# EDGAR Filing Document

**Accession Number:** 0001033669
**File Stem:** 0000930413-23-000680
**Filing Date:** 2023-2
**Character Count:** 235290
**Document Hash:** aae1f0cf8ed3208aeb2abdb8e3b32f57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000680.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0000930413-23-000680

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**EFFECTIVENESS DATE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAZARD RETIREMENT SERIES INC
- **CENTRAL INDEX KEY:** 0001033669
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08071
- **FILM NUMBER:** 23676450

**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-Mid Cap Equity Portfolio (Series ID: S000010298)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000028474 | Service Shares  |  |
| C000028475 | Investor Shares |  |

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

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000028478 | Service Shares  |  |
| C000028479 | Investor Shares |  |

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

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-08071

Lazard Retirement Series, Inc.

(Exact name of registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 12/31/22

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Retirement Series

Annual Report

December 31, 2022

Equity

Lazard Retirement Emerging Markets Equity Portfolio

Lazard Retirement International Equity Portfolio

Lazard Retirement US Small-Mid Cap Equity Portfolio

Multi-Asset

Lazard Retirement Global Dynamic Multi-Asset Portfolio

![](x3_c105116x1x1.jpg)

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

------

---

| | |
|:---|:---|
| 2 | [**A Message from Lazard (unaudited)**](#x3_c105116a001) |
| 4 | [**Market Overviews (unaudited)**](#x3_c105116a002) |
| 12 | [**Performance Overviews (unaudited)**](#x3_c105116a003) |
| 16 | [**Information About Your Portfolio's Expenses (unaudited)**](#x3_c105116a004) |
| 18 | [**Portfolio Holdings Presented by Sector**](#x3_c105116a005) |
| 19 | [**Portfolios of Investments**](#x3_c105116a006) |
| 19 | [Lazard Retirement Emerging Markets Equity Portfolio](#x3_c105116a007) |
| 23 | [Lazard Retirement International Equity Portfolio](#x3_c105116a008) |
| 27 | [Lazard Retirement US Small-Mid Cap Equity Portfolio](#x3_c105116a009) |
| 33 | [Lazard Retirement Global Dynamic Multi-Asset Portfolio](#x3_c105116a010) |
| 59 | [**Notes to Portfolios of Investments**](#x3_c105116a011) |
| 62 | [**Statements of Assets and Liabilities**](#x3_c105116a012) |
| 64 | [**Statements of Operations**](#x3_c105116a013) |
| 66 | [**Statements of Changes in Net Assets**](#x3_c105116a014) |
| 69 | [**Financial Highlights**](#x3_c105116a015) |
| 75 | [**Notes to Financial Statements**](#x3_c105116a016) |
| 101 | [**Report of Independent Registered Public Accounting Firm**](#x3_c105116a017) |
| 103 | [**Board of Directors and Officers Information (unaudited)**](#x3_c105116a018) |
| 106 | [**Tax and Other Information (unaudited)**](#x3_c105116a019) |

---

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

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

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

Annual Report **1**

**Lazard Retirement Series, Inc.** A Message from Lazard (unaudited)

------

Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia's invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the "Fed"), the world's most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed's actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the "ECB"), which lifted its benchmark rate four times, and the Bank of England (the "BoE"), which did so eight times. The Bank of Japan (the "BoJ") was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan's economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

**2** Annual Report

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Annual Report **3**

**Lazard Retirement Series, Inc.** Market Overviews (unaudited)

------

**Global Markets**

A multi-year rally in global equity markets that was fueled by a low-interest rate environment ended in 2022, sending stock prices plummeting amid concerns about soaring inflation and the response of central banks to contain it.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia's invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the "Fed"), the world's most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed's interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953. The 10-year Treasury bond yield ended the year at 3.88%, which put significant pressure on stocks by undercutting their appeal.

The Fed's actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (BoE) did so eight times.

Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked a

**4** Annual Report

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two-month rally in global stock markets starting in October on hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed's warning was quickly echoed by the ECB and the BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession unnerved investors and drove global stock markets downward in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan's central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, recorded its worst annual performance since 2008. The index lost about one-fifth of its value in 2022, the equivalent of US$18 trillion. The MSCI World Index, which measures developed markets, receded 18.1% while the MSCI Emerging Markets Index fell 20.1%. Notably, the S&P 500 Index—the bellwether of the US stock market—ended the year down 18.1%, also its worst yearly performance since 2008, having lost about US$8.2 trillion in value.

In terms of the MSCI All Country World Index, energy was the best-performing sector in the 12-month period, as shares of energy companies surged on bullish sentiment about the demand outlook for oil. Communication services was the worst-performing sector, as rising interest rates led investors to sell off technology stocks with high valuations and low dividend payments.

**Emerging Markets Equities**

The area encompassing emerging Europe, the Middle East, and Africa (EMEA) was the worst-performing region in 2022. In March, MSCI removed Russian stocks from its emerging markets indices after deeming them as "uninvestable" and wrote to zero the value of its Russia index after the country's stock market was determined

Annual Report **5**

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to not be operating under normal rules. Emerging Asia underperformed, with China's stock market plummeting on bearish sentiment about the country's economic outlook amid coronavirus-driven lockdowns, a beleaguered real estate sector, and news that Xi Jinping had secured an unprecedented third term as the country's president. Stock markets in Korea and Taiwan both tumbled on concerns about the demand outlook for semiconductor chips, the flagship industry for both countries.The steep drops recorded by Chinese, Korean, and Taiwanese stocks, which, in the aggregate, account for about 58% of the MSCI Emerging Markets Index, had an outsize impact on the benchmark's overall performance. Latin America was the best-performing region, with the stock markets of commodities-exporting countries such as Brazil and Chile outperforming thanks to the increase in raw materials prices.

Information technology was the worst-performing sector, as the Chinese government's crackdown on the country's technology companies led to a steep sell-off of industry stocks. Utilities was the best-performing sector, as mounting global economic uncertainty led investors to rotate to defensive stocks.

**International Equities**

International developed markets, as measured by the MSCI EAFE Index, rallied sharply in the fourth quarter of 2022, reducing some of the significant year-to-date drawdown. This reversal was due mainly to two factors. First, signs of peaking inflation became evident which reduced investor expectations for significant future rate hikes by central banks. Second, the end of COVID lockdowns in China raised expectations for a pickup in global growth as China's economy reopened. The very strong returns in the fourth quarter were led by lower-quality stocks, as is normally the case in a strong absolute return period, and this extended the lead for low quality compared to high quality for the full year. Foreign currency strength added to already strong local market performance for international benchmarks as peaking inflation data drove dollar weakness. As a result, despite fears of significant macroeconomic headwinds to international markets, the MSCI EAFE Index outperformed the MSCI USA Index, not only in local terms, but also in US dollars terms for the fourth quarter and the full year for the first

**6** Annual Report

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time since 2017. During the year, the MSCI EAFE Index fell 7.0% in local terms and 14.5% in US dollar terms versus the 19.8% decline for the MSCI USA Index.

**US Equities**

US equity markets sold off during the year as several factors, including supply chain bottlenecks, rising energy prices, a tight labor market, and sustained consumer demand, combined to drive US inflation to its highest level in 40 years. As a result, the Fed reversed its ultra-low interest rate policy and embarked on an aggressive rate-hiking campaign, resulting in its benchmark rate ending December at its highest level in 15 years. Stocks were volatile throughout the year as investors grappled with two competing sentiments—relief that the Fed was taking aggressive actions to rein in rising prices and concerns that these same actions could slow economic growth. Investors were encouraged towards the end of the year that domestic inflation was showing signs of moderating, with November marking the fifth consecutive month of declines. Against this backdrop, large-cap equities, as measured by the S&P 500 Index, fell 18.1% in 2022, modestly outperforming small-cap and mid-cap equities, as measured by the Russell 2500 Index, which declined 18.4%.

**Multi-Asset**

Global equity markets fell sharply during 2022 as high inflation and softening company profits curbed investor appetite for stocks and riskier asset classes, leading the MSCI World Index to record its worst annual performance since 2008. Amid soaring inflation and the resulting global monetary tightening cycle, bond markets suffered their worst annual performance on record, sending yields surging. The Fed embarked on an aggressive rate-hiking campaign, taking the policy rate from 0.25% to 4.50% over the year, and markets responded as the yield on the benchmark US 10-year Treasury note ended the year at 3.88%, having traded throughout the year in a range of 1.73% to 4.24%. Across the Atlantic, the ECB pivoted to a hawkish stance and ended an eight-year experiment with zero interest (and negative deposit) rates, moving its main policy rate from 0.00% to 2.50%; the yield on the 10-year German bund, Europe's principal safe-haven asset, ended the year at 2.57%, with

Annual Report **7**

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a range of -0.18% to 2.57%. Commodities was the major asset class to buck the negative trend, finishing the period up 15.79% on higher energy and grain prices, largely driven by the ongoing conflict in Ukraine.

**PORTFOLIO PERFORMANCE**

**Lazard Retirement Emerging Markets Equity Portfolio**

For the year ended December 31, 2022, the Lazard Retirement Emerging Markets Equity Portfolio's Investor Shares posted a total return of -14.96%, while Service Shares posted a total return of -15.12%, as compared with the -20.09% return for its benchmark, the MSCI Emerging Markets Index.

Security selection in the energy and financials sectors and in China and Brazil boosted relative performance. Higher-than-benchmark exposure to the financials and energy sector and to Brazil, Indonesia and South Africa also contributed. BB Seguridade, a Brazilian insurance company, reported positive earnings and an improving outlook with higher interest rates and a normalization of pandemic-related loss ratios. Shares of energy companies Petróleo Brasileiro S.A (Petrobras), based in Brazil, and Galp, based in Portugal with global assets in Latin America and Africa, both jumped in sympathy with the rally in crude oil futures.

Security selection in the communication services sector and in Russia detracted from relative performance. The Portfolio was overweight Russia by nearly twice the index weighting prior to Russia's invasion of Ukraine in late February 2022. A lower-than-benchmark exposure to India also undercut relative performance. Shares of Korea-based chipmakers Samsung Electronics and SK Hynix fell as part of a larger decline by semiconductor-related stocks on worries about a demand downcycle. China's COVID-related lockdowns and rising concerns about a potential global recession brought about by rising interest rates were significant sources of these concerns.

**Lazard Retirement International Equity Portfolio**

For the year ended December 31, 2022, the Lazard Retirement International Equity Portfolio's Service Shares posted a total

**8** Annual Report

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return of -15.01%, as compared with the -14.45% return for the MSCI EAFE<sup>®</sup> Index.

Stock selection in the healthcare sector detracted from relative performance for the period. Lower-than-index exposure to the financials sector detracted, as did higher-than-index exposure to the industrials sector. Shares of Olympus fell after the Japanese medical devices company reported second-quarter results that indicated cost inflation was running slightly higher than what management expected and operating profit guidance was revised down by 1%. Shares of Icon fell on concerns about the Ireland-based clinical research organization's financial leverage in the aftermath of its acquisition of rival PRA Health Sciences, and its exposure to potentially weaker biotechnology funding. Shares of Roche declined on negative news relating to the Swiss pharmaceutical company's Alzheimer's drug (Gantenerumab) trial.

In contrast, stock selection in the consumer staples sector contributed to relative performance. Lower-than-index exposure to the information technology sector contributed, as did higher-than-index exposure to the energy. Shares of MatsukiyoCocokara traded higher after the Japanese drug store chain operator reported first-quarter results for the fiscal year ending March 2023 indicating that operating profit beating consensus estimates. Shares received another boost after management affirmed its outlook and a share buyback was announced. Elsewhere in the sector, the rise in the stock price of Mexican bottler Arca Continental was attributed to strong fundamentals throughout the year against the backdrop of a solid Mexican economy that was helped by companies shifting production closer to the end consumer markets in North America. Management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Lastly, greater-than-index exposure to the outperforming energy sector contributed to relative returns.

**Lazard Retirement US Small-Mid Cap Equity Portfolio**

For the year ended December 31, 2022, the Lazard Retirement US Small-Mid Cap Equity Portfolio's Service Shares posted a total

Annual Report **9**

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return of -15.52%, as compared with the -18.37% return for the Russell 2500<sup>®</sup> Index.

Stock selection in the industrials sector contributed to relative performance. Shares of Altra gained on news that the power transmission and motion control products maker agreed to be acquired by Regal Rexnord in an all-cash deal that represented a 54% premium to share price. The team subsequently exited the position during the period. Stock selection and an overweight to the energy sector also contributed to performance. Antero benefitted from leverage to higher natural gas and natural gas liquid prices through most of 2022 due to their limited hedge position.

Stock selection in the communication services sector detracted from relative performance. Shares of video game developer Take-Two Interactive fell, as investors were concerned about in-game consumer spending and changes in the company's game release schedule. Stock selection in the real estate sector also detracted from relative performance. Shares of West-Coast focused office and studio real estate investment trust Hudson Pacific fell amid a challenging environment with unexpected large tenant move outs creating occupancy pressure.

**Lazard Retirement Global Dynamic Multi-Asset Portfolio**

For the year ended December 31, 2022, the Lazard Retirement Global Dynamic Multi-Asset Portfolio's Investor Shares posted a total return of -17.28%, while Service Shares posted a total return of -17.38%, as compared with the -18.14% return for the MSCI World Index and the -16.97% return of its blended benchmark, which is a 50/50 blend of the MSCI World Index and the Bloomberg Global Aggregate<sup>®</sup> Index (the "GDMA Index").

Within the equity sleeve, stock selection in the information technology, consumer discretionary, and communication services sectors contributed to relative performance versus the MSCI World Index, as did stock selection in the US, Japan, and Canada. Within the fixed income sleeve, underweight exposure to bonds in the euro-zone, Japan, and South Korea also boosted relative performance.

**10** Annual Report

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Detracting from relative performance was an average overweight to fixed income versus equity relative to the MSCI World Index, as equities outperformed fixed income in the portfolio during the year. Overweight exposure to Australia, Canada, Norway, and New Zealand within fixed income also undercut relative performance.

Derivatives were used during the year for foreign exchange hedging purposes only and they marginally detracted during the year.

Annual Report **11**

**Lazard Retirement Series, Inc.** Performance Overviews (unaudited)

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*Please see the "Notes to the Performance Overviews" for important information about the calculation of total returns, performance information generally, performance differences between Service Shares and Investor Shares, and the indexes shown below.*

Lazard Retirement Emerging Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Emerging Markets Equity Portfolio and the MSCI Emerging Markets<sup>®</sup> Index

![](x3_c105116x13x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Years** | **Ten**<br> **Years** |
| **Service Shares** | –15.12% | –3.19% | –0.12% |
| **Investor Shares** | –14.96% | –2.95% | 0.13% |
| **MSCI Emerging Markets Index** | –20.09% | –1.40% | 1.44% |

---

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Lazard Retirement International Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement International Equity Portfolio and the MSCI EAFE<sup>®</sup> Index

![](x3_c105116x13x2.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Years** | **Ten**<br> **Years** |
| **Service Shares** | –15.01% | 0.28% | 3.41% |
| **MSCI EAFE Index** | –14.45% | 1.54% | 4.67% |

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**12** Annual Report

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Lazard Retirement US Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement US Small-Mid Cap Equity Portfolio and the Russell 2500<sup>®</sup> Index

![](x3_c105116x14x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Years** | **Ten**<br> **Years** |
| **Service Shares** | –15.52% | 4.04% | 8.94% |
| **Russell 2500 Index** | –18.37% | 5.89% | 10.03% |

---

Annual Report **13**

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Lazard Retirement Global Dynamic Multi-Asset Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Global Dynamic Multi-Asset Portfolio, the MSCI World<sup>®</sup> Index and the GDMA Index

![](x3_c105116x15x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Year** | **Ten**<br> **Years** | **Since** <br> **Inception** | <sup>**†**</sup> |
| **Service Shares** | –17.38% | 0.52% | 4.55% | 4.81% |  |
| **Investor Shares** | –17.28% | N/A | N/A | 2.49% |  |
| **MSCI World Index** | –18.14% | 6.14% | 8.85% | 8.78%<br> (Service<br> Shares)<br> 10.21%<br> (Investor<br> Shares) |  |
| **GDMA Index** | –16.97% | 2.49% | 4.33% | 4.41%<br> (Service<br> Shares)<br> 4.39%<br> (Investor<br> Shares) |  |

---

*†* *The inception date for the Service Shares was April 30, 2012 and for the Investor Shares was December 31, 2018.* 

***Notes to Performance Overviews:***

*Information About Portfolios Performance Shown Above*

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

*Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles ("GAAP"), if any.*

*The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a*

**14** Annual Report

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*guarantee, of future results; the investment return and principal value of an investment in a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated, there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.*

*The performance of Service Shares and Investor Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.*

*Information About Index Performance Shown Above*

*The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.*

*The GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Global Aggregate<sup>®</sup> Index and is rebalanced monthly. The Bloomberg Global Aggregate Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt and global Treasury.*

*The MSCI EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.*

*The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 24 emerging markets country indices.*

*The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.*

*The Russell 2500 Index measures the performance of the small- to mid-capitalization segment of the US equity universe, commonly referred to as "smid" cap. The Russell 2500 Index is a subset of the Russell 3000<sup>®</sup> Index. The Russell 3000 Index measures the performance of the largest 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.*

Annual Report **15**

**Lazard Retirement Series, Inc.**

Information About Your Portfolio's Expenses (unaudited)

**Expense Example**

As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Service Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from July 1, 2022 through December 31, 2022 and held for the entire period.

**Actual Expenses**

For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that you also bear fees and charges imposed by participating insurance companies at the separate account level, which are described in the separate prospectuses issued by the participating insurance companies. Such charges will have the effect of reducing account value.

