NPORT-EX 2 NPORT_45B3_3506975281.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-08071

Lazard Retirement Series, Inc.

(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 3/31/2021

Item 1. Schedule of Investments.

Description	Shares		Fair Value
Lazard Retirement Emerging Markets Equity Portfolio
Common Stocks \| 99.1%
Brazil \| 6.2%
Banco do Brasil SA		1,713,802	$	9,271,366
BB Seguridade Participacoes SA		1,360,400		5,861,032
CCR SA		3,162,050		7,258,168
Engie Brasil Energia SA		407,498		3,028,371
Petrobras Distribuidora SA		1,150,600		4,513,560
				29,932,497
China \| 17.4%
AAC Technologies Holdings, Inc.		581,691		2,948,767
Anhui Conch Cement Co., Ltd., Class H		1,255,875		8,177,405
China Construction Bank Corp., Class H		18,722,038		15,741,563
China Merchants Bank Co., Ltd., Class H		1,320,737		10,106,165
China Shenhua Energy Co., Ltd., Class H		4,024,775		8,311,930
China Vanke Co., Ltd., Class H		1,666,500		6,535,136
Hengan International Group Co., Ltd.		1,208,527		7,941,491
Ping An Insurance (Group) Co. of China, Ltd., Class H		741,000		8,849,286
Sinopharm Group Co., Ltd., Class H		3,121,597		7,562,055
Tingyi (Cayman Islands) Holding Corp.		1,944,000		3,575,732
Weichai Power Co., Ltd., Class H		1,525,958		3,795,318
				83,544,848
Egypt \| 1.1%
Commercial International Bank Egypt SAE GDR		1,533,256		5,465,756
Greece \| 0.5%
OPAP SA		180,506		2,438,999
Hong Kong \| 1.0%
ASM Pacific Technology, Ltd.		362,488		4,643,999
Hungary \| 2.1%
OTP Bank Nyrt. (*)		235,787		10,073,021
India \| 9.8%
Axis Bank, Ltd. (*)		721,258		6,906,154
Bajaj Auto, Ltd. (*)		62,650		3,149,185
Bharat Petroleum Corp., Ltd.		600,056		3,517,739
Coal India, Ltd.		1,925,855		3,439,528
Hero MotoCorp, Ltd.		75,959		3,030,365
Indus Towers, Ltd.		1,376,509		4,631,404
Infosys, Ltd. Sponsored ADR		128,427		2,404,153
Oil and Natural Gas Corp., Ltd.		3,354,193		4,688,005
Power Grid Corp. of India, Ltd.		1,329,913		3,927,370
Tata Consultancy Services, Ltd.		85,078		3,703,069
UPL, Ltd.		887,701		7,821,062
				47,218,034

Description	Shares		Fair Value
Indonesia \| 4.2%
PT Astra International Tbk		10,418,204	$	3,801,837
PT Bank Mandiri (Persero) Tbk		19,635,130		8,329,698
PT Telkom Indonesia (Persero) Tbk Sponsored ADR		334,573		7,909,306
				20,040,841
Luxembourg \| 0.9%
Ternium SA Sponsored ADR (*)		111,810		4,342,700
Mexico \| 6.1%
America Movil SAB de CV, Class L Sponsored ADR		712,379		9,674,107
Grupo Financiero Banorte SAB de CV, Class O (*)		1,110,665		6,256,066
Grupo Mexico SAB de CV, Series B		1,855,508		9,755,272
Kimberly-Clark de Mexico SAB de CV, Series A		2,063,589		3,526,562
				29,212,007
Portugal \| 1.2%
Galp Energia SGPS SA		483,752		5,622,393
Russia \| 9.6%
ALROSA PAO (*), (‡)		4,876,630		6,858,629
Gazprom PJSC Sponsored ADR		617,727		3,685,763
LUKOIL PJSC Sponsored ADR		130,561		10,561,385
Magnit PJSC Sponsored GDR		133,674		2,007,278
Mobile TeleSystems PJSC Sponsored ADR		927,787		7,737,743
Sberbank of Russia PJSC (‡)		3,162,405		12,171,139
X5 Retail Group NV GDR (London)		96,054		3,101,206
				46,123,143
South Africa \| 7.4%
Life Healthcare Group Holdings, Ltd. (*)		3,185,094		3,992,852
Mondi PLC		150,360		3,836,178
Nedbank Group, Ltd.		712,164		6,751,978
Sanlam, Ltd.		932,955		3,762,051
Shoprite Holdings, Ltd.		431,674		4,595,789
Standard Bank Group, Ltd.		476,790		4,047,269
The Bidvest Group, Ltd.		435,984		5,030,469
Vodacom Group, Ltd.		387,360		3,313,926
				35,330,512
South Korea \| 16.3%
Coway Co., Ltd.		95,890		5,556,957
Hyundai Mobis Co., Ltd.		29,654		7,699,967
KB Financial Group, Inc.		197,602		9,793,368
KT&G Corp.		85,182		6,130,956
Samsung Electronics Co., Ltd.		291,155		21,030,454
Shinhan Financial Group Co., Ltd.		242,617		8,044,369

Description	Shares		Fair Value
Lazard Retirement Emerging Markets Equity Portfolio (concluded)
SK Hynix, Inc.		171,846	$	20,236,159
				78,492,230
Taiwan \| 9.5%
ASE Technology Holding Co., Ltd.		876,000		3,340,040
Catcher Technology Co., Ltd.		466,000		3,462,701
Globalwafers Co., Ltd.		194,000		5,158,730
Hon Hai Precision Industry Co., Ltd.		2,136,320		9,370,245
Novatek Microelectronics Corp.		545,000		11,105,016
Quanta Computer, Inc.		1,197,000		4,116,617
Taiwan Semiconductor Manufacturing Co., Ltd.		227,989		4,740,670
Wiwynn Corp.		149,000		4,437,348
				45,731,367
Thailand \| 2.7%
Kasikornbank Public Co., Ltd.		1,214,269		5,688,603
The Siam Cement Public Co., Ltd. (‡)		585,008		7,469,382
				13,157,985
United Kingdom \| 3.1%
Anglo American PLC		157,928		6,187,808
Unilever PLC		155,701		8,687,355
				14,875,163
Total Common Stocks (Cost $395,615,117)				476,245,495
Short-Term Investments \| 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $5,691,667)		5,691,667		5,691,667
Total Investments l 100.3% (Cost $401,306,784)			$	481,937,162
Liabilities in Excess of Cash and Other Assets \| (0.3)%				(1,676,847	)
Net Assets \| 100.0%			$	480,260,315

Description	Shares		Fair Value
Lazard Retirement International Equity Portfolio
Common Stocks \| 94.9%
Australia \| 1.4%
BHP Group PLC		68,759	$	1,985,161
Canada \| 4.4%
CAE, Inc. (*)		27,779		791,570
Canadian National Railway Co.		14,510		1,683,885
Suncor Energy, Inc.		88,537		1,850,774
TMX Group, Ltd.		16,588		1,723,742
				6,049,971
China \| 3.6%
Autohome, Inc. ADR		16,961		1,581,952
China Longyuan Power Group Corp., Ltd.		602,000		822,878
ENN Energy Holdings, Ltd.		84,400		1,355,812
Ping An Insurance (Group) Co. of China, Ltd., Class H		106,500		1,271,861
				5,032,503
Denmark \| 3.3%
Carlsberg AS, Class B		12,777		1,965,254
Vestas Wind Systems A/S		12,439		2,560,047
				4,525,301
Finland \| 2.0%
Nordea Bank Abp		179,384		1,765,460
Sampo Oyj, A Shares		22,527		1,018,002
				2,783,462
France \| 14.0%
Air Liquide SA		14,560		2,378,891
Alstom SA (*)		42,430		2,116,292
Capgemini SE		7,822		1,331,391
Engie SA		238,087		3,380,759
Pernod Ricard SA		9,204		1,727,790
Safran SA		13,232		1,801,286
Sanofi		34,337		3,393,797
Vivendi SA		99,099		3,254,642
				19,384,848
Germany \| 5.7%
Continental AG		10,577		1,396,959
Infineon Technologies AG		41,502		1,760,114
Merck KGaA		10,971		1,875,863
ProSiebenSat.1 Media SE		72,392		1,480,436
Vonovia SE		21,584		1,409,827
				7,923,199
Hong Kong \| 1.0%
ESR Cayman, Ltd (*)		402,800		1,324,128

