N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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)

Mark R. Anderson, 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: 6/30/20

Item 1 Report to stockholders

Lazard Retirement Series

Semi-Annual Report

June 30, 2020

Equity

Lazard Retirement Emerging Markets Equity Portfolio

Lazard Retirement International Equity Portfolio

Lazard Retirement US Small-Mid Cap Equity Portfolio

Multi-Asset

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Lazard Retirement Series, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Performance Overviews (unaudited)
8	Information About Your Portfolio’s Expenses (unaudited)
10	Portfolio Holdings Presented by Sector (unaudited)
11	Portfolios of Investments (unaudited)
11	Lazard Retirement Emerging Markets Equity Portfolio
15	Lazard Retirement International Equity Portfolio
19	Lazard Retirement US Small-Mid Cap Equity Portfolio
24	Lazard Retirement Global Dynamic Multi-Asset Portfolio
44	Notes to Portfolios of Investments (unaudited)
48	Statements of Assets and Liabilities (unaudited)
50	Statements of Operations (unaudited)
52	Statements of Changes in Net Assets (unaudited)
55	Financial Highlights (unaudited)
61	Notes to Financial Statements (unaudited)
85	Other Information (unaudited)

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

Please consider a Portfolio’s investment objectives, 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.lazardassetmanagement.com. Read the prospectus or each Portfolio’s summary prospectus carefully before you invest. The prospectus and each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report 1

Lazard Retirement Series, Inc. A Message from Lazard

Dear Shareholder,

The global spread of COVID-19 created significant market volatility and caused an unprecedented collapse across global equity markets at the start of 2020. The pandemic led to worldwide lockdowns, which led to drastic unemployment, a wave of small businesses closures, and a significant decline in economic growth. However, an extremely aggressive monetary and fiscal response, as well as a slowdown in the spread of COVID-19 in many of the early hotspots, led to one of the sharpest rallies ever for global stocks during the second quarter.

US unemployment rose from a 50-year low to an 80-year high in just two months. While the economic weakness was extraordinary, the policy response was both dramatic and timely. The Federal Reserve, the US central bank, slashed rates to zero and announced unlimited quantitative easing within weeks of the crisis. The central bank subsequently announced almost $3 trillion in liquidity facilities for companies and municipalities. Credit markets responded, turning highly accommodative for a wide variety of companies, and debt issuance reached record highs. The federal government also delivered with a fiscal package more than double the size of the response to the 2008 global financial crisis.

COVID-19 exacerbated existing price dislocations not only in emerging markets compared to other markets, but in high-quality businesses trading at lower valuations. The course of the pandemic and related government actions, trade developments, and the US election will have a great deal of influence in how the region’s equities end the year.

In Europe, economic data suggested that the European Union and United Kingdom were mired in deep recessions. As in the United States, however, stimulus proved to be a potent salve. European equity markets calmed after the volatile first quarter as individual countries and the European Central Bank put forward an aggressive and globally coordinated monetary and fiscal response.

2 Semi-Annual Report

As economies across the world reopen, the shape of a potential recovery remains an open question. After all, there is little historical precedent for the global economy shutting down and then attempting to restart itself.

The performance dispersion between value and growth stocks has been at all-time highs, but we believe the differential will adjust. More than ever, we are confident that fundamental analysis and stock selection will be crucial drivers for performance. We feel privileged to handle your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance that are consistent with your expectations.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report 3

Lazard Retirement Series, Inc. Performance Overviews (unaudited)

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 MSCI Emerging Markets^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2020

	One Year	Five Years	Ten Years
Service Shares**	–16.75%	–1.38%	1.01%
Investor Shares**	–16.50%	–1.12%	1.27%
MSCI Emerging Markets Index	–3.39%	2.86%	3.27%

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, 2020

	One Year	Five Years	Ten Years
Service Shares	–8.13%	0.15%	5.63%
MSCI EAFE Index	–5.13%	2.05%	5.73%

4  Semi-Annual Report

Lazard Retirement US Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement US Small-Mid Cap Equity Portfolio and Russell 2500^® Index

Average Annual Total Returns*

Periods Ended June 30, 2020

	One Year	Five Years	Ten Years
Service Shares	–10.76%	2.64%	8.74%
Russell 2500 Index	–4.70%	5.41%	11.46%

Semi-Annual Report  5

Lazard Retirement Global Dynamic Multi-Asset Portfolio

Comparison of Changes in Value of $10,000 Investment in the Service Shares of Lazard Retirement Global Dynamic Multi-Asset Portfolio, MSCI World^® Index and GDMA Index*

Average Annual Total Returns*

Periods Ended December 31, 2019

	One Year	Five Years	Since Inception	†
Service Shares**	–5.60%	3.82%	5.82%
Investor Shares**	–5.52%	N/A	3.77%
MSCI World Index	2.84%	6.90%	8.86% (Service Shares) 13.12% (Investor Shares)
GDMA Index	4.02%	5.48%	5.48% (Service Shares) 10.27% (Investor Shares)

† The inception date for the Service Shares was April 30, 2012 and for the Investor Shares was December 31, 2018.

Notes to Performance Overviews:

*

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”) or DST Asset Manager Solutions, Inc., the Fund’s transfer and dividend distributing agent (“DST”); 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. Returns for a period of less than one year are not annualized.

Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles (“GAAP”), if any, and also exclude one-time adjustments related to reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements) for Lazard Retirement

6  Semi-Annual Report

	Emerging Markets Equity Portfolio and may differ from amounts reported in the financial highlights.
	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 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 indices are unmanaged, have no fees or costs and are not available for investment.
	The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 26 emerging markets country indices.
	The MSCI EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.
	The Russell 2500 Index measures the performance of the small- to mid-cap segment of the US equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. The Russell 3000 Index measures the performance of the largest 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.
	The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.
	The GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Barclays Global Aggregate® Index and is rebalanced monthly. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt and global Treasury.
**	The performance of Service Shares and Investor Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  7

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, 2020 through June 30, 2020 and held for the entire period.

Actual Expenses

For each share class of the Portfolios, the first line of the accompanying table 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 accompanying table 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 other mutual 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 participating insurance companies. Such charges will have the effect of reducing account value.

8  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
Emerging Markets Equity
Service Shares
Actual	$	1,000.00	$	777.70	$	6.29		1.42	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.79	$	7.13		1.42	%
Investor Shares
Actual	$	1,000.00	$	779.20	$	5.18		1.17	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.05	$	5.87		1.17	%
International Equity
Service Shares
Actual	$	1,000.00	$	877.50	$	5.32		1.14	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.19	$	5.72		1.14	%
US Small-Mid Cap Equity
Service Shares
Actual	$	1,000.00	$	833.50	$	5.24		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.14	$	5.77		1.15	%
Global Dynamic Multi-Asset
Service Shares
Actual	$	1,000.00	$	896.70	$	4.95		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64	$	5.27		1.05	%
Investor Shares
Actual	$	1,000.00	$	897.40	$	4.25		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.52		0.90	%

* Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Semi-Annual Report  9

Lazard Retirement Series, Inc.

Portfolio Holdings Presented by Sector June 30, 2020

Sector*	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement US Small- Mid Cap Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio#
Communication Services		12.0	%		10.7	%		2.3	%		4.7	%
Consumer Discretionary		5.1			5.1			9.7			8.6
Consumer Staples		6.5			8.3			2.5			7.4
Energy		9.1			2.8			1.2			0.6
Financials		25.2			15.0			12.5			9.5
Health Care		1.9			13.1			15.0			7.1
Industrials		5.0			18.9			16.3			6.0
Information Technology		21.9			8.4			18.1			9.9
Materials		8.9			6.0			6.7			0.9
Real Estate		0.9			3.4			9.7			0.6
Utilities		0.7			7.0			2.7			1.0
Municipal		—			—			—			1.1
Sovereign Debt		—			—			—			30.5
US Treasury Securities		—			—			—			10.4
Short-Term Investments		2.8			1.3			3.3			1.7
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

*	Represents percentage of total investments.
#	Equity sector breakdown is based upon the underlying holdings of exchange-traded funds and closed-end management investment companies held by the Portfolio.

10  Semi-Annual Report

Lazard Retirement Series, Inc. Portfolios of Investments

June 30, 2020 (unaudited)

Description	Shares		Fair Value
Lazard Retirement Emerging Markets Equity Portfolio
Common Stocks  |  96.9%
Brazil  |  5.3%
Banco do Brasil SA		1,534,302	$	9,070,780
BB Seguridade Participacoes SA		1,283,700		6,437,267
CCR SA		2,081,850		5,550,987
Cielo SA		2,002,284		1,701,063
				22,760,097
China  |  23.3%
AAC Technologies Holdings, Inc.		692,691		4,240,974
Anhui Conch Cement Co., Ltd., Class H		1,259,375		8,470,570
Baidu, Inc. Sponsored ADR (*)		49,681		5,956,255
China Construction Bank Corp., Class H		23,740,038		19,183,841
China Merchants Bank Co., Ltd., Class H		1,744,237		8,033,547
China Mobile, Ltd. Sponsored ADR		272,602		9,170,331
China Shenhua Energy Co., Ltd., Class H		2,338,775		3,652,566
China Vanke Co., Ltd., Class H		1,277,600		4,030,600
CNOOC, Ltd.		5,454,053		6,125,435
CRRC Corp., Ltd., Class H		5,643,000		2,383,037
ENN Energy Holdings, Ltd.		278,795		3,131,192
Hengan International Group Co., Ltd.		774,527		6,058,692
NetEase, Inc. ADR		7,847		3,369,345
Ping An Insurance (Group) Co. of China, Ltd., Class H		499,000		4,983,541
Sinopharm Group Co., Ltd., Class H		2,051,197		5,256,727
Weichai Power Co., Ltd., Class H		3,626,958		6,766,420
				100,813,073
Egypt  |  1.2%
Commercial International Bank Egypt SAE GDR		1,303,371		5,033,271
Hong Kong  |  1.3%
ASM Pacific Technology, Ltd.		523,188		5,529,647
Hungary  |  2.1%
OTP Bank Nyrt. (*)		258,374		9,049,346

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

Semi-Annual Report  11

Description	Shares		Fair Value
Lazard Retirement Emerging Markets Equity Portfolio (continued)
India  |  12.2%
Axis Bank, Ltd.		843,645	$	4,599,435
Bajaj Auto, Ltd.		104,505		3,930,497
Bharat Petroleum Corp., Ltd.		715,812		3,562,851
Bharti Infratel, Ltd.		1,395,165		4,097,640
Coal India, Ltd.		1,395,767		2,471,930
HCL Technologies, Ltd.		970,349		7,189,893
Hero MotoCorp, Ltd.		104,982		3,558,576
Infosys, Ltd. Sponsored ADR		820,562		7,926,629
Oil and Natural Gas Corp., Ltd.		4,013,566		4,369,050
Tata Consultancy Services, Ltd.		238,554		6,603,305
UPL, Ltd.		787,192		4,445,646
				52,755,452
Indonesia  |  4.2%
PT Astra International Tbk		12,323,604		4,143,340
PT Bank Mandiri (Persero) Tbk		18,433,930		6,392,971
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		350,258		7,663,645
				18,199,956
Luxembourg  |  0.7%
Ternium SA Sponsored ADR (*)		197,477		2,995,726
Mexico  |  4.3%
America Movil SAB de CV, Class L Sponsored ADR		744,946		9,453,365
Grupo Mexico SAB de CV, Series B		2,531,946		5,885,787
Kimberly-Clark de Mexico SAB de CV, Series A		2,144,589		3,347,815
				18,686,967
Pakistan  |  0.2%
Habib Bank, Ltd.		163,349		94,341
Pakistan Petroleum, Ltd.		1,813,507		937,727
				1,032,068
Portugal  |  1.2%
Galp Energia SGPS SA		450,057		5,198,842

