Lazard Retirement Series N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number      811-08071

Lazard Retirement Series, Inc.
(Exact name of registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112
(Address of principal executive offices)           (Zip code)

Nathan A. Paul, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112
(Name and address of agent for service)

Registrant’s telephone number, including area code:      (212) 632-6000

Date of fiscal year end:   12/31

Date of reporting period: 6/30/12

ITEM 1. REPORTS TO STOCKHOLDERS.

June 30, 2012

Lazard Retirement Series Semi-Annual Report

U.S. Equity

Lazard Retirement U.S. Strategic Equity Portfolio

Lazard Retirement U.S. Small-Mid Cap Equity Portfolio

International Equity

Lazard Retirement International Equity Portfolio

Emerging Markets

Lazard Retirement Emerging Markets Equity Portfolio

Targeted Volatility

Lazard Retirement Multi-Asset Targeted Volatility Portfolio

Lazard Retirement Series, Inc. Table of Contents

2	Investment Overviews
6	Performance Overviews
10	Information About Your Portfolio’s Expenses
11	Portfolio Holdings Presented by Sector
12	Portfolios of Investments
12	Lazard Retirement U.S. Strategic Equity Portfolio
14	Lazard Retirement U.S. Small-Mid Cap Equity Portfolio
16	Lazard Retirement International Equity Portfolio
18	Lazard Retirement Emerging Markets Equity Portfolio
20	Lazard Retirement Multi-Asset Targeted Volatility Portfolio
28	Notes to Portfolios of Investments
30	Statements of Assets and Liabilities
31	Statements of Operations
32	Statements of Changes in Net Assets
34	Financial Highlights
38	Notes to Financial Statements
47	Board of Directors and Officers Information
50	Other Information

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 to 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 summary prospectus by calling 800-823-6300, or online, at www.LazardNet.com. Read the prospectus or each Portfolio’s summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objective, risks, charges, expenses and other information about Portfolios of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

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Lazard Retirement Series, Inc. Investment Overviews

U.S. Equities
The U.S. equity market rose robustly during the first quarter of 2012, and modestly declined during the second quarter. During the first three months of the year, the market rallied due to heightened global growth prospects, continued easing of monetary policy, and positive developments in the European debt crisis. In the United States, economic indicators such as manufacturing, vehicle sales, and housing data all improved. The market also benefited from upbeat sentiment from the Eurozone, as the European Union (E.U.) continued to make progress toward restructuring Greece’s debt and the European Central Bank (ECB) implemented the second round of its Long Term Refinancing Operation (LTRO), which provides low cost funds to European banks in order to bolster their liquidity. In the second quarter, the market’s decline was primarily due to concerns about Europe, particularly the prospect that Greece may exit the Eurozone and cause subsequent contagion in the financial markets. Investors were also disappointed that U.S. employment and economic indicators were lower than expected. In response to concerns about the U.S. economic recovery, the Federal Reserve indicated that it would extend Operation Twist through year end. On the last day of the quarter, the U.S. market rallied on the news that Eurozone leaders agreed to substantial policy changes which move the Eurozone closer toward fiscal integration, including the creation of a central bank regulator.

International Equities
The six-month period ended June 30, 2012 was volatile and international equity markets concluded the period higher. A number of macroeconomic events moved markets up and down. The LTRO conducted by the ECB in December 2011 and February 2012 provided over a trillion dollars of three-year financing at 1% interest rates. This substantially eased financing issues for European banks and, to some extent, Spanish and Italian sovereigns during the initial months of 2012. However, despite monetary easing measures, conditions in the Eurozone’s peripheral economies began to deteriorate in March. Investors feared a potential Greek exit from the Eurozone following the country’s inability to form a coalition government in early May. Subsequent elections in June led to the victory of a pro-bailout party, and stabilized Greece’s position in the Eurozone, at least in the short term. In Spain, conditions within the financial sector weakened, leading investors to question the ability of the Spanish government to contain the banking crisis amid rising borrowing

costs and a weak economic environment. In June, Spain requested a $125 billion rescue aid package from the E.U. in order to bolster its financial sector. However, investor sentiment improved in June following an E.U. summit at the end of the month, which called for the establishment of a single banking supervisor, as well as the ability of the European Stability Mechanism to directly inject capital into troubled banks. Japan performed strongly in the first quarter of 2012, but later reported larger-than-expected trade deficits due to diminished exports to Europe and higher energy imports. In the emerging markets, China announced further monetary easing by reducing interest rates and decreasing bank reserve requirements as Chinese exports and manufacturing activity declined. From a sector perspective, market leadership was mixed, as neither traditionally defensive nor cyclical sectors prevailed. Outperforming sectors included consumer discretionary, financials, and consumer staples. In contrast, energy, materials, and information technology were among the worst-performing sectors.

Emerging Markets Equities
After delivering strong performance in late 2011, equities in the developing world extended their strength into the first quarter of 2012, due to improving growth in the world economy, as well as the ECB’s introduction of its LTRO to address European sovereign debt issues. Subsequently, emerging market stocks fell in the second quarter (particularly in May), primarily due to concerns over European sovereign debt sustainability and global growth. However, a rebound in June helped to curtail losses for the second quarter. The Morgan Stanley Capital International (MSCI^®) Emerging Markets Index (the “EM Index”) gained almost 4% during the six-month period ended June 30, 2012, in U.S. dollar terms, with Latin American equities faring worse than their counterparts in Asia and Eastern Europe.

Latin American markets had slight losses year to date, with Brazil declining amid worries about corporate earnings and government economic policy, while Argentina, which is not a constituent of the EM Index, plunged dramatically following government expropriation of the majority of oil company YPF. Peruvian and Colombian equities, however, rose as a result of stable commodity prices, and Mexican equities also outperformed.

Most Asian markets finished higher year to date. Shares in the Philippines and Thailand performed particularly well, aided

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by robust growth. Indian shares rebounded after performing poorly at the end of 2011. Indonesian equities, which have been among the strongest performers over the last two years, declined modestly as a result of government indecision over whether or not to reduce subsidies for fuel prices.

Eastern European markets were bolstered by the ECB’s introduction of the LTRO. This helped support shares in Hungary and Poland. Meanwhile, stronger oil prices early in the year helped stocks in Russian oil companies, but these gains were reversed when oil prices fell sharply in the second quarter. Both Egyptian and Turkish equities rebounded strongly from weak performance late last year.

In terms of sector performance, materials, energy, and consumer discretionary stocks performed relatively poorly. Alternatively, the health care, information technology, and consumer staples sectors were the strongest performers.

Lazard Retirement U.S. Strategic Equity Portfolio
For the six months ended June 30, 2012, the Lazard Retirement U.S. Strategic Equity Portfolio’s Service Shares posted a total return of 5.18%, as compared with the 9.49% return for the S&P 500^® Index.

A lack of exposure to utilities contributed to performance, as the sector was one of the worst performers over the last six months. Stock selection and an underweight position in the energy sector also helped returns. Shares of Marathon Petroleum rose after the company reported earnings which exceeded expectations. During the first six months of this year, the company also nearly completed an $850 million accelerated share buyback, part of a recently announced $2 billion share repurchase program.

In contrast, stock selection in the information technology sector detracted from performance. Although a strong contributor to absolute performance, the Portfolio’s underweight position in Apple relative to the index detracted from relative returns, as the company rose due to strong quarterly earnings. Stock selection and an overweight position in the materials sector also hurt returns. Shares of Newmont Mining, which we exited during the period, declined roughly in line with other gold stocks, which weakened as the U.S. dollar strengthened.

Lazard Retirement U.S. Small-Mid Cap Equity Portfolio
For the six months ended June 30, 2012, the Lazard Retire-

ment U.S. Small-Mid Cap Equity Portfolio’s Service Shares posted a total return of 6.80%, as compared with the 8.31% return for the Russell 2500^® Index.

For the six-month period, stock selection in the consumer discretionary and energy sectors detracted from performance, while stock selection in the financials and industrials sectors helped returns.

Performance in the consumer discretionary sector was hurt by Modine Manufacturing, a manufacturer of heat-transfer and heat-storage technology products for the automotive market. Shares of the company declined after it reduced its full-year earnings target during the period amid slowing sales in Europe. Tempur-Pedic International, a mattress manufacturer, also detracted from returns due to lower-than-anticipated earnings guidance. We exited the position in Tempur-Pedic during the period. Vera Bradley, a producer and retailer of fashion accessories for women, detracted from returns in the sector as well. Investors were skeptical that the company would be able to meet its earnings projections following a weak 2011 earnings announcement.

The main detractor in the energy sector was Rosetta Resources, an oil and gas exploration and production company. Shares of the company declined following a disappointing earnings announcement, which was due mainly to lower oil and natural gas prices. GulfMark Offshore, a provider of marine support services to the energy industry, also hurt returns in the sector after a weaker-than-expected earnings announcement.

Kilroy Realty, an office and industrial property real estate investment trust (“REIT”), outperformed in the financials sector. Investors were optimistic for the company’s growth prospects due to well-timed property acquisitions. Another REIT position, Extra Space Storage, also added to performance in the sector. Shares of Wintrust Financial, a provider of community-based banking services, rose following a much better-than-forecast earnings announcement.

In the industrials sector, Regal-Beloit, a manufacturer of solutions to control motion, torque, and electrical products, added to performance after providing better-than-expected earnings guidance early in the period. Timken, a manufacturer of roller and ball bearings, also added to returns in the sector. Shares of the company rose after it announced

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stronger-than-expected earnings and raised its full-year guidance. We exited the position in Timken during the period as it reached our valuation expectations.

Lazard Retirement International Equity Portfolio
For the six months ended June 30, 2012, the Lazard Retirement International Equity Portfolio’s Service Shares posted a total return of 5.79%, as compared with the 2.96% return of the MSCI Europe, Australasia and Far East (EAFE^®) Index.

The Portfolio’s outperformance over the last six months was primarily due to stock selection. In the materials sector, stock selection was led by positions in Rexam, James Hardie Industries, and Xstrata. U.K. beverage can producer Rexam performed well as the company reported a robust pricing environment in Europe and faster-than-expected volume growth in the United States. Australian building materials company James Hardie benefited the Portfolio after reporting favorable results, while U.K. mining company Xstrata had a positive impact on performance due to anticipation of a potential merger with Glencore (Xstrata was sold during the period). Stock selection in the information technology sector also benefited the Portfolio, led by a position in Spanish travel information systems provider Amadeus, which performed well due to strong results, including market share gains. Emerging market positioning benefited the Portfolio as Brazilian credit card payment processor Cielo continued to perform well. In addition, South Korean electronics producer Samsung had a positive impact on performance following strong smartphone sales. Stock selection in emerging markets was also additive, led by the aforementioned Cielo and Samsung, as well as a position in South Africa’s Mr. Price Group, which we exited during the period.

In contrast, the Portfolio was negatively affected by stock selection in the consumer discretionary sector as a position in Yamada Denki weighed on returns after strong performance in 2011.We eliminated our position in this stock during the period. Stock selection in the health care sector also detracted from relative returns as Switzerland’s Novartis underperformed, due to increased competition from generics following the company’s loss of patent protection for its high blood pressure drug Diovan. Germany’s Merck also underperformed following a decline in first-quarter profits. Stock selection in the financials sector slightly detracted from relative returns. Positions in Swiss financial services firms Credit Suisse Group and Julius Baer had a negative

impact on performance due to renewed concerns over the European debt crisis. We exited positions in both of these stocks during the period. Meanwhile, Brazil’s Banco do Brasil also detracted from relative returns, as the bank underperformed amid concerns over the Brazilian government’s focus on lowering interest rates.

We would also like to note that, during the second quarter of 2012, the Lazard Retirement International Equity Portfolio changed the maximum allocation to emerging market securities from 30% to 15%.

Lazard Retirement Emerging Markets Equity Portfolio
For the six months ended June 30, 2012, the Lazard Retirement Emerging Markets Equity Portfolio’s Service Shares posted a total return of 8.02%, while Investor Shares posted a total return of 8.15%, as compared with the 3.93% return for the EM Index.

Stock selection within Brazil helped performance, as shares of Cielo, a Brazilian credit card processor, re-rated due to better-than-expected fourth-quarter results, as well as Itau’s tender offer to the minority shareholders of Cielo’s competitor, Redecard. Companhia Energetica de Minas Gerais (CEMIG), a Brazilian electric utility, also performed well due to strong results and speculation that the company would negotiate a settlement with Minas Gerais regarding the debt the state owed to the company. Turkiye Is Bankasi, a Turkish bank, rebounded from prior weakness due to reduced concerns over a market regulator’s potential investigation into claims of opposition party influence on Isbank’s policies, and amid positive economic data in Turkey. Additionally, stock selection in the telecom services sector also added to relative returns.

In contrast, stock selection in the energy sector detracted from performance, as shares of YPF, an Argentine energy company, were weak after the government announced its plans to expropriate the company from its majority owner, Repsol. Banco do Brasil, a Brazilian bank, performed poorly amid market concerns that the government would pressure banks to lower domestic interest rates. Shares of HTC, a Taiwanese manufacturer of smartphones, fell due to weak first-quarter results and concerns about new products from competitors.

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Lazard Retirement Multi-Asset Targeted Volatility Portfolio
For the period from April 30, 2012 (the Portfolio’s inception) through June 30, 2012, the Lazard Retirement Multi-Asset Targeted Volatility Portfolio’s Service Shares posted a total return of 0.20%, as compared with the -2.18% return of its benchmark, which is a 50/50 blend of the MSCI World^® Index and the Barclays Capital Global Aggregate Bond^® Index.

The Portfolio’s assets are allocated among various of Lazard Asset Management LLC’s, the Fund’s investment manager (the “Investment Manager”), domestic and foreign equity and fixed-income strategies utilizing qualitative and quantitative analysis. The Investment Manager considers broad economic contexts pertinent to allocation decisions among the strategies.

Changes made to the weighting of these economic contexts during the period reflected a consideration of many factors. These included Eurozone sovereign debt concerns; global macro data readings (particularly of the Purchasing Man-

agers’ Index, a measure of economic activity, in China, the United States, and the Eurozone); and monetary policy in the United States and the emerging markets.

For the period from April 30, 2012 through June 30, 2012, the Portfolio benefited from stock selection in the industrials and consumer discretionary sectors, an overweight position and stock selection in the consumer staples sector, and stock selection in the United States and Japan. Within fixed income, overweight positions in Australia, New Zealand, and the United Kingdom, underweight positions in Italy and Spain, an underweight allocation to financial corporate bonds, and an overweight in sovereign external debt all helped returns. By contrast, stock selection in the health care and telecom services sectors, an underweight exposure to U.S. equities, and an overweight exposure to Canadian equities detracted from performance. Underweight duration in the United States and Europe and an underweight position in Japanese bonds, along with a modest underweight position in yen, also weighed on returns.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolios may have been waived or reimbursed by the Investment Manager, State Street Bank and Trust Company, the Fund’s Administrator (“State Street”), or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, the Portfolios’ 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. Past performance is not indicative, or a guarantee, of future results.

The performance data of the indices and other market data have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. These indices are unmanaged, have no fees or costs and are not available for investment.

The views of the Investment Manager and the securities described in this report are as of June 30, 2012; these views and portfolio holdings may have changed subsequent to this date. Nothing herein should be construed as a recommendation to buy, sell, or hold a particular security. There is no assurance that the securities discussed herein will remain in each Portfolio at the time you receive this report, or that securities sold will not have been repurchased. The specific securities discussed may, in aggregate, represent only a small percentage of each Portfolio’s holdings. It should not be assumed that securities identified and discussed were, or will be, profitable, or that the investment decisions made in the future will be profitable, or equal the investment performance of the securities discussed herein.

The views and opinions expressed are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendations for, any person. There can be no guarantee as to the accuracy of the outlooks for markets, sectors and securities as discussed herein. You should read the Fund’s prospectus or each Portfolio’s summary prospectus for a more detailed discussion of each Portfolio’s investment objective, strategies, risks and fees.