**16** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolios | Beginning<br> Account Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Expenses Paid<br> During Period\*<br> 7/1/22- 12/31/22 | Annualized<br> Expense Ratio<br> During Period<br> 7/1/22- 12/31/22 |
| Emerging Markets Equity |  |  |  |  |
| **Service Shares** |  |  |  |  |
| Actual | $1000.00 | $1003.00 | $6.66 | 1.32% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.55 | $6.72 | 1.32% |
| **Investor Shares** |  |  |  |  |
| Actual | $1000.00 | $1004.00 | $5.40 | 1.07% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.81 | $5.45 | 1.07% |
| International Equity |  |  |  |  |
| **Service Shares** |  |  |  |  |
| Actual | $1000.00 | $1028.50 | $5.68 | 1.11% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.61 | $5.65 | 1.11% |
| US Small-Mid Cap Equity |  |  |  |  |
| **Service Shares** |  |  |  |  |
| Actual | $1000.00 | $1049.70 | $5.94 | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 | 1.15% |
| Global Dynamic Multi-Asset |  |  |  |  |
| **Service Shares** |  |  |  |  |
| Actual | $1000.00 | $1005.20 | $5.31 | 1.05% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |
| **Investor Shares** |  |  |  |  |
| Actual | $1000.00 | $1005.80 | $4.55 | 0.90% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.67 | $4.58 | 0.90% |

---

*\** *Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).*

Annual Report **17**

**Lazard Retirement Series, Inc.**

Portfolio Holdings Presented by Sector December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Sector\* | Lazard<br> Retirement<br> Emerging<br> Markets<br> Equity<br> Portfolio | Lazard<br> Retirement<br> International<br> Equity<br> Portfolio | Lazard<br> Retirement<br> US Small-<br> Mid Cap<br> Equity<br> Portfolio | Lazard<br> Retirement<br> Global<br> Dynamic<br> Multi-Asset<br> Portfolio# |
| Communication Services | 5.4% | 2.5% | 4.1% | 4.2% |
| Consumer Discretionary | 10.1 | 12.9 | 10.2 | 7.1 |
| Consumer Staples | 7.5 | 11.1 | 3.2 | 6.8 |
| Energy | 10 | 6.4 | 5 | 0.9 |
| Financials | 26.6 | 15.3 | 15.1 | 13.3 |
| Health Care | 4 | 11.3 | 12.9 | 6 |
| Industrials | 3.5 | 20.4 | 16.9 | 7 |
| Information Technology | 20 | 5.1 | 14.3 | 6.5 |
| Materials | 7.4 | 6.5 | 6.6 | 1 |
| Real Estate | 2.4 | 1.9 | 5.8 | 2.2 |
| Utilities | 1.8 | 5.4 | 2.4 | 2.2 |
| Municipal |  |  |  | 0.8 |
| Sovereign Debt |  |  |  | 37.4 |
| U.S. Treasury Securities |  |  |  | 2.7 |
| Short-Term Investments | 1.3 | 1.2 | 3.5 | 1.9 |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |

---

*\** *Represents percentage of total investments.*

*#* *The sector breakdown includes the underlying holdings of exchange-traded funds held by the Portfolio.*

**18** Annual Report

**Lazard Retirement Series, Inc.** Portfolios of Investments<br> December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 98.6%** |  |  |
| **Brazil \| 11.1%** |  |  |
| Banco do Brasil SA | 822002 | $5395987 |
| BB Seguridade Participacoes SA | 1237300 | 7856492 |
| CCR SA | 1943150 | 3980047 |
| Engie Brasil Energia SA | 356698 | 2550307 |
| Petroleo Brasileiro SA ADR | 612985 | 6528290 |
| Vale SA ADR | 272007 | 4615959 |
| Vibra Energia SA | 840100 | 2474303 |
|  |  | 33401385 |
| **China \| 25.6%** |  |  |
| A-Living Smart City Services Co. Ltd. | 2195750 | 2608303 |
| Anhui Conch Cement Co. Ltd., Class H | 1167875 | 4049662 |
| China Construction Bank Corp., Class H | 16996038 | 10649034 |
| China Medical System Holdings Ltd. | 1872000 | 2945661 |
| China Merchants Bank Co. Ltd., Class H | 696737 | 3862298 |
| China Shenhua Energy Co. Ltd., Class H | 777275 | 2237563 |
| China Vanke Co. Ltd., Class H | 2190294 | 4390095 |
| ENN Natural Gas Co. Ltd., Class A | 1143796 | 2645070 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 862299 | 4000721 |
| Hengan International Group Co. Ltd. | 1083527 | 5741950 |
| Huayu Automotive Systems Co. Ltd., Class A | 1490196 | 3715887 |
| Lenovo Group Ltd. | 6276000 | 5155241 |
| Midea Group Co. Ltd., Class A | 367100 | 2726831 |
| Ping An Insurance (Group) Co. of China Ltd., Class H | 1076500 | 7105106 |
| Sinopharm Group Co. Ltd., Class H | 2591997 | 6573352 |
| Tingyi (Cayman Islands) Holding Corp. | 2670000 | 4702374 |
| Weichai Power Co. Ltd., Class H | 3046958 | 4060054 |
|  |  | 77169202 |
| **Czech Republic \| 0.1%** |  |  |
| CEZ AS | 6685 | 227643 |

---

 

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

Annual Report **19**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| **Egypt \| 1.0%** |  |  |
| Commercial International Bank Egypt SAE GDR | 2481006 | $2960939 |
| Commercial International Bank Egypt SAE GDR (United States) | 110980 | 132510 |
|  |  | 3093449 |
| **Greece \| 1.2%** |  |  |
| OPAP SA | 248352 | 3520883 |
| **Hong Kong \| 1.1%** |  |  |
| ASMPT Ltd. | 459488 | 3275801 |
| **Hungary \| 2.4%** |  |  |
| MOL Hungarian Oil & Gas PLC | 316191 | 2208577 |
| OTP Bank Nyrt | 186948 | 5054899 |
|  |  | 7263476 |
| **India \| 6.7%** |  |  |
| Axis Bank Ltd. | 271318 | 3049574 |
| Bajaj Auto Ltd. | 57842 | 2523398 |
| Bharat Petroleum Corp. Ltd. | 764204 | 3047621 |
| Indus Towers Ltd. | 1815260 | 4169130 |
| Petronet LNG Ltd. | 1267143 | 3292809 |
| UPL Ltd. | 471836 | 4085085 |
|  |  | 20167617 |
| **Indonesia \| 4.2%** |  |  |
| PT Astra International Tbk | 7198804 | 2622668 |
| PT Bank Mandiri (Persero) Tbk | 7858230 | 4993923 |
| PT Telkom Indonesia (Persero) Tbk ADR | 134965 | 3218915 |
| PT United Tractors Tbk | 1105200 | 1850613 |
|  |  | 12686119 |

---

 

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

**20** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (continued)** |  |  |
| **Mexico \| 5.1%** |  |  |
| America Movil SAB de CV, Class L ADR | 175447 | $3193135 |
| Grupo Financiero Banorte SAB de CV, Class O | 450765 | 3236422 |
| Grupo Mexico SAB de CV, Series B | 750123 | 2633408 |
| Kimberly-Clark de Mexico SAB de CV, Series A | 2238089 | 3798199 |
| Ternium SA ADR | 78757 | 2406814 |
|  |  | 15267978 |
| **Portugal \| 2.8%** |  |  |
| Galp Energia SGPS SA | 633625 | 8573867 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 545705 | 1 |
| Sberbank of Russia PJSC (\*), (¢) | 1580119 | 1 |
|  |  | 2 |
| **South Africa \| 7.6%** |  |  |
| Anglo American PLC | 60195 | 2354388 |
| Bidvest Group Ltd. | 221387 | 2790165 |
| Life Healthcare Group Holdings Ltd. | 2517274 | 2500062 |
| Nedbank Group Ltd. | 491874 | 6154283 |
| Sanlam Ltd. | 953438 | 2731702 |
| Standard Bank Group Ltd. | 379341 | 3746338 |
| Vodacom Group Ltd. | 381130 | 2734097 |
|  |  | 23011035 |
| **South Korea \| 14.0%** |  |  |
| Coway Co. Ltd. | 75444 | 3349989 |
| Hyundai Mobis Co. Ltd. | 21284 | 3393087 |
| KB Financial Group, Inc. | 148301 | 5648633 |
| Kia Corp. | 49564 | 2337693 |
| KT Corp. | 104008 | 2787628 |
| KT&G Corp. | 40930 | 2959576 |
| Samsung Electronics Co. Ltd. | 211322 | 9318896 |
| Shinhan Financial Group Co. Ltd. | 174137 | 4852373 |
| SK Hynix, Inc. | 124727 | 7507552 |
|  |  | 42155427 |

---

 

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

Annual Report **21**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Emerging Markets Equity Portfolio (concluded)** |  |  |
| **Taiwan \| 11.6%** |  |  |
| ASE Technology Holding Co. Ltd. | 2177000 | $6644972 |
| Globalwafers Co. Ltd. | 173000 | 2403261 |
| Hon Hai Precision Industry Co. Ltd. | 905320 | 2941276 |
| MediaTek, Inc. | 177000 | 3595238 |
| Novatek Microelectronics Corp. | 395000 | 4051067 |
| Quanta Computer, Inc. | 2010000 | 4726067 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 595989 | 8686330 |
| Wiwynn Corp. | 79000 | 2047001 |
|  |  | 35095212 |
| **Thailand \| 2.4%** |  |  |
| Kasikornbank Public Co. Ltd. | 555169 | 2362760 |
| PTT Exploration & Production PCL (‡) | 538400 | 2743687 |
| Siam Cement Public Co. Ltd. (‡) | 212308 | 2096415 |
|  |  | 7202862 |
| **United Kingdom \| 1.7%** |  |  |
| Unilever PLC | 101396 | 5088193 |
| **Total Common Stocks**<br> (Cost $303,136,795) |  | 297200151 |
| **Short-Term Investments \| 1.3%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield)<br> (Cost $4,065,348) | 4065348 | 4065348 |
| **Total Investments \| 99.9%**<br> (Cost $307,202,143) |  | $**301265499** |
| **Cash and Other Assets in Excess of Liabilities \| 0.1%** |  | **281579** |
| **Net Assets \| 100.0%** |  | $**301547078** |

---

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

**22** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement International Equity Portfolio** |  |  |
| **Common Stocks \| 98.3%** |  |  |
| **Canada \| 3.5%** |  |  |
| Suncor Energy, Inc. | 73523 | $2332210 |
| TMX Group Ltd. | 15785 | 1579899 |
|  |  | 3912109 |
| **China \| 5.4%** |  |  |
| Alibaba Group Holding Ltd. (\*) | 117900 | 1301753 |
| Autohome, Inc. ADR | 30357 | 928924 |
| ENN Energy Holdings Ltd. | 85500 | 1192795 |
| ESR Group Ltd. | 509200 | 1068796 |
| Li Ning Co. Ltd. | 108500 | 931065 |
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 101499 | 587975 |
|  |  | 6011308 |
| **Denmark \| 3.2%** |  |  |
| AP Moller - Maersk AS, Class B | 378 | 849012 |
| Carlsberg AS, Class B | 13621 | 1803101 |
| Vestas Wind Systems AS | 30868 | 901844 |
|  |  | 3553957 |
| **Finland \| 1.6%** |  |  |
| Nordea Bank Abp | 168830 | 1805557 |
| **France \| 10.3%** |  |  |
| Air Liquide SA | 16293 | 2317505 |
| Capgemini SE | 6066 | 1017352 |
| Engie SA | 224068 | 3209559 |
| Pernod Ricard SA | 8702 | 1710462 |
| Teleperformance | 6680 | 1594014 |
| Thales SA | 11912 | 1522787 |
|  |  | 11371679 |

---

 

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

Annual Report **23**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **Germany \| 10.3%** |  |  |
| Continental AG | 20700 | $1236740 |
| Infineon Technologies AG | 66043 | 2011517 |
| Merck KGaA | 12063 | 2336123 |
| MTU Aero Engines AG | 10729 | 2322188 |
| Rheinmetall AG | 7400 | 1473968 |
| Siemens Healthineers AG | 20640 | 1032536 |
| Vonovia SE | 41230 | 971682 |
|  |  | 11384754 |
| **Hong Kong \| 1.5%** |  |  |
| Prudential PLC | 120255 | 1627367 |
| **Ireland \| 1.4%** |  |  |
| Ryanair Holdings PLC ADR (\*) | 20175 | 1508283 |
| **Israel \| 1.6%** |  |  |
| Bank Leumi Le-Israel BM | 219763 | 1831897 |
| **Italy \| 1.4%** |  |  |
| Enel SpA | 285749 | 1536840 |
| **Japan \| 16.5%** |  |  |
| Asics Corp. | 71600 | 1588873 |
| Bandai Namco Holdings, Inc. | 21900 | 1373382 |
| Daikin Industries Ltd. | 9100 | 1399849 |
| Disco Corp. | 6400 | 1839794 |
| Hitachi Ltd. | 21400 | 1076952 |
| Hoya Corp. | 14500 | 1402950 |
| MatsukiyoCocokara & Co. | 44900 | 2257497 |
| Olympus Corp. | 97300 | 1719845 |
| Shimano, Inc. | 4800 | 764774 |
| Sumitomo Mitsui Financial Group, Inc. | 45400 | 1829360 |
| Suzuki Motor Corp. | 42800 | 1377011 |
| Yamaha Corp. | 43800 | 1615923 |
|  |  | 18246210 |

---

 

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

**24** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (continued)** |  |  |
| **Mexico \| 1.6%** |  |  |
| Arca Continental SAB de CV | 216400 | $1757275 |
| **Netherlands \| 6.1%** |  |  |
| Akzo Nobel NV | 25003 | 1668351 |
| Koninklijke DSM NV | 11101 | 1360933 |
| Universal Music Group NV | 79755 | 1925219 |
| Wolters Kluwer NV | 17624 | 1840987 |
|  |  | 6795490 |
| **Norway \| 0.6%** |  |  |
| Equinor ASA | 19728 | 707612 |
| **Portugal \| 1.6%** |  |  |
| Galp Energia SGPS SA | 131433 | 1778479 |
| **Singapore \| 1.7%** |  |  |
| DBS Group Holdings Ltd. | 73260 | 1854681 |
| **South Africa \| 1.7%** |  |  |
| Anglo American PLC | 49323 | 1929155 |
| **South Korea \| 1.4%** |  |  |
| Osstem Implant Co. Ltd. | 8177 | 899140 |
| SK Hynix, Inc. | 10777 | 648688 |
|  |  | 1547828 |
| **Spain \| 1.4%** |  |  |
| Industria de Diseno Textil SA | 57665 | 1535512 |
| **Sweden \| 1.1%** |  |  |
| Sandvik AB | 67880 | 1225589 |
| **Switzerland \| 1.7%** |  |  |
| ABB Ltd. | 61670 | 1878331 |

---

 

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

Annual Report **25**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement International Equity Portfolio (concluded)** |  |  |
| **United Kingdom \| 13.2%** |  |  |
| 3i Group PLC | 95061 | $1543475 |
| Barclays PLC | 756454 | 1454348 |
| BP PLC | 357976 | 2081714 |
| Coca-Cola Europacific Partners PLC | 36125 | 1984724 |
| Compass Group PLC | 72858 | 1683526 |
| Petershill Partners PLC | 53625 | 109658 |
| RELX PLC | 108115 | 2995411 |
| Unilever PLC | 54489 | 2748915 |
|  |  | 14601771 |
| **United States \| 9.5%** |  |  |
| Aon PLC, Class A | 10687 | 3207596 |
| BRP, Inc. | 12165 | 927469 |
| Ferguson PLC | 10795 | 1363874 |
| ICON PLC (\*) | 11709 | 2274473 |
| Roche Holding AG | 8636 | 2713966 |
|  |  | 10487378 |
| **Total Common Stocks**<br> (Cost $109,184,434) |  | 108889062 |
| **Short-Term Investments \| 1.2%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield)<br> (Cost $1,370,530) | 1370530 | 1370530 |
| **Total Investments \| 99.5%**<br> (Cost $110,554,964) |  | $**110259592** |
| **Cash and Other Assets in Excess of Liabilities \| 0.5%** |  | **508571** |
| **Net Assets \| 100.0%** |  | $**110768163** |

---

 

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

**26** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small-Mid Cap Equity Portfolio** |  |  |
| **Common Stocks \| 96.6%** |  |  |
| **Aerospace & Defense \| 2.5%** |  |  |
| Curtiss-Wright Corp. | 3466 | $578787 |
| HEICO Corp. | 2467 | 379030 |
|  |  | 957817 |
| **Airlines \| 1.1%** |  |  |
| Alaska Air Group, Inc. (\*) | 9666 | 415058 |
| **Banks \| 9.7%** |  |  |
| Commerce Bancshares, Inc. | 11687 | 795534 |
| East West Bancorp, Inc. | 11236 | 740452 |
| Home BancShares, Inc. | 36424 | 830103 |
| Pinnacle Financial Partners, Inc. | 7490 | 549766 |
| Wintrust Financial Corp. | 9529 | 805391 |
|  |  | 3721246 |
| **Biotechnology \| 3.0%** |  |  |
| Halozyme Therapeutics, Inc. (\*) | 9168 | 521659 |
| United Therapeutics Corp. (\*) | 2218 | 616804 |
|  |  | 1138463 |
| **Building Products \| 3.3%** |  |  |
| Armstrong World Industries, Inc. | 8391 | 575539 |
| Carlisle Cos., Inc. | 1822 | 429354 |
| PGT Innovations, Inc. (\*) | 14793 | 265682 |
|  |  | 1270575 |
| **Capital Markets \| 1.4%** |  |  |
| Morningstar, Inc. | 2486 | 538443 |
| **Chemicals \| 2.9%** |  |  |
| Ashland, Inc. | 5243 | 563780 |
| Ingevity Corp. (\*) | 7924 | 558166 |
|  |  | 1121946 |

---

 

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

Annual Report **27**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| **Communications Equipment \| 2.7%** |  |  |
| Ciena Corp. (\*) | 12282 | $626137 |
| F5, Inc. (\*) | 2826 | 405559 |
|  |  | 1031696 |
| **Construction Materials \| 0.9%** |  |  |
| Eagle Materials, Inc. | 2480 | 329468 |
| **Containers & Packaging \| 2.9%** |  |  |
| Avery Dennison Corp. | 2764 | 500284 |
| Graphic Packaging Holding Co. | 26682 | 593674 |
|  |  | 1093958 |
| **Electrical Equipment \| 3.4%** |  |  |
| Array Technologies, Inc. (\*) | 10141 | 196025 |
| Atkore, Inc. (\*) | 4359 | 494398 |
| EnerSys | 8219 | 606891 |
|  |  | 1297314 |
| **Electronic Equipment, Instruments & Components \| 2.3%** |  |  |
| Cognex Corp. | 10959 | 516278 |
| Littelfuse, Inc. | 1653 | 363991 |
|  |  | 880269 |
| **Energy Equipment & Services \| 2.5%** |  |  |
| Cactus, Inc., Class A | 6438 | 323574 |
| Liberty Energy, Inc. | 40101 | 642017 |
|  |  | 965591 |
| **Entertainment \| 1.6%** |  |  |
| Take-Two Interactive Software, Inc. (\*) | 6054 | 630403 |

---

 

