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: 9/30/2021
Item 1. Schedule of Investments.
Description | Shares | Fair Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio | ||||||||
Common Stocks | 97.5% | ||||||||
Brazil | 7.4% | ||||||||
Banco do Brasil SA | 1,702,502 | $ | 9,034,992 | |||||
BB Seguridade Participacoes SA | 1,720,910 | 6,304,394 | ||||||
CCR SA | 2,925,050 | 6,284,366 | ||||||
Engie Brasil Energia SA | 459,698 | 3,162,152 | ||||||
Petrobras Distribuidora SA | 832,800 | 3,592,246 | ||||||
Petroleo Brasileiro SA Sponsored ADR | 508,166 | 5,254,436 | ||||||
33,632,586 | ||||||||
China | 20.0% | ||||||||
A-Living Smart City Services Co., Ltd. | 1,864,750 | 6,601,796 | ||||||
AAC Technologies Holdings, Inc. | 689,191 | 3,271,899 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 1,315,375 | 7,075,280 | ||||||
China Construction Bank Corp., Class H | 21,846,038 | 15,496,452 | ||||||
China Merchants Bank Co., Ltd., Class H | 1,133,737 | 8,998,482 | ||||||
China Shenhua Energy Co., Ltd., Class H | 3,522,275 | 8,227,120 | ||||||
China Vanke Co., Ltd., Class H | 2,379,500 | 6,503,764 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A (*) | 776,600 | 4,657,924 | ||||||
Hengan International Group Co., Ltd. | 1,130,527 | 6,055,047 | ||||||
Huayu Automotive Systems Co., Ltd., Class A | 415,600 | 1,459,038 | ||||||
Lenovo Group, Ltd. | 1,174,000 | 1,259,389 | ||||||
Ping An Insurance (Group) Co. of China, Ltd., Class H | 1,137,000 | 7,715,149 | ||||||
Sinopharm Group Co., Ltd., Class H | 2,966,797 | 7,705,759 | ||||||
Tingyi (Cayman Islands) Holding Corp. | 1,784,000 | 3,314,862 | ||||||
Weichai Power Co., Ltd., Class H | 1,653,958 | 3,425,863 | ||||||
91,767,824 | ||||||||
Egypt | 1.2% | ||||||||
Commercial International Bank Egypt SAE GDR | 2,066,248 | 5,522,618 | ||||||
Greece | 1.0% | ||||||||
OPAP SA | 299,911 | 4,626,251 | ||||||
Hong Kong | 1.2% | ||||||||
ASM Pacific Technology, Ltd. | 501,988 | 5,466,568 | ||||||
Hungary | 2.0% | ||||||||
OTP Bank Nyrt. (*) | 152,136 | 8,918,828 | ||||||
India | 6.8% | ||||||||
Axis Bank, Ltd. (*) | 439,835 | 4,531,240 | ||||||
Bajaj Auto, Ltd. | 69,080 | 3,544,593 | ||||||
Bharat Petroleum Corp., Ltd. | 441,858 | 2,569,147 | ||||||
Coal India, Ltd. | 1,470,676 | 3,637,561 | ||||||
Hero MotoCorp, Ltd. | 90,803 | 3,439,611 | ||||||
Indus Towers, Ltd. | 1,641,203 | 6,752,796 | ||||||
Petronet LNG, Ltd. | 285,723 | 912,647 |
Description | Shares | Fair Value | ||||||
UPL, Ltd. | 621,556 | $ | 5,883,012 | |||||
31,270,607 | ||||||||
Indonesia | 4.8% | ||||||||
PT Astra International Tbk | 11,874,704 | 4,536,606 | ||||||
PT Bank Mandiri (Persero) Tbk | 18,165,130 | 7,719,429 | ||||||
PT Telkom Indonesia (Persero) Tbk Sponsored ADR | 387,704 | 9,847,682 | ||||||
22,103,717 | ||||||||
Mexico | 4.9% | ||||||||
America Movil SAB de CV, Class L Sponsored ADR | 397,890 | 7,030,716 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,027,365 | 6,598,250 | ||||||
Grupo Mexico SAB de CV, Series B | 1,310,408 | 5,230,459 | ||||||
Kimberly-Clark de Mexico SAB de CV, Series A | 2,262,689 | 3,725,931 | ||||||
22,585,356 | ||||||||
Portugal | 2.1% | ||||||||
Galp Energia SGPS SA | 853,066 | 9,660,927 | ||||||
Russia | 10.7% | ||||||||
ALROSA PAO (*),(‡) | 224,930 | 410,547 | ||||||
Gazprom PJSC Sponsored ADR | 791,203 | 7,788,190 | ||||||
LUKOIL PJSC Sponsored ADR | 147,922 | 14,082,960 | ||||||
Mobile TeleSystems PJSC Sponsored ADR | 977,430 | 9,422,425 | ||||||
Sberbank of Russia PJSC (‡) | 2,372,228 | 11,086,285 | ||||||
X5 Retail Group NV GDR | 187,029 | 6,029,332 | ||||||
48,819,739 | ||||||||
South Africa | 7.0% | ||||||||
Life Healthcare Group Holdings, Ltd. (*) | 2,946,645 | 4,456,522 | ||||||
Mondi PLC | 139,104 | 3,400,044 | ||||||
Nedbank Group, Ltd. | 658,767 | 7,603,476 | ||||||
Sanlam, Ltd. | 863,110 | 3,662,859 | ||||||
Standard Bank Group, Ltd. | 441,095 | 4,188,562 | ||||||
The Bidvest Group, Ltd. | 403,344 | 5,213,597 | ||||||
Vodacom Group, Ltd. | 358,361 | 3,427,165 | ||||||
31,952,225 | ||||||||
South Korea | 14.0% | ||||||||
Coway Co., Ltd. | 97,244 | 6,050,828 | ||||||
Hyundai Mobis Co., Ltd. | 27,434 | 5,781,993 | ||||||
KB Financial Group, Inc. | 182,809 | 8,500,271 | ||||||
KT&G Corp. | 78,795 | 5,376,643 | ||||||
Samsung Electronics Co., Ltd. | 272,384 | 16,952,855 | ||||||
Shinhan Financial Group Co., Ltd. | 224,454 | 7,538,914 | ||||||
SK Hynix, Inc. | 160,767 | 13,863,017 | ||||||
64,064,521 |
Description | Shares | Fair Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio (concluded) | ||||||||
Taiwan | 9.7% | ||||||||
ASE Technology Holding Co., Ltd. | 2,198,000 | $ | 8,556,080 | |||||
Globalwafers Co., Ltd. | 146,000 | 4,124,223 | ||||||
Hon Hai Precision Industry Co., Ltd. | 1,998,320 | 7,468,072 | ||||||
Novatek Microelectronics Corp. | 510,000 | 7,404,259 | ||||||
Quanta Computer, Inc. | 2,425,000 | 6,730,281 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 212,989 | 4,392,056 | ||||||
Wiwynn Corp. | 182,000 | 5,657,706 | ||||||
44,332,677 | ||||||||
Thailand | 1.9% | ||||||||
Kasikornbank Public Co., Ltd. | 1,123,369 | 4,387,317 | ||||||
The Siam Cement Public Co., Ltd. (‡) | 374,308 | 4,447,224 | ||||||
8,834,541 | ||||||||
United Kingdom | 2.8% | ||||||||
Anglo American PLC | 146,105 | 5,039,872 | ||||||
Unilever PLC | 145,663 | 7,856,688 | ||||||
12,896,560 | ||||||||
Total Common Stocks (Cost $387,172,435) | 446,455,545 | |||||||
Short-Term Investments | 2.1% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $9,628,266) | 9,628,266 | 9,628,266 | ||||||
Total Investments l 99.6% (Cost $396,800,701) | $ | 456,083,811 | ||||||
Cash and Other Assets in Excess of Liabilities l 0.4% | 2,049,573 | |||||||
Net Assets l 100.0% | $ | 458,133,384 |
Description | Shares | Fair Value | ||||||
Lazard Retirement International Equity Portfolio | ||||||||
Common Stocks | 95.1% | ||||||||
Canada | 4.6% | ||||||||
BRP, Inc. | 13,019 | $ | 1,205,075 | |||||
CAE, Inc. (*) | 46,510 | 1,389,498 | ||||||
Suncor Energy, Inc. | 101,622 | 2,106,896 | ||||||
TMX Group, Ltd. | 16,811 | 1,812,896 | ||||||
6,514,365 | ||||||||
China | 2.7% | ||||||||
Autohome, Inc. ADR | 26,755 | 1,255,612 | ||||||
China Longyuan Power Group Corp., Ltd., Class H | 614,000 | 1,500,323 | ||||||
ENN Energy Holdings, Ltd. | 64,200 | 1,051,329 | ||||||
3,807,264 | ||||||||
Denmark | 3.2% | ||||||||
Carlsberg AS, Class B | 12,779 | 2,078,827 | ||||||
Vestas Wind Systems A/S | 62,195 | 2,490,074 | ||||||
4,568,901 | ||||||||
Finland | 2.4% | ||||||||
Nordea Bank Abp | 180,310 | 2,314,069 | ||||||
Sampo Oyj, A Shares | 22,428 | 1,112,883 | ||||||
3,426,952 | ||||||||
France | 10.0% | ||||||||
Air Liquide SA | 14,841 | 2,374,665 | ||||||
Alstom SA | 26,457 | 1,003,817 | ||||||
Capgemini SE | 11,213 | �� | 2,331,969 | |||||
Engie SA | 241,063 | 3,163,831 | ||||||
Pernod Ricard SA | 9,398 | 2,055,221 | ||||||
Sanofi | 34,347 | 3,306,399 | ||||||
14,235,902 | ||||||||
Germany | 8.4% | ||||||||
Adidas AG | 3,765 | 1,186,377 | ||||||
Continental AG (*) | 14,031 | 1,538,234 | ||||||
Infineon Technologies AG | 41,923 | 1,723,419 | ||||||
Merck KGaA | 11,124 | 2,419,013 | ||||||
MTU Aero Engines AG | 10,839 | 2,450,829 | ||||||
ProSiebenSat.1 Media SE | 73,472 | 1,352,003 | ||||||
Vitesco Technologies Group AG (*) | 1 | 36 | ||||||
Vonovia SE | 21,607 | 1,298,864 | ||||||
11,968,775 | ||||||||
Hong Kong | 1.2% | ||||||||
ESR Cayman, Ltd. (*) | 558,800 | 1,686,903 | ||||||
India | 1.1% | ||||||||
Reliance Industries, Ltd. | 45,481 | 1,538,049 | ||||||
Description | Shares | Fair Value | ||||||
Ireland | 1.4% | ||||||||
Ryanair Holdings PLC Sponsored ADR (*) | 17,871 | $ | 1,966,882 | |||||
Israel | 1.4% | ||||||||
Bank Leumi Le-Israel BM | 235,610 | 1,999,976 | ||||||
Italy | 1.6% | ||||||||