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   Lazard Retirement Series, Inc. Performance Overviews (unaudited)

Lazard Retirement U.S. Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement U.S. Strategic Equity Portfolio and S&P 500^® Index*

Average Annual Total Returns* Periods Ended June 30, 2012
	One Year		Five Years		Ten Years
Service Shares		1.60%		-1.56%		4.22%
S&P 500 Index		5.45%		0.22%		5.33%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; 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.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The S&P 500 Index is a market capitalization-weighted index of 500 common stocks, designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks, which represent all major industries. The index is unmanaged, has no fees or costs and is not available for investment.
	Before May 1, 2007, the Portfolio was known as Lazard Retirement Equity Portfolio and had a different investment strategy.

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Lazard Retirement U.S. Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement U.S. Small-Mid Cap Equity Portfolio, Russell 2500^® Index and Russell 2000/2500 Linked Index*

Average Annual Total Returns* Periods Ended June 30, 2012
	One Year		Five Years		Ten Years
Service Shares		-8.13%		0.48%		5.70%
Russell 2500 Index		-2.29%		1.18%		8.01%
Russell 2000/2500 Linked Index		-2.29%		1.12%		7.31%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; 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.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.
	The Portfolio was previously known as Lazard Retirement U.S. Small Cap Equity Portfolio. As of June 1, 2009, the Portfolio changed its name to Lazard U.S. Small-Mid Cap Equity Portfolio and changed its investment strategy to invest in equity securities of small-mid cap U.S. companies.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Russell 2500 Index is comprised of the 2,500 smallest U.S. companies included in the Russell 3000® Index (which consists of the 3,000 largest U.S. companies by capitalization). The Russell 2000/2500 Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the Russell 2000® Index for all periods through May 31, 2009 and the Russell 2500 Index for all periods thereafter. The Russell 2000 Index is comprised of the 2,000 smallest U.S. companies included in the Russell 3000 Index. The indices are unmanaged, have no fees or costs and are not available for investment.

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Lazard Retirement International Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement International Equity Portfolio and MSCI EAFE^® Index*

Average Annual Total Returns* Periods Ended June 30, 2012
	One Year		Five Years		Ten Years
Service Shares		-7.82%		-3.67%		4.60%
MSCI EAFE Index		-13.83%		-6.10%		5.14%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; 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.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The MSCI EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. The index is unmanaged, has no fees or costs and is not available for investment.

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Lazard Retirement Emerging Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Emerging Markets Equity Portfolio and the EM Index*

Average Annual Total Returns*
Periods Ended June 30, 2012
	Service Shares						Investor Shares
	One Year		Five Years		Ten Years		One Year		Five Years		Since Inception†
Retirement Emerging Markets Equity Portfolio**		-10.97%		1.40%		15.74%		-10.74%		1.67%		5.80%
EM Index		-15.95%		-0.09%		14.08%		-15.95%		-0.09%		3.90%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; 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.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Service Shares may be greater than or less than the performance of Investor Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for Investor Shares was May 1, 2006.

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   Lazard Retirement Series, Inc. Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Service Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from January 1, 2012 through June 30, 2012 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each Share class of the Portfolios, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of the other funds.

Please note that you also bear fees and charges imposed by participating insurance companies at the separate account level, which are described in the separate prospectuses issued by the insurance companies. Such charges will have the effect of reducing account value.

	Beginning Account Value			Ending Account Value			Expenses Paid During Period*			Annualized Expense Ratio During Period
Portfolio	1/1/12			6/30/12			1/1/12 - 6/30/12			1/1/12 - 6/30/12
Retirement U.S. Strategic Equity Portfolio
Service Shares
Actual		$	1,000.00		$	1,051.80		$	5.10	1.00	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.89		$	5.02	1.00	%
Retirement U.S. Small-Mid Cap Equity Portfolio
Service Shares
Actual		$	1,000.00		$	1,068.00		$	5.82	1.13	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.23		$	5.68	1.13	%
Retirement International Equity Portfolio
Service Shares
Actual		$	1,000.00		$	1,057.90		$	5.60	1.10	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.42		$	5.50	1.10	%
Retirement Emerging Markets Equity Portfolio
Service Shares
Actual		$	1,000.00		$	1,080.20		$	7.14	1.38	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.00		$	6.92	1.38	%
Investor Shares
Actual		$	1,000.00		$	1,081.50		$	5.86	1.13	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.23		$	5.69	1.13	%
Retirement Multi-Asset Targeted Volatility Portfolio**
Service Shares
Actual		$	1,000.00		$	1,002.00		$	1.75	1.05	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,006.58		$	1.76	1.05	%

*	Expenses are equal to the annualized expense ratio of each Share class multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
**	Retirement Multi-Asset Targeted Volatility Portfolio commenced investment operations on April 30, 2012.

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   Lazard Retirement Series, Inc. Portfolio Holdings Presented by Sector June 30, 2012 (unaudited)

Sector*	Lazard Retirement U.S. Strategic Equity Portfolio			Lazard Retirement U.S. Small-Mid Cap Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement Emerging Markets Equity Portfolio
Consumer Discretionary		15.3	%		14.4	%		10.3	%		6.2	%
Consumer Staples		14.8			4.3			10.8			13.7
Energy		9.9			2.9			8.5			5.3
Financials		10.9			21.5			17.9			23.4
Health Care		16.5			9.7			12.9			—
Industrials		9.1			14.7			11.6			7.9
Information Technology		19.0			20.0			7.9			17.6
Materials		3.0			6.8			9.5			10.9
Telecommunication Services		—			—			4.3			12.2
Utilities		—			4.2			1.4			1.3
Short-Term Investments		1.5			1.5			4.9			1.5
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
Sector*	Lazard Retirement Multi-Asset Targeted Volatility Portfolio
Consumer Discretionary		6.3	%
Consumer Staples		8.8
Energy		6.6
Financials		16.9
Health Care		8.5
Industrials		4.8
Information Technology		6.5
Materials		3.4
Telecommunication Services		4.3
Utilities		5.2
Sovereign Debt		23.0
Short-Term Investment		5.7
Total Investments		100.0	%

* Represents percentage of total investments.

Semi-Annual Report 11

Lazard Retirement Series, Inc. Portfolios of Investments June 30, 2012 (unaudited)

Description	Shares		Value
Lazard Retirement U.S. Strategic Equity Portfolio
Common Stocks | 96.8%
Aerospace & Defense | 3.4%
Raytheon Co.		2,065	$	116,858
The Boeing Co.		1,315		97,705
				214,563
Agriculture | 1.2%
The Mosaic Co.		1,380		75,569
Alcohol & Tobacco | 2.1%
Molson Coors Brewing Co., Class B		3,105		129,199
Automotive | 1.4%
Lear Corp.		2,380		89,797
Banking | 2.0%
Wells Fargo & Co.		3,760		125,734
Cable Television | 5.3%
Comcast Corp., Class A		10,510		330,014
Chemicals | 1.4%
E.l. du Pont de Nemours & Co.		1,685		85,210
Commercial Services | 1.0%
Corrections Corp. of America		2,050		60,373
Computer Software | 1.1%
Oracle Corp.		2,425		72,023
Consumer Products | 3.0%
Energizer Holdings, Inc.		1,445		108,736
Newell Rubbermaid, Inc.		4,220		76,551
				185,287
Energy Exploration & Production | 1.7%
Devon Energy Corp.		1,790		103,802
Energy Integrated | 7.8%
Chevron Corp.		1,545		162,998
ConocoPhillips		2,225		124,333
Consol Energy, Inc.		2,840		85,882
Marathon Petroleum Corp.		1,870		84,000
Walter Energy, Inc.		645		28,483
				485,696

Description	Shares		Value
Energy Services | 0.8%
Halliburton Co.		1,835	$	52,096
Financial Services | 6.3%
American Express Co.		1,485		86,442
Ameriprise Financial, Inc.		1,775		92,761
Capital One Financial Corp.		890		48,647
Citigroup, Inc.		4,375		119,919
Janus Capital Group, Inc.		5,635		44,066
				391,835
Food & Beverages | 2.6%
Ralcorp Holdings, Inc. (a)		1,030		68,742
Sysco Corp.		3,145		93,753
				162,495
Health Services | 1.0%
Quest Diagnostics, Inc.		1,070		64,093
Insurance | 2.5%
Prudential Financial, Inc.		1,515		73,371
The Travelers Cos., Inc.		1,325		84,588
				157,959
Leisure & Entertainment | 2.0%
Viacom, Inc., Class B		2,640		124,133
Manufacturing | 4.6%
Caterpillar, Inc.		630		53,493
Honeywell International, Inc.		1,520		84,877
Parker Hannifin Corp.		1,090		83,799
Tyco International, Ltd.		1,200		63,420
				285,589
Medical Products | 6.2%
Baxter International, Inc.		2,190		116,399
CareFusion Corp. (a)		3,675		94,374
McKesson Corp.		1,275		119,531
Medtronic, Inc.		1,495		57,901
				388,205
Pharmaceutical & Biotechnology | 9.1%
Amgen, Inc.		825		60,258
Gilead Sciences, Inc. (a)		1,710		87,689
Johnson & Johnson		955		64,520
Merck & Co., Inc.		1,704		71,142
Pfizer, Inc.		12,415		285,545
				569,154

The accompanying notes are an integral part of these financial statements.

12 Semi-Annual Report

Description	Shares		Value
Lazard Retirement U.S. Strategic Equity Portfolio (concluded)
Retail | 12.7%
American Eagle Outfitters, Inc.		3,200	$	63,136
AutoZone, Inc. (a)		202		74,168
CVS Caremark Corp.		4,375		204,444
Lowe’s Cos., Inc.		2,540		72,238
Macy’s, Inc.		1,990		68,356
Wal-Mart Stores, Inc.		4,435		309,208
				791,550
Semiconductors & Components | 3.0%
Intel Corp.		4,120		109,798
Texas Instruments, Inc.		2,800		80,332
				190,130
Technology | 2.7%
eBay, Inc. (a)		1,620		68,056
Google, Inc., Class A (a)		175		101,512
				169,568
Technology Hardware | 11.9%
Apple, Inc.		254		148,336
Cisco Systems, Inc.		14,975		257,121
EMC Corp. (a)		3,725		95,472
International Business Machines Corp.		635		124,193
Lexmark International, Inc., Class A		1,245		33,092
Qualcomm, Inc.		1,490		82,963
				741,177
Total Common Stocks
(Identified cost $5,465,468)				6,045,251

Description	Shares		Value
Preferred Stock | 0.8%
Automotive | 0.8%
Better Place, Inc., Series B
(Identified cost $31,701) (a), (c)		12,681	$	51,231
Short-Term Investment | 1.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $91,770)		91,770		91,770
Total Investments | 99.1%
(Identified cost $5,588,939) (b)			$	6,188,252
Cash and Other Assets in
Excess of Liabilities | 0.9%				54,749
Net Assets | 100.0%			$	6,243,001

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 13

Description	Shares		Value
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio
Common Stocks | 94.7%
Automotive | 1.7%
Modine Manufacturing Co. (a)		241,370	$	1,672,694
Tenneco, Inc. (a)		49,450		1,326,249
				2,998,943
Banking | 7.4%
Associated Banc-Corp		189,800		2,503,462
East West Bancorp, Inc.		111,800		2,622,828
PacWest Bancorp		88,850		2,103,080
Signature Bank (a)		53,000		3,231,410
Wintrust Financial Corp.		73,180		2,597,890
				13,058,670
Chemicals | 1.7%
Cytec Industries, Inc.		32,100		1,882,344
Rockwood Holdings, Inc.		26,530		1,176,606
				3,058,950
Commercial Services | 2.4%
American Reprographics Co. (a)		198,000		995,940
Team, Inc. (a)		54,000		1,683,720
Vantiv, Inc., Class A		62,000		1,443,980
				4,123,640
Computer Software | 6.5%
Autodesk, Inc. (a)		64,700		2,263,853
BMC Software, Inc. (a)		58,300		2,488,244
Compuware Corp. (a)		243,100		2,258,399
j2 Global, Inc.		78,300		2,068,686
Red Hat, Inc. (a)		40,850		2,307,208
				11,386,390
Construction & Engineering | 2.5%
MasTec, Inc. (a)		131,600		1,979,264
Quanta Services, Inc. (a)		99,800		2,402,186
				4,381,450
Consumer Products | 5.8%
Central Garden & Pet Co., Class A (a)		274,362		2,987,802
Energizer Holdings, Inc.		30,700		2,310,175
Matthews International Corp., Class A		54,180		1,760,308
Newell Rubbermaid, Inc.		107,300		1,946,422
The Middleby Corp. (a)		12,600		1,255,086
				10,259,793
Diversified | 1.1%
SPX Corp.		29,800		1,946,536

Description	Shares		Value
Energy Exploration & Production | 0.9%
Bill Barrett Corp. (a)		1,470	$	31,487
Rosetta Resources, Inc. (a)		43,700		1,601,168
				1,632,655
Energy Integrated | 0.7%
Walter Energy, Inc.		27,600		1,218,816
Energy Services | 1.9%
GulfMark Offshore, Inc., Class A (a)		29,700		1,010,988
Rowan Cos. PLC (a)		71,700		2,318,061
				3,329,049
Food & Beverages | 1.1%
Ralcorp Holdings, Inc. (a)		29,800		1,988,852
Forest & Paper Products | 2.1%
Rock-Tenn Co., Class A		25,600		1,396,480
Schweitzer-Mauduit International, Inc.		33,200		2,262,248
				3,658,728
Gas Utilities | 2.9%
New Jersey Resources Corp.		62,300		2,716,903
Northwest Natural Gas Co.		51,300		2,441,880
				5,158,783
Health Services | 2.2%
AMERIGROUP Corp. (a)		14,500		955,695
VCA Antech, Inc. (a)		131,200		2,883,776
				3,839,471
Housing | 0.7%
Owens Corning, Inc. (a)		44,200		1,261,468
Insurance | 3.1%
Arch Capital Group, Ltd. (a)		67,000		2,659,230
Validus Holdings, Ltd.		86,800		2,780,204
				5,439,434
Leisure & Entertainment | 2.5%
Bally Technologies, Inc. (a)		43,000		2,006,380
Texas Roadhouse, Inc.		130,610		2,407,142
				4,413,522
Manufacturing | 7.9%
BE Aerospace, Inc. (a)		56,200		2,453,692
Carpenter Technology Corp.		44,600		2,133,664
FLIR Systems, Inc.		122,540		2,389,530
Harsco Corp.		86,300		1,758,794
Regal-Beloit Corp.		43,750		2,723,875
TriMas Corp. (a)		124,700		2,506,470
				13,966,025

The accompanying notes are an integral part of these financial statements.

