# EDGAR Filing Document

**Accession Number:** 0001033669
**File Stem:** 0000930413-25-002635
**Filing Date:** 2025-8
**Character Count:** 243667
**Document Hash:** bf113f1368e047ce1e67934f22187b4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002635.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000930413-25-002635

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08071
- **FILM NUMBER:** 251243535

**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: 6/30/25

ITEM 1. REPORTS TO STOCKHOLDERS.

# Lazard Retirement International Equity Portfolio
![Image](i0e09c3413da08d0788dffd2a.jpg)

# Service Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Retirement International Equity Portfolio for the period of January 1, 2025 to June 30, 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 six months ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Service Shares | $62 | 1.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i997ddeaafa15f8dbcb3cba43.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **MSCI EAFE Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10207 | $10208 |
| **08/15** | $9538 | $9457 |
| **09/15** | $9159 | $8977 |
| **10/15** | $9672 | $9678 |
| **11/15** | $9642 | $9528 |
| **12/15** | $9414 | $9399 |
| **01/16** | $8954 | $8720 |
| **02/16** | $8724 | $8560 |
| **03/16** | $9337 | $9117 |
| **04/16** | $9445 | $9381 |
| **05/16** | $9445 | $9296 |
| **06/16** | $9176 | $8984 |
| **07/16** | $9391 | $9439 |
| **08/16** | $9294 | $9445 |
| **09/16** | $9464 | $9562 |
| **10/16** | $9025 | $9366 |
| **11/16** | $8856 | $9179 |
| **12/16** | $9011 | $9493 |
| **01/17** | $9135 | $9769 |
| **02/17** | $9236 | $9908 |
| **03/17** | $9501 | $10181 |
| **04/17** | $9774 | $10440 |
| **05/17** | $10140 | $10823 |
| **06/17** | $10077 | $10804 |
| **07/17** | $10412 | $11116 |
| **08/17** | $10373 | $11112 |
| **09/17** | $10562 | $11388 |
| **10/17** | $10728 | $11561 |
| **11/17** | $10893 | $11682 |
| **12/17** | $11023 | $11870 |
| **01/18** | $11572 | $12465 |
| **02/18** | $10952 | $11903 |
| **03/18** | $10982 | $11688 |
| **04/18** | $10992 | $11955 |
| **05/18** | $10840 | $11686 |
| **06/18** | $10697 | $11543 |
| **07/18** | $10860 | $11828 |
| **08/18** | $10654 | $11599 |
| **09/18** | $10766 | $11700 |
| **10/18** | $9971 | $10769 |
| **11/18** | $9961 | $10755 |
| **12/18** | $9489 | $10233 |
| **01/19** | $10019 | $10906 |
| **02/19** | $10361 | $11184 |
| **03/19** | $10438 | $11254 |
| **04/19** | $10736 | $11570 |
| **05/19** | $10383 | $11015 |
| **06/19** | $10968 | $11668 |
| **07/19** | $10747 | $11520 |
| **08/19** | $10519 | $11222 |
| **09/19** | $10785 | $11543 |
| **10/19** | $11007 | $11958 |
| **11/19** | $11095 | $12093 |
| **12/19** | $11483 | $12486 |
| **01/20** | $11272 | $12225 |
| **02/20** | $10442 | $11120 |
| **03/20** | $8814 | $9636 |
| **04/20** | $9323 | $10258 |
| **05/20** | $9811 | $10705 |
| **06/20** | $10076 | $11069 |
| **07/20** | $10486 | $11327 |
| **08/20** | $11048 | $11910 |
| **09/20** | $10802 | $11600 |
| **10/20** | $10322 | $11137 |
| **11/20** | $11844 | $12863 |
| **12/20** | $12429 | $13461 |
| **01/21** | $12160 | $13318 |
| **02/21** | $12324 | $13617 |
| **03/21** | $12640 | $13930 |
| **04/21** | $13073 | $14349 |
| **05/21** | $13377 | $14817 |
| **06/21** | $13108 | $14650 |
| **07/21** | $13178 | $14761 |
| **08/21** | $13513 | $15021 |
| **09/21** | $13106 | $14585 |
| **10/21** | $13441 | $14944 |
| **11/21** | $12688 | $14248 |
| **12/21** | $13154 | $14978 |
| **01/22** | $12640 | $14254 |
| **02/22** | $12436 | $14002 |
| **03/22** | $12257 | $14092 |
| **04/22** | $11516 | $13180 |
| **05/22** | $11827 | $13279 |
| **06/22** | $10870 | $12047 |
| **07/22** | $11288 | $12647 |
| **08/22** | $10645 | $12047 |
| **09/22** | $9675 | $10920 |
| **10/22** | $10139 | $11507 |
| **11/22** | $11334 | $12803 |
| **12/22** | $11180 | $12813 |
| **01/23** | $12192 | $13851 |
| **02/23** | $11812 | $13562 |
| **03/23** | $12150 | $13898 |
| **04/23** | $12319 | $14290 |
| **05/23** | $11855 | $13685 |
| **06/23** | $12614 | $14308 |
| **07/23** | $12853 | $14771 |
| **08/23** | $12399 | $14205 |
| **09/23** | $11915 | $13720 |
| **10/23** | $11530 | $13164 |
| **11/23** | $12542 | $14386 |
| **12/23** | $12955 | $15150 |
| **01/24** | $12841 | $15237 |
| **02/24** | $13297 | $15516 |
| **03/24** | $13767 | $16026 |
| **04/24** | $13283 | $15616 |
| **05/24** | $13953 | $16221 |
| **06/24** | $13639 | $15959 |
| **07/24** | $14238 | $16427 |
| **08/24** | $14845 | $16961 |
| **09/24** | $14992 | $17118 |
| **10/24** | $14051 | $16187 |
| **11/24** | $14036 | $16095 |
| **12/24** | $13684 | $15729 |
| **01/25** | $14492 | $16556 |
| **02/25** | $14933 | $16877 |
| **03/25** | $14874 | $16809 |
| **04/25** | $15462 | $17579 |
| **05/25** | $16256 | $18383 |
| **06/25** | $16741 | $18788 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 22.74% | 10.69% | 5.29% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** 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 | $120710934 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $355186 |

---

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

---

| | |
|:---|:---|
| Unilever PLC | 2.5% |
| RELX PLC | 2.5% |
| Thales SA | 2.4% |
| Engie SA | 2.1% |
| AIA Group Ltd. | 1.9% |
| National Bank of Greece SA | 1.9% |
| ASML Holding NV | 1.9% |
| Orange SA | 1.9% |
| MatsukiyoCocokara & Co. | 1.7% |
| ABB Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 20.6% |
| Industrials | 17.8% |
| Information Technology | 12.8% |
| Consumer Discretionary | 12.4% |
| Materials | 8.6% |
| Consumer Staples | 8.3% |
| Health Care | 6.6% |
| Communication Services | 5.5% |
| Utilities | 3.2% |
| Energy | 1.3% |
| Other (includes short-term investments) | 2.9% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i5ed633d0e103e9110ac5c0cd.jpg)

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.

![Image](i0e09c3413da08d0788dffd2a.jpg)

# Lazard Retirement US Small Cap Equity Select Portfolio
![Image](i0e09c3413da08d0788dffd2a.jpg)

# Service Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Retirement US Small Cap Equity Select Portfolio for the period of January 1, 2025 to June 30, 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 six months ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Service Shares | $53 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i9e0035ab3e482522a3c6a3a6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $9862 | $10167 | $9884 |
| **08/15** | $9260 | $9553 | $9263 |
| **09/15** | $8913 | $9275 | $8808 |
| **10/15** | $9308 | $10008 | $9304 |
| **11/15** | $9619 | $10063 | $9607 |
| **12/15** | $9189 | $9857 | $9125 |
| **01/16** | $8480 | $9300 | $8322 |
| **02/16** | $8579 | $9297 | $8322 |
| **03/16** | $9201 | $9952 | $8986 |
| **04/16** | $9214 | $10014 | $9127 |
| **05/16** | $9313 | $10193 | $9333 |
| **06/16** | $9176 | $10214 | $9327 |
| **07/16** | $9636 | $10619 | $9884 |
| **08/16** | $9745 | $10646 | $10059 |
| **09/16** | $9705 | $10663 | $10171 |
| **10/16** | $9521 | $10432 | $9687 |
| **11/16** | $10323 | $10899 | $10767 |
| **12/16** | $10639 | $11112 | $11069 |
| **01/17** | $10613 | $11321 | $11113 |
| **02/17** | $10836 | $11742 | $11327 |
| **03/17** | $10770 | $11750 | $11342 |
| **04/17** | $10744 | $11875 | $11466 |
| **05/17** | $10889 | $11996 | $11233 |
| **06/17** | $11086 | $12104 | $11621 |
| **07/17** | $11112 | $12333 | $11708 |
| **08/17** | $11018 | $12356 | $11559 |
| **09/17** | $11556 | $12658 | $12280 |
| **10/17** | $11722 | $12934 | $12385 |
| **11/17** | $12067 | $13327 | $12742 |
| **12/17** | $12123 | $13460 | $12690 |
| **01/18** | $12385 | $14169 | $13022 |
| **02/18** | $11861 | $13647 | $12518 |
| **03/18** | $11963 | $13373 | $12680 |
| **04/18** | $12166 | $13424 | $12789 |
| **05/18** | $12501 | $13803 | $13566 |
| **06/18** | $12603 | $13893 | $13663 |
| **07/18** | $12923 | $14354 | $13901 |
| **08/18** | $13237 | $14858 | $14500 |
| **09/18** | $13008 | $14883 | $14151 |
| **10/18** | $11494 | $13787 | $12614 |
| **11/18** | $11846 | $14063 | $12815 |
| **12/18** | $10518 | $12754 | $11293 |
| **01/19** | $11592 | $13849 | $12563 |
| **02/19** | $12097 | $14336 | $13216 |
| **03/19** | $12016 | $14545 | $12940 |
| **04/19** | $12618 | $15126 | $13379 |
| **05/19** | $11836 | $14147 | $12339 |
| **06/19** | $12765 | $15141 | $13211 |
| **07/19** | $12878 | $15366 | $13287 |
| **08/19** | $12503 | $15053 | $12631 |
| **09/19** | $12968 | $15317 | $12894 |
| **10/19** | $13267 | $15647 | $13233 |
| **11/19** | $13400 | $16242 | $13778 |
| **12/19** | $13665 | $16711 | $14175 |
| **01/20** | $13383 | $16692 | $13721 |
| **02/20** | $12304 | $15326 | $12566 |
| **03/20** | $9431 | $13218 | $9835 |
| **04/20** | $10743 | $14969 | $11186 |
| **05/20** | $11407 | $15769 | $11914 |
| **06/20** | $11391 | $16130 | $12335 |
| **07/20** | $11922 | $17046 | $12677 |
| **08/20** | $12249 | $18280 | $13391 |
| **09/20** | $11783 | $17615 | $12944 |
| **10/20** | $12034 | $17235 | $13215 |
| **11/20** | $13756 | $19331 | $15651 |
| **12/20** | $14590 | $20201 | $17004 |
| **01/21** | $14769 | $20111 | $17860 |
| **02/21** | $15863 | $20740 | $18973 |
| **03/21** | $16374 | $21483 | $19164 |
| **04/21** | $17181 | $22591 | $19566 |
| **05/21** | $17199 | $22694 | $19606 |
| **06/21** | $17065 | $23253 | $19986 |
| **07/21** | $16760 | $23647 | $19265 |
| **08/21** | $17022 | $24321 | $19696 |
| **09/21** | $16537 | $23230 | $19115 |
| **10/21** | $17291 | $24801 | $19928 |
| **11/21** | $16537 | $24423 | $19098 |
| **12/21** | $17489 | $25385 | $19524 |
| **01/22** | $16546 | $23891 | $17645 |
| **02/22** | $16653 | $23290 | $17833 |
| **03/22** | $16608 | $24045 | $18055 |
| **04/22** | $15620 | $21887 | $16265 |
| **05/22** | $15593 | $21858 | $16290 |
| **06/22** | $14075 | $20029 | $14950 |
| **07/22** | $15495 | $21908 | $16511 |
| **08/22** | $14847 | $21091 | $16173 |
| **09/22** | $13571 | $19135 | $14623 |
| **10/22** | $14920 | $20704 | $16233 |
| **11/22** | $15642 | $21785 | $16612 |
| **12/22** | $14775 | $20509 | $15534 |
| **01/23** | $15967 | $21922 | $17048 |
| **02/23** | $15582 | $21409 | $16760 |
| **03/23** | $15052 | $21982 | $15959 |
| **04/23** | $14715 | $22216 | $15673 |
| **05/23** | $14245 | $22303 | $15528 |
| **06/23** | $15305 | $23825 | $16790 |
| **07/23** | $16064 | $24680 | $17817 |
| **08/23** | $15437 | $24203 | $16926 |
| **09/23** | $14751 | $23050 | $15929 |
| **10/23** | $13980 | $22439 | $14843 |
| **11/23** | $14968 | $24532 | $16186 |
| **12/23** | $16256 | $25833 | $18164 |
| **01/24** | $15907 | $26119 | $17457 |
| **02/24** | $16738 | $27533 | $18445 |
| **03/24** | $17376 | $28421 | $19105 |
| **04/24** | $16353 | $27171 | $17760 |
| **05/24** | $17087 | $28454 | $18651 |
| **06/24** | $16762 | $29335 | $18479 |
| **07/24** | $17689 | $29880 | $20356 |
| **08/24** | $18001 | $30531 | $20052 |
| **09/24** | $18238 | $31162 | $20192 |
| **10/24** | $17826 | $30934 | $19900 |
| **11/24** | $19375 | $32991 | $22083 |
| **12/24** | $18063 | $31983 | $20260 |
| **01/25** | $19050 | $32993 | $20791 |
| **02/25** | $17751 | $32360 | $19679 |
| **03/25** | $16314 | $30473 | $18339 |
| **04/25** | $15802 | $30268 | $17916 |
| **05/25** | $16102 | $32187 | $18872 |
| **06/25** | $16827 | $33822 | $19898 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 0.39% | 8.12% | 5.34% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell 2000 Index | 7.68% | 10.04% | 7.12% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** 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 | $37079858 |
| # of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $87703 |

---

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

---

| | |
|:---|:---|
| BankUnited, Inc. | 2.4% |
| CubeSmart | 2.3% |
| ABM Industries, Inc. | 2.3% |
| First American Financial Corp. | 2.3% |
| Reinsurance Group of America, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.2% |
| StepStone Group, Inc., Class A | 2.2% |
| Casella Waste Systems, Inc., Class A | 2.1% |
| DigitalOcean Holdings, Inc. | 2.0% |
| Middleby Corp. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.4% |
| Financials | 17.5% |
| Health Care | 16.1% |
| Consumer Discretionary | 11.4% |
| Information Technology | 11.2% |
| Consumer Staples | 6.2% |
| Energy | 4.4% |
| Real Estate | 4.3% |
| Communication Services | 3.8% |
| Materials | 3.5% |
| Other (includes short-term investments) | 1.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i5ed633d0e103e9110ac5c0cd.jpg)

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.

![Image](i0e09c3413da08d0788dffd2a.jpg)

# Lazard Retirement Emerging Markets Equity Portfolio
![Image](i0e09c3413da08d0788dffd2a.jpg)

# Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Retirement Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 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 six months ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Investor Shares | $63 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i6b863ab4331c4071faceb35a.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9473 | $9307 |
| **08/15** | $8555 | $8465 |
| **09/15** | $8114 | $8210 |
| **10/15** | $8668 | $8796 |
| **11/15** | $8463 | $8453 |
| **12/15** | $8084 | $8265 |
| **01/16** | $7870 | $7728 |
| **02/16** | $7724 | $7716 |
| **03/16** | $8813 | $8737 |
| **04/16** | $9090 | $8784 |
| **05/16** | $8740 | $8457 |
| **06/16** | $9251 | $8795 |
| **07/16** | $9689 | $9237 |
| **08/16** | $9821 | $9467 |
| **09/16** | $10067 | $9588 |
| **10/16** | $10135 | $9611 |
| **11/16** | $9571 | $9169 |
| **12/16** | $9791 | $9189 |
| **01/17** | $10292 | $9692 |
| **02/17** | $10583 | $9989 |
| **03/17** | $10852 | $10241 |
| **04/17** | $11042 | $10465 |
| **05/17** | $11131 | $10774 |
| **06/17** | $11079 | $10883 |
| **07/17** | $11680 | $11531 |
| **08/17** | $11911 | $11789 |
| **09/17** | $11815 | $11742 |
| **10/17** | $12091 | $12153 |
| **11/17** | $12054 | $12178 |
| **12/17** | $12546 | $12615 |
| **01/18** | $13563 | $13666 |
| **02/18** | $12960 | $13036 |
| **03/18** | $12788 | $12794 |
| **04/18** | $12417 | $12737 |
| **05/18** | $11572 | $12286 |
| **06/18** | $11044 | $11775 |
| **07/18** | $11367 | $12034 |
| **08/18** | $10773 | $11709 |
| **09/18** | $10865 | $11646 |
| **10/18** | $10293 | $10632 |
| **11/18** | $10622 | $11070 |
| **12/18** | $10247 | $10777 |
| **01/19** | $11417 | $11721 |
| **02/19** | $11064 | $11747 |
| **03/19** | $11003 | $11846 |
| **04/19** | $11257 | $12095 |
| **05/19** | $10755 | $11217 |
| **06/19** | $11317 | $11918 |
| **07/19** | $11080 | $11772 |
| **08/19** | $10503 | $11198 |
| **09/19** | $10887 | $11412 |
| **10/19** | $11310 | $11893 |
| **11/19** | $11304 | $11876 |
| **12/19** | $12129 | $12763 |
| **01/20** | $11394 | $12168 |
| **02/20** | $10603 | $11526 |
| **03/20** | $8437 | $9751 |
| **04/20** | $9016 | $10644 |
| **05/20** | $9194 | $10725 |
| **06/20** | $9450 | $11514 |
| **07/20** | $9935 | $12543 |
| **08/20** | $9816 | $12820 |
| **09/20** | $9661 | $12614 |
| **10/20** | $9644 | $12874 |
| **11/20** | $11045 | $14065 |
| **12/20** | $12003 | $15099 |
| **01/21** | $12015 | $15562 |
| **02/21** | $12262 | $15681 |
| **03/21** | $12606 | $15444 |
| **04/21** | $12738 | $15828 |
| **05/21** | $13404 | $16195 |
| **06/21** | $13312 | $16223 |
| **07/21** | $12778 | $15132 |
| **08/21** | $13121 | $15528 |
| **09/21** | $12740 | $14911 |
| **10/21** | $12758 | $15058 |
| **11/21** | $12200 | $14444 |
| **12/21** | $12699 | $14715 |
| **01/22** | $12969 | $14436 |
| **02/22** | $12388 | $14005 |
| **03/22** | $12188 | $13689 |
| **04/22** | $11531 | $12927 |
| **05/22** | $11918 | $12984 |
| **06/22** | $10757 | $12121 |
| **07/22** | $10880 | $12092 |
| **08/22** | $10751 | $12142 |
| **09/22** | $9617 | $10719 |
| **10/22** | $9733 | $10386 |
| **11/22** | $11098 | $11926 |
| **12/22** | $10799 | $11759 |
| **01/23** | $11774 | $12687 |
| **02/23** | $11354 | $11864 |
| **03/23** | $11659 | $12224 |
| **04/23** | $11768 | $12085 |
| **05/23** | $11506 | $11882 |
| **06/23** | $12244 | $12333 |
| **07/23** | $12762 | $13101 |
| **08/23** | $12206 | $12294 |
| **09/23** | $12090 | $11973 |
| **10/23** | $11852 | $11507 |
| **11/23** | $12695 | $12428 |
| **12/23** | $13241 | $12914 |
| **01/24** | $12778 | $12315 |
| **02/24** | $13351 | $12900 |
| **03/24** | $13563 | $13220 |
| **04/24** | $13646 | $13279 |
| **05/24** | $13981 | $13354 |
| **06/24** | $14341 | $13881 |
| **07/24** | $14470 | $13922 |
| **08/24** | $14859 | $14147 |
| **09/24** | $15718 | $15092 |
| **10/24** | $14779 | $14421 |
| **11/24** | $14439 | $13902 |
| **12/24** | $14259 | $13883 |
| **01/25** | $14885 | $14131 |
| **02/25** | $14899 | $14200 |
| **03/25** | $15145 | $14290 |
| **04/25** | $15538 | $14478 |
| **05/25** | $16192 | $15095 |
| **06/25** | $17205 | $16003 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Investor Shares | 19.97% | 12.73% | 5.58% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** 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 | $338966737 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $1502165 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SK Hynix, Inc. | 3.1% |
| China Construction Bank Corp., Class H | 3.1% |
| Indus Towers Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.2% |
| OTP Bank Nyrt | 2.0% |
| BB Seguridade Participacoes SA | 1.9% |
| China Merchants Bank Co. Ltd., Class H | 1.8% |
| ASE Technology Holding Co. Ltd. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.9% |
| Information Technology | 18.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 9.4% |
| Consumer Staples | 7.4% |
| Industrials | 7.1% |
| Materials | 6.7% |
| Energy | 5.4% |
| Health Care | 4.2% |
| Utilities | 1.6% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i5ed633d0e103e9110ac5c0cd.jpg)

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.

