as of<br>December 31,<br>2025 |
| **Global Dynamic Multi-Asset** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $155330 | $— | $155330 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 1952 |  | 1952 |
| &nbsp;&nbsp;&nbsp;Bermuda | 9454 |  |  | 9454 |
| &nbsp;&nbsp;&nbsp;Canada | 421438 |  |  | 421438 |
| &nbsp;&nbsp;&nbsp;China |  | 55618 |  | 55618 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 17637 |  | 17637 |
| &nbsp;&nbsp;&nbsp;France |  | 458474 |  | 458474 |
| &nbsp;&nbsp;&nbsp;Germany |  | 122289 |  | 122289 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 123381 |  | 123381 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 18945 |  | 18945 |
| &nbsp;&nbsp;&nbsp;Israel |  | 20967 |  | 20967 |
| &nbsp;&nbsp;&nbsp;Italy |  | 154853 |  | 154853 |
| &nbsp;&nbsp;&nbsp;Japan | 1664 | 705863 |  | 707527 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 2048 |  | 2048 |
| &nbsp;&nbsp;&nbsp;Netherlands | 44995 | 48938 |  | 93933 |
| &nbsp;&nbsp;&nbsp;Norway |  | 1987 |  | 1987 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 15776 |  | 15776 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 45176 |  | 45176 |
| &nbsp;&nbsp;&nbsp;Spain |  | 55808 |  | 55808 |
| &nbsp;&nbsp;&nbsp;Sweden | 22108 |  |  | 22108 |
| &nbsp;&nbsp;&nbsp;Switzerland | 69391 |  |  | 69391 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 26201 | 571058 |  | 597259 |
| &nbsp;&nbsp;&nbsp;United States | 8620343 | 440846 |  | 9061189 |
| Corporate Bonds\* |  | 1294192 |  | 1294192 |
| Exchange-Traded Funds | 909652 |  |  | 909652 |
| Foreign Government Obligations\* |  | 2364878 |  | 2364878 |
| Preferred Stocks\* |  | 15446 |  | 15446 |
| Quasi Government Bonds\* |  | 108972 |  | 108972 |
| Supranational Bonds |  | 561262 |  | 561262 |
| U.S. Municipal Bonds |  | 100835 |  | 100835 |
| U.S. Treasury Securities |  | 407704 |  | 407704 |
| Warrants\* |  |  |  |  |
| Short-Term Investments | 118975 |  |  | 118975 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 127138 |  | 127138 |
| Total | $10244221 | $7997373 | $— | $18241594 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(143882) | $— | $(143882) |

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**78** Annual Financial Statements

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br>Quoted Prices in<br>Active Markets<br>for Identical<br>Assets<br>and Liabilities<br>(Level 1) | Significant<br>Other<br>Observable <br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Balance as of<br>December 31,<br>2025 |
| **International Equity** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $1442352 | $— | $1442352 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 1523532 |  | 1523532 |
| &nbsp;&nbsp;&nbsp;Canada | 2475012 |  |  | 2475012 |
| &nbsp;&nbsp;&nbsp;China |  | 2952511 |  | 2952511 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 1069766 |  | 1069766 |
| &nbsp;&nbsp;&nbsp;France |  | 13679311 |  | 13679311 |
| &nbsp;&nbsp;&nbsp;Germany |  | 8495322 |  | 8495322 |
| &nbsp;&nbsp;&nbsp;Greece |  | 2280097 |  | 2280097 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3376118 |  | 3376118 |
| &nbsp;&nbsp;&nbsp;Israel |  | 2034669 |  | 2034669 |
| &nbsp;&nbsp;&nbsp;Italy |  | 3093627 |  | 3093627 |
| &nbsp;&nbsp;&nbsp;Japan |  | 15373771 |  | 15373771 |
| &nbsp;&nbsp;&nbsp;Mexico | 920966 |  |  | 920966 |
| &nbsp;&nbsp;&nbsp;Netherlands | 151579 | 5235891 |  | 5387470 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 1106019 |  | 1106019 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 2226460 |  | 2226460 |
| &nbsp;&nbsp;&nbsp;Spain |  | 4713830 |  | 4713830 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 2547670 |  | 2547670 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 2620180 |  | 2620180 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1127736 |  |  | 1127736 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 17367345 |  | 17367345 |
| &nbsp;&nbsp;&nbsp;United States | 5831656 | 965040 |  | 6796696 |
| Preferred Stocks\* |  | 1154564 |  | 1154564 |
| Short-Term Investments | 2936825 |  |  | 2936825 |
| Total | $13443774 | $93258075 | $— | $106701849 |
| **US Small Cap Equity Select** |  |  |  |  |
| Common Stocks\* | $9204116 | $— | $— | $9204116 |
| Short-Term Investments | 144272 |  |  | 144272 |
| Total | $9348388 | $— | $— | $9348388 |

---

---

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

---

Annual Financial Statements **79**

------

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, 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**

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

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

**80** Annual Financial Statements

------

During the year ended December 31, 2025, Global Dynamic Multi-Asset's approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Forward currency contracts: |  |
| Average amounts purchased | $21200000 |
| Average amounts sold | $21500000 |

---

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets—Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $127138 |
| &nbsp;&nbsp;Liabilities—Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $143882 |

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $(346782) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $104229 |

---

None of the other Portfolios traded in derivative instruments during the year ended December 31, 2025.