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

12  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Emerging Markets Equity Portfolio (continued)
Russia  |  8.8%
ALROSA PAO (*), (‡)		5,793,430	$	5,267,752
LUKOIL PJSC Sponsored ADR		127,637		9,461,215
Magnit PJSC Sponsored GDR		257,742		3,342,651
Mobile TeleSystems PJSC Sponsored ADR		813,378		7,474,944
Sberbank of Russia PJSC (‡)		4,391,740		12,567,842
				38,114,404
South Africa  |  5.7%
Life Healthcare Group Holdings, Ltd.		2,870,009		2,783,872
Mondi PLC		196,113		3,664,533
Nedbank Group, Ltd.		268,090		1,576,141
Sanlam, Ltd.		943,602		3,203,739
Shoprite Holdings, Ltd.		511,132		3,139,936
Standard Bank Group, Ltd.		398,255		2,397,064
The Bidvest Group, Ltd.		398,980		3,264,074
Vodacom Group, Ltd.		625,594		4,430,978
				24,460,337
South Korea  |  14.3%
Coway Co Ltd.		77,218		4,668,684
Hyundai Mobis Co., Ltd.		35,086		5,598,006
KB Financial Group, Inc.		208,753		5,968,779
KT&G Corp.		54,433		3,557,076
Samsung Electronics Co., Ltd.		431,144		19,112,238
Shinhan Financial Group Co., Ltd.		266,656		6,370,705
SK Hynix, Inc.		227,333		16,262,590
				61,538,078
Taiwan  |  5.9%
Catcher Technology Co., Ltd.		457,000		3,431,349
Hon Hai Precision Industry Co., Ltd.		2,361,320		6,892,172
Novatek Microelectronics Corp.		517,000		3,987,744
Taiwan Semiconductor Manufacturing Co., Ltd.		1,064,989		11,269,757
				25,581,022
Thailand  |  1.6%
Kasikornbank Public Co. Ltd. (‡)		1,162,569		3,513,645
The Siam Cement Public Co. Ltd. (‡)		281,808		3,355,345
				6,868,990

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

Semi-Annual Report  13

Description	Shares		Fair Value
Lazard Retirement Emerging Markets Equity Portfolio (concluded)
Turkey  |  1.6%
KOC Holding AS		1,446,887	$	3,798,554
Tupras Turkiye Petrol Rafinerileri AS (*)		254,340		3,320,063
				7,118,617
United Kingdom  |  3.0%
Anglo American PLC		177,803		4,109,914
Unilever NV		163,239		8,657,437
				12,767,351
Total Common Stocks (Cost $450,174,062)				418,503,244
Short-Term Investments  |  2.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $12,008,090)		12,008,090		12,008,090
Total Investments  |  99.7% (Cost $462,182,152)			$	430,511,334
Cash and Other Assets in Excess of Liabilities  |  0.3%				1,221,782
Net Assets  |  100.0%			$	431,733,116

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

14  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement International Equity Portfolio
Common Stocks  |  95.9%
Australia  |  1.3%
BHP Group PLC		81,891	$	1,681,195
Canada  |  3.7%
Canadian National Railway Co.		17,325		1,532,783
Suncor Energy, Inc.		103,157		1,739,293
TMX Group, Ltd.		15,575		1,539,947
				4,812,023
China  |  2.4%
ENN Energy Holdings, Ltd.		95,500		1,072,576
Ping An Insurance (Group) Co. of China, Ltd., Class H		198,000		1,977,437
				3,050,013
Denmark  |  2.4%
Carlsberg A/S, Class B		15,054		1,988,632
Vestas Wind Systems A/S		10,418		1,060,085
				3,048,717
Finland  |  2.3%
Nordea Bank Abp (*)		212,825		1,466,768
Sampo Oyj, A Shares		42,672		1,466,046
				2,932,814
France  |  15.3%
Air Liquide SA		17,522		2,524,725
Alstom SA		26,958		1,252,145
BNP Paribas SA (*)		25,274		1,001,939
Engie SA (*)		277,996		3,431,393
Safran SA (*)		22,697		2,270,432
Sanofi		40,638		4,134,470
Vinci SA		15,430		1,418,924
Vivendi SA		139,975		3,587,723
				19,621,751

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

Semi-Annual Report  15

Description	Shares		Fair Value
Lazard Retirement International Equity Portfolio (continued)
Germany  |  7.9%
Fresenius Medical Care AG & Co. KGaA		19,495	$	1,662,097
Infineon Technologies AG		48,733		1,139,051
Merck KGaA		8,030		930,914
SAP SE		35,013		4,873,652
Vonovia SE		25,298		1,549,675
				10,155,389
Hong Kong  |  0.8%
ESR Cayman, Ltd. (*)		421,400		999,696
Indonesia  |  0.3%
PT Bank Mandiri (Persero) Tbk		1,274,400		441,968
Ireland  |  0.8%
Ryanair Holdings PLC Sponsored ADR (*)		15,924		1,056,398
Israel  |  1.1%
Bank Leumi Le-Israel BM		272,943		1,375,299
Italy  |  2.4%
Enel SpA		357,295		3,078,157
Japan  |  13.8%
Daiwa House Industry Co., Ltd.		77,692		1,832,416
Hitachi, Ltd.		72,600		2,291,941
Kao Corp.		23,220		1,838,264
Makita Corp.		48,100		1,746,847
Nexon Co., Ltd.		134,500		3,037,780
Nintendo Co., Ltd.		6,700		2,981,265
Sumitomo Mitsui Financial Group, Inc.		62,300		1,752,072
Suzuki Motor Corp.		30,700		1,041,655
Yamaha Corp.		27,000		1,270,281
				17,792,521
Luxembourg  |  0.6%
ArcelorMittal SA (*)		80,112		841,189
Mexico  |  0.6%
Arca Continental SAB de CV		174,800		766,216

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

16  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement International Equity Portfolio (continued)
Netherlands  |  4.2%
JDE Peet’s BV (*)		26,049	$	1,055,919
Koninklijke DSM NV		18,732		2,589,191
Wolters Kluwer NV		22,211		1,732,687
				5,377,797
Norway  |  2.4%
Equinor ASA		93,669		1,332,091
Telenor ASA		119,324		1,738,371
				3,070,462
Portugal  |  1.4%
Energias de Portugal SA		277,240		1,322,188
Galp Energia SGPS SA		44,510		514,158
				1,836,346
Singapore  |  1.7%
DBS Group Holdings, Ltd.		89,160		1,333,702
NetLink NBN Trust		1,202,500		841,928
				2,175,630
South Korea  |  1.4%
Samsung Electronics Co., Ltd.		41,918		1,858,189
Spain  |  1.2%
Banco Santander SA (*)		621,002		1,514,318
Sweden  |  2.6%
Assa Abloy AB, Class B		85,074		1,727,360
Epiroc AB, Class A		133,233		1,657,744
				3,385,104
Switzerland  |  7.3%
ABB, Ltd.		128,756		2,894,120
Novartis AG		59,181		5,142,276
Roche Holding AG		3,794		1,313,603
				9,349,999
United Arab Emirates  |  0.4%
Network International Holdings PLC (*)		97,695		533,096

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

Semi-Annual Report  17

Description	Shares		Fair Value
Lazard Retirement International Equity Portfolio (concluded)
United Kingdom  |  11.5%
Compass Group PLC		93,510	$	1,286,429
Howden Joinery Group PLC		103,005		704,695
Informa PLC		246,506		1,434,253
Prudential PLC		125,526		1,890,380
RELX PLC		153,208		3,546,041
RSA Insurance Group PLC		192,962		978,174
Tesco PLC		850,140		2,400,412
Unilever PLC		46,568		2,510,833
				14,751,217
United States  |  6.1%
Aon PLC, Class A		13,407		2,582,188
Ferguson PLC		19,965		1,633,236
Medtronic PLC		39,820		3,651,494
				7,866,918
Total Common Stocks (Cost $119,643,369)				123,372,422
Preferred Stocks  |  2.3%
Germany  |  2.3%
Volkswagen AG (Cost $3,448,220)		19,277		2,915,225
Short-Term Investments  |  1.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $1,609,025)		1,609,025		1,609,025
Total Investments  |  99.5% (Cost $124,700,614)			$	127,896,672
Cash and Other Assets in Excess of Liabilities  |  0.5%				676,869
Net Assets  |  100.0%			$	128,573,541

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

18  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio
Common Stocks  |  96.7%
Aerospace & Defense  |  1.3%
Curtiss-Wright Corp.		6,787	$	605,943
Air Freight & Logistics  |  1.5%
Echo Global Logistics, Inc. (*)		33,229		718,411
Airlines  |  0.7%
Alaska Air Group, Inc.		9,400		340,844
Banks  |  6.4%
Citizens Financial Group, Inc.		18,868		476,228
Comerica, Inc.		10,829		412,585
Commerce Bancshares, Inc.		9,788		582,093
Home BancShares, Inc.		43,000		661,340
PacWest Bancorp		16,275		320,780
TCF Financial Corp.		22,005		647,387
				3,100,413
Biotechnology  |  3.9%
Emergent Biosolutions, Inc. (*)		7,080		559,887
Exelixis, Inc. (*)		29,188		692,923
United Therapeutics Corp. (*)		5,120		619,520
				1,872,330
Building Products  |  2.8%
Armstrong World Industries, Inc.		9,479		738,983
PGT Innovations, Inc. (*)		39,635		621,477
				1,360,460
Capital Markets  |  2.0%
Morningstar, Inc.		6,750		951,547
Chemicals  |  2.6%
Ingevity Corp. (*)		10,535		553,825
Innospec, Inc.		9,129		705,215
				1,259,040

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

Semi-Annual Report  19

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)
Communications Equipment  |  2.9%
Ciena Corp. (*)		10,760	$	582,762
F5 Networks, Inc. (*)		5,799		808,844
				1,391,606
Construction & Engineering  |  1.8%
Valmont Industries, Inc.		7,585		861,808
Construction Materials  |  1.1%
Eagle Materials, Inc.		7,455		523,490
Containers & Packaging  |  3.0%
Avery Dennison Corp.		5,989		683,285
Graphic Packaging Holding Co.		55,473		776,067
				1,459,352
Electric Utilities  |  1.5%
PNM Resources, Inc.		18,820		723,441
Electrical Equipment  |  2.0%
Atkore International Group, Inc. (*)		19,822		542,131
EnerSys		6,402		412,161
				954,292
Electronic Equipment, Instruments & Components  |  1.5%
Zebra Technologies Corp., Class A (*)		2,763		707,190
Energy Equipment & Services  |  1.2%
Cactus, Inc., Class A		27,793		573,370
Entertainment  |  1.6%
Take-Two Interactive Software, Inc. (*)		3,501		488,635
The Marcus Corp.		21,945		291,210
				779,845

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

20  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)
Equity Real Estate Investment Trusts (REITs)  |  9.7%
Alexandria Real Estate Equities, Inc.		6,230	$	1,010,818
Camden Property Trust REIT		10,575		964,652
Healthcare Realty Trust, Inc.		29,475		863,323
Hudson Pacific Properties, Inc.		16,396		412,523
Kilroy Realty Corp.		6,842		401,625
PS Business Parks, Inc. REIT		7,665		1,014,846
				4,667,787
Food & Staples Retailing  |  1.4%
Casey’s General Stores, Inc.		4,496		672,242
Food Products  |  1.1%
Flowers Foods, Inc.		23,969		535,947
Health Care Equipment & Supplies  |  1.6%
STERIS PLC		4,933		756,920
Health Care Providers & Services  |  3.1%
Henry Schein, Inc. (*)		12,592		735,247
Laboratory Corp. of America Holdings (*)		4,644		771,415
				1,506,662
Hotels, Restaurants & Leisure  |  1.4%
Wyndham Hotels & Resorts, Inc.		16,302		694,791
Household Durables  |  2.4%
Helen of Troy, Ltd. (*)		3,225		608,106
Leggett & Platt, Inc.		16,088		565,493
				1,173,599
Industrial Conglomerates  |  1.3%
Carlisle Cos., Inc.		5,230		625,874
Insurance  |  4.1%
Arch Capital Group, Ltd. (*)		26,483		758,738
Brown & Brown, Inc.		20,186		822,782
Reinsurance Group of America, Inc.		5,296		415,418
				1,996,938

