Lazard Retirement Emerging Markets Equity Portfolio Q2 2024 Commentary

Important information

Please carefully consider the Fund’s investment objectives, risks, costs and expenses before investing. For more complete information about Lazard Retirement Series, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or at www.lazarassetmanagement.com. Read the prospectus or summary prospectus carefully before investing. The prospectus and summary prospectus contain investment objectives, risks, fees, expenses and other information about the portfolio and Lazard Retirement Series, Inc. which may not be detailed in this document. Distributed by Lazard Asset Management Securities LLC.

Quoted performance represents past performance. Past performance does not guarantee future results. Actual performance may be lower or higher than quoted performance data. An investor can get current performance data online up to the latest month end at www.lazarassetmanagement.com. The return on investment and the value of the principal of the portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost.

Different share classes may have different returns and different investment minimums.

The information and opinions presented have been obtained or derived from sources believed by Lazard Asset Management LLC or its affiliates (“Lazard”) to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed here are as of the date of publication and are subject to change.

Allocations and security selection are subject to change. Please click here for standardized returns:

https://www.lazardassetmanagement.com/us/en_us/funds/retirement-series/lazard-retirement-emerging-markets-equity-

portfolio/F157/S8/

Mention of these securities should not be considered a recommendation or solicitation to buy or sell securities. We should not assume that any investment in these securities has been or will prove to be profitable or that any investment decisions we make in the future will be profitable or equal to the investment performance of the securities mentioned herein. There is no assurance that the securities mentioned herein are currently held in the portfolio or that the securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio.

Equity securities will fluctuate in price; the value of your investment will thus fluctuate and this may result in a loss. Securities in certain countries abroad may be less liquid, more volatile and less subject to government oversight than in your own countries.

internal market. The values ​​of these securities may be affected by changes in exchange rates, the application of country-specific tax laws, changes in government administration, and economic and monetary policy. Emerging market securities present special risks, such as less developed or less efficient trading markets, lack of company information and different legal and auditing 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 these countries.

The MSCI Emerging Markets Index is a free-float adjusted market capitalization index that is designed to measure the performance of equity markets in global emerging markets. The MSCI Emerging Markets Index consists of emerging market country indices including: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The index is unmanaged and has no fees. One cannot invest directly in an index.

Certain information included herein is derived by Lazard in part from an MSCI index or indices (“Index Data”). However, MSCI has not reviewed this product or report and does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or the author or source of any such information or analysis. MSCI makes no express or implied warranties or representations and shall have no liability with respect to any Index Data or data derived therefrom.

Certain information contained herein constitute “forward-looking statements” which may be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “intend” , “continue” or “believe”, or the negative thereof or other variations thereof or comparable terminology. Due to various risks and uncertainties, actual events may differ materially from those reflected or contemplated by such forward-looking statements.