Description	Shares		Fair Value
India \| 0.9%
Reliance Industries, Ltd.		45,684	$	1,255,669
Ireland \| 1.1%
Ryanair Holdings PLC Sponsored ADR (*)		13,560		1,559,400
Israel \| 1.1%
Bank Leumi Le-Israel BM (*)		230,480		1,519,421
Italy \| 2.2%
Enel SpA		303,621		3,033,630
Japan \| 15.6%
Daiwa House Industry Co., Ltd.		66,492		1,953,816
Fujitsu, Ltd.		11,236		1,630,832
Hitachi, Ltd.		79,900		3,629,578
Makita Corp.		40,900		1,756,020
Matsumotokiyoshi Holdings Co., Ltd.		20,200		901,958
Nexon Co., Ltd.		74,067		2,408,340
Nintendo Co., Ltd.		3,400		1,903,140
Ryohin Keikaku Co., Ltd.		55,400		1,313,024
Sumitomo Mitsui Financial Group, Inc.		52,400		1,905,420
Suzuki Motor Corp.		38,100		1,734,915
Yamaha Corp.		23,200		1,263,028
Z Holdings Corp.		242,756		1,212,067
				21,612,138
Mexico \| 0.7%
Arca Continental SAB de CV		193,400		954,250
Netherlands \| 5.0%
Akzo Nobel NV		15,523		1,734,746
JDE Peet's NV (*)		22,358		820,646
Koninklijke DSM NV		15,828		2,678,277
Wolters Kluwer NV		18,711		1,626,516
				6,860,185
Norway \| 2.4%
Equinor ASA		79,103		1,544,760
Telenor ASA		101,663		1,790,062
				3,334,822
Portugal \| 1.1%
Energias de Portugal SA		92,239		527,568
Galp Energia SGPS SA		89,648		1,041,931
				1,569,499
Singapore \| 1.2%
DBS Group Holdings, Ltd.		75,660		1,632,132
South Korea \| 1.9%
Samsung Electronics Co., Ltd.		35,977		2,598,659
Spain \| 1.4%
Banco Santander SA		556,465		1,891,407

Description	Shares		Fair Value
Lazard Retirement International Equity Portfolio (concluded)
Sweden \| 2.3%
Hexagon AB, B Shares		12,595	$	1,161,526
Sandvik AB		71,654		1,958,098
				3,119,624
Switzerland \| 5.0%
ABB, Ltd.		107,025		3,255,132
Flughafen Zuerich AG (*)		1,898		311,924
Novartis AG		39,010		3,332,344
				6,899,400
United Kingdom \| 11.4%
3i Group PLC		82,342		1,309,792
Anglo American PLC		31,094		1,218,300
Barclays PLC		658,031		1,687,288
Informa PLC (*)		157,076		1,212,687
Prudential PLC		107,735		2,283,930
RELX PLC		148,350		3,721,634
Tesco PLC		646,935		2,041,665
Unilever PLC		39,969		2,230,528
				15,705,824
United States \| 6.2%
Aon PLC, Class A		11,358		2,613,589
Ferguson PLC		16,702		1,996,222
Medtronic PLC		33,780		3,990,431
				8,600,242
Total Common Stocks (Cost $107,195,316)				131,154,875
Preferred Stocks \| 2.5%
Germany \| 2.5%
Volkswagen AG (Cost $2,108,594)		12,263		3,427,057
Short-Term Investments \| 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,244,246)		1,244,246		1,244,246
Total Investments \| 98.3% (Cost $110,548,156)			$	135,826,178
Cash and Other Assets in Excess of Liabilities \| 1.7%				2,287,686
Net Assets \| 100.0%			$	138,113,864

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio
Common Stocks \| 98.9%
Aerospace & Defense \| 2.2%
Curtiss-Wright Corp.		6,755	$	801,143
HEICO Corp.		2,869		360,920
				1,162,063
Air Freight & Logistics \| 0.9%
Echo Global Logistics, Inc. (*)		15,410		484,028
Airlines \| 0.9%
Alaska Air Group, Inc. (*)		7,335		507,655
Auto Components \| 0.9%
Gentherm, Inc. (*)		6,219		460,890
Banks \| 9.2%
Citizens Financial Group, Inc.		13,759		607,460
Commerce Bancshares, Inc.		9,872		756,294
East West Bancorp, Inc.		9,328		688,406
Home BancShares, Inc.		42,528		1,150,382
Pinnacle Financial Partners, Inc.		10,664		945,470
Prosperity Bancshares, Inc.		10,887		815,328
				4,963,340
Biotechnology \| 3.9%
Emergent Biosolutions, Inc. (*)		4,395		408,339
Exelixis, Inc. (*)		36,418		822,683
United Therapeutics Corp. (*)		5,277		882,684
				2,113,706
Building Products \| 2.8%
Armstrong World Industries, Inc.		8,173		736,305
PGT Innovations, Inc. (*)		30,303		765,151
				1,501,456
Capital Markets \| 2.0%
Fortress Value Acquisition Corp., Class A (*)		54,005		538,430
Morningstar, Inc.		2,391		538,070
				1,076,500
Chemicals \| 2.2%
Ingevity Corp. (*)		9,269		700,087
Innospec, Inc.		4,740		486,751
				1,186,838
Communications Equipment \| 3.0%
Ciena Corp. (*)		11,729		641,811
F5 Networks, Inc. (*)		4,567		952,767
				1,594,578
Construction & Engineering \| 1.3%
Valmont Industries, Inc.		2,872		682,588

Description	Shares		Fair Value
Construction Materials \| 1.7%
Eagle Materials, Inc.		6,655	$	894,499
Containers & Packaging \| 2.4%
Avery Dennison Corp.		3,339		613,207
Graphic Packaging Holding Co.		37,822		686,848
				1,300,055
Electrical Equipment \| 1.9%
Atkore, Inc. (*)		6,063		435,930
EnerSys		6,640		602,912
				1,038,842
Electronic Equipment, Instruments & Components \| 1.2%
Zebra Technologies Corp., Class A (*)		1,279		620,545
Energy Equipment & Services \| 2.2%
Cactus, Inc., Class A		24,038		736,044
Liberty Oilfield Services, Inc., Class A (*)		41,608		469,754
				1,205,798
Equity Real Estate Investment Trusts (REITs) \| 7.5%
Alexandria Real Estate Equities, Inc., REIT		4,501		739,515
Brixmor Property Group, Inc. REIT		34,414		696,195
Camden Property Trust REIT		6,008		660,339
Hudson Pacific Properties, Inc., REIT		12,506		339,288
PS Business Parks, Inc., REIT		5,933		917,123
Summit Hotel Properties, Inc. REIT (*)		67,051		681,238
				4,033,698
Food & Staples Retailing \| 2.9%
Casey's General Stores, Inc.		3,559		769,420
US Foods Holding Corp. (*)		21,109		804,675
				1,574,095
Gas Utilities \| 1.6%
New Jersey Resources Corp.		21,693		864,900
Health Care Equipment & Supplies \| 2.2%
Ortho Clinical Diagnostics Holdings PLC		24,808		478,670
STERIS PLC		3,739		712,205
				1,190,875
Health Care Providers & Services \| 1.5%
Henry Schein, Inc. (*)		11,373		787,467
Hotels, Restaurants & Leisure \| 1.7%
Wyndham Hotels & Resorts, Inc.		12,891		899,534
Household Durables \| 1.7%
Helen of Troy, Ltd. (*)		1,599		336,845
Leggett & Platt, Inc.		12,647		577,336
				914,181
Industrial Conglomerates \| 1.4%
Carlisle Cos., Inc.		4,606		758,055

