Form N-Q LAZARD RETIREMENT SERIES For: Mar 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
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)
Nathan A. Paul, 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: 3/31/2016
Item 1. Schedule of Investments.
Lazard Retirement Series, Inc. Portfolios of Investments March 31, 2016 (unaudited) |
Description | Shares | Value | ||||||
Lazard Retirement US Strategic Equity Portfolio | ||||||||
Common Stocks | 95.6% | ||||||||
Aerospace & Defense | 3.6% | ||||||||
Honeywell International, Inc. | 2,180 | $ | 244,269 | |||||
United Technologies Corp. | 1,345 | 134,634 | ||||||
378,903 | ||||||||
Airlines | 0.5% | ||||||||
American Airlines Group, Inc. | 1,225 | 50,237 | ||||||
Auto Components | 1.6% | ||||||||
Delphi Automotive PLC | 2,290 | 171,796 | ||||||
Banks | 5.4% | ||||||||
Bank of America Corp. | 20,500 | 277,160 | ||||||
Citigroup, Inc. | 2,400 | 100,200 | ||||||
Wells Fargo & Co. | 3,925 | 189,813 | ||||||
567,173 | ||||||||
Beverages | 2.7% | ||||||||
Molson Coors Brewing Co., Class B | 2,975 | 286,135 | ||||||
Capital Markets | 1.2% | ||||||||
The Charles Schwab Corp. | 4,350 | 121,887 | ||||||
Chemicals | 0.5% | ||||||||
Monsanto Co. | 580 | 50,889 | ||||||
Commercial Services & Supplies | 2.0% | ||||||||
Copart, Inc. (a) | 2,200 | 89,694 | ||||||
Tyco International PLC | 3,190 | 117,105 | ||||||
206,799 | ||||||||
Communications Equipment | 3.9% | ||||||||
Cisco Systems, Inc. | 14,505 | 412,957 | ||||||
Diversified Consumer Services | 1.0% | ||||||||
Houghton Mifflin Harcourt Co. (a) | 5,510 | 109,869 | ||||||
Diversified Financial Services | 3.0% | ||||||||
CBOE Holdings, Inc. | 1,650 | 107,795 | ||||||
Intercontinental Exchange, Inc. | 865 | 203,396 | ||||||
311,191 | ||||||||
Electrical Equipment | 2.8% | ||||||||
Eaton Corp. PLC | 2,600 | 162,656 | ||||||
Rockwell Automation, Inc. | 1,115 | 126,831 | ||||||
289,487 | ||||||||
Energy Equipment & Services | 1.2% | ||||||||
Schlumberger, Ltd. | 1,750 | 129,063 | ||||||
Food & Staples Retailing | 1.7% | ||||||||
CVS Health Corp. | 1,730 | 179,453 |
Description | Shares | Value | ||||||
Food Products | 2.9% | ||||||||
Kellogg Co. | 4,035 | $ | 308,879 | |||||
Health Care Equipment & Supplies | 1.5% | ||||||||
Stryker Corp. | 1,510 | 162,008 | ||||||
Health Care Providers & Services | 1.4% | ||||||||
Aetna, Inc. | 1,320 | 148,302 | ||||||
Hotels, Restaurants & Leisure | 2.1% | ||||||||
Norwegian Cruise Line Holdings, Ltd. (a) | 4,050 | 223,924 | ||||||
Household Products | 3.6% | ||||||||
The Procter & Gamble Co. | 4,615 | 379,861 | ||||||
Insurance | 3.4% | ||||||||
Aon PLC | 1,755 | 183,310 | ||||||
The Hartford Financial Services Group, Inc. | 3,865 | 178,099 | ||||||
361,409 | ||||||||
Internet Software & Services | 5.9% | ||||||||
Alphabet, Inc.: | ||||||||
Class A (a) | 500 | 381,450 | ||||||
Class C (a) | 98 | 73,005 | ||||||
eBay, Inc. (a) | 7,100 | 169,406 | ||||||
623,861 | ||||||||
IT Services | 3.3% | ||||||||
Fidelity National Information Services, Inc. | 1,735 | 109,843 | ||||||
Visa, Inc., Class A | 3,080 | 235,558 | ||||||
345,401 | ||||||||
Machinery | 0.8% | ||||||||
Parker Hannifin Corp. | 750 | 83,310 | ||||||
Media | 2.4% | ||||||||
The Madison Square Garden Co. Class A (a) | 965 | 160,538 | ||||||
Viacom, Inc., Class B | 2,255 | 93,086 | ||||||
253,624 | ||||||||
Multiline Retail | 1.2% | ||||||||
J.C. Penney Co., Inc. (a) | 11,150 | 123,319 | ||||||
Oil, Gas & Consumable Fuels | 4.2% | ||||||||
Chevron Corp. | 1,970 | 187,938 | ||||||
EOG Resources, Inc. | 1,515 | 109,959 | ||||||
Pioneer Natural Resources Co. | 985 | 138,629 | ||||||
436,526 | ||||||||
Pharmaceuticals | 10.8% | ||||||||
Eli Lilly & Co. | 2,380 | 171,384 | ||||||
Mallinckrodt PLC (a) | 2,055 | 125,930 | ||||||
Pfizer, Inc. | 14,185 | 420,443 | ||||||
Zoetis, Inc. | 9,508 | 421,490 | ||||||
1,139,247 |
Description | Shares | Value | ||||||
Lazard Retirement US Strategic Equity Portfolio (concluded) | ||||||||
Real Estate Investment Trusts (REITs) | 2.5% | ||||||||
Corrections Corp. of America REIT | 5,923 | $ | 189,832 | |||||
Host Hotels & Resorts, Inc. REIT | 4,400 | 73,480 | ||||||
263,312 | ||||||||
Road & Rail | 1.5% | ||||||||
Union Pacific Corp. | 1,910 | 151,941 | ||||||
Semiconductors & Semiconductor Equipment | 4.9% | ||||||||
Applied Materials, Inc. | 6,200 | 131,316 | ||||||
NXP Semiconductors NV (a) | 1,720 | 139,440 | ||||||
Skyworks Solutions, Inc. | 1,100 | 85,690 | ||||||
Teradyne, Inc. | 7,255 | 156,636 | ||||||
513,082 | ||||||||
Software | 2.5% | ||||||||
Microsoft Corp. | 4,665 | 257,648 | ||||||
Specialty Retail | 4.0% | ||||||||
Advance Auto Parts, Inc. | 2,218 | 355,634 | ||||||
The Gap, Inc. | 2,125 | 62,475 | ||||||
418,109 | ||||||||
Technology Hardware, Storage & Peripherals | 5.0% | ||||||||
Apple, Inc. | 4,834 | 526,858 | ||||||
Textiles, Apparel & Luxury Goods | 0.6% | ||||||||
Deckers Outdoor Corp. (a) | 1,050 | 62,906 | ||||||
Total Common Stocks (Identified cost $9,731,900) | 10,049,366 | |||||||
Total Investments l 95.6% (Identified cost $9,731,900) (b) | $ | 10,049,366 | ||||||
Cash and Other Assets in Excess of Liabilities l 4.4% | 460,799 | |||||||
Net Assets l 100.0% | $ | 10,510,165 |
Description | Shares | Value | ||||||
Lazard Retirement US Small-Mid Cap Equity Portfolio | ||||||||
Common Stocks | 97.3% | ||||||||
Aerospace & Defense | 1.4% | ||||||||
B/E Aerospace, Inc. | 17,270 | $ | 796,492 | |||||
Air Freight & Logistics | 1.3% | ||||||||
Echo Global Logistics, Inc. (a) | 27,310 | 741,740 | ||||||
Airlines | 1.7% | ||||||||
Alaska Air Group, Inc. | 11,870 | 973,577 | ||||||
Auto Components | 4.5% | ||||||||
Fox Factory Holding Corp. (a) | 53,955 | 853,029 | ||||||
Gentherm, Inc. (a) | 12,630 | 525,282 | ||||||
Modine Manufacturing Co. (a) | 65,450 | 720,604 | ||||||
Tenneco, Inc. (a) | 10,155 | 523,084 | ||||||
2,621,999 | ||||||||
Banks | 8.8% | ||||||||
East West Bancorp, Inc. | 23,215 | 754,023 | ||||||
Home Bancshares, Inc. | 26,895 | 1,101,350 | ||||||
PacWest Bancorp | 24,975 | 927,821 | ||||||
Signature Bank (a) | 4,745 | 645,890 | ||||||
SVB Financial Group (a) | 7,870 | 803,134 | ||||||
Webster Financial Corp. | 24,200 | 868,780 | ||||||
5,100,998 | ||||||||
Biotechnology | 2.2% | ||||||||
Cellectis SA ADR (a) | 19,630 | 539,825 | ||||||
United Therapeutics Corp. (a) | 6,585 | 733,767 | ||||||
1,273,592 | ||||||||
Building Products | 2.4% | ||||||||
Continental Building Products, Inc. (a) | 37,870 | 702,867 | ||||||
PGT, Inc. (a) | 70,685 | 695,541 | ||||||
1,398,408 | ||||||||
Chemicals | 1.8% | ||||||||
Calgon Carbon Corp. | 40,180 | 563,324 | ||||||
Eastman Chemical Co. | 6,600 | 476,718 | ||||||
1,040,042 | ||||||||
Commercial Services & Supplies | 0.9% | ||||||||
Pitney Bowes, Inc. | 24,540 | 528,592 | ||||||
Communications Equipment | 1.0% | ||||||||
Ciena Corp. (a) | 29,600 | 562,992 | ||||||
Construction & Engineering | 0.7% | ||||||||
EMCOR Group, Inc. | 8,445 | 410,427 | ||||||
Consumer Finance | 1.2% | ||||||||
OneMain Holdings, Inc. (a) | 25,015 | 686,161 |
Description | Shares | Value | ||||||
Diversified Financial Services | 3.2% | ||||||||
CBOE Holdings, Inc. | 13,955 | $ | 911,680 | |||||
Morningstar, Inc. | 10,895 | 961,702 | ||||||
1,873,382 | ||||||||
Electrical Equipment | 2.2% | ||||||||
Generac Holdings, Inc. (a) | 17,450 | 649,838 | ||||||
Regal-Beloit Corp. | 10,100 | 637,209 | ||||||
1,287,047 | ||||||||
Electronic Equipment, Instruments & Components | 4.3% | ||||||||
FLIR Systems, Inc. | 32,195 | 1,060,825 | ||||||
Littelfuse, Inc. | 7,915 | 974,416 | ||||||
Universal Display Corp. (a) | 8,470 | 458,227 | ||||||
2,493,468 | ||||||||
Gas Utilities | 1.5% | ||||||||
New Jersey Resources Corp. | 24,440 | 890,349 | ||||||
Health Care Equipment & Supplies | 1.8% | ||||||||
DENTSPLY SIRONA, Inc. | 16,772 | 1,033,658 | ||||||
Health Care Providers & Services | 1.1% | ||||||||
Team Health Holdings, Inc. (a) | 14,955 | 625,269 | ||||||
Hotels, Restaurants & Leisure | 1.3% | ||||||||
Bloomin’ Brands, Inc. | 46,215 | 779,647 | ||||||
Insurance | 6.5% | ||||||||
Arch Capital Group, Ltd. (a) | 14,620 | 1,039,482 | ||||||
Argo Group International Holdings, Ltd. | 17,710 | 1,016,377 | ||||||
Brown & Brown, Inc. | 19,400 | 694,520 | ||||||
Reinsurance Group of America, Inc. | 10,810 | 1,040,462 | ||||||