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

**28** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| **Equity Real Estate Investment Trusts (REITs) \| 5.8%** |  |  |
| Alexandria Real Estate Equities, Inc. | 4627 | $674015 |
| Brixmor Property Group, Inc. | 25374 | 575228 |
| Camden Property Trust | 5103 | 570924 |
| Summit Hotel Properties, Inc. | 57453 | 414811 |
|  |  | 2234978 |
| **Food & Staples Retailing \| 1.1%** |  |  |
| US Foods Holding Corp. (\*) | 12718 | 432666 |
| **Food Products \| 2.1%** |  |  |
| Hostess Brands, Inc. (\*) | 18048 | 404997 |
| Utz Brands, Inc. | 24370 | 386508 |
|  |  | 791505 |
| **Gas Utilities \| 2.4%** |  |  |
| New Jersey Resources Corp. | 18222 | 904176 |
| **Health Care Equipment & Supplies \| 2.1%** |  |  |
| Envista Holdings Corp. (\*) | 9215 | 310269 |
| QuidelOrtho Corp. (\*) | 5611 | 480694 |
|  |  | 790963 |
| **Health Care Providers & Services \| 1.5%** |  |  |
| Henry Schein, Inc. (\*) | 7103 | 567317 |
| **Health Care Technology \| 0.9%** |  |  |
| Certara, Inc. (\*) | 20952 | 336699 |
| **Hotels, Restaurants & Leisure \| 2.4%** |  |  |
| Brinker International, Inc. (\*) | 14180 | 452484 |
| Wyndham Hotels & Resorts, Inc. | 6346 | 452533 |
|  |  | 905017 |
| **Household Durables \| 1.2%** |  |  |
| Leggett & Platt, Inc. | 14520 | 467980 |

---

 

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

Annual Report **29**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| **Insurance \| 3.9%** |  |  |
| Brown & Brown, Inc. | 12065 | $687343 |
| Reinsurance Group of America, Inc. | 5739 | 815455 |
|  |  | 1502798 |
| **Interactive Media & Services \| 2.5%** |  |  |
| Cars.com, Inc. (\*) | 39183 | 539550 |
| Ziff Davis, Inc. (\*) | 5262 | 416224 |
|  |  | 955774 |
| **IT Services \| 1.9%** |  |  |
| Amdocs Ltd. | 5690 | 517221 |
| Thoughtworks Holding, Inc. (\*) | 20392 | 207794 |
|  |  | 725015 |
| **Leisure Products \| 2.2%** |  |  |
| Brunswick Corp. | 4412 | 318017 |
| Hasbro, Inc. | 8292 | 505895 |
|  |  | 823912 |
| **Life Sciences Tools & Services \| 4.3%** |  |  |
| AbCellera Biologics, Inc. (\*) | 35850 | 363160 |
| Charles River Laboratories International, Inc. (\*) | 1313 | 286103 |
| ICON PLC (\*) | 2720 | 528360 |
| Stevanato Group SpA | 25177 | 452431 |
|  |  | 1630054 |
| **Machinery \| 3.8%** |  |  |
| Columbus McKinnon Corp. | 14825 | 481368 |
| Gates Industrial Corp. PLC (\*) | 26514 | 302525 |
| Middleby Corp. (\*) | 5115 | 684898 |
|  |  | 1468791 |

---

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

**30** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| **Oil, Gas & Consumable Fuels \| 2.5%** |  |  |
| Antero Resources Corp. (\*) | 16759 | $519362 |
| Magnolia Oil & Gas Corp., Class A | 18945 | 444260 |
|  |  | 963622 |
| **Pharmaceuticals \| 1.2%** |  |  |
| Catalent, Inc. (\*) | 10013 | 450685 |
| **Professional Services \| 2.8%** |  |  |
| Leidos Holdings, Inc. | 6906 | 726442 |
| Sterling Check Corp. (\*) | 21816 | 337494 |
|  |  | 1063936 |
| **Semiconductors & Semiconductor Equipment \| 2.0%** |  |  |
| MKS Instruments, Inc. | 4754 | 402807 |
| ON Semiconductor Corp. (\*) | 5971 | 372411 |
|  |  | 775218 |
| **Software \| 5.3%** |  |  |
| CyberArk Software Ltd. (\*) | 3049 | 395303 |
| Dolby Laboratories, Inc., Class A | 4941 | 348538 |
| N-Able, Inc. (\*) | 42206 | 433878 |
| PTC, Inc. (\*) | 4214 | 505848 |
| Tyler Technologies, Inc. (\*) | 1012 | 326279 |
|  |  | 2009846 |
| **Specialty Retail \| 3.1%** |  |  |
| Five Below, Inc. (\*) | 3247 | 574297 |
| Leslie's, Inc. (\*) | 30418 | 371404 |
| Warby Parker, Inc., Class A (\*) | 16640 | 224473 |
|  |  | 1170174 |

---

 

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

Annual Report **31**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement US Small-Mid Cap Equity Portfolio (concluded)** |  |  |
| **Textiles, Apparel & Luxury Goods \| 1.4%** |  |  |
| Tapestry, Inc. | 13895 | $529122 |
| **Total Common Stocks**<br> (Cost $35,074,759) |  | 36892495 |
| **Short-Term Investments \| 3.5%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield)<br> (Cost $1,333,674) | 1333674 | 1333674 |
| **Total Investments \| 100.1%**<br> (Cost $36,408,433) |  | $**38226169** |
| **Liabilities in Excess of Cash and Other Assets l (0.1)%** |  | **(41105)** |
| **Net Assets \| 100.0%** |  | $**38185064** |

---

 

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

**32** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio** |  |  |
| **Common Stocks \| 28.8%** |  |  |
| **Australia \| 0.3%** |  |  |
| AGL Energy Ltd. | 6911 | $37946 |
| Allkem Ltd. (\*) | 10488 | 79676 |
| Aristocrat Leisure Ltd. | 872 | 18008 |
| BHP Group Ltd. | 2117 | 65545 |
| Coronado Global Resources, Inc. | 29719 | 39644 |
| GrainCorp Ltd., Class A | 7798 | 39358 |
| Incitec Pivot Ltd. | 14550 | 36756 |
| Northern Star Resources Ltd. | 5000 | 36613 |
| Pilbara Minerals Ltd. (\*) | 10626 | 27077 |
| WiseTech Global Ltd. | 1411 | 48657 |
| Yancoal Australia Ltd. | 71909 | 293808 |
|  |  | 723088 |
| **Belgium \| 0.0%** |  |  |
| Warehouses De Pauw CVA REIT | 4298 | 122900 |
| **Canada \| 1.0%** |  |  |
| Agnico Eagle Mines Ltd. | 783 | 40688 |
| Alimentation Couche-Tard, Inc. | 1991 | 87492 |
| ARC Resources Ltd. | 3260 | 43940 |
| Atco Ltd., Class I | 3030 | 94839 |
| Birchcliff Energy Ltd. | 5097 | 35498 |
| Canadian National Railway Co. | 1308 | 155495 |
| Element Fleet Management Corp. | 5389 | 73432 |
| H&R Real Estate Investment Trust | 7089 | 63403 |
| Hydro One Ltd. | 15960 | 427525 |
| International Petroleum Corp. (\*) | 6289 | 70769 |
| Loblaw Cos. Ltd. | 7950 | 702935 |
| Metro, Inc. | 10673 | 590956 |
| Nutrien Ltd. | 620 | 45264 |
| Toronto-Dominion Bank | 2973 | 192532 |
| Tourmaline Oil Corp. | 2085 | 105205 |
|  |  | 2729973 |

---

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

Annual Report **33**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **China \| 0.1%** |  |  |
| NXP Semiconductors NV | 850 | $134325 |
| SITC International Holdings Co. Ltd. | 20000 | 44147 |
|  |  | 178472 |
| **Denmark \| 0.3%** |  |  |
| AP Moller - Maersk AS, Class B | 35 | 78612 |
| Carlsberg AS, Class B ADR | 4766 | 126442 |
| Novo Nordisk AS, Class B | 5148 | 697039 |
|  |  | 902093 |
| **Finland \| 0.0%** |  |  |
| Neste Oyj | 874 | 40368 |
| **France \| 0.8%** |  |  |
| BNP Paribas SA | 2388 | 135895 |
| Bureau Veritas SA ADR | 1744 | 91787 |
| Cie de Saint-Gobain | 2698 | 132455 |
| Cie Generale des Etablissements Michelin SCA | 4807 | 133668 |
| Hermes International | 78 | 120365 |
| Legrand SA ADR | 5080 | 81128 |
| LVMH Moet Hennessy Louis Vuitton SE ADR | 886 | 128355 |
| Orange SA | 50815 | 505273 |
| Pernod Ricard SA ADR | 2794 | 109888 |
| Societe Generale SA | 4494 | 112755 |
| Thales SA ADR | 4888 | 124693 |
| TotalEnergies SE | 3747 | 233869 |
| Vinci SA | 1063 | 106167 |
|  |  | 2016298 |
| **Germany \| 0.3%** |  |  |
| Bayerische Motoren Werke AG | 1386 | 123708 |
| Deutsche Bank AG | 9549 | 108233 |
| Deutsche Post AG | 7669 | 288675 |
| Mercedes-Benz Group AG | 593 | 38915 |
| Mercer International, Inc. | 6123 | 71272 |

---

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

**34** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Merck KGaA ADR | 3044 | $117437 |
| Telefonica Deutschland Holding AG | 59451 | 146481 |
|  |  | 894721 |
| **Hong Kong \| 0.2%** |  |  |
| AIA Group Ltd. ADR | 2736 | 121560 |
| Jardine Matheson Holdings Ltd. | 1800 | 91526 |
| Swire Pacific Ltd., Class A | 28500 | 249958 |
|  |  | 463044 |
| **Ireland \| 0.0%** |  |  |
| AerCap Holdings NV (\*) | 924 | 53888 |
| **Israel \| 0.1%** |  |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 80900 | 139569 |
| Perion Network Ltd. (\*) | 1160 | 29348 |
|  |  | 168917 |
| **Italy \| 0.1%** |  |  |
| Poste Italiane SpA | 7784 | 75909 |
| UniCredit SpA | 8497 | 120830 |
|  |  | 196739 |
| **Japan \| 3.3%** |  |  |
| ABC-Mart, Inc. | 6000 | 340758 |
| Canon, Inc. | 10000 | 216230 |
| Cosmo Energy Holdings Co. Ltd. | 1100 | 29092 |
| Daiwa House Industry Co. Ltd. | 3800 | 87194 |
| Electric Power Development Co. Ltd. | 26700 | 424740 |
| FUJIFILM Holdings Corp. | 2200 | 110997 |
| Hachijuni Bank Ltd. | 29800 | 124339 |
| Hirose Electric Co. Ltd. | 700 | 87562 |
| Honda Motor Co. Ltd. | 15900 | 363540 |
| Hulic Co. Ltd. | 11900 | 93655 |
| Japan Post Bank Co. Ltd. | 13200 | 113417 |

---

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

Annual Report **35**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Japan Post Holdings Co. Ltd. | 115000 | $969514 |
| Japan Post Insurance Co. Ltd. | 13700 | 241105 |
| Japan Real Estate Investment Corp. REIT | 32 | 140152 |
| Japan Tobacco, Inc. | 26600 | 537854 |
| Kansai Electric Power Co., Inc. | 10200 | 99012 |
| KDDI Corp. | 10600 | 320376 |
| Lawson, Inc. | 6900 | 264420 |
| McDonald's Holdings Co. Japan Ltd. | 3200 | 121757 |
| Mizuho Financial Group, Inc. | 18000 | 254407 |
| MS&AD Insurance Group Holdings, Inc. | 4200 | 134425 |
| NGK Spark Plug Co. Ltd. | 1300 | 23987 |
| Nihon Kohden Corp. | 9100 | 222039 |
| Nintendo Co. Ltd. ADR | 10575 | 110192 |
| Nippon Building Fund, Inc. REIT | 36 | 160767 |
| Nippon Steel Corp. | 2500 | 43527 |
| Nippon Telegraph & Telephone Corp. | 11400 | 325402 |
| Nisshinbo Holdings, Inc. | 11400 | 83854 |
| Nomura Real Estate Holdings, Inc. | 1800 | 38482 |
| Olympus Corp. ADR | 5880 | 105134 |
| Osaka Gas Co. Ltd. | 16000 | 258787 |
| Rengo Co. Ltd. | 14700 | 100982 |
| Sankyo Co. Ltd. | 9600 | 393072 |
| Sega Sammy Holdings, Inc. NA | 6100 | 91837 |
| Shimano, Inc. ADR | 4887 | 76701 |
| Shin-Etsu Chemical Co. Ltd. | 1600 | 194937 |
| Shizuoka Financial Group, Inc. | 6900 | 55459 |
| Softbank Corp. | 8200 | 92715 |
| Sumco Corp. | 2800 | 37466 |
| Sumitomo Mitsui Financial Group, Inc. | 5800 | 233707 |
| Tokyo Gas Co. Ltd. | 30400 | 597629 |
| Tokyo Ohka Kogyo Co. Ltd. | 1200 | 54057 |
| Tokyu Fudosan Holdings Corp. | 8500 | 40344 |
| Toshiba Corp. | 1300 | 45569 |
| Yamazaki Baking Co. Ltd. | 14800 | 177490 |
|  |  | 8638682 |

---

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

**36** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Monaco \| 0.0%** |  |  |
| Scorpio Tankers, Inc. | 738 | $39682 |
| **Netherlands \| 0.8%** |  |  |
| Adyen NV (\*) | 40 | 55353 |
| ASML Holding NV | 475 | 257119 |
| BNP Paribas Emissions- und Handelsgesellschaft mbH | 8819 | 107595 |
| Eurocommercial Properties NV REIT | 3421 | 82525 |
| Koninklijke Ahold Delhaize NV | 6989 | 200821 |
| Koninklijke KPN NV | 26983 | 83484 |
| NN Group NV | 940 | 38391 |
| Shell PLC | 22844 | 649174 |
| Wolters Kluwer NV | 4332 | 452517 |
| Wolters Kluwer NV ADR | 1928 | 201958 |
|  |  | 2128937 |
| **New Zealand \| 0.1%** |  |  |
| Spark New Zealand Ltd. | 74158 | 254190 |
| **Norway \| 0.1%** |  |  |
| Orkla ASA | 28415 | 205297 |
| **Puerto Rico \| 0.0%** |  |  |
| OFG Bancorp | 671 | 18493 |
| **Singapore \| 0.2%** |  |  |
| Jardine Cycle & Carriage Ltd. | 8800 | 188017 |
| Oversea-Chinese Banking Corp. Ltd. | 15000 | 136107 |
| Sembcorp Industries Ltd. | 55900 | 140737 |
| Singapore Telecommunications Ltd. NA | 46100 | 88505 |
| STMicroelectronics NV | 1603 | 56987 |
|  |  | 610353 |

---

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

Annual Report **37**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Spain \| 0.2%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 6974 | $42115 |
| Banco Santander SA | 8592 | 25732 |
| Corporacion Financiera Alba SA | 598 | 27618 |
| Iberdrola SA | 1725 | 20178 |
| Industria de Diseno Textil SA | 7459 | 198619 |
| Industria de Diseno Textil SA ADR | 6316 | 84224 |
|  |  | 398486 |
| **Sweden \| 0.2%** |  |  |
| Assa Abloy AB ADR | 7381 | 78977 |
| Epiroc AB ADR | 10390 | 189513 |
| Hexagon AB ADR | 13376 | 139244 |
| Telefonaktiebolaget LM Ericsson, B Shares | 18757 | 109848 |
|  |  | 517582 |
| **Switzerland \| 0.2%** |  |  |
| ABB Ltd. ADR | 4988 | 151934 |
| Novartis AG | 1166 | 105618 |
| PSP Swiss Property AG | 1787 | 210147 |
| Swatch Group AG | 10311 | 146313 |
|  |  | 614012 |
| **United Kingdom \| 1.1%** |  |  |
| Barclays PLC | 67081 | 128969 |
| Coca-Cola Europacific Partners PLC | 2380 | 131662 |
| Compass Group PLC | 4393 | 101509 |
| Diageo PLC ADR | 1165 | 207591 |
| HSBC Holdings PLC | 30907 | 192751 |
| Investec PLC | 10599 | 65539 |
| Linde PLC | 135 | 44034 |
| LXI REIT PLC REIT | 33516 | 45586 |
| National Grid PLC | 13075 | 157049 |
| NatWest Group PLC | 43953 | 140304 |
| RELX PLC ADR | 7374 | 204407 |
| Serco Group PLC | 64584 | 120778 |

---

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

**38** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| SSE PLC | 6257 | $129056 |
| Standard Chartered PLC | 51715 | 388158 |
| Unilever PLC | 14312 | 722026 |
| Unilever PLC ADR | 4045 | 203666 |
|  |  | 2983085 |
| **United States \| 19.4%** |  |  |
| 3M Co. | 732 | 87781 |
| Abbott Laboratories | 7502 | 823645 |
| Academy Sports & Outdoors, Inc. | 1259 | 66148 |
| Accenture PLC, Class A | 1028 | 274312 |
| Activision Blizzard, Inc. | 1990 | 152334 |
| Adobe, Inc. (\*) | 58 | 19519 |
| Affiliated Managers Group, Inc. | 577 | 91414 |
| Allison Transmission Holdings, Inc. | 3264 | 135782 |
| Alphabet, Inc., Class A (\*) | 3294 | 290630 |
| Alphabet, Inc., Class C (\*) | 5967 | 529452 |
| Altria Group, Inc. | 9374 | 428486 |
| Amazon.com, Inc. (\*) | 2709 | 227556 |
| Amdocs Ltd. | 6454 | 586669 |
| Ameren Corp. | 2331 | 207273 |
| American Electric Power Co., Inc. | 4827 | 458324 |
| American Express Co. | 127 | 18764 |
| American International Group, Inc. | 1411 | 89232 |
| AmerisourceBergen Corp. | 1921 | 318329 |
| AMN Healthcare Services, Inc. (\*) | 1697 | 174486 |
| Amphenol Corp., Class A | 2429 | 184944 |
| Aon PLC, Class A | 1767 | 530347 |
| Apple, Inc. | 12475 | 1620877 |
| Applied Materials, Inc. | 1921 | 187067 |
| AT&T, Inc. | 49335 | 908257 |
| Automatic Data Processing, Inc. | 920 | 219751 |
| AutoZone, Inc. (\*) | 135 | 332934 |
| Avery Dennison Corp. | 515 | 93215 |
| Bank of America Corp. | 4169 | 138077 |
| Bath & Body Works, Inc. | 1887 | 79518 |