14 Semi-Annual Report

Description	Shares		Value
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio (concluded)
Medical Products | 4.4%
CareFusion Corp. (a)		89,400	$	2,295,792
Haemonetics Corp. (a)		43,340		3,211,927
Henry Schein, Inc. (a)		28,200		2,213,418
				7,721,137
Metals & Mining | 0.9%
US Silica Holdings, Inc.		141,900		1,597,794
Pharmaceutical & Biotechnology | 2.9%
Medicis Pharmaceutical Corp., Class A		86,300		2,947,145
Vertex Pharmaceuticals, Inc. (a)		37,635		2,104,549
				5,051,694
Real Estate | 10.4%
CBRE Group, Inc., Class A (a)		156,900		2,566,884
Essex Property Trust, Inc. REIT		19,100		2,939,872
Extra Space Storage, Inc. REIT		104,200		3,188,520
Kilroy Realty Corp. REIT		43,450		2,103,415
LaSalle Hotel Properties REIT		50,700		1,477,398
PS Business Parks, Inc. REIT		45,100		3,054,172
The Macerich Co. REIT		51,322		3,030,564
				18,360,825
Retail | 6.8%
American Eagle Outfitters, Inc.		129,020		2,545,565
ANN, Inc. (a)		106,000		2,701,940
Brown Shoe Co., Inc.		204,500		2,640,095
Iconix Brand Group, Inc. (a)		137,820		2,407,715
Vera Bradley, Inc. (a)		82,000		1,728,560
				12,023,875
Semiconductors & Components | 4.2%
Microsemi Corp. (a)		94,500		1,747,305
ON Semiconductor Corp. (a)		356,600		2,531,860
Xilinx, Inc.		93,000		3,122,010
				7,401,175
Technology | 2.8%
NetScout Systems, Inc. (a)		141,200		3,048,508
SS&C Technologies Holdings, Inc. (a)		74,600		1,865,000
				4,913,508

Description	Shares		Value
Technology Hardware | 2.7%
Lexmark International, Inc., Class A		57,400	$	1,525,692
NCR Corp. (a)		85,800		1,950,234
Polycom, Inc. (a)		116,200		1,222,424
				4,698,350
Transportation | 3.4%
Alaska Air Group, Inc. (a)		54,800		1,967,320
Echo Global Logistics, Inc. (a)		97,560		1,859,494
Hub Group, Inc., Class A (a)		57,900		2,095,980
				5,922,794
Water | 1.1%
California Water Service Group		107,200		1,979,984
Total Common Stocks
(Identified cost $157,731,023)				166,792,311
Preferred Stock | 0.8%
Automotive | 0.8%
Better Place, Inc., Series B
(Identified cost $864,900) (a), (c)		345,960		1,397,678
Short-Term Investment | 1.4%
State Street Institutional Treasury
Money Market Fund
(Identified cost $2,533,414)		2,533,414		2,533,414
Total Investments | 96.9%
(Identified cost $161,129,337) (b)			$	170,723,403
Cash and Other Assets in
Excess of Liabilities | 3.1%				5,541,791
Net Assets | 100.0%			$	176,265,194

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 15

Description	Shares		Value
Lazard Retirement International Equity Portfolio
Common Stocks | 95.0%
Australia | 6.3%
James Hardie Industries SE		1,014,750	$	8,311,595
Orica, Ltd.		273,476		6,960,794
QBE Insurance Group, Ltd.		343,560		4,736,722
Telstra Corp., Ltd.		3,656,500		13,855,813
				33,864,924
Belgium | 3.5%
Anheuser-Busch InBev NV		245,050		19,050,858
Brazil | 1.8%
Banco do Brasil SA		434,442		4,224,373
Cielo SA		185,727		5,463,157
				9,687,530
Canada | 2.3%
Potash Corp. of Saskatchewan, Inc.		176,870		7,730,788
Rogers Communications, Inc., Class B		132,400		4,800,004
				12,530,792
China | 0.7%
Weichai Power Co., Ltd., Class H		901,000		3,603,461
Denmark | 1.1%
AP Moeller - Maersk A/S Class B		882		5,804,327
Finland | 1.2%
Sampo Oyj, A Shares		246,770		6,414,695
France | 10.8%
AXA SA		366,919		4,910,920
BNP Paribas SA		204,890		7,909,528
Cie Generale de Geophysique - Veritas (a)		183,720		4,746,910
Danone SA		69,970		4,343,902
Sanofi SA		201,280		15,263,274
Technip SA		52,700		5,499,509
Total SA		197,272		8,902,715
Valeo SA		167,300		6,932,021
				58,508,779

Description	Shares		Value
Germany | 8.3%
Bayer AG		148,725	$	10,724,355
Bayerische Motoren Werke AG		62,060		4,496,737
Merck KGaA		100,000		9,979,184
RWE AG		189,098		7,730,122
SAP AG		141,090		8,331,860
ThyssenKrupp AG		230,044		3,747,719
				45,009,977
Indonesia | 0.9%
PT Bank Mandiri (Persero) Tbk ADR		595,800		4,694,904
Ireland | 0.8%
Ryanair Holdings PLC Sponsored ADR (a)		140,772		4,279,469
Italy | 0.8%
Atlantia SpA		359,349		4,589,665
Japan | 13.9%
Asics Corp.		447,360		5,683,925
Canon, Inc.		183,100		7,331,830
Daito Trust Construction Co., Ltd.		104,900		9,950,939
Don Quijote Co., Ltd.		247,800		8,525,090
Fanuc Corp.		28,200		4,633,182
JS Group Corp.		430,500		9,107,425
Komatsu, Ltd.		310,000		7,430,069
Mitsubishi Corp.		273,600		5,524,968
Sumitomo Mitsui Financial Group, Inc.		350,300		11,556,002
Yahoo Japan Corp.		16,366		5,296,480
				75,039,910
Mexico | 0.2%
Genomma Lab Internacional SAB de CV (a)		495,600		981,503
Netherlands | 1.6%
ING Groep NV (a)		1,277,886		8,621,675
New Zealand | 0.8%
Telecom Corp. of New Zealand, Ltd.		2,300,900		4,418,473
Russia | 1.5%
Sberbank of Russia (d)		2,978,280		7,944,532

The accompanying notes are an integral part of these financial statements.

16 Semi-Annual Report

Description	Shares		Value
Lazard Retirement International Equity Portfolio (concluded)
South Korea | 2.9%
Duksan Hi-Metal Co., Ltd. (a)		117,260	$	2,526,418
Hyundai Mobis		27,363		6,623,906
Samsung Electronics Co., Ltd. GDR		11,484		6,162,275
				15,312,599
Spain | 2.5%
Amadeus IT Holding SA, A Shares		367,800		7,788,936
Mediaset Espana Comunicacion SA		1,157,033		5,634,876
				13,423,812
Sweden | 3.9%
Assa Abloy AB, Class B		262,600		7,343,075
Sandvik AB		565,370		7,278,714
Swedbank AB, A Shares		390,140		6,169,564
				20,791,353
Switzerland | 3.5%
Novartis AG		343,650		19,168,778
Turkey | 0.5%
Koc Holding AS		744,135		2,843,173
United Kingdom | 25.2%
BG Group PLC		304,500		6,232,455
BHP Billiton PLC		414,020		11,822,940
British American Tobacco PLC		240,140		12,222,724
British Sky Broadcasting Group PLC		673,250		7,347,896
GlaxoSmithKline PLC		588,810		13,351,766
Informa PLC		1,723,897		10,308,046
Petrofac, Ltd.		202,690		4,431,129
Prudential PLC		863,600		10,006,001
Rexam PLC		1,931,860		12,780,178
Royal Dutch Shell PLC, A Shares		474,590		15,987,165
Standard Chartered PLC		423,020		9,222,192
Unilever PLC		490,300		16,478,576
Wm Morrison Supermarkets PLC		1,452,000		6,059,933
				136,251,001
Total Common Stocks
(Identified cost $493,349,652)				512,836,190

Description	Shares		Value
Short-Term Investment | 4.9%
State Street Institutional Treasury Money Market Fund (Identified cost $26,483,638)		26,483,638	$	26,483,638
Total Investments | 99.9%
(Identified cost $519,833,290) (b)			$	539,319,828
Cash and Other Assets in
Excess of Liabilities | 0.1%				647,250
Net Assets | 100.0%			$	539,967,078

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 17

Description	Shares		Value
Lazard Retirement Emerging Markets Equity Portfolio
Common Stocks | 95.9%
Argentina | 0.5%
YPF Sociedad Anonima Sponsored ADR		343,334	$	4,240,175
Brazil | 16.3%
Banco do Brasil SA		2,496,266		24,272,878
CCR SA		1,196,600		9,728,891
Cielo SA		1,012,184		29,773,378
Companhia Siderurgica Nacional SA
Sponsored ADR		1,247,600		7,073,892
Natura Cosmeticos SA		621,700		14,548,120
Redecard SA		1,816,257		29,705,772
Souza Cruz SA		786,855		11,549,159
Vale SA Sponsored ADR		1,167,200		23,168,920
				149,821,010
Canada | 0.7%
First Quantum Minerals, Ltd.		366,000		6,470,877
China | 3.9%
China Construction Bank Corp., Class H		28,416,390		19,592,359
CNOOC, Ltd.		984,000		1,985,013
NetEase, Inc. Sponsored ADR (a)		146,700		8,633,295
Weichai Power Co., Ltd., Class H		1,467,000		5,867,122
				36,077,789
Colombia | 0.0%
Pacific Rubiales Energy Corp.		16,300		345,180
Egypt | 2.4%
Commercial International Bank Egypt SAE		2,174,236		9,329,524
Eastern Tobacco SAE		141,615		1,869,968
Orascom Construction Industries		270,489		11,295,488
				22,494,980
France | 0.8%
CFAO SA		155,159		7,352,492
Hong Kong | 2.5%
China Mobile, Ltd. Sponsored ADR		289,449		15,824,177
Huabao International Holdings, Ltd.		14,076,000		6,928,382
				22,752,559

Description	Shares		Value
Hungary | 1.3%
OTP Bank PLC		731,892	$	11,644,285
India | 5.4%
Bank of India		1,036,981		6,482,299
Bharat Heavy Electricals, Ltd.		2,109,929		8,839,060
Infosys, Ltd. Sponsored ADR		101,200		4,560,072
Jindal Steel & Power, Ltd.		881,617		7,447,947
Punjab National Bank, Ltd.		869,140		12,682,587
Tata Consultancy Services, Ltd.		421,888		9,708,862
				49,720,827
Indonesia | 5.9%
PT Bank Mandiri (Persero) Tbk		17,726,429		13,721,197
PT Perusahaan Gas Negara (Persero) Tbk		9,845,500		3,718,929
PT Semen Gresik (Persero) Tbk		5,368,400		6,483,689
PT Tambang Batubara Bukit Asam Tbk		2,230,500		3,524,484
PT Telekomunikasi Indonesia (Persero)
Tbk Sponsored ADR		592,700		20,643,741
PT United Tractors Tbk		2,779,040		6,397,784
				54,489,824
Malaysia | 0.8%
British American Tobacco Malaysia Berhad		392,100		6,941,174
Mexico | 5.0%
America Movil SAB de CV ADR, Series L		539,200		14,051,552
Desarrolladora Homex SAB de CV ADR (a)		2,790		42,966
Grupo Mexico SAB de CV, Series B		5,467,497		16,251,209
Grupo Televisa SA Sponsored ADR		429,600		9,227,808
Kimberly-Clark de Mexico SAB de CV, Series A		3,357,300		6,576,329
				46,149,864
Pakistan | 1.2%
Oil & Gas Development Co., Ltd.		3,098,500		5,269,624
Pakistan Petroleum, Ltd.		3,042,868		6,036,159
				11,305,783
Philippines | 2.2%
Philippine Long Distance Telephone Co. Sponsored ADR		322,000		20,479,200

The accompanying notes are an integral part of these financial statements.

18 Semi-Annual Report

Description	Shares		Value
Lazard Retirement Emerging Markets Equity Portfolio (concluded)
Russia | 8.5%
Gazprom OAO Sponsored ADR		1,059,597	$	10,030,268
Lukoil OAO Sponsored ADR		125,778		7,031,211
Magnit OJSC Sponsored GDR (d), (e)		263,675		7,931,344
Mobile TeleSystems OJSC Sponsored ADR		977,100		16,806,120
Oriflame Cosmetics SA SDR		164,685		5,511,220
Sberbank of Russia (d)		6,179,665		16,484,195
TNK-BP Holding (d)		2,329,808		5,383,133
Uralkali OJSC Sponsored GDR		223,319		8,615,425
				77,792,916
South Africa | 11.8%
Bidvest Group, Ltd.		618,860		13,829,071
Massmart Holdings, Ltd.		110,885		2,295,997
Murray & Roberts Holdings, Ltd. (a)		2,213,631		6,692,333
Nedbank Group, Ltd.		465,551		9,925,419
Pretoria Portland Cement Co., Ltd.		2,027,975		6,656,573
Sanlam, Ltd.		1,970,636		8,644,775
Shoprite Holdings, Ltd.		1,068,145		19,736,165
Standard Bank Group, Ltd.		580,130		7,870,168
Tiger Brands, Ltd.		292,639		8,790,289
Truworths International, Ltd.		1,122,629		12,312,641
Vodacom Group, Ltd.		615,154		7,013,963
Woolworths Holdings, Ltd.		668,848		4,119,949
				107,887,343
South Korea | 13.8%
Hite Jinro Co., Ltd.		106,147		2,008,224
Hyundai Mobis		55,774		13,501,507
KB Financial Group, Inc.		380,240		12,385,043
Korea Life Insurance Co., Ltd.		1,960,642		11,015,594
KT&G Corp.		284,845		20,202,569
NHN Corp.		61,503		13,487,661
Samsung Electronics Co., Ltd.		22,295		23,637,670
Shinhan Financial Group Co., Ltd.		601,491		20,934,756
Woongjin Coway Co., Ltd.		311,716		9,715,038
				126,888,062
Taiwan | 4.5%
Hon Hai Precision Industry Co., Ltd.		2,731,154		8,235,388
HTC Corp.		784,404		10,313,549
MediaTek, Inc.		721,675		6,687,967
Taiwan Semiconductor Manufacturing Co., Ltd.		5,807,642		15,896,297
				41,133,201

Description	Shares		Value
Thailand | 2.2%
Banpu Public Co. Ltd.		117,350	$	1,640,535
CP All Public Co. Ltd. (d)		5,826,400		6,512,507
PTT Exploration & Production Public Co. Ltd. (d)		607,300		3,212,418
The Siam Cement Public Co. Ltd.		748,400		8,562,189
				19,927,649
Turkey | 6.0%
Akbank TAS		2,672,908		9,814,264
Koc Holding AS		2,594,115		9,911,532
Turkcell Iletisim Hizmetleri AS (a)		3,223,077		16,286,966
Turkiye Is Bankasi AS, C Shares		6,996,751		18,656,197
				54,668,959
United Kingdom | 0.2%
Anglo American PLC		56,180		1,876,463
Total Common Stocks
(Identified cost $908,978,737)				880,460,612
Preferred Stocks | 2.0%
Brazil | 2.0%
CEMIG SA Sponsored ADR		423,837		7,807,078
Companhia de Bebidas das Americas SA Sponsored ADR		277,000		10,617,410
Total Preferred Stocks
(Identified cost $13,589,007)				18,424,488
Short-Term Investment | 1.5%
State Street Institutional Treasury Money Market Fund (Identified cost $13,575,418)		13,575,418		13,575,418
Total Investments | 99.4%
(Identified cost $936,143,162) (b)			$	912,460,518
Cash and Other Assets in
Excess of Liabilities | 0.6%				5,684,622
Net Assets | 100.0%			$	918,145,140

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 19

Description	Shares		Value
Lazard Retirement Multi-Asset Targeted Volatility Portfolio
Common Stocks | 51.8%
Australia | 3.2%
AGL Energy, Ltd.		490	$	7,431
Amcor, Ltd.		1,164		8,483
BHP Billiton, Ltd.		617		20,112
BHP Billiton, Ltd. Sponsored ADR		410		26,773
carsales.com, Ltd.		885		5,468
Coca-Cola Amatil, Ltd.		804		11,043
Commonwealth Property Office Fund REIT		22,884		23,860
CSL, Ltd.		509		20,644
Spark Infrastructure Group		5,256		8,217
Telstra Corp., Ltd.		8,693		32,941
Telstra Corp., Ltd. ADR		2,195		41,376
Westfield Group REIT		714		6,956
Woolworths, Ltd.		1,015		27,917
				241,221
Belgium | 0.9%
Anheuser-Busch InBev NV Sponsored ADR		815		64,915
Bermuda | 0.3%
Everest Re Group, Ltd.		93		9,625
RenaissanceRe Holdings, Ltd.		208		15,810
				25,435
Canada | 2.5%
Alimentation Couche-Tard, Inc., Class B		81		3,537
ATCO, Ltd., Class I		155		11,004
Barrick Gold Corp.		559		21,056
Canadian National Railway Co.		393		33,236
Imperial Oil, Ltd.		445		18,616
Intact Financial Corp.		91		5,666
Loblaw Cos., Ltd.		233		7,415
National Bank of Canada		180		12,866
Potash Corp. of Saskatchewan, Inc.		425		18,568
Rogers Communications, Inc., Class B		614		22,260
SEMAFO, Inc.		787		3,610
Tim Hortons, Inc.		572		30,153
Vermilion Energy, Inc.		4		181
				188,168
Denmark | 1.0%
Coloplast A/S, Class B		176		31,633
Novo Nordisk A/S, Class B		223		32,262
Topdanmark A/S (a)		71		12,164
				76,059

Description	Shares		Value
Finland | 0.3%
Kone Oyj, Class B		114	$	6,903
Orion Oyj, Class B		272		5,160
Sampo Oyj, A Shares ADR		1,075		13,911
				25,974
France | 1.6%
Cie Generale de Geophysique - Veritas
Sponsored ADR (a)		600		15,510
Danone SA Sponsored ADR		1,035		12,813
LVMH Moet Hennessy Louis Vuitton SA ADR		595		17,993
Technip SA ADR		595		15,500
Total SA		686		30,958
Valeo SA Sponsored ADR		1,185		24,411
				117,185
Germany | 1.4%
Bayerische Motoren Werke AG ADR		375		8,970
Hannover Rueckversicherung AG		118		7,007
Kabel Deutschland Holding AG (a)		95		5,912
Muenchener Rueckversicherungs AG		181		25,537
RWE AG		198		8,094
SAP AG		122		7,204
SAP AG Sponsored ADR		480		28,493
Sky Deutschland AG ADR (a)		2,840		10,423
Suedzucker AG		173		6,120
				107,760
Hong Kong | 0.7%
CLP Holdings, Ltd.		2,000		16,998
Power Assets Holdings, Ltd.		2,000		15,004
The Link REIT		5,000		20,410
				52,412
Ireland | 0.2%
Experian PLC Sponsored ADR		930		13,150
Israel | 0.3%
Teva Pharmaceutical Industries, Ltd.,
Sponsored ADR		615		24,256
Italy | 0.5%
Enel SpA		1,452		4,686
Eni SpA		1,284		27,402
Terna SpA		2,328		8,388
				40,476

The accompanying notes are an integral part of these financial statements.