3,790,841 | ||||||||
Internet Software & Services | 1.2% | ||||||||
j2 Global, Inc. | 11,420 | 703,244 | ||||||
IT Services | 3.1% | ||||||||
Leidos Holdings, Inc. | 15,400 | 774,928 | ||||||
Vantiv, Inc., Class A (a) | 19,235 | 1,036,382 | ||||||
1,811,310 | ||||||||
Life Sciences Tools & Services | 2.5% | ||||||||
Quintiles Transnational Holdings, Inc. (a) | 13,580 | 884,058 | ||||||
VWR Corp. (a) | 21,700 | 587,202 | ||||||
1,471,260 | ||||||||
Machinery | 4.4% | ||||||||
Altra Industrial Motion Corp. | 28,425 | 789,646 | ||||||
The Toro Co. | 5,390 | 464,187 | ||||||
TriMas Corp. (a) | 46,355 | 812,140 | ||||||
Woodward, Inc. | 9,265 | 481,965 | ||||||
2,547,938 |
Description | Shares | Value | ||||||
Lazard Retirement US Small-Mid Cap Equity Portfolio (concluded) | ||||||||
Media | 5.4% | ||||||||
AMC Networks, Inc., Class A (a) | 10,700 | $ | 694,858 | |||||
Cable One, Inc. | 1,540 | 673,180 | ||||||
MDC Partners, Inc., Class A | 40,675 | 959,930 | ||||||
Scholastic Corp. | 21,295 | 795,794 | ||||||
3,123,762 | ||||||||
Multi-Utilities | 1.7% | ||||||||
CMS Energy Corp. | 22,685 | 962,751 | ||||||
Oil, Gas & Consumable Fuels | 3.4% | ||||||||
Matador Resources Co. (a) | 29,300 | 555,528 | ||||||
Memorial Resource Development Corp. (a) | 55,855 | 568,604 | ||||||
Newfield Exploration Co. (a) | 25,600 | 851,200 | ||||||
1,975,332 | ||||||||
Pharmaceuticals | 0.7% | ||||||||
Phibro Animal Health Corp., Class A | 15,005 | 405,735 | ||||||
Professional Services | 0.6% | ||||||||
On Assignment, Inc. (a) | 9,385 | 346,494 | ||||||
Real Estate Investment Trusts (REITs) | 7.2% | ||||||||
DCT Industrial Trust, Inc. REIT | 25,015 | 987,342 | ||||||
Extra Space Storage, Inc. REIT | 10,705 | 1,000,489 | ||||||
Kilroy Realty Corp. REIT | 17,295 | 1,070,042 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 30,690 | 1,116,809 | ||||||
4,174,682 | ||||||||
Real Estate Management & Development | 0.9% | ||||||||
Jones Lang LaSalle, Inc. | 4,585 | 537,912 | ||||||
Semiconductors & Semiconductor Equipment | 2.3% | ||||||||
M/A-COM Technology Solutions Holdings, Inc. (a) | 16,185 | 708,741 | ||||||
Microsemi Corp. (a) | 16,725 | 640,735 | ||||||
1,349,476 | ||||||||
Software | 4.7% | ||||||||
BroadSoft, Inc. (a) | 17,400 | 702,090 | ||||||
Pegasystems, Inc. | 28,215 | 716,097 | ||||||
RealPage, Inc. (a) | 34,200 | 712,728 | ||||||
Red Hat, Inc. (a) | 8,300 | 618,433 | ||||||
2,749,348 | ||||||||
Specialty Retail | 3.6% | ||||||||
Advance Auto Parts, Inc. | 4,215 | 675,833 | ||||||
Chico’s FAS, Inc. | 62,080 | 823,801 | ||||||
Sally Beauty Holdings, Inc. (a) | 17,710 | 573,450 | ||||||
2,073,084 | ||||||||
Technology Hardware, Storage & Peripherals | 1.1% | ||||||||
NCR Corp. (a) | 21,635 | 647,536 |
Description | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods | 1.5% | ||||||||
Steven Madden, Ltd. (a) | 23,810 | $ | 881,922 | |||||
Trading Companies & Distributors | 3.2% | ||||||||
Beacon Roofing Supply, Inc. (a) | 15,700 | 643,857 | ||||||
MSC Industrial Direct Co., Inc. Class A | 7,800 | 595,218 | ||||||
United Rentals, Inc. (a) | 9,885 | 614,748 | ||||||
1,853,823 | ||||||||
Total Common Stocks | ||||||||
(Identified cost $52,455,760) | 56,524,290 | |||||||
Short-Term Investment | 3.4% | ||||||||
State Street Institutional Treasury Money Market Fund (Identified cost $1,992,504) | 1,992,504 | 1,992,504 | ||||||
Total Investments l 100.7% (Identified cost $54,448,264) (b) | $ | 58,516,794 | ||||||
Liabilities in Excess of Cash and Other Assets l (0.7)% | (393,348 | ) | ||||||
Net Assets l 100.0% | $ | 58,123,446 |
Description | Shares | Value | ||||||
Lazard Retirement International Equity Portfolio | ||||||||
Common Stocks | 95.8% | ||||||||
Australia | 1.7% | ||||||||
Caltex Australia, Ltd. | 444,036 | $ | 11,579,588 | |||||
Austria | 0.5% | ||||||||
UNIQA Insurance Group AG | 500,818 | 3,520,153 | ||||||
Belgium | 4.0% | ||||||||
Anheuser-Busch InBev SA/NV | 170,212 | 21,159,999 | ||||||
KBC Groep NV | 115,221 | 5,943,870 | ||||||
27,103,869 | ||||||||
Brazil | 1.3% | ||||||||
BB Seguridade Participacoes SA | 1,031,800 | 8,522,648 | ||||||
Canada | 2.1% | ||||||||
MacDonald Dettwiler & Associates, Ltd. | 92,200 | 5,856,785 | ||||||
National Bank of Canada | 255,300 | 8,352,414 | ||||||
14,209,199 | ||||||||
Denmark | 1.2% | ||||||||
Carlsberg A/S, Class B | 83,458 | 7,952,629 | ||||||
Finland | 1.9% | ||||||||
Sampo Oyj, A Shares | 270,670 | 12,855,726 | ||||||
France | 8.1% | ||||||||
Cap Gemini SA | 149,006 | 14,001,761 | ||||||
Iliad SA | 26,200 | 6,742,204 | ||||||
TOTAL SA | 143,744 | 6,552,465 | ||||||
Valeo SA | 88,674 | 13,803,411 | ||||||
Vinci SA | 177,615 | 13,232,015 | ||||||
54,331,856 | ||||||||
Germany | 2.5% | ||||||||
Bayer AG | 145,442 | 17,095,987 | ||||||
Ireland | 4.6% | ||||||||
James Hardie Industries PLC | 530,419 | 7,261,747 | ||||||
Ryanair Holdings PLC Sponsored ADR | 78,423 | 6,730,262 | ||||||
Shire PLC | 304,290 | 17,302,266 | ||||||
31,294,275 | ||||||||
Israel | 2.2% | ||||||||
Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 272,540 | 14,583,615 | ||||||
Italy | 2.1% | ||||||||
Atlantia SpA | 254,028 | 7,044,353 | ||||||
Azimut Holding SpA | 301,232 | 6,941,130 | ||||||
13,985,483 | ||||||||
Japan | 19.4% | ||||||||
ABC-Mart, Inc. | 117,600 | 7,533,840 | ||||||
Daiwa House Industry Co., Ltd. | 768,400 | 21,615,837 | ||||||
Don Quijote Holdings Co., Ltd. | 403,500 | 14,018,259 |
Description | Shares | Value | ||||||
Isuzu Motors, Ltd. | 539,900 | $ | 5,574,337 | |||||
Japan Tobacco, Inc. | 262,500 | 10,938,958 | ||||||
KDDI Corp. | 575,200 | 15,363,199 | ||||||
Makita Corp. | 109,000 | 6,760,140 | ||||||
Seven & I Holdings Co., Ltd. | 277,400 | 11,811,283 | ||||||
SoftBank Group Corp. | 190,600 | 9,087,561 | ||||||
Sony Corp. | 395,000 | 10,153,583 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 394,300 | 11,953,899 | ||||||
United Arrows, Ltd. | 146,300 | 6,051,149 | ||||||
130,862,045 | ||||||||
Luxembourg | 0.7% | ||||||||
RTL Group SA | 58,968 | 4,994,900 | ||||||
Netherlands | 5.5% | ||||||||
Koninklijke KPN NV | 1,807,647 | 7,575,641 | ||||||
Royal Dutch Shell PLC, A Shares | 567,386 | 13,723,045 | ||||||
Wolters Kluwer NV | 385,877 | 15,403,255 | ||||||
36,701,941 | ||||||||
Norway | 1.4% | ||||||||
Telenor ASA | 584,522 | 9,458,651 | ||||||
Philippines | 0.8% | ||||||||
Alliance Global Group, Inc. | 15,534,600 | 5,566,748 | ||||||
Spain | 1.1% | ||||||||
Red Electrica Corporacion SA | 81,689 | 7,092,382 | ||||||
Sweden | 3.4% | ||||||||
Assa Abloy AB, Class B | 678,061 | 13,380,393 | ||||||
Swedbank AB, A Shares | 440,122 | 9,482,011 | ||||||
22,862,404 | ||||||||
Switzerland | 6.4% | ||||||||
Credit Suisse Group AG | 358,535 | 5,074,787 | ||||||
Novartis AG | 336,063 | 24,360,242 | ||||||
Wolseley PLC | 238,805 | 13,510,120 | ||||||
42,945,149 | ||||||||
Taiwan | 2.0% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR | 509,400 | 13,346,280 | ||||||
Thailand | 0.6% | ||||||||
Krung Thai Bank Public Co. Ltd. (c) | 8,002,400 | 4,253,692 | ||||||
Turkey | 1.3% | ||||||||
Turkcell Iletisim Hizmetleri AS | 2,084,109 | 8,764,530 | ||||||
United Kingdom | 18.1% | ||||||||
BHP Billiton PLC | 368,210 | 4,139,770 | ||||||
British American Tobacco PLC | 322,509 | 18,945,015 | ||||||
Direct Line Insurance Group PLC | 1,019,511 | 5,420,734 | ||||||
Howden Joinery Group PLC | 652,025 | 4,477,265 | ||||||
Informa PLC | 900,712 | 8,977,910 |
Description | Shares | Value | ||||||
Lazard Retirement International Equity Portfolio (concluded) | ||||||||
J Sainsbury PLC | 2,069,882 | $ | 8,214,030 | |||||
Lloyds Banking Group PLC | 14,922,165 | 14,578,011 | ||||||
Provident Financial PLC | 184,746 | 7,867,369 | ||||||
Prudential PLC | 844,538 | 15,780,701 | ||||||
RELX PLC | 678,674 | 12,613,200 | ||||||
Rexam PLC | 1,235,816 | 11,253,118 | ||||||
Unilever PLC | 208,960 | 9,461,240 | ||||||
121,728,363 | ||||||||
United States | 2.9% | ||||||||
Aon PLC | 117,875 | 12,312,044 | ||||||
Signet Jewelers, Ltd. (c) | 60,250 | 7,472,808 | ||||||
19,784,852 | ||||||||
Total Common Stocks (Identified cost $563,790,482) | 645,396,965 | |||||||
Short-Term Investment | 2.6% | ||||||||
State Street Institutional Treasury Money Market Fund (Identified cost $17,299,827) | 17,299,827 | 17,299,827 | ||||||
