Lazard Retirement US Small Cap Equity Select Portfolio

Service Shares

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the Lazard Retirement US Small Cap Equity Select Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$118	1.12%

How did the Portfolio perform last year and what affected its performance?

Stock selection in the information technology sector detracted from relative performance. Detractors included DoubleVerify. The position was sold during the period.
Stock selection in industrials including a position in Hudson Technologies detracted from performance.
Stock selection in the energy sector, including a position in Antero, contributed to relative performance.
Stock selection in financials, including a position in StepStone, contributed to relative performance.

Portfolio Performance

	Service Shares	Russell 3000 Index	Russell 2000 Index
12/14	$10,000	$10,000	$10,000
01/15	$9,707	$9,722	$9,678
02/15	$10,452	$10,285	$10,253
03/15	$10,611	$10,180	$10,431
04/15	$10,452	$10,226	$10,165
05/15	$10,623	$10,368	$10,397
06/15	$10,623	$10,194	$10,475
07/15	$10,477	$10,365	$10,354
08/15	$9,837	$9,739	$9,703
09/15	$9,469	$9,455	$9,227
10/15	$9,888	$10,202	$9,746
11/15	$10,219	$10,258	$10,063
12/15	$9,762	$10,048	$9,558
01/16	$9,009	$9,481	$8,718
02/16	$9,114	$9,478	$8,718
03/16	$9,775	$10,145	$9,413
04/16	$9,788	$10,208	$9,561
05/16	$9,894	$10,391	$9,776
06/16	$9,748	$10,412	$9,771
07/16	$10,237	$10,825	$10,354
08/16	$10,352	$10,853	$10,537
09/16	$10,310	$10,870	$10,654
10/16	$10,115	$10,635	$10,148
11/16	$10,967	$11,111	$11,279
12/16	$11,302	$11,327	$11,595
01/17	$11,274	$11,541	$11,641
02/17	$11,512	$11,970	$11,865
03/17	$11,442	$11,978	$11,881
04/17	$11,414	$12,105	$12,011
05/17	$11,568	$12,229	$11,767
06/17	$11,777	$12,339	$12,175
07/17	$11,805	$12,572	$12,265
08/17	$11,705	$12,596	$12,109
09/17	$12,277	$12,903	$12,865
10/17	$12,453	$13,185	$12,974
11/17	$12,819	$13,585	$13,348
12/17	$12,878	$13,721	$13,294
01/18	$13,157	$14,444	$13,641
02/18	$12,600	$13,912	$13,113
03/18	$12,708	$13,633	$13,282
04/18	$12,925	$13,684	$13,397
05/18	$13,280	$14,071	$14,210
06/18	$13,389	$14,163	$14,312
07/18	$13,729	$14,633	$14,561
08/18	$14,062	$15,147	$15,189
09/18	$13,819	$15,172	$14,823
10/18	$12,211	$14,054	$13,213
11/18	$12,584	$14,336	$13,423
12/18	$11,173	$13,002	$11,828
01/19	$12,315	$14,118	$13,159
02/19	$12,851	$14,614	$13,843
03/19	$12,765	$14,828	$13,554
04/19	$13,405	$15,420	$14,015
05/19	$12,574	$14,422	$12,924
06/19	$13,560	$15,435	$13,838
07/19	$13,681	$15,664	$13,919
08/19	$13,283	$15,345	$13,231
09/19	$13,776	$15,614	$13,506
10/19	$14,094	$15,950	$13,861
11/19	$14,235	$16,557	$14,432
12/19	$14,517	$17,035	$14,848
01/20	$14,217	$17,016	$14,371
02/20	$13,071	$15,623	$13,161
03/20	$10,019	$13,475	$10,301
04/20	$11,413	$15,259	$11,717
05/20	$12,118	$16,075	$12,480
06/20	$12,101	$16,443	$12,920
07/20	$12,665	$17,376	$13,278
08/20	$13,013	$18,635	$14,026
09/20	$12,517	$17,957	$13,557
10/20	$12,784	$17,569	$13,840
11/20	$14,613	$19,707	$16,391
12/20	$15,499	$20,593	$17,809
01/21	$15,690	$20,501	$18,705
02/21	$16,852	$21,142	$19,870
03/21	$17,395	$21,900	$20,069
04/21	$18,252	$23,029	$20,490
05/21	$18,271	$23,134	$20,533
06/21	$18,129	$23,705	$20,932
07/21	$17,805	$24,106	$20,176
08/21	$18,083	$24,793	$20,628
09/21	$17,568	$23,681	$20,020
10/21	$18,369	$25,282	$20,870
11/21	$17,568	$24,897	$20,000
12/21	$18,579	$25,878	$20,446
01/22	$17,577	$24,355	$18,478
02/22	$17,692	$23,742	$18,675
03/22	$17,644	$24,512	$18,907
04/22	$16,594	$22,312	$17,033
05/22	$16,566	$22,282	$17,059
06/22	$14,953	$20,418	$15,657
07/22	$16,461	$22,333	$17,292
08/22	$15,773	$21,500	$16,938
09/22	$14,417	$19,506	$15,314
10/22	$15,850	$21,106	$17,000
11/22	$16,617	$22,208	$17,398
12/22	$15,696	$20,907	$16,268
01/23	$16,963	$22,347	$17,855
02/23	$16,553	$21,825	$17,553
03/23	$15,991	$22,408	$16,714
04/23	$15,632	$22,647	$16,414
05/23	$15,133	$22,735	$16,262
06/23	$16,259	$24,288	$17,584
07/23	$17,065	$25,158	$18,660
08/23	$16,400	$24,673	$17,726
09/23	$15,671	$23,498	$16,683
10/23	$14,852	$22,875	$15,545
11/23	$15,901	$25,008	$16,952
12/23	$17,270	$26,334	$19,023
01/24	$16,899	$26,626	$18,283
02/24	$17,782	$28,067	$19,317
03/24	$18,460	$28,973	$20,009
04/24	$17,372	$27,698	$18,600
05/24	$18,153	$29,006	$19,534
06/24	$17,807	$29,905	$19,353
07/24	$18,792	$30,460	$21,319
08/24	$19,123	$31,123	$21,001
09/24	$19,375	$31,767	$21,148
10/24	$18,937	$31,534	$20,842
11/24	$20,583	$33,632	$23,128
12/24	$19,190	$32,604	$21,218

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Service Shares	11.12%	5.74%	6.73%
Russell 3000 Index	23.81%	13.86%	12.55%
Russell 2000 Index	11.54%	7.40%	7.82%

The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio's broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.

Key Portfolio Statistics

Total Net Assets	$40,383,132
# of Portfolio Holdings	74
Portfolio Turnover Rate	98%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$216,247

Top 10 Holdings (% of Net Assets)

BankUnited, Inc.	2.5%
StepStone Group, Inc., Class A	2.2%
Wintrust Financial Corp.	2.1%
Chefs' Warehouse, Inc.	2.1%
First American Financial Corp.	2.1%
DigitalOcean Holdings, Inc.	2.0%
Reinsurance Group of America, Inc.	1.9%
Antero Resources Corp.	1.9%
Zeta Global Holdings Corp., Class A	1.8%
Enovis Corp.	1.8%

Sector Allocation (% of Net Assets)

Financials	19.8%
Industrials	18.8%
Health Care	16.2%
Information Technology	13.7%
Consumer Discretionary	10.4%
Energy	5.5%
Communication Services	5.1%
Consumer Staples	4.7%
Real Estate	3.2%
Materials	1.9%
Other (includes Short-Term Investments)	0.7%

Material Fund Changes

This is a summary of certain changes of the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by May 1, 2025 at https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective June 28, 2024, Lazard Asset Management LLC, the Portfolio’s Investment Manager, agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2025, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% of the average daily net assets of the Portfolio’s Service Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

Additional Information

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial statements, holdings and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#documents.

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42

Householding

A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

Lazard Retirement Emerging Markets Equity Portfolio

Investor Shares

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the Lazard Retirement Emerging Markets Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Shares	$119	1.15%

How did the Portfolio perform last year and what affected its performance?

Stock selection in Brazil, Korea, Mexico, and South Africa added value, as did favorable allocations to China.
A lower-than-benchmark exposure to Taiwan and higher-than-benchmark exposure to Indonesia, Mexico, and Brazil hurt relative performance.
Performance was helped by stock selection in the consumer staples, financials, and energy sectors. Contributing stocks included: Taiwan Semiconductor Manufacturing Company, China Construction Bank, Indus Towers, GALP and KB Financial.
Stock selection in the communication services, industrials, and information technology sectors detracted from returns. Detracting stocks included: Vale, Banco do Brasil, Telekom Indonesia, CCR and Grupo Financiero Banorte.