![Image](i0e09c3413da08d0788dffd2a.jpg)

# Lazard Retirement Emerging Markets Equity Portfolio
![Image](i0e09c3413da08d0788dffd2a.jpg)

# Service Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Retirement Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 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 six months ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Service Shares | $77 | 1.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ia354734ab6d8b7878010e93c.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9469 | $9307 |
| **08/15** | $8549 | $8465 |
| **09/15** | $8108 | $8210 |
| **10/15** | $8661 | $8796 |
| **11/15** | $8448 | $8453 |
| **12/15** | $8075 | $8265 |
| **01/16** | $7859 | $7728 |
| **02/16** | $7710 | $7716 |
| **03/16** | $8796 | $8737 |
| **04/16** | $9068 | $8784 |
| **05/16** | $8718 | $8457 |
| **06/16** | $9228 | $8795 |
| **07/16** | $9660 | $9237 |
| **08/16** | $9790 | $9467 |
| **09/16** | $10033 | $9588 |
| **10/16** | $10100 | $9611 |
| **11/16** | $9538 | $9169 |
| **12/16** | $9753 | $9189 |
| **01/17** | $10252 | $9692 |
| **02/17** | $10538 | $9989 |
| **03/17** | $10803 | $10241 |
| **04/17** | $10990 | $10465 |
| **05/17** | $11078 | $10774 |
| **06/17** | $11021 | $10883 |
| **07/17** | $11619 | $11531 |
| **08/17** | $11846 | $11789 |
| **09/17** | $11752 | $11742 |
| **10/17** | $12023 | $12153 |
| **11/17** | $11981 | $12178 |
| **12/17** | $12467 | $12615 |
| **01/18** | $13477 | $13666 |
| **02/18** | $12874 | $13036 |
| **03/18** | $12700 | $12794 |
| **04/18** | $12330 | $12737 |
| **05/18** | $11484 | $12286 |
| **06/18** | $10961 | $11775 |
| **07/18** | $11278 | $12034 |
| **08/18** | $10690 | $11709 |
| **09/18** | $10774 | $11646 |
| **10/18** | $10208 | $10632 |
| **11/18** | $10531 | $11070 |
| **12/18** | $10154 | $10777 |
| **01/19** | $11315 | $11721 |
| **02/19** | $10959 | $11747 |
| **03/19** | $10899 | $11846 |
| **04/19** | $11148 | $12095 |
| **05/19** | $10645 | $11217 |
| **06/19** | $11207 | $11918 |
| **07/19** | $10969 | $11772 |
| **08/19** | $10393 | $11198 |
| **09/19** | $10775 | $11412 |
| **10/19** | $11184 | $11893 |
| **11/19** | $11178 | $11876 |
| **12/19** | $11996 | $12763 |
| **01/20** | $11260 | $12168 |
| **02/20** | $10480 | $11526 |
| **03/20** | $8337 | $9751 |
| **04/20** | $8904 | $10644 |
| **05/20** | $9084 | $10725 |
| **06/20** | $9330 | $11514 |
| **07/20** | $9809 | $12543 |
| **08/20** | $9685 | $12820 |
| **09/20** | $9534 | $12614 |
| **10/20** | $9517 | $12874 |
| **11/20** | $10896 | $14065 |
| **12/20** | $11843 | $15099 |
| **01/21** | $11849 | $15562 |
| **02/21** | $12084 | $15681 |
| **03/21** | $12426 | $15444 |
| **04/21** | $12555 | $15828 |
| **05/21** | $13205 | $16195 |
| **06/21** | $13110 | $16223 |
| **07/21** | $12583 | $15132 |
| **08/21** | $12919 | $15528 |
| **09/21** | $12542 | $14911 |
| **10/21** | $12559 | $15058 |
| **11/21** | $12005 | $14444 |
| **12/21** | $12491 | $14715 |
| **01/22** | $12753 | $14436 |
| **02/22** | $12182 | $14005 |
| **03/22** | $11988 | $13689 |
| **04/22** | $11336 | $12927 |
| **05/22** | $11713 | $12984 |
| **06/22** | $10571 | $12121 |
| **07/22** | $10691 | $12092 |
| **08/22** | $10561 | $12142 |
| **09/22** | $9449 | $10719 |
| **10/22** | $9555 | $10386 |
| **11/22** | $10892 | $11926 |
| **12/22** | $10603 | $11759 |
| **01/23** | $11555 | $12687 |
| **02/23** | $11135 | $11864 |
| **03/23** | $11437 | $12224 |
| **04/23** | $11543 | $12085 |
| **05/23** | $11283 | $11882 |
| **06/23** | $12005 | $12333 |
| **07/23** | $12508 | $13101 |
| **08/23** | $11962 | $12294 |
| **09/23** | $11844 | $11973 |
| **10/23** | $11607 | $11507 |
| **11/23** | $12435 | $12428 |
| **12/23** | $12964 | $12914 |
| **01/24** | $12510 | $12315 |
| **02/24** | $13063 | $12900 |
| **03/24** | $13269 | $13220 |
| **04/24** | $13344 | $13279 |
| **05/24** | $13673 | $13354 |
| **06/24** | $14022 | $13881 |
| **07/24** | $14146 | $13922 |
| **08/24** | $14519 | $14147 |
| **09/24** | $15362 | $15092 |
| **10/24** | $14442 | $14421 |
| **11/24** | $14108 | $13902 |
| **12/24** | $13928 | $13883 |
| **01/25** | $14532 | $14131 |
| **02/25** | $14539 | $14200 |
| **03/25** | $14783 | $14290 |
| **04/25** | $15163 | $14478 |
| **05/25** | $15800 | $15095 |
| **06/25** | $16784 | $16003 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 19.70% | 12.46% | 5.31% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** 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 | $338966737 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $1502165 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SK Hynix, Inc. | 3.1% |
| China Construction Bank Corp., Class H | 3.1% |
| Indus Towers Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.2% |
| OTP Bank Nyrt | 2.0% |
| BB Seguridade Participacoes SA | 1.9% |
| China Merchants Bank Co. Ltd., Class H | 1.8% |
| ASE Technology Holding Co. Ltd. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.9% |
| Information Technology | 18.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 9.4% |
| Consumer Staples | 7.4% |
| Industrials | 7.1% |
| Materials | 6.7% |
| Energy | 5.4% |
| Health Care | 4.2% |
| Utilities | 1.6% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i5ed633d0e103e9110ac5c0cd.jpg)

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.

![Image](i0e09c3413da08d0788dffd2a.jpg)

# Lazard Retirement Global Dynamic Multi-Asset Portfolio
![Image](i0e09c3413da08d0788dffd2a.jpg)

# Investor Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Retirement Global Dynamic Multi-Asset Portfolio for the period of January 1, 2025 to June 30, 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 six months ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Investor Shares | $46 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i23d7f43d80dc4e32aa91a183.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **MSCI World Index** | **GDMA Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **01/19** | $10551 | $10000 | $10000 |
| **02/19** | $10749 | $10301 | $10122 |
| **03/19** | $10870 | $10436 | $10251 |
| **04/19** | $10999 | $10806 | $10418 |
| **05/19** | $10672 | $10183 | $10188 |
| **06/19** | $11189 | $10854 | $10637 |
| **07/19** | $11197 | $10907 | $10648 |
| **08/19** | $11097 | $10684 | $10647 |
| **09/19** | $11157 | $10912 | $10707 |
| **10/19** | $11304 | $11189 | $10879 |
| **11/19** | $11494 | $11501 | $10989 |
| **12/19** | $11779 | $11845 | $11185 |
| **01/20** | $11736 | $11773 | $11223 |
| **02/20** | $10968 | $10778 | $10786 |
| **03/20** | $9975 | $9352 | $9952 |
| **04/20** | $10208 | $10373 | $10593 |
| **05/20** | $10424 | $10874 | $10872 |
| **06/20** | $10571 | $11162 | $11064 |
| **07/20** | $10950 | $11696 | $11505 |
| **08/20** | $11276 | $12477 | $11881 |
| **09/20** | $11083 | $12047 | $11654 |
| **10/20** | $10899 | $11678 | $11481 |
| **11/20** | $11549 | $13171 | $12320 |
| **12/20** | $11892 | $13729 | $12663 |
| **01/21** | $11760 | $13593 | $12545 |
| **02/21** | $11804 | $13941 | $12598 |
| **03/21** | $11997 | $14405 | $12686 |
| **04/21** | $12375 | $15075 | $13061 |
| **05/21** | $12542 | $15292 | $13217 |
| **06/21** | $12613 | $15520 | $13257 |
| **07/21** | $12859 | $15798 | $13464 |
| **08/21** | $13048 | $16191 | $13603 |
| **09/21** | $12569 | $15519 | $13200 |
| **10/21** | $13085 | $16398 | $13558 |
| **11/21** | $12904 | $16039 | $13390 |
| **12/21** | $13338 | $16724 | $13666 |
| **01/22** | $12705 | $15839 | $13165 |
| **02/22** | $12479 | $15439 | $12920 |
| **03/22** | $12370 | $15862 | $12901 |
| **04/22** | $11538 | $14545 | $12011 |
| **05/22** | $11584 | $14556 | $12032 |
| **06/22** | $10969 | $13295 | $11318 |
| **07/22** | $11421 | $14350 | $11888 |
| **08/22** | $10917 | $13750 | $11405 |
| **09/22** | $10205 | $12472 | $10582 |
| **10/22** | $10465 | $13368 | $10925 |
| **11/22** | $11119 | $14297 | $11562 |
| **12/22** | $11033 | $13690 | $11348 |
| **01/23** | $11456 | $14659 | $11936 |
| **02/23** | $11061 | $14307 | $11594 |
| **03/23** | $11398 | $14749 | $11956 |
| **04/23** | $11533 | $15007 | $12087 |
| **05/23** | $11264 | $14857 | $11909 |
| **06/23** | $11639 | $15756 | $12269 |
| **07/23** | $11812 | $16285 | $12517 |
| **08/23** | $11632 | $15896 | $12282 |
| **09/23** | $11194 | $15210 | $11838 |
| **10/23** | $10990 | $14769 | $11595 |
| **11/23** | $11744 | $16154 | $12431 |
| **12/23** | $12253 | $16947 | $12995 |
| **01/24** | $12304 | $17150 | $12983 |
| **02/24** | $12569 | $17877 | $13176 |
| **03/24** | $12864 | $18452 | $13424 |
| **04/24** | $12416 | $17766 | $13006 |
| **05/24** | $12844 | $18560 | $13381 |
| **06/24** | $12926 | $18937 | $13527 |
| **07/24** | $13262 | $19271 | $13833 |
| **08/24** | $13618 | $19780 | $14180 |
| **09/24** | $13781 | $20143 | $14430 |
| **10/24** | $13414 | $19743 | $14045 |
| **11/24** | $13720 | $20649 | $14391 |
| **12/24** | $13313 | $20111 | $14049 |
| **01/25** | $13639 | $20821 | $14337 |
| **02/25** | $13710 | $20671 | $14388 |
| **03/25** | $13506 | $19750 | $14112 |
| **04/25** | $13598 | $19926 | $14382 |
| **05/25** | $13903 | $21105 | $14782 |
| **06/25** | $14270 | $22016 | $15241 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/31/18 |
| Investor Shares | 10.40% | 6.19% | 5.63% |
| MSCI World Index | 16.26% | 14.55% | 14.22% |
| GDMA Index | 12.67% | 6.62% | 7.45% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** 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 | $211207426 |
| # of Portfolio Holdings | 515 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $632928 |

---

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

---

| | |
|:---|:---|
| iShares MSCI World ETF | 4.0% |
| U.S. Treasury Notes 4.125% due 11/15/32 | 2.1% |
| NVIDIA Corp. | 1.9% |
| Microsoft Corp. | 1.7% |
| Amazon.com, Inc. | 1.7% |
| Apple, Inc. | 1.4% |
| U.S. Treasury Bonds 1.750% due 08/15/41 | 1.2% |
| Novartis AG | 1.0% |
| Alphabet, Inc., Class C | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Sovereign Debt | 22.1% |
| Financials | 14.5% |
| Information Technology | 12.1% |
| Industrials | 8.3% |
| Consumer Staples | 7.4% |
| Communication Services | 6.4% |
| Health Care | 6.1% |
| Consumer Discretionary | 6.0% |
| U.S. Treasury Securities | 4.9% |
| Exchange-Traded Funds | 4.0% |
| Other (includes short-term investments) | 8.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i5ed633d0e103e9110ac5c0cd.jpg)

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.

![Image](i0e09c3413da08d0788dffd2a.jpg)

# Lazard Retirement Global Dynamic Multi-Asset Portfolio
![Image](i0e09c3413da08d0788dffd2a.jpg)

# Service Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Retirement Global Dynamic Multi-Asset Portfolio for the period of January 1, 2025 to June 30, 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 six months ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Service Shares | $54 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ia1f8b792583f497e9b180d5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Shares** | **MSCI World Index** | **GDMA Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10141 | $10179 | $10101 |
| **08/15** | $9632 | $9506 | $9773 |
| **09/15** | $9498 | $9155 | $9617 |
| **10/15** | $9942 | $9881 | $10009 |
| **11/15** | $9900 | $9832 | $9901 |
| **12/15** | $9815 | $9659 | $9840 |
| **01/16** | $9499 | $9081 | $9588 |
| **02/16** | $9448 | $9013 | $9659 |
| **03/16** | $9960 | $9625 | $10118 |
| **04/16** | $10037 | $9777 | $10265 |
| **05/16** | $10028 | $9832 | $10225 |
| **06/16** | $10062 | $9722 | $10317 |
| **07/16** | $10344 | $10133 | $10574 |
| **08/16** | $10259 | $10141 | $10553 |
| **09/16** | $10328 | $10195 | $10610 |
| **10/16** | $10071 | $9998 | $10360 |
| **11/16** | $10011 | $10142 | $10228 |
| **12/16** | $10139 | $10384 | $10327 |
| **01/17** | $10362 | $10635 | $10510 |
| **02/17** | $10602 | $10930 | $10681 |
| **03/17** | $10714 | $11046 | $10746 |
| **04/17** | $10894 | $11210 | $10886 |
| **05/17** | $11108 | $11447 | $11085 |
| **06/17** | $11134 | $11491 | $11102 |
| **07/17** | $11391 | $11766 | $11328 |
| **08/17** | $11459 | $11783 | $11392 |
| **09/17** | $11641 | $12047 | $11469 |
| **10/17** | $11822 | $12275 | $11555 |
| **11/17** | $12098 | $12541 | $11745 |
| **12/17** | $12220 | $12710 | $11844 |
| **01/18** | $12746 | $13381 | $12228 |
| **02/18** | $12265 | $12827 | $11920 |
| **03/18** | $12166 | $12547 | $11854 |
| **04/18** | $12157 | $12692 | $11827 |
| **05/18** | $12211 | $12771 | $11819 |
| **06/18** | $12148 | $12765 | $11790 |
| **07/18** | $12428 | $13164 | $11964 |
| **08/18** | $12563 | $13327 | $12044 |
| **09/18** | $12590 | $13401 | $12026 |
| **10/18** | $11845 | $12417 | $11517 |
| **11/18** | $11954 | $12558 | $11601 |
| **12/18** | $11418 | $11603 | $11277 |
| **01/19** | $12047 | $12506 | $11802 |
| **02/19** | $12273 | $12882 | $11945 |
| **03/19** | $12411 | $13051 | $12098 |
| **04/19** | $12558 | $13514 | $12295 |
| **05/19** | $12185 | $12734 | $12023 |
| **06/19** | $12775 | $13573 | $12553 |
| **07/19** | $12785 | $13640 | $12567 |
| **08/19** | $12670 | $13361 | $12566 |
| **09/19** | $12749 | $13646 | $12636 |
| **10/19** | $12907 | $13993 | $12838 |
| **11/19** | $13123 | $14383 | $12969 |
| **12/19** | $13449 | $14814 | $13201 |
| **01/20** | $13389 | $14723 | $13245 |
| **02/20** | $12522 | $13479 | $12729 |
| **03/20** | $11380 | $11695 | $11744 |
| **04/20** | $11646 | $12973 | $12501 |
| **05/20** | $11892 | $13599 | $12831 |
| **06/20** | $12059 | $13959 | $13057 |
| **07/20** | $12493 | $14627 | $13578 |
| **08/20** | $12856 | $15604 | $14021 |
| **09/20** | $12635 | $15066 | $13754 |
| **10/20** | $12425 | $14604 | $13550 |
| **11/20** | $13156 | $16471 | $14539 |
| **12/20** | $13557 | $17169 | $14945 |
| **01/21** | $13407 | $16999 | $14805 |
| **02/21** | $13447 | $17434 | $14867 |
| **03/21** | $13668 | $18014 | $14971 |
| **04/21** | $14098 | $18853 | $15414 |
| **05/21** | $14289 | $19124 | $15598 |
| **06/21** | $14369 | $19409 | $15645 |
| **07/21** | $14640 | $19757 | $15890 |
| **08/21** | $14856 | $20249 | $16054 |
| **09/21** | $14299 | $19408 | $15578 |
| **10/21** | $14897 | $20507 | $16001 |
| **11/21** | $14681 | $20058 | $15802 |
| **12/21** | $15176 | $20915 | $16129 |
| **01/22** | $14454 | $19808 | $15537 |
| **02/22** | $14196 | $19307 | $15248 |
| **03/22** | $14072 | $19837 | $15225 |
| **04/22** | $13124 | $18189 | $14175 |
| **05/22** | $13176 | $18203 | $14200 |
| **06/22** | $12475 | $16626 | $13357 |
| **07/22** | $12990 | $17946 | $14030 |
| **08/22** | $12407 | $17196 | $13459 |
| **09/22** | $11596 | $15598 | $12488 |
| **10/22** | $11892 | $16718 | $12894 |
| **11/22** | $12627 | $17880 | $13645 |
| **12/22** | $12539 | $17121 | $13392 |
| **01/23** | $13010 | $18332 | $14086 |
| **02/23** | $12572 | $17891 | $13683 |
| **03/23** | $12944 | $18444 | $14110 |
| **04/23** | $13098 | $18768 | $14265 |
| **05/23** | $12791 | $18580 | $14054 |
| **06/23** | $13207 | $19704 | $14479 |
| **07/23** | $13416 | $20366 | $14772 |
| **08/23** | $13199 | $19879 | $14495 |
| **09/23** | $12700 | $19022 | $13970 |
| **10/23** | $12480 | $18470 | $13684 |
| **11/23** | $13326 | $20202 | $14671 |
| **12/23** | $13895 | $21193 | $15336 |
| **01/24** | $13953 | $21448 | $15322 |
| **02/24** | $14254 | $22357 | $15550 |
| **03/24** | $14591 | $23075 | $15843 |
| **04/24** | $14080 | $22218 | $15349 |
| **05/24** | $14567 | $23210 | $15792 |
| **06/24** | $14660 | $23683 | $15964 |
| **07/24** | $15043 | $24100 | $16325 |
| **08/24** | $15437 | $24737 | $16734 |
| **09/24** | $15611 | $25190 | $17030 |
| **10/24** | $15194 | $24690 | $16575 |
| **11/24** | $15553 | $25823 | $16984 |
| **12/24** | $15089 | $25150 | $16580 |
| **01/25** | $15437 | $26038 | $16920 |
| **02/25** | $15530 | $25850 | $16980 |
| **03/25** | $15286 | $24700 | $16655 |
| **04/25** | $15402 | $24919 | $16973 |
| **05/25** | $15739 | $26394 | $17446 |
| **06/25** | $16156 | $27533 | $17987 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Service Shares | 10.21% | 6.02% | 4.91% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |
| GDMA Index | 12.67% | 6.62% | 6.05% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** 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 | $211207426 |
| # of Portfolio Holdings | 515 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $632928 |

---

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

---

| | |
|:---|:---|
| iShares MSCI World ETF | 4.0% |
| U.S. Treasury Notes 4.125% due 11/15/32 | 2.1% |
| NVIDIA Corp. | 1.9% |
| Microsoft Corp. | 1.7% |
| Amazon.com, Inc. | 1.7% |
| Apple, Inc. | 1.4% |
| U.S. Treasury Bonds 1.750% due 08/15/41 | 1.2% |
| Novartis AG | 1.0% |
| Alphabet, Inc., Class C | 0.9% |
| Meta Platforms, Inc., Class A | 0.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Sovereign Debt | 22.1% |
| Financials | 14.5% |
| Information Technology | 12.1% |
| Industrials | 8.3% |
| Consumer Staples | 7.4% |
| Communication Services | 6.4% |
| Health Care | 6.1% |
| Consumer Discretionary | 6.0% |
| U.S. Treasury Securities | 4.9% |
| Exchange-Traded Funds | 4.0% |
| Other (includes short-term investments) | 8.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i5ed633d0e103e9110ac5c0cd.jpg)

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.