Enel SpA | 306,910 | 2,356,313 | ||||||
Japan | 18.0% | ||||||||
Asics Corp. | 44,600 | 1,011,871 | ||||||
Bandai Namco Holdings, Inc. | 13,900 | 1,043,820 | ||||||
Daikin Industries, Ltd. | 7,800 | 1,677,692 | ||||||
Daiwa House Industry Co., Ltd. | 68,292 | 2,280,719 | ||||||
Fujitsu, Ltd. | 11,436 | 2,076,899 | ||||||
Hitachi, Ltd. | 57,700 | 3,421,253 | ||||||
Makita Corp. | 40,900 | 2,231,977 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 39,600 | 1,769,655 | ||||||
Nexon Co., Ltd. | 56,767 | 915,873 | ||||||
Ryohin Keikaku Co., Ltd. | 69,400 | 1,544,021 | ||||||
Shimano, Inc. | 7,500 | 2,184,900 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 52,600 | 1,840,231 | ||||||
Suzuki Motor Corp. | 38,800 | 1,729,444 | ||||||
Yamaha Corp. | 32,300 | 2,030,642 | ||||||
25,758,997 | ||||||||
Mexico | 0.8% | ||||||||
Arca Continental SAB de CV | 198,000 | 1,207,482 | ||||||
Netherlands | 6.0% | ||||||||
Akzo Nobel NV | 19,326 | 2,104,424 | ||||||
JDE Peet’s NV | 22,605 | 671,442 | ||||||
Koninklijke DSM NV | 12,093 | 2,417,135 | ||||||
Universal Music Group NV (*) | 54,624 | 1,462,571 | ||||||
Wolters Kluwer NV | 18,866 | 1,994,190 | ||||||
8,649,762 | ||||||||
Norway | 2.6% | ||||||||
Equinor ASA | 80,929 | 2,062,344 | ||||||
Telenor ASA | 101,627 | 1,706,972 | ||||||
3,769,316 | ||||||||
Portugal | 1.1% | ||||||||
Galp Energia SGPS SA | 143,598 | 1,626,240 | ||||||
Singapore | 1.2% | ||||||||
DBS Group Holdings, Ltd. | 76,260 | 1,693,422 | ||||||
South Korea | 1.7% | ||||||||
Osstem Implant Co., Ltd. | 8,778 | 983,465 | ||||||
SK Hynix, Inc. | 16,049 | 1,383,913 | ||||||
2,367,378 | ||||||||
Spain | 3.0% | ||||||||
Banco Santander SA | 562,238 | 2,036,485 |
Description | Shares | Fair Value | ||||||
Lazard Retirement International Equity Portfolio (concluded) | ||||||||
Industria de Diseno Textil SA | 61,653 | $ | 2,243,091 | |||||
4,279,576 | ||||||||
Sweden | 1.2% | ||||||||
Sandvik AB | 73,164 | 1,669,758 | ||||||
Switzerland | 3.5% | ||||||||
ABB, Ltd. | 81,915 | 2,730,402 | ||||||
Novartis AG | 26,959 | 2,211,722 | ||||||
4,942,124 | ||||||||
United Kingdom | 11.6% | ||||||||
3i Group PLC | 101,322 | 1,745,264 | ||||||
Anglo American PLC | 49,394 | 1,703,839 | ||||||
Barclays PLC | 665,387 | 1,696,994 | ||||||
Petershill Partners PLC (*) | 232,206 | 1,095,060 | ||||||
Prudential PLC | 86,304 | 1,675,391 | ||||||
RELX PLC | 149,851 | 4,318,324 | ||||||
Tesco PLC | 652,329 | 2,212,501 | ||||||
Unilever PLC | 40,195 | 2,172,862 | ||||||
16,620,235 | ||||||||
United States | 6.4% | ||||||||
Aon PLC, Class A | 11,455 | 3,273,495 | ||||||
Ferguson PLC | 11,521 | 1,597,074 | ||||||
Medtronic PLC | 33,889 | 4,247,986 | ||||||
9,118,555 | ||||||||
Total Common Stocks (Cost $116,017,491) | 135,773,127 | |||||||
Preferred Stocks | 2.0% | ||||||||
Germany | 2.0% | ||||||||
Volkswagen AG (Cost $2,192,707) | 12,468 | 2,793,015 | ||||||
Short-Term Investments | 4.4% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $6,339,350) | 6,339,350 | 6,339,350 | ||||||
Total Investments l 101.5% (Cost $124,549,548) | $ | 144,905,492 | ||||||
Liabilities in Excess of Cash and Other Assets l (1.5)% | (2,085,211 | ) | ||||||
Net Assets l 100.0% | $ | 142,820,281 |
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small-Mid Cap Equity Portfolio | ||||||||
Common Stocks | 98.4% | ||||||||
Aerospace & Defense | 2.3% | ||||||||
Curtiss-Wright Corp. | 6,170 | $ | 778,531 | |||||
HEICO Corp. | 2,606 | 343,653 | ||||||
1,122,184 | ||||||||
Air Freight & Logistics | 1.0% | ||||||||
Echo Global Logistics, Inc. (*) | 10,472 | 499,619 | ||||||
Airlines | 0.9% | ||||||||
Alaska Air Group, Inc. (*) | 7,927 | 464,522 | ||||||
Auto Components | 0.7% | ||||||||
Gentherm, Inc. (*) | 4,348 | 351,884 | ||||||
Banks | 8.2% | ||||||||
Commerce Bancshares, Inc. | 8,995 | 626,772 | ||||||
East West Bancorp, Inc. | 11,510 | 892,485 | ||||||
Home BancShares, Inc. | 35,523 | 835,856 | ||||||
Pinnacle Financial Partners, Inc. | 9,686 | 911,259 | ||||||
Prosperity Bancshares, Inc. | 11,183 | 795,447 | ||||||
4,061,819 | ||||||||
Biotechnology | 3.0% | ||||||||
Exelixis, Inc. (*) | 33,146 | 700,706 | ||||||
United Therapeutics Corp. (*) | 4,195 | 774,313 | ||||||
1,475,019 | ||||||||
Building Products | 4.0% | ||||||||
Armstrong World Industries, Inc. | 6,617 | 631,725 | ||||||
Carlisle Cos., Inc. | 3,413 | 678,470 | ||||||
PGT Innovations, Inc. (*) | 36,047 | 688,498 | ||||||
1,998,693 | ||||||||
Capital Markets | 1.1% | ||||||||
Morningstar, Inc. | 2,167 | 561,318 | ||||||
Chemicals | 2.2% | ||||||||
Ashland Global Holdings, Inc. | 4,776 | 425,637 | ||||||
Ingevity Corp. (*) | 9,642 | 688,150 | ||||||
1,113,787 | ||||||||
Communications Equipment | 2.7% | ||||||||
Ciena Corp. (*) | 12,207 | 626,829 | ||||||
F5 Networks, Inc. (*) | 3,496 | 694,935 | ||||||
1,321,764 | ||||||||
Construction & Engineering | 0.8% | ||||||||
Valmont Industries, Inc. | 1,731 | 406,993 | ||||||
Construction Materials | 1.4% | ||||||||
Eagle Materials, Inc. | 5,253 | 688,983 | ||||||
Containers & Packaging | 2.4% | ||||||||
Avery Dennison Corp. | 2,471 | 512,016 |
Description | Shares | Fair Value | ||||||
Graphic Packaging Holding Co. | 34,466 | $ | 656,232 | |||||
1,168,248 | ||||||||
Electrical Equipment | 1.9% | ||||||||
Atkore, Inc. (*) | 5,547 | 482,145 | ||||||
EnerSys | 6,057 | 450,883 | ||||||
933,028 | ||||||||
Energy Equipment & Services | 2.8% | ||||||||
Cactus, Inc., Class A | 16,526 | 623,361 | ||||||
Liberty Oilfield Services, Inc., Class A (*) | 60,974 | 739,614 | ||||||
1,362,975 | ||||||||
Entertainment | 1.1% | ||||||||
Take-Two Interactive Software, Inc. (*) | 3,688 | 568,210 | ||||||
Equity Real Estate Investment Trusts (REITs) | 8.1% | ||||||||
Alexandria Real Estate Equities, Inc. | 3,275 | 625,754 | ||||||
Brixmor Property Group, Inc. | 31,273 | 691,446 | ||||||
Camden Property Trust | 3,687 | 543,722 | ||||||
Hudson Pacific Properties, Inc. | 26,640 | 699,833 | ||||||
PS Business Parks, Inc. | 5,413 | 848,434 | ||||||
Summit Hotel Properties, Inc. (*) | 61,200 | 589,356 | ||||||
3,998,545 | ||||||||
Food & Staples Retailing | 1.6% | ||||||||
US Foods Holding Corp. (*) | 22,839 | 791,600 | ||||||
Food Products | 2.1% | ||||||||
Hostess Brands, Inc. (*) | 33,014 | 573,453 | ||||||
Utz Brands, Inc. | 28,219 | 483,392 | ||||||
1,056,845 | ||||||||
Gas Utilities | 1.3% | ||||||||
New Jersey Resources Corp. | 18,731 | 652,026 | ||||||
Health Care Equipment & Supplies | 1.5% | ||||||||
Ortho Clinical Diagnostics Holdings PLC (*) | 40,022 | 739,607 | ||||||
Health Care Providers & Services | 1.2% | ||||||||
Henry Schein, Inc. (*) | 7,566 | 576,227 | ||||||
Health Care Technology | 0.4% | ||||||||
Certara, Inc. (*) | 5,700 | 188,670 | ||||||
Hotels, Restaurants & Leisure | 2.6% | ||||||||
Brinker International, Inc. (*) | 9,614 | 471,567 | ||||||
Wyndham Hotels & Resorts, Inc. | 10,500 | 810,495 | ||||||
1,282,062 | ||||||||
Household Durables | 0.8% | ||||||||
Leggett & Platt, Inc. | 9,317 | 417,774 | ||||||
Insurance | 2.8% | ||||||||
Brown & Brown, Inc. | 14,816 | 821,547 | ||||||
Reinsurance Group of America, Inc. | 5,071 | 564,200 | ||||||
1,385,747 |
Description | Shares | Fair Value | ||||||
Lazard Retirement US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
Interactive Media & Services | 2.1% | ||||||||
Cars.com, Inc. (*) | 54,333 | $ | 687,312 | |||||
MediaAlpha, Inc., Class A (*) | 18,278 | 341,433 | ||||||
1,028,745 | ||||||||
IT Services | 4.4% | ||||||||
Amdocs, Ltd. | 6,227 | 471,446 | ||||||
LiveRamp Holdings, Inc. (*) | 10,114 | 477,684 | ||||||
Remitly Global, Inc. (*) | 8,056 | 295,655 | ||||||
SolarWinds Corp. | 33,380 | 558,447 | ||||||
Squarespace, Inc. Class A (*) | 9,154 | 353,711 | ||||||
2,156,943 | ||||||||