---

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

Annual Report **39**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Biogen, Inc. (\*) | 326 | $90276 |
| BJ's Wholesale Club Holdings, Inc. (\*) | 2481 | 164143 |
| BlueLinx Holdings, Inc. (\*) | 659 | 46861 |
| Booking Holdings, Inc. (\*) | 13 | 26199 |
| Booz Allen Hamilton Holding Corp. | 2079 | 217297 |
| Boston Scientific Corp. (\*) | 3409 | 157734 |
| Bristol-Myers Squibb Co. | 9202 | 662084 |
| Broadcom, Inc. | 539 | 301371 |
| BRP, Inc. | 1392 | 106279 |
| Cadence Design Systems, Inc. (\*) | 1851 | 297345 |
| Cal-Maine Foods, Inc. | 3020 | 164439 |
| Campbell Soup Co. | 4310 | 244592 |
| Cardinal Health, Inc. | 2979 | 228996 |
| Caterpillar, Inc. | 253 | 60609 |
| Cboe Global Markets, Inc. | 867 | 108782 |
| Charles Schwab Corp. | 2266 | 188667 |
| Charter Communications, Inc., Class A (\*) | 727 | 246526 |
| Chegg, Inc. (\*) | 1382 | 34923 |
| Cheniere Energy, Inc. | 233 | 34941 |
| Chesapeake Energy Corp. | 476 | 44920 |
| Chipotle Mexican Grill, Inc. (\*) | 95 | 131812 |
| Chubb Ltd. | 966 | 213100 |
| Cigna Corp. | 1514 | 501649 |
| Cisco Systems, Inc. | 1865 | 88849 |
| Citizens Financial Group, Inc. | 588 | 23150 |
| CME Group, Inc. | 678 | 114012 |
| CMS Energy Corp. | 3517 | 222732 |
| Coca-Cola Co. | 4237 | 269516 |
| Cognizant Technology Solutions Corp., Class A | 2485 | 142117 |
| Colgate-Palmolive Co. | 7653 | 602980 |
| Comcast Corp., Class A | 4984 | 174290 |
| Computershare Ltd. ADR | 6310 | 112066 |
| Comstock Resources, Inc. | 2185 | 29956 |
| Consolidated Edison, Inc. | 1032 | 98360 |
| Copart, Inc. (\*) | 1620 | 98642 |
| Corteva, Inc. | 3435 | 201909 |

---

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

**40** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Coterra Energy, Inc. | 5413 | $132997 |
| Crowdstrike Holdings, Inc., Class A (\*) | 255 | 26849 |
| CSL Ltd. | 1349 | 263043 |
| CVS Health Corp. | 4932 | 459613 |
| D.R. Horton, Inc. | 361 | 32180 |
| Danaher Corp. | 334 | 88650 |
| Darden Restaurants, Inc. | 285 | 39424 |
| Darling Ingredients, Inc. (\*) | 660 | 41309 |
| Dave & Buster's Entertainment, Inc. (\*) | 1092 | 38700 |
| Deere & Co. | 328 | 140633 |
| Diamondback Energy, Inc. | 417 | 57037 |
| Dick's Sporting Goods, Inc. | 444 | 53409 |
| Digital Realty Trust, Inc. REIT | 1515 | 151909 |
| Dillard's, Inc. Class A | 309 | 99869 |
| Dollar General Corp. | 714 | 175822 |
| Donnelley Financial Solutions, Inc. (\*) | 1088 | 42051 |
| Dropbox, Inc. Class A (\*) | 4096 | 91668 |
| Electronic Arts, Inc. | 724 | 88458 |
| Elevance Health, Inc. | 315 | 161586 |
| Eli Lilly & Co. | 2048 | 749240 |
| EMCOR Group, Inc. | 1052 | 155812 |
| Equinix, Inc. REIT | 629 | 412014 |
| Equitable Holdings, Inc. | 1454 | 41730 |
| Estee Lauder Cos., Inc., Class A | 768 | 190548 |
| Everest Re Group Ltd. | 919 | 304437 |
| Exxon Mobil Corp. | 1319 | 145486 |
| Fair Isaac Corp. N Ap (\*) | 62 | 37112 |
| Fidelity National Financial, Inc. | 2627 | 98828 |
| FirstEnergy Corp. N Ap | 3672 | 154004 |
| Fiserv, Inc. (\*) | 1497 | 151302 |
| Flowers Foods, Inc. | 10421 | 299500 |
| FNB Corp. | 5492 | 71671 |
| Fortinet, Inc. (\*) | 3930 | 192138 |
| Gartner, Inc. (\*) | 164 | 55127 |
| General Mills, Inc. | 3824 | 320642 |
| Gilead Sciences, Inc. | 9002 | 772822 |

---

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

Annual Report **41**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| GMS, Inc. (\*) | 924 | $46015 |
| Goldman Sachs Group, Inc. | 299 | 102671 |
| Grand Canyon Education, Inc. (\*) | 1288 | 136090 |
| GSK PLC | 13548 | 235597 |
| H&R Block, Inc. | 3077 | 112341 |
| Haemonetics Corp. (\*) | 1224 | 96268 |
| Haleon PLC (\*) | 8628 | 34511 |
| Hartford Financial Services Group, Inc. | 641 | 48607 |
| HCA Healthcare, Inc. | 738 | 177090 |
| Henry Schein, Inc. (\*) | 1747 | 139533 |
| Hershey Co. | 1958 | 453414 |
| Hologic, Inc. (\*) | 1269 | 94934 |
| Home Depot, Inc. | 348 | 109919 |
| ICF International, Inc. N Ap | 999 | 98951 |
| IDEX Corp. | 204 | 46579 |
| Ingles Markets, Inc., Class A | 1497 | 144401 |
| Intercontinental Exchange, Inc. | 4574 | 469247 |
| International Game Technology PLC | 2019 | 45791 |
| IQVIA Holdings, Inc. (\*) | 993 | 203456 |
| Jack Henry & Associates, Inc. | 538 | 94451 |
| Jackson Financial, Inc., Class A | 2290 | 79669 |
| JB Hunt Transport Services, Inc. | 896 | 156227 |
| Johnson & Johnson | 5117 | 903918 |
| JPMorgan Chase & Co. | 971 | 130211 |
| Kellogg Co. | 5348 | 380991 |
| Keysight Technologies, Inc. (\*) | 3220 | 550845 |
| Kforce, Inc. | 1895 | 103903 |
| Kimberly-Clark Corp. | 4217 | 572458 |
| Kroger Co. | 4662 | 207832 |
| Lattice Semiconductor Corp. (\*) | 282 | 18296 |
| Life Storage, Inc. | 1243 | 122435 |
| Lockheed Martin Corp. | 394 | 191677 |
| Magnolia Oil & Gas Corp., Class A | 2045 | 47955 |
| Marathon Oil Corp. | 2454 | 66430 |
| Marathon Petroleum Corp. | 428 | 49815 |
| MasterCard, Inc., Class A | 1289 | 448224 |

---

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

**42** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| McDonald's Corp. | 2514 | $662514 |
| McKesson Corp. | 292 | 109535 |
| Medpace Holdings, Inc. (\*) | 174 | 36959 |
| Medtronic PLC | 550 | 42746 |
| Merck & Co., Inc. | 10934 | 1213127 |
| Meta Platforms, Inc., Class A (\*) | 1357 | 163301 |
| Microsoft Corp. | 3127 | 749917 |
| Molina Healthcare, Inc. (\*) | 493 | 162798 |
| Mosaic Co. | 1698 | 74491 |
| Motorola Solutions, Inc. | 1777 | 457951 |
| Mueller Industries, Inc. | 638 | 37642 |
| Nasdaq, Inc. | 2763 | 169510 |
| National Fuel Gas Co. | 8215 | 520009 |
| Netflix, Inc. (\*) | 198 | 58386 |
| News Corp. Class B | 9997 | 184345 |
| NIKE, Inc., Class B | 1336 | 156325 |
| NiSource, Inc. | 1567 | 42967 |
| NRG Energy, Inc. | 647 | 20588 |
| Nucor Corp. | 1109 | 146177 |
| NVIDIA Corp. | 148 | 21629 |
| NVR, Inc. (\*) | 19 | 87639 |
| O'Reilly Automotive, Inc. (\*) | 936 | 790012 |
| O-I Glass, Inc. (\*) | 2345 | 38857 |
| Occidental Petroleum Corp. | 536 | 33763 |
| Old Republic International Corp. | 3375 | 81506 |
| ON Semiconductor Corp. (\*) | 671 | 41850 |
| Ovintiv, Inc. | 1052 | 53347 |
| PACCAR, Inc. N Ap | 1077 | 106591 |
| Paychex, Inc. | 4079 | 471369 |
| Paycom Software, Inc. (\*) | 134 | 41582 |
| PepsiCo, Inc. | 5333 | 963460 |
| Pfizer, Inc. | 5603 | 287098 |
| Philip Morris International, Inc. | 1371 | 138759 |
| Piedmont Office Realty Trust, Inc. REIT Class A | 3438 | 31526 |
| Pinnacle West Capital Corp. | 1930 | 146757 |
| Pinterest, Inc. Class A (\*) | 1629 | 39552 |

---

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

Annual Report **43**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Pioneer Natural Resources Co. | 158 | $36086 |
| PNM Resources, Inc. | 3387 | 165252 |
| Portland General Electric Co. | 2071 | 101479 |
| Premier, Inc., Class A | 2879 | 100707 |
| Procter & Gamble Co. | 5395 | 817666 |
| PTC, Inc. (\*) | 1300 | 156052 |
| Public Storage REIT | 1337 | 374614 |
| QIAGEN NV (\*) | 4097 | 206196 |
| QUALCOMM, Inc. | 1192 | 131048 |
| Qualys, Inc. (\*) | 825 | 92590 |
| Regeneron Pharmaceuticals, Inc. (\*) | 289 | 208511 |
| Republic Services, Inc. | 5176 | 667652 |
| Roche Holding AG | 1808 | 568185 |
| Rockwell Automation, Inc. | 515 | 132649 |
| S&P Global, Inc. | 580 | 194265 |
| SBA Communications Corp. REIT | 798 | 223687 |
| Schlumberger Ltd. | 804 | 42982 |
| Sempra Energy | 1858 | 287135 |
| Service Corp. International | 3085 | 213297 |
| ServiceNow, Inc. (\*) | 93 | 36109 |
| Simon Property Group, Inc. REIT | 1102 | 129463 |
| Sirius XM Holdings, Inc. | 16457 | 96109 |
| SLM Corp. | 5464 | 90702 |
| Southwestern Energy Co. (\*) | 4877 | 28530 |
| Starbucks Corp. | 1908 | 189274 |
| Steel Dynamics, Inc. | 1745 | 170486 |
| Stellantis NV | 13210 | 187119 |
| Stewart Information Services Corp. | 880 | 37602 |
| Synchrony Financial | 951 | 31250 |
| Synopsys, Inc. (\*) | 2311 | 737879 |
| Sysco Corp. | 1216 | 92963 |
| Target Corp. | 149 | 22207 |
| Tesla, Inc. (\*) | 1578 | 194378 |
| Tetra Tech, Inc. | 1031 | 149691 |
| Texas Instruments, Inc. | 1769 | 292274 |
| Texas Roadhouse, Inc. | 1708 | 155343 |

---

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

**44** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Thermo Fisher Scientific, Inc. | 415 | $228536 |
| TJX Cos., Inc. | 2862 | 227815 |
| TopBuild Corp. (\*) | 358 | 56023 |
| Tractor Supply Co. | 326 | 73340 |
| Travelers Cos., Inc. | 1278 | 239612 |
| U-Haul Holding Co. | 3775 | 217089 |
| UFP Industries, Inc. | 1049 | 83133 |
| Ulta Beauty, Inc. (\*) | 282 | 132278 |
| UMH Properties, Inc. REIT | 2119 | 34116 |
| United Parcel Service, Inc., Class B | 232 | 40331 |
| United Therapeutics Corp. (\*) | 351 | 97610 |
| UnitedHealth Group, Inc. | 1603 | 849879 |
| Unum Group | 1090 | 44723 |
| Valero Energy Corp. | 946 | 120010 |
| Verizon Communications, Inc. | 17687 | 696868 |
| Vertex Pharmaceuticals, Inc. (\*) | 1265 | 365307 |
| Virtu Financial, Inc., Class A | 4360 | 88988 |
| Visa, Inc., Class A | 2385 | 495508 |
| Vistra Corp. | 908 | 21066 |
| Warner Music Group Corp., Class A | 2022 | 70810 |
| Waste Management, Inc. | 4151 | 651209 |
| WEC Energy Group, Inc. | 829 | 77727 |
| Wells Fargo & Co. | 4066 | 167885 |
| Westamerica BanCorp | 2271 | 134012 |
| Westlake Corp. | 362 | 37119 |
| Weyerhaeuser Co. REIT | 597 | 18507 |
| White Mountains Insurance Group Ltd. | 164 | 231950 |
| Williams-Sonoma, Inc. | 291 | 33442 |
| Willis Towers Watson PLC | 855 | 209116 |
| WW Grainger, Inc. | 611 | 339869 |
| Xcel Energy, Inc. | 5324 | 373266 |
| Zoetis, Inc. | 928 | 135998 |
|  |  | 51324778 |
| **Total Common Stocks** <br> (Cost $64,791,128) |  | 76224078 |

---

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

Annual Report **45**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Corporate Bonds \| 25.0%** |  |  |  |
| **Australia \| 0.4%** |  |  |  |
| Telstra Corp. Ltd., <br> 4.000%, 04/19/27 | AUD | $1600 | $1041445 |
| **Canada \| 1.0%** |  |  |  |
| Canadian Imperial Bank of Commerce, <br> 0.950%, 10/23/25 | USD | 2950 | 2650940 |
| **Germany \| 0.7%** |  |  |  |
| Mercedes-Benz Group AG, <br> 0.750%, 09/10/30 | EUR | 2050 | 1793387 |
| **Japan \| 0.6%** |  |  |  |
| NTT Finance Corp., <br> 4.239%, 07/25/25 | USD | 800 | 785545 |
| &nbsp;&nbsp;&nbsp;1.162%, 04/03/26 | USD | 825 | 729593 |
|  |  |  | 1515138 |
| **Netherlands \| 1.0%** |  |  |  |
| ING Groep NV, <br> 1.125% (SONIA + 0.905%), 12/07/28 (§) | GBP | 2700 | 2611456 |
| **Switzerland \| 0.3%** |  |  |  |
| ABB Finance USA, Inc., <br> 4.375%, 05/08/42 | USD | 985 | 847590 |
| **United Kingdom \| 1.5%** |  |  |  |
| Ashtead Capital, Inc., <br> 4.250%, 11/01/29 | USD | 1955 | 1752332 |
| Tesco Corporate Treasury Services PLC, <br> 2.750%, 04/27/30 | GBP | 2160 | 2142912 |
|  |  |  | 3895244 |

---

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

**46** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **United States \| 19.5%** |  |  |  |
| Adobe, Inc., <br> 2.300%, 02/01/30 | USD | $995 | $848406 |
| Alphabet, Inc., <br> 1.100%, 08/15/30 | USD | 1200 | 939092 |
| Amazon.com, Inc., <br> 3.150%, 08/22/27 | USD | 1010 | 949066 |
| American Express Co., <br> 4.050%, 05/03/29 | USD | 2015 | 1918775 |
| Amgen, Inc., <br> 3.000%, 02/22/29 | USD | 955 | 845654 |
| Apple, Inc., <br> 1.125%, 05/11/25 | USD | 2035 | 1873525 |
| Ball Corp., <br> 4.875%, 03/15/26 | USD | 1285 | 1244690 |
| Bank of America Corp.: <br> 1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 995 | 979395 |
| &nbsp;&nbsp;&nbsp;1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 2785 | 1830304 |
| Citigroup, Inc., <br> 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 3145 | 2897916 |
| Clean Harbors, Inc., <br> 4.875%, 07/15/27 | USD | 1175 | 1113313 |
| Dell International LLC, <br> 5.300%, 10/01/29 | USD | 1867 | 1825930 |
| Goldman Sachs Group, Inc., <br> 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 2655 | 2022623 |
| Home Depot, Inc., <br> 5.875%, 12/16/36 | USD | 850 | 909003 |
| John Deere Financial, Inc., <br> 2.410%, 01/14/25 | CAD | 3620 | 2539855 |
| Johnson Controls International PLC, <br> 1.750%, 09/15/30 | USD | 2430 | 1941027 |
| JPMorgan Chase & Co., <br> 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 3145 | 2894078 |

---

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

Annual Report **47**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Kimberly-Clark Corp., <br> 3.200%, 04/25/29 | USD | $2203 | $2011301 |
| McDonald's Corp., <br> 3.125%, 03/04/25 | CAD | 2635 | 1878790 |
| Microsoft Corp., <br> 3.500%, 11/15/42 | USD | 1030 | 863040 |
| Morgan Stanley, <br> 3.625%, 01/20/27 | USD | 2950 | 2781894 |
| Mueller Water Products, Inc., <br> 4.000%, 06/15/29 (#) | USD | 1105 | 971019 |
| PepsiCo, Inc., <br> 2.875%, 10/15/49 | USD | 1210 | 864472 |
| Pfizer, Inc., <br> 2.625%, 04/01/30 | USD | 1045 | 917951 |
| Procter & Gamble Co., <br> 1.200%, 10/29/30 | USD | 575 | 451152 |
| Prologis LP REIT, <br> 1.250%, 10/15/30 | USD | 3830 | 2903399 |
| Schneider Electric SE, <br> 0.875%, 12/13/26 | EUR | 1800 | 1752375 |
| Service Corp. International, <br> 4.625%, 12/15/27 | USD | 1285 | 1200254 |
| Starbucks Corp., <br> 4.450%, 08/15/49 | USD | 910 | 773440 |
| Toyota Motor Credit Corp., <br> 2.150%, 02/13/30 | USD | 2165 | 1821491 |
| United Rentals North America, Inc., <br> 4.875%, 01/15/28 | USD | 1335 | 1265113 |
| Verizon Communications, Inc., <br> 3.875%, 02/08/29 | USD | 3029 | 2842005 |
| Visa, Inc., <br> 0.750%, 08/15/27 | USD | 985 | 838145 |
|  |  |  | 51708493 |
| **Total Corporate Bonds**<br> (Cost $74,386,309) |  |  | 66063693 |