Portfolio Performance

	Investor Shares	MSCI Emerging Markets Index
12/14	$10,000	$10,000
01/15	$9,949	$10,060
02/15	$10,172	$10,372
03/15	$9,818	$10,225
04/15	$10,502	$11,011
05/15	$10,111	$10,569
06/15	$9,909	$10,295
07/15	$9,387	$9,581
08/15	$8,477	$8,714
09/15	$8,040	$8,452
10/15	$8,589	$9,054
11/15	$8,385	$8,701
12/15	$8,010	$8,507
01/16	$7,798	$7,955
02/16	$7,654	$7,942
03/16	$8,733	$8,993
04/16	$9,007	$9,042
05/16	$8,661	$8,704
06/16	$9,167	$9,053
07/16	$9,601	$9,508
08/16	$9,732	$9,745
09/16	$9,975	$9,870
10/16	$10,042	$9,894
11/16	$9,483	$9,439
12/16	$9,702	$9,460
01/17	$10,198	$9,977
02/17	$10,486	$10,282
03/17	$10,753	$10,542
04/17	$10,941	$10,772
05/17	$11,030	$11,091
06/17	$10,978	$11,203
07/17	$11,574	$11,871
08/17	$11,802	$12,136
09/17	$11,708	$12,087
10/17	$11,981	$12,511
11/17	$11,944	$12,537
12/17	$12,431	$12,987
01/18	$13,439	$14,068
02/18	$12,842	$13,420
03/18	$12,671	$13,170
04/18	$12,303	$13,112
05/18	$11,466	$12,648
06/18	$10,944	$12,123
07/18	$11,264	$12,390
08/18	$10,675	$12,055
09/18	$10,766	$11,991
10/18	$10,200	$10,947
11/18	$10,525	$11,398
12/18	$10,154	$11,095
01/19	$11,313	$12,067
02/19	$10,963	$12,093
03/19	$10,903	$12,195
04/19	$11,154	$12,452
05/19	$10,657	$11,548
06/19	$11,214	$12,269
07/19	$10,979	$12,119
08/19	$10,407	$11,528
09/19	$10,787	$11,748
10/19	$11,207	$12,244
11/19	$11,201	$12,226
12/19	$12,018	$13,139
01/20	$11,290	$12,526
02/20	$10,506	$11,866
03/20	$8,360	$10,039
04/20	$8,933	$10,958
05/20	$9,110	$11,043
06/20	$9,364	$11,854
07/20	$9,844	$12,914
08/20	$9,727	$13,200
09/20	$9,573	$12,988
10/20	$9,556	$13,256
11/20	$10,944	$14,482
12/20	$11,894	$15,546
01/21	$11,905	$16,024
02/21	$12,150	$16,146
03/21	$12,491	$15,902
04/21	$12,622	$16,298
05/21	$13,282	$16,676
06/21	$13,191	$16,704
07/21	$12,662	$15,580
08/21	$13,002	$15,988
09/21	$12,624	$15,353
10/21	$12,641	$15,505
11/21	$12,089	$14,873
12/21	$12,583	$15,152
01/22	$12,851	$14,866
02/22	$12,275	$14,422
03/22	$12,077	$14,096
04/22	$11,426	$13,312
05/22	$11,810	$13,370
06/22	$10,658	$12,481
07/22	$10,781	$12,450
08/22	$10,653	$12,502
09/22	$9,529	$11,037
10/22	$9,644	$10,695
11/22	$10,997	$12,281
12/22	$10,701	$12,108
01/23	$11,667	$13,064
02/23	$11,250	$12,218
03/23	$11,552	$12,588
04/23	$11,661	$12,446
05/23	$11,401	$12,237
06/23	$12,132	$12,702
07/23	$12,645	$13,493
08/23	$12,095	$12,662
09/23	$11,980	$12,330
10/23	$11,744	$11,850
11/23	$12,579	$12,799
12/23	$13,121	$13,299
01/24	$12,662	$12,682
02/24	$13,229	$13,286
03/24	$13,439	$13,615
04/24	$13,522	$13,676
05/24	$13,853	$13,753
06/24	$14,210	$14,292
07/24	$14,338	$14,334
08/24	$14,723	$14,566
09/24	$15,575	$15,538
10/24	$14,644	$14,847
11/24	$14,307	$14,314
12/24	$14,129	$14,294

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Investor Shares	7.68%	3.29%	3.52%
MSCI Emerging Markets Index	7.50%	1.70%	3.64%

Key Portfolio Statistics

Total Net Assets	$295,087,539
# of Portfolio Holdings	81
Portfolio Turnover Rate	23%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$3,165,357

Top 10 Holdings (% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.	5.1%
China Construction Bank Corp., Class H	3.5%
OTP Bank Nyrt	2.3%
Indus Towers Ltd.	2.2%
ASE Technology Holding Co. Ltd.	2.1%
MediaTek, Inc.	2.1%
Lenovo Group Ltd.	2.0%
BB Seguridade Participacoes SA	2.0%
Sinopharm Group Co. Ltd., Class H	2.0%
NetEase, Inc. ADR	2.0%

Sector Allocation (% of Net Assets)

Financials	27.7%
Information Technology	17.9%
Consumer Discretionary	10.5%
Communication Services	9.8%
Consumer Staples	8.3%
Materials	6.6%
Industrials	6.4%
Energy	6.0%
Health Care	3.9%
Utilities	1.8%
Other (includes Short-Term Investments)	1.1%

Material Fund Changes

Effective June 28, 2024, Lazard Asset Management LLC, the Portfolio’s Investment Manager, agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2025, to the extent Total Annual Portfolio Operating Expenses exceed 1.15% of the average daily net assets of the Portfolio’s Investor Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

Additional Information

Householding

Lazard Retirement Emerging Markets Equity Portfolio

Service Shares

Annual Shareholder Report - December 31, 2024

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$145	1.40%

How did the Portfolio perform last year and what affected its performance?

Stock selection in Brazil, Korea, Mexico, and South Africa added value, as did favorable allocations to China.
A lower-than-benchmark exposure to Taiwan and higher-than-benchmark exposure to Indonesia, Mexico, and Brazil hurt relative performance.
Performance was helped by stock selection in the consumer staples, financials, and energy sectors. Contributing stocks included: Taiwan Semiconductor Manufacturing Company, China Construction Bank, Indus Towers, GALP and KB Financial.
Stock selection in the communication services, industrials, and information technology sectors detracted from returns. Detracting stocks included: Vale, Banco do Brasil, Telekom Indonesia, CCR and Grupo Financiero Banorte.

Portfolio Performance

	Service Shares	MSCI Emerging Markets Index
12/14	$10,000	$10,000
01/15	$9,945	$10,060
02/15	$10,165	$10,372
03/15	$9,810	$10,225
04/15	$10,496	$11,011
05/15	$10,105	$10,569
06/15	$9,900	$10,295
07/15	$9,374	$9,581
08/15	$8,464	$8,714
09/15	$8,026	$8,452
10/15	$8,574	$9,054
11/15	$8,363	$8,701
12/15	$7,995	$8,507
01/16	$7,781	$7,955
02/16	$7,633	$7,942
03/16	$8,707	$8,993
04/16	$8,977	$9,042
05/16	$8,631	$8,704
06/16	$9,135	$9,053
07/16	$9,563	$9,508
08/16	$9,692	$9,745
09/16	$9,932	$9,870
10/16	$9,998	$9,894
11/16	$9,442	$9,439
12/16	$9,656	$9,460
01/17	$10,150	$9,977
02/17	$10,432	$10,282
03/17	$10,695	$10,542
04/17	$10,880	$10,772
05/17	$10,967	$11,091
06/17	$10,911	$11,203
07/17	$11,502	$11,871
08/17	$11,727	$12,136
09/17	$11,634	$12,087
10/17	$11,903	$12,511
11/17	$11,861	$12,537
12/17	$12,342	$12,987
01/18	$13,342	$14,068
02/18	$12,745	$13,420
03/18	$12,573	$13,170
04/18	$12,206	$13,112
05/18	$11,369	$12,648
06/18	$10,851	$12,123
07/18	$11,165	$12,390
08/18	$10,583	$12,055
09/18	$10,667	$11,991
10/18	$10,106	$10,947
11/18	$10,425	$11,398
12/18	$10,052	$11,095
01/19	$11,202	$12,067
02/19	$10,849	$12,093
03/19	$10,790	$12,195
04/19	$11,036	$12,452
05/19	$10,539	$11,548
06/19	$11,095	$12,269
07/19	$10,860	$12,119
08/19	$10,289	$11,528
09/19	$10,667	$11,748
10/19	$11,072	$12,244
11/19	$11,066	$12,226
12/19	$11,876	$13,139
01/20	$11,147	$12,526
02/20	$10,375	$11,866
03/20	$8,254	$10,039
04/20	$8,815	$10,958
05/20	$8,993	$11,043
06/20	$9,236	$11,854
07/20	$9,711	$12,914
08/20	$9,588	$13,200
09/20	$9,438	$12,988
10/20	$9,422	$13,256
11/20	$10,787	$14,482
12/20	$11,725	$15,546
01/21	$11,730	$16,024
02/21	$11,963	$16,146
03/21	$12,302	$15,902
04/21	$12,429	$16,298
05/21	$13,073	$16,676
06/21	$12,979	$16,704
07/21	$12,457	$15,580
08/21	$12,790	$15,988
09/21	$12,416	$15,353
10/21	$12,433	$15,505
11/21	$11,885	$14,873
12/21	$12,365	$15,152
01/22	$12,626	$14,866
02/22	$12,060	$14,422
03/22	$11,868	$14,096
04/22	$11,223	$13,312
05/22	$11,596	$13,370
06/22	$10,465	$12,481
07/22	$10,584	$12,450
08/22	$10,455	$12,502
09/22	$9,354	$11,037
10/22	$9,460	$10,695
11/22	$10,783	$12,281
12/22	$10,496	$12,108
01/23	$11,439	$13,064
02/23	$11,023	$12,218
03/23	$11,322	$12,588
04/23	$11,428	$12,446
05/23	$11,170	$12,237
06/23	$11,884	$12,702
07/23	$12,382	$13,493
08/23	$11,842	$12,662
09/23	$11,725	$12,330
10/23	$11,491	$11,850
11/23	$12,310	$12,799
12/23	$12,834	$13,299
01/24	$12,384	$12,682
02/24	$12,933	$13,286
03/24	$13,136	$13,615
04/24	$13,210	$13,676
05/24	$13,536	$13,753
06/24	$13,881	$14,292
07/24	$14,005	$14,334
08/24	$14,374	$14,566
09/24	$15,208	$15,538
10/24	$14,298	$14,847
11/24	$13,966	$14,314
12/24	$13,788	$14,294

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Service Shares	7.43%	3.03%	3.26%
MSCI Emerging Markets Index	7.50%	1.70%	3.64%

Key Portfolio Statistics

Total Net Assets	$295,087,539
# of Portfolio Holdings	81
Portfolio Turnover Rate	23%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$3,165,357

Top 10 Holdings (% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.	5.1%
China Construction Bank Corp., Class H	3.5%
OTP Bank Nyrt	2.3%
Indus Towers Ltd.	2.2%
ASE Technology Holding Co. Ltd.	2.1%
MediaTek, Inc.	2.1%
Lenovo Group Ltd.	2.0%
BB Seguridade Participacoes SA	2.0%
Sinopharm Group Co. Ltd., Class H	2.0%
NetEase, Inc. ADR	2.0%

Sector Allocation (% of Net Assets)

Financials	27.7%
Information Technology	17.9%
Consumer Discretionary	10.5%
Communication Services	9.8%
Consumer Staples	8.3%
Materials	6.6%
Industrials	6.4%
Energy	6.0%
Health Care	3.9%
Utilities	1.8%
Other (includes Short-Term Investments)	1.1%

Material Fund Changes

Effective June 28, 2024, Lazard Asset Management LLC, the Portfolio’s Investment Manager, agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2025, to the extent Total Annual Portfolio Operating Expenses exceed 1.40% of the average daily net assets of the Portfolio’s Service Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

Additional Information

Householding

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Investor Shares

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the Lazard Retirement Global Dynamic Multi-Asset Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Shares	$94	0.90%

How did the Portfolio perform last year and what affected its performance?