Leisure Products | 2.4% | ||||||||
Brunswick Corp. | 4,681 | 445,959 | ||||||
Hasbro, Inc. | 8,087 | 721,522 | ||||||
1,167,481 | ||||||||
Life Sciences Tools & Services | 5.4% | ||||||||
Adaptive Biotechnologies Corp. (*) | 19,774 | 672,118 | ||||||
ICON PLC (*) | 2,680 | 702,213 | ||||||
Maravai LifeSciences Holdings, Inc., Class A (*) | 6,448 | 316,468 | ||||||
Sotera Health Co. (*) | 21,999 | 575,274 | ||||||
Stevanato Group SpA (*) | 16,509 | 417,843 | ||||||
2,683,916 | ||||||||
Machinery | 4.5% | ||||||||
Altra Industrial Motion Corp. | 7,942 | 439,590 | ||||||
Columbus McKinnon Corp. | 14,031 | 678,399 | ||||||
Gates Industrial Corp. PLC (*) | 46,589 | 758,003 | ||||||
Kennametal, Inc. | 10,980 | 375,845 | ||||||
2,251,837 | ||||||||
Metals & Mining | 0.9% | ||||||||
Schnitzer Steel Industries, Inc., Class A | 10,027 | 439,283 | ||||||
Multiline Retail | 1.4% | ||||||||
Kohl’s Corp. | 14,831 | 698,392 | ||||||
Oil, Gas & Consumable Fuels | 1.8% | ||||||||
Magnolia Oil & Gas Corp., Class A | 50,562 | 899,498 | ||||||
Paper & Forest Products | 1.3% | ||||||||
Neenah, Inc. | 13,916 | 648,625 | ||||||
Pharmaceuticals | 1.2% | ||||||||
Catalent, Inc. (*) | 4,368 | 581,250 | ||||||
Professional Services | 0.9% | ||||||||
Leidos Holdings, Inc. | 4,489 | 431,528 | ||||||
Semiconductors & Semiconductor Equipment | 2.3% | ||||||||
CMC Materials, Inc. | 3,940 | 485,526 |
Description | Shares | Fair Value | ||||||
MKS Instruments, Inc. | 4,499 | $ | 678,944 | |||||
1,164,470 | ||||||||
Software | 6.9% | ||||||||
CyberArk Software, Ltd. (*) | 2,602 | 410,648 | ||||||
Datto Holding Corp. (*) | 16,187 | 386,869 | ||||||
Dolby Laboratories, Inc., Class A | 6,171 | 543,048 | ||||||
j2 Global, Inc. (*) | 4,714 | 644,027 | ||||||
N-Able, Inc. (*) | 39,272 | 487,365 | ||||||
Pegasystems, Inc. | 4,631 | 588,600 | ||||||
PTC, Inc. (*) | 3,170 | 379,734 | ||||||
3,440,291 | ||||||||
Specialty Retail | 2.3% | ||||||||
Floor & Decor Holdings, Inc., Class A (*) | 3,079 | 371,913 | ||||||
Leslie’s, Inc. (*) | 22,207 | 456,132 | ||||||
Urban Outfitters, Inc. (*) | 9,873 | 293,129 | ||||||
1,121,174 | ||||||||
Textiles, Apparel & Luxury Goods | 0.9% | ||||||||
Tapestry, Inc. | 11,924 | 441,426 | ||||||
Trading Companies & Distributors | 0.8% | ||||||||
Air Lease Corp. | 9,924 | 390,410 | ||||||
Total Common Stocks (Cost $40,537,525) | 48,733,418 | |||||||
Short-Term Investments | 1.7% | ||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $840,577) | 840,577 | 840,577 | ||||||
Total Investments l 100.1% (Cost $41,378,102) | $ | 49,573,995 | ||||||
Liabilities in Excess of Cash and Other Assets l (0.1)% | (73,436 | ) | ||||||
Net Assets l 100.0% | $ | 49,500,559 |
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio | ||||||||
Common Stocks | 68.4% | ||||||||
Australia | 0.9% | ||||||||
Champion Iron, Ltd. (*) | 37,717 | $ | 129,486 | |||||
Charter Hall Long Wale REIT | 18,758 | 66,646 | ||||||
CSL, Ltd. | 571 | 120,411 | ||||||
Dexus. | 157,443 | 1,218,202 | ||||||
Domino’s Pizza Enterprises, Ltd. | 1,839 | 212,026 | ||||||
Fortescue Metals Group, Ltd. | 56,239 | 593,070 | ||||||
Healius, Ltd. | 60,942 | 209,330 | ||||||
Santos, Ltd. | 57,712 | 297,550 | ||||||
Sonic Healthcare, Ltd. | 7,535 | 221,226 | ||||||
3,067,947 | ||||||||
Belgium | 0.2% | ||||||||
Ageas SA | 6,332 | 313,371 | ||||||
Cofinimmo SA REIT | 409 | 61,730 | ||||||
Etablissements Franz Colruyt NV | 2,711 | 138,105 | ||||||
Proximus SADP | 2,722 | 53,815 | ||||||
Warehouses De Pauw CVA REIT | 1,450 | 58,613 | ||||||
625,634 | ||||||||
Canada | 2.6% | ||||||||
CAE, Inc. (*) | 28,442 | 849,563 | ||||||
Canadian National Railway Co. | 9,721 | 1,124,234 | ||||||
Canadian Pacific Railway, Ltd. | 806 | 52,632 | ||||||
Canadian Western Bank | 10,412 | 301,443 | ||||||
Empire Co., Ltd., Class A | 5,119 | 156,003 | ||||||
Enbridge, Inc. | 5,419 | 215,887 | ||||||
H&R Real Estate Investment Trust | 23,715 | 292,646 | ||||||
Hydro One, Ltd. | 6,040 | 142,774 | ||||||
Labrador Iron Ore Royalty Corp. | 9,464 | 263,163 | ||||||
Loblaw Cos., Ltd. | 11,803 | 809,977 | ||||||
Manulife Financial Corp. | 21,380 | 411,530 | ||||||
Metro, Inc. | 6,117 | 298,896 | ||||||
Quebecor, Inc., Class B | 8,804 | 212,767 | ||||||
Shopify, Inc. Class A (*) | 163 | 221,248 | ||||||
Suncor Energy, Inc. | 45,457 | 942,445 | ||||||
The Toronto-Dominion Bank | 17,168 | 1,135,663 | ||||||
Thomson Reuters Corp. | 2,384 | 263,603 | ||||||
Tourmaline Oil Corp. | 22,455 | 784,489 | ||||||
Vermilion Energy, Inc. (*) | 30,033 | 296,868 | ||||||
8,775,831 | ||||||||
China | 0.2% | ||||||||
SITC International Holdings Co., Ltd. | 143,000 | 509,819 | ||||||
Denmark | 0.9% | ||||||||
AP Moller-Maersk A/S, Class B | 73 | 197,463 | ||||||
Carlsberg A/S, Class B Sponsored ADR | 35,002 | 1,148,412 |
Description | Shares | Fair Value | ||||||
Coloplast A/S, Class B | 458 | $ | 71,787 | |||||
Novo Nordisk A/S, Class B | 9,696 | 932,610 | ||||||
Vestas Wind Systems A/S ADR | 56,972 | 770,261 | ||||||
3,120,533 | ||||||||
Finland | 0.0% | ||||||||
Elisa Oyj | 968 | 60,100 | ||||||
France | 2.0% | ||||||||
Arkema SA | 1,736 | 229,643 | ||||||
BNP Paribas SA | 17,725 | 1,135,382 | ||||||
Bureau Veritas SA ADR (*) | 13,092 | 810,264 | ||||||
Cie de Saint-Gobain | 8,999 | 606,101 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,176 | 180,482 | ||||||
Credit Agricole SA | 14,849 | 204,871 | ||||||
Electricite de France SA | 47,568 | 597,352 | ||||||
Hermes International | 41 | 56,665 | ||||||
La Francaise des Jeux SAEM | 6,017 | 309,516 | ||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 6,572 | 941,636 | ||||||
Orange SA | 14,943 | 161,883 | ||||||
Pernod Ricard SA ADR | 20,097 | 885,273 | ||||||
Sartorius Stedim Biotech | 78 | 43,538 | ||||||
Societe Generale SA | 14,995 | 470,798 | ||||||
6,633,404 | ||||||||
Germany | 1.3% | ||||||||
adidas AG Sponsored ADR | 4,599 | 727,194 | ||||||
Daimler AG | 3,360 | 298,688 | ||||||
Deutsche Bank AG (*) | 44,093 | 565,505 | ||||||
Deutsche Post AG | 25,863 | 1,630,054 | ||||||
Merck KGaA | 331 | 71,979 | ||||||
Merck KGaA Sponsored ADR | 22,706 | 987,030 | ||||||
4,280,450 | ||||||||
Hong Kong | 0.4% | ||||||||
AIA Group, Ltd. Sponsored ADR | 20,488 | 942,653 | ||||||
Hysan Development Co., Ltd. | 8,000 | 26,035 | ||||||
Orient Overseas International, Ltd. | 10,000 | 172,617 | ||||||
Sun Hung Kai Properties, Ltd. | 7,000 | 86,991 | ||||||
Xinyi Glass Holdings, Ltd. | 56,000 | 166,347 | ||||||
1,394,643 | ||||||||
Ireland | 0.1% | ||||||||
James Hardie Industries PLC | 9,278 | 332,792 | ||||||
Israel | 0.3% | ||||||||
Bank Hapoalim BM | 26,422 | 231,967 | ||||||
Bank Leumi Le-Israel BM | 27,479 | 233,256 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. (*) | 56,841 | 67,057 | ||||||
Perion Network, Ltd. (*) | 10,462 | 181,306 |
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
ZIM Integrated Shipping Services, Ltd. | 4,210 | $ | 213,447 | |||||
927,033 | ||||||||
Italy | 0.1% | ||||||||
Banco BPM SpA | 80,556 | 253,028 | ||||||
Buzzi Unicem SpA | 9,332 | 213,062 | ||||||
466,090 | ||||||||
Japan | 5.1% | ||||||||
Activia Properties, Inc. REIT | 49 | 201,293 | ||||||
Advance Residence Investment Corp. REIT | 90 | 292,776 | ||||||
AGC, Inc. | 5,000 | 255,910 | ||||||
Ajinomoto Co., Inc. | 5,000 | 147,949 | ||||||
Benesse Holdings, Inc. | 2,000 | 45,231 | ||||||
Chubu Electric Power Co., Inc. | 7,100 | 84,220 | ||||||
Credit Saison Co., Ltd. | 33,100 | 436,035 | ||||||
CyberAgent, Inc. | 10,700 | 207,228 | ||||||
Dai-ichi Life Holdings, Inc. | 33,900 | 738,139 | ||||||
Daito Trust Construction Co., Ltd. | 500 | 58,377 | ||||||
Daiwa House Industry Co., Ltd. | 18,800 | 627,856 | ||||||
Daiwa Securities Living Investments Corp. REIT | 81 | 81,042 | ||||||