20 Semi-Annual Report

Description	Shares		Value
Lazard Retirement Multi-Asset Targeted Volatility Portfolio (continued)
Japan | 9.0%
Ajinomoto Co., Inc.		1,000	$	13,902
Alfresa Holdings Corp.		200		10,601
All Nippon Airways Co., Ltd.		7,000		19,852
Aozora Bank, Ltd.		2,000		4,774
Asahi Kasei Corp.		1,000		5,425
Astellas Pharma, Inc.		200		8,736
Avex Group Holdings, Inc.		400		5,927
Central Japan Railway Co.		1		7,903
Cosmos Pharmaceutical Corp.		100		6,636
Daito Trust Construction Co., Ltd.		300		28,458
Daito Trust Construction Co., Ltd. ADR		1,230		29,163
DCM Holdings Co., Ltd.		900		6,372
East Japan Railway Co.		400		25,114
Electric Power Development Co., Ltd.		200		5,245
Hogy Medical Co., Ltd.		200		9,137
Hokuriku Electric Power Co.		200		3,113
Kaken Pharmaceutical Co., Ltd.		1,000		14,003
Kao Corp.		500		13,790
KDDI Corp.		2		12,901
Keisei Electric Railway Co., Ltd.		1,000		8,444
LIXIL Group Corp. ADR		485		20,690
Marubeni Corp.		1,000		6,656
Medipal Holdings Corp.		1,700		24,054
Mitsubishi Estate Co, Ltd. ADR		2,245		40,253
Nippon Shinyaku Co., Ltd.		1,000		12,554
Nippon Telegraph & Telephone Corp.		400		18,585
Nitori Holdings Co., Ltd.		200		18,938
NTT DoCoMo, Inc.		14		23,299
Osaka Gas Co., Ltd.		8,000		33,533
Otsuka Holdings Co., Ltd.		1,100		33,704
Sawai Pharmaceutical Co., Ltd.		100		10,773
Shikoku Electric Power Co., Inc.		200		4,247
SKY Perfect JSAT Holdings, Inc.		15		6,764
Sugi Holdings Co., Ltd.		200		6,569
Sumitomo Mitsui Financial Group, Inc. Sponsored ADR		7,525		49,966
The Bank of Yokohama, Ltd.		2,000		9,446
The Chugoku Bank, Ltd.		1,000		13,030
The Gunma Bank, Ltd.		2,000		9,461
Toho Gas Co., Ltd.		2,000		12,421
Tokyo Gas Co., Ltd.		6,000		30,642
Tsumura & Co.		300		7,938
West Japan Railway Co.		800		32,951
Zensho Holdings Co., Ltd.		700		8,754
				674,724

Description	Shares		Value
Netherlands | 0.7%
Koninklijke Ahold NV		1,743	$	21,598
Koninklijke KPN NV		470		4,500
Unilever NV		816		27,312
				53,410
New Zealand | 0.2%
Chorus, Ltd. (a)		2,344		5,928
Telecom Corp. of New Zealand, Ltd.		3,280		6,298
				12,226
Norway | 0.3%
Statoil ASA		1,049		25,084
Singapore | 0.1%
Singapore Airlines, Ltd.		1,000		8,221
Spain | 0.5%
Corporacion Financiera Alba SA		150		5,032
Enagas SA		250		4,562
Red Electrica Corporacion SA		168		7,327
Viscofan SA		427		18,387
				35,308
Sweden | 0.5%
Assa Abloy AB ADR		1,235		17,166
Hennes & Mauritz AB, B Shares		469		16,862
				34,028
Switzerland | 0.7%
Nestle SA		349		20,818
Roche Holding AG		193		33,317
				54,135
United Kingdom | 5.0%
ARM Holdings PLC		614		4,890
AstraZeneca PLC		133		5,945
BG Group PLC Sponsored ADR		710		14,583
British American Tobacco PLC		670		34,102
British American Tobacco PLC Sponsored ADR		275		28,083
British Sky Broadcasting Group PLC		580		6,330
BT Group PLC		2,214		7,339
Centrica PLC		4,336		21,616
Diageo PLC		745		19,165
GlaxoSmithKline PLC		1,387		31,451
Intertek Group PLC ADR		265		11,037
J Sainsbury PLC		1,154		5,466
National Grid PLC		798		8,447
Next PLC		194		9,728
Petrofac, Ltd. ADR		1,135		12,372
Provident Financial PLC		455		8,672

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 21

Description	Shares		Value
Lazard Retirement Multi-Asset Targeted Volatility Portfolio (continued)
United Kingdom (continued)
Prudential PLC ADR		730	$	16,936
Rexam PLC Sponsored ADR		650		21,391
Shire PLC		584		16,785
Smith & Nephew PLC		674		6,747
Tullow Oil PLC ADR		1,615		18,427
Unilever PLC		212		7,125
Unilever PLC Sponsored ADR		495		16,696
Vodafone Group PLC Sponsored ADR		725		20,430
Wm Morrison Supermarkets PLC		5,173		21,590
				375,353
United States | 21.9%
3M Co.		147		13,171
Abbott Laboratories		492		31,719
American Express Co.		630		36,672
Amgen, Inc.		455		33,233
Apple, Inc.		144		84,096
AutoZone, Inc. (a)		123		45,162
Baxter International, Inc.		406		21,579
Bristol-Myers Squibb Co.		388		13,949
Campbell Soup Co.		155		5,174
Caterpillar, Inc.		165		14,010
CBOE Holdings, Inc.		196		5,425
Celgene Corp. (a)		148		9,496
Chevron Corp.		518		54,649
Cisco Systems, Inc.		3,100		53,227
Citigroup, Inc.		1,690		46,323
Colgate-Palmolive Co.		70		7,287
Comcast Corp., Class A		940		29,516
CVS Caremark Corp.		915		42,758
CYS Investments, Inc. REIT		531		7,312
Devon Energy Corp.		280		16,237
DIRECTV, Class A (a)		285		13,914
Dollar Tree, Inc. (a)		266		14,311
Eli Lilly & Co.		261		11,200
EMC Corp. (a)		1,075		27,552
Energizer Holdings, Inc.		240		18,060
Exxon Mobil Corp.		387		33,116
F5 Networks, Inc. (a)		80		7,965

Description	Shares		Value
Family Dollar Stores, Inc.		112	$	7,446
General Mills, Inc.		359		13,836
Google, Inc., Class A (a)		45		26,103
Halliburton Co.		840		23,848
Honeywell International, Inc.		785		43,834
Intel Corp.		2,314		61,668
International Business Machines Corp.		185		36,182
Intuit, Inc.		180		10,683
JB Hunt Transport Services, Inc.		148		8,821
Johnson & Johnson		388		26,213
Kellogg Co.		433		21,360
Kimberly-Clark Corp.		276		23,121
Lockheed Martin Corp.		104		9,056
MasterCard, Inc., Class A		62		26,667
McDonald’s Corp.		248		21,955
McKesson Corp.		470		44,062
Microsoft Corp.		218		6,669
Oracle Corp.		1,311		38,937
Pfizer, Inc.		2,008		46,184
Qualcomm, Inc.		410		22,829
Raytheon Co.		352		19,920
Ross Stores, Inc.		695		43,417
Schlumberger, Ltd.		235		15,254
Sturm Ruger & Co., Inc.		137		5,501
Sysco Corp.		930		27,723
The Boeing Co.		535		39,750
The Clorox Co.		248		17,970
The Hershey Co.		227		16,351
The Kroger Co.		342		7,931
The Sherwin-Williams Co.		124		16,411
The TJX Cos., Inc.		530		22,753
United Technologies Corp.		240		18,127
UnitedHealth Group, Inc.		350		20,475
Vertex Pharmaceuticals, Inc. (a)		265		14,819
Viacom, Inc., Class B		615		28,917
Visa, Inc., A Shares		97		11,992
Wal-Mart Stores, Inc.		1,106		77,110
Xcel Energy, Inc.		315		8,949
Yum! Brands, Inc.		284		18,295
				1,648,252
Total Common Stocks (Identified cost $3,789,334)				3,897,752

The accompanying notes are an integral part of these financial statements.

22 Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Retirement Multi-Asset Targeted Volatility Portfolio (continued)
Corporate Bonds | 11.8%
Australia | 0.4%
Telstra Corp., Ltd., 6.250%, 04/15/15	AUD		30	$	32,186
Brazil | 0.6%
Petrobras International Finance Co., 6.125%, 10/06/16	USD		40		44,735
Canada | 0.8%
Canadian Natural Resources, Ltd., 4.500%, 01/23/13	CAD		20		19,954
Shaw Communications, Inc., 5.650%, 10/01/19	CAD		15		16,334
Suncor Energy, Inc., 6.100%, 06/01/18	CAD		20		23,687
					59,975
France | 0.9%
Electricite de France SA, 5.000%, 02/05/18	EUR		50		72,226
Netherlands | 0.4%
RWE Finance BV, 5.000%, 02/10/15	EUR		20		27,728
Norway | 1.5%
Statoil ASA, 6.875%, 03/11/31	GBP		50		112,062
Singapore | 2.2%
Temasek Financial I, Ltd., 4.500%, 09/21/15	USD		150		164,732
Sweden | 1.4%
Kommuninvest I Sverige AB, 2.750%, 08/12/15	SEK		400		59,322
Svensk Exportkredit AB, 7.625%, 06/30/14	NZD		50		43,000
					102,322
United Kingdom | 1.1%
National Grid PLC, 6.125%, 04/15/14	GBP		50		84,216

Description	Security Currency	Principal Amount (000)		Value
United States | 2.5%
Credit Suisse USA, Inc., 4.875%, 01/15/15	USD		30	$	32,189
General Electric Capital Corp., 5.500%, 02/01/17	NZD		35		29,227
Goldman Sachs Group, Inc., 6.250%, 09/01/17	USD		20		21,745
JPMorgan Chase & Co., 3.875%, 09/23/20	EUR		50		67,210
McDonald’s Corp., 1.875%, 05/29/19	USD		5		4,989
Microsoft Corp., 5.200%, 06/01/39	USD		25		31,074
					186,434
Total Corporate Bonds (Identified cost $898,006)					886,616
Foreign Government Obligations | 19.5%
Australia | 2.6%
New South Wales Treasury Corp., 5.000%, 02/25/39	AUD		50		99,591
Queensland Treasury Corp., 6.250%, 02/21/20	AUD		60		68,905
Treasury Corp. of Victoria, 4.750%, 10/15/14	AUD		30		31,832
					200,328
Austria | 0.4%
Republic of Austria, 3.900%, 07/15/20	EUR		20		28,475
Bahamas | 1.5%
Commonwealth of the Bahamas, 6.950%, 11/20/29	USD		100		116,000
Brazil | 0.5%
Federal Republic of Brazil, 11.000%, 06/26/17	EUR		20		35,542
Canada | 2.6%
Export Development Canada, 5.100%, 06/02/14	CAD		40		42,198
Province of Alberta, 4.000%, 12/01/19	CAD		40		44,203
Province of British Columbia, 3.700%, 12/18/20	CAD		30		32,323
Province of Ontario, 6.250%, 06/16/15	NZD		90		77,203
					195,927

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 23

Description	Security Currency	Principal Amount (000)		Value
Lazard Retirement Multi-Asset Targeted Volatility Portfolio (continued)
Czech Republic | 1.1%
Czech Republic:
4.500%, 11/05/14	EUR		20	$	27,188
5.000%, 06/11/18	EUR		38		55,422
					82,610
Denmark | 0.6%
Kommunekredit, 4.000%, 01/01/16	DKK		230		43,347
Finland | 0.4%
Finnish Government Bond, 3.875%, 09/15/17	EUR		20		28,734
France | 1.2%
Government of France:
4.250%, 10/25/23	EUR		40		57,393
5.500%, 04/25/29	EUR		20		32,121
					89,514
Mexico | 1.9%
Mexican Bonos, 9.500%, 12/18/14	MXN		1,000		83,251
United Mexican States:
4.250%, 06/16/15	EUR		10		13,667
6.750%, 02/06/24	GBP		25		44,929
					141,847
Netherlands | 0.8%
Netherlands Government Bond, 3.750%, 01/15/23	EUR		40		58,047
Peru | 0.5%
Republic of Peru, 7.500%, 10/14/14	EUR		25		35,663
Poland | 2.3%
Poland Government Bonds:
5.250%, 10/25/17	PLN		275		84,333
5.750%, 09/23/22	PLN		200		62,611
Republic of Poland, 6.375%, 07/15/19	USD		25		29,446
					176,390
Qatar | 1.5%
State of Qatar, 5.250%, 01/20/20	USD		100		115,300

Description	Security Currency	Principal Amount (000)		Value
Slovenia | 0.4%
Republika Slovenija, 4.125%, 01/26/20	EUR		25	$	27,958
South Africa | 1.2%
Republic of South Africa:
8.250%, 09/15/17	ZAR		235		30,816
6.250%, 03/31/36	ZAR		640		59,867
					90,683
Total Foreign Government Obligations (Identified cost $1,486,618)					1,466,365
Quasi Government Bonds | 4.8%
Canada | 1.1%
Ontario Electricity Financial Corp., 10.125%, 10/15/21	CAD		50		78,855
Germany | 2.3%
KfW:
4.000%, 12/15/14	NOK		550		96,361
2.875%, 10/12/16	NOK		300		51,141
3.375%, 01/18/21	EUR		20		28,373
					175,875
Malaysia | 1.4%
1Malaysia Sukuk Global Berhad, 3.928%, 06/04/15 (f)	USD		100		105,683
Total Quasi Government Bonds (Identified cost $361,057)					360,413
Supranationals | 2.6%
Brazil | 0.1%
Inter-American Development Bank, 6.000%, 12/15/17	NZD		10		8,895
Philippines | 0.6%
Asian Development Bank, 3.375%, 05/20/14	NOK		250		43,181
United States | 1.1%
International Bank for Reconstruction & Development, 2.300%, 02/26/13	KRW		100,000		86,697

The accompanying notes are an integral part of these financial statements.