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio (concluded)
Insurance \| 5.1%
Arch Capital Group, Ltd. (*)		24,924	$	956,334
Brown & Brown, Inc.		18,352		838,870
MetroMile, Inc. (*)		25,319		260,532
Reinsurance Group of America, Inc.		5,563		701,216
				2,756,952
Interactive Media & Services \| 2.0%
Cars.com, Inc. (*)		55,261		716,182
MediaAlpha, Inc., Class A		9,469		335,487
				1,051,669
IT Services \| 0.9%
Amdocs, Ltd.		6,820		478,423
Leisure Products \| 2.5%
Brunswick Corp.		5,144		490,583
Hasbro, Inc.		8,878		853,354
				1,343,937
Life Sciences Tools & Services \| 4.9%
Adaptive Biotechnologies Corp. (*)		16,971		683,252
Charles River Laboratories International, Inc. (*)		2,631		762,543
ICON PLC (*)		2,933		575,953
Maravai LifeSciences Holdings, Inc., Class A		17,879		637,208
				2,658,956
Machinery \| 3.9%
Altra Industrial Motion Corp.		10,559		584,124
Columbus McKinnon Corp.		6,240		329,222
Gates Industrial Corp. PLC (*)		51,158		818,017
Kennametal, Inc.		8,771		350,577
				2,081,940
Metals & Mining \| 1.2%
Schnitzer Steel Industries, Inc., Class A N Ap		15,891		664,085
Oil, Gas & Consumable Fuels \| 1.3%
Magnolia Oil & Gas Corp., Class A (*)		62,285		715,032
Paper & Forest Products \| 1.3%
Neenah, Inc.		13,382		687,567
Pharmaceuticals \| 1.3%
Catalent, Inc. (*)		6,531		687,780
Professional Services \| 0.9%
Leidos Holdings, Inc.		4,923		473,986
Semiconductors & Semiconductor Equipment \| 3.0%
CMC Materials, Inc.		3,096		547,342
MKS Instruments, Inc.		5,828		1,080,628
				1,627,970

Description	Shares		Fair Value
Software \| 6.3%
CyberArk Software, Ltd. (*)		2,860	$	369,912
Datto Holding Corp.		18,019		412,815
j2 Global, Inc. (*)		5,176		620,395
Pegasystems, Inc.		6,606		755,330
PTC, Inc. (*)		5,096		701,465
SolarWinds Corp. (*)		31,115		542,646
				3,402,563
Specialty Retail \| 2.1%
Designer Brands, Inc., Class A (*)		24,522		426,683
Floor & Decor Holdings, Inc., Class A (*)		3,371		321,863
Leslie's, Inc.		16,473		403,424
				1,151,970
Textiles, Apparel & Luxury Goods \| 2.0%
Carter's, Inc. (*)		6,026		535,892
Tapestry, Inc. (*)		12,788		526,994
				1,062,886
Trading Companies & Distributors \| 1.0%
Air Lease Corp.		10,890		533,610
Total Common Stocks (Cost $40,686,795)				53,195,512
Short-Term Investments \| 1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $928,375)		928,375		928,375
Total Investments l 100.6% (Cost $41,615,170)			$	54,123,887
Liabilities in Excess of Cash and Other Assets \| (0.6)%				(331,245	)
Net Assets \| 100.0%			$	53,792,642

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Common Stocks \| 58.6%
Australia \| 0.8%
Ansell, Ltd.		2,186	$	65,324
Charter Hall Long Wale REIT		18,758		67,413
CSL, Ltd.		596		120,102
Fortescue Metals Group, Ltd.		61,882		944,690
Goodman Group REIT		19,038		262,269
Nine Entertainment Co. Holdings, Ltd.		185,099		390,758
Santos, Ltd.		109,166		590,749
Scentre Group REIT		76,278		163,780
Stockland REIT		76,747		257,305
				2,862,390
Belgium \| 0.2%
Ageas SA		7,194		434,574
Cofinimmo SA REIT		431		62,798
Etablissements Franz Colruyt NV		1,883		112,315
Proximus SADP		2,940		64,004
				673,691
Canada \| 2.0%
Allied Properties Real Estate Investment Trust		2,081		67,297
ARC Resources, Ltd.		49,786		305,839
CAE, Inc. (*)		30,207		860,597
Canadian National Railway Co.		10,324		1,197,377
Canadian Western Bank		14,066		358,058
Centerra Gold, Inc.		17,032		150,709
Constellation Software, Inc.		68		94,965
Empire Co., Ltd., Class A		9,084		283,211
Hydro One, Ltd.		3,718		86,597
Linamar Corp.		9,378		552,889
Magna International, Inc.		7,822		688,899
Metro, Inc.		2,474		112,863
Quebecor, Inc., Class B		7,243		194,461
Rogers Communications, Inc., Class B		3,864		178,180
Suncor Energy, Inc.		17,123		357,938
TFI International, Inc.		3,896		292,037
The Toronto-Dominion Bank		18,234		1,189,039
				6,970,956
Denmark \| 0.8%
Carlsberg A/S, Class B Sponsored ADR		37,173		1,147,530
Coloplast A/S, Class B		653		98,309
Novo Nordisk A/S, Class B		9,136		616,972
Vestas Wind Systems AS ADR		12,101		844,287
				2,707,098
Finland \| 0.2%
Elisa Oyj		968		58,078

Description	Shares		Fair Value
Neste Oyj		4,570	$	242,397
Nordea Bank Abp		20,004		196,875
				497,350
France \| 1.2%
BNP Paribas SA		2,752		167,212
Cie de Saint-Gobain		7,136		421,208
Cie Generale des Etablissements Michelin SCA		3,392		507,894
Credit Agricole SA		11,776		170,547
Electricite de France SA		17,129		229,849
Faurecia SE (*)		160		8,527
La Francaise des Jeux SAEM		5,153		234,006
LVMH Moet Hennessy Louis Vuitton SA ADR		6,979		934,069
Orange SA		11,587		142,629
Pernod Ricard SA ADR		21,344		797,412
Sartorius Stedim Biotech		165		67,953
Societe Generale SA		17,383		454,211
				4,135,517
Germany \| 1.4%
Daimler AG		19,163		1,707,395
Deutsche Bank AG (*)		19,834		236,984
Deutsche Post AG		20,510		1,123,718
Merck KGaA Sponsored ADR		24,115		823,527
SAP SE		2,129		260,747
TeamViewer AG ADR (*)		33,429		716,216
				4,868,587
Hong Kong \| 0.6%
AIA Group, Ltd. Sponsored ADR		31,872		1,564,596
CLP Holdings, Ltd.		10,000		97,155
Hysan Development Co., Ltd.		16,000		62,598
Jardine Matheson Holdings, Ltd.		800		52,357
Sun Hung Kai Properties, Ltd.		17,500		265,459
				2,042,165
Israel \| 0.0%
Bezeq The Israeli Telecommunication Corp., Ltd. (*)		59,853		64,082
Italy \| 0.2%
Banco BPM SpA		63,883		183,111
Buzzi Unicem SpA		18,440		481,024
				664,135
Japan \| 4.8%
Activia Properties, Inc. REIT		53		232,989
Advance Residence Investment Corp. REIT		55		172,581
Ajinomoto Co., Inc.		6,300		129,221
Benesse Holdings, Inc.		3,800		80,037
Chubu Electric Power Co., Inc.		5,300		68,413