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

Semi-Annual Report  21

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio (continued)
Interactive Media & Services  |  0.7%
Cars.com, Inc. (*)		57,186	$	329,391
IT Services  |  2.8%
Leidos Holdings, Inc.		8,946		837,972
NIC, Inc.		21,944		503,834
				1,341,806
Leisure Products  |  1.5%
Brunswick Corp.		11,300		723,313
Life Sciences Tools & Services  |  4.8%
Adaptive Biotechnologies Corp. (*)		17,675		855,116
Charles River Laboratories International, Inc. (*)		4,652		811,076
ICON PLC (*)		3,799		639,980
				2,306,172
Machinery  |  3.1%
Altra Industrial Motion Corp.		13,717		437,024
Ingersoll Rand, Inc. (*)		14,845		417,441
TriMas Corp. (*)		27,688		663,128
				1,517,593
Pharmaceuticals  |  1.6%
Catalent, Inc. (*)		10,603		777,200
Professional Services  |  0.8%
FTI Consulting, Inc. (*)		3,213		368,049
Semiconductors & Semiconductor Equipment  |  4.4%
Cabot Microelectronics Corp.		5,105		712,352
Maxim Integrated Products, Inc.		11,968		725,380
MKS Instruments, Inc.		6,280		711,147
				2,148,879

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

22  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement US Small-Mid Cap Equity Portfolio (concluded)
Software  |  6.5%
j2 Global, Inc. (*)		10,999	$	695,247
Palo Alto Networks, Inc. (*)		1,805		414,554
PTC, Inc. (*)		10,132		788,168
RealPage, Inc. (*)		7,925		515,204
SolarWinds Corp. (*)		39,841		703,991
				3,117,164
Specialty Retail  |  2.6%
Floor & Decor Holdings, Inc., Class A (*)		14,105		813,153
The Children’s Place, Inc.		11,389		426,177
				1,239,330
Textiles, Apparel & Luxury Goods  |  1.7%
Carter’s, Inc.		7,795		629,056
Tapestry, Inc.		15,442		205,070
				834,126
Trading Companies & Distributors  |  1.1%
Air Lease Corp.		17,835		522,387
Water Utilities  |  1.2%
California Water Service Group		12,603		601,163
Total Common Stocks (Cost $46,421,632)				46,640,715
Short-Term Investments  |  3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $1,602,044)		1,602,044		1,602,044
Total Investments  |  100.0% (Cost $48,023,676)			$	48,242,759
Liabilities in Excess of Cash and Other Assets  |  0.0%				(17,308	)
Net Assets  |  100.0%			$	48,225,451

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

Semi-Annual Report  23

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio
Common Stocks  |  27.5%
Australia  |  0.6%
AGL Energy, Ltd.		16,941	$	199,803
ASX, Ltd.		8,124		480,055
Aurizon Holdings, Ltd.		19,337		65,838
Beach Energy, Ltd.		170,081		179,580
BHP Group, Ltd.		2,613		64,846
CSL, Ltd.		1,017		201,624
Fortescue Metals Group, Ltd.		71,630		687,305
Santos, Ltd.		35,779		131,556
Technology One, Ltd.		10,882		66,169
				2,076,776
Belgium  |  0.0%
Colruyt SA		1,359		74,729
Telenet Group Holding NV		1,651		67,891
				142,620
Canada  |  0.7%
CAE, Inc.		23,130		374,475
Canadian National Railway Co.		6,555		580,576
Kirkland Lake Gold, Ltd.		2,830		116,527
Magna International, Inc.		3,848		171,369
Northland Power, Inc.		9,164		229,370
Quebecor, Inc., Class B		3,378		72,581
Real Matters, Inc. (*)		4,288		83,638
TFI International, Inc.		2,359		83,736
The Toronto-Dominion Bank		11,510		513,461
Wesdome Gold Mines, Ltd. (*)		13,039		112,660
				2,338,393
Denmark  |  0.3%
Coloplast A/S, Class B		3,110		482,139
Novo Nordisk A/S, Class B		4,239		274,311
Vestas Wind Systems AS ADR		12,838		437,904
				1,194,354

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

24  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Finland  |  0.1%
Elisa Oyj		1,273	$	77,379
Neste Oyj		1,973		77,055
Valmet Oyj		3,096		80,695
				235,129
France  |  0.2%
Cie Generale des Etablissements Michelin SCA		1,400		145,035
L’Oreal SA (*)		221		70,850
Orange SA		6,318		75,476
Peugeot SA (*)		2,564		41,620
Schneider Electric SE		2,688		298,012
Total SA		2,278		86,768
Veolia Environnement SA		3,556		79,871
				797,632
Germany  |  0.5%
Merck KGaA Sponsored ADR		15,305		356,912
SAP SE		640		89,085
Symrise AG ADR		21,945		641,233
Teamviewer AG ADR (*)		21,105		577,433
				1,664,663
Hong Kong  |  0.4%
AIA Group, Ltd. Sponsored ADR		20,155		753,797
Hang Seng Bank, Ltd. Sponsored ADR		27,255		456,113
Hysan Development Co., Ltd.		19,000		61,260
Sun Hung Kai Properties, Ltd.		10,500		133,814
WH Group, Ltd.		72,000		61,789
				1,466,773
Israel  |  0.1%
Israel Discount Bank, Ltd., ADR		12,200		380,640
Japan  |  2.6%
Ajinomoto Co., Inc.		7,500		124,605
Brother Industries, Ltd.		2,200		39,643
Chubu Electric Power Co., Inc.		20,500		257,855
Credit Saison Co., Ltd.		5,900		67,462
Dai-ichi Life Holdings, Inc.		17,286		205,872

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

Semi-Annual Report  25

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Daito Trust Construction Co., Ltd.		3,300	$	303,205
Daiwa House Industry Co., Ltd.		11,561		272,674
Daiwa Securities Group, Inc.		18,100		75,508
Dip Corp.		2,367		47,721
East Japan Railway Co.		4,014		278,169
Electric Power Development Co., Ltd.		10,600		200,967
Fuji Media Holdings, Inc.		5,000		48,142
Hokkaido Electric Power Co., Inc.		26,700		102,495
Inpex Corp.		11,700		72,434
Japan Post Holdings Co., Ltd.		14,100		100,265
Kaken Pharmaceutical Co., Ltd.		1,200		61,323
Kandenko Co., Ltd.		6,500		55,267
Kao Corp.		2,300		182,085
KDDI Corp.		23,500		704,597
Kenedix, Inc.		15,100		74,410
Kureha Corp.		900		39,333
Kyudenko Corp.		3,200		94,381
Lawson, Inc.		1,500		75,211
McDonald’s Holdings Co. Japan, Ltd.		4,800		258,945
Mitsubishi Heavy Industries, Ltd.		2,800		66,054
Mitsubishi UFJ Financial Group, Inc.		51,886		202,935
MS&AD Insurance Group Holdings, Inc.		3,100		85,134
Nintendo Co., Ltd.		100		44,497
Nintendo Co., Ltd. ADR		10,680		597,012
Nishi-Nippon Financial Holdings, Inc.		16,000		107,912
NTT DOCOMO, Inc.		13,378		356,877
Ono Pharmaceutical Co., Ltd.		2,200		63,992
Open House Co., Ltd.		1,800		61,661
Optorun Co., Ltd.		3,300		77,516
Rengo Co., Ltd.		7,700		62,676
Resona Holdings, Inc.		18,300		62,445
Sankyu, Inc.		4,200		157,797
Sekisui House, Ltd.		3,900		74,247
Seven & I Holdings Co., Ltd.		13,034		425,351
Shikoku Electric Power Co., Inc.		13,196		97,264
Shimano, Inc. ADR		24,535		471,317

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

26  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Softbank Corp.		11,000	$	140,012
Sugi Holdings Co., Ltd.		1,500		101,470
Sumitomo Mitsui Financial Group, Inc.		3,400		95,619
Sumitomo Mitsui Trust Holdings, Inc.		4,812		135,051
Sumitomo Realty & Development Co., Ltd.		2,700		74,243
Sundrug Co., Ltd.		1,800		59,473
Suzuken Co., Ltd.		2,274		84,759
The Chiba Bank, Ltd.		34,405		162,170
The Gunma Bank, Ltd.		51,100		162,090
The Hachijuni Bank, Ltd.		18,000		68,274
The Kansai Electric Power Co., Inc.		14,300		138,560
The Shizuoka Bank, Ltd.		9,700		62,348
Tohoku Electric Power Co., Inc.		10,300		97,953
Tokyo Electron, Ltd.		300		73,624
West Japan Railway Co.		3,100		173,826
Yamaha Corp. Sponsored ADR		15,730		747,269
Yaoko Co., Ltd.		1,300		92,780
				9,226,777
Macau | 0.1%
Sands China, Ltd. ADR		10,807		422,662
Netherlands | 0.7%
ASM International NV		617		95,158
Flow Traders		3,755		134,265
Koninklijke Ahold Delhaize NV		14,344		390,606
NXP Semiconductors NV		4,275		487,521
Royal Dutch Shell PLC, A Shares		2,762		43,950
Wolters Kluwer NV Sponsored ADR		16,430		1,291,726
				2,443,226
New Zealand | 0.1%
Fisher & Paykel Healthcare Corp., Ltd., Class C		7,048		162,986
Norway | 0.1%
Orkla ASA		19,870		174,168
Telenor ASA		11,100		161,711
				335,879

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

Semi-Annual Report  27

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Puerto Rico | 0.0%
Popular, Inc.		1,829	$	67,984
Singapore | 0.0%
AEM Holdings, Ltd.		69,200		156,833
Spain | 0.0%
Corporacion Financiera Alba SA		460		18,667
Viscofan SA		1,287		83,939
				102,606
Sweden | 0.6%
Assa Abloy AB ADR		37,225		377,465
Axfood AB		6,319		137,855
Boliden AB		3,401		77,247
Epiroc AB ADR		52,330		652,555
Hexagon AB ADR (*)		9,575		559,180
Lundin Energy AB		2,604		62,660
Swedish Match AB		1,460		102,514
				1,969,476
Switzerland | 0.9%
ABB, Ltd. Sponsored ADR		25,015		564,338
Alcon, Inc. (*)		4,989		285,970
Galenica AG		1,236		88,360
Novartis AG		11,490		998,374
Roche Holding AG		2,602		900,895
Swisscom AG		253		132,323
				2,970,260
United Kingdom | 1.9%
BT Group PLC		36,521		51,546
Bunzl PLC Sponsored ADR		18,650		507,653
Coca-Cola European Partners PLC		12,000		453,120
Compass Group PLC Sponsored ADR		25,612		351,141
Diageo PLC Sponsored ADR		7,890		1,060,337
Fiat Chrysler Automobiles NV (*)		1,567		15,719
GlaxoSmithKline PLC		2,949		59,752
Prudential PLC ADR		15,690		476,662

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

28  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
RELX PLC		14,545	$	336,648
RELX PLC Sponsored ADR		36,990		871,484
SSE PLC		17,596		297,090
Tesco PLC Sponsored ADR		105,457		910,104
Unilever PLC Sponsored ADR		20,320		1,115,162
Wm Morrison Supermarkets PLC		48,570		114,581
				6,620,999
United States | 17.6%
3M Co.		2,695		420,393
AbbVie, Inc.		5,305		520,845
Accenture PLC, Class A		5,928		1,272,860
Adobe, Inc. (*)		1,682		732,191
Affiliated Managers Group, Inc.		1,023		76,275
Akamai Technologies, Inc. (*)		2,382		255,088
Allegion PLC		1,046		106,922
Alphabet, Inc., Class A (*)		852		1,208,179
Alphabet, Inc., Class C (*)		312		441,046
Amazon.com, Inc. (*)		555		1,531,145
Amdocs, Ltd.		959		58,384
American States Water Co.		914		71,868
American Tower Corp. REIT		1,278		330,414
Ameriprise Financial, Inc.		2,487		373,150
AmerisourceBergen Corp.		10,503		1,058,387
Amgen, Inc.		707		166,753
Anthem, Inc.		437		114,922
Aon PLC, Class A		7,286		1,403,284
Apple, Inc.		10,033		3,660,038
Applied Materials, Inc.		756		45,700
AT&T, Inc.		4,061		122,764
Baxter International, Inc.		2,618		225,410
Best Buy Co., Inc.		4,054		353,793
Booz Allen Hamilton Holding Corp.		3,593		279,499
Boston Scientific Corp. (*)		17,160		602,488
Bristol-Myers Squibb Co.		5,333		313,580
Brunswick Corp.		1,979		126,676
Burlington Stores, Inc. (*)		333		65,578