The allocation to the communication services sector detracted from relative performance, as did stock selection in Japan.
Underweight positioning to the Chinese renminbi curve and overweight to the Brazilian real curve also hurt relative performance.
An average overweight to equity versus fixed income relative to the GDMA benchmark contributed to performance.
Within the equity allocation, underweight exposure to the materials sector and overweight exposure to Denmark, as well as stock selection in consumer staples and Canada, helped relative performance.
Underweight positioning to bonds on the Japanese yen curve contributed to relative performance.
Use of derivatives (currency forwards) for foreign exchange hedging purposes, marginally detracted from relative performance.

Portfolio Performance

	Investor Shares	MSCI World Index	GDMA Index
12/18	$10,000	$10,000	$10,000
01/19	$10,551	$10,778	$10,465
02/19	$10,749	$11,102	$10,593
03/19	$10,870	$11,248	$10,728
04/19	$10,999	$11,647	$10,903
05/19	$10,672	$10,975	$10,662
06/19	$11,189	$11,698	$11,131
07/19	$11,197	$11,757	$11,144
08/19	$11,097	$11,516	$11,142
09/19	$11,157	$11,761	$11,205
10/19	$11,304	$12,060	$11,385
11/19	$11,494	$12,396	$11,500
12/19	$11,779	$12,768	$11,706
01/20	$11,736	$12,690	$11,745
02/20	$10,968	$11,618	$11,288
03/20	$9,975	$10,081	$10,414
04/20	$10,208	$11,182	$11,085
05/20	$10,424	$11,722	$11,377
06/20	$10,571	$12,033	$11,579
07/20	$10,950	$12,608	$12,041
08/20	$11,276	$13,450	$12,433
09/20	$11,083	$12,986	$12,197
10/20	$10,899	$12,587	$12,015
11/20	$11,549	$14,197	$12,893
12/20	$11,892	$14,799	$13,252
01/21	$11,760	$14,653	$13,128
02/21	$11,804	$15,028	$13,183
03/21	$11,997	$15,528	$13,276
04/21	$12,375	$16,250	$13,669
05/21	$12,542	$16,484	$13,831
06/21	$12,613	$16,730	$13,873
07/21	$12,859	$17,029	$14,090
08/21	$13,048	$17,453	$14,236
09/21	$12,569	$16,729	$13,815
10/21	$13,085	$17,676	$14,189
11/21	$12,904	$17,289	$14,013
12/21	$13,338	$18,027	$14,303
01/22	$12,705	$17,073	$13,778
02/22	$12,479	$16,641	$13,522
03/22	$12,370	$17,097	$13,502
04/22	$11,538	$15,676	$12,571
05/22	$11,584	$15,689	$12,593
06/22	$10,969	$14,330	$11,845
07/22	$11,421	$15,468	$12,441
08/22	$10,917	$14,822	$11,936
09/22	$10,205	$13,443	$11,074
10/22	$10,465	$14,408	$11,434
11/22	$11,119	$15,410	$12,100
12/22	$11,033	$14,755	$11,877
01/23	$11,456	$15,800	$12,492
02/23	$11,061	$15,420	$12,134
03/23	$11,398	$15,897	$12,514
04/23	$11,533	$16,175	$12,652
05/23	$11,264	$16,013	$12,465
06/23	$11,639	$16,982	$12,841
07/23	$11,812	$17,553	$13,102
08/23	$11,632	$17,133	$12,856
09/23	$11,194	$16,395	$12,390
10/23	$10,990	$15,919	$12,136
11/23	$11,744	$17,413	$13,011
12/23	$12,253	$18,267	$13,601
01/24	$12,304	$18,487	$13,588
02/24	$12,569	$19,271	$13,791
03/24	$12,864	$19,889	$14,050
04/24	$12,416	$19,151	$13,612
05/24	$12,844	$20,007	$14,005
06/24	$12,926	$20,416	$14,139
07/24	$13,262	$20,776	$14,459
08/24	$13,618	$21,325	$14,821
09/24	$13,781	$21,715	$15,083
10/24	$13,414	$21,285	$14,681
11/24	$13,720	$22,261	$15,043
12/24	$13,313	$21,681	$14,685

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 12/31/18
Investor Shares	8.65%	2.48%	4.88%
MSCI World Index	18.67%	11.17%	13.75%
GDMA Index	8.12%	4.66%	6.60%

Key Portfolio Statistics

Total Net Assets	$219,243,258
# of Portfolio Holdings	502
Portfolio Turnover Rate	63%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$1,448,793

Top 10 Holdings (% of Net Assets)

Apple, Inc.	2.7%
NVIDIA Corp.	2.4%
Amazon.com, Inc.	1.8%
U.S. Treasury Bonds 1.750% due 08/15/41	1.4%
Meta Platforms, Inc., Class A	1.4%
Microsoft Corp.	1.3%
iShares MSCI World ETF	1.3%
Alphabet, Inc., Class C	1.0%
Novartis AG	0.9%
U.S. Treasury Bonds 3.625% due 02/15/53	0.9%

Sector Allocation (% of Net Assets)

Sovereign Debt	20.7%
Information Technology	14.7%
Financials	14.5%
Industrials	8.6%
Consumer Staples	8.1%
Health Care	7.8%
Consumer Discretionary	7.4%
Communication Services	6.3%
U.S. Treasury Securities	3.0%
Utilities	2.0%
Other (includes Short-Term Investments)	6.9%

Material Fund Changes

Effective June 28, 2024, Lazard Asset Management LLC, the Portfolio’s Investment Manager, agreed to reduce its management fee from 0.80% to 0.75% of the Portfolio’s average daily net assets.

Additional Information

Householding

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Service Shares

Annual Shareholder Report - December 31, 2024

This report describes changes to the Portfolio that occurred during the reporting period.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$110	1.05%

How did the Portfolio perform last year and what affected its performance?

The allocation to the communication services sector detracted from relative performance, as did stock selection in Japan.
Underweight positioning to the Chinese renminbi curve and overweight to the Brazilian real curve also hurt relative performance.
An average overweight to equity versus fixed income relative to the GDMA benchmark contributed to performance.
Within the equity allocation, underweight exposure to the materials sector and overweight exposure to Denmark, as well as stock selection in consumer staples and Canada, helped relative performance.
Underweight positioning to bonds on the Japanese yen curve contributed to relative performance.
Use of derivatives (currency forwards) for foreign exchange hedging purposes, marginally detracted from relative performance.