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Credit Saison Co., Ltd.		26,300	$	314,600
Dai-ichi Life Holdings, Inc.		30,100		520,928
Daito Trust Construction Co., Ltd.		1,600		186,136
Daiwa Securities Living Investments Corp. REIT		112		109,986
DCM Holdings Co., Ltd.		14,200		148,663
Dip Corp.		5,067		132,994
Electric Power Development Co., Ltd.		53,700		940,139
ENEOS Holdings, Inc.		41,600		188,409
Fuji Media Holdings, Inc.		4,400		54,034
FUJIFILM Holdings Corp.		1,100		65,516
Hitachi Zosen Corp.		54,100		436,713
Hokkaido Electric Power Co., Inc.		30,800		140,895
Inpex Corp.		22,400		152,860
ITOCHU Corp.		3,700		120,290
Japan Logistics Fund, Inc. REIT		127		357,677
Japan Petroleum Exploration Co., Ltd.		8,600		159,495
Japan Post Bank Co., Ltd.		79,000		758,241
Japan Post Holdings Co., Ltd.		12,000		107,340
Japan Real Estate Investment Corp.		21		124,080
K's Holdings Corp.		6,200		85,390
KDDI Corp.		6,200		190,508
Kureha Corp.		1,900		131,607
Kyudenko Corp.		2,000		76,459
McDonald's Holdings Co. Japan, Ltd.		4,800		221,234
Mitsubishi Estate Co., Ltd.		8,900		156,077
Mizuho Financial Group, Inc.		37,490		540,671
Nintendo Co., Ltd.		200		111,949
Nintendo Co., Ltd. ADR		16,906		1,196,945
Nishi-Nippon Financial Holdings, Inc.		22,700		162,843
Nitto Denko Corp.		7,300		626,725
Nomura Holdings, Inc.		53,300		281,751
Nomura Real Estate Holdings, Inc.		30,400		734,928
Osaka Gas Co., Ltd.		21,100		412,541
Rengo Co., Ltd.		6,600		57,402
Sankyo Co., Ltd.		2,200		58,258
Sekisui House, Ltd.		25,500		548,485
Seven & I Holdings Co., Ltd.		12,000		484,947
Shikoku Electric Power Co., Inc.		27,796		216,663
Shimano, Inc.		200		47,771
Shimano, Inc. ADR		39,032		932,474
Shimizu Corp. N Ap		12,100		98,334
Softbank Corp.		23,900		311,037
Sumitomo Mitsui Trust Holdings, Inc.		1,600		55,695
Sumitomo Osaka Cement Co., Ltd.		6,800		217,212
Sumitomo Realty & Development Co., Ltd.		5,700		202,154

Description	Shares		Fair Value
T&D Holdings, Inc.		13,300	$	172,682
Taiheiyo Cement Corp.		13,700		361,428
Teijin, Ltd.		2,800		48,242
The Hachijuni Bank, Ltd.		19,800		71,982
The Kansai Electric Power Co., Inc.		27,800		301,741
Tohoku Electric Power Co., Inc.		70,800		670,370
Tokyo Electron, Ltd.		600		256,889
Tokyo Gas Co., Ltd.		9,300		206,701
Toray Industries, Inc.		64,600		415,786
				16,368,118
Macau \| 0.3%
Sands China, Ltd. ADR (*)		22,542		1,129,129
Malta \| 0.1%
Kindred Group PLC		10,658		187,353
Netherlands \| 1.6%
ASML Holding NV		885		539,796
Eurocommercial Properties NV		8,478		187,281
Flow Traders		1,483		62,011
Koninklijke Ahold Delhaize NV		6,998		194,923
NXP Semiconductors NV		6,740		1,357,031
Royal Dutch Shell PLC, A Shares		31,681		616,761
Wolters Kluwer NV		1,355		117,788
Wolters Kluwer NV Sponsored ADR		25,992		2,257,405
				5,332,996
New Zealand \| 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		8,149		182,977
Norway \| 0.2%
Orkla ASA		21,262		208,466
Telenor ASA		10,190		179,424
Yara International ASA		4,926		256,236
				644,126
Singapore \| 0.1%
AEM Holdings, Ltd.		30,200		93,267
DBS Group Holdings, Ltd.		11,900		256,706
Singapore Exchange, Ltd.		9,300		69,087
				419,060
Spain \| 0.3%
Corporacion Financiera Alba SA		395		19,612
Iberdrola SA		7,162		92,336
Industria de Diseno Textil SA ADR		50,375		833,203
				945,151
Sweden \| 1.3%
Assa Abloy AB ADR		58,644		843,301
Axfood AB		5,419		129,535

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Epiroc AB ADR		82,295	$	1,861,513
Hexagon AB ADR		15,179		1,400,452
Telefonaktiebolaget LM Ericsson, B Shares		7,060		93,388
				4,328,189
Switzerland \| 0.8%
ABB, Ltd. Sponsored ADR		39,702		1,209,720
Credit Suisse Group AG		42,165		445,168
Kuehne + Nagel International AG		594		169,492
Roche Holding AG		2,488		804,220
Swisscom AG		328		175,956
UBS Group AG		3,931		60,865
				2,865,421
United Kingdom \| 3.4%
Barclays PLC		285,450		731,936
BT Group PLC (*)		121,527		259,410
Coca-Cola European Partners PLC		18,868		984,155
Diageo PLC Sponsored ADR		12,469		2,047,535
Genus PLC		780		52,246
GlaxoSmithKline PLC		3,993		70,876
HSBC Holdings PLC		16,425		95,806
Imperial Brands PLC		4,059		83,508
J Sainsbury PLC		58,819		196,677
John Wood Group PLC (*)		34,208		127,452
Prudential PLC ADR		36,633		1,563,863
RELX PLC Sponsored ADR		58,649		1,475,609
Rio Tinto PLC		714		54,622
Rio Tinto PLC Sponsored ADR		11,132		864,400
Rio Tinto, Ltd.		516		43,640
Standard Chartered PLC		145,929		1,004,067
Unilever PLC Sponsored ADR		32,139		1,794,320
Vodafone Group PLC		124,173		225,969
				11,676,091
United States \| 38.2%
3M Co.		1,990		383,433
Accenture PLC, Class A		8,613		2,379,341
Activision Blizzard, Inc.		7,684		714,612
Adobe, Inc. (*)		2,315		1,100,482
Adtalem Global Education, Inc. (*)		4,154		164,249
Advanced Micro Devices, Inc. (*)		2,521		197,898
Aflac, Inc.		6,887		352,477
AGCO Corp.		6,186		888,619
Agilent Technologies, Inc.		2,495		317,214
Allegion PLC		1,298		163,055
Alphabet, Inc., Class A (*)		1,369		2,823,590
Alphabet, Inc., Class C (*)		777		1,607,325

Description	Shares		Fair Value
Altria Group, Inc.		1,741	$	89,070
Amazon.com, Inc. (*)		1,124		3,477,746
Amdocs, Ltd.		625		43,844
Ameren Corp.		644		52,396
American Tower Corp. REIT		347		82,954
American Water Works Co., Inc.		530		79,458
AmerisourceBergen Corp.		15,629		1,845,316
Amgen, Inc.		1,444		359,282
Anthem, Inc.		1,046		375,462
Aon PLC, Class A		10,027		2,307,313
Apartment Investment and Management Co. REIT, Class A		44,996		276,275
Apple, Inc.		49,922		6,097,972
Applied Materials, Inc.		10,878		1,453,301
AptarGroup, Inc.		1,351		191,396
AT&T, Inc.		3,443		104,220
Atmos Energy Corp.		1,276		126,133
Automatic Data Processing, Inc.		5,051		951,962
AutoZone, Inc. (*)		50		70,215
Avery Dennison Corp.		2,283		419,273
Bank of America Corp.		37,334		1,444,452
Berkshire Hathaway, Inc. Class B (*)		508		129,779
Best Buy Co., Inc.		2,356		270,492
Booz Allen Hamilton Holding Corp.		2,307		185,783
Boston Scientific Corp. (*)		26,996		1,043,395
Bristol-Myers Squibb Co.		7,089		447,529
BRP, Inc.		12,842		1,116,227
Cabot Oil & Gas Corp.		6,853		128,699
Cadence Design Systems, Inc. (*)		1,771		242,609
Campbell Soup Co.		1,834		92,195
Cardinal Health, Inc.		8,237		500,398
Cboe Global Markets, Inc.		3,991		393,872
CDW Corp.		4,368		723,996
Centene Corp. (*)		939		60,011
Charter Communications, Inc., Class A (*)		333		205,468
Chubb, Ltd.		284		44,863
Cigna Corp.		711		171,877
Cisco Systems, Inc.		25,532		1,320,260
Citizens Financial Group, Inc.		2,422		106,931
Cognizant Technology Solutions Corp., Class A		3,966		309,824
Colgate-Palmolive Co.		3,904		307,752
Comcast Corp., Class A		15,760		852,774
ConocoPhillips		7,042		373,015
Costco Wholesale Corp.		350		123,368
Crocs, Inc. (*)		2,358		189,701
CVS Health Corp.		10,666		802,403
D.R. Horton, Inc.		2,094		186,617