![Image](i0e09c3413da08d0788dffd2a.jpg)

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

The Registrant's Schedule of Investments is included as part of the 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**

**Semi-Annual Financial Statements**

June 30, 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

![](x5_c112972x1x1m4.jpg)

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

------

---

| | |
|:---|:---|
| 2 | [**Portfolios of Investments (N-CSR Item 7)**](#xx5xc112972a001xm4) |
| 2 | [Lazard Retirement Emerging Markets Equity Portfolio](#xx5xc112972a002xm4) |
| 7 | [Lazard Retirement Global Dynamic Multi-Asset Portfolio](#xx5xc112972a003xm4) |
| 35 | [Lazard Retirement International Equity Portfolio](#xx5xc112972a004xm4) |
| 41 | [Lazard Retirement US Small Cap Equity Select Portfolio](#xx5xc112972a005xm4) |
| 47 | [**Abbreviations (N-CSR Item 7)**](#xx5xc112972a006xm4) |
| 48 | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx5xc112972a007xm4) |
| 50 | [**Statements of Operations (N-CSR Item 7)**](#xx5xc112972a008xm4) |
| 52 | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx5xc112972a009xm4) |
| 55 | [**Financial Highlights (N-CSR Item 7)**](#xx5xc112972a010xm4) |
| 64 | [**Notes to Financial Statements (N-CSR Item 7)**](#xx5xc112972a011xm4) |
| 89 | [**Other Information (N-CSR Item 7)**](#xx5xc112972a012xm4) |
| 90 | [**Additional Information (N-CSR Items 8-11)**](#xx5xc112972a013xm4) |

---

**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.**

Semi-Annual Financial Statements **1**

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

June 30, 2025 (N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 96.8%** |  |  |
| **Brazil \| 11.7%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 221993 | $1751525 |
| Banco do Brasil SA | 1119604 | 4552107 |
| BB Seguridade Participacoes SA | 958800 | 6317763 |
| Engie Brasil Energia SA | 353898 | 2957889 |
| Motiva Infraestrutura de Mobilidade SA | 1271850 | 3228141 |
| Petroleo Brasileiro SA - Petrobras ADR | 318438 | 3983660 |
| PRIO SA (\*) | 430800 | 3361970 |
| Rede D'Or Sao Luiz SA (#) | 444800 | 2899784 |
| Suzano SA | 237700 | 2240455 |
| Vale SA ADR | 400680 | 3890603 |
| Vibra Energia SA | 1134800 | 4524078 |
|  |  | 39707975 |
| **Chile \| 0.3%** |  |  |
| Sociedad Quimica y Minera de Chile SA ADR | 27712 | 977402 |
| **China \| 23.1%** |  |  |
| Alibaba Group Holding Ltd. | 353000 | 5009608 |
| Anhui Conch Cement Co. Ltd., Class H | 1261875 | 3212226 |
| China Construction Bank Corp., Class H | 10273038 | 10379946 |
| China Medical System Holdings Ltd. | 2942000 | 4506308 |
| China Merchants Bank Co. Ltd., Class H | 883237 | 6181821 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 1245400 | 2830926 |
| ENN Natural Gas Co. Ltd., Class A | 1062720 | 2802219 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 351398 | 2205607 |
| Hengan International Group Co. Ltd. | 983527 | 2825786 |
| Huayu Automotive Systems Co. Ltd., Class A | 1031396 | 2540673 |
| Lenovo Group Ltd. | 2016000 | 2426064 |
| Midea Group Co. Ltd., Class A | 371900 | 3742228 |
| NetEase, Inc. | 189700 | 5116811 |
| Ping An Insurance Group Co. of China Ltd., Class H | 733000 | 4666632 |
| Sinopharm Group Co. Ltd., Class H | 2026397 | 4750299 |
| Tencent Holdings Ltd. | 46500 | 2986560 |
| Tingyi Cayman Islands Holding Corp. | 2880000 | 4222055 |
| Want Want China Holdings Ltd. | 4665000 | 3259668 |
| Weichai Power Co. Ltd., Class H | 2275958 | 4630231 |
|  |  | 78295668 |

---

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

**2** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| **Egypt \| 0.8%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 1590552 | $2672895 |
| **Greece \| 2.9%** |  |  |
| Metlen Energy & Metals SA | 44236 | 2402558 |
| National Bank of Greece SA | 403448 | 5158151 |
| OPAP SA | 99933 | 2269188 |
|  |  | 9829897 |
| **Hong Kong \| 0.7%** |  |  |
| ASMPT Ltd. | 306888 | 2251092 |
| **Hungary \| 3.0%** |  |  |
| MOL Hungarian Oil & Gas PLC | 407509 | 3548231 |
| OTP Bank Nyrt | 85223 | 6807411 |
|  |  | 10355642 |
| **India \| 4.8%** |  |  |
| Axis Bank Ltd. | 184933 | 2584917 |
| Indus Towers Ltd. (\*) | 1503616 | 7385543 |
| Tata Consultancy Services Ltd. | 55930 | 2258624 |
| UPL Ltd. | 524504 | 4045637 |
|  |  | 16274721 |
| **Indonesia \| 3.7%** |  |  |
| Astra International Tbk. PT | 10484404 | 2906637 |
| Bank Mandiri Persero Tbk. PT | 12378360 | 3723743 |
| Telkom Indonesia Persero Tbk. PT ADR | 232906 | 3945428 |
| United Tractors Tbk. PT | 1388700 | 1839966 |
|  |  | 12415774 |

---

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

Semi-Annual Financial Statements **3**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| **Mexico \| 7.7%** |  |  |
| America Movil SAB de CV ADR | 244892 | $4393363 |
| Cemex SAB de CV ADR | 374676 | 2596505 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 19626 | 4506522 |
| Grupo Financiero Banorte SAB de CV, Class O | 636165 | 5814971 |
| Grupo Mexico SAB de CV Series B | 591272 | 3581442 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 1576989 | 2885131 |
| Ternium SA ADR | 77454 | 2331365 |
|  |  | 26109299 |
| **Peru \| 0.8%** |  |  |
| Credicorp Ltd. | 11945 | 2669947 |
| **Philippines \| 0.8%** |  |  |
| International Container Terminal Services, Inc. | 392210 | 2869507 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 545705 | 1 |
| Sberbank of Russia PJSC (¢) | 1580119 | 1 |
|  |  | 2 |
| **South Africa \| 7.0%** |  |  |
| Bidvest Group Ltd. | 260596 | 3445886 |
| Life Healthcare Group Holdings Ltd. | 2683213 | 2164998 |
| Nedbank Group Ltd. | 334923 | 4598858 |
| Sanlam Ltd. | 854179 | 4281872 |
| Standard Bank Group Ltd. | 355066 | 4577743 |
| Vodacom Group Ltd. | 586470 | 4532529 |
|  |  | 23601886 |
| **South Korea \| 11.7%** |  |  |
| Coway Co. Ltd. | 51372 | 3685542 |
| Hyundai Mobis Co. Ltd. | 14493 | 3074781 |
| KB Financial Group, Inc. | 88828 | 7298299 |
| Kia Corp. | 40432 | 2894891 |

---

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

**4** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| KT Corp. | 91481 | $3776271 |
| KT&G Corp. | 27971 | 2644336 |
| Shinhan Financial Group Co. Ltd. | 128897 | 5863449 |
| SK Hynix, Inc. | 48293 | 10460678 |
|  |  | 39698247 |
| **Taiwan \| 13.5%** |  |  |
| ASE Technology Holding Co. Ltd. | 1217000 | 6097356 |
| Globalwafers Co. Ltd. | 229000 | 2352274 |
| MediaTek, Inc. | 133000 | 5662790 |
| Novatek Microelectronics Corp. | 236000 | 4404966 |
| Quanta Computer, Inc. | 363000 | 3394677 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 441989 | 15958457 |
| Wiwynn Corp. | 52000 | 4480863 |
| Yageo Corp. | 217993 | 3602222 |
|  |  | 45953605 |
| **Thailand \| 1.4%** |  |  |
| Kasikornbank PCL | 612169 | 2899148 |
| PTT Exploration & Production PCL (‡) | 603100 | 2031436 |
|  |  | 4930584 |
| **Turkey \| 0.7%** |  |  |
| BIM Birlesik Magazalar AS | 193953 | 2425736 |
| **United Kingdom \| 1.2%** |  |  |
| Unilever PLC | 64710 | 3945514 |
| **United States \| 1.0%** |  |  |
| Schlumberger NV | 100046 | 3381555 |
| **Total Common Stocks** <br> (Cost $252,781,439) |  | 328366948 |

---

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

Semi-Annual Financial Statements **5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 2.9%** |  |  |
| Fixed Income Clearing Corp., 4.38%, 07/01/25 (Dated 06/30/25, collateralized by $9,678,600 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $9,812,482) Proceeds of $9,621,170<br> (Cost $9,620,000) | $9620 | $9620000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $466,148) | 466148 | $466148 |
| **Total Investments \| 99.8%**<br> (Cost $262,867,587) |  | $**338453096** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** |  | **513641** |
| **Net Assets \| 100.0%** |  | $**338966737** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 0.9% 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.* |

---

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

**6** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio** |  |  |
| **Common Stocks \| 53.7%** |  |  |
| **Australia \| 0.8%** |  |  |
| AGL Energy Ltd. | 31777 | $204184 |
| Computershare Ltd. ADR | 9144 | 237927 |
| Evolution Mining Ltd. | 37815 | 197228 |
| Northern Star Resources Ltd. | 29468 | 364482 |
| OceanaGold Corp. | 7149 | 100898 |
| Qantas Airways Ltd. | 53419 | 377650 |
| Ramelius Resources Ltd. | 44483 | 74959 |
| Westgold Resources Ltd. | 39998 | 76848 |
|  |  | 1634176 |
| **Bermuda \| 0.5%** |  |  |
| Hamilton Insurance Group Ltd., Class B (\*) | 16081 | 347671 |
| RenaissanceRe Holdings Ltd. | 2628 | 638341 |
|  |  | 986012 |
| **Brazil \| 0.1%** |  |  |
| MercadoLibre, Inc. (\*) | 74 | 193409 |
| **Canada \| 2.1%** |  |  |
| Agnico Eagle Mines Ltd. | 2831 | 337288 |
| Barrick Mining Corp. | 22390 | 466133 |
| Canadian Natural Resources Ltd. | 3128 | 98314 |
| CGI, Inc. | 1334 | 140096 |
| Empire Co. Ltd., Class A | 7380 | 306256 |
| Fairfax Financial Holdings Ltd. | 376 | 678691 |
| Fortuna Mining Corp. (\*) | 11381 | 74467 |
| Hydro One Ltd. (#) | 2302 | 82951 |
| Kinross Gold Corp. | 27962 | 436961 |
| Loblaw Cos. Ltd. | 4324 | 715242 |
| Metro, Inc. | 5944 | 466921 |
| SSR Mining, Inc. (\*) | 4300 | 54782 |
| Suncor Energy, Inc. | 10241 | 383619 |
| Teekay Tankers Ltd., Class A | 1427 | 59534 |
| Torex Gold Resources, Inc. (\*) | 2974 | 97011 |
|  |  | 4398266 |

---

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

Semi-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. | 142000 | $617695 |
| **Denmark \| 0.1%** |  |  |
| Carlsberg AS, Class B ADR | 6967 | 197584 |
| Novo Nordisk AS, Class B | 994 | 69359 |
|  |  | 266943 |
| **Finland \| 0.1%** |  |  |
| Kone OYJ ADR | 6216 | 204009 |
| Nokia OYJ | 17352 | 89729 |
|  |  | 293738 |
| **France \| 1.5%** |  |  |
| BNP Paribas SA | 8017 | 722086 |
| Bureau Veritas SA ADR | 2540 | 174549 |
| Credit Agricole SA | 11188 | 211951 |
| EssilorLuxottica SA ADR | 1296 | 177863 |
| Gaztransport Et Technigaz SA | 1588 | 315215 |
| Legrand SA ADR | 7448 | 199025 |
| LVMH Moet Hennessy Louis Vuitton SE ADR | 1294 | 135948 |
| Orange SA | 34693 | 529607 |
| Pernod Ricard SA ADR | 4106 | 82284 |
| Societe Generale SA | 7488 | 429065 |
| TotalEnergies SE | 3158 | 194240 |
|  |  | 3171833 |
| **Germany \| 0.4%** |  |  |
| Allianz SE | 584 | 236619 |
| Rheinmetall AG | 127 | 268696 |
| Siemens Energy AG (\*) | 1463 | 169068 |
| TUI AG (\*) | 19290 | 168576 |
|  |  | 842959 |

---

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

**8** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Hong Kong \| 0.6%** |  |  |
| AIA Group Ltd. ADR | 4026 | $145661 |
| CLP Holdings Ltd. | 41000 | 345369 |
| HKT Trust & HKT Ltd. | 94000 | 140377 |
| Techtronic Industries Co. Ltd. ADR | 4492 | 248363 |
| WH Group Ltd. (#) | 499000 | 480580 |
|  |  | 1360350 |
| **Ireland \| 0.3%** |  |  |
| Accenture PLC, Class A | 1538 | 459693 |
| AIB Group PLC | 13871 | 114115 |
|  |  | 573808 |
| **Israel \| 0.1%** |  |  |
| Bank Leumi Le-Israel BM | 5821 | 108319 |
| Wix.com Ltd. (\*) | 744 | 117894 |
|  |  | 226213 |
| **Italy \| 0.6%** |  |  |
| Banco BPM SpA | 13192 | 154093 |
| BPER Banca SpA | 4649 | 42274 |
| Buzzi SpA | 2167 | 120182 |
| Ferrari NV | 187 | 91685 |
| Intesa Sanpaolo SpA | 62654 | 361158 |
| Leonardo SpA | 1939 | 109344 |
| Telecom Italia SpA (\*) | 315794 | 155766 |
| UniCredit SpA | 2132 | 142993 |
|  |  | 1177495 |
| **Japan \| 4.2%** |  |  |
| Activia Properties, Inc. REIT | 108 | 92107 |
| Asahi Kasei Corp. | 30300 | 215234 |
| Central Japan Railway Co. | 4900 | 109747 |
| Chugoku Electric Power Co., Inc. | 15700 | 77545 |
| Dai-ichi Life Holdings, Inc. | 20500 | 154960 |
| Daiichi Sankyo Co. Ltd. | 5600 | 130400 |

---

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

Semi-Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Daito Trust Construction Co. Ltd. | 2300 | $250702 |
| Daiwa House Industry Co. Ltd. | 2500 | 86128 |
| Denso Corp. | 9200 | 124076 |
| East Japan Railway Co. | 9000 | 194232 |
| Electric Power Development Co. Ltd. | 19100 | 325464 |
| FANUC Corp. ADR | 11664 | 158514 |
| FUJIFILM Holdings Corp. | 3200 | 69535 |
| Iyogin Holdings, Inc. | 15500 | 170278 |
| Japan Post Bank Co. Ltd. | 24400 | 263402 |
| Japan Post Holdings Co. Ltd. | 50000 | 461514 |
| Kansai Electric Power Co., Inc. | 13600 | 160947 |
| KDDI Corp. | 26900 | 462151 |
| Kirin Holdings Co. Ltd. | 8000 | 112030 |
| Kuraray Co. Ltd. | 11300 | 143358 |
| Kyoto Financial Group, Inc. | 8500 | 152365 |
| Kyushu Electric Power Co., Inc. | 45500 | 406728 |
| Leopalace21 Corp. | 23100 | 99758 |
| MEIJI Holdings Co. Ltd. | 10000 | 221267 |
| Mitsubishi Chemical Group Corp. | 16900 | 88597 |
| Mitsubishi Electric Corp. | 20800 | 449218 |
| Mizuho Financial Group, Inc. | 2900 | 79834 |
| Mizuho Financial Group, Inc. ADR | 58588 | 325749 |
| MS&AD Insurance Group Holdings, Inc. | 14800 | 330132 |
| Nagoya Railroad Co. Ltd. | 7100 | 80286 |
| NGK Insulators Ltd. | 16600 | 208094 |
| Nintendo Co. Ltd. ADR | 5578 | 133984 |
| Nippon Telegraph & Telephone Corp. | 450300 | 480885 |
| Orix JREIT, Inc. | 88 | 114758 |
| Osaka Gas Co. Ltd. | 7100 | 181704 |
| Panasonic Holdings Corp. | 9200 | 98833 |
| Resona Holdings, Inc. ADR | 10802 | 198109 |
| Shizuoka Financial Group, Inc. | 4300 | 49854 |
| SoftBank Corp. | 255100 | 394222 |
| Sompo Holdings, Inc. | 5500 | 164775 |
| Subaru Corp. | 4700 | 81659 |
| Sumitomo Mitsui Financial Group, Inc. | 3100 | 77717 |

---

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

**10** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Suntory Beverage & Food Ltd. | 2700 | $86428 |
| Tokio Marine Holdings, Inc. | 3800 | 160301 |
| Tokyo Electron Ltd. | 500 | 95460 |
| Toyota Motor Corp. | 10100 | 173489 |
| ZOZO, Inc. | 14000 | 151132 |
|  |  | 8847662 |
| **Mexico \| 0.0%** |  |  |
| Fresnillo PLC | 4623 | 91382 |
| **Monaco \| 0.1%** |  |  |
| Scorpio Tankers, Inc. | 3781 | 147951 |
| **Netherlands \| 1.1%** |  |  |
| Argenx SE ADR (\*) | 263 | 144971 |
| ASM International NV | 386 | 247399 |
| ASML Holding NV | 541 | 433552 |
| EXOR NV | 840 | 84711 |
| Koninklijke Ahold Delhaize NV | 10025 | 419122 |
| Koninklijke KPN NV | 45598 | 222560 |
| Wolters Kluwer NV | 2030 | 339463 |
| Wolters Kluwer NV ADR | 2416 | 403134 |
|  |  | 2294912 |
| **Norway \| 0.2%** |  |  |
| Kongsberg Gruppen ASA | 10125 | 392731 |
| **Singapore \| 0.3%** |  |  |
| Jardine Cycle & Carriage Ltd. | 4700 | 90131 |
| Sea Ltd. ADR (\*) | 712 | 113877 |
| Singapore Airlines Ltd. | 14600 | 80089 |
| Singapore Technologies Engineering Ltd. | 30900 | 189360 |
| United Overseas Bank Ltd. | 6900 | 195489 |
|  |  | 668946 |

---

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

Semi-Annual Financial Statements **11**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Spain \| 0.2%** |  |  |
| Banco Santander SA | 23254 | $192510 |
| Industria de Diseno Textil SA ADR | 18544 | 241999 |
|  |  | 434509 |
| **Sweden \| 0.3%** |  |  |
| Assa Abloy AB ADR | 10788 | 167753 |
| Boliden AB (\*) | 2539 | 79422 |
| Essity AB, Class B | 4469 | 123763 |
| Hexagon AB ADR | 19597 | 196166 |
|  |  | 567104 |
| **Switzerland \| 0.2%** |  |  |
| ABB Ltd. ADR | 7307 | 436009 |
| Logitech International SA | 873 | 78887 |
|  |  | 514896 |
| **United Kingdom \| 2.3%** |  |  |
| Admiral Group PLC | 1954 | 87714 |
| AstraZeneca PLC | 2110 | 294256 |
| AstraZeneca PLC ADR | 4172 | 291539 |
| Barclays PLC | 99512 | 460909 |
| Coca-Cola Europacific Partners PLC | 3486 | 323222 |
| Diageo PLC ADR | 3043 | 306856 |
| Fidelis Insurance Holdings Ltd. | 5978 | 99115 |
| Global Ship Lease, Inc., Class A | 4374 | 115080 |
| HSBC Holdings PLC | 56398 | 682814 |
| International Consolidated Airlines Group SA | 20120 | 94481 |
| NatWest Group PLC | 53907 | 378507 |
| RELX PLC ADR | 8609 | 467813 |
| Rolls-Royce Holdings PLC | 11698 | 155423 |
| Standard Chartered PLC | 44556 | 738407 |
| Unilever PLC ADR | 5948 | 363839 |
| WNS Holdings Ltd. (\*) | 1290 | 81580 |
|  |  | 4941555 |