Portfolio Performance

	Service Shares	MSCI World Index	GDMA Index
12/14	$10,000	$10,000	$10,000
01/15	$9,831	$9,819	$9,901
02/15	$10,253	$10,394	$10,151
03/15	$10,101	$10,231	$10,023
04/15	$10,304	$10,472	$10,193
05/15	$10,295	$10,507	$10,120
06/15	$10,143	$10,262	$9,980
07/15	$10,287	$10,446	$10,081
08/15	$9,770	$9,755	$9,753
09/15	$9,634	$9,395	$9,598
10/15	$10,084	$10,139	$9,989
11/15	$10,042	$10,088	$9,881
12/15	$9,956	$9,910	$9,821
01/16	$9,636	$9,318	$9,569
02/16	$9,584	$9,249	$9,640
03/16	$10,103	$9,877	$10,098
04/16	$10,180	$10,033	$10,257
05/16	$10,172	$10,089	$10,217
06/16	$10,206	$9,976	$10,309
07/16	$10,492	$10,397	$10,566
08/16	$10,406	$10,405	$10,545
09/16	$10,476	$10,461	$10,602
10/16	$10,215	$10,258	$10,352
11/16	$10,154	$10,405	$10,221
12/16	$10,284	$10,654	$10,320
01/17	$10,510	$10,911	$10,502
02/17	$10,754	$11,213	$10,672
03/17	$10,867	$11,333	$10,738
04/17	$11,050	$11,501	$10,877
05/17	$11,267	$11,745	$11,076
06/17	$11,294	$11,789	$11,093
07/17	$11,555	$12,071	$11,319
08/17	$11,624	$12,088	$11,383
09/17	$11,808	$12,359	$11,459
10/17	$11,991	$12,592	$11,546
11/17	$12,271	$12,865	$11,735
12/17	$12,395	$13,039	$11,835
01/18	$12,928	$13,728	$12,218
02/18	$12,441	$13,159	$11,911
03/18	$12,340	$12,872	$11,844
04/18	$12,331	$13,020	$11,817
05/18	$12,386	$13,102	$11,810
06/18	$12,322	$13,096	$11,781
07/18	$12,607	$13,504	$11,955
08/18	$12,743	$13,672	$12,035
09/18	$12,770	$13,748	$12,017
10/18	$12,014	$12,739	$11,509
11/18	$12,125	$12,885	$11,591
12/18	$11,581	$11,905	$11,268
01/19	$12,220	$12,832	$11,792
02/19	$12,449	$13,218	$11,936
03/19	$12,589	$13,391	$12,089
04/19	$12,739	$13,866	$12,286
05/19	$12,359	$13,066	$12,014
06/19	$12,958	$13,927	$12,543
07/19	$12,968	$13,997	$12,557
08/19	$12,852	$13,710	$12,555
09/19	$12,932	$14,002	$12,626
10/19	$13,092	$14,358	$12,829
11/19	$13,312	$14,758	$12,959
12/19	$13,641	$15,201	$13,190
01/20	$13,581	$15,108	$13,234
02/20	$12,702	$13,832	$12,719
03/20	$11,543	$12,002	$11,735
04/20	$11,813	$13,312	$12,490
05/20	$12,062	$13,955	$12,820
06/20	$12,232	$14,325	$13,047
07/20	$12,672	$15,010	$13,568
08/20	$13,040	$16,013	$14,010
09/20	$12,817	$15,460	$13,744
10/20	$12,603	$14,985	$13,539
11/20	$13,345	$16,902	$14,527
12/20	$13,752	$17,619	$14,933
01/21	$13,599	$17,444	$14,793
02/21	$13,640	$17,891	$14,855
03/21	$13,864	$18,487	$14,959
04/21	$14,301	$19,346	$15,402
05/21	$14,494	$19,625	$15,585
06/21	$14,575	$19,917	$15,632
07/21	$14,849	$20,274	$15,876
08/21	$15,069	$20,779	$16,041
09/21	$14,504	$19,916	$15,567
10/21	$15,111	$21,044	$15,988
11/21	$14,891	$20,583	$15,790
12/21	$15,393	$21,462	$16,117
01/22	$14,661	$20,326	$15,526
02/22	$14,400	$19,812	$15,237
03/22	$14,274	$20,355	$15,214
04/22	$13,312	$18,663	$14,165
05/22	$13,364	$18,678	$14,190
06/22	$12,653	$17,061	$13,347
07/22	$13,176	$18,415	$14,019
08/22	$12,585	$17,646	$13,449
09/22	$11,762	$16,005	$12,479
10/22	$12,063	$17,154	$12,884
11/22	$12,807	$18,346	$13,635
12/22	$12,719	$17,566	$13,383
01/23	$13,197	$18,810	$14,076
02/23	$12,752	$18,358	$13,673
03/23	$13,130	$18,926	$14,101
04/23	$13,286	$19,257	$14,256
05/23	$12,974	$19,064	$14,045
06/23	$13,397	$20,218	$14,469
07/23	$13,608	$20,897	$14,763
08/23	$13,388	$20,398	$14,486
09/23	$12,882	$19,518	$13,961
10/23	$12,659	$18,952	$13,675
11/23	$13,517	$20,730	$14,661
12/23	$14,094	$21,748	$15,325
01/24	$14,153	$22,009	$15,311
02/24	$14,458	$22,942	$15,540
03/24	$14,800	$23,679	$15,832
04/24	$14,282	$22,800	$15,338
05/24	$14,776	$23,819	$15,781
06/24	$14,870	$24,306	$15,932
07/24	$15,258	$24,734	$16,293
08/24	$15,658	$25,388	$16,701
09/24	$15,835	$25,853	$16,996
10/24	$15,411	$25,340	$16,542
11/24	$15,776	$26,503	$16,950
12/24	$15,306	$25,812	$16,547

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Service Shares	8.60%	2.33%	4.35%
MSCI World Index	18.67%	11.17%	9.95%
GDMA Index	8.12%	4.66%	5.17%

Key Portfolio Statistics

Total Net Assets	$219,243,258
# of Portfolio Holdings	502
Portfolio Turnover Rate	63%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$1,448,793

Top 10 Holdings (% of Net Assets)

Apple, Inc.	2.7%
NVIDIA Corp.	2.4%
Amazon.com, Inc.	1.8%
U.S. Treasury Bonds 1.750% due 08/15/41	1.4%
Meta Platforms, Inc., Class A	1.4%
Microsoft Corp.	1.3%
iShares MSCI World ETF	1.3%
Alphabet, Inc., Class C	1.0%
Novartis AG	0.9%
U.S. Treasury Bonds 3.625% due 02/15/53	0.9%

Sector Allocation (% of Net Assets)

Sovereign Debt	20.7%
Information Technology	14.7%
Financials	14.5%
Industrials	8.6%
Consumer Staples	8.1%
Health Care	7.8%
Consumer Discretionary	7.4%
Communication Services	6.3%
U.S. Treasury Securities	3.0%
Utilities	2.0%
Other (includes Short-Term Investments)	6.9%

Material Fund Changes

Effective June 28, 2024, Lazard Asset Management LLC, the Portfolio’s Investment Manager, agreed to reduce its management fee from 0.80% to 0.75% of the Portfolio’s average daily net assets.

Additional Information

Householding

Lazard Retirement International Equity Portfolio

Service Shares

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the Lazard Retirement International Equity Portfolio for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Portfolio at www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

What were the Portfolio costs for the last year?

(based on a $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$112	1.09%

How did the Portfolio perform last year and what affected its performance?

Within the consumer discretionary sector, stock selection within apparel contributed to relative returns. Contributors included: Asics and Gildan Activewear.
Stock selection in the information technology sector contributed to relative returns, including a position in Taiwan Semiconductor Manufacturing Company.
Within the financials sector, stock selection in, and lower-than-index exposure to banks, detracted from relative returns. Detractors included emerging markets stock Itau Unibanco.

Portfolio Performance

	Service Shares	MSCI EAFE Index
12/14	$10,000	$10,000
01/15	$10,000	$10,049
02/15	$10,680	$10,650
03/15	$10,576	$10,488
04/15	$10,944	$10,916
05/15	$10,992	$10,860
06/15	$10,808	$10,553
07/15	$11,032	$10,772
08/15	$10,309	$9,980
09/15	$9,899	$9,473
10/15	$10,453	$10,213
11/15	$10,421	$10,054
12/15	$10,175	$9,918
01/16	$9,678	$9,201
02/16	$9,429	$9,033
03/16	$10,092	$9,620
04/16	$10,208	$9,899
05/16	$10,208	$9,809
06/16	$9,918	$9,480
07/16	$10,150	$9,960
08/16	$10,045	$9,967
09/16	$10,228	$10,090
10/16	$9,754	$9,883
11/16	$9,571	$9,686
12/16	$9,739	$10,018
01/17	$9,873	$10,308
02/17	$9,983	$10,455
03/17	$10,269	$10,743
04/17	$10,563	$11,016
05/17	$10,959	$11,420
06/17	$10,892	$11,400
07/17	$11,254	$11,728
08/17	$11,211	$11,723
09/17	$11,416	$12,015
10/17	$11,595	$12,198
11/17	$11,774	$12,326
12/17	$11,913	$12,524
01/18	$12,508	$13,152
02/18	$11,836	$12,558
03/18	$11,869	$12,332
04/18	$11,880	$12,613
05/18	$11,715	$12,330
06/18	$11,561	$12,179
07/18	$11,737	$12,479
08/18	$11,515	$12,238
09/18	$11,636	$12,344
10/18	$10,777	$11,362
11/18	$10,766	$11,347
12/18	$10,256	$10,797
01/19	$10,829	$11,506
02/19	$11,198	$11,800
03/19	$11,282	$11,874
04/19	$11,604	$12,208
05/19	$11,222	$11,621
06/19	$11,854	$12,311
07/19	$11,616	$12,155
08/19	$11,369	$11,840
09/19	$11,657	$12,180
10/19	$11,896	$12,617
11/19	$11,992	$12,759
12/19	$12,411	$13,174
01/20	$12,183	$12,899
02/20	$11,286	$11,733
03/20	$9,526	$10,166
04/20	$10,077	$10,823
05/20	$10,603	$11,294
06/20	$10,891	$11,678
07/20	$11,333	$11,950
08/20	$11,940	$12,564
09/20	$11,675	$12,238
10/20	$11,156	$11,749
11/20	$12,801	$13,570
12/20	$13,433	$14,201
01/21	$13,142	$14,050
02/21	$13,319	$14,364
03/21	$13,661	$14,695
04/21	$14,129	$15,137
05/21	$14,458	$15,630
06/21	$14,167	$15,454
07/21	$14,243	$15,570
08/21	$14,604	$15,844
09/21	$14,165	$15,384
10/21	$14,527	$15,763
11/21	$13,713	$15,030
12/21	$14,217	$15,799
01/22	$13,661	$15,036
02/22	$13,441	$14,770
03/22	$13,247	$14,865
04/22	$12,446	$13,903
05/22	$12,782	$14,007
06/22	$11,748	$12,707
07/22	$12,201	$13,340
08/22	$11,505	$12,706
09/22	$10,457	$11,518
10/22	$10,958	$12,138
11/22	$12,250	$13,505
12/22	$12,083	$13,516
01/23	$13,177	$14,610
02/23	$12,767	$14,305
03/23	$13,132	$14,660
04/23	$13,314	$15,073
05/23	$12,812	$14,436
06/23	$13,633	$15,092
07/23	$13,892	$15,581
08/23	$13,401	$14,985
09/23	$12,877	$14,472
10/23	$12,461	$13,886
11/23	$13,555	$15,175
12/23	$14,002	$15,980
01/24	$13,878	$16,073
02/24	$14,371	$16,367
03/24	$14,880	$16,906
04/24	$14,356	$16,473
05/24	$15,080	$17,110
06/24	$14,741	$16,840
07/24	$15,388	$17,334
08/24	$16,044	$17,897
09/24	$16,203	$18,063
10/24	$15,186	$17,080
11/24	$15,171	$16,983
12/24	$14,789	$16,597

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Service Shares	5.63%	3.57%	3.99%
MSCI EAFE Index	3.82%	4.73%	5.20%

Key Portfolio Statistics

Total Net Assets	$100,904,612
# of Portfolio Holdings	78
Portfolio Turnover Rate	39%
Total Advisory Fees Paid (Net of Waivers/Reimbursements)	$716,974

Top 10 Holdings (% of Net Assets)

RELX PLC	3.7%
Unilever PLC	2.8%
Mizuho Financial Group, Inc.	2.0%
3i Group PLC	1.9%
ABB Ltd.	1.8%
Bureau Veritas SA	1.8%
Gildan Activewear, Inc.	1.7%
NEC Corp.	1.7%
Roche Holding AG	1.6%
Aon PLC, Class A	1.6%

Sector Allocation (% of Net Assets)

Industrials	22.4%
Financials	19.0%
Consumer Discretionary	14.6%
Information Technology	11.4%
Consumer Staples	9.0%
Health Care	7.9%
Materials	5.9%
Communication Services	2.9%
Utilities	2.6%
Energy	1.5%
Other (includes Short-Term Investments)	2.8%

Additional Information

Householding

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the “CEO/CFO Code of Ethics”). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.