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
DaVita, Inc. (*)		3,053	$	329,022
Deere & Co.		4,055		1,517,138
Devon Energy Corp.		12,200		266,570
Diamondback Energy, Inc.		5,879		432,048
Dolby Laboratories, Inc., Class A		920		90,822
Dollar General Corp.		8,651		1,752,866
Dominion Energy, Inc.		845		64,186
Domino's Pizza, Inc.		430		158,150
Dover Corp.		1,185		162,499
DTE Energy Co.		456		60,712
Duke Energy Corp.		1,040		100,391
Eastman Chemical Co.		2,774		305,473
Electronic Arts, Inc.		1,328		179,771
Eli Lilly & Co.		9,831		1,836,627
Equitable Holdings, Inc.		6,753		220,283
Evergy, Inc.		1,155		68,757
Exlservice Holdings, Inc. (*)		707		63,743
Extra Space Storage, Inc. REIT		452		59,913
Exxon Mobil Corp.		8,974		501,018
Facebook, Inc., Class A (*)		5,402		1,591,051
Fifth Third Bancorp		10,103		378,357
Flagstar Bancorp, Inc.		3,389		152,844
FormFactor, Inc. (*)		3,398		153,284
FTI Consulting, Inc. (*)		467		65,431
General Mills, Inc.		1,973		120,984
Gilead Sciences, Inc.		1,536		99,272
Graco, Inc.		1,455		104,207
HCA Healthcare, Inc.		3,041		572,742
Honeywell International, Inc.		5,283		1,146,781
Hormel Foods Corp.		3,124		149,265
Humana, Inc.		1,495		626,779
Huntington Ingalls Industries, Inc.		1,215		250,108
IDEXX Laboratories, Inc. (*)		1,078		527,476
Intel Corp.		19,762		1,264,768
Intercontinental Exchange, Inc.		17,056		1,904,814
Intuit, Inc.		2,628		1,006,682
IQVIA Holdings, Inc. (*)		12,047		2,326,758
Jack Henry & Associates, Inc.		2,800		424,816
JB Hunt Transport Services, Inc.		498		83,699
Johnson & Johnson		27,257		4,479,688
Kellogg Co.		3,961		250,731
Keysight Technologies, Inc. (*)		711		101,957
Kimberly-Clark Corp.		2,220		308,691
KLA-Tencor Corp.		532		175,773
LHC Group, Inc. (*)		413		78,970
Lockheed Martin Corp.		2,411		890,864

Description	Shares		Fair Value
Lowe's Cos., Inc.		9,890	$	1,880,880
Martin Marietta Materials, Inc.		684		229,701
MasterCard, Inc., Class A		521		185,502
McAfee Corp. Class A		7,283		165,615
McDonald's Corp.		7,466		1,673,429
McKesson Corp.		4,347		847,839
MDU Resources Group, Inc.		8,970		283,542
Medtronic PLC		4,352		514,102
Merck & Co., Inc.		18,511		1,427,013
MetLife, Inc.		15,839		962,853
Mettler-Toledo International, Inc. (*)		58		67,030
Microsoft Corp.		27,007		6,367,440
ModivCare, Inc. (*)		375		55,545
Mohawk Industries, Inc. (*)		1,069		205,579
Moody's Corp.		1,309		390,880
Motorola Solutions, Inc.		10,349		1,946,129
MYR Group, Inc. (*)		956		68,516
Netflix, Inc. (*)		1,583		825,788
Newmont Corp.		1,508		90,887
Northrop Grumman Corp.		1,220		394,841
NRG Energy, Inc.		4,174		157,485
NVIDIA Corp.		2,463		1,315,070
O'Reilly Automotive, Inc. (*)		109		55,290
Occidental Petroleum Corp.		7,705		205,107
Old Dominion Freight Line, Inc.		2,118		509,188
Old Republic International Corp.		4,381		95,681
Oracle Corp.		15,720		1,103,072
Ovintiv, Inc.		8,703		207,305
Palo Alto Networks, Inc. (*)		2,651		853,781
Paychex, Inc.		3,848		377,181
Paycom Software, Inc. (*)		334		123,600
PayPal Holdings, Inc. (*)		3,448		837,312
PepsiCo, Inc.		1,579		223,350
Philip Morris International, Inc.		10,926		969,573
Pioneer Natural Resources Co.		713		113,239
Portland General Electric Co.		1,299		61,664
PTC, Inc. (*)		10,234		1,408,710
Public Storage REIT		806		198,889
PulteGroup, Inc.		3,284		172,213
QUALCOMM, Inc.		4,660		617,869
Quanta Services, Inc.		5,468		481,075
Quest Diagnostics, Inc.		680		87,271
Realty Income Corp. REIT		950		60,325
Regions Financial Corp.		22,538		465,635
Rent-A-Center, Inc.		2,680		154,529
Republic Services, Inc.		3,005		298,547
ResMed, Inc.		278		53,938

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Rockwell Automation, Inc.		4,152	$	1,102,107
RPM International, Inc.		1,560		143,286
S&P Global, Inc.		5,865		2,069,583
SBA Communications Corp. REIT		238		66,057
Select Medical Holdings Corp. (*)		4,738		161,566
Service Corp. International		3,927		200,473
ServiceNow, Inc. (*)		352		176,039
Sirius XM Holdings, Inc.		10,234		62,325
Skyworks Solutions, Inc.		3,025		555,027
SLM Corp.		11,292		202,917
Southwest Gas Holdings, Inc.		3,045		209,222
Spirit Realty Capital, Inc. REIT		4,040		171,700
Starbucks Corp.		1,597		174,504
Stellantis NV		9,403		166,268
Stepan Co.		478		60,759
STERIS PLC		442		84,192
Synopsys, Inc. (*)		5,284		1,309,269
Targa Resources Corp.		6,678		212,026
Target Corp.		5,444		1,078,293
Tesla, Inc. (*)		1,950		1,302,463
Texas Instruments, Inc.		8,969		1,695,051
The Allstate Corp.		925		106,282
The Bank of New York Mellon Corp.		2,818		133,263
The Charles Schwab Corp.		17,893		1,166,266
The Clorox Co.		1,458		281,219
The Coca-Cola Co.		40,422		2,130,644
The Hanover Insurance Group, Inc.		744		96,318
The Hartford Financial Services Group, Inc.		1,195		79,814
The Hershey Co.		1,076		170,180
The Home Depot, Inc.		3,612		1,102,563
The J.M. Smucker Co.		514		65,036
The Kroger Co.		3,190		114,808
The Mosaic Co.		5,424		171,453
The Procter & Gamble Co.		15,485		2,097,134
The Sherwin-Williams Co.		499		368,267
Thermo Fisher Scientific, Inc.		5,746		2,622,359
Tractor Supply Co.		558		98,811
Trimble, Inc. (*)		2,016		156,825
Ubiquiti, Inc.		1,030		307,249
United Parcel Service, Inc., Class B		1,385		235,436
United Therapeutics Corp. (*)		401		67,075
UnitedHealth Group, Inc.		1,301		484,063
Universal Health Services, Inc., Class B		1,058		141,127
Verizon Communications, Inc.		49,359		2,870,226
Viatris, Inc. (*)		2,709		37,845
Visa, Inc., Class A		8,168		1,729,411

Description	Shares		Fair Value
Vistra Corp.		10,552	$	186,559
Walmart, Inc.		4,801		652,120
Warner Music Group Corp., Class A		16,157		554,670
Waste Management, Inc.		1,128		145,535
Waters Corp. (*)		305		86,672
WD-40 Co.		323		98,896
WEC Energy Group, Inc.		1,983		185,589
Werner Enterprises, Inc.		1,193		56,274
West Pharmaceutical Services, Inc.		330		92,987
Williams-Sonoma, Inc.		1,283		229,914
WW Grainger, Inc.		478		191,645
Xcel Energy, Inc.		1,325		88,126
Zoetis, Inc.		11,702		1,842,831
				130,915,583
Total Common Stocks (Cost $162,733,700)				200,480,165