---

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

**48** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Foreign Government Obligations \| 31.7%** |  |  |  |
| **Australia \| 1.7%** |  |  |  |
| New South Wales Treasury Corp., <br> 1.250%, 11/20/30 | AUD | $3200 | $1705356 |
| Queensland Treasury Corp., <br> 1.250%, 03/10/31 | AUD | 5225 | 2756759 |
|  |  |  | 4462115 |
| **Bahamas \| 0.6%** |  |  |  |
| Bahamas Government International Bonds, <br> 6.950%, 11/20/29 | USD | 2170 | 1629263 |
| **Bermuda \| 1.7%** |  |  |  |
| Bermuda Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.717%, 01/25/27 | USD | 2160 | 2068605 |
| &nbsp;&nbsp;&nbsp;2.375%, 08/20/30 (#) | USD | 2865 | 2406242 |
|  |  |  | 4474847 |
| **Canada \| 4.4%** |  |  |  |
| British Columbia, <br> 3.200%, 06/18/44 | CAD | 4410 | 2747782 |
| Export Development Canada, <br> 1.650%, 07/31/24 | CAD | 2550 | 1807355 |
| Quebec: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 04/20/26 | USD | 1505 | 1414574 |
| &nbsp;&nbsp;&nbsp;1.850%, 02/13/27 | CAD | 5610 | 3834770 |
| Vancouver, <br> 2.900%, 11/20/25 | CAD | 2470 | 1763843 |
|  |  |  | 11568324 |
| **Chile \| 2.3%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, 06/01/24 | CLP | 1665000 | 1918687 |
| &nbsp;&nbsp;&nbsp;2.300%, 10/01/28 | CLP | 2380000 | 2343497 |

---

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

Annual Report **49**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Chile Government International Bonds, <br> 0.830%, 07/02/31 | EUR | $2330 | $1942785 |
|  |  |  | 6204969 |
| **Colombia \| 0.2%** |  |  |  |
| Colombia Government International Bonds, <br> 9.850%, 06/28/27 | COP | 3499000 | 618554 |
| **Costa Rica \| 0.5%** |  |  |  |
| Costa Rica Government International Bonds, <br> 6.125%, 02/19/31 | USD | 1450 | 1403147 |
| **Czech Republic \| 1.1%** |  |  |  |
| Czech Republic Government Bonds, <br> 7.210%, 11/19/27 | CZK | 65150 | 2853694 |
| **Denmark \| 0.3%** |  |  |  |
| Denmark Government Bond, <br> 0.000%, 11/15/31 | DKK | 7980 | 907784 |
| **France \| 0.7%** |  |  |  |
| French Republic Government Bonds OAT, <br> 1.750%, 06/25/39 | EUR | 2110 | 1842068 |
| **Hungary \| 0.3%** |  |  |  |
| Hungary Government International Bonds, <br> 1.750%, 06/05/35 | EUR | 1001 | 702381 |
| **Ireland \| 0.7%** |  |  |  |
| Ireland Government Bonds, <br> 1.350%, 03/18/31 | EUR | 1910 | 1817960 |
| **Japan \| 1.7%** |  |  |  |
| Japan Bank for International Cooperation, <br> 1.625%, 01/20/27 | USD | 1760 | 1569868 |

---

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

**50** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Japan International Cooperation Agency, <br> 3.250%, 05/25/27 | USD | $3100 | $2937839 |
|  |  |  | 4507707 |
| **Mexico \| 1.7%** |  |  |  |
| Mexico Bonos: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 09/05/24 | MXN | 42600 | 2114391 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/03/27 | MXN | 42450 | 2051472 |
| Mexico Government International Bonds, <br> 6.750%, 02/06/24 | GBP | 165 | 201472 |
|  |  |  | 4367335 |
| **Morocco \| 0.7%** |  |  |  |
| Morocco Government International Bonds, <br> 1.500%, 11/27/31 | EUR | 2415 | 1900559 |
| **Netherlands \| 0.3%** |  |  |  |
| Nederlandse Waterschapsbank NV, <br> 0.500%, 12/02/25 (#) | USD | 840 | 749897 |
| **New Zealand \| 4.3%** |  |  |  |
| Housing New Zealand Ltd., <br> 3.420%, 10/18/28 | NZD | 3310 | 1918460 |
| New Zealand Local Government Funding Agency Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 04/15/24 | NZD | 8175 | 4980734 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/20/29 | NZD | 5715 | 2900311 |
| &nbsp;&nbsp;&nbsp;2.000%, 04/15/37 | NZD | 3795 | 1545577 |
|  |  |  | 11345082 |
| **Norway \| 0.8%** |  |  |  |
| Oslo: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 03/14/24 | NOK | 11000 | 1102425 |
| &nbsp;&nbsp;&nbsp;2.350%, 09/04/24 | NOK | 11000 | 1094734 |
|  |  |  | 2197159 |

---

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

Annual Report **51**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Panama \| 1.1%** |  |  |  |
| Panama Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, 09/30/27 | USD | $1655 | $1903043 |
| &nbsp;&nbsp;&nbsp;3.875%, 03/17/28 | USD | 1085 | 1023833 |
|  |  |  | 2926876 |
| **Peru \| 1.1%** |  |  |  |
| Peru Government Bonds, <br> 6.150%, 08/12/32 | PEN | 6695 | 1549921 |
| Peruvian Government International Bonds, <br> 3.000%, 01/15/34 | USD | 1570 | 1236179 |
|  |  |  | 2786100 |
| **Poland \| 1.2%** |  |  |  |
| Poland Government Bonds, <br> 7.560% (WIBOR 6 Month), 05/25/28 (§) | PLN | 14180 | 3059048 |
| **Portugal \| 0.7%** |  |  |  |
| Portugal Obrigacoes do Tesouro OT, <br> 1.650%, 07/16/32 | EUR | 2110 | 1921468 |
| **Singapore \| 0.7%** |  |  |  |
| Singapore Government Bonds, <br> 3.375%, 09/01/33 | SGD | 2575 | 1966720 |
| **Spain \| 0.7%** |  |  |  |
| Spain Government Bonds, <br> 1.000%, 07/30/42 | EUR | 2875 | 1877609 |
| **Switzerland \| 0.3%** |  |  |  |
| Swiss Confederation Government Bonds, <br> 0.500%, 06/27/32 | CHF | 940 | 920805 |
| **Thailand \| 1.2%** |  |  |  |
| Thailand Government Bonds, <br> 1.585%, 12/17/35 | THB | 124210 | 3055593 |

---

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

**52** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **United Kingdom \| 0.7%** |  |  |  |
| U.K. Gilts, <br> 0.875%, 07/31/33 | GBP | $1900 | $1714508 |
| **Total Foreign Government Obligations** <br> (Cost $94,703,406) |  |  | 83781572 |
| **Quasi Government Bonds \| 1.3%** |  |  |  |
| **Germany \| 1.3%** |  |  |  |
| Kreditanstalt fuer Wiederaufbau: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 09/15/28 | EUR | 1030 | 929031 |
| &nbsp;&nbsp;&nbsp;1.750%, 09/14/29 | USD | 2960 | 2551761 |
| &nbsp;&nbsp;&nbsp;(Cost $3,859,620) |  |  | 3480792 |
| **Supranational Bonds \| 5.1%** |  |  |  |
| Asian Development Bank, <br> 2.125%, 03/19/25 | USD | 1261 | 1194512 |
| European Investment Bank, <br> 1.000%, 01/28/28 | CAD | 3575 | 2306984 |
| Inter-American Development Bank, <br> 7.875%, 03/14/23 | IDR | 40710000 | 2625785 |
| Inter-American Investment Corp., <br> 1.100%, 06/30/26 | AUD | 1052 | 634269 |
| International Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.900%, 11/26/25 | AUD | 2098 | 1378652 |
| &nbsp;&nbsp;&nbsp;1.250%, 03/16/26 | NOK | 17910 | 1721580 |
| &nbsp;&nbsp;&nbsp;1.125%, 09/13/28 | USD | 1058 | 895700 |
| International Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 04/07/26 | USD | 1350 | 1260660 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/15/35 | AUD | 3131 | 1418367 |
| **Total Supranational Bonds** <br> (Cost $15,475,626) |  |  | 13436509 |

---

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

Annual Report **53**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **U.S. Municipal Bonds \| 0.8%** |  |  |  |
| **California \| 0.8%** |  |  |  |
| California: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 04/01/33 | USD | $900 | $865128 |
| &nbsp;&nbsp;&nbsp;7.550%, 04/01/39 | USD | 1000 | 1251632 |
| &nbsp;&nbsp;&nbsp;(Cost $2,545,181) |  |  | 2116760 |
| **U.S. Treasury Securities \| 2.7%** |  |  |  |
| U.S. Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 09/30/24 | USD | 890 | 885446 |
| &nbsp;&nbsp;&nbsp;1.750%, 08/15/41 | USD | 9095 | 6224035 |
| &nbsp;&nbsp;&nbsp;(Cost $8,659,237) |  |  | 7109481 |

---

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Exchange-Traded Funds \| 1.0%** |  |  |
| iShares MSCI World ETF <br> (Cost $2,079,496) | 24677 | $2695962 |
| **Short-Term Investments \| 1.9%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) <br> (Cost $5,021,908) | 5021908 | 5021908 |
| **Total Investments \| 98.3%** <br> (Cost $271,521,911) (») |  | $**259930755** |
| **Cash and Other Assets in Excess of Liabilities \| 1.7%** |  | **4402250** |
| **Net Assets \| 100.0%** |  | $**264333005** |

---

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

**54** Annual Report

------

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

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement <br> Date | Unrealized <br> Appreciation | Unrealized <br> Depreciation |
| AUD | 375453 | USD | 237200 | HSB | 02/08/23 | $18785 | $— |
| AUD | 385698 | USD | 260000 | HSB | 02/08/23 | 2970 |  |
| AUD | 56113 | USD | 37755 | HSB | 03/29/23 | 580 |  |
| AUD | 591974 | USD | 379900 | JPM | 02/08/23 | 23710 |  |
| AUD | 328142 | USD | 220806 | SSB | 03/29/23 | 3374 |  |
| CAD | 318910 | USD | 239014 | HSB | 02/08/23 |  | 3435 |
| CAD | 380940 | USD | 280000 | HSB | 02/08/23 | 1400 |  |
| CAD | 628088 | USD | 457500 | HSB | 02/08/23 | 6468 |  |
| CAD | 1908296 | USD | 1391306 | HSB | 02/08/23 | 18352 |  |
| CAD | 644142 | USD | 483100 | JPM | 02/08/23 |  | 7272 |
| CAD | 1371773 | USD | 1015712 | JPM | 02/08/23 |  | 2383 |
| CAD | 558614 | USD | 409433 | SSB | 03/29/23 | 3423 |  |
| CHF | 11410 | USD | 11797 | HSB | 02/08/23 | 590 |  |
| CHF | 84847 | USD | 84700 | HSB | 02/08/23 | 7406 |  |
| CHF | 383478 | USD | 416148 | HSB | 03/29/23 | 2393 |  |
| CHF | 836272 | USD | 864007 | JPM | 02/08/23 | 43809 |  |
| CNH | 6927396 | USD | 1000000 | HSB | 02/08/23 | 3616 |  |
| CNH | 10236508 | USD | 1406600 | HSB | 02/08/23 | 76428 |  |
| CNH | 13752167 | USD | 1934680 | HSB | 02/08/23 | 57685 |  |
| CNH | 71471696 | USD | 10033664 | HSB | 02/08/23 | 320898 |  |
| CNH | 5809516 | USD | 816300 | HSB | 02/28/23 | 26723 |  |
| CNH | 4596344 | USD | 645432 | JPM | 02/08/23 | 20470 |  |
| COP | 703998687 | USD | 133700 | HSB | 04/25/23 | 8423 |  |
| CZK | 2559406 | USD | 101600 | HSB | 01/11/23 | 11605 |  |
| CZK | 18064267 | USD | 758200 | JPM | 01/11/23 | 40803 |  |
| CZK | 38792320 | USD | 1558224 | JPM | 01/11/23 | 157605 |  |
| EUR | 6770741 | USD | 6811819 | CIT | 02/08/23 | 452745 |  |
| EUR | 1125203 | USD | 1204600 | HSB | 02/08/23 | 2670 |  |
| EUR | 1874902 | USD | 1885000 | HSB | 02/08/23 | 126648 |  |
| EUR | 2166483 | USD | 2290000 | HSB | 02/08/23 | 34495 |  |
| EUR | 2948874 | USD | 2898100 | HSB | 02/08/23 | 265850 |  |
| EUR | 6413229 | USD | 6453242 | HSB | 02/08/23 | 427736 |  |
| EUR | 1190022 | USD | 1271217 | HSB | 03/29/23 | 10053 |  |
| GBP | 59137 | USD | 68019 | HSB | 02/08/23 | 3541 |  |
| GBP | 590290 | USD | 660900 | HSB | 02/08/23 | 53381 |  |

---

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

Annual Report **55**

------

**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 |
| GBP | 474620 | USD | 566300 | JPM | 02/08/23 | $8015 | $— |
| GBP | 596831 | USD | 730000 | JPM | 02/08/23 |  | 7804 |
| GBP | 685914 | USD | 789100 | JPM | 02/08/23 | 40891 |  |
| HUF | 222897871 | USD | 580200 | HSB | 02/08/23 | 11426 |  |
| JPY | 212741986 | USD | 1570000 | CIT | 02/08/23 | 58251 |  |
| JPY | 786263395 | USD | 5407180 | CIT | 02/08/23 | 610599 |  |
| JPY | 22689128 | USD | 169300 | HSB | 02/08/23 | 4354 |  |
| JPY | 79542950 | USD | 566400 | HSB | 02/08/23 | 42393 |  |
| JPY | 2031254251 | USD | 13970904 | HSB | 02/08/23 | 1575589 |  |
| KRW | 314640000 | USD | 240000 | JPM | 04/18/23 | 9708 |  |
| KRW | 2192580342 | USD | 1537628 | JPM | 04/18/23 | 202470 |  |
| MXN | 2030962 | USD | 101600 | HSB | 02/08/23 | 1973 |  |
| NOK | 9459743 | USD | 933000 | HSB | 02/08/23 | 33935 |  |
| PEN | 419120 | USD | 104000 | CIT | 04/25/23 | 5313 |  |
| PLN | 579171 | USD | 118600 | HSB | 02/08/23 | 13216 |  |
| RON | 1374396 | USD | 271100 | HSB | 02/08/23 | 26055 |  |
| RON | 11958779 | USD | 2316327 | HSB | 02/08/23 | 269258 |  |
| SEK | 751810 | USD | 67700 | HSB | 02/08/23 | 4489 |  |
| SEK | 4646008 | USD | 418358 | HSB | 02/08/23 | 27755 |  |
| SEK | 1583825 | USD | 142640 | JPM | 02/08/23 | 9441 |  |
| SEK | 8852349 | USD | 833000 | JPM | 02/08/23 | 17010 |  |
| SGD | 1454424 | USD | 1064000 | JPM | 02/08/23 | 22525 |  |
| THB | 1106582 | USD | 29783 | HSB | 03/13/23 | 2378 |  |
| USD | 330573 | AUD | 486562 | HSB | 02/08/23 |  | 1167 |
| USD | 1972875 | AUD | 3035029 | HSB | 02/08/23 |  | 96418 |
| USD | 410778 | AUD | 633068 | JPM | 02/08/23 |  | 20850 |
| USD | 2432964 | AUD | 3744577 | JPM | 02/08/23 |  | 120101 |
| USD | 1701427 | AUD | 2617580 | MSC | 02/08/23 |  | 83248 |
| USD | 3160736 | CAD | 4272809 | CIT | 02/08/23 | 4411 |  |
| USD | 128731 | CAD | 174512 | HSB | 02/08/23 |  | 181 |
| USD | 128874 | CAD | 175871 | HSB | 02/08/23 |  | 1042 |
| USD | 982509 | CAD | 1329859 | HSB | 02/08/23 | 142 |  |
| USD | 6009060 | CAD | 8122044 | HSB | 02/08/23 | 9306 |  |
| USD | 517559 | CAD | 698645 | JPM | 02/08/23 | 1470 |  |
| USD | 1028841 | CAD | 1365521 | JPM | 02/08/23 | 20130 |  |

---

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

**56** Annual Report

------

**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 |
| USD | 1086602 | CAD | 1480552 | JPM | 02/08/23 | $— | $7082 |
| USD | 3215285 | CAD | 4345955 | JPM | 02/08/23 | 4927 |  |
| USD | 1071846 | CAD | 1448846 | MSC | 02/08/23 | 1583 |  |
| USD | 155514 | CAD | 212177 | SSB | 03/29/23 |  | 1300 |
| USD | 247851 | CAD | 338158 | SSB | 03/29/23 |  | 2072 |
| USD | 11653 | CHF | 11410 | HSB | 02/08/23 |  | 733 |
| USD | 66801 | CHF | 62078 | HSB | 02/08/23 |  | 588 |
| USD | 85841 | CHF | 84970 | HSB | 02/08/23 |  | 6398 |
| USD | 854560 | CHF | 836272 | JPM | 02/08/23 |  | 53255 |
| USD | 1650490 | CLP | 1560868250 | CIT | 03/15/23 |  | 173049 |
| USD | 643233 | CLP | 607919410 | HSB | 03/15/23 |  | 66990 |
| USD | 1122470 | CLP | 971497722 | HSB | 03/15/23 |  | 12516 |
| USD | 673772 | COP | 3421111051 | HSB | 04/25/23 |  | 16879 |
| USD | 167064 | CZK | 4157412 | HSB | 01/11/23 |  | 16823 |
| USD | 1831340 | CZK | 45574999 | HSB | 01/11/23 |  | 184495 |
| USD | 10625 | CZK | 264546 | JPM | 01/11/23 |  | 1077 |
| USD | 133936 | CZK | 3091562 | JPM | 01/11/23 |  | 2807 |
| USD | 374002 | CZK | 9160599 | JPM | 01/11/23 |  | 31182 |
| USD | 744100 | CZK | 18342645 | JPM | 01/11/23 |  | 67216 |
| USD | 923334 | CZK | 21083832 | JPM | 01/11/23 |  | 9228 |
| USD | 273421 | DKK | 1902977 | HSB | 03/29/23 |  | 2290 |
| USD | 1005127 | EUR | 948892 | CIT | 02/08/23 |  | 12972 |
| USD | 185636 | EUR | 179444 | HSB | 02/08/23 |  | 6896 |
| USD | 932494 | EUR | 876108 | HSB | 02/08/23 |  | 7513 |
| USD | 1248942 | EUR | 1258686 | HSB | 02/08/23 |  | 101546 |
| USD | 1622283 | EUR | 1608052 | JPM | 02/08/23 |  | 103052 |
| USD | 330831 | GBP | 269950 | CIT | 02/08/23 | 4177 |  |
| USD | 356301 | GBP | 315664 | HSB | 02/08/23 |  | 25669 |
| USD | 562777 | GBP | 489295 | HSB | 02/08/23 |  | 29295 |
| USD | 402427 | GBP | 329923 | HSB | 03/29/23 | 2736 |  |
| USD | 182877 | GBP | 159177 | JPM | 02/08/23 |  | 9736 |
| USD | 1350340 | IDR | 20942415252 | JPM | 01/20/23 | 5295 |  |
| USD | 1046882 | JPY | 141628973 | CIT | 03/29/23 |  | 44577 |
| USD | 1865956 | JPY | 252433934 | HSB | 03/29/23 |  | 79419 |
| USD | 1064965 | JPY | 144080128 | SSB | 03/29/23 |  | 45385 |