Total Investments l 98.4% (Identified cost $581,090,309) (b) | $ | 662,696,792 | ||||||
Cash and Other Assets in Excess of Liabilities l 1.6% | 10,569,420 | |||||||
Net Assets l 100.0% | $ | 673,266,212 |
Description | Shares | Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio | ||||||||
Common Stocks | 96.8% | ||||||||
Argentina | 0.8% | ||||||||
YPF SA Sponsored ADR | 412,434 | $ | 7,374,320 | |||||
Brazil | 9.8% | ||||||||
Ambev SA ADR | 2,877,800 | 14,907,004 | ||||||
Banco do Brasil SA | 3,311,566 | 18,208,018 | ||||||
BB Seguridade Participacoes SA | 2,091,700 | 17,277,402 | ||||||
CCR SA | 3,166,800 | 12,356,654 | ||||||
CEMIG SA Sponsored ADR | 555,700 | 1,255,882 | ||||||
Cielo SA | 1,989,212 | 19,346,361 | ||||||
Localiza Rent a Car SA | 768,615 | 6,353,021 | ||||||
Natura Cosmeticos SA | 555,800 | 4,102,438 | ||||||
Via Varejo SA | 1,035,700 | 1,604,397 | ||||||
95,411,177 | ||||||||
China | 15.8% | ||||||||
AAC Technologies Holdings, Inc. | 1,185,000 | 9,066,208 | ||||||
Baidu, Inc. Sponsored ADR (a) | 167,000 | 31,876,960 | ||||||
China Construction Bank Corp., Class H | 56,200,390 | 35,934,170 | ||||||
China Mobile, Ltd. Sponsored ADR | 484,249 | 26,851,607 | ||||||
China Shenhua Energy Co., Ltd., Class H | 4,444,829 | 7,001,852 | ||||||
CNOOC, Ltd. | 9,962,000 | 11,776,127 | ||||||
NetEase, Inc. ADR | 167,700 | 24,078,366 | ||||||
Weichai Power Co., Ltd., Class H | 6,947,932 | 7,747,441 | ||||||
154,332,731 | ||||||||
Egypt | 0.9% | ||||||||
Commercial International Bank Egypt SAE GDR | 2,463,381 | 8,745,003 | ||||||
Hong Kong | 0.5% | ||||||||
Huabao International Holdings, Ltd. (a) | 11,981,000 | 4,509,855 | ||||||
Hungary | 1.7% | ||||||||
OTP Bank Nyrt. | 671,723 | 16,866,308 | ||||||
India | 9.7% | ||||||||
Axis Bank, Ltd. | 2,743,029 | 18,453,236 | ||||||
Bajaj Auto, Ltd. | 227,709 | 8,260,243 | ||||||
Bharat Heavy Electricals, Ltd. | 2,466,658 | 4,238,826 | ||||||
HCL Technologies, Ltd. | 1,069,114 | 13,131,750 | ||||||
Hero MotoCorp, Ltd. | 341,095 | 15,143,181 | ||||||
Punjab National Bank | 5,781,363 | 7,411,948 | ||||||
Tata Consultancy Services, Ltd. | 740,869 | 28,304,558 | ||||||
94,943,742 | ||||||||
Indonesia | 7.6% | ||||||||
PT Astra International Tbk | 22,632,200 | 12,374,318 | ||||||
PT Bank Mandiri (Persero) Tbk | 23,633,529 | 18,357,869 | ||||||
PT Semen Indonesia (Persero) Tbk | 10,035,600 | 7,700,771 |
Description | Shares | Value | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR | 582,900 | $ | 29,640,465 | |||||
PT United Tractors Tbk | 5,432,840 | 6,268,662 | ||||||
74,342,085 | ||||||||
Macau | 0.8% | ||||||||
Wynn Macau, Ltd. (a) | 4,769,600 | 7,378,190 | ||||||
Malaysia | 0.7% | ||||||||
British American Tobacco Malaysia Berhad | 481,000 | 6,662,371 | ||||||
Mexico | 2.8% | ||||||||
America Movil SAB de CV, Class L Sponsored ADR | 467,900 | 7,266,487 | ||||||
Grupo Mexico SAB de CV, Series B | 4,048,597 | 9,766,977 | ||||||
Kimberly-Clark de Mexico SAB de CV, Series A | 4,203,262 | 10,154,693 | ||||||
Telesites SAB de CV (a) | 417,700 | 235,720 | ||||||
27,423,877 | ||||||||
Pakistan | 1.7% | ||||||||
Habib Bank, Ltd. | 4,290,100 | 7,017,445 | ||||||
Oil & Gas Development Co., Ltd. | 3,227,000 | 3,533,893 | ||||||
Pakistan Petroleum, Ltd. | 5,062,402 | 6,187,703 | ||||||
16,739,041 | ||||||||
Philippines | 1.3% | ||||||||
Philippine Long Distance Telephone Co. Sponsored ADR | 302,000 | 13,079,620 | ||||||
Russia | 8.9% | ||||||||
ALROSA PAO (a) | 6,613,700 | 6,902,620 | ||||||
Gazprom PAO Sponsored ADR | 3,402,719 | 14,675,927 | ||||||
Lukoil PJSC Sponsored ADR | 416,588 | 16,003,228 | ||||||
Magnit PJSC Sponsored GDR | 52,115 | 2,081,994 | ||||||
Magnit PJSC Sponsored GDR (c), (d) | 108,375 | 4,329,581 | ||||||
MegaFon OAO GDR | 71,067 | 781,737 | ||||||
MegaFon OAO GDR (c), (d) | 421,946 | 4,641,406 | ||||||
Mobile TeleSystems PJSC Sponsored ADR | 1,376,720 | 11,137,665 | ||||||
Sberbank of Russia PJSC (a) | 15,904,818 | 25,988,409 | ||||||
86,542,567 | ||||||||
South Africa | 7.9% | ||||||||
Imperial Holdings, Ltd. | 690,231 | 7,031,462 | ||||||
Nedbank Group, Ltd. | 581,265 | 7,647,835 | ||||||
PPC, Ltd. | 3,245,259 | 2,681,714 | ||||||
Sanlam, Ltd. | 1,998,840 | 9,272,749 | ||||||
Shoprite Holdings, Ltd. | 1,213,593 | 14,271,714 | ||||||
Standard Bank Group, Ltd. | 967,762 | 8,684,048 | ||||||
The Bidvest Group, Ltd. | 396,904 | 10,027,614 | ||||||
Vodacom Group, Ltd. | 742,666 | 8,075,196 | ||||||
Woolworths Holdings, Ltd. | 1,601,682 | 9,728,072 | ||||||
77,420,404 |
Description | Shares | Value | ||||||
Lazard Retirement Emerging Markets Equity Portfolio (concluded) | ||||||||
South Korea | 12.7% | ||||||||
Coway Co., Ltd. | 148,635 | $ | 12,542,215 | |||||
Hanwha Life Insurance Co., Ltd. | 1,877,536 | 10,999,905 | ||||||
Hyundai Mobis Co., Ltd. | 73,517 | 16,007,112 | ||||||
KB Financial Group, Inc. | 353,101 | 9,834,091 | ||||||
KT&G Corp. | 76,013 | 7,311,499 | ||||||
Samsung Electronics Co., Ltd. | 27,418 | 31,455,418 | ||||||
Shinhan Financial Group Co., Ltd. | 636,043 | 22,525,132 | ||||||
SK Hynix, Inc. | 530,023 | 13,046,649 | ||||||
123,722,021 | ||||||||
Taiwan | 5.6% | ||||||||
Hon Hai Precision Industry Co., Ltd. | 4,172,138 | 10,992,956 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 8,778,642 | 44,187,796 | ||||||
55,180,752 | ||||||||
Thailand | 2.9% | ||||||||
CP All Public Co. Ltd. (c) | 6,011,300 | 7,817,424 | ||||||
Kasikornbank Public Co. Ltd. | 1,592,636 | 7,922,436 | ||||||
PTT Exploration & Production Public Co. Ltd. (c) | 2,698,435 | 5,388,432 | ||||||
The Siam Cement Public Co. Ltd. | 542,850 | 7,221,541 | ||||||
28,349,833 | ||||||||
Turkey | 4.7% | ||||||||
Akbank TAS | 4,746,880 | 13,510,532 | ||||||
KOC Holding AS | 2,182,014 | 11,081,205 | ||||||
Turkcell Iletisim Hizmetleri AS | 2,695,246 | 11,334,610 | ||||||
Turkiye Is Bankasi AS, C Shares | 6,055,516 | 10,014,446 | ||||||
45,940,793 | ||||||||
Total Common Stocks | ||||||||
(Identified cost $1,088,080,199) | 944,964,690 | |||||||
Short-Term Investment | 4.2% | ||||||||
State Street Institutional Treasury Money Market Fund (Identified cost $41,331,310) | 41,331,310 | 41,331,310 | ||||||
Total
Investments l 101.0% (Identified cost $1,129,411,509) (b) | $ | 986,296,000 | ||||||
Liabilities in Excess of Cash and Other Assets l (1.0)% | (10,102,198 | ) | ||||||
Net Assets l 100.0% | $ | 976,193,802 |
Description | Shares | Value | ||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio | ||||||||
Common Stocks | 71.0% | ||||||||
Australia | 2.6% | ||||||||
Amcor, Ltd. | 57,786 | $ | 635,646 | |||||
Aristocrat Leisure, Ltd. | 30,750 | 242,785 | ||||||
Blackmores, Ltd. | 2,422 | 328,894 | ||||||
carsales.com, Ltd. | 26,374 | 237,752 | ||||||
CSL, Ltd. | 19,740 | 1,534,960 | ||||||
Evolution Mining, Ltd. | 352,592 | 410,825 | ||||||
Magellan Financial Group, Ltd. | 30,994 | 538,842 | ||||||
OZ Minerals, Ltd. | 60,631 | 233,778 | ||||||
Qantas Airways, Ltd. | 268,539 | 837,804 | ||||||
Regis Resources, Ltd. | 56,868 | 106,365 | ||||||
Sandfire Resources NL | 43,173 | 188,968 | ||||||
Telstra Corp., Ltd. | 170,830 | 697,962 | ||||||
Wesfarmers, Ltd. | 4,854 | 154,228 | ||||||
6,148,809 | ||||||||
Austria | 0.1% | ||||||||
Erste Group Bank AG (a) | 9,975 | 280,359 | ||||||
Belgium | 0.7% | ||||||||
Anheuser-Busch InBev SA/NV Sponsored ADR | 10,440 | 1,301,450 | ||||||
KBC Groep NV | 1,678 | 86,563 | ||||||
Telenet Group Holding NV (a) | 4,932 | 249,655 | ||||||
1,637,668 | ||||||||
Canada | 2.8% | ||||||||
Canadian National Railway Co. | 12,165 | 760,201 | ||||||
Canadian Pacific Railway, Ltd. | 3,857 | 512,435 | ||||||
Cascades, Inc. | 20,024 | 132,132 | ||||||
Centerra Gold, Inc. | 35,900 | 166,681 | ||||||
CI Financial Corp. | 4,679 | 103,397 | ||||||
Cogeco Communications, Inc. | 4,020 | 214,379 | ||||||
Colliers International Group, Inc. | 3,471 | 131,517 | ||||||
Constellation Software, Inc. | 785 | 321,429 | ||||||
Dollarama, Inc. | 17,005 | 1,196,602 | ||||||
FirstService Corp. | 5,727 | 235,209 | ||||||
Imperial Oil, Ltd. | 3,216 | 107,444 | ||||||
Intact Financial Corp. | 10,538 | 737,802 | ||||||
Magna International, Inc. | 16,664 | 716,344 | ||||||
Metro, Inc. | 9,068 | 314,613 | ||||||
Open Text Corp. | 4,525 | 234,412 | ||||||
Transcontinental, Inc.Class A | 28,922 | 458,298 | ||||||