The Registrant’s Board of Directors (the “Board”) has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Mr. Solmson and Ms. Eckl are “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $143,960 in 2023 and $148,350 in 2024 (plus expenses in each case).

(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant’s investment manager (“Lazard”) and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant (“Service Affiliates”) that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $368,560 in 2023 and $381,330 in 2024.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $27,518 in 2023 and $ 14,135 in 2024. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $78,108 in 2023 and $38,241 in 2024.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2023 and $0 in 2024.

(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.

There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.

(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures (the “Policy”) for pre-approval of the Auditor’s engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant’s Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor’s engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor’s independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $1,309,430 in 2023 and $838,917 in 2024.

(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor’s independence.

The Registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Shares of the Portfolios are currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis.

Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about Lazard Retirement Series, Inc. (the “Fund”), you may obtain a prospectus or a Portfolio’s summary prospectus by calling 800-823-6300, or online, at https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.

Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.

Lazard Retirement Series, Inc. Portfolio Holdings Presented by Asset Class/Sector December 31, 2024 (unaudited)

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

Lazard Retirement Series, Inc. was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund, comprised of twenty-one no-load portfolios (each referred to as a “Portfolio”), is currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis. Currently only the following four Portfolios, each of which is “diversified”, as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio (“Emerging Markets Equity Portfolio”), Lazard Retirement Global Dynamic Multi-Asset Portfolio (“Global Dynamic Multi-Asset Portfolio”), Lazard Retirement International Equity Portfolio (“International Equity Portfolio”), and Lazard Retirement US Small Cap Equity Select Portfolio (“US Small Cap Equity Select Portfolio”). Each of the other seventeen Portfolios had not commenced operations as of December 31, 2024. Effective January 31, 2006, the Fund designated its existing class of shares as Service Shares and commenced offering Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to, and expenses borne by, each class of shares. As of December 31, 2024, only the Emerging Markets Equity and Global Dynamic Multi-Asset Portfolios had issued Investor Shares.

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946.The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are

valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.

Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.

The Board of Directors (the “Board”) has designated Lazard Asset Management LLC (the “Investment Manager”) to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method.

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statement of Operations. Such amounts, if and when recorded, would increase dividend income, resulting in an increase in a Portfolio’s NAV.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency

gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the year ended December 31, 2024, the Global Dynamic Multi-Asset Portfolio traded in forward currency contracts.

(d) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2024, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

During the year ended December 31, 2024, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

Post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2024, the Portfolios had no such losses to defer.

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:

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(e) Dividends and Distributions—For each Portfolio, income dividends, if any, will be declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing

treatments of foreign currency transactions, certain expenses, currency straddles, wash sales, forward contracts being marked to market, net operating losses, passive foreign investment companies, distribution redesignations, capital loss carryforwards, equalization, foreign bond bifurcation, return of capital distributions, premium amortization, non-deductible organization expenses and distributions from real estate investment trusts.

The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

At December 31, 2024, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

(f) Allocation of Expenses—Expenses common to the Fund, The Lazard Funds, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Service Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes (if applicable) based upon the relative net assets of each class.

(g) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

(h) Net Asset Value—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the

Investment Manager. Pursuant to the Management Agreement, the Investment Manager manages the investment operations of each Portfolio and the assets of each Portfolio, including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objective(s), policies, and restrictions, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2025 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

During the year ended December 31, 2024, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

The aforementioned waivers and/or reimbursements are not subject to recoupment by the Investment Manager.

State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, among other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

Under a distribution and servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Service Shares, for certain distribution activities and providing services to holders of the Portfolio’s Service Shares. The Distributor may make payments to participating insurance companies or to other third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.

Certain Directors of the Fund are officers of the Investment Manager. The annual compensation in 2024 for each Director who is not an affiliated person of the Investment Manager or any of its affiliates that is payable by all of the funds in the Lazard Fund Complex is comprised of: (1) an annual fee of $252,500, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. Effective January 1, 2025, the annual compensation for each Independent Director that is payable by all of the funds in the Lazard Fund Complex is comprised of: (1) an annual fee of $258,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statement of Operations of each Portfolio shows the Independent Directors’ fees and expenses paid by each Portfolio.

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2024 were as follows:

For the year ended December 31, 2024, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults,

government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.

(b) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates.

(c) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have

historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.

(e) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices. A Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.

A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher-rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering a Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their

stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(f) Derivatives and Hedging Risk—Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities, indexes and currencies; structured notes; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities,

correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.

(g) ETF Risk—Shares of exchange-traded funds (“ETFs”) may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only a Portfolio’s management fees and operating expenses, but also a Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which a Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions.

(h) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

(i) Sector Risk—Implementation of certain Portfolios’ investment strategy may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular market sector, such as companies in the financials sector, and a Portfolio would be expected to be affected by developments in that sector. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt.

(j) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

Changes in valuation methodology or inputs may result in transfers into or out of the current assigned level within the hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2024:

Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

The Global Dynamic Multi-Asset Portfolio may use derivative instruments, including forward currency contracts.

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

During the year ended December 31, 2024, the approximate average monthly notional exposure for derivative instruments was as follows:

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2024:

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2024 was:

None of the other Portfolios traded in derivative instruments during the year ended December 31, 2024.

As of December 31, 2024, the Global Dynamic Multi-Asset Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of December 31, 2024:

During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize

revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker (“CODM”) for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund’s prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment’s financial statements.

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

To the Board of Directors of Lazard Retirement Series, Inc. and Shareholders of Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio:

We have audited the accompanying statements of assets and liabilities of Lazard Retirement Series, Inc. comprising Lazard Retirement Emerging Markets Equity Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, Lazard Retirement International Equity Portfolio, and Lazard Retirement US Small Cap Equity Select Portfolio (collectively the “Portfolios”), including the portfolios of investments, as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios listed above as of December 31, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud.The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2024:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

Of the dividends paid by the Portfolios, no dividends qualify for the dividends received deduction available to corporate shareholders.

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to US nonresident shareholders.

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.

The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

The Fund files each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT.The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)

New York, New York 10112-6300
Telephone: 800-823-6300
www.lazardassetmanagement.com

Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300

Lazard Asset Management Securities LLC
30 Rockefeller Plaza
New York, New York 10112-6300

State Street Bank and Trust Company
One Iron Street
Boston, Massachusetts 02210-1641

SS&C Global Investor and Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The Registrant’s remuneration paid to directors, officers and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board during the period covered by this report.

(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-CSR 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-CSR 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 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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.

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.


Description	Shares	Fair Value

Lazard Retirement Emerging Markets Equity Portfolio

Common Stocks \| 98.8%

Brazil \| 9.8%
Banco do Brasil SA	1,195,404	$	4,605,903
BB Seguridade Participacoes SA	1,023,800		5,985,530
CCR SA	1,314,350		2,163,350
Engie Brasil Energia SA	345,698		1,992,055
Petroleo Brasileiro SA ADR	404,026		5,195,774
PRIO SA	384,400		2,521,674
Vale SA ADR	423,969		3,760,605
Vibra Energia SA	940,700		2,716,868
			28,941,759

Chile \| 0.6%
Sociedad Quimica y Minera de Chile SA ADR	45,018		1,636,855

China \| 29.0%
Alibaba Group Holding Ltd. ADR	66,039		5,599,447
Anhui Conch Cement Co. Ltd., Class H	1,347,375		3,460,940
China Construction Bank Corp., Class H	12,358,038		10,277,035
China Medical System Holdings Ltd.	2,835,000		2,757,954
China Merchants Bank Co. Ltd., Class H	943,237		4,832,389
DaShenLin Pharmaceutical Group Co. Ltd., Class A	1,329,900		2,739,312
ENN Natural Gas Co. Ltd., Class A	1,134,720		3,365,746
Gree Electric Appliances, Inc. of Zhuhai, Class A	373,798		2,323,955
Hengan International Group Co. Ltd.	1,050,027		3,035,395
Huayu Automotive Systems Co. Ltd., Class A	1,101,296		2,654,307
JD.com, Inc. ADR	100,926		3,499,104
Lenovo Group Ltd.	4,638,000		6,019,893
Midea Group Co. Ltd., Class A	397,100		4,086,568
NetEase, Inc. ADR	65,455		5,839,241
Ping An Insurance Group Co. of China Ltd., Class H	783,000		4,608,522
Sinopharm Group Co. Ltd., Class H	2,163,997		5,935,202
Tencent Holdings Ltd.	57,000		3,046,153
Tingyi Cayman Islands Holding Corp.	3,830,000		5,022,177
Want Want China Holdings Ltd.	4,076,000		2,379,179
Weichai Power Co. Ltd., Class H	2,583,958		3,954,620
			85,437,139