24 Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Value
Lazard Retirement Multi-Asset Targeted Volatility Portfolio (continued)
Venezuela | 0.8%
Corporacion Andina de Fomento, 3.750%, 01/15/16	USD		55	$	57,158
Total Supranationals (Identified cost $195,747)					195,931

Description	Shares		Value
Short-Term Investment | 5.5%
State Street Institutional Treasury Money Market Fund (Identified cost $414,932)		414,932	$	414,932
Total Investments | 96.0% (Identified cost $7,145,694) (b)			$	7,222,009
Cash and Other Assets in Excess of Liabilities | 4.0%				298,705
Net Assets | 100.0%			$	7,520,714

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 25

Lazard Retirement Multi-Asset Targeted Volatility Portfolio (continued)

Forward Currency Contracts open at June 30, 2012:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
AUD	SSB	08/16/12		11,180	$	11,000	$	11,395	$	395	$	—
AUD	SSB	08/16/12		29,770		29,884		30,344		460		—
AUD	SSB	08/16/12		33,671		33,591		34,320		729		—
CAD	SSB	08/16/12		35,689		35,533		35,020		—		513
CHF	SSB	08/16/12		28,050		30,302		29,584		—		718
DKK	SSB	08/16/12		784,641		136,842		133,717		—		3,125
EUR	CIT	08/16/12		22,511		27,933		28,499		566		—
GBP	SSB	08/16/12		19,320		30,000		30,255		255		—
ILS	SSB	07/11/12		23,423		5,995		5,988		—		7
JPY	HSB	08/16/12		397,575		5,000		4,977		—		23
JPY	HSB	08/16/12		2,217,740		28,000		27,761		—		239
JPY	SSB	08/16/12		42,676,950		536,022		534,223		—		1,799
MYR	CIT	09/10/12		63,454		20,000		19,897		—		103
NZD	SSB	08/16/12		36,265		27,297		28,944		1,647		—
PLN	HSB	08/16/12		102,369		30,000		30,562		562		—
SEK	SSB	07/11/12		73,543		10,635		10,628		—		7
SGD	SSB	07/11/12		512		404		404		—		—
SGD	SSB	08/16/12		45,726		36,599		36,098		—		501
Total Forward Currency Purchase Contracts					$	1,035,037	$	1,032,616	$	4,614	$	7,035
Forward Currency Sale Contracts
AUD	SSB	07/11/12		59,654	$	61,014	$	61,009	$	5	$	—
AUD	SSB	07/11/12		127,117		125,867		130,005		—		4,138
AUD	SSB	08/16/12		136,768		136,277		139,405		—		3,128
CAD	SSB	07/05/12		3,773		3,652		3,705		—		53
CAD	SSB	07/05/12		6,490		6,283		6,374		—		91
CAD	SSB	07/05/12		7,169		6,941		7,041		—		100
CAD	SSB	07/05/12		7,775		7,528		7,637		—		109
CAD	SSB	07/05/12		8,279		8,015		8,131		—		116
CAD	SSB	07/05/12		8,298		8,034		8,150		—		116
CAD	SSB	07/05/12		10,481		10,148		10,295		—		147
CAD	SSB	07/05/12		13,879		13,438		13,632		—		194
CAD	SSB	07/05/12		21,592		20,906		21,208		—		302
CAD	SSB	07/05/12		23,359		22,615		22,942		—		327
CAD	SSB	07/05/12		24,451		23,673		24,015		—		342
CAD	SSB	07/05/12		32,259		31,232		31,684		—		452
CAD	SSB	07/11/12		19,228		18,879		18,883		—		4
CAD	SSB	07/11/12		152,504		148,738		149,767		—		1,029
CAD	SSB	08/16/12		20,688		20,333		20,300		33		—
CAD	SSB	08/16/12		31,722		31,336		31,128		208		—
CAD	SSB	08/16/12		43,071		41,273		42,265		—		992
CAD	SSB	08/16/12		45,493		44,348		44,641		—		293
CAD	SSB	08/16/12		47,916		46,716		47,018		—		302
CHF	SSB	07/11/12		11,406		12,020		12,019		1		—

The accompanying notes are an integral part of these financial statements.

26 Semi-Annual Report

Lazard Retirement Multi-Asset Targeted Volatility Portfolio (concluded)

Forward Currency Contracts open at June 30, 2012 (concluded):

Forward Currency Contracts	Counterparty		Expiration Date		Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
CHF		SSB		07/11/12		39,561	$	41,356	$	41,688	$	—	$	332
DKK		SSB		07/11/12		42,466		7,231		7,230		1		—
DKK		SSB		07/11/12		397,034		67,050		67,596		—		546
DKK		SSB		08/16/12		260,530		43,360		44,399		—		1,039
EUR		CIT		08/16/12		21,283		27,000		26,944		56		—
EUR		CIT		08/16/12		23,843		30,000		30,185		—		185
EUR		CIT		08/16/12		44,271		55,179		56,046		—		867
EUR		HSB		08/16/12		10,180		13,000		12,888		112		—
EUR		HSB		08/16/12		23,000		28,511		29,118		—		607
EUR		HSB		08/16/12		25,703		32,388		32,540		—		152
EUR		HSB		08/16/12		48,298		60,000		61,144		—		1,144
EUR		HSB		08/16/12		54,511		70,000		69,010		990		—
EUR		SSB		07/11/12		28,890		36,570		36,562		8		—
EUR		SSB		07/11/12		147,658		185,306		186,873		—		1,567
GBP		SSB		07/11/12		7,094		11,114		11,110		4		—
GBP		SSB		07/11/12		128,857		200,338		201,806		—		1,468
GBP		SSB		08/16/12		33,999		54,807		53,241		1,566		—
GBP		SSB		08/16/12		69,806		111,048		109,314		1,734		—
HKD		SSB		07/11/12		34,917		4,501		4,501		—		—
HKD		SSB		07/11/12		366,956		47,304		47,302		2		—
ILS		SSB		07/11/12		23,423		6,045		5,988		57		—
JPY		SSB		07/11/12		3,013,780		37,690		37,707		—		17
JPY		SSB		07/11/12		38,879,282		488,249		486,442		1,807		—
MXN		SSB		08/16/12		710,944		52,238		53,069		—		831
NOK		SSB		07/11/12		1,215		204		204		—		—
NOK		SSB		07/11/12		142,544		23,535		23,956		—		421
NOK		SSB		08/16/12		265,677		43,523		44,591		—		1,068
NOK		SSB		08/16/12		861,433		146,473		144,583		1,890		—
NZD		SSB		07/11/12		6,614		5,289		5,291		—		2
NZD		SSB		07/11/12		8,640		6,641		6,913		—		272
NZD		SSB		08/16/12		11,534		8,682		9,206		—		524
NZD		SSB		08/16/12		22,267		16,761		17,772		—		1,011
NZD		SSB		08/16/12		37,631		28,626		30,034		—		1,408
NZD		SSB		08/16/12		55,978		43,603		44,676		—		1,073
NZD		SSB		08/16/12		66,656		52,091		53,198		—		1,107
PLN		HSB		08/16/12		105,491		29,527		31,494		—		1,967
PLN		SSB		08/16/12		470,323		137,176		140,414		—		3,238
SEK		SSB		07/11/12		186,906		26,096		27,011		—		915
SEK		SSB		08/16/12		280,974		40,448		40,552		—		104
SGD		SSB		07/11/12		10,794		8,458		8,521		—		63
ZAR		SSB		08/16/12		578,122		70,513		70,257		256		—
Total Forward Currency Sale Contracts							$	3,247,197	$	3,272,630		8,730		34,163
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	13,344	$	41,198

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 27

   Lazard Retirement Series, Inc. Notes to Portfolios of Investments June 30, 2012 (unaudited)

(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Retirement U.S. Strategic Equity Portfolio	$	5,588,939	$	842,151	$	242,838	$	599,313
Retirement U.S. Small-Mid Cap Equity Portfolio		161,129,337		17,910,801		8,316,735		9,594,066
Retirement International Equity Portfolio		519,833,290		46,893,328		27,406,790		19,486,538
Retirement Emerging Markets Equity Portfolio		936,143,162		104,484,700		128,167,344		(23,682,644	)
Retirement Multi-Asset Targeted Volatility Portfolio		7,145,694		139,403		63,088		76,315

(c)	Private placements.
(d)	Security valued using Level 2 inputs under accounting principles generally accepted in the United States of America (“GAAP”) hierarchy - see Note 8.
(e)	Pursuant to Rule 144A under the Securities Act of 1933, the security may only be traded among “qualified institutional buyers.” At June 30, 2012, this security amounted to 0.9% of net assets of Retirement Emerging Markets Equity Portfolio, and is considered to be liquid.
(f)	Segregated security for forward currency contracts.

Security Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt
REIT	— Real Estate Investment Trust
SDR	— Swedish Depositary Receipt
Currency Abbreviations:
AUD	— Australian Dollar	MXN	— Mexican New Peso
CAD	— Canadian Dollar	MYR	— Malaysian Ringgit
CHF	— Swiss Franc	NOK	— Norwegian Krone
DKK	— Danish Krone	NZD	— New Zealand Dollar
EUR	— Euro	PLN	— Polish Zloty
GBP	— British Pound Sterling	SEK	— Swedish Krona
HKD	— Hong Kong Dollar	SGD	— Singapore Dollar
ILS	— Israeli Shekel	USD	— United States Dollar
JPY	— Japanese Yen	ZAR	— South African Rand
KRW	— South Korean Won
Counterparty Abbreviations:
CIT	— Citibank NA	SSB	— State Street Bank and Trust Co.
HSB	— HSBC Bank USA

The accompanying notes are an integral part of these financial statements.

28 Semi-Annual Report

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

Industry	Lazard Retirement International Equity Portfolio			Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Multi- Asset Targeted Volatility Portfolio
Aerospace & Defense		—	%		—	%		0.8	%
Agriculture		1.4			0.9			0.2
Alcohol & Tobacco		5.8			5.8			1.9
Automotive		2.1			—			0.4
Banking		9.6			18.8			2.6
Building Materials		—			0.7			—
Cable Television		1.4			—			1.1
Chemicals		1.3			—			0.3
Commercial Services		3.5			4.3			0.5
Computer Software		1.5			2.4			1.6
Construction & Engineering		—			2.0			0.1
Consumer Products		—			4.0			1.5
Diversified		0.5			2.6			—
Electric		1.4			0.8			5.0
Energy Exploration & Production		—			1.8			0.5
Energy Integrated		5.8			3.5			4.2
Energy Services		2.7			0.4			2.3
Financial Services		1.6			6.5			9.8
Food & Beverages		3.9			1.0			2.3
Forest & Paper Products		2.4			0.7			0.6
Gas Utilities		—			—			1.4
Health Services		—			—			0.3
Housing		5.1			1.6			1.0
Insurance		4.8			1.2			1.4
Leisure & Entertainment		2.9			1.0			1.3
Manufacturing		7.5			3.8			1.5
Medical Products		—			—			1.5
Metals & Mining		2.2			6.8			1.0
Pharmaceutical & Biotechnology		12.9			—			6.4
Real Estate		—			—			1.4
Restaurants		—			—			0.4
Retail		3.7			5.5			5.8
Semiconductors & Components		3.0			5.0			0.9
Technology		1.0			1.6			0.4
Technology Hardware		—			2.0			3.1
Telecommunications		4.3			12.1			3.0
Transportation		2.7			1.1			1.9
Subtotal		95.0			97.9			68.4
Foreign Government Obligations		—			—			19.5
Supranationals		—			—			2.6
Short-Term Investments		4.9			1.5			5.5
Total Investments		99.9	%		99.4	%		96.0	%

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 29

   Lazard Retirement Series, Inc. Statements of Assets and Liabilities (unaudited)

June 30, 2012	Lazard Retirement U.S. Strategic Equity Portfolio			Lazard Retirement U.S. Small-Mid Cap Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Multi-Asset Targeted Volatility Portfolio
ASSETS
Investments in securities, at value	$	6,188,252		$	170,723,403		$	539,319,828		$	912,460,518		$	7,222,009
Foreign currency		—			—			157,851			3,674,528			271
Receivables for:
Dividends and interest		5,070			152,063			1,857,360			5,066,383			54,292
Capital stock sold		5,796			106,939			263,106			2,831,594			203,595
Investments sold		70,033			6,741,826			—			1,242,799			1,804,677
Amount due from Investment Manager (Note 3)		5,705			—			—			—			15,987
Gross unrealized appreciation on forward currency contracts		—			—			—			—			13,344
Deferred offering costs (Note 2(f))		—			—			—			—			58,658
Total assets		6,274,856			177,724,231			541,598,145			925,275,822			9,372,833
LIABILITIES
Payables for:
Management fees		—			105,117			315,630			715,596			—
Accrued distribution fees		1,230			35,082			105,222			126,925			1,262
Accrued directors’ fees		60			1,775			5,182			8,854			1,848
Investments purchased		—			1,193,071			981,764			5,672,903			1,741,768
Capital stock redeemed		861			78,920			153,601			431,593			159
Gross unrealized depreciation on forward currency contracts		—			—			—			—			41,198
Other accrued expenses and payables		29,704			45,072			69,668			174,811			65,884
Total liabilities		31,855			1,459,037			1,631,067			7,130,682			1,852,119
Net assets	$	6,243,001		$	176,265,194		$	539,967,078		$	918,145,140		$	7,520,714
NET ASSETS
Paid in capital	$	6,093,958		$	158,687,966		$	589,313,959		$	931,403,732		$	7,453,308
Undistributed net investment income (loss)		44,279			(61,421	)		9,921,466			12,195,898			15,267
Accumulated net realized gain (loss)		(494,549	)		8,044,583			(78,749,809	)		(1,731,619	)		1,959
Net unrealized appreciation (depreciation) on:
Investments		599,313			9,594,066			19,486,538			(23,682,644	)		76,315
Foreign currency and forward currency contracts		—			—			(5,076	)		(40,227	)		(26,135	)
Net assets	$	6,243,001		$	176,265,194		$	539,967,078		$	918,145,140		$	7,520,714
Service Shares
Net assets	$	6,243,001		$	176,265,194		$	539,967,078		$	655,666,910		$	7,520,714
Shares of capital stock outstanding*		640,939			17,833,705			54,727,940			32,442,295			750,799
Net asset value, offering and redemption price per share	$	9.74		$	9.88		$	9.87		$	20.21		$	10.02
Investor Shares
Net assets		—			—			—		$	262,478,230			—
Shares of capital stock outstanding*		—			—			—			13,106,296			—
Net asset value, offering and redemption price per share		—			—			—		$	20.03			—
Cost of investments in securities	$	5,588,939		$	161,129,337		$	519,833,290		$	936,143,162		$	7,145,694
Cost of foreign currency		—			—		$	158,823		$	3,684,972		$	269

* $0.001 par value 1,550,000,000 shares authorized for the Portfolios in total.

The accompanying notes are an integral part of these financial statements.