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

Semi-Annual Report  29

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Cabot Oil & Gas Corp.		7,340	$	126,101
Cadence Design Systems, Inc. (*)		4,477		429,613
Campbell Soup Co.		10,570		524,589
Cboe Global Markets, Inc.		494		46,080
Church & Dwight Co., Inc.		2,859		221,001
Ciena Corp. (*)		1,396		75,607
Cigna Corp. (*)		782		146,742
Cisco Systems, Inc.		5,652		263,609
Citigroup, Inc.		2,516		128,568
Citizens Financial Group, Inc.		5,008		126,402
Citrix Systems, Inc.		1,775		262,540
Comcast Corp., Class A		7,237		282,098
ConocoPhillips		3,345		140,557
Costco Wholesale Corp.		212		64,281
Cummins, Inc.		1,599		277,043
CVS Health Corp.		5,324		345,900
DaVita, Inc. (*)		1,959		155,035
Devon Energy Corp.		10,192		115,577
Dollar General Corp.		5,223		995,034
Easterly Government Properties, Inc. REIT		2,615		60,459
Eaton Corp. PLC		737		64,473
eBay, Inc.		1,846		96,823
Edwards Lifesciences Corp. (*)		1,788		123,569
Electronic Arts, Inc. (*)		2,721		359,308
Eli Lilly & Co.		2,770		454,779
EOG Resources, Inc.		1,596		80,853
F5 Networks, Inc. (*)		951		132,645
Facebook, Inc., Class A (*)		5,042		1,144,887
FactSet Research Systems, Inc.		1,036		340,295
Flowers Foods, Inc.		2,638		58,986
Fortinet, Inc. (*)		999		137,133
Gaming and Leisure Properties, Inc. REIT		1,876		64,910
General Mills, Inc.		6,239		384,634
Gilead Sciences, Inc.		2,532		194,812
Honeywell International, Inc.		3,351		484,521
Hormel Foods Corp.		6,625		319,789

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

30  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Humana, Inc.		483	$	187,283
Intel Corp.		8,528		510,230
Intercontinental Exchange, Inc.		10,825		991,570
Intuit, Inc.		1,231		364,610
IQVIA Holdings, Inc. (*)		7,635		1,083,254
Jack Henry & Associates, Inc.		1,100		202,433
Johnson & Johnson		11,927		1,677,294
Kellogg Co.		3,135		207,098
Keysight Technologies, Inc. (*)		334		33,661
Kimberly-Clark Corp.		9,354		1,322,188
Leidos Holdings, Inc.		381		35,688
Lockheed Martin Corp.		3,648		1,331,228
Lowe’s Cos., Inc.		5,840		789,101
LPL Financial Holdings, Inc.		1,067		83,653
Lululemon Athletica, Inc. (*)		446		139,156
MasterCard, Inc., Class A		1,362		402,743
McDonald’s Corp.		4,605		849,484
McKesson Corp.		467		71,647
MDU Resources Group, Inc.		3,110		68,980
Merck & Co., Inc.		4,666		360,822
Micron Technology, Inc. (*)		1,937		99,794
Microsoft Corp.		14,132		2,876,003
Molina Healthcare, Inc. (*)		516		91,838
Motorola Solutions, Inc.		6,335		887,724
National Fuel Gas Co.		2,681		112,414
Netflix, Inc. (*)		735		334,454
NIKE, Inc., Class B		5,634		552,414
Northrop Grumman Corp.		984		302,521
NVIDIA Corp.		1,981		752,602
Old Dominion Freight Line, Inc.		599		101,584
Palo Alto Networks, Inc. (*)		1,960		450,153
PepsiCo, Inc.		5,165		683,123
Pfizer, Inc.		5,321		173,997
Phillips 66		898		64,566
Pioneer Natural Resources Co.		2,458		240,147
Pool Corp.		842		228,915

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

Semi-Annual Report  31

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Primerica, Inc.		650	$	75,790
PTC, Inc. (*)		10,355		805,515
Public Service Enterprise Group, Inc.		3,680		180,909
QUALCOMM, Inc.		4,506		410,992
Quest Diagnostics, Inc.		1,266		144,273
Regeneron Pharmaceuticals, Inc. (*)		110		68,602
Regions Financial Corp.		8,881		98,757
Republic Services, Inc.		1,525		125,126
Rockwell Automation, Inc.		2,625		559,125
S&P Global, Inc.		2,864		943,631
Seattle Genetics, Inc. (*)		1,379		234,320
Silgan Holdings, Inc.		10,241		331,706
Southwest Gas Holdings, Inc.		928		64,078
Sprouts Farmers Market, Inc. (*)		2,458		62,900
Synopsys, Inc. (*)		4,453		868,335
Target Corp.		3,314		397,448
TD Ameritrade Holding Corp.		1,678		61,046
Tesla, Inc. (*)		61		65,868
Texas Instruments, Inc.		5,490		697,065
The Clorox Co.		1,805		395,963
The Coca-Cola Co.		21,060		940,961
The Hershey Co.		2,566		332,605
The Home Depot, Inc.		2,244		562,144
The Kroger Co.		3,854		130,458
The Procter & Gamble Co.		11,563		1,382,588
The Progressive Corp.		968		77,546
The Sherwin-Williams Co.		378		218,427
The TJX Cos., Inc.		1,433		72,452
Thermo Fisher Scientific, Inc.		4,778		1,731,261
Tractor Supply Co.		2,064		272,015
Union Pacific Corp.		461		77,941
UnitedHealth Group, Inc.		1,914		564,534
Verizon Communications, Inc.		10,396		573,132
Vertex Pharmaceuticals, Inc. (*)		1,057		306,858
Visa, Inc., Class A		6,409		1,238,027
Vistra Energy Corp.		10,540		196,255

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

32  Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Walmart, Inc.		3,017	$	361,376
Warner Music Group Corp., Class A (*)		10,240		302,080
Waste Management, Inc.		556		58,886
WEC Energy Group, Inc.		2,319		203,260
Weis Markets, Inc.		1,636		81,996
West Pharmaceutical Services, Inc.		280		63,608
WW Grainger, Inc.		237		74,456
Xcel Energy, Inc.		1,111		69,438
Zoetis, Inc.		10,028		1,374,237
				61,689,247
Total Common Stocks (Cost $84,378,794)				96,465,915

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds  |  21.0%
Australia  |  0.7%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		3,150	$	2,310,153
Canada  |  1.5%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		4,010		3,028,383
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		2,965		2,385,432
					5,413,815
France  |  0.7%
Schneider Electric SE, 2.950%, 09/27/22	USD		2,183		2,290,886

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

Semi-Annual Report  33

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Germany  |  1.1%
BMW Finance NV, 0.875%, 08/16/22	GBP		1,750	$	2,157,740
Daimler AG, 0.107% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		1,700		1,830,457
					3,988,197
Netherlands  |  0.5%
BNG Bank NV, 5.000%, 09/16/20	NZD		1,187		772,980
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)	USD		950		1,011,000
					1,783,980
Switzerland  |  0.5%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		1,523		1,613,751
United Kingdom  |  1.1%
Ashtead Capital, Inc., 4.125%, 08/15/25	USD		1,025		1,045,500
Unilever Capital Corp., 3.250%, 03/07/24	USD		2,585		2,813,463
					3,858,963
United States  |  14.9%
Adobe, Inc., 2.300%, 02/01/30	USD		2,275		2,456,384
Amazon.com, Inc., 3.150%, 08/22/27	USD		2,150		2,460,193
American Express Co., 3.000%, 10/30/24	USD		2,210		2,392,399
Apple, Inc., 3.850%, 05/04/43	USD		2,779		3,446,679
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		2,148		2,199,031
1.486% (SOFRRATE + 1.460%), 05/19/24 (§)	USD		675		685,756

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

34  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Citigroup, Inc., 1.649% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		3,511	$	2,437,818
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		4,310		3,320,281
Johnson & Johnson, 3.625%, 03/03/37	USD		1,798		2,138,178
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		2,025		2,151,621
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		970		1,098,911
McDonald’s Corp., 3.125%, 03/04/25	CAD		3,960		3,126,376
Microsoft Corp., 2.525%, 06/01/50	USD		2,429		2,513,311
Morgan Stanley, 3.625%, 01/20/27	USD		1,965		2,218,191
PepsiCo, Inc., 2.875%, 10/15/49	USD		3,130		3,387,337
Pfizer, Inc., 2.625%, 04/01/30	USD		1,565		1,721,669
Starbucks Corp., 4.450%, 08/15/49	USD		2,860		3,454,662
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		2,120		2,270,626
The Home Depot, Inc., 5.875%, 12/16/36	USD		1,620		2,417,255
The Procter & Gamble Co., 2.450%, 03/25/25	USD		1,727		1,874,305
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		2,115		2,223,976
Verizon Communications, Inc., 3.875%, 02/08/29	USD		1,907		2,256,807
					52,251,766
Total Corporate Bonds (Cost $70,974,304)					73,511,511

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

Semi-Annual Report  35

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Foreign Government Obligations  |  24.2%
Australia  |  1.6%
New South Wales Treasury Corp., 3.000%, 02/20/30	AUD		5,585	$	4,439,678
Queensland Treasury Corp.:
3.000%, 03/22/24	AUD		440		331,492
3.000%, 03/22/24 (#)	AUD		1,075		809,894
					5,581,064
Bermuda  |  2.0%
Government of Bermuda:
4.854%, 02/06/24	USD		4,275		4,681,125
3.717%, 01/25/27	USD		2,095		2,223,319
					6,904,444
Canada  |  4.5%
City of Vancouver, 2.900%, 11/20/25	CAD		1,485		1,194,377
Province of British Columbia, 4.700%, 06/18/37	CAD		3,210		3,374,638
Province of Quebec:
1.650%, 03/03/22	CAD		4,235		3,183,706
3.000%, 09/01/23	CAD		5,065		4,010,065
2.500%, 04/20/26	USD		3,695		4,052,479
					15,815,265
Chile  |  2.2%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		1,100,000		1,567,299
Republic of Chile:
3.125%, 01/21/26	USD		4,655		5,103,044
0.830%, 07/02/31	EUR		1,000		1,099,976
					7,770,319

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

36  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Czech Republic  |  1.9%
Czech Republic:
0.270% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)	CZK		53,820	$	2,250,300
2.000%, 10/13/33	CZK		95,830		4,576,033
					6,826,333
France  |  1.3%
Government of France, 1.750%, 06/25/39	EUR		3,153		4,508,086
Hungary  |  2.7%
Hungary, 6.375%, 03/29/21	USD		2,754		2,867,603
Hungary Government Bonds:
2.500%, 10/24/24	HUF		623,980		2,091,464
2.750%, 12/22/26	HUF		639,250		2,182,053
3.000%, 10/27/27	HUF		657,080		2,271,184
					9,412,304
Japan  |  0.5%
Japan Bank for International Cooperation, 0.625%, 05/22/23	USD		300		301,001
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		1,206		1,276,844
					1,577,845
Mexico  |  0.1%
United Mexican States, 6.750%, 02/06/24	GBP		265		370,844
New Zealand  |  1.3%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		5,890		4,665,119

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

Semi-Annual Report  37

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Norway  |  1.1%
Kommunalbanken AS, 1.375%, 10/26/20 (#)	USD		620	$	621,821
Oslo Kommune:
2.300%, 03/14/24	NOK		3,000		328,428
2.350%, 09/04/24	NOK		11,000		1,213,221
0.930% (NIBOR 3 Month + 0.460%), 05/06/26 (§)	NOK		16,000		1,677,714
					3,841,184
Panama  |  1.6%
Republic of Panama, 4.000%, 09/22/24	USD		5,230		5,697,431
Poland  |  1.9%
Poland Government Bonds:
2.500%, 07/25/27	PLN		7,920		2,185,222
0.690% (WIBOR 6 Month), 05/25/28 (§)	PLN		18,360		4,496,536
					6,681,758
Slovakia  |  0.2%
Slovak Republic, 4.375%, 05/21/22	USD		786		831,686
Spain  |  0.3%
Spain Government Bonds, 1.200%, 10/31/40	EUR		965		1,111,173
United Kingdom  |  1.0%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		1,580		2,346,320
1.500%, 07/22/47	GBP		690		1,037,702
					3,384,022
Total Foreign Government Obligations (Cost $82,870,676)					84,978,877