DCM Holdings Co., Ltd. | 7,300 | 70,796 | ||||||
Electric Power Development Co., Ltd. | 40,100 | 575,201 | ||||||
ENEOS Holdings, Inc. | 203,700 | 831,799 | ||||||
FUJIFILM Holdings Corp. | 1,500 | 129,345 | ||||||
Hokkaido Electric Power Co., Inc. | 38,900 | 186,388 | ||||||
Iida Group Holdings Co., Ltd. | 4,000 | 102,954 | ||||||
Inpex Corp. | 28,300 | 221,481 | ||||||
Iwatani Corp. | 1,000 | 58,785 | ||||||
Japan Logistics Fund, Inc. REIT | 127 | 377,435 | ||||||
Japan Petroleum Exploration Co., Ltd. | 10,800 | 203,277 | ||||||
Japan Post Bank Co., Ltd. | 88,200 | 754,848 | ||||||
Japan Post Holdings Co., Ltd. | 111,000 | 934,239 | ||||||
Japan Real Estate Investment Corp. | 20 | 119,802 | ||||||
KDDI Corp. | 18,600 | 614,684 | ||||||
Kyudenko Corp. | 1,800 | 59,732 | ||||||
Kyushu Electric Power Co., Inc. | 13,100 | 99,662 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 5,800 | 273,762 | ||||||
Mitsubishi Electric Corp. | 70,000 | 973,589 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 42,800 | 249,885 | ||||||
Mizuho Financial Group, Inc. | 56,990 | 802,304 | ||||||
Nintendo Co., Ltd. ADR | 15,919 | 943,201 | ||||||
Nippon Express Co., Ltd. | 1,900 | 130,905 | ||||||
Nippon Telegraph & Telephone Corp. | 3,300 | 91,229 | ||||||
Nippon Yusen KK | 3,500 | 263,264 | ||||||
Nissan Motor Co., Ltd. (*) | 135,500 | 679,553 |
Description | Shares | Fair Value | ||||||
Osaka Gas Co., Ltd. | 24,600 | $ | 452,163 | |||||
Rengo Co., Ltd. | 9,300 | 72,699 | ||||||
Shimano, Inc. ADR | 36,753 | 1,076,495 | ||||||
Softbank Corp. | 30,100 | 408,676 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,300 | 185,422 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,300 | 181,512 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 2,300 | 64,206 | ||||||
Sumitomo Realty & Development Co., Ltd. | 7,200 | 262,730 | ||||||
Sumitomo Rubber Industries, Ltd. | 22,800 | 289,939 | ||||||
Taiheiyo Cement Corp. | 14,700 | 305,768 | ||||||
The Hachijuni Bank, Ltd. | 18,400 | 65,598 | ||||||
Tohoku Electric Power Co., Inc. | 23,400 | 172,411 | ||||||
Tokyo Gas Co., Ltd. | 9,200 | 171,332 | ||||||
Toyota Motor Corp. | 27,500 | 491,926 | ||||||
Yamazaki Baking Co., Ltd. | 3,600 | 62,696 | ||||||
17,187,749 | ||||||||
Malta | 0.1% | ||||||||
Kindred Group PLC | 13,440 | 201,816 | ||||||
Netherlands | 2.0% | ||||||||
ASML Holding NV | 1,394 | 1,028,315 | ||||||
Eurocommercial Properties NV REIT | 11,284 | 240,982 | ||||||
Flow Traders | 2,469 | 95,531 | ||||||
Koninklijke Ahold Delhaize NV | 5,539 | 183,636 | ||||||
NXP Semiconductors NV | 6,346 | 1,242,991 | ||||||
Royal Dutch Shell PLC, A Shares | 43,131 | 952,846 | ||||||
Wolters Kluwer NV | 1,775 | 187,623 | ||||||
Wolters Kluwer NV Sponsored ADR | 24,474 | 2,590,818 | ||||||
6,522,742 | ||||||||
New Zealand | 0.0% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd., Class C | 2,938 | 64,601 | ||||||
Norway | 0.1% | ||||||||
Orkla ASA | 16,157 | 148,068 | ||||||
Telenor ASA | 7,039 | 118,230 | ||||||
Yara International ASA | 1,273 | 63,006 | ||||||
329,304 | ||||||||
Spain | 0.3% | ||||||||
Corporacion Financiera Alba SA | 395 | 21,599 | ||||||
Iberdrola SA | 7,162 | 71,531 | ||||||
Industria de Diseno Textil SA ADR | 47,433 | 871,819 | ||||||
964,949 | ||||||||
Sweden | 1.2% | ||||||||
Assa Abloy AB ADR | 55,219 | 798,467 | ||||||
Axfood AB | 3,146 | 75,226 | ||||||
Epiroc AB ADR | 77,488 | 1,597,803 |
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Hexagon AB ADR | 100,045 | $ | 1,540,693 | |||||
Swedish Match AB | 6,087 | 53,384 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares | 6,752 | 76,313 | ||||||
4,141,886 | ||||||||
Switzerland | 1.4% | ||||||||
ABB, Ltd. Sponsored ADR | 37,383 | 1,247,097 | ||||||
PSP Swiss Property AG | 575 | 69,173 | ||||||
Roche Holding AG | 5,739 | 2,094,182 | ||||||
Swatch Group AG ADR | 76,399 | 997,007 | ||||||
Swisscom AG | 445 | 255,514 | ||||||
Tecan Group AG | 121 | 68,282 | ||||||
4,731,255 | ||||||||
United Kingdom | 3.7% | ||||||||
Anglo American PLC | 13,740 | 473,959 | ||||||
Barclays PLC | 225,579 | 575,314 | ||||||
Coca-Cola Europacific Partners PLC | 17,767 | 982,337 | ||||||
Diageo PLC Sponsored ADR | 11,740 | 2,265,820 | ||||||
Genus PLC | 900 | 65,971 | ||||||
GlaxoSmithKline PLC | 4,912 | 92,717 | ||||||
HSBC Holdings PLC | 27,735 | 145,096 | ||||||
Imperial Brands PLC | 3,870 | 80,764 | ||||||
J Sainsbury PLC | 45,667 | 174,873 | ||||||
Linde PLC | 882 | 258,761 | ||||||
Lloyds Banking Group PLC | 325,948 | 202,756 | ||||||
National Grid PLC | 8,045 | 95,698 | ||||||
Natwest Group PLC | 157,956 | 479,307 | ||||||
Prudential PLC ADR | 27,492 | 1,077,137 | ||||||
RELX PLC Sponsored ADR | 55,222 | 1,593,707 | ||||||
Rightmove PLC | 5,933 | 54,423 | ||||||
Rio Tinto PLC | 7,944 | 524,512 | ||||||
Rio Tinto PLC Sponsored ADR | 10,481 | 700,340 | ||||||
Rio Tinto, Ltd. | 6,115 | 434,532 | ||||||
Standard Chartered PLC | 109,130 | 639,568 | ||||||
Unilever PLC Sponsored ADR | 30,261 | 1,640,751 | ||||||
12,558,343 | ||||||||
United States | 45.5% | ||||||||
3M Co. | 346 | 60,695 | ||||||
Accenture PLC, Class A | 12,088 | 3,867,193 | ||||||
Adobe, Inc. (*) | 3,104 | 1,787,035 | ||||||
Adtalem Global Education, Inc. (*) | 5,238 | 198,049 | ||||||
Advanced Micro Devices, Inc. (*) | 3,179 | 327,119 | ||||||
AGCO Corp. | 1,227 | 150,344 | ||||||
Agilent Technologies, Inc. | 1,765 | 278,040 | ||||||
Akamai Technologies, Inc. (*) | 521 | 54,491 | ||||||
Align Technology, Inc. (*) | 397 | 264,176 |
Description | Shares | Fair Value | ||||||
Alleghany Corp. (*) | 115 | $ | 71,807 | |||||
Allegion PLC | 1,637 | 216,379 | ||||||
Alphabet, Inc., Class A (*) | 1,289 | 3,446,167 | ||||||
Alphabet, Inc., Class C (*) | 986 | 2,627,996 | ||||||
Altria Group, Inc. | 1,650 | 75,108 | ||||||
Amazon.com, Inc. (*) | 964 | 3,166,779 | ||||||
Amdocs, Ltd. | 941 | 71,243 | ||||||
AMERCO | 522 | 337,228 | ||||||
Ameren Corp. | 928 | 75,168 | ||||||
American Electric Power Co., Inc. | 1,128 | 91,571 | ||||||
American Express Co. | 2,644 | 442,949 | ||||||
AmerisourceBergen Corp. | 601 | 71,789 | ||||||
Amgen, Inc. | 358 | 76,129 | ||||||
AMN Healthcare Services, Inc. (*) | 967 | 110,963 | ||||||
Amphenol Corp., Class A | 18,190 | 1,332,054 | ||||||
Anthem, Inc. | 1,391 | 518,565 | ||||||
Aon PLC, Class A | 9,545 | 2,727,675 | ||||||
Apple, Inc. | 62,951 | 8,907,566 | ||||||
Applied Materials, Inc. | 7,931 | 1,020,958 | ||||||
Automatic Data Processing, Inc. | 1,863 | 372,451 | ||||||
AutoZone, Inc. (*) | 355 | 602,786 | ||||||
Badger Meter, Inc. | 654 | 66,146 | ||||||
Bank of America Corp. | 20,813 | 883,512 | ||||||
Berkshire Hathaway, Inc. Class B (*) | 770 | 210,164 | ||||||
Bio-Rad Laboratories, Inc. Class A (*) | 116 | 86,530 | ||||||
Bio-Techne Corp. | 1,842 | 892,578 | ||||||
BJ’s Wholesale Club Holdings, Inc. (*) | 5,856 | 321,612 | ||||||
Booz Allen Hamilton Holding Corp. | 2,157 | 171,158 | ||||||
Boston Scientific Corp. (*) | 25,419 | 1,102,930 | ||||||
Bristol-Myers Squibb Co. | 5,900 | 349,103 | ||||||
Broadcom, Inc. | 1,675 | 812,258 | ||||||
BRP, Inc. | 12,092 | 1,120,687 | ||||||
Bruker Corp. | 2,827 | 220,789 | ||||||
Brunswick Corp. | 2,223 | 211,785 | ||||||
Cable One, Inc. | 28 | 50,768 | ||||||
Cabot Oil & Gas Corp. | 3,618 | 78,728 | ||||||
Cadence Design Systems, Inc. (*) | 2,669 | 404,193 | ||||||
Cboe Global Markets, Inc. | 4,634 | 573,967 | ||||||
CDW Corp. | 416 | 75,720 | ||||||
Charles River Laboratories International, Inc. (*) | 671 | 276,902 | ||||||
Charter Communications, Inc., Class A (*) | 1,338 | 973,475 | ||||||
Chemed Corp. | 250 | 116,280 | ||||||
Chubb, Ltd. | 435 | 75,464 | ||||||
Ciena Corp. (*) | 1,017 | 52,223 | ||||||
Cigna Corp. | 272 | 54,444 | ||||||
Cirrus Logic, Inc. (*) | 708 | 58,304 |