---

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

**12** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **United States \| 37.3%** |  |  |
| AdaptHealth Corp. (\*) | 15326 | $144524 |
| Adobe, Inc. (\*) | 2168 | 838756 |
| ADT, Inc. | 48466 | 410507 |
| Adtalem Global Education, Inc. (\*) | 819 | 104201 |
| AES Corp. | 10297 | 108324 |
| Airbnb, Inc., Class A (\*) | 1330 | 176012 |
| Akamai Technologies, Inc. (\*) | 1256 | 100179 |
| Alexandria Real Estate Equities, Inc. REIT | 1071 | 77787 |
| Allison Transmission Holdings, Inc. | 882 | 83781 |
| Allstate Corp. | 888 | 178763 |
| Alphabet, Inc., Class A | 1931 | 340300 |
| Alphabet, Inc., Class C | 10918 | 1936744 |
| Altria Group, Inc. | 5336 | 312850 |
| Amazon.com, Inc. (\*) | 16048 | 3520771 |
| Amdocs Ltd. | 1191 | 108667 |
| Ameren Corp. | 846 | 81250 |
| American Electric Power Co., Inc. | 3389 | 351643 |
| American Express Co. | 615 | 196173 |
| American International Group, Inc. | 1828 | 156458 |
| American Tower Corp. REIT | 1620 | 358052 |
| Amphenol Corp., Class A | 4840 | 477950 |
| Aon PLC, Class A | 1167 | 416339 |
| Apple, Inc. | 14016 | 2875663 |
| Applied Industrial Technologies, Inc. | 767 | 178289 |
| AppLovin Corp., Class A (\*) | 392 | 137231 |
| AptarGroup, Inc. | 2254 | 352593 |
| Assurant, Inc. | 513 | 101312 |
| AT&T, Inc. | 2759 | 79845 |
| Atlassian Corp., Class A (\*) | 925 | 187858 |
| Atmos Energy Corp. | 1955 | 301285 |
| Automatic Data Processing, Inc. | 305 | 94062 |
| Avery Dennison Corp. | 750 | 131602 |
| Axis Capital Holdings Ltd. | 1920 | 199334 |
| Bank of America Corp. | 6169 | 291917 |
| Bank of New York Mellon Corp. | 857 | 78081 |

---

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

Semi-Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| BGC Group, Inc., Class A | 8691 | $88909 |
| Biogen, Inc. (\*) | 1534 | 192655 |
| BJ's Wholesale Club Holdings, Inc. (\*) | 2313 | 249411 |
| Booking Holdings, Inc. | 102 | 590502 |
| Booz Allen Hamilton Holding Corp. | 3925 | 408710 |
| Boston Scientific Corp. (\*) | 688 | 73898 |
| Brady Corp., Class A | 1145 | 77826 |
| Brinker International, Inc. (\*) | 753 | 135788 |
| Bristol-Myers Squibb Co. | 2295 | 106236 |
| Broadcom, Inc. | 4504 | 1241528 |
| Cal-Maine Foods, Inc. | 2361 | 235226 |
| Cardinal Health, Inc. | 1761 | 295848 |
| Carnival PLC ADR (\*) | 4009 | 102270 |
| Cboe Global Markets, Inc. | 1429 | 333257 |
| Cencora, Inc. | 615 | 184408 |
| Centene Corp. (\*) | 2840 | 154155 |
| Charles Schwab Corp. | 5379 | 490780 |
| Chemed Corp. | 508 | 247360 |
| Cheniere Energy, Inc. | 404 | 98382 |
| Chevron Corp. | 693 | 99231 |
| Chubb Ltd. | 348 | 100823 |
| Cigna Group | 740 | 244629 |
| Cirrus Logic, Inc. (\*) | 4366 | 455177 |
| Cisco Systems, Inc. | 1342 | 93108 |
| Clear Secure, Inc., Class A | 6132 | 170224 |
| Clorox Co. | 625 | 75044 |
| CME Group, Inc. | 1025 | 282510 |
| CMS Energy Corp. | 2836 | 196478 |
| Coca-Cola Co. | 6252 | 442329 |
| Colgate-Palmolive Co. | 6910 | 628119 |
| Comfort Systems USA, Inc. | 1418 | 760346 |
| Concentra Group Holdings Parent, Inc. | 6938 | 142715 |
| Copart, Inc. (\*) | 12040 | 590803 |
| Corpay, Inc. (\*) | 419 | 139033 |
| Costco Wholesale Corp. | 434 | 429634 |
| Coterra Energy, Inc. | 5311 | 134793 |

---

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

**14** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Coursera, Inc. (\*) | 10721 | $93916 |
| CRH PLC | 6394 | 586969 |
| CSG Systems International, Inc. | 2710 | 176990 |
| Curtiss-Wright Corp. | 814 | 397680 |
| Danaher Corp. | 1424 | 281297 |
| Darden Restaurants, Inc. | 553 | 120537 |
| DHT Holdings, Inc. | 7298 | 78891 |
| Docusign, Inc. (\*) | 1383 | 107722 |
| Eaton Corp. PLC | 282 | 100671 |
| Electronic Arts, Inc. | 2002 | 319719 |
| Elevance Health, Inc. | 320 | 124467 |
| Eli Lilly & Co. | 766 | 597120 |
| EMCOR Group, Inc. | 341 | 182397 |
| Encompass Health Corp. | 1147 | 140657 |
| Ensign Group, Inc. | 491 | 75742 |
| Entergy Corp. | 1017 | 84533 |
| EOG Resources, Inc. | 2664 | 318641 |
| Equifax, Inc. | 894 | 231877 |
| Equitable Holdings, Inc. | 4035 | 226363 |
| Euronet Worldwide, Inc. (\*) | 2733 | 277072 |
| EverQuote, Inc., Class A (\*) | 4344 | 105038 |
| Exelixis, Inc. (\*) | 2231 | 98331 |
| Exelon Corp. | 2349 | 101994 |
| Exxon Mobil Corp. | 1836 | 197921 |
| F5, Inc. (\*) | 856 | 251938 |
| Fidelity National Information Services, Inc. | 1521 | 123825 |
| Fiserv, Inc. (\*) | 3565 | 614642 |
| Fortinet, Inc. (\*) | 1974 | 208691 |
| Fox Corp., Class A | 6034 | 338145 |
| FTI Consulting, Inc. (\*) | 462 | 74613 |
| Gap, Inc. | 3794 | 82747 |
| Garmin Ltd. | 749 | 156331 |
| GE Vernova, Inc. | 192 | 101597 |
| Gen Digital, Inc. | 5514 | 162112 |
| General Dynamics Corp. | 1555 | 453531 |
| General Mills, Inc. | 4255 | 220452 |

---

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

Semi-Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| General Motors Co. | 3489 | $171694 |
| Gilead Sciences, Inc. | 4749 | 526522 |
| Global Payments, Inc. | 6648 | 532106 |
| Grand Canyon Education, Inc. (\*) | 454 | 85806 |
| GSK PLC | 20253 | 386078 |
| H&R Block, Inc. | 4111 | 225653 |
| Hartford Insurance Group, Inc. | 4759 | 603774 |
| HCA Healthcare, Inc. | 554 | 212237 |
| HealthEquity, Inc. (\*) | 1806 | 189197 |
| Hess Midstream LP, Class A | 2035 | 78368 |
| Hewlett Packard Enterprise Co. | 6807 | 139203 |
| Horace Mann Educators Corp. | 1913 | 82202 |
| Hormel Foods Corp. | 5551 | 167918 |
| HP, Inc. | 2894 | 70787 |
| Humana, Inc. | 364 | 88991 |
| Illinois Tool Works, Inc. | 576 | 142416 |
| Impinj, Inc. (\*) | 445 | 49426 |
| Ingredion, Inc. | 532 | 72150 |
| Intercontinental Exchange, Inc. | 2406 | 441429 |
| Intuit, Inc. | 1082 | 852216 |
| IQVIA Holdings, Inc. (\*) | 1473 | 232130 |
| Jackson Financial, Inc., Class A | 1436 | 127502 |
| Johnson & Johnson | 5013 | 765736 |
| Juniper Networks, Inc. | 5728 | 228719 |
| Kimberly-Clark Corp. | 4148 | 534760 |
| KLA Corp. | 200 | 179148 |
| Kroger Co. | 3323 | 238359 |
| Lam Research Corp. | 1101 | 107171 |
| Laureate Education, Inc. (\*) | 3791 | 88634 |
| Lennox International, Inc. | 207 | 118661 |
| Lockheed Martin Corp. | 2777 | 1286140 |
| Manhattan Associates, Inc. (\*) | 427 | 84320 |
| Maplebear, Inc. (\*) | 3434 | 155354 |
| Marvell Technology, Inc. | 1880 | 145512 |
| MasTec, Inc. (\*) | 522 | 88964 |
| MasterCard, Inc., Class A | 1139 | 640050 |

---

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

**16** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Mattel, Inc. (\*) | 8121 | $160146 |
| Maximus, Inc. | 1589 | 111548 |
| McDonald's Corp. | 959 | 280191 |
| McGrath RentCorp | 1049 | 121642 |
| McKesson Corp. | 131 | 95994 |
| MDA Space Ltd. (\*) | 3898 | 100502 |
| Merck & Co., Inc. | 18807 | 1488762 |
| Meta Platforms, Inc., Class A | 2463 | 1817916 |
| Micron Technology, Inc. | 2409 | 296909 |
| Microsoft Corp. | 7348 | 3654969 |
| Molson Coors Beverage Co., Class B | 1224 | 58862 |
| Monolithic Power Systems, Inc. | 65 | 47540 |
| Morningstar, Inc. | 623 | 195578 |
| Motorola Solutions, Inc. | 605 | 254378 |
| Nasdaq, Inc. | 9483 | 847970 |
| National HealthCare Corp. | 654 | 69985 |
| NetApp, Inc. | 1193 | 127114 |
| Netflix, Inc. (\*) | 879 | 1177095 |
| NETGEAR, Inc. (\*) | 2980 | 86629 |
| Neurocrine Biosciences, Inc. (\*) | 855 | 107465 |
| NewMarket Corp. | 112 | 77376 |
| Newmont Corp. | 2875 | 167497 |
| NIKE, Inc., Class B | 1950 | 138528 |
| NMI Holdings, Inc. (\*) | 3321 | 140113 |
| Northrop Grumman Corp. | 535 | 267489 |
| Novartis AG | 17228 | 2084158 |
| Nutanix, Inc., Class A (\*) | 1274 | 97385 |
| NVIDIA Corp. | 25426 | 4017054 |
| Omega Healthcare Investors, Inc. | 4146 | 151951 |
| Ovintiv, Inc. | 3643 | 138616 |
| Palantir Technologies, Inc., Class A (\*) | 1136 | 154860 |
| PayPal Holdings, Inc. (\*) | 1138 | 84576 |
| PepsiCo, Inc. | 5240 | 691890 |
| Pfizer, Inc. | 11383 | 275924 |
| PG&E Corp. | 5825 | 81200 |
| Philip Morris International, Inc. | 2728 | 496851 |
| Pinnacle West Capital Corp. | 4164 | 372553 |

---

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

Semi-Annual Financial Statements **17**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Pinterest, Inc., Class A (\*) | 7237 | $259519 |
| PJT Partners, Inc., Class A | 414 | 68314 |
| Plexus Corp. (\*) | 868 | 117449 |
| Portland General Electric Co. | 14180 | 576133 |
| Prestige Consumer Healthcare, Inc. (\*) | 648 | 51743 |
| Primoris Services Corp. | 3362 | 262034 |
| Procter & Gamble Co. | 2398 | 382049 |
| PTC, Inc. (\*) | 1552 | 267472 |
| Qorvo, Inc. (\*) | 1780 | 151140 |
| QUALCOMM, Inc. | 3409 | 542917 |
| Quanta Services, Inc. | 590 | 223067 |
| Republic Services, Inc. | 316 | 77929 |
| Roche Holding AG | 1538 | 502788 |
| Rockwell Automation, Inc. | 751 | 249460 |
| Royal Caribbean Cruises Ltd. | 351 | 109912 |
| Royalty Pharma PLC, Class A | 3190 | 114936 |
| S&P Global, Inc. | 876 | 461906 |
| Salesforce, Inc. | 1493 | 407126 |
| SBA Communications Corp. REIT | 1989 | 467097 |
| ServiceNow, Inc. (\*) | 547 | 562360 |
| Sila Realty Trust, Inc. REIT | 3213 | 76052 |
| Simon Property Group, Inc. REIT | 1449 | 232941 |
| Southwest Gas Holdings, Inc. | 2498 | 185826 |
| Sterling Infrastructure, Inc. (\*) | 550 | 126901 |
| Stride, Inc. (\*) | 478 | 69401 |
| Supernus Pharmaceuticals, Inc. (\*) | 2573 | 81101 |
| Synchrony Financial | 1487 | 99242 |
| Targa Resources Corp. | 709 | 123423 |
| Target Corp. | 3117 | 307492 |
| Tenet Healthcare Corp. (\*) | 1044 | 183744 |
| Tesla, Inc. (\*) | 2609 | 828775 |
| Texas Instruments, Inc. | 1646 | 341743 |
| Thermo Fisher Scientific, Inc. | 639 | 259089 |
| TJX Cos., Inc. | 5247 | 647952 |
| Toro Co. | 1367 | 96620 |
| Trane Technologies PLC | 451 | 197272 |
| Uber Technologies, Inc. (\*) | 986 | 91994 |
| UGI Corp. | 4335 | 157881 |

---

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

**18** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** | **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |
| United Therapeutics Corp. (\*) | 355 | $102009 |
| Uniti Group, Inc. REIT | 14794 | 63910 |
| Universal Corp. | 1557 | 90680 |
| Universal Health Services, Inc., Class B | 3192 | 578231 |
| Urban Outfitters, Inc. (\*) | 1211 | 87846 |
| Verizon Communications, Inc. | 13397 | 579688 |
| Visa, Inc., A Shares | 1473 | 522989 |
| Walt Disney Co. | 9088 | 1127003 |
| Western Union Co. | 30074 | 253223 |
| Workday, Inc., Class A (\*) | 628 | 150720 |
| Xcel Energy, Inc. | 8672 | 590563 |
| Zoetis, Inc. | 1854 | 289131 |
|  |  | 78673759 |
| **Total Common Stocks <br> (Cost $85,677,214)** |  | 113318304 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Corporate Bonds \| 12.7%** |  |  |  |
| **Australia \| 0.3%** |  |  |  |
| Telstra Group Ltd., <br>4.000%, 04/19/27 (\*\*) | AUD | 1000 | $659552 |
| **Canada \| 0.4%** |  |  |  |
| Canadian Imperial Bank of Commerce, <br> 0.950%, 10/23/25 | USD | 435 | 430431 |
| Toronto-Dominion Bank,<br> 5.141%, 09/13/28 (\*\*) | USD | 485 | 501386 |
|  |  |  | 931817 |
| **Denmark \| 0.5%** |  |  |  |
| Nykredit Realkredit AS, <br> 1.000%, 01/01/27 | DKK | 7245 | 1128817 |

---

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

Semi-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)** | **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** | **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |
| **Germany \| 0.6%** |  |  |  |
| Commerzbank AG, <br> 3.375%, 12/12/25 (\*\*) | EUR | 410 | $486001 |
| Mercedes-Benz Group AG, <br> 0.750%, 09/10/30 (\*\*) | EUR | 655 | 693173 |
|  |  |  | 1179174 |
| **Japan \| 0.1%** |  |  |  |
| NTT Finance Corp., <br> 4.239%, 07/25/25 (#) | USD | 200 | 199932 |
| **Norway \| 0.5%** |  |  |  |
| DNB Boligkreditt AS, <br> 5.030% (3 Month NOK NIBOR + 0.450%), 02/08/28 (§) | NOK | 10000 | 996696 |
| **Singapore \| 0.2%** |  |  |  |
| Temasek Financial I Ltd.,<br> 2.750%, 08/28/34 (\*\*) | CNY | 3080 | 444452 |
| **Sweden \| 0.1%** |  |  |  |
| Swedbank Hypotek AB, <br> 3.000%, 03/28/29 (\*\*) | SEK | 2300 | 248864 |
| **Switzerland \| 0.8%** |  |  |  |
| ABB Finance USA, Inc., <br> 4.375%, 05/08/42 | USD | 390 | 340970 |
| Pfandbriefzentrale der schweizerischen Kantonalbanken AG, Series 405, <br> 2.000%, 10/30/25 (\*\*) | CHF | 355 | 450194 |
| UBS Group AG, <br> 4.750% (1-Year EURIBOR ICE Swap + 1.600%), 03/17/32 (\*\*), (§) | EUR | 635 | 803336 |
|  |  |  | 1594500 |

---

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

**20** Semi-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)** |  |  |  |
| **United Kingdom \| 0.9%** |  |  |  |
| Ashtead Capital, Inc., <br> 4.250%, 11/01/29 (\*\*) | USD | 1295 | $1268069 |
| Tesco Corporate Treasury Services PLC, <br> 2.750%, 04/27/30 (\*\*) | GBP | 480 | 601611 |
|  |  |  | 1869680 |
| **United States \| 8.3%** |  |  |  |
| Adobe, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 02/01/30 | USD | 545 | 502566 |
| &nbsp;&nbsp;&nbsp;4.950%, 04/04/34 | USD | 333 | 339623 |
| American Express Co., <br> 5.442% (SOFR+1.320%), 01/30/36 (§) | USD | 365 | 372595 |
| Amgen, Inc., <br> 3.000%, 02/22/29 | USD | 1070 | 1022331 |
| Apple, Inc., <br> 1.650%, 02/08/31 | USD | 430 | 375375 |
| AT&T, Inc., <br> 3.500%, 06/01/41 | USD | 765 | 600116 |
| Bank of America Corp., <br> 1.978% (CDOR 3 Month+0.600%), 09/15/27 (§) | CAD | 270 | 195520 |
| Clean Harbors, Inc., <br> 4.875%, 07/15/27 (\*\*) | USD | 380 | 378136 |
| Comcast Corp., <br> 4.650%, 02/15/33 | USD | 730 | 725463 |
| Dell International LLC/EMC Corp., <br> 5.300%, 10/01/29 | USD | 332 | 341680 |
| Eaton Corp., <br> 4.150%, 11/02/42 | USD | 510 | 438916 |
| Goldman Sachs Group, Inc., <br> 0.750%, 03/23/32 (\*\*) | EUR | 930 | 936169 |
| Home Depot, Inc., <br> 5.875%, 12/16/36 | USD | 455 | 487940 |
| John Deere Financial, Inc., <br> 4.380%, 07/11/28 | CAD | 1010 | 764960 |

---

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

Semi-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)** |  |  |  |
| Johnson Controls International PLC/ Tyco Fire & Security Finance SCA, <br> 1.750%, 09/15/30 | USD | 685 | $601251 |
| JPMorgan Chase & Co.,<br> 3.540% (SOFR+1.642%), 05/01/28 (§) | USD | 475 | 467969 |
| Kimberly-Clark Corp., <br> 3.200%, 04/25/29 | USD | 98 | 95050 |
| Lowe's Cos., Inc., <br> 5.000%, 04/15/33 | USD | 705 | 712431 |
| McDonald's Corp., <br> 4.857%, 05/21/31 | CAD | 500 | 386697 |
| Microsoft Corp., <br> 3.500%, 11/15/42 | USD | 1115 | 903409 |
| Morgan Stanley, <br> 3.625%, 01/20/27 | USD | 190 | 188364 |
| Oracle Corp., <br> 5.250%, 02/03/32 | USD | 545 | 559053 |
| PepsiCo, Inc., <br> 2.875%, 10/15/49 | USD | 395 | 259437 |
| Procter & Gamble Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, 10/29/30 | USD | 65 | 56104 |
| &nbsp;&nbsp;&nbsp;4.550%, 01/29/34 | USD | 218 | 218643 |
| Prologis Euro Finance LLC, <br> 0.500%, 02/16/32 | EUR | 760 | 749990 |
| Prologis LP, <br> 3.250%, 09/11/29 (\*\*) | CNY | 2940 | 418003 |
| Schneider Electric SE, <br> 0.875%, 12/13/26 (\*\*) | EUR | 900 | 1039879 |
| Starbucks Corp., <br> 4.450%, 08/15/49 | USD | 490 | 400712 |
| Stryker Corp., <br> 4.250%, 09/11/29 | USD | 790 | 788700 |
| Sysco Corp., <br> 2.400%, 02/15/30 | USD | 540 | 493935 |
| Toyota Motor Credit Corp., <br> 2.150%, 02/13/30 | USD | 155 | 140912 |