As of December 31, 2025, Global Dynamic Multi-Asset held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

Annual Financial Statements **81**

------

The required information for the affected Portfolio is presented in the below table, as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br>Recognized Assets | Gross Amounts Offset<br>in the Statement of<br>Assets and Liabilities | Net Amounts of<br>Assets Presented<br>in the Statement of<br>Assets and Liabilities |
| Forward currency contracts | $127138 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $127138 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities | Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br>Assets Presented<br>in the Statement of<br>Assets and Liabilities | Financial<br>Instruments | Collateral<br>Received | Net Amounts of<br>Derivative Assets |
| Citibank N.A. | $51785 | $(51785) | $— | $— |
| HSBC Bank USA N.A. | 40677 | (40677) |  |  |
| JPMorgan Chase Bank N.A. | 33628 | (29767) |  | 3861 |
| Morgan Stanley & Co. | 1048 | (1048) |  |  |
| Total | $127138 | $(123277) | $— | $3861 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br>Recognized Liabilities | Gross Amounts Offset<br>in the Statement of<br>Assets and Liabilities | Net Amounts of<br>Assets Presented<br>in the Statement of<br>Assets and Liabilities |
| Forward currency contracts | $143882 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $143882 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities | Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br>Liabilities Presented<br>in the Statement of<br>Assets and Liabilities | Financial<br>Instruments | Collateral<br>Pledged | Net Amounts of<br>Derivative Liabilities |
| Citibank N.A. | $64528 | $(51785) | $— | $12743 |
| HSBC Bank USA N.A. | 44272 | (40677) |  | 3595 |
| JPMorgan Chase Bank N.A. | 29767 | (29767) |  |  |
| Morgan Stanley & Co. | 5315 | (1048) |  | 4267 |
| Total | $143882 | $(123277) | $— | $20605 |

---

**82** Annual Financial Statements

------

**10. Segment Reporting**

The Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker ("CODM") for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund's prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment's financial statements.

**11. New Accounting Pronouncements**

During the year ended December 31, 2025, the Portfolios adopted FASB ASU 2023-09 Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"), which was intended to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The adoption of ASU 2023-09 did not result in any changes to the Portfolios' financial statements or disclosures.

**12. Subsequent Events**

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

Annual Financial Statements **83**

**Lazard Retirement Series, Inc.**

Report of Independent Registered Public Accounting Firm

To the Shareholders of Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio and Board of Directors of Lazard Retirement Series, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Retirement Series, Inc. comprising Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio (collectively the "Portfolios"), including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios constituting Lazard Retirement Series, Inc. as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

**84** Annual Financial Statements

------

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 12, 2026

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

Annual Financial Statements **85**

**Lazard Retirement Series, Inc.** Tax and Other Information (unaudited)

------

**Tax Information Year Ended December 31, 2025**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2025.

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Emerging Markets Equity | 89.94% |
| Global Dynamic Multi-Asset |  |
| International Equity | 92.80 |
| US Small Cap Equity Select |  |

---

Of the dividends paid by the Portfolios, no dividends qualify for the dividends received deduction available to corporate shareholders.

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to U.S. nonresident shareholders.

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Foreign<br>Source Income | Foreign<br>Tax Paid/Credit |
| Emerging Markets Equity | $16001083 | $1686123 |
| Global Dynamic Multi-Asset |  |  |
| International Equity | 3277797 | 315979 |
| US Small Cap Equity Select |  |  |

---

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Long-Term<br>Capital Gains |
| Emerging Markets Equity | $— |
| Global Dynamic Multi-Asset | 4892353 |
| International Equity | 3672204 |
| US Small Cap Equity Select | 2600900 |

---

**86** Annual Financial Statements

------

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

Annual Financial Statements **87**

**Lazard Retirement Series, Inc.** Additional Information (unaudited)

------

**Changes in and Disagreements with Accountants (N-CSR Item 8)**

This information is not applicable for the reporting period.

**Proxy Disclosures (N-CSR Item 9)**

This information is not applicable for the reporting period.

**Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)**

This information can be found in N-CSR Item 7, Note 4.

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

This information is not applicable for the reporting period.

**88** Annual Financial Statements

------

**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

![](x11_c114842x93x1m4.jpg)

![](x11_c114842x93x2m4.jpg)

---

| | |
|:---|:---|
| Lazard Asset Management LLC <sup>●</sup> 30 Rockefeller Plaza <sup>●</sup> New York, NY 10112 <sup>●</sup> www.lazardassetmanagement.com |  |
| Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. | ![](x11_c114842x93x3m4.jpg) |
| LZDPS010 | ![](x11_c114842x93x3m4.jpg) |

---

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

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

ITEM 15. 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 during the period covered by this report.

ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) See Item 2.

(a)(2) Not applicable.

(a)(3) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.](c114842_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) 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.](c114842_ex99-906cert.htm)

**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: February 23, 2026

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: February 23, 2026

By /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: February 23, 2026

## Ex-99.Cert

Exhibit (a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

1. I have reviewed this report on Form N-CSR of Lazard Retirement Series, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: February 23, 2026

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christina Kennedy, certify that:

1. I have reviewed this report on Form N-CSR of Lazard Retirement Series, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: February 23, 2026

/s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

## Exhibit 99.906

Exhibit (b)

Rule 30a-2(b) CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

By: /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 23, 2026

By: /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: February 23, 2026

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*