30 Semi-Annual Report

   Lazard Retirement Series, Inc. Statements of Operations (unaudited)

For the Period Ended June 30, 2012	Lazard Retirement U.S. Strategic Equity Portfolio			Lazard Retirement U.S. Small-Mid Cap Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement Multi-Asset Targeted Volatility Portfolio (a)
Investment Income
Income
Dividends	$	61,125		$	962,141		$	11,761,790		$	18,304,228		$	13,086
Interest		—			—			24			8,065			12,188
Total investment income*		61,125			962,141			11,761,814			18,312,293			25,274
Expenses
Management fees (Note 3)		21,824			678,086			2,038,585			4,649,352			8,101
Distribution fees (Service Shares)		7,794			226,029			679,528			820,652			2,383
Custodian fees		22,381			27,590			89,869			339,755			7,967
Administration fees		21,809			39,217			75,497			114,057			7,050
Professional services		16,114			24,433			41,353			59,504			8,598
Shareholders’ reports		4,356			13,274			25,648			46,256			1,024
Shareholders’ services		7,211			8,106			9,211			18,608			3,029
Directors’ fees and expenses		117			3,445			10,211			17,458			1,848
Amortization of offering costs (Note 2(f))		—			—			—			—			11,854
Other		964			3,382			7,397			12,064			498
Total gross expenses		102,570			1,023,562			2,977,299			6,077,706			52,352
Management fees waived and expenses reimbursed		(62,019	)		—			—			—			(37,175	)
Administration and shareholders’ services fees waived		(9,375	)		—			—			—			(5,170	)
Total net expenses		31,176			1,023,562			2,977,299			6,077,706			10,007
Net investment income (loss)		29,949			(61,421	)		8,784,515			12,234,587			15,267
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Currency Contracts
Net realized gain (loss) on:
Investments		295,182			8,164,958			10,066,285			22,253,439			(13,109	)
Foreign currency and forward currency contracts		—			—			(113,482	)		(295,463	)		15,068
Net change in unrealized appreciation (depreciation) on:
Investments		(1,741	)		3,726,989			11,178,569			30,474,821			76,315
Foreign currency and forward currency contracts		—			—			1,291			(29,888	)		(26,135	)
Net realized and unrealized gain on investments, foreign currency and forward currency contracts		293,441			11,891,947			21,132,663			52,402,909			52,139
Net increase in net assets resulting from operations	$	323,390		$	11,830,526		$	29,917,178		$	64,637,496		$	67,406
* Net of foreign withholding taxes of	$	—		$	—		$	1,195,628		$	2,019,416		$	1,670

(a) From Portfolio’s commencement of operations on April 30, 2012.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 31

   Lazard Retirement Series, Inc. Statements of Changes in Net Assets

	Lazard Retirement U.S. Strategic Equity Portfolio						Lazard Retirement U.S. Small-Mid Cap Equity Portfolio
	Six Months Ended June 30, 2012 (unaudited)			Year Ended December 31, 2011			Six Months Ended June 30, 2012 (unaudited)			Year Ended December 31, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	29,949		$	65,203		$	(61,421	)	$	(257,654	)
Net realized gain on investments, foreign currency and forward currency contracts		295,182			385,685			8,164,958			8,158,409
Net change in unrealized appreciation (depreciation) on investments, foreign currency and forward currency contracts		(1,741	)		(381,509	)		3,726,989			(22,778,437	)
Net increase (decrease) in net assets resulting from operations		323,390			69,379			11,830,526			(14,877,682	)
Distributions to shareholders
From net investment income
Service Shares		—			(62,404	)		—			—
Investor Shares		—			—			—			—
From net realized gains
Service Shares		—			—			—			(13,524,573	)
Net decrease in net assets resulting from distributions		—			(62,404	)		—			(13,524,573	)
Capital stock transactions
Net proceeds from sales
Service Shares		626,069			2,242,803			11,938,546			84,023,394
Investor Shares		—			—			—			—
Net proceeds from reinvestment of distributions
Service Shares		—			62,404			—			13,524,573
Investor Shares		—			—			—			—
Cost of shares redeemed
Service Shares		(714,918	)		(2,475,789	)		(28,027,578	)		(35,265,759	)
Investor Shares		—			—			—			—
Net increase (decrease) in net assets from capital stock transactions		(88,849	)		(170,582	)		(16,089,032	)		62,282,208
Total increase (decrease) in net assets		234,541			(163,607	)		(4,258,506	)		33,879,953
Net assets at beginning of period		6,008,460			6,172,067			180,523,700			146,643,747
Net assets at end of period*	$	6,243,001		$	6,008,460		$	176,265,194		$	180,523,700
* Includes undistributed (distributions in excess of) net investment income (loss) of	$	44,279		$	14,330		$	(61,421	)	$	—
Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period		649,088			671,997			19,491,128			13,285,662
Shares sold		64,549			238,042			1,199,016			8,027,580
Shares issued to shareholders from reinvestment of distributions		—			6,872			—			1,467,946
Shares redeemed		(72,698	)		(267,823	)		(2,856,439	)		(3,290,060	)
Net increase (decrease)		(8,149	)		(22,909	)		(1,657,423	)		6,205,466
Shares outstanding at end of period		640,939			649,088			17,833,705			19,491,128
Investor Shares
Shares outstanding at beginning of period
Shares sold
Shares issued to shareholders from reinvestment of distributions
Shares redeemed
Net decrease
Shares outstanding at end of period

(a) Portfolio commenced operations on April 30, 2012.

The accompanying notes are an integral part of these financial statements.

32 Semi-Annual Report

	Lazard Retirement International Equity Portfolio						Lazard Retirement Emerging Markets Equity Portfolio						Lazard Retirement Multi-Asset Targeted Volatility Portfolio
	Six Months Ended June 30, 2012 (unaudited)			Year Ended December 31, 2011			Six Months Ended June 30, 2012 (unaudited)			Year Ended December 31, 2011				Period Ended June 30, 2012 (unaudited) (a)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,784,515		$	9,540,484		$	12,234,587		$	19,165,142			$	15,267
Net realized gain on investments, foreign currency and forward currency contracts		9,952,803			13,096,798			21,957,976			35,288,134				1,959
Net change in unrealized appreciation (depreciation) on investments, foreign currency and forward currency contracts		11,179,860			(59,238,313	)		30,444,933			(231,930,064	)			50,180
Net increase (decrease) in net assets resulting from operations		29,917,178			(36,601,031	)		64,637,496			(177,476,788	)			67,406
Distributions to shareholders
From net investment income
Service Shares		—			(10,647,586	)		—			(12,651,559	)			—
Investor Shares		—			—			—			(6,893,511	)			—
From net realized gains
Service Shares		—			—			—			—				—
Net decrease in net assets resulting from distributions		—			(10,647,586	)		—			(19,545,070	)			—
Capital stock transactions
Net proceeds from sales
Service Shares		43,386,516			165,281,419			107,578,918			261,009,494				7,602,216
Investor Shares		—			—			34,722,179			59,827,932				—
Net proceeds from reinvestment of distributions
Service Shares		—			10,647,586			—			12,651,559				—
Investor Shares		—			—			—			6,893,511				—
Cost of shares redeemed
Service Shares		(47,218,682	)		(85,828,787	)		(78,019,482	)		(143,280,335	)			(148,908	)
Investor Shares		—			—			(35,463,569	)		(97,148,515	)			—
Net increase (decrease) in net assets from capital stock transactions		(3,832,166	)		90,100,218			28,818,046			99,953,646				7,453,308
Total increase (decrease) in net assets		26,085,012			42,851,601			93,455,542			(97,068,212	)			7,520,714
Net assets at beginning of period		513,882,066			471,030,465			824,689,598			921,757,810				—
Net assets at end of period*	$	539,967,078		$	513,882,066		$	918,145,140		$	824,689,598			$	7,520,714
* Includes undistributed (distributions in excess of) net investment income (loss) of	$	9,921,466		$	1,136,951		$	12,195,898		$	(38,689	)		$	15,267
Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period		55,098,125			45,824,607			31,012,717			24,938,452				—
Shares sold		4,393,281			16,490,094			5,183,550			12,059,351				765,895
Shares issued to shareholders from reinvestment of distributions		—			1,143,463			—			680,095				—
Shares redeemed		(4,763,466	)		(8,360,039	)		(3,753,972	)		(6,665,181	)			(15,096	)
Net increase (decrease)		(370,185	)		9,273,518			1,429,578			6,074,265				750,799
Shares outstanding at end of period		54,727,940			55,098,125			32,442,295			31,012,717				750,799
Investor Shares
Shares outstanding at beginning of period								13,191,140			14,669,543
Shares sold								1,649,239			2,689,966
Shares issued to shareholders from reinvestment of distributions								—			370,181
Shares redeemed								(1,734,083	)		(4,538,550	)
Net decrease								(84,844	)		(1,478,403	)
Shares outstanding at end of period								13,106,296			13,191,140

Semi-Annual Report 33

   Lazard Retirement Series, Inc. Financial Highlights

LAZARD RETIREMENT U.S. STRATEGIC EQUITY PORTFOLIO
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/12†			Year Ended
				12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
Service Shares
Net asset value, beginning of period	$	9.26		$	9.18		$	8.19		$	6.51		$	10.17		$	12.86
Income (loss) from investment operations:
Net investment income		0.05			0.10			0.06			0.06			0.10			0.07
Net realized and unrealized gain (loss)		0.43			0.08			0.99			1.69			(3.69	)		(0.14	)
Total from investment operations		0.48			0.18			1.05			1.75			(3.59	)		(0.07	)
Less distributions from:
Net investment income		—			(0.10	)		(0.06	)		(0.07	)		(0.07	)		(0.15	)
Net realized gains		—			—			—			—			—			(2.47	)
Total distributions		—			(0.10	)		(0.06	)		(0.07	)		(0.07	)		(2.62	)
Net asset value, end of period	$	9.74		$	9.26		$	9.18		$	8.19		$	6.51		$	10.17
Total Return (a)		5.18	%		1.96	%		12.85	%		26.84	%		–35.28	%		–0.95	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,243		$	6,008		$	6,172		$	5,365		$	3,312		$	4,959
Ratios to average net assets:
Net expenses (b)		1.00	%		1.00	%		1.22	%		1.25	%		1.25	%		1.25	%
Gross expenses (b)		3.29	%		3.37	%		3.84	%		4.67	%		4.88	%		4.21	%
Net investment income (b)		0.96	%		1.04	%		0.68	%		1.03	%		1.27	%		0.62	%
Portfolio turnover rate		33	%		50	%		55	%		79	%		86	%		101	%

LAZARD RETIREMENT U.S. SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/12†			Year Ended
				12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
Service Shares
Net asset value, beginning of period	$	9.26		$	11.04		$	9.68		$	6.34		$	9.98		$	17.31
Income (loss) from investment operations:
Net investment income (loss)		—	(c)		(0.01	)		0.03			(0.01	)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.62			(1.01	)		2.27			3.35			(3.63	)		(0.87	)
Total from investment operations		0.62			(1.02	)		2.30			3.34			(3.64	)		(0.89	)
Less distributions from:
Net investment income		—			—			(0.03	)		—			—			—
Net realized gains		—			(0.76	)		(0.91	)		—			—			(6.44	)
Total distributions		—			(0.76	)		(0.94	)		—			—			(6.44	)
Net asset value, end of period	$	9.88		$	9.26		$	11.04		$	9.68		$	6.34		$	9.98
Total Return (a)		6.80	%		–9.07	%		23.72	%		52.68	%		–36.47	%		–7.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	176,265		$	180,524		$	146,644		$	143,821		$	34,969		$	62,772
Ratios to average net assets:
Net expenses (b)		1.13	%		1.15	%		1.18	%		1.25	%		1.25	%		1.25	%
Gross expenses (b)		1.13	%		1.15	%		1.18	%		1.31	%		1.41	%		1.33	%
Net investment income (loss) (b)		–0.07	%		–0.16	%		0.29	%		–0.21	%		–0.11	%		–0.17	%
Portfolio turnover rate		39	%		98	%		122	%		171	%		139	%		102	%

†	Unaudited.
(a)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; 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. A period of less than one year is not annualized.
(b)	Annualized for a period of less than one year.
(c)	Amount is less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.

34 Semi-Annual Report

LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/12†			Year Ended
					12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
Service Shares
Net asset value, beginning of period	$	9.33		$	10.28		$	9.76		$	8.23		$	13.35		$	14.89
Income (loss) from investment operations:
Net investment income		0.16			0.18			0.12			0.16			0.21			0.19
Net realized and unrealized gain (loss)		0.38			(0.93	)		0.53			1.60			(5.15	)		1.24
Total from investment operations		0.54			(0.75	)		0.65			1.76			(4.94	)		1.43
Less distributions from:
Net investment income		—			(0.20	)		(0.13	)		(0.23	)		(0.14	)		(0.37	)
Net realized gains		—			—			—			—			(0.04	)		(2.60	)
Total distributions		—			(0.20	)		(0.13	)		(0.23	)		(0.18	)		(2.97	)
Net asset value, end of period	$	9.87		$	9.33		$	10.28		$	9.76		$	8.23		$	13.35
Total Return (a)		5.79	%		–7.27	%		6.72	%		21.46	%		–37.02	%		10.78	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	539,967		$	513,882		$	471,030		$	343,467		$	284,140		$	391,465
Ratios to average net assets:
Net expenses (b)		1.10	%		1.12	%		1.14	%		1.17	%		1.17	%		1.18	%
Gross expenses (b)		1.10	%		1.12	%		1.14	%		1.17	%		1.17	%		1.18	%
Net investment income (b)		3.23	%		1.89	%		1.41	%		1.89	%		2.15	%		1.60	%
Portfolio turnover rate		22	%		39	%		53	%		104	%		43	%		48	%

†	Unaudited.
(a)	Total returns reflect reinvestment of all dividends and distributions, if any. 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. A period of less than one year is not annualized.
(b)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 35

LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/12†			Year Ended
				12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
Service Shares
Net asset value, beginning of period	$	18.71		$	23.33		$	19.23		$	11.59		$	25.64		$	22.69
Income (loss) from investment operations:
Net investment income (a)		0.26			0.44			0.34			0.29			0.58			0.29
Net realized and unrealized gain (loss)		1.24			(4.64	)		4.02			7.80			(12.77	)		7.03
Total from investment operations		1.50			(4.20	)		4.36			8.09			(12.19	)		7.32
Less distributions from:
Net investment income		—			(0.42	)		(0.26	)		(0.45	)		(0.47	)		(0.30	)
Net realized gains		—			—			—			—			(1.39	)		(4.07	)
Total distributions		—			(0.42	)		(0.26	)		(0.45	)		(1.86	)		(4.37	)
Net asset value, end of period	$	20.21		$	18.71		$	23.33		$	19.23		$	11.59		$	25.64
Total Return (b)		8.02	%		–18.00	%		22.69	%		69.85	%		–48.72	%		33.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	655,667		$	580,370		$	581,859		$	367,260		$	168,787		$	251,665
Ratios to average net assets:
Net expenses (c)		1.38	%		1.42	%		1.46	%		1.56	%		1.52	%		1.57	%
Gross expenses (c)		1.38	%		1.42	%		1.46	%		1.56	%		1.52	%		1.57	%
Net investment income (c)		2.56	%		2.04	%		1.66	%		1.86	%		2.81	%		1.12	%
Portfolio turnover rate		10	%		19	%		27	%		51	%		53	%		52	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/12†			Year Ended
				12/31/11			12/31/10			12/31/09			12/31/08			12/31/07
Investor Shares
Net asset value, beginning of period	$	18.52		$	23.17		$	19.13		$	11.55		$	25.60		$	22.71
Income (loss) from investment operations:
Net investment income (a)		0.29			0.50			0.38			0.32			0.64			0.35
Net realized and unrealized gain (loss)		1.22			(4.62	)		4.01			7.79			(12.78	)		7.04
Total from investment operations		1.51			(4.12	)		4.39			8.11			(12.14	)		7.39
Less distributions from:
Net investment income		—			(0.53	)		(0.35	)		(0.53	)		(0.52	)		(0.43	)
Net realized gains		—			—			—			—			(1.39	)		(4.07	)
Total distributions		—			(0.53	)		(0.35	)		(0.53	)		(1.91	)		(4.50	)
Net asset value, end of period	$	20.03		$	18.52		$	23.17		$	19.13		$	11.55		$	25.60
Total Return (b)		8.15	%		–17.79	%		23.05	%		70.23	%		–48.59	%		33.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	262,478		$	244,320		$	339,899		$	170,217		$	61,005		$	145,530
Ratios to average net assets:
Net expenses (c)		1.13	%		1.17	%		1.21	%		1.31	%		1.28	%		1.32	%
Gross expenses (c)		1.13	%		1.17	%		1.21	%		1.31	%		1.28	%		1.32	%
Net investment income (c)		2.80	%		2.31	%		1.83	%		2.03	%		3.02	%		1.34	%
Portfolio turnover rate		10	%		19	%		27	%		51	%		53	%		52	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. 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. A period of less than one year is not annualized.
(c)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

36 Semi-Annual Report

LAZARD RETIREMENT MULTI-ASSET TARGETED VOLATILITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 4/30/12* to 6/30/12†
Service Shares
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		—	(c)
Total from investment operations		0.02
Net asset value, end of period	$	10.02
Total Return (a)		0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,521
Ratios to average net assets:
Net expenses (b)		1.05	%
Gross expenses (b)		5.49	%
Net investment income (b)		1.60	%
Portfolio turnover rate		46	%

*	Portfolio commenced operations on April 30, 2012.
†	Unaudited.
(a)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; 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. A period of less than one year is not annualized.
(b)	Annualized for a period of less than one year.
(c)	Amount is less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 37

Lazard Retirement Series, Inc. Notes to Financial Statements June 30, 2012 (unaudited)

1. Organization
Lazard Retirement Series, Inc. (the “Fund”) was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Fund is comprised of thirteen no-load portfolios (each referred to as a “Portfolio”), which 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 to accounts permitting accumulation of assets on a tax-deferred basis. 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. Currently, only the following five Portfolios, each of which is “diversified”, as defined in the Act, are offered: Lazard Retirement U.S. Strategic Equity Portfolio (“U.S. Strategic Equity Portfolio”), Lazard Retirement U.S. Small-Mid Cap Equity Portfolio (“U.S. Small-Mid Cap Equity Portfolio”), Lazard Retirement International Equity Portfolio (“International Equity Portfolio”), Lazard Retirement Emerging Markets Equity Portfolio (“Emerging Markets Equity Portfolio”) and Lazard Retirement Multi-Asset Targeted Volatility Portfolio (“Multi-Asset Targeted Volatility Portfolio”). Each of the other eight Portfolios had not commenced operations as of June 30, 2012.