---

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

**22** Semi-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)** |  |  |  |
| United Rentals North America, Inc., <br> 4.875%, 01/15/28 | USD | 730 | $727089 |
| Verizon Communications, Inc., <br> 3.875%, 02/08/29 | USD | 569 | 561894 |
| Waste Management, Inc., <br> 4.800%, 03/15/32 | USD | 367 | 372523 |
|  |  |  | 17623435 |
| **Total Corporate Bonds** <br> (Cost $25,968,888) |  |  | 26876919 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Exchange-Traded Funds \| 4.0%** |  |  |
| iShares MSCI World ETF <br> (Cost $8,429,953) | 50300 | $8519814 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Foreign Government Obligations \| 17.6%** |  |  |  |
| **Australia \| 0.5%** |  |  |  |
| New South Wales Treasury Corp., <br> 1.250%, 11/20/30 | AUD | 785 | $450853 |
| Queensland Treasury Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 03/10/31 (\*\*) | AUD | 875 | 493035 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/02/34 (\*\*) | AUD | 285 | 188586 |
|  |  |  | 1132474 |
| **Bermuda \| 1.1%** |  |  |  |
| Bermuda Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.717%, 01/25/27 (\*\*) | USD | 1080 | 1065809 |
| &nbsp;&nbsp;&nbsp;2.375%, 08/20/30 (#) | USD | 1360 | 1204875 |
|  |  |  | 2270684 |

---

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

Semi-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)** |  |  |  |
| **Canada \| 1.1%** |  |  |  |
| British Columbia, <br> 3.200%, 06/18/44 | CAD | 1140 | $705465 |
| Quebec, <br> 1.850%, 02/13/27 | CAD | 1060 | 768501 |
| Vancouver, <br> 2.900%, 11/20/25 | CAD | 1020 | 749628 |
|  |  |  | 2223594 |
| **Chile \| 0.7%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos, <br> 5.000%, 10/01/28 (\*\*) | CLP | 355000 | 375483 |
| Chile Government International Bonds,<br> 0.830%, 07/02/31 | EUR | 1120 | 1140381 |
|  |  |  | 1515864 |
| **Colombia \| 0.4%** |  |  |  |
| Colombia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.850%, 06/28/27 | COP | 1988000 | 478782 |
| &nbsp;&nbsp;&nbsp;8.000%, 04/20/33 | USD | 400 | 413800 |
|  |  |  | 892582 |
| **Costa Rica \| 0.4%** |  |  |  |
| Costa Rica Government International Bonds,<br> 6.125%, 02/19/31 (\*\*) | USD | 810 | 833490 |
| **Croatia \| 0.3%** |  |  |  |
| Croatia Government International Bonds,<br> 1.750%, 03/04/41 (\*\*) | EUR | 590 | 536880 |
| **Czech Republic \| 0.3%** |  |  |  |
| Czech Republic Government Bonds,<br> 3.360% (PRIBOR 6 Month-0.100%), 11/19/27 (\*\*), (§) | CZK | 11330 | 538127 |

---

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

**24** Semi-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)** |  |  |  |
| **Denmark \| 0.3%** |  |  |  |
| Denmark Government Bonds,<br> 0.000%, 11/15/31 | DKK | 4150 | $570734 |
| **Estonia \| 0.0%** |  |  |  |
| Estonia Government International Bonds,<br> 3.250%, 01/17/34 (\*\*) | EUR | 75 | 88528 |
| **France \| 0.4%** |  |  |  |
| French Republic Government Bonds OAT, <br> 1.750%, 06/25/39 (\*\*) | EUR | 830 | 785456 |
| **Hungary \| 0.4%** |  |  |  |
| Hungary Government Bonds,<br> 3.250%, 10/22/31 | HUF | 183080 | 447707 |
| Hungary Government International Bonds,<br> 1.750%, 06/05/35 (\*\*) | EUR | 526 | 490533 |
|  |  |  | 938240 |
| **Ireland \| 0.6%** |  |  |  |
| Ireland Government Bonds,<br> 1.350%, 03/18/31 (\*\*) | EUR | 1135 | 1260999 |
| **Israel \| 0.4%** |  |  |  |
| Israel Government Bonds - Fixed, <br> 1.750%, 08/31/25 | ILS | 2925 | 877223 |
| **Italy \| 0.9%** |  |  |  |
| Italy Buoni Poliennali Del Tesoro: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 04/30/35 (\*\*) | EUR | 765 | 954314 |
| &nbsp;&nbsp;&nbsp;3.650%, 08/01/35 (\*\*) | EUR | 765 | 917547 |
|  |  |  | 1871861 |

---

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

Semi-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)** |  |  |  |
| **Japan \| 2.0%** |  |  |  |
| Japan Government Forty Year Bonds,<br> 1.400%, 03/20/55 | JPY | 261000 | $1300152 |
| Japan Government Twenty Year Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/20/40 | JPY | 79950 | 440537 |
| &nbsp;&nbsp;&nbsp;2.000%, 12/20/44 | JPY | 110900 | 729026 |
| Japan Government Two Year Bonds,<br> 0.100%, 01/01/26 | JPY | 253000 | 1753686 |
|  |  |  | 4223401 |
| **Mexico \| 0.8%** |  |  |  |
| Mexico Bonos, <br> 8.500%, 05/31/29 | MXN | 22800 | 1211980 |
| Mexico Government International Bonds,<br> 6.750%, 09/27/34 | USD | 355 | 376833 |
|  |  |  | 1588813 |
| **New Zealand \| 0.9%** |  |  |  |
| Housing New Zealand Ltd., <br> 3.420%, 10/18/28 (\*\*) | NZD | 650 | 390967 |
| New Zealand Local Government Funding Agency Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, 04/20/29 (\*\*) | NZD | 1735 | 966705 |
| &nbsp;&nbsp;&nbsp;2.000%, 04/15/37 (\*\*) | NZD | 1270 | 553144 |
|  |  |  | 1910816 |
| **Norway \| 0.2%** |  |  |  |
| Norway Government Bonds,<br> 3.750%, 06/12/35 (\*\*) | NOK | 4800 | 473822 |
| **Panama \| 0.5%** |  |  |  |
| Panama Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, 09/30/27 | USD | 440 | 476520 |
| &nbsp;&nbsp;&nbsp;3.875%, 03/17/28 | USD | 685 | 664450 |
|  |  |  | 1140970 |

---

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

**26** Semi-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)** |  |  |  |
| **Peru \| 0.8%** |  |  |  |
| Peru Government Bonds,<br> 5.400%, 08/12/34 | PEN | 4275 | $1138797 |
| Peruvian Government International Bonds,<br> 3.000%, 01/15/34 | USD | 760 | 638780 |
|  |  |  | 1777577 |
| **Poland \| 0.3%** |  |  |  |
| Poland Government Bonds,<br> 5.010% (WIBOR 6 Month), 05/25/28 (§) | PLN | 2195 | 602415 |
| **Portugal \| 0.8%** |  |  |  |
| Portugal Obrigacoes do Tesouro OT, <br> 1.650%, 07/16/32 (\*\*) | EUR | 1490 | 1641938 |
| **Romania \| 0.1%** |  |  |  |
| Romania Government Bonds,<br> 7.200%, 10/28/26 | RON | 865 | 200632 |
| **Singapore \| 0.4%** |  |  |  |
| Singapore Government Bonds,<br> 3.375%, 09/01/33 | SGD | 960 | 819937 |
| **Slovenia \| 0.2%** |  |  |  |
| Slovenia Government Bonds,<br> 1.500%, 03/25/35 (\*\*) | EUR | 505 | 514833 |
| **Spain \| 0.6%** |  |  |  |
| Spain Government Bonds,<br> 1.000%, 07/30/42 (\*\*) | EUR | 1705 | 1329095 |
| **Switzerland \| 0.1%** |  |  |  |
| Swiss Confederation Government Bonds,<br> 1.500%, 07/24/25 (\*\*) | CHF | 85 | 107225 |

---

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

Semi-Annual Financial Statements **27**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Thailand \| 0.5%** |  |  |  |
| Thailand Government Bonds,<br> 1.585%, 12/17/35 | THB | 33500 | $1028147 |
| **United Arab Emirates \| 0.2%** |  |  |  |
| Abu Dhabi Government International Bonds,<br> 5.000%, 04/30/34 (\*\*) | USD | 400 | 413700 |
| **United Kingdom \| 1.4%** |  |  |  |
| U.K. Gilts: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, 07/31/33 (\*\*) | GBP | 1240 | 1306856 |
| &nbsp;&nbsp;&nbsp;4.500%, 03/07/35 (\*\*) | GBP | 350 | 480639 |
| &nbsp;&nbsp;&nbsp;1.250%, 10/22/41 (\*\*) | GBP | 975 | 786271 |
| &nbsp;&nbsp;&nbsp;4.375%, 07/31/54 (\*\*) | GBP | 395 | 469651 |
|  |  |  | 3043417 |
| **Total Foreign Government Obligations <br> (Cost $35,299,214)** |  |  | 37153474 |
| **Quasi Government Bonds \| 0.9%** |  |  |  |
| **Germany \| 0.9%** |  |  |  |
| Kreditanstalt fuer Wiederaufbau: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 09/15/28 (\*\*) | EUR | 535 | 588878 |
| &nbsp;&nbsp;&nbsp;1.750%, 09/14/29 | USD | 935 | 862364 |
| &nbsp;&nbsp;&nbsp;0.000%, 04/18/36 | USD | 770 | 479689 |
| **Total Quasi Government Bonds <br> (Cost $1,903,667)** |  |  | 1930931 |
| **Supranational Bonds \| 4.5%** |  |  |  |
| Asian Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, 10/06/26 | INR | 41460 | 482746 |
| &nbsp;&nbsp;&nbsp;2.950%, 06/05/29 | EUR | 340 | 409710 |

---

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

**28** Semi-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)** |  |  |  |
| European Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;30.000%, 08/25/25 | TRY | 12420 | $304011 |
| &nbsp;&nbsp;&nbsp;28.000%, 09/27/27 | TRY | 19080 | 434073 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/07/28 | IDR | 10490000 | 620548 |
| European Investment Bank,<br> 1.000%, 01/28/28 (\*\*) | CAD | 1310 | 919655 |
| European Union: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, 02/04/33 (\*\*) | EUR | 395 | 464186 |
| &nbsp;&nbsp;&nbsp;0.400%, 02/04/37 (\*\*) | EUR | 715 | 618110 |
| Inter-American Development Bank,<br> 5.100%, 11/17/26 | IDR | 9660000 | 588644 |
| Inter-American Investment Corp., <br> 1.100%, 06/30/26 | AUD | 742 | 475123 |
| International Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.900%, 11/26/25 | AUD | 1198 | 785838 |
| &nbsp;&nbsp;&nbsp;1.250%, 03/16/26 | NOK | 8610 | 837709 |
| &nbsp;&nbsp;&nbsp;1.125%, 09/13/28 | USD | 503 | 463121 |
| &nbsp;&nbsp;&nbsp;9.500%, 02/09/29 | BRL | 6535 | 1110316 |
| International Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 04/07/26 | USD | 385 | 379260 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/15/35 | AUD | 1171 | 568294 |
| **Total Supranational Bonds <br> (Cost $9,844,881)** |  |  | 9461344 |
| **U.S. Municipal Bonds \| 0.7%** |  |  |  |
| **United States \| 0.7%** |  |  |  |
| California: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, 04/01/39 | USD | 625 | 749051 |
| &nbsp;&nbsp;&nbsp;5.875%, 10/01/41 | USD | 820 | 840029 |
| **Total U.S. Municipal Bonds <br> (Cost $1,723,436)** |  |  | 1589080 |

---

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

Semi-Annual Financial Statements **29**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **U.S. Treasury Securities \| 4.9%** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 08/15/41 | USD | 3661 | $2430561 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/45 | USD | 470 | 467503 |
| &nbsp;&nbsp;&nbsp;3.625%, 02/15/53 | USD | 1747 | 1426125 |
| U.S. Treasury Inflation-Indexed Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 04/15/28 (††) | USD | 444 | 442961 |
| &nbsp;&nbsp;&nbsp;2.125%, 01/15/35 (††) | USD | 391 | 397698 |
| U.S. Treasury Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/32 | USD | 4450 | 4480768 |
| &nbsp;&nbsp;&nbsp;4.375%, 05/15/34 | USD | 705 | 715988 |
| **Total U.S. Treasury Securities** <br> (Cost $10,229,257) |  |  | 10361604 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Warrants \| 0.0%** |  |  |
| **Canada \| 0.0%** |  |  |
| Constellation Software, Inc., <br> Expires 03/31/40 (\*), (¢) <br> (Cost $0) | 431 | $0 |
| **Short-Term Investments \| 0.7%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, <br> 4.25% (7 day yield) <br> (Cost $1,374,090) | 1374090 | 1374090 |
| **Total Investments \| 99.7%** <br> (Cost $180,450,600) (») |  | $**210585560** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **621866** |
| **Net Assets \| 100.0%** |  | $**211207426** |

---

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

**30** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 0.9% of net assets of the Portfolio.* |
| *(\*\*)* | *Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. June 30, 2025, these securities amounted to 13.9% of net assets of the Portfolio.* |
| *(§)* | *Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2025.* |
| *(††)* | *A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation.* |
| *(¢)* | *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.* |

---

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

Semi-Annual Financial Statements **31**

------

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

**Forward Currency Contracts open at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| AUD | 100481 | USD | 64000 | HSB | 07/16/25 | $2146 | $— |
| AUD | 62333 | USD | 40000 | JPM | 07/16/25 | 1033 |  |
| AUD | 774849 | USD | 500411 | MSC | 07/16/25 | 9672 |  |
| AUD | 520000 | USD | 334651 | SSB | 09/25/25 | 8188 |  |
| CAD | 165970 | USD | 120000 | CIT | 07/16/25 | 1966 |  |
| CAD | 109802 | USD | 80000 | JPM | 07/16/25 | 690 |  |
| CAD | 782391 | USD | 571138 | JPM | 07/16/25 | 3816 |  |
| CAD | 560152 | USD | 405032 | JPM | 07/16/25 | 6606 |  |
| CHF | 177620 | USD | 217671 | HSB | 07/16/25 | 6579 |  |
| CHF | 138403 | USD | 169115 | MSC | 07/16/25 | 5623 |  |
| CHF | 470815 | USD | 578227 | MSC | 07/16/25 | 16192 |  |
| CNY | 1229183 | USD | 170000 | HSB | 07/16/25 | 1903 |  |
| CNY | 1910383 | USD | 264000 | HSB | 07/16/25 | 3170 |  |
| CNY | 45487477 | USD | 6272307 | HSB | 07/16/25 | 89178 |  |
| CZK | 1459873 | USD | 66818 | HSB | 07/16/25 | 2761 |  |
| DKK | 1388499 | USD | 212440 | CIT | 07/16/25 | 7010 |  |
| EUR | 4864457 | USD | 5546928 | CIT | 07/16/25 | 188452 |  |
| EUR | 500832 | USD | 570000 | HSB | 07/16/25 | 20499 |  |
| EUR | 762584 | USD | 868000 | HSB | 07/16/25 | 31115 |  |
| EUR | 1279153 | USD | 1459642 | HSB | 07/16/25 | 48527 |  |
| EUR | 1834674 | USD | 2093476 | HSB | 07/16/25 | 69675 |  |
| EUR | 1115022 | USD | 1292883 | HSB | 09/25/25 | 27924 |  |
| GBP | 138644 | USD | 184000 | HSB | 07/16/25 | 6321 |  |
| GBP | 465217 | USD | 616430 | HSB | 07/16/25 | 22190 |  |
| GBP | 72088 | USD | 97356 | JPM | 07/16/25 | 1602 |  |
| GBP | 89932 | USD | 120000 | JPM | 07/16/25 | 3453 |  |
| GBP | 296093 | USD | 399876 | JPM | 07/16/25 | 6581 |  |
| GBP | 418377 | USD | 554384 | JPM | 07/16/25 | 19936 |  |
| GBP | 43096 | USD | 58119 | SSB | 09/25/25 | 1069 |  |
| HUF | 52451012 | USD | 145461 | HSB | 07/16/25 | 9032 |  |
| ILS | 377737 | USD | 107365 | CIT | 07/16/25 | 4786 |  |
| INR | 37488959 | USD | 435392 | HSB | 07/16/25 | 1477 |  |
| JPY | 414804126 | USD | 2944754 | CIT | 07/16/25 |  | 59773 |
| JPY | 413219706 | USD | 2933794 | HSB | 07/16/25 |  | 59833 |
| JPY | 38275513 | USD | 270000 | HSB | 07/16/25 |  | 3792 |
| JPY | 68720866 | USD | 487888 | MSC | 07/16/25 |  | 9931 |
| JPY | 59097804 | USD | 416000 | MSC | 07/16/25 |  | 4972 |

---

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

**32** Semi-Annual Financial Statements

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| JPY | 85676327 | USD | 600416 | MSC | 07/16/25 | $— | $4533 |
| JPY | 57014532 | USD | 396069 | MSC | 07/16/25 | 469 |  |
| KRW | 1342005852 | USD | 953176 | JPM | 07/16/25 | 42070 |  |
| MXN | 3036449 | USD | 157041 | CIT | 07/16/25 | 4546 |  |
| MXN | 3207295 | USD | 158726 | MSC | 07/16/25 | 11953 |  |
| NOK | 1076477 | USD | 106274 | MSC | 07/16/25 | 534 |  |
| NZD | 392951 | USD | 235831 | HSB | 07/16/25 | 3797 |  |
| PEN | 1591403 | USD | 437800 | JPM | 07/16/25 | 11273 |  |
| PLN | 276968 | USD | 73566 | HSB | 07/16/25 | 3251 |  |
| RON | 346152 | USD | 78694 | CIT | 07/16/25 | 1529 |  |
| RON | 68622 | USD | 15610 | HSB | 07/16/25 | 294 |  |
| RON | 114709 | USD | 25718 | HSB | 07/16/25 | 867 |  |
| SEK | 204584 | USD | 21359 | MSC | 07/16/25 | 285 |  |
| SEK | 1212061 | USD | 126448 | MSC | 07/16/25 | 1780 |  |
| SGD | 129817 | USD | 101000 | CIT | 07/16/25 | 1203 |  |
| USD | 172013 | AUD | 269058 | HSB | 07/16/25 |  | 5107 |
| USD | 1772138 | AUD | 2772258 | JPM | 07/16/25 |  | 52837 |
| USD | 512537 | AUD | 801677 | MSC | 07/16/25 |  | 15206 |
| USD | 270000 | AUD | 415539 | MSC | 07/16/25 |  | 3549 |
| USD | 261228 | CAD | 361146 | CIT | 07/16/25 |  | 4166 |
| USD | 2065184 | CAD | 2856114 | JPM | 07/16/25 |  | 33681 |
| USD | 510000 | CAD | 697576 | JPM | 07/16/25 |  | 2626 |
| USD | 137712 | CAD | 190399 | MSC | 07/16/25 |  | 2205 |
| USD | 535693 | CAD | 733146 | SSB | 09/25/25 |  | 4977 |
| USD | 152564 | CHF | 124103 | HSB | 07/16/25 |  | 4120 |
| USD | 840288 | CHF | 683503 | MSC | 07/16/25 |  | 22656 |
| USD | 24848 | CHF | 20000 | SSB | 09/25/25 |  | 627 |
| USD | 1180000 | CNY | 8479445 | HSB | 07/16/25 |  | 5862 |
| USD | 440133 | CNY | 3160644 | HSB | 07/16/25 |  | 1888 |
| USD | 353842 | COP | 1539125000 | HSB | 07/16/25 |  | 22144 |
| USD | 29523 | CZK | 649553 | HSB | 07/16/25 |  | 1435 |
| USD | 46532 | DKK | 303790 | CIT | 07/16/25 |  | 1482 |
| USD | 948256 | DKK | 6191050 | HSB | 07/16/25 |  | 30227 |
| USD | 425783 | DKK | 2779761 | JPM | 07/16/25 |  | 13553 |
| USD | 26548 | DKK | 173292 | MSC | 07/16/25 |  | 840 |
| USD | 3760000 | EUR | 3277232 | CIT | 07/16/25 |  | 103981 |
| USD | 2907335 | EUR | 2549628 | CIT | 07/16/25 |  | 98774 |