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

38  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Quasi Government Bonds  |  1.3%
Canada  |  1.3%
Export Development Canada, 1.800%, 09/01/22 (Cost $4,571,409)	CAD		6,130	$	4,634,435
Supranational Bonds  |  5.1%
African Development Bank, 0.750%, 04/03/23	USD		3,200		3,238,157
Asian Development Bank:
1.000%, 12/15/22	GBP		875		1,105,149
2.125%, 03/19/25	USD		2,061		2,218,360
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		950		997,327
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		1,170		855,825
Inter-American Development Bank, 7.875%, 03/14/23	IDR		15,410,000		1,091,267
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		1,140		748,169
2.500%, 08/03/23	CAD		6,350		4,947,911
1.900%, 01/16/25	CAD		1,430		1,109,725
2.900%, 11/26/25	AUD		855		654,184
International Finance Corp.,  2.700%, 03/15/23	AUD		1,121		817,707
Total Supranational Bonds (Cost $17,383,759)					17,783,781

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

Semi-Annual Report 39

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
US Municipal Bonds  |  1.1%
California  |  0.9%
California State Build America Bonds, 7.500%, 04/01/34	USD		240	$	391,378
State of California,
4.500%, 04/01/33	USD		900		1,063,323
7.550%, 04/01/39	USD		1,000		1,780,690
					3,235,391
New York  |  0.2%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		420		480,400
Total US Municipal Bonds (Cost $3,414,890)					3,715,791
US Treasury Securities  |  10.4%
US Treasury Notes:
1.750%, 05/15/23	USD		22,380		23,387,974
2.125%, 05/15/25	USD		4,065		4,426,086
2.875%, 08/15/28	USD		7,465		8,839,610
Total US Treasury Securities (Cost $35,791,973)					36,653,670

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

40 Semi-Annual Report

Description	Shares		Fair Value
Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)
Exchange-Traded Funds  |  8.1%
iShares MSCI World ETF (Cost $26,024,635)		308,003	$	28,379,396
Short-Term Investments  |  1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $5,856,286)		5,856,286		5,856,286
Total Investments  |  100.4% (Cost $331,266,726) (»)			$	351,979,662
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(1,408,853	)
Net Assets  |  100.0%			$	350,570,809

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

Semi-Annual Report 41

Lazard Retirement Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2020:

Currency			Currency				Settlement	Unrealized			Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation			Depreciation
CAD		419,451	USD		307,061	HSB	09/23/20		$	1,955		$	—
CAD		457,868	USD		336,575	HSB	09/23/20			743			—
CAD		1,190,741	USD		873,106	JPM	09/23/20			4,130			—
CHF		907,563	USD		957,577	HSB	09/23/20			2,684			—
CHF		2,104,490	USD		2,220,716	JPM	09/23/20			5,973			—
CHF		105,714	USD		111,547	MSC	09/23/20			305			—
CNH		31,505,087	USD		4,427,583	HSB	09/23/20			9,029			—
CZK		56,220,146	USD		2,391,605	JPM	07/22/20			—			21,509
EUR		4,332,245	USD		4,869,757	CIT	09/23/20			6,438			—
EUR		1,300,955	USD		1,465,123	HSB	09/23/20			—			822
EUR		29,181,325	USD		32,795,432	HSB	09/23/20			49,855			—
EUR		2,555,473	USD		2,871,953	JPM	09/23/20			4,381			—
GBP		1,319,331	USD		1,662,984	HSB	09/23/20			—			27,412
GBP		1,602,928	USD		2,020,226	JPM	09/23/20			—			33,080
GBP		756,259	USD		945,936	SSB	09/23/20			—			8,404
HKD		1,865,440	USD		240,485	SSB	09/23/20			83			—
ILS		55,851	USD		16,185	HSB	09/23/20			—			25
JPY		969,979,579	USD		9,058,711	CIT	09/23/20			—			65,190
JPY		2,638,164,746	USD		24,639,856	HSB	09/23/20			—			179,145
JPY		69,373,899	USD		647,910	JPM	09/23/20			—			4,685
KRW		3,006,552,740	USD		2,453,488	JPM	09/03/20			47,000			—
MXN		3,603,951	USD		159,831	HSB	09/23/20			—			4,728
MXN		7,889,755	USD		349,811	JPM	09/23/20			—			10,259
SEK		3,941,901	USD		421,668	HSB	09/23/20			1,794			—
SEK		2,563,245	USD		274,035	JPM	09/23/20			1,324			—
SGD		169,964	USD		121,936	HSB	09/23/20			55			—
SGD		188,247	USD		135,170	HSB	09/23/20			—			57
SGD		3,512,598	USD		2,521,558	JPM	09/23/20			—			416
THB		23,790,456	USD		764,880	HSB	09/23/20			4,737			—
USD		442,329	AUD		645,953	HSB	09/23/20			—			3,562
USD		1,223,666	AUD		1,777,861	HSB	09/23/20			—			3,563
USD		2,097,297	AUD		3,042,581	JPM	09/23/20			—			2,949
USD		4,018,852	AUD		5,838,986	JPM	09/23/20			—			11,708
USD		1,677,466	AUD		2,436,953	MSC	09/23/20			—			4,724
USD		299,364	AUD		437,148	SSB	09/23/20			—			2,392

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

42  Semi-Annual Report

Lazard Retirement Global Dynamic Multi-Asset Portfolio (concluded)

Currency			Currency				Settlement	Unrealized			Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation			Depreciation
USD		3,723,689	CAD		5,044,444	CIT	09/23/20		$	7,374		$	—
USD		3,715,974	CAD		5,033,361	HSB	09/23/20			7,824			—
USD		1,086,899	CAD		1,488,160	JPM	09/23/20			—			9,450
USD		1,721,639	CAD		2,334,504	JPM	09/23/20			1,776			—
USD		5,911,346	CAD		8,009,153	JPM	09/23/20			10,887			—
USD		3,025	CAD		4,103	MSC	09/23/20			2			—
USD		13,996,226	CAD		18,958,826	MSC	09/23/20			28,985			—
USD		497,655	CHF		473,250	HSB	09/23/20			—			3,075
USD		1,362,652	CLP		1,155,392,440	CIT	07/20/20			—			44,512
USD		1,644,245	CZK		41,404,384	HSB	07/22/20			—			101,257
USD		2,156,987	CZK		53,814,032	HSB	07/22/20			—			111,673
USD		273,592	CZK		6,895,346	JPM	07/22/20			—			17,098
USD		1,402,400	CZK		33,221,454	JPM	07/22/20			1,869			—
USD		445,009	DKK		2,945,520	HSB	09/23/20			103			—
USD		216,731	EUR		192,426	JPM	09/23/20			143			—
USD		432,980	EUR		385,061	JPM	09/23/20			—			429
USD		2,322,738	EUR		2,056,003	JPM	09/23/20			8,587			—
USD		1,114,079	EUR		992,080	MSC	09/23/20			—			2,564
USD		536,848	GBP		429,200	SSB	09/23/20			4,769			—
USD		2,681,311	HUF		821,870,081	HSB	07/22/20			74,260			—
USD		4,057,657	HUF		1,244,239,961	JPM	07/22/20			110,809			—
USD		16,112	ILS		55,851	HSB	09/23/20			—			47
USD		873,790	JPY		93,729,687	HSB	09/23/20			4,741			—
USD		1,348,711	JPY		144,672,234	SSB	09/23/20			7,330			—
USD		517,473	NOK		5,371,139	HSB	07/22/20			—			40,595
USD		225,000	NOK		2,174,870	HSB	09/23/20			—			1,024
USD		2,183,891	NOK		22,684,538	JPM	07/22/20			—			173,060
USD		1,564,221	NZD		2,425,613	CIT	09/23/20			—			893
USD		568,039	NZD		881,173	HSB	09/23/20			—			533
USD		3,879,334	NZD		6,016,169	JPM	09/23/20			—			2,568
USD		2,700,761	PLN		10,737,848	HSB	09/23/20			—			14,044
USD		278,737	PLN		1,109,933	JPM	09/23/20			—			1,883
USD		122,055	SGD		169,964	HSB	09/23/20			65			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	410,010		$	909,335

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

Semi-Annual Report  43

Lazard Retirement Series, Inc. Notes to Portfolios of Investments

June 30, 2020 (unaudited)

(*)	Non-income producing security.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy — see Note 8 in the Notes to Financial Statements.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2020, these securities amounted to 0.9% of the net assets of Lazard Retirement Global Dynamic Multi-Asset Portfolio.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2020.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:
ADR	—  American Depositary Receipt
BBSW	—  Bank Bill Swap Reference Rate
EURIBOR	—  Euro Interbank Offered Rate
GDR	—  Global Depositary Receipt
LIBOR	—  London Interbank Offered Rate
NIBOR	—  Norway Interbank Offered Rate
PJSC	—  Public Joint Stock Company
PRIBOR	—  Prague Interbank Offered Rate
REIT	—  Real Estate Investment Trust
SOFRRATE	—  Secured Overnight Financing Rate
WIBOR	—  Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	—  Australian Dollar	ILS	—  Israeli Shekel
CAD	—  Canadian Dollar	JPY	—  Japanese Yen
CHF	—  Swiss Franc	KRW	—  South Korean Won
CLP	—  Chilean Peso	MXN	—  Mexican New Peso
CNH	—  Chinese Yuan Renminbi	NOK	—  Norwegian Krone
CZK	—  Czech Koruna	NZD	—  New Zealand Dollar
DKK	—  Danish Krone	PLN	—  Polish Zloty
EUR	—  Euro	SEK	—  Swedish Krone
GBP	—  British Pound Sterling	SGD	—  Singapore Dollar
HKD	—  Hong- Kong Dollar	THB	—  Thai Baht
HUF	—  Hungarian Forint	USD	—  United States Dollar
Counterparty Abbreviations:
CIT	—  Citibank NA
HSB	—  HSBC Bank USA NA
JPM	—  JPMorgan Chase Bank NA
MSC	—  Morgan Stanley & Co. Inc.
SSB	—  State Street Bank and Trust Co.