Uni-Select, Inc. | 7,810 | 336,454 | ||||||
6,679,349 | ||||||||
Denmark | 0.7% | ||||||||
Carlsberg A/S Class B Sponsored ADR | 28,075 | 538,759 |
Description | Shares | Value | ||||||
Coloplast A/S, Class B | 1,234 | $ | 93,504 | |||||
Novo Nordisk A/S Sponsored ADR | 10,595 | 574,143 | ||||||
Novo Nordisk A/S, Class B | 5,539 | 300,444 | ||||||
Vestas Wind Systems A/S | 3,103 | 218,918 | ||||||
1,725,768 | ||||||||
Finland | 0.8% | ||||||||
Elisa Oyj | 4,977 | 193,516 | ||||||
Kone Oyj, Class B | 11,323 | 545,785 | ||||||
Sampo Oyj, A Shares ADR | 44,040 | 1,043,748 | ||||||
1,783,049 | ||||||||
France | 0.8% | ||||||||
Airbus Group SE | 17,755 | 1,178,869 | ||||||
BNP Paribas SA | 3,465 | 174,391 | ||||||
Electricite de France SA | 7,558 | 84,833 | ||||||
Engie SA | 3,998 | 62,053 | ||||||
Orange SA | 6,301 | 110,381 | ||||||
Sopra Steria Group | 1,064 | 125,734 | ||||||
TOTAL SA | 3,823 | 174,268 | ||||||
1,910,529 | ||||||||
Germany | 0.9% | ||||||||
Continental AG Sponsored ADR | 13,845 | 627,871 | ||||||
Daimler AG | 1,394 | 106,865 | ||||||
Deutsche Lufthansa AG (a) | 7,288 | 117,802 | ||||||
ProSiebenSat.1 Media SE | 4,010 | 206,178 | ||||||
Stroeer SE & Co. KGaA | 1,700 | 106,877 | ||||||
Suedzucker AG | 5,252 | 92,602 | ||||||
Symrise AG ADR | 48,270 | 807,557 | ||||||
2,065,752 | ||||||||
Hong Kong | 1.9% | ||||||||
CLP Holdings, Ltd. | 43,500 | 393,933 | ||||||
Henderson Land Development Co., Ltd. | 42,000 | 257,446 | ||||||
HK Electric Investments & HK Electric Investments, Ltd. | 273,500 | 240,452 | ||||||
Hongkong Land Holdings, Ltd. | 20,700 | 123,993 | ||||||
Link Real Estate Investment Trust | 257,500 | 1,525,279 | ||||||
PCCW, Ltd. | 517,000 | 333,232 | ||||||
Swire Pacific, Ltd., Class A | 18,000 | 193,868 | ||||||
The Wharf Holdings, Ltd. | 167,000 | 912,786 | ||||||
Wheelock & Co., Ltd. | 94,000 | 419,873 | ||||||
4,400,862 | ||||||||
Ireland | 0.6% | ||||||||
Paddy Power Betfair PLC | 687 | 95,760 | ||||||
Ryanair Holdings PLC Sponsored ADR | 2,079 | 178,420 | ||||||
Shire PLC ADR | 7,385 | 1,269,481 | ||||||
1,543,661 |
Description | Shares | Value | ||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||
Israel | 0.6% | ||||||||
Bank Hapoalim BM | 19,750 | $ | 102,529 | |||||
Check Point Software Technologies, Ltd. (a) | 3,680 | 321,890 | ||||||
Israel Discount Bank, Ltd., Class A (a) | 82,275 | 139,306 | ||||||
Orbotech, Ltd. (a) | 12,816 | 304,764 | ||||||
Teva Pharmaceutical Industries, Ltd. Sponsored ADR | 11,690 | 625,532 | ||||||
1,494,021 | ||||||||
Italy | 0.4% | ||||||||
Davide Campari-Milano SpA ADR | 149,990 | 730,451 | ||||||
Moncler SpA | 4,545 | 76,801 | ||||||
Saras SpA (a) | 54,181 | 86,992 | ||||||
894,244 | ||||||||
Japan | 6.2% | ||||||||
Ai Holdings Corp. | 4,900 | 142,152 | ||||||
Alfresa Holdings Corp. | 6,800 | 130,447 | ||||||
Astellas Pharma, Inc. | 9,500 | 126,321 | ||||||
Canon, Inc. | 3,400 | 101,355 | ||||||
Central Japan Railway Co. | 400 | 70,745 | ||||||
Chubu Electric Power Co., Inc. | 7,700 | 107,517 | ||||||
CKD Corp. | 8,100 | 66,861 | ||||||
Daito Trust Construction Co., Ltd. | 5,900 | 837,727 | ||||||
Daiwa House Industry Co., Ltd. | 4,600 | 129,402 | ||||||
Daiwa House Industry Co., Ltd. ADR | 42,620 | 1,198,474 | ||||||
Electric Power Development Co., Ltd. | 3,600 | 112,435 | ||||||
Fuji Heavy Industries, Ltd. | 6,900 | 243,703 | ||||||
Fujitsu General, Ltd. | 5,000 | 77,169 | ||||||
Haseko Corp. | 10,200 | 94,981 | ||||||
Heiwa Corp. | 5,000 | 103,647 | ||||||
IT Holdings Corp. | 5,400 | 127,821 | ||||||
Japan Airlines Co., Ltd. | 8,300 | 303,990 | ||||||
JTEKT Corp. | 27,700 | 359,341 | ||||||
JVC Kenwood Corp. | 30,600 | 79,120 | ||||||
Kakaku.com, Inc. | 5,900 | 109,565 | ||||||
Kaken Pharmaceutical Co., Ltd. | 1,700 | 102,866 | ||||||
KDDI Corp. ADR | 67,605 | 901,851 | ||||||
Kubota Corp. | 4,400 | 60,070 | ||||||
Kumagai Gumi Co., Ltd. | 33,000 | 83,860 | ||||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 8,400 | 84,937 | ||||||
Marubeni Corp. | 33,600 | 170,172 | ||||||
Mazda Motor Corp. | 7,300 | 113,283 | ||||||
Medipal Holdings Corp. | 30,300 | 479,760 | ||||||
Megmilk Snow Brand Co., Ltd. | 5,000 | 125,683 | ||||||
Mitsubishi Electric Corp. | 11,000 | 115,283 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 22,000 | 118,459 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 116,800 | 541,216 |
Description | Shares | Value | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 13,430 | $ | 58,949 | |||||
Mitsui Chemicals, Inc. | 49,000 | 163,268 | ||||||
Murata Manufacturing Co., Ltd. | 11,200 | 1,350,429 | ||||||
Nagoya Railroad Co., Ltd. | 24,000 | 112,168 | ||||||
Nippon Telegraph & Telephone Corp. | 12,200 | 525,528 | ||||||
Nissan Motor Co., Ltd. | 43,200 | 399,776 | ||||||
Nitto Denko Corp. | 1,600 | 88,953 | ||||||
NTT Data Corp. | 3,300 | 165,667 | ||||||
Rohto Pharmaceutical Co., Ltd. | 6,400 | 116,576 | ||||||
Ryohin Keikaku Co., Ltd. ADR | 11,815 | 502,019 | ||||||
Sanyo Special Steel Co., Ltd. | 16,000 | 73,073 | ||||||
Shimadzu Corp. | 8,000 | 125,461 | ||||||
Shionogi & Co., Ltd. | 3,300 | 155,317 | ||||||
Sompo Japan Nipponkoa Holdings, Inc. | 12,100 | 342,750 | ||||||
Sumitomo Chemical Co., Ltd. | 30,000 | 135,679 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 48,300 | 1,464,300 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 33,000 | 129,601 | ||||||
Sumitomo Rubber Industries, Ltd. | 6,600 | 101,981 | ||||||
Suzuken Co., Ltd. | 6,600 | 224,310 | ||||||
Taikisha, Ltd. | 6,000 | 144,689 | ||||||
TDK Corp. | 2,000 | 111,067 | ||||||
The San-In Godo Bank, Ltd. | 22,900 | 141,618 | ||||||
Ube Industries, Ltd. | 141,000 | 249,314 | ||||||
West Japan Railway Co. | 2,400 | 148,186 | ||||||
Yokogawa Electric Corp. | 10,900 | 112,637 | ||||||
14,563,529 | ||||||||
Malta | 0.1% | ||||||||
Unibet Group PLC SDR | 12,564 | 142,614 | ||||||
Netherlands | 1.2% | ||||||||
Aegon NV | 18,712 | 102,927 | ||||||
Euronext NV | 3,021 | 125,438 | ||||||
Koninklijke Ahold NV | 5,084 | 114,371 | ||||||
NN Group NV | 11,375 | 372,194 | ||||||
NXP Semiconductors NV (a) | 7,645 | 619,780 | ||||||
Royal Dutch Shell PLC, A Shares | 18,599 | 451,636 | ||||||
Wolters Kluwer NV | 2,752 | 109,853 | ||||||
Wolters Kluwer NV Sponsored ADR | 25,270 | 1,011,305 | ||||||
2,907,504 | ||||||||
New Zealand | 0.5% | ||||||||
Air New Zealand, Ltd. | 193,822 | 383,153 | ||||||
Fisher & Paykel Healthcare Corp., Ltd., Class C | 33,170 | 224,686 | ||||||
Spark New Zealand, Ltd. | 239,833 | 605,070 | ||||||
1,212,909 | ||||||||
Norway | 1.5% | ||||||||
Det Norske Oljeselskap ASA (a) | 24,286 | 181,968 |
Description | Shares | Value | ||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||
DNB ASA | 10,140 | $ | 119,907 | |||||
Statoil ASA | 190,969 | 3,007,150 | ||||||
Telenor ASA | 10,033 | 162,353 | ||||||
3,471,378 | ||||||||
Portugal | 0.0% | ||||||||
Altri SGPS SA | 19,794 | 86,378 | ||||||
Puerto Rico | 0.0% | ||||||||
EVERTEC, Inc. | 7,381 | 103,186 | ||||||
Singapore | 1.2% | ||||||||
Ascendas Real Estate Investment Trust | 181,100 | 321,126 | ||||||
Broadcom, Ltd. | 1,664 | 257,088 | ||||||
CapitaLand, Ltd. | 196,100 | 446,657 | ||||||
ComfortDelGro Corp., Ltd. | 254,000 | 550,269 | ||||||
Singapore Airlines, Ltd. | 22,700 | 192,331 | ||||||
United Overseas Bank, Ltd. | 68,800 | 963,205 | ||||||
2,730,676 | ||||||||
South Africa | 0.0% | ||||||||
Mediclinic International PLC | 9,107 | 117,196 | ||||||
Spain | 0.4% | ||||||||
Banco Santander SA | 25,175 | 110,977 | ||||||
Bolsas y Mercados Espanoles SA | 2,469 | 79,649 | ||||||
CaixaBank SA | 134,616 | 397,807 | ||||||
Corporacion Financiera Alba SA | 1,257 | 48,631 | ||||||
Iberdrola SA | 43,381 | 289,318 | ||||||
Merlin Properties Socimi SA REIT | 8,177 | 95,093 | ||||||
1,021,475 | ||||||||
Sweden | 0.6% | ||||||||
Assa Abloy AB ADR | 104,240 | 1,020,510 | ||||||
Axfood AB | 12,937 | 239,035 | ||||||
Intrum Justitia AB | 3,718 | 131,166 | ||||||
1,390,711 | ||||||||
Switzerland | 1.2% | ||||||||
Actelion, Ltd. | 831 | 124,190 | ||||||
Actelion, Ltd. ADR | 31,575 | 1,179,326 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 20 | 123,967 | ||||||
dorma+kaba Holding AG | 198 | 126,536 | ||||||
Roche Holding AG | 4,992 | 1,228,856 | ||||||
2,782,875 | ||||||||
United Kingdom | 5.6% | ||||||||
Admiral Group PLC | 7,349 | 209,306 | ||||||