---

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

Semi-Annual Financial Statements **33**

------

**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 | 880000 | EUR | 771847 | HSB | 07/16/25 | $— | $30037 |
| USD | 533083 | EUR | 467925 | HSB | 07/16/25 |  | 18618 |
| USD | 533631 | GBP | 400514 | HSB | 07/16/25 |  | 16168 |
| USD | 122745 | GBP | 92635 | HSB | 07/16/25 |  | 4419 |
| USD | 800000 | GBP | 590503 | JPM | 07/16/25 |  | 10604 |
| USD | 641604 | HKD | 5000000 | HSB | 09/25/25 | 194 |  |
| USD | 667182 | HKD | 5200000 | SSB | 09/25/25 | 114 |  |
| USD | 170000 | IDR | 2923660000 | HSB | 07/23/25 |  | 9944 |
| USD | 429644 | ILS | 1578883 | CIT | 07/16/25 |  | 39128 |
| USD | 146505 | ILS | 538981 | HSB | 07/16/25 |  | 13519 |
| USD | 273878 | ILS | 1007161 | JPM | 07/16/25 |  | 25149 |
| USD | 440187 | INR | 37488959 | HSB | 07/16/25 | 3318 |  |
| USD | 520000 | JPY | 74539743 | CIT | 07/16/25 | 1573 |  |
| USD | 214428 | JPY | 30204838 | CIT | 07/16/25 | 4352 |  |
| USD | 838889 | JPY | 121765236 | CIT | 09/25/25 |  | 14742 |
| USD | 565207 | JPY | 79813103 | HSB | 07/16/25 | 10103 |  |
| USD | 877220 | JPY | 127333934 | HSB | 09/25/25 |  | 15451 |
| USD | 541794 | JPY | 77349797 | MSC | 07/16/25 | 3823 |  |
| USD | 1740000 | JPY | 247099053 | MSC | 07/16/25 | 21415 |  |
| USD | 918934 | JPY | 133390641 | SSB | 09/25/25 |  | 16197 |
| USD | 165158 | MXN | 3336024 | CIT | 07/16/25 |  | 12371 |
| USD | 80061 | MXN | 1617826 | JPM | 07/16/25 |  | 6033 |
| USD | 488290 | MXN | 9866644 | MSC | 07/16/25 |  | 36771 |
| USD | 93767 | NOK | 983079 | HSB | 07/16/25 |  | 3774 |
| USD | 471141 | NOK | 4735792 | HSB | 07/16/25 | 1255 |  |
| USD | 1228439 | NOK | 12876333 | JPM | 07/16/25 |  | 49153 |
| USD | 1006776 | NZD | 1683200 | CIT | 07/16/25 |  | 19668 |
| USD | 510478 | NZD | 853476 | HSB | 07/16/25 |  | 9986 |
| USD | 374696 | PEN | 1403984 | CIT | 07/16/25 |  | 21490 |
| USD | 511653 | PEN | 1916395 | HSB | 07/16/25 |  | 29129 |
| USD | 369718 | PLN | 1399218 | HSB | 07/16/25 |  | 18355 |
| USD | 125478 | SGD | 163936 | CIT | 07/16/25 |  | 3585 |
| USD | 145315 | SGD | 189866 | JPM | 07/16/25 |  | 4163 |
| USD | 429667 | SGD | 550000 | SSB | 09/25/25 |  | 5549 |
| USD | 724719 | THB | 23843475 | HSB | 07/16/25 |  | 9475 |
| 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 |  | $759170 | $1018255 |

---

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

**34** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Retirement International Equity Portfolio** |  |  |
| **Common Stocks \| 96.9%** |  |  |
| **Australia \| 1.0%** |  |  |
| Rio Tinto PLC | 21878 | $1274886 |
| **Belgium \| 1.2%** |  |  |
| KBC Group NV | 14184 | 1458935 |
| **Brazil \| 0.9%** |  |  |
| TOTVS SA | 144000 | 1118743 |
| **Canada \| 2.8%** |  |  |
| Gildan Activewear, Inc. | 36263 | 1786853 |
| Suncor Energy, Inc. | 42016 | 1573884 |
|  |  | 3360737 |
| **China \| 2.4%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 20900 | 735757 |
| Li Ning Co. Ltd. | 497500 | 1074489 |
| Tencent Holdings Ltd. | 16900 | 1085438 |
|  |  | 2895684 |
| **Denmark \| 1.2%** |  |  |
| Novo Nordisk AS, Class B | 21181 | 1477967 |
| **Finland \| 1.1%** |  |  |
| Fortum OYJ | 73518 | 1377985 |
| **France \| 14.0%** |  |  |
| Air Liquide SA | 9598 | 1982426 |
| Bureau Veritas SA | 59015 | 2035939 |
| Capgemini SE | 9575 | 1638851 |
| Cie de Saint-Gobain SA | 7397 | 870169 |
| Engie SA | 107585 | 2533465 |
| Orange SA | 147548 | 2252397 |
| Pernod Ricard SA | 11001 | 1098902 |

---

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

Semi-Annual Financial Statements **35**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| Societe Generale SA | 26856 | $1538856 |
| Thales SA | 9978 | 2939564 |
|  |  | 16890569 |
| **Germany \| 7.8%** |  |  |
| Brenntag SE | 16891 | 1118715 |
| Continental AG | 12923 | 1127694 |
| Merck KGaA | 10295 | 1333211 |
| MTU Aero Engines AG | 4397 | 1955335 |
| Puma SE | 32710 | 893100 |
| Siemens AG | 3713 | 952293 |
| Siemens Healthineers AG (#) | 24761 | 1373566 |
| Zalando SE (#), (\*) | 21789 | 717384 |
|  |  | 9471298 |
| **Greece \| 1.9%** |  |  |
| National Bank of Greece SA | 181172 | 2316315 |
| **Hong Kong \| 3.1%** |  |  |
| AIA Group Ltd. | 259600 | 2334524 |
| Techtronic Industries Co. Ltd. | 123000 | 1354911 |
|  |  | 3689435 |
| **Israel \| 2.2%** |  |  |
| Bank Hapoalim BM | 74523 | 1431209 |
| Wix.com Ltd. (\*) | 7601 | 1204455 |
|  |  | 2635664 |
| **Italy \| 2.8%** |  |  |
| Lottomatica Group SpA | 46405 | 1288105 |
| UniCredit SpA | 30434 | 2041211 |
|  |  | 3329316 |

---

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

**36** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **Japan \| 17.8%** |  |  |
| Bandai Namco Holdings, Inc. | 39100 | $1399718 |
| FANUC Corp. | 38000 | 1033675 |
| Kokusai Electric Corp. | 56600 | 1352693 |
| MatsukiyoCocokara & Co. | 101400 | 2089421 |
| Mitsui Fudosan Co. Ltd. | 108100 | 1044295 |
| Mizuho Financial Group, Inc. | 66100 | 1819676 |
| NEC Corp. | 66400 | 1944767 |
| Nippon Sanso Holdings Corp. | 43700 | 1652442 |
| Nitori Holdings Co. Ltd. | 10100 | 976772 |
| Otsuka Holdings Co. Ltd. | 27600 | 1366483 |
| Resona Holdings, Inc. | 137300 | 1260197 |
| Shimadzu Corp. | 60600 | 1502937 |
| Shin-Etsu Chemical Co. Ltd. | 49100 | 1617986 |
| Suzuki Motor Corp. | 81600 | 983047 |
| Toyo Suisan Kaisha Ltd. | 21600 | 1434073 |
|  |  | 21478182 |
| **Mexico \| 0.9%** |  |  |
| Arca Continental SAB de CV | 102900 | 1087594 |
| **Netherlands \| 4.9%** |  |  |
| ASML Holding NV | 2876 | 2302662 |
| ING Groep NV | 86353 | 1895004 |
| Universal Music Group NV | 51573 | 1673602 |
|  |  | 5871268 |
| **Singapore \| 1.3%** |  |  |
| Singapore Telecommunications Ltd. | 525800 | 1580052 |
| **South Korea \| 1.0%** |  |  |
| SK Hynix, Inc. | 5665 | 1227088 |

---

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

Semi-Annual Financial Statements **37**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **Spain \| 3.6%** |  |  |
| Banco Santander SA | 182994 | $1514930 |
| Bankinter SA | 132207 | 1725720 |
| Industria de Diseno Textil SA | 20777 | 1082678 |
|  |  | 4323328 |
| **Sweden \| 2.2%** |  |  |
| Hexagon AB, B Shares | 148024 | 1487460 |
| Sandvik AB | 48704 | 1117662 |
|  |  | 2605122 |
| **Switzerland \| 2.9%** |  |  |
| ABB Ltd. | 34417 | 2057505 |
| Cie Financiere Richemont SA, Class A | 7751 | 1465879 |
|  |  | 3523384 |
| **Taiwan \| 1.3%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7125 | 1613741 |
| **United Kingdom \| 12.5%** |  |  |
| 3i Group PLC | 29479 | 1667528 |
| AstraZeneca PLC | 7865 | 1096836 |
| Coca-Cola Europacific Partners PLC | 13487 | 1243794 |
| Compass Group PLC | 48728 | 1650426 |
| Croda International PLC | 39786 | 1599276 |
| IMI PLC | 43398 | 1247748 |
| JD Sports Fashion PLC | 456883 | 556085 |
| RELX PLC | 54575 | 2960412 |
| Unilever PLC | 49873 | 3037722 |
|  |  | 15059827 |

---

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

**38** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **United States \| 6.1%** |  |  |
| Amcor PLC CDI | 137262 | $1286538 |
| Aon PLC, Class A | 4544 | 1621117 |
| Chubb Ltd. | 3493 | 1011992 |
| CRH PLC | 10751 | 986942 |
| Experian PLC | 21876 | 1126976 |
| ICON PLC (\*) | 2644 | 384570 |
| Roche Holding AG | 2781 | 909138 |
|  |  | 7327273 |
| **Total Common Stocks**<br> (Cost $93,326,935) |  | 116994393 |
| **Preferred Stocks \| 1.1%** |  |  |
| **Brazil \| 1.1%** |  |  |
| Itau Unibanco Holding SA (Cost $953,105) | 189380 | 1287955 |
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Principal<br> Amount<br> (000) | &nbsp;&nbsp;Fair<br> Value |
| **Repurchase Agreements \| 1.9%** |  |  |
| Fixed Income Clearing Corp., 4.38%, 07/01/25 (Dated 06/30/25, collateralized by $2,263,700 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $2,295,007) Proceeds of $2,250,274 <br> (Cost $2,250,000) | $2250 | $2250000 |

---

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

Semi-Annual Financial Statements **39**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $120,976) | 120976 | $120976 |
| **Total Investments \| 100.0%**<br> (Cost $96,651,016) |  | $**120653324** |
| **Cash and Other Assets in Excess of Liabilities \| 0.0%** |  | **57610** |
| **Net Assets \| 100.0%** |  | $**120710934** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 1.7% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |

---

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

**40** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio** |  |  |
| **Common Stocks \| 98.8%** |  |  |
| **Aerospace & Defense \| 1.3%** |  |  |
| StandardAero, Inc. | 14692 | $465002 |
| **Automobile Components \| 1.3%** |  |  |
| Gentherm, Inc. (\*) | 16554 | 468313 |
| **Automobiles \| 1.5%** |  |  |
| Thor Industries, Inc. | 6274 | 557194 |
| **Banks \| 7.9%** |  |  |
| BankUnited, Inc. | 25397 | 903879 |
| Commerce Bancshares, Inc. | 8640 | 537149 |
| Home BancShares, Inc. | 23056 | 656174 |
| Wintrust Financial Corp. | 6716 | 832649 |
|  |  | 2929851 |
| **Biotechnology \| 6.8%** |  |  |
| Arcutis Biotherapeutics, Inc. (\*) | 34555 | 484461 |
| Aurinia Pharmaceuticals, Inc. (\*) | 44763 | 379143 |
| Caris Life Sciences, Inc. | 14265 | 381161 |
| Janux Therapeutics, Inc. (\*) | 10752 | 248371 |
| Rhythm Pharmaceuticals, Inc. (\*) | 8760 | 553544 |
| Soleno Therapeutics, Inc. (\*) | 2499 | 209366 |
| Vaxcyte, Inc. (\*) | 7695 | 250165 |
|  |  | 2506211 |
| **Building Products \| 2.8%** |  |  |
| Hayward Holdings, Inc. (\*) | 34770 | 479826 |
| Janus International Group, Inc. (\*) | 67711 | 551168 |
|  |  | 1030994 |

---

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

Semi-Annual Financial Statements **41**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Capital Markets \| 5.0%** |  |  |
| DigitalBridge Group, Inc. | 34067 | $352593 |
| StepStone Group, Inc., Class A | 14689 | 815240 |
| Stifel Financial Corp. | 6513 | 675919 |
|  |  | 1843752 |
| **Commercial Services & Supplies \| 5.5%** |  |  |
| ABM Industries, Inc. | 18390 | 868192 |
| Casella Waste Systems, Inc., Class A (\*) | 6890 | 794968 |
| Driven Brands Holdings, Inc. (\*) | 21717 | 381351 |
|  |  | 2044511 |
| **Construction Materials \| 1.5%** |  |  |
| Eagle Materials, Inc. | 2829 | 571769 |
| **Consumer Staples Distribution & Retail \| 4.0%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (\*) | 4018 | 433261 |
| Chefs' Warehouse, Inc. (\*) | 8020 | 511756 |
| Guardian Pharmacy Services, Inc., Class A | 24482 | 521712 |
|  |  | 1466729 |
| **Containers & Packaging \| 1.9%** |  |  |
| Graphic Packaging Holding Co. | 20690 | 435939 |
| TriMas Corp. | 9625 | 275371 |
|  |  | 711310 |
| **Electrical Equipment \| 2.2%** |  |  |
| EnerSys | 4856 | 416499 |
| Generac Holdings, Inc. (\*) | 2848 | 407862 |
|  |  | 824361 |
| **Electronic Equipment, Instruments & Components \| 2.8%** |  |  |
| Coherent Corp. (\*) | 7969 | 710915 |
| Mirion Technologies, Inc. (\*) | 14665 | 315737 |
|  |  | 1026652 |

---

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

**42** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Energy Equipment & Services \| 2.0%** |  |  |
| Atlas Energy Solutions, Inc. | 25404 | $339652 |
| Cactus, Inc., Class A | 9582 | 418925 |
|  |  | 758577 |
| **Entertainment \| 1.5%** |  |  |
| Roku, Inc. (\*) | 6487 | 570142 |
| **Food Products \| 2.2%** |  |  |
| J.M. Smucker Co. | 4071 | 399772 |
| Simply Good Foods Co. (\*) | 13406 | 423496 |
|  |  | 823268 |
| **Ground Transportation \| 1.2%** |  |  |
| Landstar System, Inc. | 3123 | 434159 |
| **Health Care Equipment & Supplies \| 4.7%** |  |  |
| Enovis Corp. (\*) | 20099 | 630305 |
| Inspire Medical Systems, Inc. (\*) | 4232 | 549187 |
| Lantheus Holdings, Inc. (\*) | 6875 | 562787 |
|  |  | 1742279 |
| **Health Care Technology \| 3.1%** |  |  |
| Doximity, Inc., Class A (\*) | 7022 | 430730 |
| Evolent Health, Inc., Class A (\*) | 47889 | 539230 |
| Schrodinger, Inc. (\*) | 9753 | 196230 |
|  |  | 1166190 |
| **Hotels, Restaurants & Leisure \| 4.1%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 33821 | 542489 |
| Kura Sushi USA, Inc., Class A (\*) | 4856 | 418005 |
| Wyndham Hotels & Resorts, Inc. | 7025 | 570500 |
|  |  | 1530994 |

---

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

Semi-Annual Financial Statements **43**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Insurance \| 4.6%** |  |  |
| First American Financial Corp. | 14080 | $864371 |
| Reinsurance Group of America, Inc. | 4257 | 844419 |
|  |  | 1708790 |
| **Interactive Media & Services \| 2.2%** |  |  |
| Cars.com, Inc. (\*) | 34921 | 413814 |
| MediaAlpha, Inc., Class A (\*) | 37688 | 412683 |
|  |  | 826497 |
| **IT Services \| 2.0%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 26478 | 756212 |
| **Leisure Products \| 0.8%** |  |  |
| Brunswick Corp. | 5306 | 293103 |
| **Life Sciences Tools & Services \| 0.7%** |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 100389 | 241937 |
| **Machinery \| 6.1%** |  |  |
| Gates Industrial Corp. PLC (\*) | 21885 | 504012 |
| Middleby Corp. (\*) | 5087 | 732528 |
| Nordson Corp. | 1916 | 410733 |
| Toro Co. | 8530 | 602900 |
|  |  | 2250173 |
| **Oil, Gas & Consumable Fuels \| 2.4%** |  |  |
| Antero Resources Corp. (\*) | 12736 | 513006 |
| Magnolia Oil & Gas Corp., Class A | 16155 | 363164 |
|  |  | 876170 |
| **Pharmaceuticals \| 0.9%** |  |  |
| Axsome Therapeutics, Inc. (\*) | 3151 | 328933 |

---

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

**44** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Professional Services \| 1.4%** |  |  |
| Verra Mobility Corp. (\*) | 20777 | $527528 |
| **Retail REITs \| 2.0%** |  |  |
| Brixmor Property Group, Inc. | 27754 | 722714 |
| **Semiconductors & Semiconductor Equipment \| 3.5%** |  |  |
| Allegro MicroSystems, Inc. (\*) | 11509 | 393492 |
| Credo Technology Group Holding Ltd. (\*) | 3566 | 330176 |
| Onto Innovation, Inc. (\*) | 3616 | 364963 |
| Rambus, Inc. (\*) | 3446 | 220613 |
|  |  | 1309244 |
| **Software \| 2.8%** |  |  |
| SPS Commerce, Inc. (\*) | 4339 | 590495 |
| Zeta Global Holdings Corp., Class A (\*) | 29245 | 453005 |
|  |  | 1043500 |
| **Specialized REITs \| 2.3%** |  |  |
| CubeSmart | 20471 | 870018 |
| **Specialty Retail \| 1.1%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 5170 | 392713 |
| **Textiles, Apparel & Luxury Goods \| 2.7%** |  |  |
| Crocs, Inc. (\*) | 6390 | 647179 |
| Kontoor Brands, Inc. | 5124 | 338030 |
|  |  | 985209 |
| **Total Common Stocks**<br> (Cost $35,970,328) |  | 36604999 |

---

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

Semi-Annual Financial Statements **45**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small Cap Equity Select Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 1.7%** |  |  |
| Fixed Income Clearing Corp., 4.38%, 07/01/25 (Dated 06/30/25, collateralized by $643,900 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $652,808) Proceeds of $640,078<br> (Cost $640,000) | $640 | $640000 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield) <br> (Cost $43,957) | 43957 | $43957 |
| **Total Investments \| 100.6%**<br> (Cost $36,654,285) |  | $**37288956** |
| **Liabilities in Excess of Cash and Other Assets \| (0.6)%** |  | **(209098)** |
| **Net Assets \| 100.0%** |  | $**37079858** |
| *(\*) Non-income producing security.* |  |  |