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
Cisco Systems, Inc. | 9,488 | $ | 516,432 | |||||
Citigroup, Inc. | 8,244 | 578,564 | ||||||
Citizens Financial Group, Inc. | 8,004 | 376,028 | ||||||
Cognizant Technology Solutions Corp., Class A | 14,917 | 1,106,991 | ||||||
Cohen & Steers, Inc. | 3,123 | 261,614 | ||||||
Colgate-Palmolive Co. | 4,219 | 318,872 | ||||||
Comcast Corp., Class A | 1,316 | 73,604 | ||||||
Costco Wholesale Corp. | 258 | 115,932 | ||||||
Crowdstrike Holdings, Inc., Class A (*) | 855 | 210,142 | ||||||
Crown Castle International Corp., REIT | 392 | 67,941 | ||||||
Cummins, Inc. | 1,153 | 258,918 | ||||||
CVS Health Corp. | 11,660 | 989,468 | ||||||
D.R. Horton, Inc. | 1,217 | 102,191 | ||||||
Darden Restaurants, Inc. | 1,482 | 224,479 | ||||||
DaVita, Inc. (*) | 1,617 | 187,992 | ||||||
Deckers Outdoor Corp. (*) | 688 | 247,818 | ||||||
Deere & Co. | 1,422 | 476,470 | ||||||
Devon Energy Corp. | 15,384 | 546,286 | ||||||
Diamondback Energy, Inc. | 4,579 | 433,494 | ||||||
Dick’s Sporting Goods, Inc. | 1,490 | 178,457 | ||||||
Dillard’s, Inc. Class A | 509 | 87,813 | ||||||
DocuSign, Inc. (*) | 1,067 | 274,678 | ||||||
Dolby Laboratories, Inc., Class A | 1,093 | 96,184 | ||||||
Dollar General Corp. | 7,583 | 1,608,658 | ||||||
Domino’s Pizza, Inc. | 1,408 | 671,560 | ||||||
DTE Energy Co. | 1,550 | 173,150 | ||||||
Eli Lilly & Co. | 5,951 | 1,374,979 | ||||||
EPAM Systems, Inc. (*) | 678 | 386,785 | ||||||
Equitable Holdings, Inc. | 15,719 | 465,911 | ||||||
Everest Re Group, Ltd. | 236 | 59,184 | ||||||
Evergy, Inc. | 1,071 | 66,616 | ||||||
Exlservice Holdings, Inc. (*) | 656 | 80,767 | ||||||
Extra Space Storage, Inc. REIT | 593 | 99,618 | ||||||
Facebook, Inc., Class A (*) | 3,815 | 1,294,773 | ||||||
FedEx Corp. | 790 | 173,239 | ||||||
Flagstar Bancorp, Inc. | 4,273 | 216,983 | ||||||
Flowers Foods, Inc. | 3,580 | 84,595 | ||||||
FNB Corp. | 18,371 | 213,471 | ||||||
Fortinet, Inc. (*) | 1,357 | 396,298 | ||||||
FOX Corp., Class B | 21,150 | 785,088 | ||||||
FTI Consulting, Inc. (*) | 467 | 62,905 | ||||||
Generac Holdings, Inc. (*) | 861 | 351,865 | ||||||
General Mills, Inc. | 1,474 | 88,175 | ||||||
Graco, Inc. | 1,382 | 96,699 | ||||||
H&R Block, Inc. | 2,547 | 63,675 |
Description | Shares | Fair Value | ||||||
HCA Healthcare, Inc. | 3,834 | $ | 930,588 | |||||
Honeywell International, Inc. | 4,974 | 1,055,881 | ||||||
Hormel Foods Corp. | 1,229 | 50,389 | ||||||
ICON PLC (*) | 1,091 | 285,864 | ||||||
IDEXX Laboratories, Inc. (*) | 2,113 | 1,314,075 | ||||||
Intel Corp. | 14,354 | 764,781 | ||||||
Intercontinental Exchange, Inc. | 16,059 | 1,843,894 | ||||||
Intuit, Inc. | 2,628 | 1,417,832 | ||||||
Intuitive Surgical, Inc. (*) | 225 | 223,684 | ||||||
IQVIA Holdings, Inc. (*) | 11,342 | 2,716,863 | ||||||
Jack Henry & Associates, Inc. | 3,254 | 533,851 | ||||||
John Wiley & Sons, Inc. Class A | 1,453 | 75,861 | ||||||
Johnson & Johnson | 27,401 | 4,425,261 | ||||||
JPMorgan Chase & Co. | 2,774 | 454,076 | ||||||
Kellogg Co. | 2,029 | 129,694 | ||||||
Keysight Technologies, Inc. (*) | 962 | 158,047 | ||||||
Kimco Realty Corp. REIT | 9,713 | 201,545 | ||||||
KLA Corp. | 3,012 | 1,007,544 | ||||||
Laboratory Corp. of America Holdings (*) | 2,470 | 695,157 | ||||||
Life Storage, Inc. REIT | 750 | 86,055 | ||||||
Lockheed Martin Corp. | 4,424 | 1,526,722 | ||||||
Louisiana-Pacific Corp. | 3,467 | 212,770 | ||||||
Lowe’s Cos., Inc. | 9,312 | 1,889,032 | ||||||
Manhattan Associates, Inc. (*) | 1,644 | 251,581 | ||||||
Maravai LifeSciences Holdings, Inc., Class A (*) | 5,292 | 259,731 | ||||||
Markel Corp. (*) | 32 | 38,244 | ||||||
Martin Marietta Materials, Inc. | 180 | 61,502 | ||||||
Match Group, Inc. (*) | 2,528 | 396,871 | ||||||
Matson, Inc. | 931 | 75,141 | ||||||
McDonald’s Corp. | 7,641 | 1,842,321 | ||||||
MDU Resources Group, Inc. | 11,239 | 333,461 | ||||||
Medtronic PLC | 4,097 | 513,559 | ||||||
Merck & Co., Inc. | 869 | 65,271 | ||||||
MetLife, Inc. | 8,616 | 531,866 | ||||||
Mettler-Toledo International, Inc. (*) | 238 | 327,812 | ||||||
Microsoft Corp. | 30,322 | 8,548,378 | ||||||
Moderna, Inc. (*) | 1,372 | 528,028 | ||||||
Mohawk Industries, Inc. (*) | 1,348 | 239,135 | ||||||
Monolithic Power Systems, Inc. | 182 | 88,212 | ||||||
Moody’s Corp. | 2,951 | 1,047,930 | ||||||
Motorola Solutions, Inc. | 10,011 | 2,325,756 | ||||||
MYR Group, Inc. (*) | 547 | 54,426 | ||||||
Netflix, Inc. (*) | 1,508 | 920,393 | ||||||
Newmont Corp. | 816 | 44,309 | ||||||
News Corp. Class A | 20,054 | 471,871 | ||||||
Northrop Grumman Corp. | 4,361 | 1,570,614 |
Description | Shares | Fair Value | ||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||
NVIDIA Corp. | 9,296 | $ | 1,925,759 | |||||
O’Reilly Automotive, Inc. (*) | 109 | 66,606 | ||||||
Old Dominion Freight Line, Inc. | 2,671 | 763,853 | ||||||
Oracle Corp. | 6,704 | 584,120 | ||||||
OSI Systems, Inc. (*) | 639 | 60,577 | ||||||
Ovintiv, Inc. | 12,441 | 409,060 | ||||||
Owens Corning | 2,089 | 178,609 | ||||||
Paychex, Inc. | 6,445 | 724,740 | ||||||
Paycom Software, Inc. (*) | 447 | 221,600 | ||||||
PayPal Holdings, Inc. (*) | 1,609 | 418,678 | ||||||
PennyMac Financial Services, Inc. | 6,991 | 427,360 | ||||||
PepsiCo, Inc. | 4,671 | 702,565 | ||||||
Philip Morris International, Inc. | 708 | 67,111 | ||||||
Portland General Electric Co. | 1,299 | 61,040 | ||||||
Premier, Inc., Class A | 1,810 | 70,156 | ||||||
PTC, Inc. (*) | 9,636 | 1,154,296 | ||||||
Public Storage REIT | 587 | 174,398 | ||||||
Qorvo, Inc. (*) | 222 | 37,116 | ||||||
QUALCOMM, Inc. | 8,955 | 1,155,016 | ||||||
Quest Diagnostics, Inc. | 4,113 | 597,660 | ||||||
Quidel Corp. (*) | 545 | 76,927 | ||||||
Regions Financial Corp. | 10,937 | 233,067 | ||||||
Republic Services, Inc. | 7,562 | 907,894 | ||||||
ResMed, Inc. | 424 | 111,745 | ||||||
Rockwell Automation, Inc. | 3,910 | 1,149,696 | ||||||
Roku, Inc. (*) | 492 | 154,168 | ||||||
RPM International, Inc. | 1,967 | 152,738 | ||||||
S&P Global, Inc. | 4,176 | 1,774,341 | ||||||
SBA Communications Corp. REIT | 436 | 144,129 | ||||||
Select Medical Holdings Corp. | 5,975 | 216,116 | ||||||
Service Corp. International | 3,643 | 219,527 | ||||||
ServiceNow, Inc. (*) | 443 | 275,666 | ||||||
Southwest Gas Holdings, Inc. | 1,468 | 98,180 | ||||||
Starbucks Corp. | 4,144 | 457,125 | ||||||
State Street Corp. | 6,574 | 556,949 | ||||||
STERIS PLC | 413 | 84,368 | ||||||
Synopsys, Inc. (*) | 6,859 | 2,053,653 | ||||||
Target Corp. | 5,413 | 1,238,332 | ||||||
Tenet Healthcare Corp. (*) | 3,152 | 209,419 | ||||||
Teradyne, Inc. | 1,658 | 181,004 | ||||||
Tesla, Inc. (*) | 2,896 | 2,245,790 | ||||||
Texas Instruments, Inc. | 8,464 | 1,626,865 | ||||||
Texas Pacific Land Corp. | 129 | 156,007 | ||||||
The Allstate Corp. | 2,053 | 261,367 | ||||||
The Charles Schwab Corp. | 16,848 | 1,227,208 | ||||||
The Coca-Cola Co. | 38,061 | 1,997,061 |
Description | Shares | Fair Value | ||||||
The Hartford Financial Services Group, Inc. | 1,106 | $ | 77,696 | |||||
The Hershey Co. | 2,893 | 489,640 | ||||||
The Home Depot, Inc. | 4,470 | 1,467,322 | ||||||
The Interpublic Group of Cos., Inc. | 24,503 | 898,525 | ||||||
The J.M. Smucker Co. | 514 | 61,695 | ||||||
The Kroger Co. | 3,065 | 123,918 | ||||||
The Mosaic Co. | 6,839 | 244,289 | ||||||
The New York Times Co. Class A | 1,224 | 60,306 | ||||||
The Procter & Gamble Co. | 15,025 | 2,100,495 | ||||||
Thermo Fisher Scientific, Inc. | 5,407 | 3,089,181 | ||||||
TopBuild Corp. (*) | 2,647 | 542,132 | ||||||
Tractor Supply Co. | 2,860 | 579,465 | ||||||
Trimble, Inc. (*) | 2,542 | 209,079 | ||||||
Turning Point Brands, Inc. | 1,188 | 56,727 | ||||||
Tyler Technologies, Inc. (*) | 147 | 67,422 | ||||||
Tyson Foods, Inc., Class A | 3,528 | 278,500 | ||||||
Ulta Beauty, Inc. (*) | 1,196 | 431,660 | ||||||
