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Form N-Q LAZARD RETIREMENT SERIES For: Mar 31

May 27, 2016 1:49 PM EDT

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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