---

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

**46** Semi-Annual Financial Statements

**Lazard Retirement Series, Inc.** Abbreviations

June 30, 2025 (N-CSR Item 7) (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Abbreviations:** | **Security Abbreviations:** | **Security Abbreviations:** |  |
| ADR | — American Depositary Receipt | — American Depositary Receipt |  |
| CDI | — CHESS Depositary Interest | — CHESS Depositary Interest |  |
| CDOR | — Canadian Dollar Offered Rate | — Canadian Dollar Offered Rate |  |
| ETF | — Exchange-Traded Fund | — Exchange-Traded Fund |  |
| EURIBOR | — Euro Interbank Offered Rate | — Euro Interbank Offered Rate |  |
| GDR | — Global Depositary Receipt | — Global Depositary Receipt |  |
| ICE | — Intercontinental Exchange | — Intercontinental Exchange |  |
| NIBOR | — Norway Interbank Offered Rate | — Norway Interbank Offered Rate |  |
| PJSC | — Public Joint Stock Company | — Public Joint Stock Company |  |
| PRIBOR | — Prague Interbank Offered Rate | — Prague Interbank Offered Rate |  |
| REIT | — Real Estate Investment Trust | — Real Estate Investment Trust |  |
| SOFR | — Secured Overnight Financing Rate | — Secured Overnight Financing Rate |  |
| WIBOR | — Warsaw Interbank Offered Rate | — Warsaw Interbank Offered Rate |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** |  |
| AUD | — Australian Dollar | INR | — Indian Rupee |
| BRL | — Brazilian Real | JPY | — Japanese Yen |
| CAD | — Canadian Dollar | KRW | — South Korean Won |
| CHF | — Swiss Franc | MXN | — Mexican New Peso |
| CLP | — Chilean Peso | NOK | — Norwegian Krone |
| CNY | — Chinese Renminbi | NZD | — New Zealand Dollar |
| COP | — Colombian Peso | PEN | — Peruvian Nuevo Sol |
| CZK | — Czech Koruna | PLN | — Polish Zloty |
| DKK | — Danish Krone | RON | — New Romanian Leu |
| EUR | — Euro | SEK | — Swedish Krona |
| GBP | — British Pound Sterling | SGD | — Singapore Dollar |
| HKD | — Hong Kong Dollar | THB | — Thai Baht |
| HUF | — Hungarian Forint | TRY | — New Turkey Lira |
| IDR | — Indonesian Rupiah | USD | — United States Dollar |
| ILS | — Israeli Shekel |  |  |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| CIT | — Citibank N.A. |  |  |
| HSB | — HSBC Bank USA N.A. |  |  |
| JPM | — JPMorgan Chase Bank N.A. |  |  |
| MSC | — Morgan Stanley & Co. |  |  |
| SSB | — State Street Bank & Trust Co. |  |  |

---

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

Semi-Annual Financial Statements **47**

**Lazard Retirement Series, Inc.** Statements of Assets and Liabilities (N-CSR Item 7) (unaudited)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 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 | $338453096 | $210585560 |
| Cash | 86 | 22 |
| Foreign currency, at fair value | 273550 | 20337 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 1751549 | 1455567 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 333724 | 173405 |
| &nbsp;&nbsp;&nbsp;Investments sold | 113128 |  |
| Gross unrealized appreciation on forward currency contracts |  | 759170 |
| Total assets | 340925133 | 212994061 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 717681 |  |
| &nbsp;&nbsp;&nbsp;Management fees | 266707 | 98769 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 88735 | 75681 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 49806 | 45463 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 30263 | 49556 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 7001 | 54 |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 502486 | 460855 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 252762 | 32 |
| Gross unrealized depreciation on forward currency contracts |  | 1018255 |
| Other accrued expenses and payables | 42955 | 37970 |
| Total liabilities | 1958396 | 1786635 |
| Net assets | $338966737 | $211207426 |
| **NET ASSETS** |  |  |
| Paid in capital | $255271857 | $163716499 |
| Distributable earnings (Accumulated loss) | 83694880 | 47490927 |
| Net assets | $338966737 | $211207426 |
| **Service Shares** |  |  |
| Net assets | $227594970 | $210158746 |
| Shares of capital stock outstanding\* | 8723875 | 15083783 |
| **Net asset value, offering and redemption price per share** | $26.09 | $13.93 |
| **Investor Shares** |  |  |
| Net assets | $111371767 | $1048680 |
| Shares of capital stock outstanding\* | 4314692 | 74826 |
| **Net asset value, offering and redemption price per share** | $25.81 | $14.01 |
| Cost of investments in securities | $262867587 | $180450600 |
| Cost of foreign currency | $273553 | $20301 |

---

\* *$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.*

**48** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> Retirement<br> International<br> Equity Portfolio | Lazard<br> Retirement<br> US Small Cap<br> Equity Select Portfolio |
| $120653324 | $37288956 |
|  | 15 |
| 53585 |  |
| 673673 | 8279 |
| 233776 | 96682 |
|  | 76579 |
| 121614358 | 37470511 |
| 65311 | 13305 |
| 44643 | 28749 |
| 25335 | 7461 |
| 30291 | 20802 |
| 3311 | 1864 |
| 715312 | 17111 |
| 127 | 283934 |
| 19094 | 17427 |
| 903424 | 390653 |
| $120710934 | $37079858 |
| $82493858 | $32623963 |
| 38217076 | 4455895 |
| $120710934 | $37079858 |
| $120710934 | $37079858 |
| 10600209 | 2752417 |
| $11.39 | $13.47 |
| $96651016 | $36654285 |
| $53310 | $— |

---

Semi-Annual Financial Statements **49**

**Lazard Retirement Series, Inc.** Statements of Operations (N-CSR Item 7) (unaudited)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | Lazard<br> Retirement<br> Emerging Markets<br> Equity Portfolio | Lazard<br> Retirement<br> Global Dynamic<br> Multi-Asset Portfolio |
| **Investment Income (Loss)** |  |  |
| **Income** |  |  |
| Dividends | $8188664 | $1291327 |
| Interest |  | 1955289 |
| Total investment income\* | 8188664 | 3246616 |
| **Expenses** |  |  |
| Management fees (Note 3) | 1521595 | 795801 |
| Distribution fees (Service Shares) | 265217 | 264057 |
| Professional services | 111940 | 84109 |
| Custodian fees | 53895 | 64471 |
| Administration fees | 27592 | 26283 |
| Shareholders' reports | 21034 | 20941 |
| Directors' fees and expenses | 14448 | 5837 |
| Shareholders' services | 13213 | 9965 |
| Other | 5547 | 4805 |
| Total gross expenses | 2034481 | 1276269 |
| Management fees waived and expenses reimbursed | (19430) | (162873) |
| Total net expenses | 2015051 | 1113396 |
| Net investment income (loss) | 6173613 | 2133220 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments\*\* | 9112058 | 8210422 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (122206) | 14217 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | 58067 |
| Total net realized gain (loss) | 8989852 | 8282706 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | 42936106 | 4213209 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 35726 | 63085 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  | (138112) |
| Total net change in unrealized appreciation (depreciation) | 42971832 | 4138182 |
| Net realized and unrealized gain (loss) | 51961684 | 12420888 |
| Net increase (decrease) in net assets resulting from operations | $58135297 | $14554108 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Net of foreign withholding taxes of | $902724 | $76567 |
| \*\* Net of foreign capital gains taxes of | $56785 | $— |
| † Includes net change in foreign capital gains taxes of | $(234598) | $— |

---

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

**50** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> Retirement<br> International<br> Equity Portfolio | Lazard<br> Retirement<br> US Small Cap<br> Equity Select Portfolio |
| $1937128 | $194124 |
| 1937128 | 194124 |
| 412594 | 140656 |
| 137532 | 46885 |
| 60747 | 30247 |
| 19764 | 9426 |
| 15449 | 10917 |
| 7968 | 8274 |
| 6703 | 3975 |
| 7182 | 6519 |
| 3416 | 2350 |
| 671355 | 259249 |
| (57408) | (52953) |
| 613947 | 206296 |
| 1323181 | (12172) |
| 7738234 | (546052) |
| 23319 |  |
| 7761553 | (546052) |
| 13200677 | (2209306) |
| 72913 |  |
| 13273590 | (2209306) |
| 21035143 | (2755358) |
| $22358324 | $(2767530) |
| $208359 | $— |
| $— | $— |
| $— | $— |

---

Semi-Annual Financial Statements **51**

**Lazard Retirement Series, Inc.** Statements of Changes in Net Assets (N-CSR Item 7) (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | Lazard Retirement<br> Emerging Markets Equity Portfolio | Lazard Retirement<br> Emerging Markets Equity Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $6173613 | $11086872 |
| Net realized gain (loss) | 8989852 | 15353318 |
| Net change in unrealized appreciation (depreciation) | 42971832 | (2451527) |
| Net increase (decrease) resulting from operations | 58135297 | 23988663 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares |  | (7457769) |
| &nbsp;&nbsp;&nbsp;Investor Shares |  | (3304876) |
| Net decrease in net assets resulting from distributions |  | (10762645) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 9846457 | 22684215 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 17634087 | 5766927 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares |  | 7457769 |
| &nbsp;&nbsp;&nbsp;Investor Shares |  | 3304876 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (30562559) | (62435399) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (11174084) | (18137517) |
| Net decrease in net assets from capital stock transactions | (14256099) | (41359129) |
| Total increase (decrease) in net assets | 43879198 | (28133111) |
| Net assets at beginning of period | 295087539 | 323220650 |
| Net assets at end of period | $338966737 | $295087539 |
| **Shares issued and redeemed** |  |  |
| **Service Shares** |  |  |
| Shares outstanding at beginning of period | 9609618 | 11086878 |
| Shares sold | 422107 | 1024305 |
| Shares issued to shareholders from reinvestment of distributions |  | 332491 |
| Shares redeemed | (1307850) | (2834056) |
| Net decrease | (885743) | (1477260) |
| Shares outstanding at end of period | 8723875 | 9609618 |
| **Investor Shares** |  |  |
| Shares outstanding at beginning of period | 4068065 | 4485531 |
| Shares sold | 737226 | 266557 |
| Shares issued to shareholders from reinvestment of distributions |  | 149204 |
| Shares redeemed | (490599) | (833227) |
| Net increase (decrease) | 246627 | (417466) |
| Shares outstanding at end of period | 4314692 | 4068065 |

---

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

**52** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| 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 |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $2133220 | $3906785 | $1323181 | $1729545 |
| 8282706 | 18357552 | 7761553 | 5595196 |
| 4138182 | (2267270) | 13273590 | (381654) |
| 14554108 | 19997067 | 22358324 | 6943087 |
|  |  |  | (3396900) |
|  |  |  | (3396900) |
| 6243058 | 9202056 | 12681671 | 8619297 |
| 104714 | 144719 |  |  |
|  |  |  | 3396900 |
| (28912284) | (56951363) | (15233673) | (29152982) |
| (25428) | (128606) |  |  |
| (22589940) | (47733194) | (2552002) | (17136785) |
| (8035832) | (27736127) | 19806322 | (13590598) |
| 219243258 | 246979385 | 100904612 | 114495210 |
| $211207426 | $219243258 | $120710934 | $100904612 |
| 16787427 | 20541409 | 10839522 | 12599414 |
| 465480 | 717880 | 1232519 | 899055 |
|  |  |  | 347687 |
| (2169124) | (4471862) | (1471832) | (3006634) |
| (1703644) | (3753982) | (239313) | (1759892) |
| 15083783 | 16787427 | 10600209 | 10839522 |
| 68917 | 67328 |  |  |
| 7812 | 11505 |  |  |
| (1903) | (9916) |  |  |
| 5909 | 1589 |  |  |
| 74826 | 68917 |  |  |

---

Semi-Annual Financial Statements **53**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Retirement<br> US Small Cap Equity Select Portfolio | Lazard Retirement<br> US Small Cap Equity Select Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(12172) | $(114208) |
| Net realized gain (loss) | (546052) | 5267321 |
| Net change in unrealized appreciation (depreciation) | (2209306) | (791650) |
| Net increase (decrease) resulting from operations | (2767530) | 4361463 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares |  | (1471884) |
| Net decrease in net assets resulting from distributions |  | (1471884) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 2350712 | 1791502 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares |  | 1471884 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (2886456) | (7413186) |
| Net decrease in net assets from capital stock transactions | (535744) | (4149800) |
| Total decrease in net assets | (3303274) | (1260221) |
| Net assets at beginning of period | 40383132 | 41643353 |
| Net assets at end of period | $37079858 | $40383132 |
| **Shares issued and redeemed** |  |  |
| **Service Shares** |  |  |
| Shares outstanding at beginning of period | 2793452 | 3085276 |
| Shares sold | 171777 | 127012 |
| Shares issued to shareholders from reinvestment of distributions |  | 106350 |
| Shares redeemed | (212812) | (525186) |
| Net decrease | (41035) | (291824) |
| Shares outstanding at end of period | 2752417 | 2793452 |

---

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

**54** Semi-Annual Financial Statements

**Lazard Retirement Series, Inc.** Financial Highlights (N-CSR Item 7) (unaudited)

------

LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Service Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $21.65 | $20.83 | $17.92 | $21.86 | $21.12 | $22.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.46 | 0.75 | 0.74 | 0.89 | 0.61 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.98 | 0.82 | 3.14 | (4.18) | 0.55 | (0.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.44 | 1.57 | 3.88 | (3.29) | 1.16 | (0.39) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.75) | (0.97) | (0.65) | (0.42) | (0.49) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.75) | (0.97) | (0.65) | (0.42) | (0.49) |
| Net asset value, end of period | $26.09 | $21.65 | $20.83 | $17.92 | $21.86 | $21.12 |
| **Total Return** (b) | 20.51% | 7.43% | 22.27% | –15.12% | 5.52% | –1.32% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $227595 | $208054 | $230885 | $219359 | $290586 | $364846 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.40% | 1.40% | 1.42% | 1.38% | 1.38% | 1.43% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.41% | 1.41% | 1.42% | 1.38% | 1.38% | 1.43% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.97% | 3.41% | 3.81% | 4.65% | 2.72% | 1.95% |
| Portfolio turnover rate | 14% | 23% | 25% | 25% | 35% | 27% |

---

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

Semi-Annual Financial Statements **55**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Investor Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $21.39 | $20.59 | $17.72 | $21.64 | $20.91 | $21.78 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.49 | 0.79 | 0.79 | 0.94 | 0.66 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.93 | 0.82 | 3.10 | (4.16) | 0.55 | (0.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.42 | 1.61 | 3.89 | (3.22) | 1.21 | (0.34) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.81) | (1.02) | (0.70) | (0.48) | (0.53) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.81) | (1.02) | (0.70) | (0.48) | (0.53) |
| Net asset value, end of period | $25.81 | $21.39 | $20.59 | $17.72 | $21.64 | $20.91 |
| **Total Return** (b) | 20.66% | 7.68% | 22.61% | –14.96% | 5.80% | –1.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $111372 | $87033 | $92335 | $82189 | $104568 | $125178 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15% | 1.17% | 1.13% | 1.14% | 1.18% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.16% | 1.16% | 1.17% | 1.13% | 1.14% | 1.18% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.25% | 3.63% | 4.08% | 4.94% | 2.97% | 2.28% |
| Portfolio turnover rate | 14% | 23% | 25% | 25% | 35% | 27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Unaudited* 

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C Global Investor and Distribution Solutions ("SS&C GIDS"); without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. Returns for a period of less than one year are not annualized.* 

*(c)* *Annualized for a period of less than one year.* 

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

**56** Semi-Annual Financial Statements

------

LAZARD RETIREMENT GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 6/30/25† | 12/31/24 |  | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Service Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.01 | $11.98 |  | $11.44 | $14.72 | $13.53 | $13.65 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.21 | \* | 0.22 | 0.19 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.79 | 0.82 |  | 0.97 | (2.72) | 1.48 | — (b) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.92 | 1.03 |  | 1.19 | (2.53) | 1.60 | 0.10 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.01) | (0.41) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.65 | (0.74) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  |  | (0.65 | (0.75) | (0.41) | (0.22) |
| Net asset value, end of period | $13.93 | $13.01 |  | $11.98 | $11.44 | $14.72 | $13.53 |
| **Total Return** (c) | 7.07% | 8.60 | %\* | 10.81 | –17.38% | 11.94% | 0.81% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $210159 | $218342 |  | $246170 | $263766 | $343765 | $354856 |
| Ratios to average net assets (d): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.05 | % | 1.05 | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.20% | 1.21 | % | 1.24 | 1.19% | 1.20% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.01% | 1.65 | %\* | 1.88 | 1.55% | 0.82% | 0.75% |
| Portfolio turnover rate | 51% | 63 | % | 92 | 87% | 75% | 177% |

---

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

Semi-Annual Financial Statements **57**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 6/30/25† | 12/31/24 |  | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Investor Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.07 | $12.03 |  | $11.46 | $14.75 | $13.53 | $13.65 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.23 | \* | 0.24 | 0.21 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.79 | 0.81 |  | 0.98 | (2.73) | 1.49 | — (b) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.94 | 1.04 |  | 1.22 | (2.52) | 1.63 | 0.12 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.03) | (0.41) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.65 | (0.74) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  |  | (0.65 | (0.77) | (0.41) | (0.24) |
| Net asset value, end of period | $14.01 | $13.07 |  | $12.03 | $11.46 | $14.75 | $13.53 |
| **Total Return** (c) | 7.19% | 8.65 | %\* | 11.06 | –17.28% | 12.16% | 0.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1049 | $901 |  | $810 | $567 | $543 | $199 |
| Ratios to average net assets (d): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.90 | % | 0.90 | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.40% | 1.52 | % | 1.81 | 1.88% | 2.21% | 4.14% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.19% | 1.80 | %\* | 2.03 | 1.73% | 0.95% | 0.93% |
| Portfolio turnover rate | 51% | 63 | % | 92 | 87% | 75% | 177% |

---

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

**58** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *There was no impact and less than $0.01 impact on the net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the years ended December 31, 2024 and December 31, 2023, respectively. There was less than 0.005% and 0.01% impact on the net investment income (loss) ratio of the Portfolio for the years ended December 31, 2024 and December 31, 2023, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Amount is less than $0.01 per share.* |
| *(c)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. Returns for a period of less than one year are not annualized.* |
| *(d)* | *Annualized for a period of less than one year.* |

---

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

Semi-Annual Financial Statements **59**

------

LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Service Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.31 | $9.09 | $7.95 | $11.00 | $10.62 | $10.37 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.12 | 0.17 | 0.15 | 0.16 | 0.31 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.96 | 0.35 | 1.10 | (1.80 | 0.31 | 0.68 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.08 | 0.52 | 1.25 | (1.64 | 0.62 | 0.79 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.28) | (0.11) | (0.35) | (0.11) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.02 |  | (1.06 | (0.13 | (0.32) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.30 | (0.11 | (1.41 | (0.24 | (0.54) |
| Net asset value, end of period | $11.39 | $9.31 | $9.09 | $7.95 | $11.00 | $10.62 |
| **Total Return** (a) | 22.34% | 5.63 | 15.88 | –15.01 | 5.83 | 8.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $120711 | $100905 | $114495 | $110768 | $139609 | $145576 |
| Ratios to average net assets (b): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.12% | 1.09 | 1.21 | 1.11 | 1.10 | 1.17% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.22% | 1.20 | 1.32 | 1.19 | 1.18 | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.41% | 1.54 | 1.71 | 1.62 | 2.73 | 0.88% |
| Portfolio turnover rate | 25% | 39 | 41 | 31 | 37 | 33% |

---

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

**60** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *Includes $0.01, $0.02, $0.03 and $0.03 for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively, of refunds received as a result of European Union dividend withholding tax reclaims filings. There was a 0.12%, 0.26%, 0.32% and 0.29% impact on the total return of the Portfolio for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.09%, 0.18%, 0.30% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.* |
| *(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. Returns for a period of less than one year are not annualized.* |
| *(b)* | *Annualized for a period of less than one year.* |

---

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

Semi-Annual Financial Statements **61**

------

LAZARD RETIREMENT US SMALL CAP EQUITY SELECT PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20\* |
| **Service Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $14.46 | $13.50 | $12.27 | $19.47 | $16.27 | $16.46 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | — (a) | (0.04) | — (a) | (0.01) | (0.03) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.99) | 1.52 | 1.23 | (2.64) | 3.26 | 0.87 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.99) | 1.48 | 1.23 | (2.65) | 3.23 | 0.90 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.52) |  | (4.55) | (0.02) | (1.06) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.52) |  | (4.55) | (0.03) | (1.09) |
| Net asset value, end of period | $13.47 | $14.46 | $13.50 | $12.27 | $19.47 | $16.27 |
| **Total Return** (b) | –6.85% | 11.12% | 10.02% | –15.52% | 19.87% | 6.76% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $37080 | $40383 | $41643 | $38185 | $51622 | $51291 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.12% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.38% | 1.35% | 1.38% | 1.32% | 1.29% | 1.33% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.06% | –0.28% | 0.04% | –0.07% | –0.17% | 0.15% |
| Portfolio turnover rate | 39% | 98% | 63% | 34% | 61% | 71% |

---

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

**62** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *On December 4, 2020, the Portfolio effected a 1:2 reverse share split. All per share data prior to December 4, 2020 has been adjusted to reflect the reverse share split.* |
| *(a)* | *Amount is less than $0.01 per share.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

Semi-Annual Financial Statements **63**

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

June 30, 2025 (N-CSR Item 7) (unaudited)

**1. Organization**

Lazard Retirement Series, Inc. was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund, comprised of 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. Currently only the following four Portfolios, each of which is "diversified", as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio ("Emerging Markets Equity Portfolio"), Lazard Retirement Global Dynamic Multi-Asset Portfolio ("Global Dynamic Multi-Asset Portfolio"), Lazard Retirement International Equity Portfolio ("International Equity Portfolio"), and Lazard Retirement US Small Cap Equity Select Portfolio ("US Small Cap Equity Select Portfolio"). Each of the other fifteen Portfolios had not commenced operations as of June 30, 2025. Effective January 31, 2006, the Fund designated its existing class of shares as Service Shares and commenced offering Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to, and expenses borne by, each class of shares. As of June 30, 2025, only the Emerging Markets Equity and Global Dynamic Multi-Asset Portfolios had issued Investor Shares.