United Parcel Service, Inc., Class B | 1,747 | 318,129 | ||||||
United Therapeutics Corp. (*) | 703 | 129,760 | ||||||
UnitedHealth Group, Inc. | 1,930 | 754,128 | ||||||
Veeva Systems, Inc. Class A (*) | 971 | 279,813 | ||||||
Verizon Communications, Inc. | 60,145 | 3,248,431 | ||||||
Vertex Pharmaceuticals, Inc. (*) | 369 | 66,933 | ||||||
Visa, Inc., Class A | 7,755 | 1,727,426 | ||||||
Walmart, Inc. | 11,729 | 1,634,788 | ||||||
Warner Music Group Corp., Class A | 15,214 | 650,246 | ||||||
Waste Management, Inc. | 527 | 78,713 | ||||||
Waters Corp. (*) | 293 | 104,689 | ||||||
Watts Water Technologies, Inc., Class A | 545 | 91,609 | ||||||
WD-40 Co. | 986 | 228,239 | ||||||
WEC Energy Group, Inc. | 1,126 | 99,313 | ||||||
Werner Enterprises, Inc. | 1,728 | 76,499 | ||||||
West Pharmaceutical Services, Inc. | 137 | 58,162 | ||||||
Westlake Chemical Corp. | 2,430 | 221,470 | ||||||
White Mountains Insurance Group, Ltd. | 53 | 56,689 | ||||||
Williams-Sonoma, Inc. | 1,618 | 286,920 | ||||||
Workday, Inc., Class A (*) | 1,161 | 290,122 | ||||||
Zoetis, Inc. | 11,393 | 2,211,837 | ||||||
152,673,063 | ||||||||
Total Common Stocks (Cost $185,165,806) | 229,569,984 | |||||||
Preferred Stocks | 0.1% | ||||||||
Germany | 0.1% | ||||||||
Volkswagen AG (Cost $414,446) | 1,733 | 388,217 |
Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Corporate Bonds | 9.8% | ||||||||||
Canada | 0.6% | ||||||||||
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25 | USD | $ | 1,370 | $ | 1,359,178 | |||||
Rogers Communications, Inc., 3.250%, 05/01/29 | CAD | 1,020 | 831,945 | |||||||
2,191,123 | ||||||||||
France | 0.3% | ||||||||||
Schneider Electric SE, 2.950%, 09/27/22 | USD | 938 | 961,525 | |||||||
Germany | 0.3% | ||||||||||
Daimler AG MTN, 0.750%, 09/10/30 | EUR | 810 | 961,951 | |||||||
Netherlands | 0.4% | ||||||||||
ING Groep NV MTN, 1.125% (SONIA + 0.905%), 12/07/28 (§) | GBP | 1,000 | 1,306,940 | |||||||
Switzerland | 0.0% | ||||||||||
ABB Finance USA, Inc., 4.375%, 05/08/42 | USD | 90 | 114,448 | |||||||
United Kingdom | 1.0% | ||||||||||
Ashtead Capital, Inc., 4.250%, 11/01/29 | USD | 825 | 906,082 | |||||||
Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30 | GBP | 985 | 1,388,741 | |||||||
Unilever Capital Corp., 1.375%, 09/14/30 | USD | 1,040 | 994,033 | |||||||
3,288,856 | ||||||||||
United States | 7.2% | ||||||||||
Adobe, Inc., 2.300%, 02/01/30 | USD | 870 | 899,886 | |||||||
Alphabet, Inc., 1.100%, 08/15/30 | USD | 920 | 869,124 | |||||||
Amazon.com, Inc., 3.150%, 08/22/27 | USD | 895 | 984,060 | |||||||
American Express Credit Corp., 3.300%, 05/03/27 | USD | 885 | 981,394 | |||||||
Apple, Inc., 3.000%, 06/20/27 | USD | 815 | 892,216 | |||||||
Ball Corp., 4.875%, 03/15/26 | USD | 500 | 551,250 | |||||||
Bank of America Corp.: | ||||||||||
1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 450 | 456,668 | |||||||
1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 1,245 | 981,049 | |||||||
Clean Harbors, Inc. Co., 4.875%, 07/15/27 | USD | 455 | 472,063 |
Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
Dell International LLC, 5.300%, 10/01/29 | USD | $ | 1,017 | $ | 1,229,367 | |||||
John Deere Financial, Inc., 2.410%, 01/14/25 | CAD | 1,270 | 1,035,352 | |||||||
Johnson Controls International PLC, 1.750%, 09/15/30 | USD | 515 | 499,872 | |||||||
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 1,035 | 1,130,464 | |||||||
Kimberly-Clark Corp., 3.200%, 04/25/29 | USD | 773 | 848,622 | |||||||
McDonald’s Corp., 3.125%, 03/04/25 | CAD | 915 | 761,489 | |||||||
Microsoft Corp., 3.500%, 11/15/42 | USD | 660 | 759,558 | |||||||
Morgan Stanley, 3.625%, 01/20/27 | USD | 885 | 975,569 | |||||||
Mueller Water Products, Inc., 4.000%, 06/15/29 (#) | USD | 465 | 481,368 | |||||||
PepsiCo, Inc., 2.875%, 10/15/49 | USD | 715 | 728,339 | |||||||
Pfizer, Inc., 2.625%, 04/01/30 | USD | 855 | 902,820 | |||||||
Prologis LP, 1.250%, 10/15/30 | USD | 965 | 903,766 | |||||||
Service Corp. International, 4.625%, 12/15/27 | USD | 505 | 529,619 | |||||||
Starbucks Corp., 4.450%, 08/15/49 | USD | 650 | 794,756 | |||||||
The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 1,040 | 1,002,903 | |||||||
The Home Depot, Inc., 5.875%, 12/16/36 | USD | 630 | 888,612 | |||||||
The Procter & Gamble Co., 1.200%, 10/29/30 | USD | 545 | 518,459 | |||||||
Toyota Motor Credit Corp., 2.150%, 02/13/30 | USD | 965 | 980,218 | |||||||
United Rentals North America, Inc., 4.875%, 01/15/28 | USD | 515 | 544,479 | |||||||
Verizon Communications, Inc., 3.875%, 02/08/29 | USD | 1,012 | 1,135,039 | |||||||
Visa, Inc., 0.750%, 08/15/27 | USD | 465 | 452,674 | |||||||
24,191,055 | ||||||||||
Total Corporate Bonds (Cost $32,516,410) | 33,015,898 | |||||||||
Foreign Government Obligations | 12.1% | ||||||||||
Australia | 0.6% | ||||||||||
New South Wales Treasury Corp., 1.250%, 11/20/30 | AUD | 1,400 | 972,600 |
Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Queensland Treasury Corp., 1.250%, 03/10/31 | AUD | $ | 1,410 | $ | 973,833 | |||||
1,946,433 | ||||||||||
Bahamas | 0.4% | ||||||||||
Bahamas Government International Bonds, 6.950%, 11/20/29 | USD | 1,525 | 1,357,250 | |||||||
Bermuda | 0.9% | ||||||||||
Government of Bermuda: | ||||||||||
3.717%, 01/25/27 | USD | 1,360 | 1,473,305 | |||||||
2.375%, 08/20/30 (#) | USD | 1,410 | 1,398,367 | |||||||
2,871,672 | ||||||||||
Canada | 1.3% | ||||||||||
City of Vancouver, 2.900%, 11/20/25 | CAD | 865 | 727,553 | |||||||
Export Development Canada, 1.650%, 07/31/24 | CAD | 1,170 | 944,655 | |||||||
Province of British Columbia Canada, 3.200%, 06/18/44 | CAD | 500 | 432,173 | |||||||
Province of Quebec: | ||||||||||
2.500%, 04/20/26 | USD | 515 | 549,222 | |||||||
1.850%, 02/13/27 | CAD | 1,965 | 1,589,345 | |||||||
4,242,948 | ||||||||||
Chile | 0.9% | ||||||||||
Bonos de la Tesoreria de la Republica en pesos: | ||||||||||
4.500%, 03/01/26 | CLP | 350,000 | 415,669 | |||||||
2.300%, 10/01/28 | CLP | 1,635,000 | 1,648,914 | |||||||
Republic of Chile, 0.830%, 07/02/31 | EUR | 730 | 842,847 | |||||||
2,907,430 | ||||||||||
Colombia | 0.3% | ||||||||||
Republic of Colombia, 9.850%, 06/28/27 | COP | 2,975,000 | 888,182 | |||||||
Czech Republic | 0.8% | ||||||||||
Czech Republic, 2.000%, 10/13/33 | CZK | 57,990 | 2,620,954 | |||||||
Hungary | 1.0% | ||||||||||
Hungary Government Bonds: | ||||||||||
2.750%, 12/22/26 | HUF | 290,410 | 936,163 | |||||||
3.000%, 10/27/27 | HUF | 284,610 | 925,094 | |||||||
2.250%, 04/20/33 | HUF | 292,490 | 849,286 | |||||||
Hungary Government International Bonds, 1.750%, 06/05/35 | EUR | 410 | 498,165 | |||||||
3,208,708 | ||||||||||
Italy | 0.3% | ||||||||||
Italy Buoni Poliennali Del Tesoro, 1.450%, 03/01/36 | EUR | 760 | 905,313 |
Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
Japan | 0.3% | ||||||||||
Japan Bank for International Cooperation, 0.625%, 05/22/23 | USD | $ | 300 | $ | 301,370 | |||||
Japan International Cooperation Agency, 1.750%, 04/28/31 | USD | 830 | 830,557 | |||||||
1,131,927 | ||||||||||
Mexico | 0.3% | ||||||||||
Mexican Bonos, 7.500%, 06/03/27 | MXN | 17,000 | 838,254 | |||||||
United Mexican States, 6.750%, 02/06/24 | GBP | 165 | 251,264 | |||||||
1,089,518 | ||||||||||
Morocco | 0.3% | ||||||||||
Morocco Government International Bonds, 1.500%, 11/27/31 | EUR | 970 | 1,037,082 | |||||||
Netherlands | 0.2% | ||||||||||
Nederlandse Waterschapsbank NV, 0.500%, 12/02/25 (#) | USD | 640 | 629,426 | |||||||
New Zealand | 0.9% | ||||||||||
Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28 | NZD | 1,200 | 886,553 | |||||||
New Zealand Local Government Funding Agency Bonds: | ||||||||||
1.500%, 04/20/29 | NZD | 2,710 | 1,761,673 | |||||||
2.000%, 04/15/37 | NZD | 745 | 451,921 | |||||||
3,100,147 | ||||||||||