Auto Trader Group PLC | 43,787 | 245,267 | ||||||
Bellway PLC | 11,415 | 430,035 | ||||||
Berendsen PLC | 9,349 | 161,533 | ||||||
Berkeley Group Holdings PLC | 2,467 | 114,021 |
Description | Shares | Value | ||||||
British American Tobacco PLC Sponsored ADR | 9,205 | $ | 1,076,157 | |||||
BT Group PLC | 123,790 | 783,179 | ||||||
Centrica PLC | 189,580 | 619,991 | ||||||
Cineworld Group PLC | 25,845 | 199,519 | ||||||
Compass Group PLC | 18,658 | 329,074 | ||||||
Compass Group PLC Sponsored ADR | 44,920 | 800,924 | ||||||
Debenhams PLC | 131,113 | 141,610 | ||||||
easyJet PLC | 4,590 | 100,138 | ||||||
Essentra PLC | 6,324 | 75,160 | ||||||
Greggs PLC | 10,621 | 165,815 | ||||||
Hargreaves Lansdown PLC | 20,399 | 393,766 | ||||||
International Consolidated Airlines Group SA Sponsored ADR | 3,315 | 132,401 | ||||||
ITV PLC | 33,675 | 116,658 | ||||||
Micro Focus International PLC | 9,128 | 205,828 | ||||||
Moneysupermarket.com Group PLC | 63,844 | 291,318 | ||||||
National Grid PLC | 8,702 | 123,383 | ||||||
Next PLC | 1,750 | 135,726 | ||||||
Petrofac, Ltd. | 9,264 | 122,543 | ||||||
Provident Financial PLC | 4,333 | 184,520 | ||||||
Provident Financial PLC Sponsored ADR | 11,795 | 502,467 | ||||||
Prudential PLC ADR | 19,765 | 735,258 | ||||||
RELX NV | 1 | 17 | ||||||
RELX NV Sponsored ADR | 60,745 | 1,064,860 | ||||||
Rentokil Initial PLC | 395,136 | 1,003,364 | ||||||
SSE PLC | 79,405 | 1,701,557 | ||||||
Subsea 7 SA (a) | 16,646 | 123,279 | ||||||
Unilever PLC Sponsored ADR | 11,500 | 519,570 | ||||||
WH Smith PLC | 7,649 | 199,723 | ||||||
William Hill PLC | 19,598 | 92,043 | ||||||
13,100,010 | ||||||||
United States | 39.6% | ||||||||
3M Co. | 11,286 | 1,880,586 | ||||||
AbbVie, Inc. | 3,972 | 226,881 | ||||||
Accenture PLC, Class A | 7,570 | 873,578 | ||||||
Air Lease Corp. | 12,501 | 401,532 | ||||||
Alaska Air Group, Inc. | 3,849 | 315,695 | ||||||
Allison Transmission Holdings, Inc. | 4,181 | 112,803 | ||||||
Alphabet, Inc., Class A (a) | 1,879 | 1,433,489 | ||||||
Alphabet, Inc., Class C (a) | 1,070 | 797,096 | ||||||
Altria Group, Inc. | 2,120 | 132,839 | ||||||
Amazon.com Inc. (a) | 297 | 176,311 | ||||||
AMC Networks, Inc., Class A (a) | 1,703 | 110,593 | ||||||
Amdocs, Ltd. | 3,051 | 184,341 | ||||||
American Electric Power Co., Inc. | 23,945 | 1,589,948 | ||||||
American International Group, Inc. | 1,281 | 69,238 |
Description | Shares | Value | ||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||
Amgen, Inc. | 8,772 | $ | 1,315,186 | |||||
Aon PLC | 8,777 | 916,758 | ||||||
Apple, Inc. | 17,948 | 1,956,153 | ||||||
Applied Materials, Inc. | 25,440 | 538,819 | ||||||
Arista Networks, Inc. (a) | 3,716 | 234,480 | ||||||
AT&T, Inc. | 59,240 | 2,320,431 | ||||||
Automatic Data Processing, Inc. | 1,497 | 134,296 | ||||||
AutoZone, Inc. (a) | 850 | 677,186 | ||||||
AVG Technologies NV (a) | 3,878 | 80,469 | ||||||
Avon Products, Inc. | 49,667 | 238,898 | ||||||
Ball Corp. | 1,137 | 81,057 | ||||||
Bank of America Corp. | 96,455 | 1,304,072 | ||||||
Baxter International, Inc. | 3,087 | 126,814 | ||||||
Biogen, Inc. (a) | 1,143 | 297,546 | ||||||
Bristol-Myers Squibb Co. | 9,190 | 587,057 | ||||||
Cadence Design Systems, Inc. (a) | 6,285 | 148,200 | ||||||
Carnival Corp. | 4,777 | 252,082 | ||||||
CBOE Holdings, Inc. | 5,243 | 342,525 | ||||||
CBRE Group, Inc., Class A (a) | 16,425 | 473,368 | ||||||
Centene Corp. (a) | 3,255 | 200,410 | ||||||
Cigna Corp. | 773 | 106,087 | ||||||
Cirrus Logic, Inc. (a) | 6,564 | 238,995 | ||||||
Cisco Systems, Inc. | 45,874 | 1,306,033 | ||||||
Citigroup, Inc. | 21,983 | 917,790 | ||||||
Coca-Cola Enterprises, Inc. | 15,566 | 789,819 | ||||||
Colgate-Palmolive Co. | 2,181 | 154,088 | ||||||
Comcast Corp., Class A | 17,984 | 1,098,463 | ||||||
CR Bard, Inc. | 1,825 | 369,873 | ||||||
CVS Health Corp. | 9,610 | 996,845 | ||||||
Darden Restaurants, Inc. | 4,049 | 268,449 | ||||||
Delta Air Lines, Inc. | 7,906 | 384,864 | ||||||
Dr Pepper Snapple Group, Inc. | 7,307 | 653,392 | ||||||
Eaton Corp. PLC | 8,550 | 534,888 | ||||||
Edison International | 5,174 | 371,959 | ||||||
Emerson Electric Co. | 3,225 | 175,376 | ||||||
EOG Resources, Inc. | 5,705 | 414,069 | ||||||
Everest Re Group, Ltd. | 5,697 | 1,124,759 | ||||||
Exelon Corp. | 39,814 | 1,427,730 | ||||||
Express Scripts Holding Co. (a) | 4,475 | 307,388 | ||||||
Facebook, Inc., Class A (a) | 7,416 | 846,166 | ||||||
FactSet Research Systems, Inc. | 2,802 | 424,587 | ||||||
Fidelity National Information Services, Inc. | 7,750 | 490,652 | ||||||
Fifth Third Bancorp | 31,267 | 521,846 | ||||||
First NBC Bank Holding Co. (a) | 10,632 | 218,913 | ||||||
Foot Locker, Inc. | 5,692 | 367,134 | ||||||
General Dynamics Corp. | 2,105 | 276,534 |
Description | Shares | Value | ||||||
General Electric Co. | 7,411 | $ | 235,596 | |||||
General Motors Co. | 6,534 | 205,364 | ||||||
Gilead Sciences, Inc. | 6,617 | 607,838 | ||||||
Global Payments, Inc. | 5,439 | 355,167 | ||||||
HCA Holdings, Inc. (a) | 9,325 | 727,816 | ||||||
HealthSouth Corp. | 3,036 | 114,245 | ||||||
HFF, Inc., Class A | 5,402 | 148,717 | ||||||
Honeywell International, Inc. | 14,320 | 1,604,556 | ||||||
ICON PLC (a) | 1,751 | 131,500 | ||||||
Intel Corp. | 53,994 | 1,746,706 | ||||||
Intercontinental Exchange, Inc. | 3,144 | 739,280 | ||||||
International Paper Co. | 3,780 | 155,131 | ||||||
Intuit, Inc. | 1,198 | 124,604 | ||||||
JetBlue Airways Corp. (a) | 12,288 | 259,523 | ||||||
Johnson & Johnson | 26,476 | 2,864,703 | ||||||
JPMorgan Chase & Co. | 23,965 | 1,419,207 | ||||||
KB Home | 8,320 | 118,810 | ||||||
Kellogg Co. | 4,085 | 312,707 | ||||||
KeyCorp. | 38,632 | 426,497 | ||||||
Lincoln National Corp. | 7,552 | 296,038 | ||||||
Lockheed Martin Corp. | 758 | 167,897 | ||||||
Lowe’s Cos., Inc. | 17,018 | 1,289,113 | ||||||
Marathon Petroleum Corp. | 2,038 | 75,773 | ||||||
Marsh & McLennan Cos., Inc. | 2,750 | 167,173 | ||||||
Masco Corp. | 11,754 | 369,663 | ||||||
MasterCard, Inc., Class A | 8,815 | 833,017 | ||||||
McDonald’s Corp. | 5,086 | 639,208 | ||||||
McGraw Hill Financial, Inc. | 8,431 | 834,500 | ||||||
McKesson Corp. | 3,150 | 495,337 | ||||||
Mead Johnson Nutrition Co. | 4,870 | 413,804 | ||||||
MetLife, Inc. | 31,418 | 1,380,507 | ||||||
Mettler-Toledo International, Inc. (a) | 485 | 167,209 | ||||||
Michael Kors Holdings, Ltd. (a) | 4,079 | 232,340 | ||||||
Microsoft Corp. | 41,692 | 2,302,649 | ||||||
Molson Coors Brewing Co., Class B | 8,251 | 793,581 | ||||||
Monsanto Co. | 6,100 | 535,214 | ||||||
Motorola Solutions, Inc. | 1,698 | 128,539 | ||||||
National Fuel Gas Co. | 4,711 | 235,786 | ||||||
NetApp, Inc. | 2,258 | 61,621 | ||||||
NIKE, Inc., Class B | 16,870 | 1,036,999 | ||||||
Nordstrom, Inc. | 6,343 | 362,883 | ||||||
Northrop Grumman Corp. | 812 | 160,695 | ||||||
O’Reilly Automotive, Inc. (a) | 4,627 | 1,266,225 | ||||||
Orbital ATK, Inc. | 1,721 | 149,624 | ||||||
PepsiCo, Inc. | 19,486 | 1,996,925 | ||||||
PerkinElmer, Inc. | 2,494 | 123,353 | ||||||
Phillips 66 | 2,913 | 252,237 |
Description | Shares | Value | ||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||
Pinnacle Entertainment, Inc. (a) | 5,045 | $ | 177,079 | |||||
Pinnacle West Capital Corp. | 2,786 | 209,145 | ||||||
Piper Jaffray Cos., Inc. (a) | 8,430 | 417,791 | ||||||
Premier, Inc., Class A (a) | 8,966 | 299,106 | ||||||
Public Service Enterprise Group, Inc. | 12,000 | 565,680 | ||||||
PVH Corp. | 1,577 | 156,218 | ||||||
Quintiles Transnational Holdings, Inc. (a) | 18,980 | 1,235,598 | ||||||
Raytheon Co. | 4,015 | 492,359 | ||||||
Regions Financial Corp. | 16,014 | 125,710 | ||||||
Reynolds American, Inc. | 24,647 | 1,239,991 | ||||||
Rockwell Automation, Inc. | 9,017 | 1,025,684 | ||||||
Rockwell Collins, Inc. | 3,571 | 329,282 | ||||||
Ross Stores, Inc. | 14,819 | 858,020 | ||||||
Schlumberger, Ltd. | 16,990 | 1,253,012 | ||||||
Simon Property Group, Inc. REIT | 4,121 | 855,890 | ||||||
Skyworks Solutions, Inc. | 1,858 | 144,738 | ||||||
Spirit AeroSystems Holdings, Inc., Class A (a) | 2,438 | 110,588 | ||||||
Starbucks Corp. | 22,902 | 1,367,249 | ||||||
Target Corp. | 2,258 | 185,788 | ||||||
Tesoro Corp. | 1,619 | 139,250 | ||||||
The Charles Schwab Corp. | 18,530 | 519,211 | ||||||
The Clorox Co. | 2,998 | 377,928 | ||||||
The Dow Chemical Co. | 4,779 | 243,060 | ||||||