Description	Shares	Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (continued)

Egypt \| 0.8%
Commercial International Bank - Egypt (CIB) GDR	1,554,679	$	2,304,012

Greece \| 2.8%
Metlen Energy & Metals SA	68,317		2,372,136
National Bank of Greece SA	461,534		3,651,424
OPAP SA	136,849		2,225,573
			8,249,133

Hong Kong \| 0.7%
ASMPT Ltd.	224,788		2,171,385

Hungary \| 3.4%
MOL Hungarian Oil & Gas PLC	435,152		2,991,600
OTP Bank Nyrt	126,421		6,903,492
			9,895,092

India \| 4.8%
Axis Bank Ltd.	197,477		2,452,567
Indus Towers Ltd. (*)	1,626,848		6,484,216
Tata Consultancy Services Ltd.	49,065		2,340,361
UPL Ltd.	481,788		2,819,358
			14,096,502

Indonesia \| 4.4%
Astra International Tbk. PT	11,195,504		3,397,639
Bank Mandiri Persero Tbk. PT	9,026,860		3,177,724
Telkom Indonesia Persero Tbk. PT ADR	246,443		4,053,987
United Tractors Tbk. PT	1,482,900		2,465,507
			13,094,857

Mexico \| 6.8%
America Movil SAB de CV ADR	231,780		3,316,772
Cemex SAB de CV ADR	628,569		3,545,129
Grupo Aeroportuario del Pacifico SAB de CV ADR	17,355		3,036,951
Grupo Financiero Banorte SAB de CV, Class O	582,965		3,745,615


Description	Shares	Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (continued)

Grupo Mexico SAB de CV, Series B	437,472	$	2,075,637
Kimberly-Clark de Mexico SAB de CV, Class A	1,668,689		2,352,859
Ternium SA ADR	71,559		2,080,936
			20,153,899

Peru \| 0.8%
Credicorp Ltd.	12,638		2,316,798

Russia \| 0.0%
Mobile TeleSystems PJSC ADR (*), (¢)	545,705		1
Sberbank of Russia PJSC (¢)	1,580,119		1
			2

South Africa \| 8.1%
Bidvest Group Ltd.	278,272		3,879,690
Life Healthcare Group Holdings Ltd.	3,246,015		2,820,728
Nedbank Group Ltd.	357,642		5,337,438
Sanlam Ltd.	912,121		4,196,935
Standard Bank Group Ltd.	379,150		4,454,936
Vodacom Group Ltd.	626,252		3,363,676
			24,053,403

South Korea \| 9.4%
Coway Co. Ltd.	54,856		2,491,964
Hyundai Mobis Co. Ltd.	15,476		2,485,089
KB Financial Group, Inc.	94,853		5,379,593
Kia Corp.	43,017		2,915,545
KT Corp.	97,686		2,918,973
KT&G Corp.	29,868		2,159,171
Shinhan Financial Group Co. Ltd.	137,641		4,413,310
SK Hynix, Inc.	44,984		5,104,430
			27,868,075

Taiwan \| 12.6%
ASE Technology Holding Co. Ltd.	1,299,000		6,376,468
Globalwafers Co. Ltd.	178,000		2,063,891
MediaTek, Inc.	142,000		6,097,039


Description	Shares	Fair Value

Lazard Retirement Emerging Markets Equity Portfolio (concluded)

Novatek Microelectronics Corp.	248,000	$	3,778,235
Taiwan Semiconductor Manufacturing Co. Ltd.	464,989		15,183,524
Yageo Corp.	231,993		3,809,027
			37,308,184

Thailand \| 1.8%
Kasikornbank PCL	653,569		2,981,688
PTT Exploration & Production PCL (‡)	644,000		2,247,720
			5,229,408

Turkey \| 0.9%
BIM Birlesik Magazalar AS	172,950		2,576,721

United Kingdom \| 1.4%
Unilever PLC	75,083		4,255,031

United States \| 0.7%
Schlumberger NV	57,741		2,213,790

Total Common Stocks (Cost $259,387,241)			291,802,045

Short-Term Investments \| 1.1%
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.42% (7 day yield) (Cost $3,126,099)	3,126,099		3,126,099

Total Investments \| 99.9% (Cost $262,513,340)		$	294,928,144

Cash and Other Assets in Excess of Liabilities \| 0.1%			159,395

Net Assets \| 100.0%		$	295,087,539


Description	Shares	Fair Value

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Common Stocks \| 60.4%

Australia \| 0.8%
AGL Energy Ltd.	32,669	$	228,373
Brambles Ltd.	4,234		50,334
Computershare Ltd. ADR	11,288		236,879
Evolution Mining Ltd.	16,338		48,909
Northern Star Resources Ltd.	29,765		285,623
Perseus Mining Ltd.	145,406		232,523
Qantas Airways Ltd. (*)	50,238		278,312
REA Group Ltd.	469		67,473
Westgold Resources Ltd.	122,326		215,478
			1,643,904

Bermuda \| 0.2%
Hamilton Insurance Group Ltd., Class B (*)	19,666		374,244
RenaissanceRe Holdings Ltd.	464		115,448
			489,692

Brazil \| 0.0%
MercadoLibre, Inc. (*)	52		88,423

Burkina Faso \| 0.1%
IAMGOLD Corp. (*)	22,307		115,302

Canada \| 2.3%
Agnico Eagle Mines Ltd.	1,252		97,951
CCL Industries, Inc., Class B	1,880		96,717
CGI, Inc.	1,355		148,259
Dollarama, Inc.	18,528		1,808,138
Enbridge, Inc.	11,140		472,817
Fairfax Financial Holdings Ltd.	439		610,804
Fortis, Inc.	2,911		120,960
Hydro One Ltd.	3,393		104,496
Kinross Gold Corp.	28,845		267,892
Loblaw Cos. Ltd.	3,187		419,413
Metro, Inc.	5,957		373,595

2		Portfolio Holdings Presented by Asset Class/Sector (unaudited) (N-CSR Item 7)
3		Portfolios of Investments (N-CSR Item 7)
3		Lazard Retirement Emerging Markets Equity Portfolio
7		Lazard Retirement Global Dynamic Multi-Asset Portfolio
33		Lazard Retirement International Equity Portfolio
38		Lazard Retirement US Small Cap Equity Select Portfolio
43		Notes to Portfolios of Investments (N-CSR Item 7)
46		Statements of Assets and Liabilities (N-CSR Item 7)
48		Statements of Operations (N-CSR Item 7)
50		Statements of Changes in Net Assets (N-CSR Item 7)
53		Financial Highlights (N-CSR Item 7)
62		Notes to Financial Statements (N-CSR Item 7)
88		Report of Independent Registered Public Accounting Firm
90		Tax and Other Information (unaudited)
92		Additional Information (N-CSR Item 8-11)

Asset Class/Sector*	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio**			Lazard Retirement International Equity Portfolio			Lazard Retirement US Small Cap Equity Select Portfolio

Equity
Communication Services		9.7	%		6.5	%		2.9	%		5.0	%
Consumer Discretionary		10.5			7.5			14.8			10.4
Consumer Staples		8.3			8.2			9.2			4.7
Energy		6.0			1.6			1.5			5.5
Financials		27.7			14.8			19.2			19.8
Health Care		3.9			8.0			8.0			16.2
Industrials		6.4			8.8			22.8			18.8
Information Technology		18.0			15.0			11.5			13.7
Materials		6.6			1.4			6.0			1.8
Real Estate		—			0.5			1.3			3.2
Utilities		1.8			2.1			2.6			—
Sovereign Debt		—			20.8			—			—
U.S. Municipal Bonds		—			0.9			—			—
U.S. Treasury Securities		—			3.0			—			—
Short-Term Investments		1.1			0.9			0.2			0.9
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

*		Represents percentage of total investments.
**		The sector breakdown includes the underlying holdings of exchange-traded funds held by the Portfolio.


Description	Security Currency	Principal Amount (000)	Fair Value

Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)

Corporate Bonds \| 11.4%

Australia \| 0.3%
Telstra Corp Ltd., 4.000%, 04/19/27	AUD	1,200	$	734,080

Canada \| 0.2%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD	490		476,139

Denmark \| 0.5%
Nykredit Realkredit AS, 1.000%, 01/01/27	DKK	8,175		1,110,220

Germany \| 0.5%
Commerzbank AG, 3.375%, 12/12/25	EUR	460		480,714
Mercedes-Benz Group AG, 0.750%, 09/10/30	EUR	740		673,575
				1,154,289

Japan \| 0.1%
NTT Finance Corp., 4.239%, 07/25/25	USD	200		199,499

Norway \| 0.4%
DNB Boligkreditt AS, 5.160% (3 Month NOK NIBOR + 0.450%), 02/08/28 (§)	NOK	10,000		880,554