2. Significant Accounting Policies
The accompanying financial statements are presented in conformity with GAAP. The following is a summary of significant accounting policies:

(a) Valuation of Investments—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. exchanges or markets are generally based on the last reported sales price on the exchange or market on which the security is principally traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the most recent quoted bid price. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Forward currency contracts are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value.

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 primarily on institutional trading in similar groups of securities, or by using brokers’ quotations or a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in 60 days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

The Valuation Committee of the Investment Manager 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 analysts also will be considered.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s net asset value is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of foreign securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. 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’ net asset values. Foreign securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

38 Semi-Annual Report

(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 and interest income is accrued daily. The Portfolios amortize premiums and accrete discounts on fixed-income securities using the effective yield method. For the period ended June 30, 2012, only Multi-Asset Targeted Volatility Portfolio traded in fixed-income securities.

The Portfolios may be subject to taxes imposed by foreign countries in which they invest. Such taxes are generally based upon income earned or capital gains (realized or unrealized). The Portfolios accrue and apply such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Portfolios are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. 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. Net realized gain (loss) on foreign currency and forward currency contracts represents 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 a Portfolio’s accounting records and the U.S. 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.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

The U.S. dollar value of forward currency contracts is determined using quotations provided by a pricing service. Daily fluctuations in the value of such 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.

For the period ended June 30, 2012, only Multi-Asset Targeted Volatility Portfolio traded in forward currency contracts.

(d) Federal Income Taxes—The Fund’s policy is to continue to have each Portfolio qualify as a regulated investment company under Subchapter M of the Internal Revenue 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, 2011, the Portfolios had available, for federal income tax purposes, unused realized capital losses which can be used to offset future realized capital gains as follows:

Portfolio	Expiring 2016		Expiring 2017		Expiring 2018
U.S. Strategic Equity	$	—	$	47,866	$	683,170
U.S. Small-Mid Cap Equity		—		—		—
International Equity		2,794,623		71,571,550		7,205,218
Emerging Markets Equity		—		14,555,917		—

Under current tax law, certain capital and net foreign currency losses realized after October 31 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, 2011, Emerging Markets Equity Portfolio elected to defer net capital and foreign currency losses of $1,111,199 arising between November 1, 2011 and December 31, 2011.

Semi-Annual Report 39

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) was signed into law. The RIC Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Among the new provisions, net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. The RIC Modernization Act also requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result, pre-enactment capital loss carryforwards may expire unused.

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 returns filed for open tax years (2008-2010), or expected to be taken in the Portfolios’ 2011 tax returns.

(e) Dividends and Distributions—Each Portfolio intends to declare and to pay dividends annually from net investment income, if any. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolio, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders; however, to avoid taxation, a second distribution may be required.

Income dividends 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, wash sales and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(f) Offering Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio.

(g) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among the Portfolios primarily on the basis of relative net assets. A Portfolio accrues distribution and service (12b-1) fees to its 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 the classes based upon the relative net assets of each class.

(h) Expense Reductions—The Portfolios’ excess cash in demand deposit accounts, if any, may receive credits that are available to offset custody expenses. The Statements of Operations report gross custody expenses, and report the amount of any credits separately as an expense reduction.

(i) Estimates—The preparation of financial statements in conformity with GAAP requires the Fund 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 from operations during the reporting period. Actual results could differ from those estimates.

3. Investment Management, Administration, 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 regularly provides each Portfolio with investment research, advice and supervision and furnishes continuously an investment program for each Portfolio consistent with its investment objective and policies, including the purchase, retention and disposition of securities. For its services provided to the Fund, the Investment Manager earns a management fee, accrued daily and payable by each Portfolio monthly, at the annual rate set forth below as a percentage of its average daily net assets:

Portfolio	Annual Rate
U.S. Strategic Equity	0.70	%
U.S. Small-Mid Cap Equity	0.75
International Equity	0.75
Emerging Markets Equity	1.00
Multi-Asset Targeted Volatility	0.85

40 Semi-Annual Report

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolios if annualized operating expenses exceed the following percentages of average daily net assets for the respective Shares:

Portfolio	Service Shares		Investor Shares
U.S. Strategic Equity	1.00	%	N/A
U.S. Small-Mid Cap Equity	1.25		N/A
International Equity	1.25		N/A
Emerging Markets Equity	1.60		1.35	%
Multi-Asset Targeted Volatility	1.05		N/A

During the period ended June 30, 2012, the Investment Manager fully waived its management fees and reimbursed the following Portfolios as follows:

	Service Shares
Portfolio	Management Fees waived		Expenses Reimbursed
U.S. Strategic Equity	$	21,824	$	40,195
Multi-Asset Targeted Volatility		8,101		29,074

The Fund has entered into an administration agreement with State Street to provide certain administrative services to the Portfolios. Each Portfolio bears the cost of such services at a fixed annual rate of $42,500, plus 0.02% of average daily net assets up to $1 billion and 0.01% of average daily net assets over $1 billion. State Street has agreed to waive $18,750 of the $42,500 annual fee for the following Portfolios until each respective Portfolio’s net assets reach $25 million. During the period ended June 30, 2012, State Street waived its fees as follows:

Portfolio	Amount
U.S. Strategic Equity	$	9,375
Multi-Asset Targeted Volatility		3,125

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 the cost of printing and mailing prospectuses to potential investors and certain expenses in connection with the offering of Portfolio shares.

Under a Distribution and Servicing Plan in accordance with Rule 12b-1 under the 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 distribution and servicing of accounts. The Distributor may make payments to participating insurance companies, certain financial institutions, securities dealers and other industry professionals for providing these services.

BFDS is the Fund’s transfer and dividend disbursing agent. For its services, BFDS receives a monthly fee computed on the basis of the number of shareholder accounts it maintains for the Fund during the month, subject to a minimum fee amount per share class in each Portfolio, and is reimbursed for certain out-of-pocket expenses. BFDS has agreed to waive the monthly minimum fee for six months after a new Portfolio has commenced operations. During the period ended June 30, 2012, BFDS waived its fees of $2,045 for Multi-Asset Targeted Volatility Portfolio.

4. Directors’ Compensation
Certain Directors of the Fund are officers of the Investment Manager. Each Director who is not an affiliated person of the Investment Manager or any of its affiliates is paid by the Fund, The Lazard Funds, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (collectively with the Fund, the “Lazard Funds”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $100,000, (2) a per meeting in person regular or special meeting fee of $5,000 ($1,500 for telephonic participation), including Board, committee, subcommittee or other special meetings specifically authorized by the Board and held in connection with delegated Fund business, and (3) a telephone Audit Committee or special Board meeting fee of $1,500, with an additional annual fee for the Audit Committee Chairman of $5,000. Such Directors are also reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. No additional compensation is provided in respect of committee meetings held in conjunction with a meeting of the Board. Compensation is divided among the Lazard Funds based on relative net assets. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

Semi-Annual Report 41

5. Securities Transactions and Transactions with Affiliates
Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2012 were as follows:

Portfolio	Purchases		Sales
U.S. Strategic Equity	$	2,021,195	$	2,012,301
U.S. Small-Mid Cap Equity		68,884,165		84,546,940
International Equity		113,905,322		113,191,540
Emerging Markets Equity		137,219,721		86,052,055
Multi-Asset Targeted Volatility		8,918,509		2,142,650

For the period ended June 30, 2012, 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.

6. Foreign Securities Investment Risks
Certain Portfolios invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. A Portfolio’s investments in emerging market countries are exposed to additional risks. A Portfolio’s performance will be influenced by political, social and economic factors affecting companies in emerging markets countries. 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.

7. Contractual Obligations
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. 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.

8. Fair Value Measurements
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. Each investment’s fair value measurement level within the fair value hierarchy 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.

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including unadjusted quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

42 Semi-Annual Report

The following tables summarize the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2012:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2012
U.S. Strategic Equity Portfolio
Common Stocks	$	6,045,251	$	—	$	—	$	6,045,251
Preferred Stock		—		—		51,231		51,231
Short-Term Investment		—		91,770		—		91,770
Total	$	6,045,251	$	91,770	$	51,231	$	6,188,252
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	166,792,311	$	—	$	—	$	166,792,311
Preferred Stock		—		—		1,397,678		1,397,678
Short-Term Investment		—		2,533,414		—		2,533,414
Total	$	166,792,311	$	2,533,414	$	1,397,678	$	170,723,403
International Equity Portfolio
Common Stocks
Australia	$	—	$	33,864,924	$	—	$	33,864,924
Belgium		—		19,050,858		—		19,050,858
Brazil		9,687,530		—		—		9,687,530
Canada		12,530,792		—		—		12,530,792
China		—		3,603,461		—		3,603,461
Denmark		—		5,804,327		—		5,804,327
Finland		—		6,414,695		—		6,414,695
France		—		58,508,779		—		58,508,779
Germany		—		45,009,977		—		45,009,977
Indonesia		4,694,904		—		—		4,694,904
Ireland		4,279,469		—		—		4,279,469
Italy		—		4,589,665		—		4,589,665
Japan		—		75,039,910		—		75,039,910
Mexico		981,503		—		—		981,503
Netherlands		—		8,621,675		—		8,621,675
New Zealand		—		4,418,473		—		4,418,473
Russia		—		7,944,532		—		7,944,532
South Korea		—		15,312,599		—		15,312,599
Spain		—		13,423,812		—		13,423,812
Sweden		—		20,791,353		—		20,791,353
Switzerland		—		19,168,778		—		19,168,778
Turkey		—		2,843,173		—		2,843,173
United Kingdom		—		136,251,001		—		136,251,001
Short-Term Investment		—		26,483,638		—		26,483,638
Total	$	32,174,198	$	507,145,630	$	—	$	539,319,828
Emerging Markets Equity Portfolio
Common Stocks
Argentina	$	4,240,175	$	—	$	—	$	4,240,175
Brazil		149,821,010		—		—		149,821,010
Canada		6,470,877		—		—		6,470,877
China		8,633,295		27,444,494		—		36,077,789
Colombia		345,180		—		—		345,180
Egypt		—		22,494,980		—		22,494,980
France		—		7,352,492		—		7,352,492
Hong Kong		15,824,177		6,928,382		—		22,752,559
Hungary		—		11,644,285		—		11,644,285
India		4,560,072		45,160,755		—		49,720,827
Indonesia		20,643,741		33,846,083		—		54,489,824
Malaysia		—		6,941,174		—		6,941,174
Mexico		46,149,864		—		—		46,149,864

Semi-Annual Report 43

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2012
Emerging Markets Equity Portfolio (concluded)
Pakistan	$	—	$	11,305,783		$	—	$	11,305,783
Philippines		20,479,200		—			—		20,479,200
Russia		16,806,120		60,986,796			—		77,792,916
South Africa		—		107,887,343			—		107,887,343
South Korea		—		126,888,062			—		126,888,062
Taiwan		—		41,133,201			—		41,133,201
Thailand		1,640,535		18,287,114			—		19,927,649
Turkey		—		54,668,959			—		54,668,959
United Kingdom		—		1,876,463			—		1,876,463
Preferred Stocks		18,424,488		—			—		18,424,488
Short-Term Investment		—		13,575,418			—		13,575,418
Total	$	314,038,734	$	598,421,784		$	—	$	912,460,518
Multi-Asset Targeted Volatility Portfolio
Assets:
Common Stocks
Australia	$	68,149	$	173,072		$	—	$	241,221
Belgium		64,915		—			—		64,915
Bermuda		25,435		—			—		25,435
Canada		188,168		—			—		188,168
Denmark		—		76,059			—		76,059
Finland		13,911		12,063			—		25,974
France		86,227		30,958			—		117,185
Germany		47,886		59,874			—		107,760
Hong Kong		—		52,412			—		52,412
Ireland		13,150		—			—		13,150
Israel		24,256		—			—		24,256
Italy		—		40,476			—		40,476
Japan		140,072		534,652			—		674,724
Netherlands		—		53,410			—		53,410
New Zealand		—		12,226			—		12,226
Norway		—		25,084			—		25,084
Singapore		—		8,221			—		8,221
Spain		—		35,308			—		35,308
Sweden		17,166		16,862			—		34,028
Switzerland		—		54,135			—		54,135
United Kingdom		159,955		215,398			—		375,353
United States		1,648,252		—			—		1,648,252
Corporate Bonds		—		886,616			—		886,616
Foreign Government Obligations		—		1,466,365			—		1,466,365
Quasi Government Bonds		—		360,413			—		360,413
Supranationals		—		195,931			—		195,931
Short-Term Investment		—		414,932			—		414,932
Other Financial Instruments*
Forward Currency Contracts		—		13,344			—		13,344
Total	$	2,497,542	$	4,737,811		$	—	$	7,235,353
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(41,198	)	$	—	$	(41,198	)

* Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation/depreciation.

44 Semi-Annual Report

Certain common stocks (see footnote (d) in the Notes to Portfolios of Investments) included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The fixed-income securities included in Level 2 were valued on the basis of prices provided by independent pricing services. The forward currency contracts included in Level 2 were valued using quotations provided by a pricing service. The short-term investment included in Level 2 (a pooled investment fund) was valued at the fund’s net asset value.

The fair value measurement process for the Level 3 preferred stock of Better Place, Inc., a company that is working to build the infrastructure to deliver a range of services relating to the use of electric vehicles, including battery charging and swap stations, includes consideration of the price paid in previous transactions in the stock and other significant unobservable inputs, including the continued monitoring of the implementation of the company’s business plan, the application and timeliness of financing activities, the num-

ber and timing of scheduled openings of charging stations, and the production and availability of vehicles that would make use of the company’s services. Significant increases (decreases) in any of these inputs, in isolation or in combination, could result in a significantly higher (lower) fair value measurement.

In connection with the periodic implementation of fair value pricing procedures with respect to foreign securities (see Note 2(a)), certain securities in the International Equity, Emerging Markets Equity and Multi-Asset Targeted Volatility Portfolios are transferred from Level 1 to Level 2 and revert to Level 1 when the fair value pricing procedure triggers are no longer met (other than those securities described in footnote (d) in the Notes to Portfolios of Investments). There were no significant transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2012.