---

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

Annual Report **57**

------

**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 | 386698 | MXN | 7679666 | HSB | 02/08/23 | $— | $4943 |
| USD | 851537 | MXN | 17448335 | HSB | 02/08/23 |  | 38278 |
| USD | 291528 | MXN | 5797550 | JPM | 02/08/23 |  | 4131 |
| USD | 1675756 | MXN | 34342114 | JPM | 02/08/23 |  | 75594 |
| USD | 101722 | NOK | 1001404 | HSB | 02/08/23 |  | 638 |
| USD | 119246 | NOK | 1190608 | HSB | 02/08/23 |  | 2453 |
| USD | 1262102 | NOK | 13229162 | HSB | 02/08/23 |  | 90126 |
| USD | 2111340 | NOK | 22133604 | JPM | 02/08/23 |  | 151062 |
| USD | 449060 | NZD | 754392 | CIT | 02/08/23 |  | 30136 |
| USD | 763386 | NZD | 1291744 | HSB | 02/08/23 |  | 57139 |
| USD | 1214000 | NZD | 1905867 | HSB | 02/08/23 | 3380 |  |
| USD | 5488586 | NZD | 9220837 | HSB | 02/08/23 |  | 368557 |
| USD | 611632 | NZD | 956642 | JPM | 02/08/23 | 3966 |  |
| USD | 2121500 | NZD | 3563569 | JPM | 02/08/23 |  | 142105 |
| USD | 807267 | PEN | 3281703 | CIT | 04/25/23 |  | 48656 |
| USD | 699734 | PEN | 2843020 | HSB | 04/25/23 |  | 41773 |
| USD | 208126 | PLN | 932216 | HSB | 02/08/23 |  | 4041 |
| USD | 266414 | PLN | 1288062 | HSB | 02/08/23 |  | 26741 |
| USD | 1280233 | PLN | 6486319 | HSB | 02/08/23 |  | 196014 |
| USD | 139234 | SGD | 188267 | HSB | 02/08/23 |  | 1411 |
| USD | 173704 | SGD | 244570 | HSB | 02/08/23 |  | 9002 |
| USD | 268319 | SGD | 383197 | HSB | 02/08/23 |  | 17947 |
| USD | 902000 | SGD | 1221246 | JPM | 02/08/23 |  | 10329 |
| USD | 1105149 | SGD | 1577490 | JPM | 02/08/23 |  | 73311 |
| USD | 214869 | THB | 7367855 | HSB | 03/13/23 | 740 |  |
| USD | 246300 | THB | 9051525 | HSB | 03/13/23 |  | 16761 |
| USD | 722144 | THB | 25961076 | HSB | 03/13/23 |  | 32353 |
| USD | 949460 | THB | 35277461 | HSB | 03/13/23 |  | 75796 |
| 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 |  | $5293942 | $2985238 |

---

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

**58** Annual Report

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

December 31, 2022

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(‡)* | *Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 8 in the Notes to Financial Statements.* |
| *(#)* | *Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among "qualified institutional buyers." At December 31, 2022, these securities amounted to 1.6% of net assets of Lazard Retirement Global Dynamic Multi-Assets Portfolio.* |
| *(§)* | *Variable and floating rate securities are securities for which interest rate changes are based on changes in designated base rate. The rates shown are those in effect on December 31, 2022.* |
| *(»)* | *The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.* |

---

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CDOR | Canadian Dollar Offered Rate |
| GDR | Global Depositary Receipt |
| LIBOR | London Interbank Offer Rate |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| WIBOR | Warsaw Interbank Offered Rate |

---

---

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

---

---

| | |
|:---|:---|
| **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.*

Annual Report **59**

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry<sup>†</sup> | Lazard<br> Retirement<br> Emerging<br> Markets<br> Equity<br> Portfolio | Lazard<br> Retirement<br> International<br> Equity<br> Portfolio | Lazard<br> Retirement<br> Global<br> Dynamic<br> Multi-Asset<br> Portfolio |
| Common & Preferred Stocks and Corporate & Quasi Government Bonds |  |  |  |
| Aerospace & Defense | —% | 4.8% | 0.1% |
| Air Freight & Logistics |  |  | 0.1 |
| Airlines |  | 1.4 |  |
| Auto Components | 2.3 | 1.1 | 0.2 |
| Automobiles | 2.5 | 1.2 | 1.7 |
| Banks | 20.5 | 8 | 7.7 |
| Beverages |  | 6.5 | 0.9 |
| Biotechnology |  |  | 0.9 |
| Building Products |  | 1.3 | 0.8 |
| Capital Markets |  | 2.9 | 2.4 |
| Chemicals | 1.4 | 4.8 | 0.2 |
| Commercial Services & Suppliers |  |  | 1.7 |
| Communications Equipment |  |  | 0.2 |
| Construction & Engineering |  |  | 0.1 |
| Construction Materials | 2 |  |  |
| Consumer Finance |  |  | 0.7 |
| Containers & Packaging |  |  | 0.5 |
| Diversified Consumer Services |  |  | 0.7 |
| Diversified Telecommunication Services | 3.4 |  | 3.3 |
| Electric Utilities | 0.1 | 1.4 | 0.8 |
| Electrical Equipment |  | 2.5 | 0.9 |
| Electronic Equipment, Instruments & Components | 1 |  | 0.8 |
| Entertainment |  | 1.7 | 0.1 |
| Equity Real Estate Investment Trusts (REITs) |  |  | 1.8 |
| Food & Staples Retailing |  | 2 | 2 |
| Food Products | 1.6 |  | 1 |
| Gas Utilities | 0.9 | 1.1 | 0.5 |
| Health Care Equipment & Supplies |  | 4.6 | 0.5 |
| Health Care Providers & Services | 3 |  | 1.3 |
| Hotels, Restaurants & Leisure | 1.2 | 1.5 | 1.5 |
| Household Durables | 3.3 |  |  |
| Household Products | 1.3 |  | 1.7 |
| Independent Power & Renewable Electricity Producers | 0.8 |  | 0.2 |
| Industrial Conglomerates | 0.9 | 1 | 0.1 |
| Insurance | 5.9 | 4.4 | 1.3 |
| Interactive Media & Services |  | 0.8 | 0.8 |
| Internet & Direct Marketing Retail |  | 1.2 | 0.5 |
| IT Services |  | 0.9 | 1.6 |
| Leisure Products |  | 4.2 | 0.2 |

---

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

**60** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry<sup>†</sup> | Lazard<br> Retirement<br> Emerging<br> Markets<br> Equity<br> Portfolio | Lazard<br> Retirement<br> International<br> Equity<br> Portfolio | Lazard<br> Retirement<br> Global<br> Dynamic<br> Multi-Asset<br> Portfolio |
| Life Sciences Tools & Services | —% | 2.1% | 0.3% |
| Machinery | 1.3 | 1.6 | 1.7 |
| Marine |  | 0.8 |  |
| Media |  |  | 0.3 |
| Metals & Mining | 4 | 1.7 | 0.2 |
| Multiline Retail |  |  | 0.1 |
| Multi-Utilities |  | 2.9 | 0.5 |
| Oil, Gas & Consumable Fuels | 10 | 6.2 | 1 |
| Personal Products | 3.6 | 2.5 | 0.5 |
| Pharmaceuticals | 1 | 4.6 | 2.6 |
| Professional Services |  | 5.8 | 0.5 |
| Real Estate Management & Development | 2.4 | 1.9 | 0.3 |
| Road & Rail |  |  | 0.3 |
| Semiconductors & Semiconductor Equipment | 12 | 4.1 | 0.6 |
| Software |  |  | 1.5 |
| Specialty Retail | 0.8 | 1.4 | 1.3 |
| Technology Hardware, Storage & Peripherals | 7.1 |  | 2.2 |
| Textiles, Apparel & Luxury Goods |  | 2.2 | 0.2 |
| Tobacco | 1 |  | 0.5 |
| Trading Companies & Distributors |  | 1.2 | 0.6 |
| Transportation Infrastructure | 1.3 |  |  |
| Wireless Telecommunication Services | 2 |  | 0.1 |
| Subtotal | 98.6 | 98.3 | 55.1 |
| Exchange Traded Funds |  |  | 1 |
| Foreign Government Obligations |  |  | 31.7 |
| Supranational Bonds |  |  | 5.1 |
| U.S. Municipal Bonds |  |  | 0.8 |
| U.S. Treasury Securities |  |  | 2.7 |
| Short-Term Investments | 1.3 | 1.2 | 1.9 |
| Total Investments | 99.9% | 99.5% | 98.3% |

---

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

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

Annual Report **61**

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> Retirement<br> Emerging Markets<br> Equity Portfolio | Lazard<br> Retirement<br> International<br> Equity Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $301265499 | $110259592 |
| Cash | 51179 |  |
| Foreign currency, at fair value | 195349 | 125 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 581210 | 583020 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 345158 | 109913 |
| &nbsp;&nbsp;&nbsp;Investments sold | 15052 |  |
| Cash collateral due from broker on forward contracts |  |  |
| Gross unrealized appreciation on forward currency contracts |  |  |
| Total assets | 302453447 | 110952650 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 258761 | 82962 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 212040 |  |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 50934 | 24406 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 39843 | 29165 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 131 | 69 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 258375 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 61719 | 34448 |
| Gross unrealized depreciation on forward currency contracts |  |  |
| Other accrued expenses and payables | 24566 | 13437 |
| Total liabilities | 906369 | 184487 |
| Net assets | $301547078 | $110768163 |
| **NET ASSETS** |  |  |
| Paid in capital | $335088244 | $112552643 |
| Distributable earnings (Accumulated loss) | (33541166) | (1784480) |
| Net assets | $301547078 | $110768163 |
| **Service Shares** |  |  |
| Net assets | $219358518 | $110768163 |
| Shares of capital stock outstanding\* | 12241538 | 13930885 |
| **Net asset value, offering and redemption price per share** | $17.92 | $7.95 |
| **Investor Shares** |  |  |
| Net assets | $82188560 |  |
| Shares of capital stock outstanding\* | 4637037 |  |
| **Net asset value, offering and redemption price per share** | $17.72 |  |
| Cost of investments in securities | $307202143 | $110554964 |
| Cost of foreign currency | $195657 | $126 |

---

*\** *$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.*

**62** Annual Report

------

---

| | |
|:---|:---|
| Lazard<br> Retirement<br> US Small-Mid Cap<br> Equity Portfolio | Lazard<br> Retirement<br> Global Dynamic<br> Multi-Asset Portfolio |
| $38226169 | $259930755 |
|  | 1674 |
| 153 | 113229 |
| 35730 | 2089472 |
| 1095 | 6569 |
|  | 88534 |
|  | 260000 |
|  | 5293942 |
| 38263147 | 267784175 |
| 25770 | 189918 |
| 8232 | 58323 |
| 24615 | 35626 |
| 35 | 108 |
| 14069 | 154940 |
|  | 2985238 |
| 5362 | 27017 |
| 78083 | 3451170 |
| $38185064 | $264333005 |
| $37565527 | $262841163 |
| 619537 | 1491842 |
| $38185064 | $264333005 |
| $38185064 | $263766348 |
| 3112478 | 23065409 |
| $12.27 | $11.44 |
|  | $566657 |
|  | 49451 |
|  | $11.46 |
| $36408433 | $271521911 |
| $151 | $112311 |

---

Annual Report **63**

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

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2022 | Lazard<br> Retirement<br> Emerging Markets<br> Equity Portfolio | Lazard<br> Retirement<br> International<br> Equity Portfolio |
| **Investment Income (Loss)** |  |  |
| **Income** |  |  |
| Dividends^ | $20041882 | $3173231 |
| Interest |  |  |
| Total investment income\* | 20041882 | 3173231 |
| **Expenses** |  |  |
| Management fees (Note 3) | 3319035 | 873216 |
| Distribution fees (Service Shares) | 605284 | 291072 |
| Professional services | 194679 | 91159 |
| Custodian fees | 80562 | 47853 |
| Administration fees | 64265 | 35296 |
| Shareholders' services | 26821 | 15333 |
| Directors' fees and expenses | 26565 | 12593 |
| Shareholders' reports | 10914 | 13338 |
| Other | 16680 | 7995 |
| Total gross expenses | 4344805 | 1387855 |
| Management fees waived and expenses reimbursed |  | (101133) |
| Total net expenses | 4344805 | 1286722 |
| Net investment income (loss) | 15697077 | 1886509 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments\*\* | (13748513) | (2601481) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (191745) | (88558) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |
| Total net realized gain (loss) | (13940258) | (2690039) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>†</sup> | (59751060) | (19718336) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | (5048) | (37458) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |
| Total net change in unrealized appreciation (depreciation) | (59756108) | (19755794) |
| Net realized and unrealized gain (loss) | (73696366) | (22445833) |
| Net increase (decrease) in net assets resulting from operations | $(57999289) | $(20559324) |
| \*^ Net of foreign withholding taxes of | $1980559 | $9381 |
| \*\* Net of foreign capital gains taxes of | $74407 | $35410 |
| <sup>†</sup> Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of | $64921 | $24002 |

---

---

| | |
|:---|:---|
| ^ | *Dividend income for Lazard Retirement International Equity Portfolio includes $355,046 of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $364,427. Refer to Note 2(b) in the Notes to Financial Statements for further information.* |

---

 

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

**64** Annual Report

------

---

| | |
|:---|:---|
| Lazard<br> Retirement<br> US Small-Mid Cap<br> Equity Portfolio | Lazard<br> Retirement<br> Global Dynamic<br> Multi-Asset Portfolio |
| $460113 | $2845784 |
|  | 4602355 |
| 460113 | 7448139 |
| 320928 | 2293896 |
| 106976 | 715568 |
| 53342 | 146071 |
| 21869 | 145595 |
| 25056 | 58274 |
| 14517 | 22899 |
| 7804 | 23566 |
| 11106 | 4621 |
| 5325 | 16858 |
| 566923 | 3427348 |
| (74833) | (417375) |
| 492090 | 3009973 |
| (31977) | 4438166 |
| (850876) | 12353973 |
|  | (68811) |
|  | (6214242) |
| (850876) | 6070920 |
| (6987318) | (71613523) |
| 2 | 569 |
|  | 2132576 |
| (6987316) | (69480378) |
| (7838192) | (63409458) |
| $(7870169) | $(58971292) |
| $178 | $147273 |
| $— | $— |
| $— | $— |

---

Annual Report **65**

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

------

---

| | | |
|:---|:---|:---|
|  | Lazard Retirement<br> Emerging Markets Equity Portfolio | Lazard Retirement<br> Emerging Markets Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $15697077 | $13063662 |
| Net realized gain (loss) | (13940258) | 42198438 |
| Net change in unrealized appreciation (depreciation) | (59756108) | (27712742) |
| Net increase (decrease) in net assets resulting from operations | (57999289) | 27549358 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (7892752) | (6663744) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (3219877) | (2391204) |
| Net decrease in net assets resulting from distributions | (11112629) | (9054948) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 29402377 | 47673921 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 10300596 | 10393410 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 7892752 | 6663744 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 3219877 | 2391204 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (58701465) | (142804621) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (16608860) | (37682045) |
| Net increase (decrease) in net assets from capital stock transactions | (24494723) | (113364387) |
| Total increase (decrease) in net assets | (93606641) | (94869977) |
| Net assets at beginning of period | 395153719 | 490023696 |
| Net assets at end of period | $301547078 | $395153719 |
| **Shares issued and redeemed** |  |  |
| **Service Shares** |  |  |
| Shares outstanding at beginning of period | 13291351 | 17272471 |
| Shares sold | 1523619 | 2144597 |
| Shares issued to shareholders from reinvestment of distributions | 431534 | 306520 |
| Shares redeemed | (3004966) | (6432237) |
| Net increase (decrease) | (1049813) | (3981120) |
| Shares outstanding at end of period | 12241538 | 13291351 |
| **Investor Shares** |  |  |
| Shares outstanding at beginning of period | 4833215 | 5987048 |
| Shares sold | 510846 | 464939 |
| Shares issued to shareholders from reinvestment of distributions | 178189 | 111219 |
| Shares redeemed | (885213) | (1729991) |
| Net increase (decrease) | (196178) | (1153833) |
| Shares outstanding at end of period | 4637037 | 4833215 |

---

 

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

**66** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Retirement <br> International Equity Portfolio | Lazard Retirement <br> International Equity Portfolio | Lazard Retirement<br> US Small-Mid Cap Equity Portfolio | Lazard Retirement<br> US Small-Mid Cap Equity Portfolio |
| Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| $1886509 | $3893164 | $(31977) | $(89420) |
| (2690039) | 12903487 | (850876) | 11387184 |
| (19755794) | (8828818) | (6987316) | (1693472) |
| (20559324) | 7967833 | (7870169) | 9604292 |
| (17065769) | (3045787) | (11137660) | (83939) |
| (17065769) | (3045787) | (11137660) | (83939) |
| 8973572 | 20051064 | 3852251 | 5692653 |
| 17065769 | 3045787 | 11137660 | 83939 |
| (17254628) | (33985889) | (9418550) | (14966206) |
| 8784713 | (10889038) | 5571361 | (9189614) |
| (28840380) | (5966992) | (13436468) | 330739 |
| 139608543 | 145575535 | 51621532 | 51290793 |
| $110768163 | $139608543 | $38185064 | $51621532 |
| 12692339 | 13703186 | 2651650 | 3153046 |
| 1014860 | 1798881 | 227429 | 304839 |
| 2127901 | 276387 | 833657 | 4617 |
| (1904215) | (3086115) | (600258) | (810852) |
| 1238546 | (1010847) | 460828 | (501396) |
| 13930885 | 12692339 | 3112478 | 2651650 |