Sweden \| 0.1%
Swedbank Hypotek AB, 3.000%, 03/28/29	SEK	2,500		227,246

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD	91,287	USD	60,000	HSB	01/23/25	$	—	$	3,497
AUD	520,000	USD	329,500	SSB	03/27/25		—		7,603
CAD	166,490	USD	120,000	HSB	01/23/25		—		4,090
CAD	196,261	USD	140,612	HSB	01/23/25		—		3,975
CAD	571,279	USD	411,299	HSB	01/23/25		—		13,573
CNH	2,268,068	USD	320,000	HSB	01/23/25		—		10,857
CNH	43,679,860	USD	6,208,633	HSB	01/23/25		—		254,966
CZK	51,938	USD	2,253	HSB	01/23/25		—		117
EUR	2,943,427	USD	3,236,611	CIT	01/23/25		—		185,238
EUR	387,657	USD	425,485	HSB	01/23/25		—		23,611
EUR	880,533	USD	960,000	HSB	01/23/25		—		47,175
EUR	1,235,022	USD	1,301,102	HSB	03/27/25		—		17,024
EUR	190,618	USD	209,569	MSC	01/23/25		—		11,960
GBP	206,292	USD	269,558	CIT	01/23/25		—		11,345
GBP	147,623	USD	190,000	HSB	01/23/25		—		5,222
GBP	336,752	USD	440,024	HSB	01/23/25		—		18,516
GBP	201,627	USD	263,500	JPM	01/23/25		—		11,126
HUF	52,451,012	USD	142,372	HSB	01/23/25		—		10,451
INR	37,488,959	USD	444,941	HSB	01/23/25		—		7,967
JPY	414,804,126	USD	2,816,381	CIT	01/23/25		—		175,096
JPY	69,237,870	USD	460,000	HSB	01/23/25		—		19,125
JPY	514,324,940	USD	3,493,061	HSB	01/23/25		—		218,073
KRW	1,768,493,602	USD	1,343,738	JPM	01/23/25		—		141,729
NOK	2,003,845	USD	187,438	JPM	01/23/25		—		11,414
PEN	746,000	USD	200,000	CIT	01/23/25		—		1,604
RON	346,152	USD	76,027	CIT	01/23/25		—		4,018
RON	68,622	USD	15,073	HSB	01/23/25		—		798
SEK	7,693,000	USD	746,544	MSC	01/23/25		—		50,485
USD	388,499	AUD	577,675	HSB	01/23/25		30,941		—
USD	1,993,392	AUD	2,963,740	JPM	01/23/25		158,951		—
USD	327,602	AUD	487,130	MSC	01/23/25		26,087		—
USD	263,334	CAD	361,146	CIT	01/23/25		11,904		—
USD	167,752	CAD	230,062	HSB	01/23/25		7,583		—
USD	848,181	CAD	1,181,884	HSB	01/23/25		25,353		—
USD	2,144,450	CAD	2,941,061	JPM	01/23/25		96,881		—

(*)	Non-income producing security.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy – see Note 8 in the Notes to Financial Statements.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in designated base rate. The rates shown are those in effect on December 31, 2024.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2024, these securities amounted to 0.6% of net assets of Lazard Retirement Global Dynamic Multi-Asset Portfolio.
(††)	A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation.
(»)	The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:
ADR	—	American Depositary Receipt
CDOR	—	Canadian Dollar Offered Rate
EURIBOR	—	Euro Interbank Offered Rate
GDR	—	Global Depositary Receipt
ICE	—	Intercontinental Exchange
NIBOR	—	Non-Voting Depositary Receipt
PJSC	—	Public Joint Stock Company
PRIBOR	—	Prague Interbank Offered Rate
REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate
WIBOR	—	Warsaw Interbank Offered Rate

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

Counterparty Abbreviations:
CIT	—	Citibank N.A.	MSC	—	Morgan Stanley & Co.
HSB	—	HSBC Bank USA N.A.	SSB	—	State Street Bank & Trust Co.
JPM	—	JPMorgan Chase Bank N.A.

Industry†	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio			Lazard Retirement International Equity Portfolio

Common & Preferred Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		—	%		1.0	%		4.0	%
Automobile Components		1.7			—			1.4
Automobiles		0.9			1.2			1.5
Banks		22.6			6.8			12.2
Beverages		—			1.2			2.7
Biotechnology		—			1.4			—
Broadline Retail		3.1			2.7			—
Building Products		—			1.0			0.6
Capital Markets		—			2.4			2.8
Chemicals		1.5			0.2			3.6
Commercial Services & Suppliers		—			1.8			—
Communications Equipment		—			0.5			—
Construction & Engineering		—			0.0			—
Construction Materials		2.4			0.2			1.0
Consumer Finance		—			0.4			—
Consumer Staples Distribution & Retail		1.8			1.1			1.5
Containers & Packaging		—			0.3			—
Diversified Consumer Services		—			0.2			—
Diversified REITs		—			0.6			—
Diversified Telecommunication Services		4.6			1.9			1.5
Electric Utilities		—			1.0			1.0
Electrical Equipment		—			1.6			2.6
Electronic Equipment, Instruments & Components		1.3			0.3			2.1
Energy Equipment & Services		0.8			0.1			—
Entertainment		2.0			1.2			—
Financial Services		—			2.3			—
Food Products		2.5			1.1			1.1
Gas Utilities		1.1			0.3			—
Ground Transportation		—			0.2			—
Health Care Equipment & Supplies		—			0.6			1.3
Health Care Providers & Services		3.0			2.3			—
Hotels, Restaurants & Leisure		0.8			1.0			1.6
Household Durables		3.0			0.1			—
Household Products		0.8			2.1			1.0
Independent Power & Renewable Electricity Producers		0.7			0.2			—
Industrial Conglomerates		3.3			0.4			2.4
Insurance		5.0			2.1			4.0
Interactive Media & Services		1.0			2.4			1.4
IT Services		0.8			1.3			4.4


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

December 31, 2024	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio
ASSETS
Investments in securities, at fair value		$	294,928,144	$	218,309,780
Cash			—		—
Foreign currency, at fair value			205,186		8,089
Receivables for:
Dividends and interest			632,272		1,228,899
Capital stock sold			628,077		521,865
Investments sold			405,068		—
Gross unrealized appreciation on forward currency contracts			—		1,178,618
Total assets			296,798,747		221,247,251

LIABILITIES
Cash collateral received for forward currency contracts			—		260,000
Payables for:
Foreign capital gains taxes			483,083		—
Management fees			261,395		130,112
Accrued professional services			62,086		50,958
Accrued distribution fees			48,963		49,549
Accrued custodian fees			32,567		44,835
Accrued administration fees			14,241		14,381
Accrued directors’ fees			—		—
Investments purchased			618,673		—
Capital stock redeemed			147,303		147,099
Gross unrealized depreciation on forward currency contracts			—		1,299,591
Other accrued expenses and payables			42,897		7,468
Total liabilities			1,711,208		2,003,993
Net assets		$	295,087,539	$	219,243,258

NET ASSETS
Paid in capital		$	269,527,956	$	186,306,438
Distributable earnings (Accumulated loss)			25,559,583		32,936,820
Net assets		$	295,087,539	$	219,243,258

Service Shares
Net assets		$	208,054,114	$	218,342,295
Shares of capital stock outstanding*			9,609,618		16,787,427
Net asset value, offering and redemption price per share		$	21.65	$	13.01

Investor Shares
Net assets		$	87,033,425	$	900,963
Shares of capital stock outstanding*			4,068,065		68,917
Net asset value, offering and redemption price per share		$	21.39	$	13.07
Cost of investments in securities		$	262,513,340	$	192,388,029
Cost of foreign currency		$	206,428	$	8,171

Lazard Retirement International Equity Portfolio		Lazard Retirement US Small Cap Equity Select Portfolio

$	99,676,113	$	40,457,366
	—		58
	1,569		—

	573,413		7,540
	805,047		17,867
	262,375		—

	—		—
	101,318,517		40,482,831

	—		—

	—		—
	53,483		17,486
	34,998		27,580
	22,651		8,869
	16,092		6,482
	7,751		5,555
	32		—
	—		—
	274,494		30,416

	—		—
	4,404		3,311
	413,905		99,699
$	100,904,612	$	40,383,132

$	85,045,860	$	33,159,707
	15,858,752		7,223,425
$	100,904,612	$	40,383,132

$	100,904,612	$	40,383,132
	10,839,522		2,793,452

$	9.31	$	14.46

	—		—
	—		—

	—		—

$	88,874,482	$	37,613,389
$	1,575	$	—

For the Year Ended December 31, 2024	Lazard Retirement Emerging Markets Equity Portfolio				Lazard Retirement Global Dynamic Multi-Asset Portfolio

Investment Income (Loss)
Income
Dividends#		$	15,329,745		$	2,622,978
Interest			—			3,772,410
Total investment income*			15,329,745			6,395,388

Expenses
Management fees (Note 3)			3,190,406			1,837,806
Distribution fees (Service Shares)			566,353			590,608
Professional services			247,853			180,150
Custodian fees			98,810			134,171
Administration fees			56,627			53,733
Shareholders’ reports			36,972			27,663
Shareholders’ services			29,941			23,403
Directors’ fees and expenses			28,526			23,117
Other			12,434			6,965
Total gross expenses			4,267,922			2,877,616
Management fees waived and expenses reimbursed			(25,049	)		(389,013	)
Total net expenses			4,242,873			2,488,603
Net investment income (loss)			11,086,872			3,906,785

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments^**			15,601,719			18,757,390
Foreign currency transactions			(248,401	)		(26,166	)
Forward currency contracts			—			(373,672	)
Total net realized gain (loss)			15,353,318			18,357,552
Net change in unrealized appreciation (depreciation) on:
Investments^†			(2,434,247	)		(2,345,910	)
Foreign currency translations			(17,280	)		(58,061	)
Forward currency contracts			—			136,701
Total net change in unrealized appreciation (depreciation)			(2,451,527	)		(2,267,270	)
Net realized and unrealized gain (loss)			12,901,791			16,090,282
Net increase (decrease) in net assets resulting from operations		$	23,988,663		$	19,997,067
*# Net of foreign withholding taxes of		$	1,669,325		$	135,448
** Net of foreign capital gains taxes of		$	327,328		$	—
† Includes net change in foreign capital gains taxes of		$	(129,405	)	$	—

Lazard Retirement International Equity Portfolio				Lazard Retirement US Small Cap Equity Select Portfolio

	$	2,948,147		$	350,229
		—			—
		2,948,147			350,229

		839,822			309,840
		279,941			103,280
		95,267			62,459
		45,596			20,318
		31,012			22,037
		14,017			13,419
		16,953			14,459
		13,581			8,076
		5,261			4,142
		1,341,450			558,030
		(122,848	)		(93,593	)
		1,218,602			464,437
		1,729,545			(114,208	)