Norway | 0.4% | ||||||||||
Oslo Kommune: | ||||||||||
2.300%, 03/14/24 | NOK | 3,000 | 349,636 | |||||||
2.350%, 09/04/24 | NOK | 10,000 | 1,166,620 | |||||||
1,516,256 | ||||||||||
Panama | 0.6% | ||||||||||
Republic of Panama: | ||||||||||
8.875%, 09/30/27 | USD | 795 | 1,083,088 | |||||||
3.875%, 03/17/28 | USD | 885 | 960,115 | |||||||
2,043,203 | ||||||||||
Peru | 0.2% | ||||||||||
Peru Government Bonds, 6.150%, 08/12/32 | PEN | 3,580 | 836,853 | |||||||
Poland | 0.2% | ||||||||||
Poland Government Bonds, 2.750%, 10/25/29 | PLN | 3,130 | 834,147 | |||||||
Romania | 1.0% | ||||||||||
Romanian Government Bonds: | ||||||||||
4.750%, 02/24/25 | RON | 7,450 | 1,812,344 | |||||||
3.650%, 09/24/31 | RON | 3,680 | 809,690 |
Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued) | ||||||||||
Romanian Government International Bonds, 3.875%, 10/29/35 | EUR | $ | 485 | $ | 629,848 | |||||
3,251,882 | ||||||||||
Singapore | 0.3% | ||||||||||
Singapore Government Bonds, 3.375%, 09/01/33 | SGD | 1,130 | 973,291 | |||||||
Spain | 0.3% | ||||||||||
Spain Government Bond, 1.000%, 07/30/42 | EUR | 780 | 891,135 | |||||||
Thailand | 0.2% | ||||||||||
Thailand Government Bonds, 1.585%, 12/17/35 | THB | 31,630 | 851,681 | |||||||
United Kingdom | 0.4% | ||||||||||
United Kingdom Gilt: | ||||||||||
1.750%, 09/07/37 | GBP | 635 | 910,346 | |||||||
1.500%, 07/22/47 | GBP | 405 | 557,506 | |||||||
1,467,852 | ||||||||||
Total Foreign Government Obligations (Cost $42,386,392) | 40,603,290 | |||||||||
Supranational Bonds | 2.4% | ||||||||||
Asian Development Bank, 2.125%, 03/19/25 | USD | 616 | 646,091 | |||||||
European Bank for Reconstruction & Development, 1.625%, 09/27/24 | USD | 555 | 571,933 | |||||||
European Investment Bank, 1.000%, 01/28/28 | CAD | 1,255 | 959,259 | |||||||
Inter-American Development Bank, 7.875%, 03/14/23 | IDR | 18,860,000 | 1,378,740 | |||||||
International Bank for Reconstruction & Development: | ||||||||||
2.500%, 08/03/23 | CAD | 650 | 531,003 | |||||||
1.900%, 01/16/25 | CAD | 835 | 678,344 | |||||||
2.900%, 11/26/25 | AUD | 1,370 | 1,072,365 | |||||||
1.250%, 03/16/26 | NOK | 7,700 | 868,807 | |||||||
1.125%, 09/13/28 | USD | 444 | 435,730 | |||||||
International Finance Corp. MTN, 1.500%, 04/15/35 | AUD | 1,411 | 937,048 | |||||||
Total Supranational Bonds (Cost $7,910,020) | 8,079,320 | |||||||||
US Municipal Bonds | 1.0% | ||||||||||
California | 0.8% | ||||||||||
State of California: | ||||||||||
4.500%, 04/01/33 | USD | 900 | 1,047,612 | |||||||
7.550%, 04/01/39 | USD | 1,000 | 1,685,048 | |||||||
2,732,660 |
Description | Security Currency | Principal Amount (000) | Fair Value | |||||||
New York | 0.2% | ||||||||||
New York State Urban Development Corp., Series B, 3.900%, 03/15/33 | USD | $ | 420 | $ | 467,816 | |||||
Total US Municipal Bonds (Cost $3,041,597) | 3,200,476 | |||||||||
Description | Shares | Fair Value | ||||||||
Exchange-Traded Funds | 5.1% | ||||||||||
iShares MSCI World ETF (Cost $11,292,881) | 134,945 | $ | 17,065,145 | |||||||
Short-Term Investments | 0.5% | ||||||||||
State Street Institutional Treasury Money Market Fund, Premier Class, 0.01% (7 day yield) (Cost $1,592,099) | 1,592,099 | 1,592,099 | ||||||||
Total Investments l 99.4% (Cost $284,319,651) (») | $ | 333,514,429 | ||||||||
Cash and Other Assets in Excess of Liabilities l 0.6% | 1,919,698 | |||||||||
Net Assets l 100.0% | $ | 335,434,127 |
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Forward Currency Contracts open at September 30, 2021:
Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
AUD | 436,886 | USD | 326,126 | HSB | 10/20/21 | $ | — | $ | 10,260 | |||||||||||||
AUD | 1,000,000 | USD | 729,985 | HSB | 10/20/21 | — | 6,989 | |||||||||||||||
AUD | 56,113 | USD | 40,627 | HSB | 12/22/21 | — | 44 | |||||||||||||||
CAD | 578,373 | USD | 456,734 | HSB | 10/20/21 | — | 113 | |||||||||||||||
CAD | 2,007,905 | USD | 1,604,451 | JPM | 10/20/21 | — | 19,227 | |||||||||||||||
CHF | 94,006 | USD | 102,006 | HSB | 12/22/21 | — | 927 | |||||||||||||||
CHF | 798,698 | USD | 875,422 | JPM | 10/20/21 | — | 18,074 | |||||||||||||||
CHF | 105,714 | USD | 115,880 | MSC | 10/20/21 | — | 2,403 | |||||||||||||||
CNH | 2,289,957 | USD | 351,700 | HSB | 10/20/21 | 3,081 | — | |||||||||||||||
CNH | 13,201,394 | USD | 2,022,904 | HSB | 10/20/21 | 22,375 | — | |||||||||||||||
CNH | 32,465,012 | USD | 4,987,029 | HSB | 12/03/21 | 25,239 | — | |||||||||||||||
EUR | 3,340,166 | USD | 3,954,322 | CIT | 10/20/21 | — | 84,094 | |||||||||||||||
EUR | 591,178 | USD | 703,200 | HSB | 10/20/21 | — | 18,206 | |||||||||||||||
EUR | 742,106 | USD | 879,036 | HSB | 10/20/21 | — | 19,162 | |||||||||||||||
EUR | 11,429,496 | USD | 13,531,014 | HSB | 10/20/21 | — | 287,732 | |||||||||||||||
EUR | 944,087 | USD | 1,109,019 | HSB | 12/22/21 | — | 13,572 | |||||||||||||||
EUR | 274,914 | USD | 326,434 | JPM | 10/20/21 | — | 7,893 | |||||||||||||||
GBP | 66,890 | USD | 92,604 | JPM | 10/20/21 | — | 2,475 | |||||||||||||||
GBP | 1,074,553 | USD | 1,492,687 | JPM | 10/20/21 | — | 44,809 | |||||||||||||||
GBP | 279,064 | USD | 381,304 | SSB | 12/22/21 | — | 5,233 | |||||||||||||||
HUF | 49,142,817 | USD | 163,200 | JPM | 10/20/21 | — | 4,898 | |||||||||||||||
HUF | 58,402,134 | USD | 192,324 | JPM | 10/20/21 | — | 4,195 | |||||||||||||||
INR | 34,655,135 | USD | 463,403 | JPM | 01/28/22 | — | 2,218 | |||||||||||||||
JPY | 893,225,743 | USD | 8,121,105 | CIT | 10/20/21 | — | 94,516 | |||||||||||||||
JPY | 89,356,585 | USD | 819,000 | HSB | 10/20/21 | — | 16,035 | |||||||||||||||
JPY | 769,301,959 | USD | 6,991,874 | HSB | 10/20/21 | — | 78,873 | |||||||||||||||
JPY | 43,854,418 | USD | 395,316 | HSB | 12/22/21 | — | 979 | |||||||||||||||
KRW | 1,161,943,798 | USD | 1,008,930 | JPM | 11/05/21 | — | 28,111 | |||||||||||||||
MXN | 1,875,182 | USD | 93,261 | HSB | 10/20/21 | — | 2,640 | |||||||||||||||
NOK | 8,455,412 | USD | 963,262 | JPM | 10/20/21 | 3,869 | — | |||||||||||||||
NZD | 1,733,397 | USD | 1,203,126 | JPM | 10/20/21 | — | 6,577 | |||||||||||||||
PHP | 28,492,130 | USD | 552,173 | HSB | 11/29/21 | 5,292 | — | |||||||||||||||
PLN | 852,570 | USD | 223,701 | JPM | 10/20/21 | — | 9,345 | |||||||||||||||
PLN | 3,812,975 | USD | 968,486 | JPM | 10/20/21 | — | 9,813 | |||||||||||||||
RUB | 32,491,655 | USD | 430,332 | JPM | 10/20/21 | 14,833 | — | |||||||||||||||
SEK | 2,664,677 | USD | 311,139 | HSB | 10/20/21 | — | 6,723 | |||||||||||||||
SEK | 1,171,064 | USD | 136,712 | JPM | 10/20/21 | — | 2,928 | |||||||||||||||
SGD | 334,557 | USD | 246,646 | JPM | 10/20/21 | — | 257 | |||||||||||||||
USD | 215,200 | AUD | 295,075 | HSB | 10/20/21 | 1,862 | — | |||||||||||||||
USD | 383,800 | AUD | 527,865 | HSB | 10/20/21 | 2,156 | — | |||||||||||||||
USD | 1,456,672 | AUD | 1,951,388 | HSB | 10/20/21 | 45,827 | — | |||||||||||||||
USD | 1,953,937 | AUD | 2,617,580 | MSC | 10/20/21 | 61,438 | — | |||||||||||||||
USD | 3,860,584 | CAD | 4,830,845 | CIT | 10/20/21 | 46,671 | — | |||||||||||||||
USD | 264,305 | CAD | 338,158 | CIT | 12/22/21 | — | 2,682 | |||||||||||||||
USD | 225,746 | CAD | 288,358 | HSB | 10/20/21 | — | 1,910 | |||||||||||||||
USD | 980,969 | CAD | 1,254,920 | HSB | 10/20/21 | — | 9,780 |
Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)
Currency Purchased | Quantity | Currency Sold | Quantity | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||
USD | 466,531 | CAD | 596,786 | HSB | 12/22/21 | $ | — | $ | 4,650 | |||||||||||||
USD | 2,879,323 | CAD | 3,603,355 | JPM | 10/20/21 | 34,504 | — | |||||||||||||||
USD | 1,157,810 | CAD | 1,448,846 | MSC | 10/20/21 | 13,958 | — | |||||||||||||||
USD | 60,297 | CHF | 55,012 | HSB | 10/20/21 | 1,245 | — | |||||||||||||||
USD | 259,870 | CHF | 242,198 | HSB | 12/22/21 | — | 550 | |||||||||||||||
