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