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds \| 12.7%
Australia \| 0.5%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		2,300	$	1,837,432
Canada \| 0.8%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		1,710		1,677,035
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		1,270		1,043,104
					2,720,139
France \| 0.4%
Schneider Electric SE, 2.950%, 09/27/22	USD		1,168		1,208,304
Germany \| 0.6%
BMW Finance NV, 0.875%, 08/16/22	GBP		485		672,026
Daimler AG MTN, 0.750%, 09/10/30	EUR		1,010		1,207,630
					1,879,656
Switzerland \| 0.0%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		110		132,810
United Kingdom \| 1.2%
Ashtead Capital, Inc., 4.125%, 08/15/25	USD		1,025		1,051,476
Tesco Corporate Treasury Services PLC MTN, 2.750%, 04/27/30	GBP		1,230		1,783,594

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Unilever Capital Corp., 1.375%, 09/14/30	USD	$	1,300	$	1,220,097
					4,055,167
United States \| 9.2%
Adobe, Inc., 2.300%, 02/01/30	USD		1,245		1,259,073
Alphabet, Inc., 1.100%, 08/15/30	USD		1,380		1,268,518
Amazon.com, Inc., 3.150%, 08/22/27	USD		1,115		1,220,002
American Express Credit Corp. MTN, 3.300%, 05/03/27	USD		1,105		1,208,943
Apple, Inc., 3.000%, 06/20/27	USD		1,170		1,269,438
Ball Corp., 4.875%, 03/15/26	USD		620		693,352
Bank of America Corp., 1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		670		681,061
Bank of America Corp. MTN, 3.248%, 10/21/27	USD		1,115		1,198,718
Citigroup, Inc., 1.560% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		1,656		1,259,087
Dell International LLC, 5.300%, 10/01/29	USD		972		1,137,009
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		1,585		1,314,729
Johnson & Johnson, 3.625%, 03/03/37	USD		533		601,671
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		1,495		1,627,083
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		963		1,041,604
McDonald's Corp., 3.125%, 03/04/25	CAD		1,475		1,252,758
Microsoft Corp., 3.500%, 11/15/42	USD		825		906,596
Morgan Stanley, 3.625%, 01/20/27	USD		1,105		1,212,462
PepsiCo, Inc., 2.875%, 10/15/49	USD		895		866,192
Pfizer, Inc., 2.625%, 04/01/30	USD		1,175		1,219,695
Prologis LP, 1.250%, 10/15/30	USD		1,325		1,201,934
Sealed Air Corp., 4.875%, 12/01/22	USD		740		769,600

Description	Security Currency	Principal Amount (000)		Fair Value
Service Corp. International, 4.625%, 12/15/27	USD	$	630	$	663,863
Starbucks Corp., 4.450%, 08/15/49	USD		990		1,148,648
The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§)	USD		1,300		1,233,759
The Home Depot, Inc., 5.875%, 12/16/36	USD		870		1,198,382
The Procter & Gamble Co., 1.200%, 10/29/30	USD		680		629,264
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		1,205		1,196,778
United Rentals North America, Inc., 4.875%, 01/15/28	USD		645		679,424
Verizon Communications, Inc., 3.875%, 02/08/29	USD		1,512		1,682,020
					31,641,663
Total Corporate Bonds (Cost $42,710,712)					43,475,171
Foreign Government Obligations \| 18.2%
Australia \| 0.7%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		1,745		1,254,289
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		1,760		1,246,364
					2,500,653
Bahamas \| 0.6%
Bahamas Government International Bonds, 6.950%, 11/20/29	USD		2,130		2,126,672
Bermuda \| 1.0%
Government of Bermuda:
3.717%, 01/25/27	USD		1,695		1,840,134
2.375%, 08/20/30 (#)	USD		1,760		1,712,577
					3,552,711
Canada \| 1.2%
City of Vancouver, 2.900%, 11/20/25	CAD		1,080		924,158
Province of Quebec:
2.500%, 04/20/26	USD		1,145		1,221,761
1.850%, 02/13/27	CAD		2,450		1,990,120
					4,136,039
Chile \| 1.7%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		1,100,000		1,692,512
2.300%, 10/01/28	CLP		2,055,000		2,720,660

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Republic of Chile, 0.830%, 07/02/31	EUR		1,100	$	1,329,072
					5,742,244
Colombia \| 0.4%
Republic of Colombia, 9.850%, 06/28/27	COP		3,705,000		1,208,893
Croatia \| 0.4%
Croatia, 5.500%, 04/04/23	USD		1,375		1,502,617
Czech Republic \| 1.0%
Czech Republic, 2.000%, 10/13/33	CZK		76,140		3,386,836
Hungary \| 1.3%
Hungary Government Bonds:
2.500%, 10/24/24	HUF		366,130		1,227,486
2.750%, 12/22/26	HUF		361,800		1,218,816
3.000%, 10/27/27	HUF		354,570		1,209,331
Hungary Government International Bonds, 1.750%, 06/05/35	EUR		510		638,821
					4,294,454
Italy \| 0.7%
Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36	EUR		950		1,174,024
Italy Government International Bonds, 6.875%, 09/27/23	USD		1,165		1,337,698
					2,511,722
Japan \| 0.1%
Japan Bank for International Cooperation, 0.625%, 05/22/23	USD		300		301,655
Mexico \| 0.5%
Mexican Bonos, 7.500%, 06/03/27	MXN		25,380		1,322,813
United Mexican States, 6.750%, 02/06/24	GBP		205		328,979
					1,651,792
Morocco \| 0.4%
Morocco Government International Bonds, 1.500%, 11/27/31	EUR		1,210		1,335,159
Netherlands \| 0.2%
Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#)	USD		840		821,468
New Zealand \| 0.9%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		3,160		2,567,702

Description	Security Currency	Principal Amount (000)		Fair Value
New Zealand Local Government Funding Agency Bond, 2.000%, 04/15/37	NZD		930	$	570,207
					3,137,909
Norway \| 1.0%
Oslo Kommune:
2.300%, 03/14/24	NOK		3,000		361,390
2.350%, 09/04/24	NOK		10,000		1,209,285
0.920% (NIBOR 3 Month + 0.460%), 05/06/26 (§)	NOK		16,000		1,887,698
					3,458,373
Panama \| 0.6%
Republic of Panama:
4.000%, 09/22/24	USD		475		517,453
8.875%, 09/30/27	USD		995		1,373,722
					1,891,175
Peru \| 0.6%
Peru Government Bonds, 6.150%, 08/12/32	PEN		7,675		2,221,114
Philippines \| 0.7%
Republic of Philippines, 3.900%, 11/26/22	PHP		120,000		2,511,851
Poland \| 0.8%
Poland Government Bonds:
2.500%, 07/25/27	PLN		4,475		1,230,328
2.750%, 10/25/29	PLN		4,865		1,362,899
					2,593,227
Romania \| 1.6%
Romanian Government Bonds:
4.000%, 10/27/21	RON		5,580		1,339,354
4.750%, 02/24/25	RON		10,285		2,640,424
Romanian Government International Bonds, 2.375%, 04/19/27	EUR		1,065		1,348,840
					5,328,618
Singapore \| 0.4%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		1,410		1,209,590
Spain \| 0.4%
Spain Government Bonds, 1.200%, 10/31/40	EUR		1,016		1,239,529
Supranational Bonds \| 0.0%
International Finance Corp. MTN, 1.500%, 04/15/35	AUD		46		30,713
United Kingdom \| 0.6%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		865		1,280,494

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
1.500%, 07/22/47	GBP		505	$	713,470
					1,993,964
Vietnam \| 0.4%
Socialist Republic of Vietnam, 4.800%, 11/19/24	USD		1,330		1,487,106
Total Foreign Government Obligations (Cost $61,608,447)					62,176,084
Supranational Bonds \| 2.4%
African Development Bank, 0.750%, 04/03/23	USD		995		1,003,752
Asian Development Bank, 2.125%, 03/19/25	USD		766		807,452
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		690		714,842
Inter-American Development Bank, 7.875%, 03/14/23	IDR		23,490,000		1,695,808
International Bank for Reconstruction & Development:
2.500%, 08/03/23	CAD		2,170		1,807,470
1.900%, 01/16/25	CAD		1,040		856,562
2.900%, 11/26/25	AUD		1,710		1,413,918
Total Supranational Bonds (Cost $7,808,843)					8,299,804
US Municipal Bonds \| 0.9%
California \| 0.8%
State of California:
4.500%, 04/01/33	USD		900		1,043,162
7.550%, 04/01/39	USD		1,000		1,615,449
					2,658,611
New York \| 0.1%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		420		461,430
Total US Municipal Bonds (Cost $3,058,422)					3,120,041
US Treasury Securities \| 0.8%
US Treasury Notes:
2.875%, 08/15/28	USD		1,505		1,655,382
0.625%, 08/15/30	USD		1,315		1,191,719
Total US Treasury Securities (Cost $3,013,182)					2,847,101