USD | 176,000 | CLP | 139,979,840 | CIT | 01/13/22 | 4,931 | — | |||||||||||||||
USD | 1,959,967 | CLP | 1,565,523,351 | CIT | 01/13/22 | 46,744 | — | |||||||||||||||
USD | 468,600 | CNH | 3,080,141 | HSB | 10/20/21 | — | 8,603 | |||||||||||||||
USD | 571,000 | CNH | 3,737,224 | HSB | 10/20/21 | — | 8,004 | |||||||||||||||
USD | 821,348 | COP | 3,228,060,878 | CIT | 11/05/21 | — | 24,461 | |||||||||||||||
USD | 1,667,192 | CZK | 36,215,375 | HSB | 10/20/21 | 12,625 | — | |||||||||||||||
USD | 515,800 | CZK | 11,232,272 | JPM | 10/20/21 | 2,633 | — | |||||||||||||||
USD | 300,574 | DKK | 1,902,977 | HSB | 12/22/21 | 3,683 | — | |||||||||||||||
USD | 107,600 | EUR | 91,390 | HSB | 10/20/21 | 1,707 | — | |||||||||||||||
USD | 932,865 | EUR | 787,550 | HSB | 10/20/21 | 20,336 | — | |||||||||||||||
USD | 4,634,103 | EUR | 3,914,375 | HSB | 10/20/21 | 98,542 | — | |||||||||||||||
USD | 288,212 | EUR | 246,001 | HSB | 12/22/21 | 2,772 | — | |||||||||||||||
USD | 1,430,700 | EUR | 1,223,727 | JPM | 10/20/21 | 12,775 | — | |||||||||||||||
USD | 399,008 | GBP | 294,732 | HSB | 10/20/21 | 1,879 | — | |||||||||||||||
USD | 427,434 | GBP | 312,865 | HSB | 12/22/21 | 5,812 | — | |||||||||||||||
USD | 196,923 | GBP | 141,761 | JPM | 10/20/21 | 5,911 | — | |||||||||||||||
USD | 959,803 | GBP | 699,497 | JPM | 10/20/21 | 17,285 | — | |||||||||||||||
USD | 2,755,606 | HUF | 836,781,770 | JPM | 10/20/21 | 60,106 | — | |||||||||||||||
USD | 397,316 | IDR | 5,759,091,818 | JPM | 01/28/22 | — | 485 | |||||||||||||||
USD | 2,931,232 | JPY | 322,400,886 | CIT | 10/20/21 | 34,115 | — | |||||||||||||||
USD | 287,000 | JPY | 31,476,610 | HSB | 10/20/21 | 4,149 | — | |||||||||||||||
USD | 2,217,945 | JPY | 242,214,206 | HSB | 12/22/21 | 39,961 | — | |||||||||||||||
USD | 168,525 | JPY | 18,404,035 | SSB | 12/22/21 | 3,037 | — | |||||||||||||||
USD | 291,392 | NOK | 2,529,753 | HSB | 12/22/21 | 2,195 | — | |||||||||||||||
USD | 3,194,146 | NOK | 28,037,868 | JPM | 10/20/21 | — | 12,831 | |||||||||||||||
USD | 1,683,157 | NZD | 2,425,613 | CIT | 10/20/21 | 8,777 | — | |||||||||||||||
USD | 2,090,176 | NZD | 3,011,408 | JPM | 10/20/21 | 11,427 | — | |||||||||||||||
USD | 806,513 | PEN | 3,281,703 | CIT | 11/05/21 | 13,389 | — | |||||||||||||||
USD | 409,100 | PLN | 1,613,077 | HSB | 10/20/21 | 3,534 | — | |||||||||||||||
USD | 935,420 | PLN | 3,590,290 | HSB | 10/20/21 | 32,735 | — | |||||||||||||||
USD | 532,636 | PLN | 2,045,161 | JPM | 10/20/21 | 18,434 | — | |||||||||||||||
USD | 1,344,020 | RON | 5,649,049 | HSB | 10/20/21 | 22,845 | — | |||||||||||||||
USD | 937,053 | SGD | 1,271,046 | JPM | 10/20/21 | 975 | — | |||||||||||||||
USD | 172,587 | THB | 5,646,685 | HSB | 10/20/21 | 5,718 | — | |||||||||||||||
Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $ | 781,382 | $ | 883,277 |
Lazard Retirement Series, Inc. Notes to Portfolios of Investments
September 30, 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 September 30, 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 September 30, 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 |
CDOR | - Canadian Dollar Offered Rate |
GDR | - Global Depositary Receipt |
LIBOR | - London Interbank Offered Rate |
PJSC | - Public Joint Stock Company |
REIT | - Real Estate Investment Trust |
SOFR | - Secured Overnight Financing Rate |
SONIA | - Sterling Over Night Indexed Average |
Currency Abbreviations:
AUD | -Australian Dollar | KRW | - South Korean Won |
CAD | -Canadian Dollar | MXN | - Mexican New Peso |
CHF | -Swiss Franc | NOK | -Norwegian Krone |
CLP | -Chilean Peso | NZD | -New Zealand Dollar |
CNH | -Chinese Yuan Renminbi | PEN | -Peruvian Nuevo Sol |
COP | -Colombian Peso | PHP | -Philippine Peso |
CZK | -Czech Koruna | PLN | -Polish Zloty |
DKK | -Danish Krone | RON | -New Romanian Leu |
EUR | -Euro | RUB | -Russian Ruble |
GBP | -British Pound Sterling | SEK | -Swedish Krone |
HUF | -Hungarian Forint | SGD | -Singapore Dollar |
IDR | -Indonesian Rupiah | THB | -Thai Baht |
INR | -Indian Rupee | USD | -United States Dollar |
JPY | -Japanese Yen |
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 Bonds | |||||||||
Aerospace & Defense | — | % | 2.7 | % | 1.2 | % | |||
Air Freight & Logistics | — | — | 0.6 | ||||||
Airlines | — | 1.4 | — | ||||||
Auto Components | 1.6 | 1.1 | 0.1 | ||||||
Automobiles | 2.5 | 3.2 | 1.8 | ||||||
Banks | 24.0 | 8.1 | 4.8 | ||||||
Beverages | — | 3.7 | 2.6 | ||||||
Biotechnology | — | — | 0.3 | ||||||
Building Products | — | 1.2 | 0.8 | ||||||
Capital Markets | — | 2.5 | 3.5 | ||||||
Chemicals | 1.3 | 4.8 | 0.3 | ||||||
Commercial Services & Suppliers | — | — | 0.7 | ||||||
Communications Equipment | — | — | 0.9 | ||||||
Construction Materials | 2.5 | — | 0.3 | ||||||
Consumer Finance | — | — | 0.3 | ||||||
Containers & Packaging | — | — | 0.2 | ||||||
Diversified Consumer Services | — | — | 0.3 | ||||||
Diversified Financial Services | — | 0.8 | 0.2 | ||||||
Diversified Telecommunication Services | 3.6 | 1.2 | 1.5 | ||||||
Electric Utilities | — | 1.6 | 0.5 | ||||||
Electrical Equipment | — | 3.7 | 1.6 | ||||||
Electronic Equipment, Instruments & Components | 2.4 | — | 1.1 | ||||||
Entertainment | — | 1.7 | 0.8 | ||||||
Equity Real Estate Investment Trusts (REITs) | — | — | 1.4 | ||||||
Food & Staples Retailing | 1.3 | 2.8 | 1.6 | ||||||
Food Products | 0.7 | 0.5 | 0.5 | ||||||
Gas Utilities | — | 0.7 | 0.2 | ||||||
Health Care Equipment & Supplies | — | 3.7 | 1.2 | ||||||
Health Care Providers & Services | 2.7 | — | 1.8 | ||||||
Health Care Technology | — | — | 0.1 | ||||||
Hotels, Restaurants & Leisure | 1.0 | — | 1.7 | ||||||
Household Durables | 2.3 | — | 0.3 | ||||||
Household Products | 0.8 | — | 1.2 | ||||||
Independent Power & Renewable Electricity Producers | 0.7 | 1.1 | 0.2 | ||||||
Industrial Conglomerates | 1.1 | 2.4 | 0.3 | ||||||
Insurance | 3.9 | 4.2 | 2.5 | ||||||
Interactive Media & Services | — | 0.9 | 2.6 | ||||||
Internet & Direct Marketing Retail | — | — | 1.2 | ||||||
IT Services | — | 3.1 | 3.0 | ||||||
Leisure Products | — | 4.5 | 0.7 | ||||||
Life Sciences Tools & Services | — | — | 2.6 | ||||||
Machinery | 0.8 | 3.4 | 1.2 | ||||||
Marine | — | — | 0.4 | ||||||
Media | — | 0.9 | 1.2 | ||||||
Metals & Mining | 2.3 | 1.2 | 0.9 | ||||||
Multiline Retail | — | 1.1 | 0.9 | ||||||
Multi-Utilities | — | 2.2 | 0.2 | ||||||
Oil, Gas & Consumable Fuels | 11.4 | 5.1 | 1.9 | ||||||
Paper & Forest Products | 0.7 | — | 0.1 |
Personal Products | 3.0 | 1.5 | 0.5 | ||||||
Pharmaceuticals | — | 5.6 | 4.0 | ||||||
Professional Services | — | 4.4 | 1.7 | ||||||
Real Estate Management & Development | 2.9 | 3.7 | 0.3 | ||||||
Road & Rail | — | — | 0.7 | ||||||
Semiconductors & Semiconductor Equipment | 9.6 | 2.2 | 3.4 | ||||||
Software | — | — | 5.9 | ||||||
Specialty Retail | 0.8 | 1.6 | 2.2 | ||||||
Technology Hardware, Storage & Peripherals | 6.7 | — | 3.3 | ||||||
Textiles, Apparel & Luxury Goods | — | 1.5 | 0.9 | ||||||
Thrifts & Mortgage Finance | — | — | 0.2 | ||||||
Tobacco | 1.2 | — | 0.1 | ||||||
Trading Companies & Distributors | — | 1.1 | 0.2 | ||||||
Transportation Infrastructure | 1.4 | — | — | ||||||
Wireless Telecommunication Services | 4.3 | — | 0.6 | ||||||
Subtotal | 97.5 | 97.1 | 78.3 | ||||||
Exchange-Traded Funds | — | — | 5.1 | ||||||
Foreign Government Obligations | — | — | 12.1 | ||||||
Supranational Bonds | — | — | 2.4 | ||||||
US Municipal Bonds | — | — | 1.0 | ||||||
Short-Term Investments | 2.1 | 4.4 | 0.5 | ||||||
Total Investments | 99.6 | % | 101.5 | % | 99.4 | % |
† | 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: November 24, 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: November 24, 2021
By: | /s/ Christopher Snively |
Christopher Snively | |
Chief Financial Officer |
Date: November 24, 2021