The Estee Lauder Cos., Inc., Class A | 1,545 | 145,709 | ||||||
The Kroger Co. | 35,929 | 1,374,284 | ||||||
The Procter & Gamble Co. | 9,355 | 770,010 | ||||||
The Southern Co. | 11,571 | 598,568 | ||||||
The TJX Cos., Inc. | 6,038 | 473,077 | ||||||
The Walt Disney Co. | 12,071 | 1,198,771 | ||||||
Thermo Fisher Scientific, Inc. | 7,158 | 1,013,501 | ||||||
Time Warner, Inc. | 17,164 | 1,245,248 | ||||||
Time, Inc. | 8,505 | 131,317 | ||||||
Triumph Group, Inc. | 4,863 | 153,087 | ||||||
Tyco International PLC | 11,820 | 433,912 | ||||||
Tyson Foods, Inc., Class A | 5,773 | 384,828 | ||||||
Union Pacific Corp. | 5,450 | 433,547 | ||||||
United Technologies Corp. | 4,430 | 443,443 | ||||||
UnitedHealth Group, Inc. | 3,778 | 486,984 | ||||||
Universal Health Services, Inc., Class B | 2,290 | 285,609 | ||||||
Unum Group | 22,425 | 693,381 | ||||||
Validus Holdings, Ltd. | 1,882 | 88,812 | ||||||
Verizon Communications, Inc. | 51,975 | 2,810,808 | ||||||
Visa, Inc., Class A | 15,041 | 1,150,336 | ||||||
Wabash National Corp. (a) | 5,867 | 77,444 | ||||||
Waters Corp. (a) | 2,422 | 319,510 | ||||||
Whirlpool Corp. | 1,014 | 182,865 |
Description | Shares | Value | ||||||
Wyndham Worldwide Corp. | 2,396 | $ | 183,126 | |||||
Xcel Energy, Inc. | 10,129 | 423,595 | ||||||
Zoetis, Inc. | 24,435 | 1,083,204 | ||||||
93,296,666 | ||||||||
Total Common Stocks | ||||||||
(Identified cost $161,668,664) | 167,491,178 |
Description | Security Currency | Principal Amount (000) | Value | |||||||
Corporate Bonds | 8.9% | ||||||||||
Australia | 0.7% | ||||||||||
Telstra Corp., Ltd., 4.000%, 11/15/17 | AUD | 1,220 | $ | 950,319 | ||||||
Toyota Finance Australia, Ltd., 4.250%, 05/15/19 | AUD | 827 | 652,005 | |||||||
1,602,324 | ||||||||||
Belgium | 0.5% | ||||||||||
Anheuser-Busch InBev Finance, Inc.: | ||||||||||
2.375%, 01/25/18 | CAD | 1,065 | 831,844 | |||||||
2.650%, 02/01/21 | USD | 435 | 447,196 | |||||||
1,279,040 | ||||||||||
Canada | 1.2% | ||||||||||
Suncor Energy, Inc., 6.100%, 06/01/18 | USD | 525 | 561,306 | |||||||
The Bank of Nova Scotia, 2.125%, 09/11/19 | USD | 1,300 | 1,320,739 | |||||||
The Toronto-Dominion Bank: | ||||||||||
2.250%, 11/05/19 | USD | 325 | 329,451 | |||||||
2.621%, 12/22/21 | CAD | 720 | 575,196 | |||||||
2,786,692 | ||||||||||
Denmark | 0.2% | ||||||||||
Carlsberg Breweries A/S, 2.500%, 05/28/24 | EUR | 400 | 489,868 | |||||||
France | 0.1% | ||||||||||
Orange SA, 5.375%, 07/08/19 | USD | 195 | 216,927 | |||||||
Germany | 0.7% | ||||||||||
BMW Finance NV, 3.375%, 12/14/18 | GBP | 645 | 973,550 | |||||||
Daimler Finance North America LLC, 3.875%, 09/15/21 | USD | 575 | 615,898 | |||||||
1,589,448 |
Description | Security Currency | Principal Amount (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||||
Italy | 0.3% | ||||||||||
Atlantia SpA, 4.375%, 09/16/25 | EUR | 395 | $ | 574,114 | ||||||
Mexico | 0.2% | ||||||||||
America Movil SAB de CV, 6.450%, 12/05/22 | MXN | 7,000 | 392,012 | |||||||
Netherlands | 0.2% | ||||||||||
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20 | NZD | 660 | 489,408 | |||||||
New Zealand | 0.1% | ||||||||||
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24 | AUD | 300 | 253,805 | |||||||
Norway | 0.3% | ||||||||||
Statoil ASA, 3.700%, 03/01/24 | USD | 445 | 464,990 | |||||||
Telenor ASA, 1.750%, 05/22/18 | USD | 200 | 200,674 | |||||||
665,664 | ||||||||||
United Kingdom | 0.9% | ||||||||||
Abbey National Treasury Services PLC, 5.125%, 04/14/21 | GBP | 510 | 849,641 | |||||||
Centrica PLC, 7.000%, 09/19/18 | GBP | 100 | 161,766 | |||||||
Rolls-Royce PLC, 6.750%, 04/30/19 | GBP | 372 | 615,382 | |||||||
SSE PLC, 5.000%, 10/01/18 | GBP | 370 | 577,080 | |||||||
2,203,869 | ||||||||||
United States | 3.5% | ||||||||||
Apple, Inc., 3.850%, 05/04/43 | USD | 830 | 807,269 | |||||||
General Electric Co., 5.500%, 02/01/17 | NZD | 305 | 215,030 | |||||||
Google, Inc., 3.625%, 05/19/21 | USD | 330 | 363,523 | |||||||
John Deere Canada Funding, Inc.: | ||||||||||
2.300%, 01/17/18 | CAD | 290 | 226,293 | |||||||
2.050%, 09/17/20 | CAD | 475 | 368,260 | |||||||
John Deere Capital Corp., 2.300%, 09/16/19 | USD | 200 | 204,934 | |||||||
JPMorgan Chase & Co., 4.500%, 01/24/22 | USD | 435 | 480,289 | |||||||
Morgan Stanley, 2.500%, 01/24/19 | USD | 835 | 849,737 |
Description | Security Currency | Principal Amount (000) | Value | |||||||
Nestle Holdings, Inc., 2.500%, 07/10/17 | NOK | 5,480 | $ | 674,193 | ||||||
The Goldman Sachs Group, Inc.: | ||||||||||
5.200%, 12/17/19 | NZD | 935 | 674,879 | |||||||
3.625%, 01/22/23 | USD | 575 | 593,240 | |||||||
The Home Depot, Inc., 2.625%, 06/01/22 | USD | 615 | 636,347 | |||||||
Union Pacific Corp., 4.163%, 07/15/22 | USD | 620 | 693,774 | |||||||
Valero Energy Corp., 6.125%, 02/01/20 | USD | 249 | 273,495 | |||||||
Verizon Communications, Inc., 4.400%, 11/01/34 | USD | 780 | 788,716 | |||||||
Wells Fargo Canada Corp., 3.040%, 01/29/21 | CAD | 525 | 425,578 | |||||||
8,275,557 | ||||||||||
Total Corporate Bonds | ||||||||||
(Identified cost $21,116,940) | 20,818,728 | |||||||||
Foreign Government Obligations | 14.0% | ||||||||||
Australia | 1.1% | ||||||||||
Queensland Treasury Corp., 5.500%, 06/21/21 | AUD | 895 | 787,313 | |||||||
Treasury Corp. of Victoria, 6.000%, 10/17/22 | AUD | 1,305 | 1,216,880 | |||||||
Western Australian Treasury Corp., 6.000%, 10/16/23 | AUD | 705 | 656,458 | |||||||
2,660,651 | ||||||||||
Bahamas | 0.5% | ||||||||||
Commonwealth of Bahamas: | ||||||||||
5.750%, 01/16/24 | USD | 270 | 277,425 | |||||||
6.950%, 11/20/29 | USD | 835 | 944,385 | |||||||
1,221,810 | ||||||||||
Bermuda | 0.6% | ||||||||||
Government of Bermuda: | ||||||||||
5.603%, 07/20/20 | USD | 1,040 | 1,141,400 | |||||||
4.138%, 01/03/23 | USD | 300 | 303,227 | |||||||
1,444,627 | ||||||||||
Canada | 4.3% | ||||||||||
Canada Government Bond, 1.125%, 03/19/18 | USD | 1,225 | 1,231,872 | |||||||
Canada Housing Trust No. 1, 1.250%, 12/15/20 | CAD | 3,360 | 2,607,024 | |||||||
City of Vancouver, 2.900%, 11/20/25 | CAD | 415 | 329,668 | |||||||
Province of Alberta, 4.000%, 12/01/19 | CAD | 2,030 | 1,718,439 | |||||||
Province of British Columbia, 3.700%, 12/18/20 | CAD | 1,455 | 1,245,166 | |||||||
Province of Ontario: | ||||||||||
2.450%, 06/29/22 | USD | 900 | 923,401 |
Description | Security Currency | Principal Amount (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||||
1.950%, 01/27/23 | CAD | 860 | $ | 669,651 | ||||||
Province of Quebec, 3.500%, 07/29/20 | USD | 1,245 | 1,341,856 | |||||||
10,067,077 | ||||||||||
Chile | 0.3% | ||||||||||
Republic of Chile, 1.625%, 01/30/25 | EUR | 600 | 706,878 | |||||||
Colombia | 0.3% | ||||||||||
Republic of Colombia, 2.625%, 03/15/23 | USD | 650 | 604,500 | |||||||
Ireland | 0.5% | ||||||||||
Irish Treasury, 3.400%, 03/18/24 | EUR | 905 | 1,259,377 | |||||||
Mexico | 1.0% | ||||||||||
Mexican Bonos: | ||||||||||
4.750%, 06/14/18 | MXN | 19,140 | 1,113,015 | |||||||
6.500%, 06/09/22 | MXN | 9,260 | 561,426 | |||||||
United Mexican States, 6.750%, 02/06/24 | GBP | 470 | 798,231 | |||||||
2,472,672 | ||||||||||
New Zealand | 0.6% | ||||||||||
New Zealand Government Bonds: | ||||||||||
3.000%, 04/15/20 | NZD | 1,560 | 1,111,993 | |||||||
6.000%, 05/15/21 | NZD | 400 | 313,998 | |||||||
1,425,991 | ||||||||||
Norway | 1.0% | ||||||||||
Oslo Kommune: | ||||||||||
4.900%, 11/04/19 | NOK | 2,000 | 270,838 | |||||||
3.550%, 02/12/21 | NOK | 4,000 | 526,424 | |||||||
2.450%, 05/24/23 | NOK | 2,000 | 252,270 | |||||||
3.650%, 11/08/23 | NOK | 2,000 | 273,122 | |||||||
2.350%, 09/04/24 | NOK | 4,000 | 497,275 | |||||||
2.400%, 02/13/30 | NOK | 4,000 | 489,136 | |||||||
2,309,065 | ||||||||||
Panama | 0.3% | ||||||||||
Republic of Panama, 4.000%, 09/22/24 | USD | 800 | 840,000 | |||||||
Poland | 1.2% | ||||||||||
Poland Government Bond, 1.750%, 01/25/21 (e) | PLN | 7,565 | 2,000,350 | |||||||
Republic of Poland, 3.000%, 03/17/23 | USD | 729 | 730,822 | |||||||
2,731,172 | ||||||||||
Singapore | 0.6% | ||||||||||
Singapore Government Bond, 3.000%, 09/01/24 | SGD | 1,630 | 1,319,383 |
Description | Security Currency | Principal Amount (000) | Value | |||||||
Slovakia | 0.1% | ||||||||||
Slovak Republic, 4.375%, 05/21/22 | USD | 200 | $ | 226,500 | ||||||
Slovenia | 0.3% | ||||||||||