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

44  Semi-Annual Report

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

Industry†	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio
Common & Preferred Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		—	%		1.8	%		0.6	%
Airlines		—			0.8			—
Auto Components		1.3			—			0.1
Automobiles		2.7			3.1			1.8
Banks		21.7			6.9			4.3
Beverages		—			2.1			1.9
Biotechnology		—			—			0.5
Building Products		—			1.3			0.1
Capital Markets		—			1.2			2.3
Chemicals		1.0			4.0			0.3
Commercial Services & Suppliers		—			—			0.3
Communications Equipment		—			—			0.4
Construction & Engineering		—			1.1			—
Construction Materials		2.7			—			—
Consumer Finance		—			—			0.7
Containers & Packaging		—			—			0.1
Distributors		—			—			0.1
Diversified Financial Services		—			—			1.8
Diversified Telecommunication Services		2.7			2.0			1.6
Electric Utilities		—			3.4			0.3
Electrical Equipment		—			3.1			1.2
Electronic Equipment, Instruments & Components		2.6			1.8			0.2
Entertainment		0.8			7.5			0.5
Equity Real Estate Investment Trusts (REITs)		—			—			0.1
Food & Staples Retailing		1.5			1.9			0.9
Food Products		—			0.8			0.6
Gas Utilities		0.7			0.8			0.1
Health Care Equipment & Supplies		—			2.8			0.6
Health Care Providers & Services		1.9			1.3			0.9
Hotels, Restaurants & Leisure		—			1.0			2.4
Household Durables		1.1			—			—
Household Products		0.8			—			1.8
Independent Power & Renewable Electricity Producers		—			—			0.2
Industrial Conglomerates		1.6			—			0.3

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

Semi-Annual Report  45

Industry†	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement International Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio
Insurance		3.4	%		6.9	%		0.9	%
Interactive Media & Services		1.4			—			0.8
Internet & Direct Marketing Retail		—			—			1.2
IT Services		5.4			0.4			1.1
Leisure Products		—			1.0			0.4
Life Sciences Tools & Services		—			—			0.8
Machinery		2.1			3.6			1.2
Media		—			1.1			0.1
Metals & Mining		4.2			2.0			0.3
Multiline Retail		—			—			0.4
Multi-Utilities		—			2.7			0.2
Oil, Gas & Consumable Fuels		9.1			2.8			0.4
Paper & Forest Products		0.9			—			—
Personal Products		3.4			3.4			1.2
Pharmaceuticals		—			9.0			3.1
Professional Services		—			4.1			0.7
Real Estate Management & Development		0.9			3.4			0.3
Road & Rail		—			1.2			0.4
Semiconductors & Semiconductor Equipment		8.6			0.9			1.0
Software		—			3.8			3.6
Specialty Retail		—			—			1.3
Technology Hardware, Storage & Peripherals		5.2			1.4			2.0
Textiles, Apparel & Luxury Goods		—			—			0.2
Tobacco		0.8			—			—
Trading Companies & Distributors		—			1.8			0.2
Transportation Infrastructure		1.3			—			—
Wireless Telecommunication Services		7.1			—			1.0
Subtotal		96.9			98.2			49.8
Exchange-Traded Funds		—			—			8.1
Foreign Government Obligations		—			—			24.2
Supranational Bonds		—			—			5.1
US Municipal Bonds		—			—			1.1
US Treasury Securities		—			—			10.4
Short-Term Investments		2.8			1.3			1.7
Total Investments		99.7	%		99.5	%		100.4	%

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

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

46  Semi-Annual Report

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

June 30, 2020	Lazard Retirement Emerging Markets Equity Portfolio				Lazard Retirement International Equity Portfolio
ASSETS
Investments in securities, at fair value		$	430,511,334			$	127,896,672
Cash			—				—
Cash collateral due from broker on forward contracts			—				—
Foreign currency, at fair value			130				6,359
Receivables for:
Dividends and interest			1,898,944				726,814
Capital stock sold			557,113				250,169
Investments sold			67,145				—
Gross unrealized appreciation on forward currency contracts			—				—
Prepaid expenses			—				13,620
Total assets			433,034,666				128,893,634
LIABILITIES
Payables for:
Management fees			364,114				69,654
Foreign capital gains taxes			348,400				—
Accrued custodian fees			100,829				15,822
Accrued shareholders’ reports			93,919				24,478
Accrued professional services			91,465				33,616
Accrued distribution fees			66,217				27,596
Accrued directors’ fees			328				—
Capital stock redeemed			210,140				146,661
Investments purchased			—				25
Gross unrealized depreciation on forward currency contracts			—				—
Other accrued expenses and payables			26,138				2,241
Total liabilities			1,301,550				320,093
Net assets		$	431,733,116			$	128,573,541
NET ASSETS
Paid in capital		$	510,032,729			$	119,027,976
Distributable earnings (Accumulated loss)			(78,299,613	)			9,545,565
Net assets		$	431,733,116			$	128,573,541
Service Shares
Net assets		$	307,065,295			$	128,573,541
Shares of capital stock outstanding*			17,942,738				14,128,920
Net asset value, offering and redemption price per share		$	17.11			$	9.10
Investor Shares
Net assets		$	124,667,821				—
Shares of capital stock outstanding*			7,346,910				—
Net asset value, offering and redemption price per share		$	16.97				—
Cost of investments in securities		$	462,182,152			$	124,700,614
Cost of foreign currency		$	174			$	6,315

* $0.001 par value, 2,550,000,000 shares authorized for the Portfolios in total.

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

48  Semi-Annual Report

Lazard Retirement US Small-Mid Cap Equity Portfolio		Lazard Retirement Global Dynamic Multi-Asset Portfolio
$	48,242,759	$	351,979,662
	—		2,687
	—		210,000
	—		4,705
	46,864		2,009,538
	25,856		540,396
	184,860		5,759,329
	—		410,010
	3,491		—
	48,503,830		360,916,327
	24,186		180,439
	—		—
	5,077		40,303
	11,719		39,464
	26,019		37,436
	10,157		72,173
	19		—
	73,467		146,310
	126,207		8,912,135
	—		909,335
	1,528		7,923
	278,379		10,345,518
$	48,225,451	$	350,570,809
$	46,886,887	$	339,492,646
	1,338,564		11,078,163
$	48,225,451	$	350,570,809
$	48,225,451	$	350,456,486
	7,031,176		28,633,172
$	6.86	$	12.24
	—	$	114,323
	—		9,331
	—	$	12.25
$	48,023,676	$	331,266,726
	—	$	4,689

Semi-Annual Report  49

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

For the Six Months Ended June 30, 2020	Lazard Retirement Emerging Markets Equity Portfolio			Lazard Retirement International Equity Portfolio
Investment Income (Loss)
Income
Dividends	$	8,192,156		$	1,839,643
Interest		—			—
Total investment income*		8,192,156			1,839,643
Expenses
Management fees (Note 3)		2,354,852			490,076
Distribution fees (Service Shares)		414,913			163,359
Professional services		130,617			72,170
Custodian fees		124,874			39,030
Shareholders’ reports		71,812			16,225
Administration fees		36,839			14,077
Shareholders’ services		17,343			5,987
Directors’ fees and expenses		15,460			5,905
Other		7,303			3,002
Total gross expenses		3,174,013			809,831
Management fees waived and expenses reimbursed		—			(67,337	)
Total net expenses		3,174,013			742,494
Net investment income (loss)		5,018,143			1,097,149
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Forward Currency Contracts
Net realized gain (loss) on:
Investments		(14,996,810	)		(1,719,342	)
Foreign currency transactions		(259,781	)		(12,601	)
Forward currency contracts		—			(725	)
Total net realized gain (loss) on investments, foreign currency transactions and forward currency contracts		(15,256,591	)		(1,732,668	)
Net change in unrealized appreciation (depreciation) on:
Investments†		(116,324,334	)		(18,035,715	)
Foreign currency translations		(1,290	)		7,741
Forward currency contracts		—			—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts		(116,325,624	)		(18,027,974	)
Net realized and unrealized gain (loss) on investments, foreign currency transactions and forward currency contracts		(131,582,215	)		(19,760,642	)
Net increase (decrease) in net assets resulting from operations	$	(126,564,072	)	$	(18,663,493	)
*    Net of foreign withholding taxes of	$	1,079,435		$	245,950
†   Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of	$	137,384		$	—

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

50  Semi-Annual Report

Lazard Retirement US Small-Mid Cap Equity Portfolio			Lazard Retirement Global Dynamic Multi-Asset Portfolio
$	355,709		$	2,007,205
	—			1,488,598
	355,709			3,495,803
	186,943			1,431,598
	62,314			447,265
	29,227			92,979
	14,526			111,224
	8,811			30,833
	9,025			29,773
	5,149			9,590
	3,802			11,581
	1,817			4,369
	321,614			2,169,212
	(34,970	)		(290,303	)
	286,644			1,878,909
	69,065			1,616,894
	(2,407,496	)		(16,538,504	)
	—			135,595
	—			1,970,626
	(2,407,496	)		(14,432,283	)
	(7,452,536	)		(26,916,005	)
	—			10,579
	—			(457,682	)
	(7,452,536	)		(27,363,108	)
	(9,860,032	)		(41,795,391	)
$	(9,790,967	)	$	(40,178,497	)
$	—		$	76,768
$	—		$	—

Semi-Annual Report  51

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

	Lazard Retirement Emerging Markets Equity Portfolio
	Six Months Ended June 30, 2020 (unaudited)				Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	5,018,143			$	12,391,722
Net realized gain (loss) on investments and foreign currency transactions			(15,256,591	)			(6,489,295	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(116,325,624	)			90,389,537
Net increase (decrease) in net assets resulting from operations			(126,564,072	)			96,291,964
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Service Shares			—				(3,510,943	)
Investor Shares			—				(1,512,697	)
Net decrease in net assets resulting from distributions			—				(5,023,640	)
Capital stock transactions
Net proceeds from sales
Service Shares			40,789,256				49,575,227
Investor Shares			16,909,880				18,081,525
Net proceeds from reinvestment of distributions
Service Shares			—				3,510,943
Investor Shares			—				1,512,697
Cost of shares redeemed
Service Shares			(55,075,216	)			(110,917,529	)
Investor Shares			(28,904,230	)			(37,580,197	)
Net increase (decrease) in net assets from capital stock transactions			(26,280,310	)			(75,817,334	)
Total increase (decrease) in net assets			(152,844,382	)			15,450,990
Net assets at beginning of period			584,577,498				569,126,508
Net assets at end of period		$	431,733,116			$	584,577,498
Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period			18,647,347				21,481,506
Shares sold			2,387,580				2,455,086
Shares issued to shareholders from reinvestment of distributions			—				183,723
Shares redeemed			(3,092,189	)			(5,472,968	)
Net increase (decrease)			(704,609	)			(2,834,159	)
Shares outstanding at end of period			17,942,738				18,647,347
Investor Shares
Shares outstanding at beginning of period			8,005,599				8,890,959
Shares sold			1,000,971				906,635
Shares issued to shareholders from reinvestment of distributions			—				79,995
Shares redeemed			(1,659,660	)			(1,871,990	)
Net increase (decrease)			(658,689	)			(885,360	)
Shares outstanding at end of period			7,346,910				8,005,599

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

52  Semi-Annual Report

Lazard Retirement International Equity Portfolio						Lazard Retirement   US  Small-Mid Cap Equity Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	1,097,149		$	3,015,402		$	69,065		$	147,302
	(1,732,668	)		6,492,886			(2,407,496	)		3,496,757
	(18,027,974	)		21,215,113			(7,452,536	)		10,716,911
	(18,663,493	)		30,723,401			(9,790,967	)		14,360,970
	—			(562,828	)		—			(1,035,371	)
	—			—			—			—
	—			(562,828	)		—			(1,035,371	)
	8,120,274			10,640,397			6,418,880			7,212,368
	—			—			—			—
	—			562,828			—			1,035,371
	—			—			—			—
	(13,608,343	)		(58,336,967	)		(7,862,519	)		(13,906,210	)
	—			—			—			—
	(5,488,069	)		(47,133,742	)		(1,443,639	)		(5,658,471	)
	(24,151,562	)		(16,973,169	)		(11,234,606	)		7,667,128
	152,725,103			169,698,272			59,460,057			51,792,929
$	128,573,541		$	152,725,103		$	48,225,451		$	59,460,057
	14,723,964			19,737,430			7,227,771			8,019,612
	931,781			1,102,405			897,216			921,680
	—			59,183			—			138,234
	(1,526,825	)		(6,175,054	)		(1,093,811	)		(1,851,755	)
	(595,044	)		(5,013,466	)		(196,595	)		(791,841	)
	14,128,920			14,723,964			7,031,176			7,227,771
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Semi-Annual Report  53

	Lazard Retirement Global Dynamic Multi-Asset Portfolio
	Six Months Ended June 30, 2020 (unaudited)				Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,616,894			$	4,906,712
Net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			(14,432,283	)			2,695,904
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			(27,363,108	)			57,503,831
Net increase (decrease) in net assets resulting from operations			(40,178,497	)			65,106,447
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Service Shares			—				(728,839	)
Investor Shares			—				(17	)
Net decrease in net assets resulting from distributions			—				(728,856	)
Capital stock transactions
Net proceeds from sales
Service Shares			20,019,168				23,524,506
Investor Shares			96,600				29,310
Net proceeds from reinvestment of distributions
Service Shares			—				728,839
Investor Shares			—				17
Cost of shares redeemed
Service Shares			(30,091,469	)			(74,836,861	)
Investor Shares			(1,020	)			(316	)
Net increase (decrease) in net assets from capital stock transactions			(9,976,721	)			(50,554,505	)
Total increase (decrease) in net assets			(50,155,218	)			13,823,086
Net assets at beginning of period			400,726,027				386,902,941
Net assets at end of period		$	350,570,809			$	400,726,027
Shares issued and redeemed
Service Shares
Shares outstanding at beginning of period			29,362,855				33,321,445
Shares sold			1,662,190				1,848,416
Shares issued to shareholders from reinvestment of distributions			—				56,719
Shares redeemed			(2,391,873	)			(5,863,725	)
Net increase (decrease)			(729,683	)			(3,958,590	)
Shares outstanding at end of period			28,633,172				29,362,855
Investor Shares
Shares outstanding at beginning of period			2,331				86
Shares sold			7,085				2,268
Shares issued to shareholders from reinvestment of distributions			—				1
Shares redeemed			(85	)			(24	)
Net increase (decrease)			7,000				2,245
Shares outstanding at end of period			9,331				2,331