Description	Shares		Fair Value
Exchange-Traded Funds \| 5.6%
iShares MSCI World ETF (Cost $13,619,550)		162,891	$	19,300,955
Short-Term Investments \| 0.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $352,458)		352,458		352,458
Total Investments l 99.3% (Cost $294,905,314) (»)			$	340,051,779
Cash and Other Assets in Excess of Liabilities \| 0.7%				2,278,838
Net Assets l 100.0%			$	342,330,617

Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at March 31, 2021:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	1,014,790	USD	773,495	HSB	04/20/21	$	—	$	2,643
AUD	1,412,844	USD	1,094,986	HSB	04/20/21		—		21,766
AUD	56,113	USD	43,460	HSB	06/24/21		—		825
AUD	1,808,658	USD	1,401,252	JPM	04/20/21		—		27,364
CAD	412,760	USD	325,328	HSB	04/20/21		3,135		—
CAD	1,104,415	USD	869,738	HSB	04/20/21		9,125		—
CAD	1,330,375	USD	1,056,420	HSB	04/20/21		2,256		—
CAD	1,500,268	USD	1,203,627	HSB	04/20/21		—		9,755
CAD	1,767,146	USD	1,415,194	HSB	04/20/21		—		8,948
CAD	2,531,398	USD	1,978,413	HSB	04/20/21		36,003		—
CAD	312,896	USD	247,517	JPM	04/20/21		1,477		—
CAD	1,587,188	USD	1,250,578	MSC	04/20/21		12,462		—
CHF	600,371	USD	678,749	HSB	04/20/21		—		43,295
CHF	798,698	USD	902,922	JPM	04/20/21		—		57,552
CHF	105,714	USD	119,521	MSC	04/20/21		—		7,630
CLP	97,869,950	USD	134,900	CIT	05/14/21		983		—
CNH	1,489,514	USD	230,000	HSB	04/20/21		—		3,339
CNH	36,293,573	USD	5,587,839	HSB	04/20/21		—		64,995
CNH	32,465,012	USD	4,981,436	HSB	06/04/21		—		57,782
CZK	6,099,897	USD	281,087	HSB	04/20/21		—		7,006
CZK	9,749,744	USD	443,984	HSB	04/20/21		—		5,908
CZK	10,701,466	USD	496,500	HSB	04/20/21		—		15,660
EUR	3,340,166	USD	4,044,221	CIT	04/20/21		—		126,072
EUR	105,202	USD	126,884	HSB	04/20/21		—		3,478
EUR	580,838	USD	699,400	HSB	04/20/21		—		18,053
EUR	1,001,260	USD	1,212,479	HSB	04/20/21		—		37,960
EUR	1,688,308	USD	2,014,320	HSB	04/20/21		—		33,867
EUR	18,225,144	USD	22,066,458	HSB	04/20/21		—		687,628
EUR	1,185,358	USD	1,415,721	HSB	06/24/21		—		23,321
GBP	208,992	USD	285,355	HSB	04/20/21		2,775		—
GBP	275,629	USD	382,807	HSB	04/20/21		—		2,807
GBP	2,523,944	USD	3,430,605	JPM	04/20/21		49,062		—
GBP	279,064	USD	386,354	SSB	06/24/21		—		1,543
HUF	145,416,323	USD	471,732	HSB	04/20/21		—		957
HUF	147,495,370	USD	499,088	HSB	04/20/21		—		21,583
HUF	212,339,571	USD	719,332	HSB	04/20/21		—		31,898
HUF	271,993,905	USD	922,323	HSB	04/20/21		—		41,762
IDR	7,743,552,000	USD	538,495	JPM	04/13/21		—		5,690
INR	61,198,480	USD	829,383	JPM	04/16/21		6,314		—
JPY	969,979,579	USD	9,350,733	CIT	04/20/21		—		588,916
JPY	1,899,126,289	USD	18,308,185	HSB	04/20/21		—		1,153,393
JPY	41,319,428	USD	380,800	JPM	04/20/21		—		7,562
KRW	1,997,924,432	USD	1,801,344	JPM	05/20/21		—		36,227
MXN	3,584,803	USD	173,110	HSB	04/20/21		2,008		—

Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
MXN	7,889,755	USD	395,889	HSB	04/20/21	$	—	$	10,475
NZD	419,064	USD	301,909	HSB	04/20/21		—		9,240
NZD	576,616	USD	415,002	HSB	04/20/21		—		12,300
PLN	1,326,310	USD	344,414	HSB	04/20/21		—		8,775
PLN	944,470	USD	252,084	JPM	04/20/21		—		13,074
RON	1,201,008	USD	298,113	HSB	04/20/21		—		12,067
RON	2,156,350	USD	525,350	HSB	04/20/21		—		11,769
RON	2,585,296	USD	626,500	HSB	04/20/21		—		10,756
RON	1,558,572	USD	382,491	JPM	04/20/21		—		11,283
RUB	32,491,655	USD	437,328	JPM	04/20/21		—		8,549
SEK	3,941,901	USD	470,803	HSB	04/20/21		—		19,387
SEK	5,923,634	USD	708,087	JPM	04/20/21		—		29,727
SGD	212,898	USD	158,246	HSB	04/20/21		7		—
SGD	157,080	USD	117,578	JPM	04/20/21		—		817
THB	23,790,456	USD	792,065	HSB	04/20/21		—		30,830
USD	210,600	AUD	276,821	HSB	04/20/21		322		—
USD	235,900	AUD	304,387	HSB	04/20/21		4,682		—
USD	2,530,175	AUD	3,274,544	HSB	04/20/21		42,774		—
USD	329,300	AUD	418,313	JPM	04/20/21		11,542		—
USD	1,182,423	AUD	1,518,550	JPM	04/20/21		28,906		—
USD	3,309,375	AUD	4,282,611	JPM	04/20/21		56,229		—
USD	2,022,327	AUD	2,617,580	MSC	04/20/21		33,968		—
USD	3,969,334	CAD	5,044,444	CIT	04/20/21		—		44,895
USD	362,700	CAD	463,754	HSB	04/20/21		—		6,343
USD	487,700	CAD	608,576	HSB	04/20/21		3,412		—
USD	3,701,950	CAD	4,703,550	HSB	04/20/21		—		41,005
USD	179,328	CAD	224,599	HSB	06/24/21		587		—
USD	497,628	CAD	632,321	JPM	04/20/21		—		5,556
USD	4,648,347	CAD	5,906,516	MSC	04/20/21		—		51,894
USD	128,700	CHF	115,308	HSB	04/20/21		6,654		—
USD	173,000	CHF	160,385	HSB	04/20/21		3,243		—
USD	204,581	CHF	188,754	HSB	06/24/21		4,440		—
USD	457,399	CLP	323,609,889	CIT	05/14/21		8,098		—
USD	551,407	CLP	388,356,183	CIT	05/14/21		12,213		—
USD	3,468,328	CLP	2,544,607,915	CIT	05/14/21		—		64,612
USD	772,200	CNH	5,015,107	HSB	04/20/21		9,044		—
USD	1,132,700	CNH	7,381,194	HSB	04/20/21		9,493		—
USD	1,036,997	COP	3,732,410,766	CIT	05/14/21		18,370		—
USD	4,233,492	CZK	91,257,586	HSB	04/20/21		133,097		—
USD	305,566	DKK	1,902,977	HSB	06/24/21		5,151		—
USD	774,000	EUR	652,924	HSB	04/20/21		8,093		—
USD	1,844,236	EUR	1,523,192	HSB	04/20/21		57,469		—
USD	2,620,800	EUR	2,173,089	HSB	04/20/21		71,678		—
USD	3,225,200	EUR	2,702,757	HSB	04/20/21		54,757		—
USD	1,224,182	EUR	1,038,250	JPM	04/20/21		6,273		—
USD	1,933,100	EUR	1,613,440	JPM	04/20/21		40,469		—

Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	2,227,000	EUR	1,856,539	JPM	04/20/21	$	49,205	$	—
USD	608,400	GBP	445,140	HSB	04/20/21		—		5,297
USD	755,100	GBP	543,460	HSB	04/20/21		5,852		—
USD	802,000	GBP	573,032	HSB	04/20/21		11,982		—
USD	308,519	GBP	226,982	JPM	04/20/21		—		4,412
USD	611,543	GBP	443,153	JPM	04/20/21		584		—
USD	341,106	HKD	2,648,682	SSB	06/24/21		338		—
USD	2,841,911	HUF	838,903,825	HSB	04/20/21		126,021		—
USD	2,832,995	HUF	836,781,770	JPM	04/20/21		123,975		—
USD	440,300	IDR	6,198,543,400	JPM	04/13/21		13,802		—
USD	769,100	IDR	11,217,323,500	JPM	06/30/21		1,668		—
USD	1,030,900	JPY	112,196,970	HSB	04/20/21		17,426		—
USD	1,614,600	JPY	169,427,405	HSB	04/20/21		84,164		—
USD	2,234,000	JPY	243,736,102	HSB	04/20/21		32,334		—
USD	5,387,347	JPY	558,834,876	HSB	04/20/21		339,396		—
USD	1,871,402	JPY	203,370,908	HSB	06/24/21		33,225		—
USD	467,116	JPY	50,756,808	SSB	06/24/21		8,348		—
USD	387,000	KRW	436,501,170	JPM	05/20/21		1,362		—
USD	653,042	MXN	13,014,609	HSB	04/20/21		17,279		—
USD	484,359	NOK	4,120,346	HSB	06/24/21		2,644		—
USD	117,468	NOK	1,004,458	JPM	04/20/21		29		—
USD	423,300	NOK	3,634,711	JPM	04/20/21		—		1,661
USD	2,736,397	NOK	23,398,699	JPM	04/20/21		684		—
USD	1,734,173	NZD	2,425,613	CIT	04/20/21		40,154		—
USD	25,936	NZD	36,272	HSB	04/20/21		604		—
USD	200,500	NZD	272,277	JPM	04/20/21		10,345		—
USD	1,761,960	NZD	2,463,594	JPM	04/20/21		41,416		—
USD	2,347,713	PEN	8,553,189	CIT	05/14/21		63,070		—
USD	1,707,892	PHP	82,627,825	HSB	04/13/21		5,893		—
USD	81,900	PLN	304,670	HSB	04/20/21		4,799		—
USD	2,259,453	PLN	8,475,932	HSB	04/20/21		114,513		—
USD	795,700	PLN	2,989,630	JPM	04/20/21		39,137		—
USD	128,700	RON	522,078	HSB	04/20/21		4,356		—
USD	173,000	RON	710,129	HSB	04/20/21		3,868		—
USD	3,788,091	RON	15,261,081	HSB	04/20/21		153,337		—
USD	552,800	SEK	4,752,571	JPM	04/20/21		8,547		—
USD	1,238,116	SGD	1,641,023	JPM	04/20/21		18,301		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	2,135,229	$	3,571,909

Lazard Retirement Series, Inc. Notes to Portfolios of Investments

March 31, 2021 (unaudited)

()*	Non-income producing security.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under US Generally Accepted Accounting Principles in the United States of America hierarchy.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2021, these securities amounted to 0.7 % of net assets of Lazard Retirement Global Dynamic Multi-Asset Portfolio.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2021.
(»)	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
BBSW	- Bank Bill Swap Reference Rate
GDR	- Global Depositary Receipt
LIBOR	- London Interbank Offered Rate
NIBOR	- Norway Interbank Offered Rate
PJSC	- Public Joint Stock Company
REIT	- Real Estate Investment Trust
SOFR	- Secured Overnight Financing Rate

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

Counterparty Abbreviations:
CIT	- Citibank NA
HSB	- HSBC Bank USA NA
JPM	- JPMorgan Chase Bank NA
MSC	- Morgan Stanley & Co.
SSB	- State Street Bank and Trust Co.

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

Industry †	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio
Common & Preferred Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		—	%		1.9	%		0.7	%
Air Freight & Logistics		—			—			0.4
Airlines		—			1.1			—
Auto Components		1.6			1.0			0.5
Automobiles		2.1			3.7			1.8
Banks		24.7			7.5			4.5
Beverages		—			3.4			2.4
Biotechnology		—			—			0.2
Building Products		—			—			0.4
Capital Markets		—			2.2			3.5
Chemicals		1.6			4.9			0.7
Commercial Services & Suppliers		—			—			0.4
Communications Equipment		—			—			1.1
Construction & Engineering		—			—			0.2
Construction Materials		3.3			—			0.4
Consumer Finance		—			—			0.2
Containers & Packaging		—			—			0.6
Diversified Consumer Services		—			—			0.3
Diversified Financial Services		—			—			0.1
Diversified Telecommunication Services		2.6			1.3			2.2
Electric Utilities		0.8			2.6			0.7
Electrical Equipment		—			4.2			1.3
Electronic Equipment, Instruments & Components		2.6			3.5			0.8
Entertainment		—			5.5			1.1
Equity Real Estate Investment Trusts (REITs)		—			—			1.2
Food & Staples Retailing		2.0			2.1			1.2
Food Products		0.7			0.6			0.4
Gas Utilities		—			1.0			0.3
Health Care Equipment & Supplies		—			2.9			0.8
Health Care Providers & Services		2.4			—			2.1
Hotels, Restaurants & Leisure		0.5			—			1.8
Household Durables		1.2			—			0.3
Household Products		0.7			—			1.4
Independent Power & Renewable Electricity Producers		0.6			0.6			0.3
Industrial Conglomerates		1.0			—			0.5
Insurance		3.8			5.2			2.5
Interactive Media & Services		—			2.0			2.2
Internet & Direct Marketing Retail		—			—			1.4
IT Services		1.3			2.1			2.1
Leisure Products		—			0.9			0.6
Life Sciences Tools & Services		—			—			1.6
Machinery		0.8			4.2			1.8
Marine		—			—			0.1
Media		—			2.0			0.5
Metals & Mining		5.7			2.3			0.6

Multiline Retail	—		1.0		0.8
Multi-Utilities	—		2.5		0.2
Oil, Gas & Consumable Fuels	8.3		4.1		1.5
Paper & Forest Products	0.8		—		—
Personal Products	3.5		1.6		0.5
Pharmaceuticals	—		6.2		4.2
Professional Services	—		3.9		1.2
Real Estate Management & Development	1.4		3.4		0.5
Road & Rail	—		1.2		0.6
Semiconductors & Semiconductor Equipment	10.2		1.3		2.8
Software	—		—		5.0
Specialty Retail	0.9		—		1.8
Technology Hardware, Storage & Peripherals	6.9		1.9		2.5
Textiles, Apparel & Luxury Goods	—		—		0.3
Tobacco	1.3		—		0.3
Trading Companies & Distributors	—		1.4		0.3
Transportation Infrastructure	1.5		0.2		—
Wireless Telecommunication Services	4.3		—		0.6
Subtotal	99.1		97.4		71.3
Exchange-Traded Funds	—		—		5.6
Foreign Government Obligations	—		—		18.2
Supranational Bonds	—		—		2.4
US Municipal Bonds	—		—		0.9
US Treasury Securities	—		—		0.8
Short-Term Investments	1.2		0.9		0.1
Total Investments	100.3	%	98.3	%	99.3	%

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

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

SIGNATURES

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

Lazard Retirement Series, Inc.

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: May 21, 2021

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

By:	/s/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer

Date: May 21, 2021


By:	/s/ Christopher Snively
	Christopher Snively
	Chief Financial Officer

Date: May 21, 2021