Republic of Slovenia, 5.850%, 05/10/23 | USD | 530 | 609,472 | |||||||
Spain | 0.1% | ||||||||||
Spain Government Bond, 1.600%, 04/30/25 | EUR | 295 | 344,509 | |||||||
Sweden | 0.7% | ||||||||||
Kommuninvest I Sverige AB, 1.500%, 04/23/19 | USD | 500 | 504,326 | |||||||
Svensk Exportkredit AB, 1.875%, 12/21/18 | GBP | 785 | 1,155,173 | |||||||
1,659,499 | ||||||||||
United Kingdom | 0.5% | ||||||||||
United Kingdom Treasury: | ||||||||||
1.750%, 07/22/19 | GBP | 435 | 647,968 | |||||||
2.000%, 07/22/20 | GBP | 395 | 597,298 | |||||||
1,245,266 | ||||||||||
Total Foreign Government Obligations | ||||||||||
(Identified cost $33,572,330) | 33,148,449 | |||||||||
Quasi Government Bonds | 2.2% | ||||||||||
Canada | 0.6% | ||||||||||
Hydro-Quebec: | ||||||||||
1.012%, 12/01/19 (e) | CAD | 1,235 | 945,095 | |||||||
9.625%, 07/15/22 | CAD | 303 | 342,603 | |||||||
1,287,698 | ||||||||||
Chile | 0.2% | ||||||||||
Corp. Nacional del Cobre de Chile, 4.500%, 08/13/23 | USD | 500 | 515,785 | |||||||
Germany | 0.5% | ||||||||||
Deutsche Bahn Finance BV, 3.375%, 09/01/16 | NOK | 2,980 | 362,991 | |||||||
KFW: | ||||||||||
2.875%, 10/12/16 | NOK | 1,210 | 147,546 | |||||||
1.125%, 12/23/19 | GBP | 400 | 578,372 | |||||||
Landeskreditbank Baden-Wuerttemberg Foerderbank, 3.000%, 05/22/17 | NOK | 1,180 | 145,498 | |||||||
1,234,407 | ||||||||||
Mexico | 0.3% | ||||||||||
Nacional Financiera SNC, 3.375%, 11/05/20 | USD | 300 | 301,664 | |||||||
Petroleos Mexicanos, 1.875%, 04/21/22 | EUR | 500 | 493,564 | |||||||
795,228 | ||||||||||
Singapore | 0.5% | ||||||||||
Temasek Financial I, Ltd., 4.300%, 10/25/19 | USD | 1,000 | 1,091,298 | |||||||
South Korea | 0.1% | ||||||||||
The Korea Development Bank, 4.500%, 11/22/19 | AUD | 380 | 300,948 |
Description | Security Currency | Principal Amount (000) | Value | |||||||
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued) | ||||||||||
Total Quasi Government Bonds | ||||||||||
(Identified cost $5,380,197) | $ | 5,225,364 | ||||||||
Supranationals | 1.4% | ||||||||||
African Development Bank, 2.375%, 09/23/21 | USD | 610 | 635,638 | |||||||
Asian Development Bank, 1.875%, 04/12/19 | USD | 925 | 944,658 | |||||||
2.125%, 03/19/25 | USD | 560 | 567,992 | |||||||
Corporacion Andina de Fomento, 4.375%, 06/15/22 | USD | 810 | 889,915 | |||||||
Inter-American Development Bank, 6.000%, 12/15/17 | NZD | 465 | 339,157 | |||||||
Total Supranationals | ||||||||||
(Identified cost $3,364,938) | 3,377,360 | |||||||||
US Municipal Bonds | 0.4% | ||||||||||
Georgia | 0.2% | ||||||||||
Georgia State Build America Bond Series H, 5.014%, 11/01/27 | USD | 420 | 510,434 | |||||||
Pennsylvania | 0.0% | ||||||||||
Pennsylvania State Build America Bond Third Series B, 5.850%, 07/15/30 | USD | 50 | 56,178 | |||||||
Texas | 0.1% | ||||||||||
Texas State Build America Bond Series A, 4.123%, 04/01/25 | USD | 100 | 115,066 | |||||||
Wisconsin | 0.1% | ||||||||||
Wisconsin State Build America Bond Series D, 5.400%, 05/01/28 | USD | 175 | 198,863 | |||||||
Total US Municipal Bonds | ||||||||||
(Identified cost $840,538) | 880,541 | |||||||||
US Treasury Security | 0.5% | ||||||||||
US Treasury Note, 2.125%, 05/15/25 (Identified cost $1,180,596) | USD | 1,185 | 1,222,170 |
Description | Shares | Value | ||||||
Short-Term Investment | 2.3% | ||||||||
State Street Institutional Treasury Money Market Fund (Identified cost $5,383,840) | 5,383,840 | $ | 5,383,840 | |||||
Total Investments l 100.7% (Identified cost $232,508,043) (b), (f) | $ | 237,547,630 | ||||||
Liabilities in Excess of Cash and Other Assets l (0.7)% | (1,736,802 | ) | ||||||
Net Assets l 100.0% | $ | 235,810,828 |
Lazard Retirement Global Dynamic Multi Asset Portfolio (continued)
Forward Currency Contracts open at March 31, 2016:
Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||
Forward Currency Purchase Contracts | ||||||||||||||||
AUD | CAN | 05/18/16 | 220,427 | 155,974 | $ | 12,653 | $ | — | ||||||||
CZK | CIT | 05/18/16 | 1,549,311 | 64,050 | 1,200 | — | ||||||||||
EUR | CIT | 05/18/16 | 237,632 | 264,900 | 5,857 | — | ||||||||||
EUR | CIT | 05/18/16 | 1,023,855 | 1,161,000 | 5,579 | — | ||||||||||
EUR | CIT | 05/18/16 | 2,733,039 | 3,060,731 | 53,291 | — | ||||||||||
EUR | HSB | 04/06/16 | 2,686,666 | 2,950,981 | 106,368 | — | ||||||||||
EUR | HSB | 05/18/16 | 893,453 | 978,683 | 39,316 | — | ||||||||||
EUR | HSB | 05/18/16 | 6,284,298 | 7,038,288 | 122,034 | — | ||||||||||
GBP | CIT | 05/18/16 | 1,213,371 | 1,718,158 | 24,765 | — | ||||||||||
GBP | SSB | 04/06/16 | 285,237 | 398,339 | 11,334 | — | ||||||||||
JPY | CIT | 05/18/16 | 73,211,868 | 649,600 | 1,702 | — | ||||||||||
JPY | CIT | 05/18/16 | 116,650,933 | 1,037,100 | 641 | — | ||||||||||
JPY | CIT | 05/18/16 | 841,880,995 | 7,409,326 | 80,151 | — | ||||||||||
JPY | HSB | 05/18/16 | 286,548,800 | 2,521,082 | 28,091 | — | ||||||||||
JPY | SSB | 04/06/16 | 77,444,595 | 683,123 | 5,051 | — | ||||||||||
KRW | CIT | 06/09/16 | 858,401,400 | 709,041 | 40,292 | — | ||||||||||
MXN | HSB | 05/18/16 | 5,606,276 | 311,600 | 11,599 | — | ||||||||||
MXN | HSB | 05/18/16 | 11,318,013 | 614,600 | 37,879 | — | ||||||||||
NZD | CAN | 05/18/16 | 463,581 | 305,593 | 14,097 | — | ||||||||||
SEK | CIT | 05/18/16 | 2,531,671 | 298,939 | 13,394 | — | ||||||||||
SEK | HSB | 05/18/16 | 5,339,890 | 630,200 | 28,585 | — | ||||||||||
Total Forward Currency Purchase Contracts | $ | 643,879 | $ | — | ||||||||||||
Forward Currency Sale Contracts | ||||||||||||||||
AUD | CAN | 05/18/16 | 3,830,879 | 2,710,730 | $ | — | $ | 219,900 | ||||||||
AUD | HSB | 04/06/16 | 873,199 | 628,843 | — | 40,448 | ||||||||||
AUD | HSB | 05/18/16 | 373,894 | 264,541 | — | 21,488 | ||||||||||
AUD | HSB | 05/18/16 | 419,179 | 316,687 | — | 3,986 | ||||||||||
AUD | SSB | 04/06/16 | 437,148 | 314,820 | — | 20,246 | ||||||||||
CAD | CIT | 05/18/16 | 70,325 | 50,732 | — | 3,419 | ||||||||||
CAD | CIT | 05/18/16 | 774,962 | 580,200 | — | 16,528 | ||||||||||
CAD | HSB | 04/06/16 | 3,667,638 | 2,712,048 | — | 111,974 | ||||||||||
CAD | RBC | 05/18/16 | 895,336 | 668,206 | — | 21,211 | ||||||||||
CAD | RBC | 05/18/16 | 6,186,320 | 4,462,162 | — | 301,365 | ||||||||||
CAD | SSB | 04/06/16 | 455,213 | 336,491 | — | 14,016 | ||||||||||
EUR | HSB | 05/18/16 | 363,701 | 401,600 | — | 12,800 | ||||||||||
GBP | CIT | 05/18/16 | 195,040 | 276,180 | — | 3,981 | ||||||||||
GBP | CIT | 05/18/16 | 638,849 | 915,867 | — | 1,795 | ||||||||||
GBP | HSB | 05/18/16 | 154,279 | 219,500 | — | 2,111 | ||||||||||
GBP | HSB | 05/18/16 | 2,363,219 | 3,390,543 | — | 4,055 | ||||||||||
GBP | JPM | 05/18/16 | 222,570 | 319,488 | — | 218 | ||||||||||
HKD | SSB | 04/06/16 | 12,715,543 | 1,636,613 | — | 2,561 | ||||||||||
JPY | CIT | 05/18/16 | 85,365,028 | 749,000 | — | 10,418 | ||||||||||
JPY | HSB | 04/06/16 | 66,588,262 | 587,447 | — | 4,257 | ||||||||||
MXN | CIT | 05/18/16 | 2,559,383 | 135,136 | — | 12,411 |
Lazard Retirement Global Dynamic Multi Asset Portfolio (concluded)
Forward Currency Contracts open at March 31, 2016 (concluded):
Currency | Counterparty | Settlement Date | Quantity | Cost on Origination Date^ | Unrealized Appreciation | Unrealized Depreciation | ||||||||||
Forward Currency Sale Contracts (concluded) | ||||||||||||||||
MXN | HSB | 05/18/16 | 16,926,418 | 939,800 | $ | — | $ | 36,001 | ||||||||
MXN | HSB | 05/18/16 | 25,620,173 | 1,352,895 | — | 124,097 | ||||||||||
MXN | JPM | 05/18/16 | 3,768,390 | 198,874 | — | 18,372 | ||||||||||
NOK | HSB | 05/18/16 | 1,998,646 | 233,300 | — | 8,185 | ||||||||||
NOK | HSB | 05/18/16 | 27,601,853 | 3,198,186 | — | 136,785 | ||||||||||
NZD | CAN | 05/18/16 | 1,544,008 | 1,017,810 | — | 46,953 | ||||||||||
NZD | CAN | 05/18/16 | 1,780,076 | 1,173,426 | — | 54,131 | ||||||||||
NZD | CIT | 05/18/16 | 193,257 | 127,299 | — | 5,973 | ||||||||||
NZD | CIT | 05/18/16 | 463,256 | 316,474 | — | 2,992 | ||||||||||
PLN | HSB | 05/18/16 | 2,714,855 | 681,679 | — | 45,440 | ||||||||||
PLN | HSB | 05/18/16 | 4,371,284 | 1,104,523 | — | 66,237 | ||||||||||
SGD | SCB | 05/18/16 | 411,859 | 292,331 | — | 13,172 | ||||||||||
SGD | SCB | 05/18/16 | 1,309,643 | 929,484 | — | 41,963 | ||||||||||
Total Forward Currency Sale Contracts | — | 1,429,489 | ||||||||||||||
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts | $ | 643,879 | $ | 1,429,489 |
^ In USD unless otherwise indicated.