---

Annual Report **67**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Retirement<br> Global Dynamic Multi-Asset Portfolio | Lazard Retirement<br> Global Dynamic Multi-Asset Portfolio |
| | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $4438166 | $2853297 |
| Net realized gain (loss) | 6070920 | 23506170 |
| Net change in unrealized appreciation (depreciation) | (69480378) | 12770165 |
| Net increase (decrease) in net assets resulting from operations | (58971292) | 39129632 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (16795360) | (9725319) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (31129) | (11252) |
| Net decrease in net assets resulting from distributions | (16826489) | (9736571) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 20016778 | 13754558 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 176174 | 413218 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | 16795360 | 9725319 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 31129 | 11252 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Service Shares | (41140696) | (63932621) |
| &nbsp;&nbsp;&nbsp;Investor Shares | (55358) | (112123) |
| Net increase (decrease) in net assets from capital stock transactions | (4176613) | (40140397) |
| Total increase (decrease) in net assets | (79974394) | (10747336) |
| Net assets at beginning of period | 344307399 | 355054735 |
| Net assets at end of period | $264333005 | $344307399 |
| **Shares issued and redeemed** |  |  |
| **Service Shares** |  |  |
| Shares outstanding at beginning of period | 23354843 | 26229857 |
| Shares sold | 1632258 | 976231 |
| Shares issued to shareholders from reinvestment of distributions | 1419726 | 687302 |
| Shares redeemed | (3341418) | (4538547) |
| Net increase (decrease) | (289434) | (2875014) |
| Shares outstanding at end of period | 23065409 | 23354843 |
| **Investor Shares** |  |  |
| Shares outstanding at beginning of period | 36797 | 14719 |
| Shares sold | 14577 | 29191 |
| Shares issued to shareholders from reinvestment of distributions | 2627 | 794 |
| Shares redeemed | (4550) | (7907) |
| Net increase (decrease) | 12654 | 22078 |
| Shares outstanding at end of period | 49451 | 36797 |

---

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

**68** Annual Report

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

------

LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $21.86 | $21.12 | $22.00 | $18.80 | $23.59 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.89 | 0.61 | 0.36 | 0.43 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.18) | 0.55 | (0.75) | 2.95 | (4.80) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.29) | 1.16 | (0.39) | 3.38 | (4.38) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) | (0.42) | (0.49) | (0.18) | (0.41) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.65) | (0.42) | (0.49) | (0.18) | (0.41) |
| Net asset value, end of period | $17.92 | $21.86 | $21.12 | $22.00 | $18.80 |
| **Total Return** (b) | –15.12% | 5.52% | –1.32% | 18.14% | –18.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $219359 | $290586 | $364846 | $410188 | $403949 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.38% | 1.38% | 1.43% | 1.42% | 1.36% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.38% | 1.38% | 1.43% | 1.43% | 1.36% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.65% | 2.72% | 1.95% | 2.10% | 1.89% |
| Portfolio turnover rate | 25% | 35% | 27% | 19% | 16% |

---

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

 

Annual Report **69**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Investor Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $21.64 | $20.91 | $21.78 | $18.58 | $23.31 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.94 | 0.66 | 0.41 | 0.47 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.16) | 0.55 | (0.75) | 2.91 | (4.72) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.22) | 1.21 | (0.34) | 3.38 | (4.27) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (0.48) | (0.53) | (0.18) | (0.46) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.70) | (0.48) | (0.53) | (0.18) | (0.46) |
| Net asset value, end of period | $17.72 | $21.64 | $20.91 | $21.78 | $18.58 |
| **Total Return** (b) | –14.96% | 5.80% | –1.03% | 18.36% | –18.32% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $82189 | $104568 | $125178 | $174389 | $165177 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.13% | 1.14% | 1.18% | 1.18% | 1.11% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.13% | 1.14% | 1.18% | 1.18% | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.94% | 2.97% | 2.28% | 2.37% | 2.09% |
| Portfolio turnover rate | 25% | 35% | 27% | 19% | 16% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance.* 

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

 

**70** Annual Report

------

LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.00 | $10.62 | $10.37 | $8.60 | $10.83 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.31 | 0.11 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.80 | 0.31 | 0.68 | 1.60 | (1.70 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.64 | 0.62 | 0.79 | 1.80 | (1.52 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.11) | (0.22) | (0.03) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.06 | (0.13 | (0.32) |  | (0.54 |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.41 | (0.24 | (0.54) | (0.03) | (0.71 |
| Net asset value, end of period | $7.95 | $11.00 | $10.62 | $10.37 | $8.60 |
| **Total Return** (a) | –15.01 | 5.83 | 8.24% | 21.00% | –13.91 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $110768 | $139609 | $145576 | $152725 | $169698 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.11 | 1.10 | 1.17% | 1.12% | 1.12 |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.19 | 1.18 | 1.27% | 1.20% | 1.14 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.62 | 2.73 | 0.88% | 1.87% | 1.62 |
| Portfolio turnover rate | 31 | 37 | 33% | 32% | 33 |

---

*\** *Includes $0.03 of refunds received as a result of European Union dividend withholding tax reclaims filings. There was a 0.32% and 0.29% impact on the total return of the Portfolio for the year ended December 31, 2022 and the year ended December 31, 2021, respectively. There was a 0.30% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2022 and the year ended December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

*\*\** *The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and was recorded in the period received. There was a 0.10% impact on the total return of the Portfolio.*

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

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

 

Annual Report **71**

------

LAZARD RETIREMENT US SMALL-MID CAP EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20\* | 12/31/19\* | 12/31/18 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.47 | $16.27 | $16.46 | $12.92 | $16.66 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.01) | (0.03) | 0.03 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.64) | 3.26 | 0.87 | 3.80 | (2.08) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.65) | 3.23 | 0.90 | 3.84 | (2.06) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.01) | (0.03) |  | — (a) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (4.55) | (0.02) | (1.06) | (0.30) | (1.68) |
| &nbsp;&nbsp;&nbsp;Total distributions | (4.55) | (0.03) | (1.09) | (0.30) | (1.68) |
| Net asset value, end of period | $12.27 | $19.47 | $16.27 | $16.46 | $12.92 |
| **Total Return** (b) | –15.52% | 19.87% | 6.76% | 29.93% | –13.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $38185 | $51622 | $51291 | $59460 | $51793 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.32% | 1.29% | 1.33% | 1.27% | 1.23% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.07% | –0.17% | 0.15% | 0.27% | 0.14% |
| Portfolio turnover rate | 34% | 61% | 71% | 60% | 81% |

---

*\** *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.*

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

**72** Annual Report

------

LAZARD RETIREMENT GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Service Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $14.72 | $13.53 | $13.65 | $11.61 | $13.49 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.19 | 0.12 | 0.10 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.72) | 1.48 | — (b) | 1.91 | (1.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.53) | 1.60 | 0.10 | 2.07 | (0.90) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.41) | (0.08) | (0.01) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.74) |  | (0.14) | (0.02) | (0.80) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.41) | (0.22) | (0.03) | (0.98) |
| Net asset value, end of period | $11.44 | $14.72 | $13.53 | $13.65 | $11.61 |
| **Total Return** (c) | –17.38% | 11.94% | 0.81% | 17.79% | –6.57% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $263766 | $343765 | $354856 | $400694 | $386902 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.19% | 1.20% | 1.22% | 1.20% | 1.17% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.55% | 0.82% | 0.75% | 1.23% | 1.22% |
| Portfolio turnover rate | 87% | 75% | 177% | 115% | 110% |

---

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

 

Annual Report **73**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Period Ended | Period Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18\* |
| **Investor Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $14.75 | $13.53 | $13.65 | $11.61 | $11.61 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.21 | 0.14 | 0.12 | 0.14 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.73) | 1.49 | — (b) | 1.93 | — (b) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.52) | 1.63 | 0.12 | 2.07 | — (b) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.41) | (0.10) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.74) |  | (0.14) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.77) | (0.41) | (0.24) | (0.03) |  |
| Net asset value, end of period | $11.46 | $14.75 | $13.53 | $13.65 | $11.61 |
| **Total Return** (c) | –17.28% | 12.16% | 0.96% | 17.79% | 0.00% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $567 | $543 | $199 | $32 | $1 |
| Ratios to average net assets : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.00% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.88% | 2.21% | 4.14% | 84.50% | 0.00% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.73% | 0.95% | 0.93% | 1.05% | 0.00% |
| Portfolio turnover rate | 87% | 75% | 177% | 115% | N/A |

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*\** *The inception date for the Investor Shares was December 31, 2018.*

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

*(b)* *Amount is less than $0.01 per share.*

*(c)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance.*

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

 

**74** Annual Report

**Lazard Retirement Series, Inc.** Notes to Financial Statements <br> December 31, 2022

**1. Organization**

Lazard Retirement Series, Inc. was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund, comprised of twenty-three no-load portfolios (each referred to as a "Portfolio"), is currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis. Currently only the following four Portfolios, each of which is "diversified", as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio ("Emerging Markets Equity Portfolio"), Lazard Retirement International Equity Portfolio ("International Equity Portfolio"), Lazard Retirement US Small-Mid Cap Equity Portfolio ("US Small-Mid Cap Equity Portfolio"), and Lazard Retirement Global Dynamic Multi-Asset Portfolio ("Global Dynamic Multi-Asset Portfolio"). Each of the other nineteen Portfolios had not commenced operations as of December 31, 2022. 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 December 31, 2022, 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

Annual Report **75**

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

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

Calculation of a Portfolio's NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (*i.e.*, a day on which the New York Stock Exchange (the "NYSE") is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio's NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value in

**76** Annual Report

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accordance with procedures approved by the Board of Directors (the "Board"). The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Certain non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio's assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

The Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds' Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

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

Annual Report **77**

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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.

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

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

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

**78** Annual Report

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

During the year ended December 31, 2022, the Global Dynamic Multi-Asset Portfolio traded in forward currency contracts.

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

At December 31, 2022, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

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| | | |
|:---|:---|:---|
| Portfolio | Short-Term | Long-Term |
| Emerging Markets Equity | $13114157 | $27457138 |
| International Equity | 2267766 | 361187 |
| US Small-Mid Cap Equity | 751671 |  |

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Annual Report **79**

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Under current tax law, post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2022, the Portfolios had no such losses to defer.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $309336401 | $39330293 | $47401195 | $(8070902) |
| International Equity | 110878579 | 11923879 | 12542866 | (618987) |
| US Small-Mid Cap Equity | 36854963 | 4908641 | 3537435 | 1371206 |
| Global Dynamic Multi-Asset | 272703235 | 14480781 | 27253261 | (12772480) |

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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.

**80** Annual Report

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Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, certain expenses, currency straddles, wash sales, forward contracts being marked to market, net operating losses, passive foreign investment companies, distribution redesignations, 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 as follows:

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| | | |
|:---|:---|:---|
| Portfolio | Paid in Capital | Distributable Earnings<br> (Accumulated Loss) |
| International Equity | $(2592) | $2592 |
| US Small-Mid Cap Equity | (57648) | 57648 |
| Global Dynamic Multi Asset | (1546297) | 1546297 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term Capital Gain | Long-Term Capital Gain |
| Portfolio | 2022 | 2021 | 2022 | 2021 |
| Emerging Markets Equity | $11112629 | $9054948 | $— | $— |
| International Equity | 5306293 | 1333743 | 11759476 | 1712044 |
| US Small-Mid Cap Equity | 3201468 | 27326 | 7936192 | 56613 |
| Global Dynamic Multi Asset | 2999588 | 9736571 | 13826901 |  |

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At December 31, 2022, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

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| | | | |
|:---|:---|:---|:---|
| Portfolio | Undistributed<br> Ordinary Income<br> (Deferred<br> Ordinary Losses) | Undistributed<br> Long-Term<br> Capital Gain<br> (Deferred Capital Losses) | Net Unrealized<br> Appreciation<br> (Depreciation)<br> Including<br> Foreign Currency |
| Emerging Markets Equity | $15319031 | $(40571295) | $(8288902) |
| International Equity | 1476931 | (2628953) | (632458) |
| US Small-Mid Cap Equity |  | (751671) | 1371208 |
| Global Dynamic Multi Asset |  | 14298191 | (12806349) |

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Annual Report **81**

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

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

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

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

The Fund, on behalf of the Portfolios, has entered into a management agreement (the "Management Agreement") with the Investment

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

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| | |
|:---|:---|
| Portfolio | Annual Rate |
| Emerging Markets Equity | 1.00% |
| International Equity | 0.75 |
| US Small-Mid Cap Equity | 0.75 |
| Global Dynamic Multi-Asset | 0.80 |

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The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until April 29, 2023 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio's average daily net assets set forth opposite the Portfolio's name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

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| | | |
|:---|:---|:---|
| Portfolio | Service Shares | Investor Shares |
| Emerging Markets Equity | 1.45% | 1.20% |
| International Equity | 1.10 | N/A |
| US Small-Mid Cap Equity | 1.15 | N/A |
| Global Dynamic Multi-Asset (a) | 1.05 | 0.90 |

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*(a) This agreement will continue in effect until April 30, 2031 for Investor Shares.*

Annual Report **83**

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During the year ended December 31, 2022, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Service Shares | Service Shares | Investor Shares | Investor Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed |
| International Equity | $101133 | $— | $— | $— |
| US Small-Mid Cap Equity | 74833 |  |  |  |
| Global Dynamic Multi-Asset | 412358 |  | 4077 | 940 |

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

State Street serves as the Fund's custodian and provides the Fund with certain administrative services.

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

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

SS&C GIDS is the Fund's transfer agent and dividend disbursing agent.

**84** Annual Report

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**4. Directors' Compensation**

Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act) of the Fund) also may be paid additional fees for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors' fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statement of Operations of each Portfolio shows the Independent Directors' compensation and expenses paid by each Portfolio.

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

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Emerging Markets Equity | $81425508 | $93139588 |
| International Equity | 35888722 | 40050230 |
| US Small-Mid Cap Equity | 14302456 | 20522224 |
| Global Dynamic Multi-Asset | 238343108 | 271251569 |

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Annual Report **85**

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| | | |
|:---|:---|:---|
|  | US Treasury Securities | US Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Global Dynamic Multi-Asset | $7515765 | $— |

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For the year ended December 31, 2022, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

**6. Investment Risks**

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

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

**86** Annual Report

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2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

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

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

Annual Report **87**

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*(d) Foreign Currency Risk*—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio's investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.

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

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

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

**88** Annual Report

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rities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

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

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

*(f) Derivatives and Hedging Risk*—Derivatives and other similar transactions, including those entered into for hedging purposes (*i.e.*, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities, indexes, currencies and 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 underly-

Annual Report **89**

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ing or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager's ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.

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

**90** Annual Report

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ing 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, and a Portfolio would be expected to be affected by developments in that sector.

*(j) Cybersecurity Risk*—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. 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.

Annual Report **91**

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*(k) Geopolitical Risk*—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios' investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

**7. Contractual Obligations**

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

**8. Fair Value Measurements**

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's

**92** Annual Report

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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.

Annual Report **93**

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The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable <br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> December 31, 2022 |
| **Emerging Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $11144249 | $22257136 | $— | $33401385 |
| &nbsp;&nbsp;&nbsp;China |  | 77169202 |  | 77169202 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 227643 |  | 227643 |
| &nbsp;&nbsp;&nbsp;Egypt | 132510 | 2960939 |  | 3093449 |
| &nbsp;&nbsp;&nbsp;Greece |  | 3520883 |  | 3520883 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 3275801 |  | 3275801 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 7263476 |  | 7263476 |
| &nbsp;&nbsp;&nbsp;India |  | 20167617 |  | 20167617 |
| &nbsp;&nbsp;&nbsp;Indonesia | 3218915 | 9467204 |  | 12686119 |
| &nbsp;&nbsp;&nbsp;Mexico | 15267978 |  |  | 15267978 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 8573867 |  | 8573867 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 23011035 |  | 23011035 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 42155427 |  | 42155427 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 35095212 |  | 35095212 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 7202862 |  | 7202862 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 5088193 |  | 5088193 |
| Short-Term Investments | 4065348 |  |  | 4065348 |
| Total | $33829000 | $267436497 | $2 | $301265499 |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
|  | Common Stocks |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales | (123432) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;Transfers in | 11908009 |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (10281969) |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) | $(1502606) |
| **Ending Balance** | $2 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $(10281969) |

---

**94** Annual Report

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable <br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> December 31, 2022 |
| **International Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $3912109 | $— | $— | $3912109 |
| &nbsp;&nbsp;&nbsp;China | 928924 | 5082384 |  | 6011308 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 3553957 |  | 3553957 |
| &nbsp;&nbsp;&nbsp;Finland |  | 1805557 |  | 1805557 |
| &nbsp;&nbsp;&nbsp;France |  | 11371679 |  | 11371679 |
| &nbsp;&nbsp;&nbsp;Germany |  | 11384754 |  | 11384754 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1627367 |  | 1627367 |
| &nbsp;&nbsp;&nbsp;Ireland | 1508283 |  |  | 1508283 |
| &nbsp;&nbsp;&nbsp;Israel |  | 1831897 |  | 1831897 |
| &nbsp;&nbsp;&nbsp;Italy |  | 1536840 |  | 1536840 |
| &nbsp;&nbsp;&nbsp;Japan |  | 18246210 |  | 18246210 |
| &nbsp;&nbsp;&nbsp;Mexico | 1757275 |  |  | 1757275 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 6795490 |  | 6795490 |
| &nbsp;&nbsp;&nbsp;Norway |  | 707612 |  | 707612 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 1778479 |  | 1778479 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 1854681 |  | 1854681 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 1929155 |  | 1929155 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 1547828 |  | 1547828 |
| &nbsp;&nbsp;&nbsp;Spain |  | 1535512 |  | 1535512 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1225589 |  | 1225589 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 1878331 |  | 1878331 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 14601771 |  | 14601771 |
| &nbsp;&nbsp;&nbsp;United States | 6409538 | 4077840 |  | 10487378 |
| Short-Term Investments | 1370530 |  |  | 1370530 |
| Total | $15886659 | $94372933 | $— | $110259592 |
| **US Small-Mid Cap Equity Portfolio** |  |  |  |  |
| Common Stocks\* | $36892495 | $— | $— | $36892495 |
| Short-Term Investments | 1333674 |  |  | 1333674 |
| Total | $38226169 | $— | $— | $38226169 |