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

54  Semi-Annual Report

Lazard Retirement Series, Inc. Financial Highlights (unaudited)

LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Service Shares
Net asset value, beginning of period	$	22.00		$	18.80		$	23.59		$	18.78		$	15.70		$	19.96
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.43			0.42			0.31			0.23	^		0.27
Net realized and unrealized gain (loss)		(5.08	)		2.95			(4.80	)		4.89			3.04			(4.27	)
Total from investment operations		(4.89	)		3.38			(4.38	)		5.20			3.27			(4.00	)
Less distributions from:
Net investment income		—			(0.18	)		(0.41	)		(0.39	)		(0.19	)		(0.21	)
Net realized gains		—			—			—			—			—			(0.05	)
Total distributions		—			(0.18	)		(0.41	)		(0.39	)		(0.19	)		(0.26	)
Net asset value, end of period	$	17.11		$	22.00		$	18.80		$	23.59		$	18.78		$	15.70
Total Return (b)		–22.23	%		18.14	%		–18.56	%		27.76	%		20.84	%^		–20.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	307,065		$	410,188		$	403,949		$	942,572		$	880,047		$	754,835
Ratios to average net assets (c):
Net expenses		1.42	%		1.42	%		1.36	%		1.38	%		1.37	%^		1.39	%
Gross expenses		1.42	%		1.43	%		1.36	%		1.38	%		1.38	%		1.39	%
Net investment income (loss)		2.06	%		2.10	%		1.89	%		1.45	%		1.29	%^		1.43	%
Portfolio turnover rate		14	%		19	%		16	%		10	%		12	%		9	%

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

Semi-Annual Report  55

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Investor Shares
Net asset value, beginning of period	$	21.78		$	18.58		$	23.31		$	18.56		$	15.51		$	19.74
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21			0.47			0.45			0.37			0.26	^		0.32
Net realized and unrealized gain (loss)		(5.02	)		2.91			(4.72	)		4.83			3.02			(4.25	)
Total from investment operations		(4.81	)		3.38			(4.27	)		5.20			3.28			(3.93	)
Less distributions from:
Net investment income		—			(0.18	)		(0.46	)		(0.45	)		(0.23	)		(0.25	)
Net realized gains		—			—			—			—			—			(0.05	)
Total distributions		—			(0.18	)		(0.46	)		(0.45	)		(0.23	)		(0.30	)
Net asset value, end of period	$	16.97		$	21.78		$	18.58		$	23.31		$	18.56		$	15.51
Total Return (d)		–22.08	%		18.36	%		–18.32	%		28.07	%		21.18	%^		–19.90	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	124,668		$	174,389		$	165,177		$	238,656		$	187,408		$	158,018
Ratios to average net assets (c):
Net expenses		1.17	%		1.18	%		1.11	%		1.14	%		1.12	%^		1.15	%
Gross expenses		1.17	%		1.18	%		1.11	%		1.14	%		1.14	%		1.15	%
Net investment income (loss)		2.30	%		2.37	%		2.09	%		1.74	%		1.52	%^		1.71	%
Portfolio turnover rate		14	%		19	%		16	%		10	%		12	%		9	%

†	Unaudited.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was a 0.06% impact on the total return of the Portfolio. There was a 0.02% impact on the net expenses and net investment income (loss) ratios of the Portfolio.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or DST; 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. Return for a period of less than one year is not annualized.
(c)	Annualized for periods less than one year.
(d)	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. Return for a period of less than one year is not annualized.

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

56  Semi-Annual Report

LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Service Shares
Net asset value, beginning of period	$	10.37		$	8.60		$	10.83		$	11.57		$	12.28		$	12.50
Income (Loss) from investment operations:
Net investment income (loss)		0.09			0.20			0.18			0.31			0.19	^		0.19
Net realized and unrealized gain (loss)		(1.36	)		1.60			(1.70	)		2.24			(0.71	)		0.02
Total from investment operations		(1.27	)		1.80			(1.52	)		2.55			(0.52	)		0.21
Less distributions from:
Net investment income		—			(0.03	)		(0.17	)		(0.33	)		(0.16	)		(0.21	)
Net realized gains		—			—			(0.54	)		(2.96	)		(0.03	)		(0.22	)
Total distributions		—			(0.03	)		(0.71	)		(3.29	)		(0.19	)		(0.43	)
Net asset value, end of period	$	9.10		$	10.37		$	8.60		$	10.83		$	11.57		$	12.28
Total Return (a)		–12.25	%		21.00	%		–13.91	%*		22.33	%		–4.29	%^		1.75	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	128,574		$	152,725		$	169,698		$	221,307		$	653,014		$	682,012
Ratios to average net assets (b):
Net expenses		1.14	%		1.12	%		1.12	%		1.11	%		1.08	%^		1.11	%
Gross expenses		1.24	%		1.20	%		1.14	%		1.12	%		1.09	%		1.11	%
Net investment income (loss)		1.68	%		1.87	%		1.62	%		1.11	%		1.59	%^		1.42	%
Portfolio turnover rate		18	%		32	%		33	%		44	%		28	%		37	%

†	Unaudited.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. There was a 0.01% impact on the net expenses and net investment income (loss) ratios of the Portfolio.
*	The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and was recorded in the period received. There was a 0.10% impact on the total return of the Portfolio.
(a)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or DST; 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. Return for a period of less than one year is not annualized.
(b)	Annualized for periods less than one year.

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

Semi-Annual Report  57

LAZARD RETIREMENT US SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Service Shares
Net asset value, beginning of period	$	8.23		$	6.46		$	8.33		$	8.09		$	7.39		$	8.18
Income (Loss) from investment operations:
Net investment income (loss)		0.01			0.02			0.01			0.01			0.03	^		(0.02	)
Net realized and unrealized gain (loss)		(1.38	)		1.90			(1.04	)		1.07			1.09			(0.19	)
Total from investment operations		(1.37	)		1.92			(1.03	)		1.08			1.12			(0.21	)
Less distributions from:
Net investment income		—			—			—	(a)		(0.03	)		—			—
Net realized gains		—			(0.15	)		(0.84	)		(0.81	)		(0.42	)		(0.58	)
Total distributions		—			(0.15	)		(0.84	)		(0.84	)		(0.42	)		(0.58	)
Net asset value, end of period	$	6.86		$	8.23		$	6.46		$	8.33		$	8.09		$	7.39
Total Return (b)		–16.65	%		29.93	%		–13.24	%		13.95	%		15.78	%^		–2.38	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	48,225		$	59,460		$	51,793		$	66,869		$	65,478		$	59,499
Ratios to average net assets (c):
Net expenses		1.15	%		1.15	%		1.15	%		1.19	%		1.25	%^		1.25	%
Gross expenses		1.29	%		1.27	%		1.23	%		1.25	%		1.32	%		1.35	%
Net investment income (loss)		0.28	%		0.27	%		0.14	%		0.09	%		0.46	%^		–0.22	%
Portfolio turnover rate		34	%		60	%		81	%		79	%		94	%		89	%

†	Unaudited.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the period. The amount of the reimbursement was less than $0.005 per share. There was no impact on the total return of the Portfolio. The net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
(a)	Amount is less than $0.01 per share.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or DST; 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. Return for a period of less than one year is not annualized.
(c)	Annualized for periods less than one year.

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

58  Semi-Annual Report

LAZARD RETIREMENT GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Service Shares
Net asset value, beginning of period	$	13.65		$	11.61		$	13.49		$	11.82		$	11.51		$	11.86
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.16			0.16			0.17			0.14			0.13
Net realized and unrealized gain (loss)		(1.47	)		1.91			(1.06	)		2.25			0.24			(0.19	)
Total from investment operations		(1.41	)		2.07			(0.90	)		2.42			0.38			(0.06	)
Less distributions from:
Net investment income		—			(0.01	)		(0.18	)		—			(0.03	)		—
Net realized gains		—			(0.02	)		(0.80	)		(0.75	)		(0.04	)		(0.29	)
Total distributions		—			(0.03	)		(0.98	)		(0.75	)		(0.07	)		(0.29	)
Net asset value, end of period	$	12.24		$	13.65		$	11.61		$	13.49		$	11.82		$	11.51
Total Return (b)		–10.33	%		17.79	%		–6.57	%		20.53	%		3.30	%		–0.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	350,456		$	400,694		$	386,902		$	384,208		$	293,286		$	222,666
Ratios to average net assets (c):
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses		1.21	%		1.20	%		1.17	%		1.19	%		1.25	%		1.31	%
Net investment income (loss)		0.90	%		1.23	%		1.22	%		1.28	%		1.23	%		1.18	%
Portfolio turnover rate		116	%		115	%		110	%		104	%		105	%		114	%

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

Semi-Annual Report  59

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended			Period Ended
throughout each period	6/30/20†			12/31/19			12/31/18*
Investor Shares
Net asset value, beginning of period	$	13.65		$	11.61		$	11.61
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.14			—
Net realized and unrealized gain (loss)		(1.47	)		1.93			—	(d)
Total from investment operations		(1.40	)		2.07			—	(d)
Less distributions from:
Net investment income		—			(0.01	)		—
Net realized gains		—			(0.02	)		—
Total distributions		—			(0.03	)		—
Net asset value, end of period	$	12.25		$	13.65		$	11.61
Total Return (b)		–10.26	%		17.79	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	114		$	32		$	1
Ratios to average net assets (c):
Net expenses		0.90	%		0.90	%		—	%
Gross expenses		4.91	%		84.50	%		—	%
Net investment income (loss)		1.16	%		1.05	%		—	%
Portfolio turnover rate		116	%		115	%		NA	%

†	Unaudited.
*	The inception date for the Investor Shares was December 31, 2018.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or DST; 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. Return for a period of less than one year is not annualized.
(c)	Annualized for periods less than one year. (d) Amount is less than $0.01 per share.
(d)	Amount is less than $0.01 per share.

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

60  Semi-Annual Report

Lazard Retirement Series, Inc. Notes to Financial Statements
June 30, 2020 (unaudited)

1. Organization

Lazard Retirement Series, Inc. was incorporated in Maryland on February 13, 1997 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund, comprised of twenty-three no-load portfolios (each referred to as a “Portfolio”), is currently offered only to separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Portfolio shares may also be offered to certain qualified pension and retirement plans and accounts permitting accumulation of assets on a tax- deferred basis. Currently, only the following four Portfolios, each of which is “diversified”, as defined in the 1940 Act, are offered: Lazard Retirement Emerging Markets Equity Portfolio (“Emerging Markets Equity Portfolio”), Lazard Retirement International Equity Portfolio (“International Equity Portfolio”), Lazard Retirement US Small-Mid Cap Equity Portfolio (“US Small-Mid Cap Equity Portfolio”), and Lazard Retirement Global Dynamic Multi-Asset Portfolio (“Global Dynamic Multi-Asset Portfolio”). Each of the other nineteen Portfolios had not commenced operations as of June 30, 2020. Effective January 31, 2006, the Fund designated its existing class of shares as Service Shares and commenced offering Investor Shares. Investor Shares and Service Shares are identical, except as to the services offered to and expenses borne by each class of shares. As of June 30, 2020, only the Lazard Retirement Emerging Markets Equity and Lazard Retirement Global Dynamic Multi-Asset Portfolios had issued Investor Shares.

2. Significant Accounting Policies

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

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option con-

Semi-Annual Report  61

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

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

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, securities trading in a particular non-US country or countries, may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

The Valuation Committee of the Investment Manager, which meets periodically under the direction of the Board of Directors (the “Board”), may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s portfolio managers/analysts also will be considered.