Lazard Retirement Series, Inc. Notes to Portfolios of Investments March 31, 2016 (unaudited)
(a) Non-income producing security.
(b) For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:
Portfolio | Aggregate Cost |
Aggregate
Gross Unrealized Appreciation |
Aggregate
Gross Unrealized Depreciation |
Net
Unrealized
Appreciation (Depreciation) |
US Strategic Equity | $9,731,900 | $712,183 | $394,717 | $317,466 |
US Small-Mid Cap Equity | 54,448,264 | 6,384,272 | 2,315,742 | 4,068,530 |
International Equity | 581,090,309 | 121,240,083 | 39,633,600 | 81,606,483 |
Emerging Markets Equity | 1,129,411,509 | 100,740,932 | 243,856,441 | (143,115,509) |
Global Dynamic Multi Asset | 232,508,043 | 12,502,916 | 7,463,329 | 5,039,587 |
(c) Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under accounting principles generally accepted in the United States of America hierarchy.
(d) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2016, the percentage of net assets for the following Portfolio was as follows:
Portfolio | Percentage
of Net Assets | |
Emerging Markets Equity | 0.9% |
(e) Variable and floating rate securities are securities which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on March 31, 2016.
(f) 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 |
GDR | - Global Depositary Receipt |
PJSC | - Public Joint Stock Company |
REIT | - Real Estate Investment Trust |
SDR | - Swedish Depositary Receipt |
Currency Abbreviations: | ||||
AUD | - Australian Dollar | MXN | - Mexican New Peso | |
CAD | - Canadian Dollar | NOK | - Norwegian Krone | |
CZK | - Czech Koruna | NZD | - New Zealand Dollar | |
EUR | - Euro | PLN | - Polish Zloty | |
GBP | - British Pound Sterling | SEK | - Swedish Krone | |
HKD | - Hong Kong Dollar | SGD | - Singapore Dollar | |
JPY | - Japanese Yen | USD | - United States Dollar | |
KRW | - South Korean Won | |||
Counterparty Abbreviations: | ||||
CAN | - Canadian Imperial Bank of Commerce | RBC | - Royal Bank of Canada | |
CIT | - Citibank NA | SCB | - Standard Chartered Bank | |
HSB | - HSBC Bank USA NA | SSB | - State Street Bank and Trust Co. | |
JPM | - JPMorgan Chase Bank NA |
Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country: | |||||||||||||||||
Lazard Retirement International Equity Portfolio |
Lazard Retirement Emerging Markets Equity Portfolio |
Lazard Retirement Global Dynamic Multi Asset Portfolio |
|||||||||||||||
Industry* | |||||||||||||||||
Aerospace & Defense | 0.9 | % | — | % | 2.4 | % | |||||||||||
Airlines | 1.0 | — | 1.4 | ||||||||||||||
Auto Components | 2.0 | 1.7 | 0.6 | ||||||||||||||
Automobiles | 0.8 | 3.7 | 1.4 | ||||||||||||||
Banks | 8.1 | 24.3 | 6.4 | ||||||||||||||
Beverages | 4.3 | 1.6 | 3.6 | ||||||||||||||
Biotechnology | — | — | 2.2 | ||||||||||||||
Building Products | 2.0 | — | 0.6 | ||||||||||||||
Capital Markets | 1.8 | — | 2.3 | ||||||||||||||
Chemicals | — | 0.5 | 1.0 | ||||||||||||||
Commercial Services & Suppliers | — | — | 1.0 | ||||||||||||||
Communications Equipment | — | — | 0.7 | ||||||||||||||
Construction & Engineering | 2.0 | — | 0.1 | ||||||||||||||
Construction Materials | 1.1 | 1.8 | 0.1 | ||||||||||||||
Consumer Finance | 1.2 | — | 0.3 | ||||||||||||||
Containers & Packaging | 1.7 | — | 0.4 | ||||||||||||||
Distributors | — | 0.7 | 0.1 | ||||||||||||||
Diversified Financial Services | — | — | 1.3 | ||||||||||||||
Diversified Telecommunications Services | 3.5 | 3.6 | 4.5 | ||||||||||||||
Electric Utilities | 1.1 | 0.1 | 3.4 | ||||||||||||||
Electrical Equipment | — | 0.5 | 0.9 | ||||||||||||||
Electronic Equipment, Instruments & Components | — | 2.1 | 0.9 | ||||||||||||||
Energy Equipment & Services | — | — | 0.6 | ||||||||||||||
Food & Staples Retailing | 3.0 | 2.9 | 1.4 | ||||||||||||||
Food Products | — | — | 1.0 | ||||||||||||||
Gas Utilities | — | — | 0.1 | ||||||||||||||
Health Care Equipment & Supplies | — | — | 0.4 | ||||||||||||||
Health Care Providers & Services | — | — | 1.7 | ||||||||||||||
Hotels, Restaurants & Leisure | — | 0.8 | 1.9 | ||||||||||||||
Household Durables | 1.5 | 1.3 | 0.5 | ||||||||||||||
Household Products | — | 1.1 | 0.6 | ||||||||||||||
Independent Power Producers & Energy Traders | — | — | 0.6 | ||||||||||||||
Industrial Conglomerates | 0.8 | 2.2 | 1.0 | ||||||||||||||
Insurance | 8.7 | 3.9 | 3.5 | ||||||||||||||
Internet & Catalog Retail | — | — | 0.1 | ||||||||||||||
Internet Software & Services | — | 5.7 | 1.8 | ||||||||||||||
IT Services | 2.1 | 6.2 | 1.9 | ||||||||||||||
Leisure Products | — | — | 0.1 | ||||||||||||||
Life Sciences Tools & Services | — | — | 1.3 | ||||||||||||||
Machinery | 1.0 | 1.5 | 0.9 | ||||||||||||||
Media | 6.2 | — | 3.0 | ||||||||||||||
Metals & Mining | 0.6 | 1.7 | 0.7 | ||||||||||||||
Multiline Retail | 2.1 | 1.0 | 1.1 | ||||||||||||||
Multi-Utilities | — | — | 0.7 | ||||||||||||||
Oil, Gas & Consumable Fuels | 4.7 | 7.4 | 2.8 | ||||||||||||||
Paper & Forest Products | — | — | 0.1 | ||||||||||||||
Personal Products | 1.4 | 0.4 | 0.5 | ||||||||||||||
Pharmaceuticals | 10.9 | — | 3.8 | ||||||||||||||
Real Estate Investment Trusts (REITs) | — | — | 1.2 | ||||||||||||||
Real Estate Management & Development | 3.2 | — | 2.3 | ||||||||||||||
Road & Rail | — | 0.7 | 1.6 | ||||||||||||||
Semiconductors & Semiconductor Equipment | 2.0 | 5.9 | 1.5 | ||||||||||||||
Software | — | — | 1.6 | ||||||||||||||
Specialty Retail | 3.8 | 0.2 | 2.5 | ||||||||||||||
Technology Hardware, Storage & Peripherals | — | 3.2 | 1.2 | ||||||||||||||
Textiles, Apparel & Luxury Goods | — | — | 0.6 | ||||||||||||||
Tobacco | 4.4 | 0.7 | 1.0 | ||||||||||||||
Trading Companies & Distributors | 2.0 | — | 0.2 | ||||||||||||||
Transportation Infrastructure | 1.0 | 1.3 | 0.2 | ||||||||||||||
Wireless Telecommunication Services | 4.9 | 8.1 | 0.5 | ||||||||||||||
Subtotal | 95.8 | 96.8 | 82.1 | ||||||||||||||
Foreign Government Obligations | — | — | 14.0 | ||||||||||||||
Supranationals | — | — | 1.4 | ||||||||||||||
US Municipal Bonds | — | — | 0.4 | ||||||||||||||
US Treasury Securities | — | — | 0.5 | ||||||||||||||
Short-Term Investments | 2.6 | 4.2 | 2.3 | ||||||||||||||
Total Investments | 98.4 | % | 101.0 | % | 100.7 | % | |||||||||||
* 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 Lazard Retirement Series, Inc.’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 on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q 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.
Item 3. Exhibits.
Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.
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/ Charles L. Carroll |
Charles L. Carroll | |
Chief Executive Officer |
Date: May 27, 2016
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/ Charles L. Carroll |
Charles L. Carroll | |
Chief Executive Officer |
Date: May 27, 2016
By: | /s/ Christopher Snively |
Christopher Snively | |
Chief Financial Officer |
Date: May 27, 2016
Exhibit 99.Cert
Rule 30a-2(a) CERTIFICATIONS
I, Charles L. Carroll, certify that:
1. I have reviewed this report on Form N-Q of Lazard Retirement Series, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
By: | /s/ Charles L. Carroll | |
Charles L. Carroll | ||
Chief Executive Officer | ||
Date: | May 27, 2016 |
Rule 30a-2(a) CERTIFICATIONS
I, Christopher Snively, certify that:
1. I have reviewed this report on Form N-Q of Lazard Retirement Series, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
By: | /s/ Christopher Snively | |
Christopher Snively | ||
Chief Financial Officer | ||
Date: | May 27, 2016 |
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