---

Annual Report **95**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical <br> Assets <br> and Liabilities <br> (Level 1) | Significant <br> Other <br> Observable <br> Inputs <br> (Level 2) | Significant <br> Unobservable <br> Inputs <br> (Level 3) | Balance as of <br> December 31, 2022 |
| **Global Dynamic Multi Asset Portfolio** | **Global Dynamic Multi Asset Portfolio** |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $723088 | $— | $723088 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 122900 |  | 122900 |
| &nbsp;&nbsp;&nbsp;Canada | 2659204 | 70769 |  | 2729973 |
| &nbsp;&nbsp;&nbsp;China | 134325 | 44147 |  | 178472 |
| &nbsp;&nbsp;&nbsp;Denmark | 126442 | 775651 |  | 902093 |
| &nbsp;&nbsp;&nbsp;Finland |  | 40368 |  | 40368 |
| &nbsp;&nbsp;&nbsp;France | 535851 | 1480447 |  | 2016298 |
| &nbsp;&nbsp;&nbsp;Germany | 188709 | 706012 |  | 894721 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 121560 | 341484 |  | 463044 |
| &nbsp;&nbsp;&nbsp;Ireland | 53888 |  |  | 53888 |
| &nbsp;&nbsp;&nbsp;Israel | 29348 | 139569 |  | 168917 |
| &nbsp;&nbsp;&nbsp;Italy |  | 196739 |  | 196739 |
| &nbsp;&nbsp;&nbsp;Japan | 292027 | 8346655 |  | 8638682 |
| &nbsp;&nbsp;&nbsp;Monaco | 39682 |  |  | 39682 |
| &nbsp;&nbsp;&nbsp;Netherlands | 201958 | 1926979 |  | 2128937 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 254190 |  | 254190 |
| &nbsp;&nbsp;&nbsp;Norway |  | 205297 |  | 205297 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 18493 |  |  | 18493 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 610353 |  | 610353 |
| &nbsp;&nbsp;&nbsp;Spain | 84224 | 314262 |  | 398486 |
| &nbsp;&nbsp;&nbsp;Sweden | 407734 | 109848 |  | 517582 |
| &nbsp;&nbsp;&nbsp;Switzerland | 298247 | 315765 |  | 614012 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 791360 | 2191725 |  | 2983085 |
| &nbsp;&nbsp;&nbsp;United States | 49830127 | 1494651 |  | 51324778 |
| Corporate Bonds\* |  | 66063693 |  | 66063693 |
| Foreign Government Obligations\* |  | 83781572 |  | 83781572 |
| Quasi Government Bonds\* |  | 3480792 |  | 3480792 |
| Supranational Bonds |  | 13436509 |  | 13436509 |
| U.S. Municipal Bonds |  | 2116760 |  | 2116760 |
| U.S. Treasury Securities |  | 7109481 |  | 7109481 |
| Exchange-Traded Funds | 2695962 |  |  | 2695962 |
| Short-Term Investments | 5021908 |  |  | 5021908 |
| Other Financial Instruments† |  |  |  |  |
| Forward Currency Contracts |  | 5293942 |  | 5293942 |
| Total | $63531049 | $201693648 | $— | $265224697 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(2985238) | $— | $(2985238) |
| Total | $— | $(2985238) | $— | $(2985238) |

---

---

| | |
|:---|:---|
| *\** | *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).* |

---

**96** Annual Report

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

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

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

**9. Derivative Instruments**

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

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

During the year ended December 31, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Forward currency contracts: |  |
| Average amounts purchased | $75000000 |
| Average amounts sold | $65300000 |

---

Annual Report **97**

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The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets—Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $5293942 |
| &nbsp;&nbsp;Liabilities—Derivative Financial Instruments |  |  |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $2985238 |

---

The effect of derivative instruments on the Statement of Operations for the period ended December 31, 2022 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $(6214242) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $2132576 |

---

None of the other Portfolios traded in derivative instruments during the year ended December 31, 2022.

As of December 31, 2022, the Global Dynamic Multi-Asset Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| &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 | $5293942 | $— | $5293942 |

---

**98** Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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<sup>(a)</sup> | Net Amounts of<br> Derivative Assets |
| Citibank N.A. | $1135496 | $(309390) | $— | $826106 |
| HSBC Bank USA N.A. | 3517821 | (1644266) |  | 1873555 |
| JPMorgan Chase Bank N.A. | 632245 | (632245) |  |  |
| Morgan Stanley & Co. | 1583 | (1583) |  |  |
| State Street Bank and Trust Co. | 6797 | (6797) |  |  |
| Total | $5293942 | $(2594281) | $— | $2699661 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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> Liabilities Presented <br> in the Statement of<br> Assets and Liabilities |
| Forward Currency Contracts | $2985238 | $— | $2985238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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<sup>(a)</sup> | Net Amounts of<br> Derivative Liabilities |
| Citibank N.A. | $309390 | $(309390) | $— | $— |
| HSBC Bank USA N.A. | 1644266 | (1644266) |  |  |
| JPMorgan Chase Bank N.A. | 899577 | (632245) | (260000) | 7332 |
| Morgan Stanley & Co. | 83248 | (1583) |  | 81665 |
| State Street Bank and Trust Co. | 48757 | (6797) |  | 41960 |
| Total | $2985238 | $(2594281) | $(260000) | $130957 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.* 

**10. Accounting Pronouncements**

On March 12, 2020, the Financial Accounting Standards Board ("FASB") concluded its reference rate reform project with the issuance of Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU No. 2020-04"). ASU No.

Annual Report **99**

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2020-04 provides elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank offered reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that had occurred since March 12, 2020 and that would continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. FASB issued Accounting Standards Update No. 2022-06, "Deferral of the Sunset Date of Topic 848" ("ASU 2022-06") to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

**11. Subsequent Events**

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

**100** Annual Report

**Lazard Retirement Series, Inc.**

Report of Independent Registered Public Accounting Firm

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

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

We have audited the accompanying statements of assets and liabilities of Lazard Retirement Series, Inc. (the "Fund") comprising Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement International Equity Portfolio, Lazard Retirement US Small-Mid Cap Equity Portfolio and Lazard Retirement Global Dynamic Multi-Asset Portfolio, (collectively the "Portfolios"), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios listed above as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

Annual Report **101**

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York<br> February 13, 2023

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

**102** Annual Report

**Lazard Retirement Series, Inc.**

Board of Directors and Officers Information (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth)<br> Address<sup>(1)</sup> | Position(s) with the Fund<br> (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other<br> Public Company Directorships Held<br> During the Past Five Years<sup>(2)</sup> |
| **Independent Directors:** |  |  |
| Franci J. Blassberg (1953) | Director<br>(August 2014)<br>| Debevoise & Plimpton LLP, a law firm, *Of Counsel* (2013 – present)<br> Cornell Law School, *Adjunct Professor* (2013 – present)<br> The Buchmann Faculty of Law, Tel Aviv University, *Visiting Professor* (2019) |
| Kenneth S. Davidson (1945) | Director<br> (April 1997) | Davidson Capital Management Corporation, an investment manager, *President* (1978 – present) |
| Nancy A. Eckl (1962) | Director<br>(May 2007)<br>| College Retirement Equities Fund (eight accounts), *Trustee* (2007 – present)<br> TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), *Trustee* (2007 – present)<br> TIAA Separate Account VA-1, *Member of the Management Committee* (2007 – present) |
| Trevor W. Morrison (1971) | Director<br> (April 2014) | New York University School of Law, *Eric M. and Laurie B. Roth Professor of Law*<br> (2013 – present, previously Dean from 2013 – 2022) |
| Richard Reiss, Jr. (1944) | Director<br> (April 1997) | Georgica Advisors LLC, an investment manager, *Chairman* (1997 – present)<br> Osprey Technology Acquisition Corp, a special purpose acquisition company, *Director* (2019 – present)<br> Resource America, Inc., a real estate asset management company, *Director* (2016 – 2018) |
| Robert M. Solmson (1947) | Director<br> (September 2004) | Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, *Co-Managing Partner* and *Managing Director* (2008 – present) |

---

Annual Report **103**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth)<br> Address<sup>(1)</sup> | Position(s) with the Fund<br> (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other<br> Public Company Directorships Held<br> During the Past Five Years<sup>(2)</sup> |
| **Interested Directors<sup>(3)</sup>:** |  |  |
| Nathan A. Paul (1973) | Director<br> (October 2017),<br> Chief Executive Officer and President<br> (February 2017) | Investment Manager, *Chief Business Officer* (April 2017 – present) and *Managing Director* (2003 – present) |
| Evan L. Russo (1974) | Director<br> (July 2022) | Investment Manager, *Chief Executive Officer* (June 2022 – present)<br> Lazard Ltd, *Chief Financial Officer* (October 2017-October 2022) and *Managing Director* (2009 – present) |

---

---

| | |
|:---|:---|
| *<sup>(1)</sup>* | *The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.* |
| |  |
| *<sup>(2)</sup>* | *Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.* |
| |  |
| *<sup>(3)</sup>* | *Messrs. Paul and Russo are "interested persons" (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager ("Interested Directors").* |

---

 

*The Fund's Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.*

**104** Annual Report

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth)<br> Address<sup>(1)</sup> | Position(s) with the Fund<br> (Since) and Term<sup>(2)</sup> | Principal Occupation(s)<br> During the Past Five<br> Years |
| **Officers<sup>(3)</sup>:** |  |  |
| Mark R. Anderson (1970) | Vice President<br> and Secretary<br> (February 2017) | Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014 – April 2022) |
| Nargis Hilal (1984) | Chief Compliance<br> Officer (July 2020) | Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christopher Snively (1984) | Chief Financial<br> Officer (March 2016) | Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christina Kennedy (1990) | Treasurer<br> (April 2022) | Vice President of the Investment Manager (since July 2019)<br> Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019) |
| Shari L. Soloway (1981) | Assistant Secretary<br> (November 2015) | Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President) |
| Jessica A. Falzone (1989) | Assistant Secretary<br> (January 2019) | Vice President and Counsel of the Investment Manager (since March 2018)<br> Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018) |
| Cesar A. Trelles (1975) | Assistant Treasurer<br> (December 2004) | Vice President of the Investment Manager |

---

---

| | |
|:---|:---|
| *<sup>(1)</sup>* | *The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.* |
| |  |
| *<sup>(2)</sup>* | *Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.* |
| |  |
| *<sup>(3)</sup>* | *In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017, previously Vice President and Secretary), whose information is included in the Interested Directors section above.* |

---

Annual Report **105**

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

------

**Tax Information**

**Year Ended December 31, 2022**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Emerging Markets Equity | 98.71% |
| International Equity | 97.50 |
| US Small-Mid Cap Equity | 12.24 |
| Global Dynamic Multi Asset | 95.32 |

---

Of the dividends paid by the Portfolios, the corresponding percentage represents the amount of each dividend that qualifies for the dividends received deduction available to corporate shareholders.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Emerging Markets Equity | —% |
| International Equity |  |
| US Small-Mid Cap Equity | 11.81 |
| Global Dynamic Multi Asset |  |

---

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Foreign<br> Source Income | Foreign<br> Tax Paid/Credit |
| Emerging Markets Equity | $22022629 | $2054962 |
| International Equity | 3151436 | 393353 |
| US Small-Mid Cap Equity |  |  |
| Global Dynamic Multi Asset | 4586798 | 147139 |

---

**106** Annual Report

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Long-Term<br> Capital Gains |
| Emerging Markets Equity | $— |
| International Equity | 11759476 |
| US Small-Mid Cap Equity | 7936192 |
| Global Dynamic Multi Asset | 13826901 |

---

**Proxy Voting**

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

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

**Schedule of Portfolio Holdings**

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

Annual Report **107**

------

**Board Consideration of Management Agreement**

*Lazard Retirement US Convertibles Portfolio*

At a meeting of the Board held on September 22, 2022, the Board considered the approval of the Management Agreement between Lazard Retirement Series, Inc. ("<u>LRS</u>"), on behalf of the Lazard Retirement US Convertibles Portfolio (the "<u>Retirement US Convertibles Portfolio</u>") 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 an executive session 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 meeting. Certain information was provided by reference to information presented by the Investment Manager in connection with the Board's consideration of renewal of the Management Agreement between LRS, on behalf of its existing Portfolios, and the Investment Manager at the Board meeting held on June 28, 2022.

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to the Retirement US Convertibles Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 34 active funds comprised approximately $21 billion of the approximately $217 billion of total assets under the management of the Investment Manager and its global affiliates as of June 30, 2022).The Board also received a presentation at the Board meeting on the Investment Manager's US Convertibles investment strategy to be employed for the Retirement US Convertibles Portfolio.

The Board considered the various services to be 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

**108** Annual Report

------

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 Retirement US Convertibles Portfolio and its shareholders will 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 distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of LRS's Portfolios, which would include the Retirement US Convertibles Portfolio; and the Investment Manager's financial condition. The Board accepted the assertion of representatives of the Investment Manager that the Retirement US Convertibles Portfolio would be expected to benefit from the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $21 billion fund complex not managed by a large, global firm such as the Investment Manager.

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

*Strategic Insight Advisory Fee and Expense Ratio Comparisons.* The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, the Retirement US Convertibles Portfolio's proposed contractual advisory fee (*i.e.*, without giving effect to any fee waivers) and net expense ratio (*i.e.*, after giving effect to the Retirement US Convertibles Portfolio's expense limitation agreed to by the Investment Manager) compared to those of a group of funds not advised by the Investment Manager selected

Annual Report **109**

------

by Strategic Insight as comparable, for expense comparison purposes, to the Retirement US Convertibles Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by Strategic Insight (the "<u>LRS US Convertibles Expense Peer Group"</u><sup>1</sup>).The results of the Strategic Insight comparisons showed that the advisory fee and net expense ratio of the Retirement US Convertibles Portfolio were generally competitive within the LRS US Convertibles Expense Peer Group. The Board considered the comparisons, additional perspectives in discussions with representatives of the Investment Manager and that the Investment Manager has voluntarily entered into an expense limitation agreement for the Retirement US Convertibles Portfolio, pursuant to which the Investment Manager would be expected to waive advisory fees and/or reimburse expenses upon the Retirement US Convertibles Portfolio's commencement of operations.

*Other Accounts Advisory Fee Comparison and Performance.* The Investment Manager reported to the Board that it did not manage any other funds or accounts that utilize the same investment strategy as the US Convertibles Portfolio. Consequently, there was no advisory fee or performance information of such funds or accounts for the Board to consider.

<u>Investment Manager Profitability and Economies of Scale</u>

Representatives of the Investment Manager noted that because the Retirement US Convertibles Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the Retirement US Convertibles Portfolio's assets was uncertain, specific information concerning the cost of services to be provided to the Retirement US Convertibles Portfolio and the estimated profitability percentage of the Management Agreement with LRS, on behalf of the Retirement US Convertibles Portfolio, to the Investment Manager and its affiliates from their relationships with the Retirement US Convertibles Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representa-

---

| | |
|:---|:---|
| *1* | *The Strategic Insight materials outlined the process for constructing the Expense Peer Group. Representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodology used by Strategic Insight in constructing the Peer Groups, including how the methodology could affect the results of the comparisons.* |

---

**110** Annual Report

------

tives stated that they did not expect the Investment Manager to realize any current profits on the Retirement US Convertibles Portfolio initially, noting the Investment Manager's agreement to waive its fees and/or reimburse expenses of the Retirement US Convertibles Portfolio for at least two years following the Retirement US Convertibles Portfolio's commencement of operations to maintain the expense ratio reflected in the materials presented to the Board. The Board determined to revisit this issue no later than when it next reviewed the advisory fee pursuant to the Management Agreement with LRS, on behalf of the Retirement US Convertibles Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager's brokerage and soft dollar practices. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the Retirement US Convertibles Portfolio other than the benefit of soft dollar commissions in connection with managing the Retirement US Convertibles Portfolio. The representatives of the Investment Manager stated that the Investment Manager intends 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 Retirement US Convertibles Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Retirement US Convertibles Portfolio's Service Shares.

<u>Conclusions and Determinations</u>

At the conclusion of these discussions, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LRS, on behalf of the Retirement US Convertibles Portfolio. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

Annual Report **111**

------

&nbsp;&nbsp;&nbsp;&nbsp;• The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate
 and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $217
 billion global asset management business.

• The Board concluded to closely monitor the advisory fee and net expense ratio of the US Convertibles Portfolio after the
 Portfolio commences operations.

• The Board recognized that economies of scale may be realized, particularly as the assets of the Retirement US Convertibles
 Portfolio increase, and determined that it would continue to consider potential material economies of scale.

In evaluating the Management Agreement with LRS, on behalf of the Retirement US Convertibles Portfolio, the Board relied on the information described above as well as other information provided by the Investment Manager. The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to LRS by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Management Agreement with LRS, on behalf of the Retirement US Convertibles Portfolio. In deciding whether to vote to approve the Management Agreement with LRS, on behalf of the Retirement US Convertibles 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.

**112** Annual Report

------

**Lazard Retirement Series, Inc.**

30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300<br> www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300

**Distributor**

Lazard Asset Management Securities LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300

**Custodian**

State Street Bank and Trust Company<br> One Iron Street<br> Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent**

SS&C Global Investor and Distribution Solutions<br> 2000 Crown Colony Drive<br> Quincy, Massachusetts 02169-0953<br> Telephone: 617-483-7000

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP<br> 30 Rockefeller Plaza<br> New York, New York 10112-0015

**Legal Counsel**

Dechert LLP<br> 1095 Avenue of the Americas<br> New York, New York 10036-6797

![](x3_c105116x115x1.jpg)

![](x3_c105116x115x2.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<br>| ![](x3_c105116x115x3.jpg) | **We Recycle**<br> This document is printed on recycled paper. |

---

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $134,324 in 2021 and $125,641 in 2022 (plus expenses in each case).

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

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant's investment manager ("Lazard") and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant ("Service Affiliates") that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $305,330 in 2021 and $368,560 in 2022.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $25,694 in 2021 and $25,891 in 2022. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $45,812 in 2021 and $3,004 in 2022.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2021 and $0 in 2022.

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

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

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

(f) None.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $1,165,322 in 2021 and $1,305,761 in 2022.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing

date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely

decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

[(a)(1) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.](c105116_ex99cert.htm)

(a)(2) 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.](c105116_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Lazard Retirement Series, Inc.

By /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2023

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

By /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2023

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: February 27, 2023

## Ex-99.Cert

Exhibit (a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: February 27, 2023

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christopher Snively, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: February 27, 2023

/s/ Christopher Snively

Christopher Snively

Chief Financial Officer

## Exhibit 99.906

Exhibit (b)

Rule 30a-2(b) CERTIFICATIONS

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

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

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

By: /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2023

By: /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: February 27, 2023

*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.*