For further information regarding security characteristics see Portfolios of Investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended June 30, 2012:

Description	Balance as of December 31, 2011		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Depreciation			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of June 30, 2012		Net Change in Unrealized Depreciation from Investments Still Held at June 30, 2012
U.S. Strategic Equity Portfolio
Preferred Stock	$	57,572	$	—	$	—	$	(6,341	)	$	—	$	—	$	—	$	—	$	51,231	$	(6,341	)
U.S. Small-Mid Cap Equity Portfolio
Preferred Stock	$	1,570,658	$	—	$	—	$	(172,980	)	$	—	$	—	$	—	$	—	$	1,397,678	$	(172,980	)

Semi-Annual Report 45

9. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts. Forward currency contracts may be used for hedging purposes or to seek to increase returns.

Multi-Asset Targeted Volatility Portfolio

During the period ended June 30, 2012, the cost of purchases and the proceeds from sales of forward currency contracts were $4,806,880 and $7,141,646, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2012:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	13,344
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	(41,198	)

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2012 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	38,132
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(27,854	)

10. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements and has determined that there are no such subsequent events that require disclosure.

On July 2, 2012, a shareholder of U.S. Small-Mid Cap Equity Portfolio redeemed shares worth approximately $127 million. While large subscriptions and redemptions can have an impact on a Portfolio’s expense ratio in the future, such impact, if any, is not estimable at this time.

46 Semi-Annual Report

Lazard Retirement Series, Inc. Board of Directors and Officers Information (unaudited)

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors(3):
Kenneth S. Davidson (67)	Director (April 1997)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Balestra Capital, Ltd., an investment manager and adviser, Senior Advisor (July 2012 – present)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – June 2012)
Nancy A. Eckl (49)	Director (May 2007)	American Beacon Advisors, Inc. (“American Beacon”) and certain funds advised by American Beacon, Vice President (1990 – 2006)
		College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (57 funds) and TIAA-CREF Life Funds (10 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Lester Z. Lieberman (82)	Director (April 1997)	Private Investor
Leon M. Pollack (71)	Director (August 2006)	Private Investor
Richard Reiss, Jr. (68)	Director (April 1997)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – present)
Robert M. Solmson (64)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)
Interested Directors(4):
Charles L. Carroll (51)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (52)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present) Lazard Ltd, Vice Chairman and Director (2010 – present)

Semi-Annual Report 47

(1)	The address of each Director is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director also serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2012, 28 active investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other Lazard Funds. All of the Independent Directors, except Mr. Lieberman, are also board members of Lazard Alternative Strategies Fund, L.L.C. and Lazard Alternative Strategies 1099 Fund, closed-end registered management investment companies advised by an affiliate of the Investment Manager.
(3)	“Independent Directors” are not “interested persons” (as defined in the Act) of the Fund.
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the Act) of the Fund because of their positions with the Investment Manager.
The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300.

48 Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Nathan A. Paul (39)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (53)	Treasurer (May 2003)	Vice President of the Investment Manager
Brian D. Simon (50)	Chief Compliance Officer (January 2009) and Assistant Secretary (November 2002)	Managing Director (since February 2011, previously Director) of the Investment Manager and Chief Compliance Officer (since January 2009) of the Investment Manager and the Fund
Tamar Goldstein (37)	Assistant Secretary (February 2009)	Senior Vice President (since February 2012, previously Vice President and Counsel) of the Investment Manager
Cesar A. Trelles (37)	Assistant Treasurer (December 2004)	Vice President (since February 2011, previously Fund Administration Manager) of the Investment Manager

(1)	The address of each officer is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other Lazard Funds.
(3)	In addition to Charles L. Carroll, President, whose information is included in the Interested Directors section.

Semi-Annual Report 49

Lazard Retirement Series, Inc. Other Information (unaudited)

Proxy Voting
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 http://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 http://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Form N-Q
The Fund files a complete schedule of each Portfolio’s holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Board Considerations of Management Agreements

Multi-Asset Targeted Volatility Portfolio
At the meeting of the Board held on March 15, 2012, the Board considered the approval of the Management Agreement between the Fund, on behalf of the Multi-Asset Targeted Volatility Portfolio (the “New Portfolio”), and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Investment Manager.

Services Provided
Representatives of the Investment Manager referenced the Investment Manager’s written presentation and discussions in connection with the June 1, 2011, August 3, 2011 and November 17, 2011 meetings (the “Previous Meetings”) for the existing Portfolios relevant to, among other matters, the nature, extent and quality of services provided to the Fund by the Investment Manager, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 26 active funds comprised approximately $18 billion of the $141 billion of total assets under the management of the Investment Manager and its global

affiliates as of December 31, 2011); the Investment Manager’s global investment management platform, technology, operational and legal and compliance support and significant marketing infrastructure across broad distribution channels; and the Investment Manager’s personnel, resources, financial condition and experience. The Investment Manager’s representatives confirmed that there had been no material changes to the information provided to the Board in connection with the Previous Meetings. The Board received a presentation on the New Portfolio from the portfolio manager, including the strategies to be employed for the New Portfolio and the New Portfolio’s portfolio management team, including professional biographies.

The Directors considered the various services to be provided by the Investment Manager including the Investment Manager’s research and portfolio management capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements. The Directors also considered the Investment Manager’s infrastructure and agreed that the New Portfolio was expected to benefit from the services and infrastructure provided by the Investment Manager. The Directors accepted management’s assertion that such services and infrastructure would be greater than those typically provided to an $18 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Management Fee, Expense Ratio and Performance Information
The Directors reviewed comparative management fee and expense ratio information prepared by Lipper, Inc. (“Lipper”) noting the limitations of the two Lipper comparison groups for the New Portfolio (each, a “Group”). Lipper’s materials stated that Lipper’s reports are specifically designed to provide boards of directors the necessary fee, expense and investment performance information to help fulfill their advisory contract renewal responsibilities under Section 15(c) of the Act.

Management Fee and Expense Ratios. Representatives of the Investment Manager reviewed the proposed management fee and anticipated expense ratios for the New Portfolio and the comparisons provided by Lipper, which compared contractual management fees and expense ratios for the New Portfolio to the Groups, and the Directors noted the

50 Semi-Annual Report

methodology and assumptions used in the comparison, including that Lipper’s management fee comparisons and the rankings used therein did not include fixed dollar amounts paid to administrators (which, for the New Portfolio, would be paid to the Fund’s third party administrator which is not an affiliate of the Investment Manager). It was noted that such fixed fees could affect rankings if included in Lipper’s analysis. The proposed management fee for the New Portfolio was higher than each Group median, and the projected net expense ratios for the New Portfolio were competitive with the Group medians. The Directors also reviewed a supplemental fee analysis of a group of comparison funds prepared by the Investment Manager showing that the management fee average and median of the comparison group were higher than the proposed management fee for the New Portfolio, and the representatives of the Investment Manager explained the relevance of the supplemental fee analysis. There were no funds, separately accounts or other accounts of the Investment Manager with investment objectives, policies and strategies similar to those of the New Portfolio (“Similar Accounts”).

Performance. Since the New Portfolio had not yet commenced operations, there was no performance for the Directors to consider. The Directors were provided with performance composite information for the underlying strategies in which it was anticipated that the New Portfolio’s assets would initially be invested.

Investment Manager Profitability and Economies of Scale
Representatives of the Investment Manager referred to recent discussions regarding considerations of profitability and economies of scale in respect of the Fund’s existing Portfolios and noted that because the New Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the New Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to the New Portfolio and the expected profits to be realized by the Investment Manager and its affiliates from their relationships with the New Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on the New Portfolio until assets grew well beyond the initial assets, noting the Investment Manager’s agreement to waive its fees and/or reimburse the New Portfolio

for at least one year following the New Portfolio’s commencement of operations to maintain the expense ratios reflected in the Lipper materials. The Board determined to revisit this issue no later than when it next reviewed the investment management fee in connection with renewal of the Management Agreement. The Investment Manager representatives noted that neither the Investment Manager nor its affiliates were expected to receive any significant indirect benefits from the Investment Manager acting as investment adviser to the New Portfolio. The Investment Manager’s representatives referred to information previously provided on the Investment Manager’s brokerage and soft dollar practices. The representatives of the Investment Manager stated that the Investment Manager intends to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the New Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the New Portfolio’s Service Shares.

At the conclusion of these discussions, each of the Directors expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to the approval of the Management Agreement with respect to the New Portfolio. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate and appropriate, noting the benefits of advisory and research and other services and infrastructure (as discussed above) associated with a $141 billion global asset management business.

• The Board was satisfied with the resources the Investment Manager was to devote to management of the New Portfolio.

• The Board concluded that the New Portfolio’s fees to be paid to the Investment Manager were reasonable in light of the considerations discussed above.

• The Board recognized that economies of scale may be realized as the assets of the New Portfolio increase. The

Semi-Annual Report 51

Board determined it would seek to have the Investment Manager share any material economies of scale with the New Portfolio.

The Board considered these conclusions and determinations in their totality and, without any one factor being dispositive, determined that approval of the Management Agreement for the New Portfolio was in the best interests of the New Portfolio.

All Other Portfolios
At the meeting of the Board held on May 30, 2012, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of its Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Investment Manager.

Services Provided
Representatives of the Investment Manager discussed with the Board the Investment Manager’s written presentation provided in advance of the meeting addressing, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the Lazard Funds complex of 28 active funds comprised approximately $20 billion of the nearly $141 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2012). The representatives of the Investment Manager noted that the Investment Manager believes that the Fund continues to benefit significantly from the infrastructure and services provided by the Investment Manager’s global investment management platform, technology, operational and legal and compliance support and significant marketing infrastructure across broad distribution channels. The Directors also considered information provided by the Investment Manager regarding its personnel, resources, financial condition and experience; the Fund’s distribution channels and the relationships with various intermediaries; marketing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels.

The Directors considered the various services provided by the Investment Manager including the Investment Man-

ager’s research and portfolio management capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements. The Directors also considered the Investment Manager’s infrastructure and agreed that the Fund benefits from the services and infrastructure provided by the Investment Manager. The Directors accepted management’s assertion that such services and infrastructure are greater than those typically provided to a $20 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Management Fee, Expense Ratio and Performance Information
The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2012) information prepared by Lipper, noting the limitations of certain Groups and broader universes (each, a “Universe��). For the Global Listed Infrastructure and Capital Allocator Opportunistic Strategies Portfolios, it was noted that the relevant Group and/or Universe may not provide the most appropriate comparison given the specialty nature of the Portfolios’ investment strategies. Lipper’s materials stated that Lipper’s reports are specifically designed to provide boards of directors the necessary fee, expense and investment performance information to help fulfill their advisory contract renewal responsibilities under Section 15(c) of the Act.

Management Fees and Expense Ratios. The Directors discussed the actual and contractual management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Lipper, including that management fee comparisons and the rankings used therein include administrative fees (which, for the Portfolios, are paid to the Fund’s third party administrator that is not affiliated with the Investment Manager).

In reviewing Lipper’s analysis (which was for the Service Shares class of all Portfolios except for the Emerging Markets Equity Portfolio, which has both Service and Investor Shares classes), it was noted that, except for the U.S. Strategic Equity, Global Listed Infrastructure and Capital Allocator Opportunistic Strategies Portfolios (each of which is not an active Portfolio other than the U.S. Strategic Equity Portfolio), contractual management fees are approximately at or lower than each Portfolio’s relevant Group median and that, for the active Portfolios, actual management fees were

52 Semi-Annual Report

below the median of the relevant Group. They also noted that, except for the International Strategic Equity Portfolio (which is not an active Portfolio), expense ratios were within the range of those of the funds in the relevant Group. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements for all of the active Portfolios and that for certain of these Portfolios the Investment Manager was waiving management fees and/or reimbursing expenses.

The Directors also considered management fees paid to the Investment Manager by funds advised or sub-advised by the Investment Manager utilizing the same investment strategies as the Portfolios, as well as, with respect to each Portfolio, the Investment Manager’s Similar Accounts. The Directors discussed the fees paid to the Investment Manager by the Fund’s Portfolios compared to the fees paid to the Investment Manager by Similar Accounts. Representatives of the Investment Manager discussed the nature of the Similar Accounts and the extensive differences, from the Investment Manager’s perspective, in services provided to the different types of Similar Accounts as compared to the services provided to the Portfolios. The Directors considered the relevance of the fee information provided for Similar Accounts managed by the Investment Manager, in light of the significant differences in services provided, to evaluate the appropriateness and reasonableness of the Portfolios’ management fees.

Performance. Lipper’s performance analyses compared each Portfolio’s investment returns to those of the funds in the relevant Group and/or Universe over measurement periods up to ten years through March 31, 2012.

The Directors noted that performance of the U.S. Strategic Equity Portfolio was approximately at or above the Group and Universe medians in all of the periods except the five-year period; the International Equity and U.S. Small-Mid Cap Equity Portfolios were variously above, at and/or below the Group and Universe medians; and both classes of the Emerging Markets Equity Portfolio were in the first quintile of the Group and Universe for all periods.

The Directors had received and would continue to receive regular updates on the Investment Manager’s efforts in respect of underperforming Portfolios.

Investment Manager Profitability and Economies of Scale
The Directors reviewed information prepared by the Investment Manager for each Portfolio concerning profits realized by the Investment Manager and its affiliates resulting from the Management Agreement, calculated using the actual revenues received for the calendar year ended December 31, 2011 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s expenses. The representatives of the Investment Manager stated that neither the Investment Manager nor its affiliates receive any significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. The Investment Manager’s representatives stated that the broker-dealer that is treated as an affiliate of the Investment Manager did not effect trades for the Portfolios in the period under review, and the Investment Manager did not benefit from money flow (float) in connection with transactions in the Portfolios’ shares. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the Portfolios’ brokerage allocation, commission payments and soft dollar commissions and benefits. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Service Shares.

The profitability percentages were within ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. Representatives of the Investment Manager stated that the Investment Manager believed the profits are not unreasonable in light of the services provided and other factors. The Directors considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of whether the Portfolio’s fee under the Management Agreement bears a reasonable relationship to the mix of services provided by the Investment Manager, including the nature, extent and quality of such services, and evaluated profitability in light of the relevant circumstances for each Portfolio, including the size of each Portfolio and the trend in asset growth or decline. Represen-

Semi-Annual Report 53

tatives of the Investment Manager and the Directors discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of money back into its business, waiving or reimbursing Portfolio expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting relatively low management fees from inception. It was noted that, for Portfolios with declining or stable assets or a low level of assets, the extent to which the Investment Manager may have realized any economies of scale would be reduced.

At the conclusion of these discussions, each of the Directors expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Management Agreement. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure

	(as discussed above) associated with a nearly $141 billion global asset management business.
•	The Board was generally satisfied with the overall performance of most of the Portfolios, but would continue to monitor performance of the Portfolios that was not generally above or competitive with Group or Universe medians.
•	The Board concluded that each Portfolio’s fee paid to the Investment Manager was reasonable in light of the considerations discussed above.
•	The Board recognized that economies of scale may be realized as the assets of the Portfolios increase and determined that they would continue to consider potential material economies of scale.

The Board considered these conclusions and determinations in their totality and, without any one factor being dispositive, determined that approval of the Management Agreement for the Fund, on behalf of each Portfolio, was in the best interests of the Portfolio and its shareholders.

54 Semi-Annual Report

Lazard Retirement Series, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
http://www.LazardNet.com

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

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

Custodian
State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Transfer Agent and Dividend Disbursing Agent
Boston Financial Data Services, Inc.
P.O. Box 8514
Boston, Massachusetts 02266-8514
Telephone: 800-986-3455

Independent Registered Public Accounting Firm
Anchin, Block & Anchin LLP
1375 Broadway
New York, New York 10018
http://www.anchin.com

Legal Counsel
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
http://www.stroock.com

Performance information as of the most recent month end is available online at www.LazardNet.com.

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

www.LazardNet.com

© 2012 Lazard Asset Management LLC

6/12 LZDPS010

ITEM 2.  CODE OF ETHICS.

Not applicable.

ITEM 3.  AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.  AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.  INVESTMENTS

Not applicable.

ITEM 7.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENTCOMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.  PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)  Not applicable.

(a)(2)  Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3)  Not applicable.

(b)      Certifications of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Lazard Retirement Series, Inc.

By	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date	September 10, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date	September 10, 2012
By	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date	September 10, 2012