1. No category

Lazard Retirement Emerging Markets Equity Portfolio
4Q 2014
Holdings as of December 31, 2014
Country Allocation (as a % of the Portfolio)
China
Hong Kong
India
Indonesia
Malaysia
Pakistan
Philippines
South Korea
Taiwan
Thailand
South/East Asia
12.08
3.68
8.47
6.52
0.75
1.30
1.70
13.71
4.82
2.45
55.48
Egypt
Hungary
Russia
South Africa
Turkey
Europe/Middle East/Africa
1.16
0.96
6.80
8.77
5.09
22.78
Argentina
Brazil
Colombia
Mexico
Latin America
Cash & Equivalents
TOTAL
0.99
14.03
1.00
1.42
17.45
4.29
100.00
Sector Allocation (as a % of the Portfolio)
Consumer Discretionary
Bajaj Auto, Ltd.
Coway Co., Ltd.
Hero MotoCorp, Ltd.
Hyundai Mobis Co., Ltd.
Imperial Holdings, Ltd.
PT Astra International Tbk
Via Varejo SA
Woolworths Holdings, Ltd.
Wynn Macau, Ltd.
7.63
0.41
0.78
0.45
1.42
0.82
1.04
0.72
0.88
1.12
Consumer Staples
Ambev SA ADR
British American Tobacco Malaysia Berhad
CP All Public Co. Ltd.
Kimberly-Clark de Mexico SAB de CV, Series A
KT&G Corp.
Magnit OJSC Sponsored GDR
Natura Cosmeticos SA
Oriflame Cosmetics SA SDR
Shoprite Holdings, Ltd.
Souza Cruz SA
Tiger Brands, Ltd.
9.45
1.40
0.75
0.93
0.73
1.04
0.63
0.66
0.23
1.57
0.80
0.72
Energy
China Shenhua Energy Co., Ltd., Class H
CNOOC, Ltd.
Eurasia Drilling Co., Ltd. GDR
Gazprom OAO Sponsored ADR
Lukoil OAO Sponsored ADR
Oil & Gas Development Co., Ltd.
Pacific Rubiales Energy Corp.
Pakistan Petroleum, Ltd.
PTT Exploration & Production Public Co. Ltd.
YPF Sociedad Anonima Sponsored ADR
8.43
0.92
1.21
0.51
1.32
0.59
0.56
1.00
0.74
0.59
0.99
Financials
Akbank TAS
Axis Bank, Ltd.
Banco do Brasil SA
Bank of India
BB Seguridade Participacoes SA
China Construction Bank Corp., Class H
Commercial International Bank Egypt SAE GDR
Hanwha Life Insurance Co., Ltd.
KB Financial Group, Inc.
Nedbank Group, Ltd.
OTP Bank PLC
PT Bank Mandiri (Persero) Tbk
Punjab National Bank
Sanlam, Ltd.
Sberbank of Russia
Shinhan Financial Group Co., Ltd.
Standard Bank Group, Ltd.
Turkiye Is Bankasi AS, C Shares
Industrials
Bharat Heavy Electricals, Ltd.
Bidvest Group, Ltd.
CCR SA
Koc Holding AS
Localiza Rent a Car SA
PT United Tractors Tbk
Weichai Power Co., Ltd., Class H
28.04
0.97
1.88
3.13
0.07
2.11
3.61
1.16
1.50
1.64
0.89
0.96
1.63
1.73
0.76
1.37
2.27
0.85
1.51
6.19
0.87
0.87
0.88
1.37
0.71
0.75
0.75
See other side for more holdings and prospectus information
Lazard Retirement Emerging Markets Equity Portfolio
4Q 2014
Holdings as of December 31, 2014
Sector Allocation (as a % of the Portfolio) – Continued
Information Technology
Baidu, Inc. Sponsored ADR
Cielo SA
HCL Technologies, Ltd.
Hon Hai Precision Industry Co., Ltd.
NetEase, Inc. Sponsored ADR
Samsung Electronics Co., Ltd.
SK Hynix, Inc.
Taiwan Semiconductor Manufacturing Co., Ltd.
Tata Consultancy Services, Ltd.
Materials
Alrosa AO
Grupo Mexico SAB de CV, Series B
Huabao International Holdings, Ltd.
Jindal Steel & Power, Ltd.
PPC, Ltd.
PT Semen Indonesia (Persero) Tbk
The Siam Cement Public Co. Ltd.
Vale SA Sponsored ADR
19.58
2.04
2.26
0.73
0.92
2.42
3.40
1.66
3.90
2.25
5.60
0.78
0.69
0.99
0.09
0.66
0.79
0.94
0.65
Telecom Services
China Mobile, Ltd. Sponsored ADR
MegaFon OAO GDR
Mobile TeleSystems OJSC Sponsored ADR
Philippine Long Distance Telephone Co. Sponsored ADR
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored
ADR
Turkcell Iletisim Hizmetleri AS
Vodacom Group, Ltd.
10.06
2.69
0.54
0.83
1.70
2.31
1.24
0.75
Utilities
CEMIG SA Sponsored ADR
0.73
0.73
Cash & Equivalents
4.29
TOTAL
100.00
Published on January 21, 2015.
Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more
volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s
specific tax laws, changes in government administration, and economic and monetary policy. Emerging-market securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging-market countries can be extremely volatile; performance can
also be influenced by political, social, and economic factors affecting companies in emerging-market countries.
The Portfolio invests in stocks believed by Lazard to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value.
The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.
The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these
securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or
equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold
have not been repurchased. The securities mentioned may not represent the entire portfolio.
Not a deposit. May lose value. Not guaranteed by any bank. Not FDIC insured. Not insured by any government agency.
Please consider a fund’s investment objectives, risks, charges and expenses carefully before investing. For more complete information about
the Lazard Retirement Series, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300
or going to www.LazardNet.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary
prospectus contain investment objectives, risks, charges, expenses and other information about the Portfolio and Lazard Retirement Series
that may not be detailed in this document. Lazard Retirement Series is distributed by Lazard Asset Management Securities LLC.
Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardnet.com
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