**2. Significant Accounting Policies**

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

*(a) Valuation of Investments*—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for US listed equity

**64** Semi-Annual Financial Statements

------

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

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

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

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.

Semi-Annual Financial Statements **65**

------

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

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

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

**66** Semi-Annual Financial Statements

------

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statement of Operations. Such amounts, if and when recorded, would 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 Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

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

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the 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

Semi-Annual Financial Statements **67**

------

currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended June 30, 2025, the Global Dynamic Multi-Asset Portfolio traded in forward currency contracts.

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

At December 31, 2024, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Short-Term | Long-Term |
| Emerging Markets Equity | $(10237373) | $(3804905) |

---

During the year ended December 31, 2024, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Emerging Markets Equity | $16164241 |
| Global Dynamic Multi-Asset | 12779292 |

---

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, 2024, the Portfolios had no such losses to defer.

**68** Semi-Annual Financial Statements

------

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 | $262867587 | $95291776 | $19706267 | $75585509 |
| Global Dynamic Multi-Asset | 180450600 | 33813581 | 3937706 | 29875875 |
| International Equity | 96651016 | 28041105 | 4038797 | 24002308 |
| US Small Cap Equity Select | 36654285 | 4165629 | 3530958 | 634671 |

---

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

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

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing

Semi-Annual Financial Statements **69**

------

treatments of foreign currency transactions, certain expenses, currency straddles, wash sales, forward contracts being marked to market, net operating losses, passive foreign investment companies, distribution redesignations, capital loss carryforwards, equalization, foreign bond bifurcation, return of capital distributions, premium amortization, non-deductible organization expenses and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts.

*(f) Allocation of Expenses*—Expenses common to the Fund, The Lazard Funds, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a "Lazard Fund" and collectively, the "Lazard Fund Complex"), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Service Shares. Each Portfolio's income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes (if applicable) based upon the relative net assets of each class.

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

*(h) Net Asset Value*—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled

**70** Semi-Annual Financial Statements

------

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

---

| | |
|:---|:---|
| &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, on behalf of the Portfolio, may deduct from the payment to

Semi-Annual Financial Statements **71**

------

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.*

During the period ended June 30, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | $12953 | $— | $6477 | $— |
| Global Dynamic Multi-Asset | 160457 |  | 2416 |  |
| International Equity | 57408 |  | N/A | N/A |
| US Small Cap Equity Select | 52953 |  | 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

**72** Semi-Annual Financial Statements

------

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.

**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 period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Emerging Markets Equity | $41205824 | $57009992 |
| Global Dynamic Multi-Asset | 99093283 | 122981468 |
| International Equity | 27186835 | 29288305 |
| US Small Cap Equity Select | 14406097 | 15132336 |

---

---

| | | |
|:---|:---|:---|
|  | US Treasury Securities | US Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Global Dynamic Multi-Asset | $7008050 | $3435415 |

---

For the period ended June 30, 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.

Semi-Annual Financial Statements **73**

------

**6. Investment Risks**

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

*(a) Market Risk*—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio's investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and 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.

**74** Semi-Annual Financial Statements

------

*(b) Non-US Securities Risk*—A Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio's ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.

*(c) Emerging Market Risk*—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

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

Semi-Annual Financial Statements **75**

------

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 US dollar terms, due solely to fluctuations in currency exchange rates.

*(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 may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.

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

**76** Semi-Annual Financial Statements

------

securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

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

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

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

*(f) Derivatives and Hedging Risk*—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses,

Semi-Annual Financial Statements **77**

------

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 if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.

**78** Semi-Annual Financial Statements

------

*(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-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

*(i) Sector Risk*—Implementation of certain Portfolios' investment strategy may, during certain periods, result in the investment of a significant portion of such Portfolios' assets in a particular market sector, such as companies in the financials sector, and a Portfolio would be expected to be affected by developments in that sector. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt.

Semi-Annual Financial Statements **79**

------

*(j) Cybersecurity Risk*—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, 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.

**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

**80** Semi-Annual Financial Statements

------

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.

Semi-Annual Financial Statements **81**

------

The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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> June 30, 2025 |
| **Emerging Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $39707975 | $— | $— | $39707975 |
| &nbsp;&nbsp;&nbsp;Chile | 977402 |  |  | 977402 |
| &nbsp;&nbsp;&nbsp;China |  | 78295668 |  | 78295668 |
| &nbsp;&nbsp;&nbsp;Egypt | 514777 | 2158118 |  | 2672895 |
| &nbsp;&nbsp;&nbsp;Greece |  | 9829897 |  | 9829897 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 2251092 |  | 2251092 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 10355642 |  | 10355642 |
| &nbsp;&nbsp;&nbsp;India |  | 16274721 |  | 16274721 |
| &nbsp;&nbsp;&nbsp;Indonesia | 3945428 | 8470346 |  | 12415774 |
| &nbsp;&nbsp;&nbsp;Mexico | 26109299 |  |  | 26109299 |
| &nbsp;&nbsp;&nbsp;Peru | 2669947 |  |  | 2669947 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 2869507 |  | 2869507 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 23601886 |  | 23601886 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 39698247 |  | 39698247 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 45953605 |  | 45953605 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 4930584 |  | 4930584 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 2425736 |  | 2425736 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 3945514 |  | 3945514 |
| &nbsp;&nbsp;&nbsp;United States | 3381555 |  |  | 3381555 |
| Repurchase Agreements |  | 9620000 |  | 9620000 |
| Short-Term Investments | 466148 |  |  | 466148 |
| Total | $77772531 | $260680563 | $2 | $338453096 |

---

**82** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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> June 30, 2025 |
| **Global Dynamic Multi-Asset Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $338825 | $1295351 | $— | $1634176 |
| &nbsp;&nbsp;&nbsp;Bermuda | 986012 |  |  | 986012 |
| &nbsp;&nbsp;&nbsp;Brazil | 193409 |  |  | 193409 |
| &nbsp;&nbsp;&nbsp;Canada | 4398266 |  |  | 4398266 |
| &nbsp;&nbsp;&nbsp;China |  | 617695 |  | 617695 |
| &nbsp;&nbsp;&nbsp;Denmark | 197584 | 69359 |  | 266943 |
| &nbsp;&nbsp;&nbsp;Finland | 204009 | 89729 |  | 293738 |
| &nbsp;&nbsp;&nbsp;France | 769669 | 2402164 |  | 3171833 |
| &nbsp;&nbsp;&nbsp;Germany |  | 842959 |  | 842959 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 394024 | 966326 |  | 1360350 |
| &nbsp;&nbsp;&nbsp;Ireland | 459693 | 114115 |  | 573808 |
| &nbsp;&nbsp;&nbsp;Israel | 117894 | 108319 |  | 226213 |
| &nbsp;&nbsp;&nbsp;Italy |  | 1177495 |  | 1177495 |
| &nbsp;&nbsp;&nbsp;Japan | 816356 | 8031306 |  | 8847662 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 91382 |  | 91382 |
| &nbsp;&nbsp;&nbsp;Monaco | 147951 |  |  | 147951 |
| &nbsp;&nbsp;&nbsp;Netherlands | 1229056 | 1065856 |  | 2294912 |
| &nbsp;&nbsp;&nbsp;Norway |  | 392731 |  | 392731 |
| &nbsp;&nbsp;&nbsp;Singapore | 113877 | 555069 |  | 668946 |
| &nbsp;&nbsp;&nbsp;Spain | 241999 | 192510 |  | 434509 |
| &nbsp;&nbsp;&nbsp;Sweden | 363919 | 203185 |  | 567104 |
| &nbsp;&nbsp;&nbsp;Switzerland | 436009 | 78887 |  | 514896 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 2049044 | 2892511 |  | 4941555 |
| &nbsp;&nbsp;&nbsp;United States | 75700735 | 2973024 |  | 78673759 |
| Corporate Bonds\* |  | 26876919 |  | 26876919 |
| Exchange-Traded Funds | 8519814 |  |  | 8519814 |
| Foreign Government Obligations\* |  | 37153474 |  | 37153474 |
| Quasi Government Bonds\* |  | 1930931 |  | 1930931 |
| Supranational Bonds |  | 9461344 |  | 9461344 |
| U.S. Municipal Bonds |  | 1589080 |  | 1589080 |
| U.S. Treasury Securities |  | 10361604 |  | 10361604 |
| Warrants\* |  |  |  |  |
| Short-Term Investments | 1374090 |  |  | 1374090 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts |  | 759170 |  | 759170 |
| Total | $99052235 | $112292495 | $— | $211344730 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $— | $(1018255) | $— | $(1018255) |

---

Semi-Annual Financial Statements **83**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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> June 30, 2025 |
| **International Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $1274886 | $— | $1274886 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 1458935 |  | 1458935 |
| &nbsp;&nbsp;&nbsp;Brazil | 1118743 |  |  | 1118743 |
| &nbsp;&nbsp;&nbsp;Canada | 3360737 |  |  | 3360737 |
| &nbsp;&nbsp;&nbsp;China |  | 2895684 |  | 2895684 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 1477967 |  | 1477967 |
| &nbsp;&nbsp;&nbsp;Finland |  | 1377985 |  | 1377985 |
| &nbsp;&nbsp;&nbsp;France |  | 16890569 |  | 16890569 |
| &nbsp;&nbsp;&nbsp;Germany |  | 9471298 |  | 9471298 |
| &nbsp;&nbsp;&nbsp;Greece |  | 2316315 |  | 2316315 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3689435 |  | 3689435 |
| &nbsp;&nbsp;&nbsp;Israel | 1204455 | 1431209 |  | 2635664 |
| &nbsp;&nbsp;&nbsp;Italy |  | 3329316 |  | 3329316 |
| &nbsp;&nbsp;&nbsp;Japan |  | 21478182 |  | 21478182 |
| &nbsp;&nbsp;&nbsp;Mexico | 1087594 |  |  | 1087594 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 5871268 |  | 5871268 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 1580052 |  | 1580052 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 1227088 |  | 1227088 |
| &nbsp;&nbsp;&nbsp;Spain |  | 4323328 |  | 4323328 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 2605122 |  | 2605122 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 3523384 |  | 3523384 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1613741 |  |  | 1613741 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 15059827 |  | 15059827 |
| &nbsp;&nbsp;&nbsp;United States | 4004621 | 3322652 |  | 7327273 |
| Preferred Stocks\* | 1287955 |  |  | 1287955 |
| Repurchase Agreements |  | 2250000 |  | 2250000 |
| Short-Term Investments | 120976 |  |  | 120976 |
| Total | $13798822 | $106854502 | $— | $120653324 |
| **US Small Cap Equity Select Portfolio** |  |  |  |  |
| Common Stocks \* | $36604999 | $— | $— | $36604999 |
| Repurchase Agreements |  | 640000 |  | 640000 |
| Short-Term Investments | 43957 |  |  | 43957 |
| Total | $36648956 | $640000 | $— | $37288956 |

---

---

| | |
|:---|:---|
| *\** | *Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

---

**84** Semi-Annual Financial Statements

------

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**

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

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

Semi-Annual Financial Statements **85**

------

During the period ended June 30, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Forward currency contracts: |  |
| Average amounts purchased | $26700000 |
| Average amounts sold | $26600000 |

---

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets—Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $759170 |
| &nbsp;&nbsp;Liabilities—Derivative Financial Instruments |  |  |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $1018255 |

---

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $58067 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $(138112) |

---

None of the other Portfolios traded in derivative instruments during the period ended June 30, 2025.

As of June 30, 2025, the Global Dynamic Multi-Asset Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

**86** Semi-Annual Financial Statements

------

The required information for the affected Portfolio is presented in the below table, as of June 30, 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 | $759170 | $— | $759170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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. | $215417 | $(215417) | $— | $— |
| HSBC Bank USA N.A. | 365576 | (313283) |  | 52293 |
| JPMorgan Chase Bank N.A. | 97060 | (97060) |  |  |
| Morgan Stanley & Co. LLC | 71746 | (71746) |  |  |
| State Street Bank & Trust Co. | 9371 | (9371) |  |  |
| Total | $759170 | $(706877) | $— | $52293 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $1018255 | $— | $1018255 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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. | $379160 | $(215417) | $— | $163743 |
| HSBC Bank USA N.A. | 313283 | (313283) |  |  |
| JPMorgan Chase Bank N.A. | 197799 | (97060) |  | 100739 |
| Morgan Stanley & Co. LLC | 100663 | (71746) |  | 28917 |
| State Street Bank & Trust Co. | 27350 | (9371) |  | 17979 |
| Total | $1018255 | $(706877) | $— | $311378 |

---

Semi-Annual Financial Statements **87**

------

**10. Segment Reporting**

During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update 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**

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09 (the "ASU"), amending ASC 740-10-50-12, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The ASU will be effective for annual reporting periods beginning after December 15, 2024. Management is currently assessing the impact of the ASU on the financial statements and 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.

**88** Semi-Annual Financial Statements

**Lazard Retirement Series, Inc.** Other Information (N-CSR Item 7) (unaudited)

**Proxy Voting**

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

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

**Schedule of Portfolio Holdings**

The Fund files 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.

Semi-Annual Financial Statements **89**

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

------

**Changes in Disagreement 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)**

At meetings of the Board held on May 20, 2025 and June 24, 2025, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager's written materials provided in advance of the meetings in response to detailed questions from the Independent Directors and their counsel, including, at the June 24, 2025 meeting, additional information requested by the Independent Directors at the May 20, 2025 meeting.

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

**90** Semi-Annual Financial Statements

------

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

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2025, the Lazard Funds complex of 29 active funds comprised approximately $18.0 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates.

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

Semi-Annual Financial Statements **91**

------

shareholder servicing activities on behalf of the Portfolios; each Portfolio's asset flows and the growth or decline in asset levels; and the Investment Manager's financial condition.

The Board considered the position of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $18.0 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee, Expense Ratio and Performance Information</u> 

Only the Emerging Markets Equity, Global Dynamic Multi-Asset, International Equity and US Small Cap Equity Select Portfolios (the "active Portfolios") had commenced operations. For all other Portfolios (the "inactive Portfolios") the Board determined to defer consideration of advisory fees in the Management Agreement (and review of net expense ratios) until a Portfolio was to commence operations, at which time current information regarding the advisory fee and the estimated net expense ratio would be considered. Accordingly, the following discussion of advisory fees, expense ratios and performance was limited to those of the four active Portfolios (and therefore all references in the discussion to one or more Portfolios refer to active Portfolio(s) unless otherwise stated), although it was noted that the Investment Manager proposed to lower the expense limitation for the Enhanced Opportunities and US Equity Concentrated Portfolios (both inactive Portfolios).

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

● a group of variable annuity underlying funds (i.e., funds offered only through variable annuity contracts,
 variable life insurance policies and/or certain qualified pension or retirement plans or

**92** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
|  | other accounts permitting accumulation of assets on a tax-deferred basis) not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense and performance comparison purposes, based on ISS's methodology (the "Peer Group"); and |
| ● | the variable annuity underlying funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third-party service that provides comparative fund information ("Morningstar"), with certain exclusions as specified by ISS (the "Expense Category"). |

---

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

*Other Accounts Advisory Fee Comparisons.* The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, "Other Accounts"). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. At the request of the Board and in connection with the Board's approval of management agreements

Semi-Annual Financial Statements **93**

------

with regard to active exchange-traded funds ("ETFs") advised by the Investment Manager, representatives of the Investment Manager discussed the differences in the competitive markets for ETFs and mutual funds; the relatively recent growth of the ETF industry as compared to the mutual fund industry; the differences in the services provided to ETF and mutual fund shareholders, including with respect to portfolio management services; and the differences in the investment teams, processes, strategies and/or policies, as applicable, between certain ETFs and mutual funds managed by the Investment Manager. The Board considered the relevance of the fee information provided for Other Accounts and ETFs, in light of the Investment Manager's discussion of the significant differences in services provided and/or different competitive markets and other factors, to evaluate the advisory fees of the relevant Portfolios.

*ISS Performance Comparisons.* The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio's performance for the one-, three-, five- and ten-year periods ended March 31, 2025, compared to performance for the same time periods to that of:

● the Peer Group;

● the variable annuity underlying funds within the broad category of funds to which the Portfolio has been assigned by Morningstar
 (the "Performance Category"); and

● the Portfolio's benchmark index.

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

**94** Semi-Annual Financial Statements

------

performing in accordance with expectations as well as any other Portfolios for which the Board requested additional information.

<u>Investment Manager Profitability, Economies of Scale and Other Benefits</u>

The Board reviewed information prepared by the Investment Manager for each active Portfolio concerning the Investment Manager's estimated profitability percentage resulting from its, and its affiliates', relationship with the Portfolio for the calendar year ended December 31, 2024 and the Investment Manager's cost allocation methodology to compute an estimate of each active Portfolio's costs to the Investment Manager. The Investment Manager's representatives reviewed with the Board information provided on the Investment Manager's brokerage practices and the active Portfolios' brokerage allocations, commission payments and soft dollar commissions and benefits. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios other than, in connection with the management of certain active Portfolios, the benefit of soft dollar commissions. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates' own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios' Service Shares.

The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager's estimated profitability percentage with respect to each active Portfolio as part of the evaluation of the Portfolio's fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability percentage in light of the relevant circumstances for

Semi-Annual Financial Statements **95**

------

each active Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may be shared, including the Investment Manager's reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio's management fee schedule as a Portfolio's assets increase or by instituting management fees at inception that account for future scale. The Board further considered that, as the assets of each active Portfolio had decreased over the most recently completed calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale was reduced.

<u>Conclusions and Determinations</u>

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the May 20, 2025 and June 24, 2025 meetings and throughout the year as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. In evaluating the Management Agreement, the Board relied on the information described above, in addition to other information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement. Such other information included the investment performance of the active Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business

**96** Semi-Annual Financial Statements

------

judgment, the Board made the following conclusions and determinations.

● The Board concluded that the nature, extent and quality of the services provided by the Investment
 Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an
 approximately $227.4 billion global asset management business.

● For the active Portfolios, the Board concluded that each Portfolio's fee paid to the Investment Manager was appropriate
 under the circumstances and in light of the factors considered by the Board and the totality of the services provided.

● The Board, after considering the information provided and the totality of the relevant circumstances for each active Portfolio,
 concluded that the investment performance of each active Portfolio was acceptable or that, for any Portfolios that were not
 performing in accordance with expectations, the Board considered that the Investment Manager was taking steps intended to
 improve performance and the Board would continue to monitor performance.

● The Board recognized that potential economies of scale may be realized, particularly as the assets of the active Portfolios
 increase over time, and determined that it would continue to consider the potential for material economies of scale and how
 they could be shared with investors.

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

Semi-Annual Financial Statements **97**

------

**The Lazard Funds, 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

![](x5_c112972x101x1m4.jpg)

![](x5_c112972x101x2m4.jpg)

---

| | | |
|:---|:---|:---|
| Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com<br>**Performance information as of the most recent month end is available online at www.lazardassetmanagement.com.**<br> LZDPS010 | ![](x5_c112972x101x3m4.jpg) | &nbsp;&nbsp; We Recycle<br> This document is printed on recycled paper. |

---

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.

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

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

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 of Directors 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) The Code of Ethics is not applicable to this semi-annual report.

(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.](c112972_ex99-cert.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.](c112972_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: August 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: August 22, 2025

By /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: August 22, 2025

## Ex-99.Cert

Exhibit (a)(3)

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:

(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;

(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;

(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

(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):

(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

(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: August 22, 2025

/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:

(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;

(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;

(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

(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):

(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

(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: August 22, 2025

/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:

(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

(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: August 22, 2025

By: /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: August 22, 2025

*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.*