		5,619,655			5,267,321
		(24,459	)		—
		—			—
		5,595,196			5,267,321

		(345,782	)		(791,650	)
		(35,872	)		—
		—			—

		(381,654	)		(791,650	)
		5,213,542			4,475,671

	$	6,943,087		$	4,361,463
	$	204,921		$	—
	$	—		$	—

	$	—		$	—

	Lazard Retirement Emerging Markets Equity Portfolio
	Year Ended December 31, 2024			Year Ended December 31, 2023

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	11,086,872		$	12,198,320
Net realized gain (loss)		15,353,318			10,430,071
Net change in unrealized appreciation (depreciation)		(2,451,527	)		40,520,857
Net increase (decrease) in net assets resulting from operations		23,988,663			63,149,248
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Service Shares		(7,457,769	)		(10,821,249	)
Investor Shares		(3,304,876	)		(4,497,782	)
Net decrease in net assets resulting from distributions		(10,762,645	)		(15,319,031	)
Capital stock transactions
Net proceeds from sales
Service Shares		22,684,215			15,152,048
Investor Shares		5,766,927			6,380,619
Net proceeds from reinvestment of distributions
Service Shares		7,457,769			10,821,249
Investor Shares		3,304,876			4,497,782
Cost of shares redeemed
Service Shares		(62,435,399	)		(48,939,956	)
Investor Shares		(18,137,517	)		(14,068,387	)
Net increase (decrease) in net assets from capital stock transactions		(41,359,129	)		(26,156,645	)
Total increase (decrease) in net assets		(28,133,111	)		21,673,572
Net assets at beginning of period		323,220,650			301,547,078
Net assets at end of period	$	295,087,539		$	323,220,650
Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period		11,086,878			12,241,538
Shares sold		1,024,305			774,167
Shares issued to shareholders from reinvestment of distributions		332,491			578,676
Shares redeemed		(2,834,056	)		(2,507,503	)
Net increase (decrease)		(1,477,260	)		(1,154,660	)
Shares outstanding at end of period		9,609,618			11,086,878
Investor Shares
Shares outstanding at beginning of period		4,485,531			4,637,037
Shares sold		266,557			329,963
Shares issued to shareholders from reinvestment of distributions		149,204			243,518
Shares redeemed		(833,227	)		(724,987	)
Net increase (decrease)		(417,466	)		(151,506	)
Shares outstanding at end of period		4,068,065			4,485,531

Lazard Retirement Global Dynamic Multi-Asset Portfolio						Lazard Retirement International Equity Portfolio
Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2024			Year Ended December 31, 2023

$	3,906,785		$	4,750,736		$	1,729,545		$	1,930,834
	18,357,552			(16,308,141	)		5,595,196			3,072,339
	(2,267,270	)		37,325,301			(381,654	)		11,473,559

	19,997,067			25,767,896			6,943,087			16,476,732

	—			(13,610,980	)		(3,396,900	)		(1,474,339	)
	—			(36,504	)		—			—
	—			(13,647,484	)		(3,396,900	)		(1,474,339	)

	9,202,056			5,869,105			8,619,297			10,624,686
	144,719			239,435			—			—

	—			13,610,980			3,396,900			1,474,339
	—			36,504			—			—

	(56,951,363	)		(49,159,005	)		(29,152,982	)		(23,374,371	)
	(128,606	)		(71,051	)		—			—

	(47,733,194	)		(29,474,032	)		(17,136,785	)		(11,275,346	)
	(27,736,127	)		(17,353,620	)		(13,590,598	)		3,727,047
	246,979,385			264,333,005			114,495,210			110,768,163
$	219,243,258		$	246,979,385		$	100,904,612		$	114,495,210

	20,541,409			23,065,409			12,599,414			13,930,885
	717,880			497,379			899,055			1,225,574

	—			1,221,811			347,687			173,044
	(4,471,862	)		(4,243,190	)		(3,006,634	)		(2,730,089	)
	(3,753,982	)		(2,524,000	)		(1,759,892	)		(1,331,471	)
	16,787,427			20,541,409			10,839,522			12,599,414

	67,328			49,451			—			—
	11,505			20,838			—			—

	—			3,268			—			—
	(9,916	)		(6,229	)		—			—
	1,589			17,877			—			—
	68,917			67,328			—			—

	Lazard Retirement US Small Cap Equity Select Portfolio
	Year Ended December 31, 2024			Year Ended December 31, 2023

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(114,208	)	$	14,102
Net realized gain (loss)		5,267,321			2,131,546
Net change in unrealized appreciation (depreciation)		(791,650	)		1,817,889
Net increase (decrease) in net assets resulting from operations		4,361,463			3,963,537

Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Service Shares		(1,471,884	)		—
Investor Shares		—			—
Net decrease in net assets resulting from distributions		(1,471,884	)		—

Capital stock transactions
Net proceeds from sales
Service Shares		1,791,502			5,976,052
Investor Shares		—			—
Net proceeds from reinvestment of distributions
Service Shares		1,471,884			—
Investor Shares		—			—
Cost of shares redeemed
Service Shares		(7,413,186	)		(6,481,300	)
Investor Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(4,149,800	)		(505,248	)
Total increase (decrease) in net assets		(1,260,221	)		3,458,289
Net assets at beginning of period		41,643,353			38,185,064
Net assets at end of period	$	40,383,132		$	41,643,353

Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period		3,085,276			3,112,478
Shares sold		127,012			491,369
Shares issued to shareholders from reinvestment of distributions		106,350			—
Shares redeemed		(525,186	)		(518,571	)
Net increase (decrease)		(291,824	)		(27,202	)
Shares outstanding at end of period		2,793,452			3,085,276

Investor Shares
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/24			12/31/23			12/31/22			12/31/21			12/31/20
Service Shares
Net asset value, beginning of period	$	20.83		$	17.92		$	21.86		$	21.12		$	22.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.75			0.74			0.89			0.61			0.36
Net realized and unrealized gain (loss)		0.82			3.14			(4.18	)		0.55			(0.75	)
Total from investment operations		1.57			3.88			(3.29	)		1.16			(0.39	)
Less distributions from:
Net investment income		(0.75	)		(0.97	)		(0.65	)		(0.42	)		(0.49	)
Total distributions		(0.75	)		(0.97	)		(0.65	)		(0.42	)		(0.49	)
Net asset value, end of period	$	21.65		$	20.83		$	17.92		$	21.86		$	21.12
Total Return (b)		7.43	%		22.27	%		–15.12	%		5.52	%		–1.32	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	208,054		$	230,885		$	219,359		$	290,586		$	364,846
Ratios to average net assets:
Net expenses		1.40	%		1.42	%		1.38	%		1.38	%		1.43	%
Gross expenses		1.41	%		1.42	%		1.38	%		1.38	%		1.43	%
Net investment income (loss)		3.41	%		3.81	%		4.65	%		2.72	%		1.95	%
Portfolio turnover rate		23	%		25	%		25	%		35	%		27	%

*	There was no impact and less than $0.01 impact on the net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the years ended December 31, 2024 and December 31, 2023, respectively. There was less than 0.005% and 0.01% impact on the net investment income (loss) ratio of the Portfolio for the years ended December 31, 2024 and December 31, 2023, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance.

*	On December 4, 2020, the Portfolio effected a 1:2 reverse share split. All per share data prior to December 4, 2020 has been adjusted to reflect the reverse share split.
(a)	Amount is less than $0.01 per share.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such charges will have the effect of reducing performance.

Portfolio		Short-Term		Long-Term
Emerging Markets Equity		$(10,237,373)		$(3,804,905)

Portfolio		Amounts
Emerging Markets Equity		$16,164,241
Global Dynamic Multi-Asset		12,779,292

Portfolio	Aggregate Cost	Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity	$264,497,589	$61,378,673	$30,948,409	$30,430,264
Global Dynamic Multi-Asset	193,314,365	33,349,011	8,287,522	25,061,489
International Equity	90,394,567	16,725,933	7,444,328	9,281,605
US Small Cap Equity Select	37,970,251	5,825,436	3,338,321	2,487,115

Portfolio	Paid in Capital		Distributable Earnings (Accumulated Loss)
Emerging Markets Equity		$840,993		$(840,993	)
Global Dynamic Multi-Asset		226,048		(226,048	)
International Equity		717,575		(717,575	)
US Small Cap Equity Select		264,033		(264,033	)

	Ordinary Income				Long-Term Capital Gain
Portfolio	2024		2023		2024		2023
Emerging Markets Equity	$	10,762,645	$	15,319,031	$	—	$	—
Global Dynamic Multi-Asset		—		—		—		13,647,484
International Equity		3,142,597		1,474,339		254,303		—
US Small Cap Equity Select		—		—		1,471,884		—

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)		Undistributed Long-Term Capital Gain (Deferred Capital Losses)			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Emerging Markets Equity		$9,671,422		$(14,042,278	)		$29,930,439
Global Dynamic Multi-Asset		3,027,934		4,889,144			25,019,742
International Equity		2,923,549		3,672,204			9,262,999
US Small Cap Equity Select		2,133,628		2,602,682			2,487,115

Portfolio	Annual Rate
Emerging Markets Equity		1.00	%
Global Dynamic Multi-Asset (a)		0.75
International Equity		0.75
US Small Cap Equity Select		0.75

(a)	From January 1, 2024 to June 28, 2024, annual rates were 1.45% and 1.20%, respectively.
(b)	This agreement will continue in effect until May 1, 2034 for Investor Shares.
(c)	From January 1, 2024 to June 28, 2024, annual rate for Service Shares was 1.15%.

Portfolio	Purchases		Sales
Emerging Markets Equity	$	70,187,213	$	107,997,113
Global Dynamic Multi-Asset		142,653,697		187,332,239
International Equity		42,846,699		59,247,575
US Small Cap Equity Select		40,019,197		45,400,641

	US Treasury Securities
Portfolio		Purchases	Sales
Global Dynamic Multi-Asset		$3,821,302	$2,870,835