62  Semi-Annual Report

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 NAV 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 non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. Non-US 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.

The effect of using fair value pricing is that the NAV 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’ NAVs.

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

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected

Semi-Annual Report  63

Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements. Such amounts, if and when recorded, could result in an increase in a Portfolio’s NAV per share.

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

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios’ accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

64  Semi-Annual Report

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 US dollar.

The US dollar value of forward currency contracts is determined using quotations provided by an independent 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, a 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.

During the period ended June 30, 2020, the Global Dynamic Multi-Asset Portfolio traded in forward currency contracts.

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

At December 31, 2019, the following Portfolio had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

Portfolio	Short-Term		Long-Term
Emerging Markets Equity		$3,141,253		$40,029,363

Under current tax law, post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2019, the Portfolios had no such losses to defer.

For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreci-

Semi-Annual Report  65

ation and the net unrealized appreciation (depreciation) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity	$	462,182,152		$55,341,168		$87,011,986		$(31,670,818	)
International Equity		124,700,614		14,049,445		10,853,387		3,196,058
US Small-Mid Cap Equity		48,023,676		5,042,273		4,823,190		219,083
Global Dynamic Multi-Asset		331,266,726		22,953,435		2,739,824		20,213,611

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

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

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, certain expenses, currency straddles, wash sales, passive foreign investment companies and distri-

66  Semi-Annual Report

butions from real estate investment trusts. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(f) Allocation of Expenses—Expenses common to the Fund,The Lazard Funds, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Service Shares. The Portfolios’ 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.

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

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

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

The Fund, on behalf of the Portfolios, has entered into a 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 objectives and policies, including the purchase, retention and disposition of securities, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Emerging Markets Equity		1.00	%
International Equity		0.75
US Small-Mid Cap Equity		0.75
Global Dynamic Multi-Asset		0.80

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2021 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio(s), exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims, and extraordinary expenses exceed the applicable percentage(s) of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

Portfolio	Service Shares		Investor Shares
Emerging Markets Equity		1.45		1.20
International Equity		1.10		N/A
US Small-Mid Cap Equity		1.15		N/A
Global Dynamic Multi-Asset		1.05		0.90	(a)

(a) Agreement extends from May 1, 2021 through May 1, 2030.

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During the period ended June 30, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Service Shares				Investor Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
International Equity	$	67,337	$	—	$	—	$	—
US Small-Mid Cap Equity		34,970		—		—		—
Global Dynamic Multi-Asset		288,540		—		351		1,412

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

State Street provides the Fund with custody and certain fund administration and accounting services.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, certain Portfolios experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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 adopted pursuant to Rule 12b-1 under the 1940 Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Service Shares, for distribution and servicing of accounts. The Distributor may make payments to participating

Semi-Annual Report  69

insurance companies, certain financial institutions, securities dealers and other industry professionals for providing these services.

DST is the Fund’s transfer and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2020, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $237,000, (2) an additional annual fee of $33,700 to the lead Independent Director, and (3) an additional annual fee of $23,500 to the Audit Committee Chair. The Independent Directors may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors also are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees are allocated among the funds in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated based upon each active portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2020 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Equity	$	65,541,983	$	86,871,963
International Equity		23,424,998		26,238,318
US Small-Mid Cap Equity		16,727,586		17,821,955
Global Dynamic Multi-Asset		332,460,712		364,749,915

	US Treasury Securities
Portfolio	Purchases		Sales
Global Dynamic Multi-Asset	$	50,941,615	$	21,717,129

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For the period ended June 30, 2020, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

6. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the US. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(c) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion

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of emerging market currencies. The Investment Manager generally does not intend to actively hedge the Portfolios’ foreign currency exposure.

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

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. During periods of reduced market liquidity, a Portfolio may not be able to readily sell debt securities at prices at or near their perceived value. An unexpected increase in Portfolio redemption requests, including a single large request for a significant percentage of a Portfolio’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Portfolio to sell its holdings at a loss or at undesirable prices and adversely affect the Portfolio’s share price and increase the Portfolio’s liquidity risk, and/or Portfolio expenses. Economic and other developments can adversely affect debt securities markets.

A Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher-rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be

72  Semi-Annual Report

more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering a Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The prices of high yield securities can fall in response to negative news about the issuer or its industry, or the economy in general to a greater extent than those of higher-rated securities. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

Some fixed-income securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by a Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although such securities will participate in any declines in interest rates as well. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal.

(e) Forward Currency Contracts Risk—Forward currency contracts may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risk of default by the counterparty to the contracts and can be illiquid. These contracts are subject to many of the risks of, and can be

Semi-Annual Report  73

highly sensitive to changes in the value of, the related currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Derivatives transactions incur costs, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of forward currency contracts, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

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

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(g) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated. Certain countries may limit the ability to convert depositary receipts into the underlying non-US securities and vice versa, which may cause the securities of the non-US company to trade at a discount or premium to the market price of the related depositary receipt. The Portfolio may invest in depositary receipts through an unsponsored facility where the depositary issues the depositary receipts without an agreement with the company that issues the underlying securities. Holders of unspon-sored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of the depositary receipts with respect to the deposited securities. As a result, available information concerning the issuer may not be as current as for sponsored depositary receipts, and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer.

(h) ETFs and Similar Products Risk—Shares of ETFs and similar products such as Exchange Traded Notes (“ETNs”) in which the Portfolio may invest may trade at prices that vary from their NAVs, sometimes significantly. The shares of ETFs, ETNs and similar products may trade at prices at, below or above their most recent NAV. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. ETNs may not trade in the secondary market, but typically are redeemable by the issuer. The Portfolio’s investments in ETFs and similar products are subject to the risks of investments made by the ETFs and similar products, as well as to the general risks of

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investing in ETFs and similar products. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of the ETFs and similar products in which the Portfolio invests. While ETNs do not have management fees, they are subject to certain investor fees. ETNs are debt securities that, like ETFs, typically are listed on exchanges and their terms generally provide for a return that tracks specified market indexes. However, unlike ETFs, ETNs are not registered investment companies and thus are not regulated under the 1940 Act. In addition, as debt securities, ETNs are subject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments. The Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs unless an ETF has received an exemptive order from the SEC on which the Portfolio may rely or an exemption is available. Many ETFs have received an exemptive order from the SEC providing an exemption from the 1940 Act limits on the amount of assets that may be invested in ETFs, and the Portfolio’s reliance on an order is conditioned on compliance with certain terms and conditions of the order, including that the Portfolio enter into a purchasing fund agreement with the ETF regarding the terms of the investment. If an exemptive order has not been received and an exemption is not available under the 1940 Act, the Portfolio will be limited in the amount it can invest in ETFs that are registered investment companies to: (1) 3% or less of an ETF’s voting shares, (2) an ETF’s shares in value equal to or less than 5% of the Portfolio’s assets and (3) shares of ETFs in the aggregate in value equal to or less than 10% of the Portfolio’s total assets.

(i) IPO Shares Risk—The prices of securities purchased in IPOs can be very volatile. The effect of IPOs on the Portfolio’s performance depends on a variety of factors, including the number of IPOs the Portfolio invests in relative to the size of the Portfolio and whether and to what extent a security purchased in an IPO appreciates or depreciates in value. As the Portfolio’s asset base increases, IPOs may have a diminished effect on the Portfolio’s performance.

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(j) Market Risk—The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coron-avirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Portfolio and its investments.

7. Contractual Obligations

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

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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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

• Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

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

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

Changes in valuation technique may result in transfers into or out of the current assigned level within the hierarchy.

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

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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2020:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2020
Emerging Markets Equity Portfolio
Common Stocks*
Brazil		$	22,760,097	$	—	$	—	$	22,760,097
China			18,495,931		82,317,142		—		100,813,073
Egypt			—		5,033,271		—		5,033,271
Hong Kong			—		5,529,647		—		5,529,647
Hungary			—		9,049,346		—		9,049,346
India			7,926,629		44,828,823		—		52,755,452
Indonesia			7,663,645		10,536,311		—		18,199,956
Luxembourg			2,995,726		—		—		2,995,726
Mexico			18,686,967		—		—		18,686,967
Pakistan			—		1,032,068		—		1,032,068
Portugal			—		5,198,842		—		5,198,842
Russia			7,474,944		30,639,460		—		38,114,404
South Africa			—		24,460,337		—		24,460,337
South Korea			—		61,538,078		—		61,538,078
Taiwan			—		25,581,022		—		25,581,022
Thailand			—		6,868,990		—		6,868,990
Turkey			—		7,118,617		—		7,118,617
United Kingdom			—		12,767,351		—		12,767,351
Short-Term Investments			12,008,090		—		—		12,008,090
Total		$	98,012,029	$	332,499,305	$	—	$	430,511,334

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Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2020
International Equity Portfolio
Common Stocks*
Australia		$	—	$	1,681,195	$	—	$	1,681,195
Canada			4,812,023		—		—		4,812,023
China			—		3,050,013		—		3,050,013
Denmark			—		3,048,717		—		3,048,717
Finland			—		2,932,814		—		2,932,814
France			—		19,621,751		—		19,621,751
Germany			—		10,155,389		—		10,155,389
Hong Kong			—		999,696		—		999,696
Indonesia			—		441,968		—		441,968
Ireland			1,056,398		—		—		1,056,398
Israel			—		1,375,299		—		1,375,299
Italy			—		3,078,157		—		3,078,157
Japan			—		17,792,521		—		17,792,521
Luxembourg			—		841,189		—		841,189
Mexico			766,216		—		—		766,216
Netherlands			1,055,919		4,321,878		—		5,377,797
Norway			—		3,070,462		—		3,070,462
Portugal			—		1,836,346		—		1,836,346
Singapore			—		2,175,630		—		2,175,630
South Korea			—		1,858,189		—		1,858,189
Spain			—		1,514,318		—		1,514,318
Sweden			—		3,385,104		—		3,385,104
Switzerland			—		9,349,999		—		9,349,999
United Arab Emirates			—		533,096		—		533,096
United Kingdom			—		14,751,217		—		14,751,217
United States			6,233,682		1,633,236		—		7,866,918
Preferred Stocks*
Germany			—		2,915,225		—		2,915,225
Short-Term Investments			1,609,025		—		—		1,609,025
Total		$	15,533,263	$	112,363,409	$	—	$	127,896,672
US Small-Mid Cap Equity Portfolio
Common Stocks*		$	46,640,715	$	—	$	—	$	46,640,715
Short-Term Investments			1,602,044		—		—		1,602,044
Total		$	48,242,759	$	—	$	—	$	48,242,759

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Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2020
Global Dynamic Multi Asset Portfolio
Assets:
Common Stocks*
Australia		$	—	$	2,076,776		$	—	$	2,076,776
Belgium			—		142,620			—		142,620
Canada			2,338,393		—			—		2,338,393
Denmark			437,904		756,450			—		1,194,354
Finland			—		235,129			—		235,129
France			—		797,632			—		797,632
Germany			1,575,578		89,085			—		1,664,663
Hong Kong			1,209,910		256,863			—		1,466,773
Israel			380,640		—			—		380,640
Japan			1,815,598		7,411,179			—		9,226,777
Macau			422,662		—			—		422,662
Netherlands			1,779,247		663,979			—		2,443,226
New Zealand			—		162,986			—		162,986
Norway			—		335,879			—		335,879
Puerto Rico			67,984		—			—		67,984
Singapore			—		156,833			—		156,833
Spain			—		102,606			—		102,606
Sweden			1,589,200		380,276			—		1,969,476
Switzerland			850,308		2,119,952			—		2,970,260
United Kingdom			5,745,663		875,336			—		6,620,999
United States			61,689,247		—			—		61,689,247
Corporate Bonds*			—		73,511,511			—		73,511,511
Foreign Government Obligations*			—		84,978,877			—		84,978,877
Quasi Government Bonds*			—		4,634,435			—		4,634,435
Supranational Bonds			—		17,783,781			—		17,783,781
US Municipal Bonds			—		3,715,791			—		3,715,791
US Treasury Securities			—		36,653,670			—		36,653,670
Exchange-Traded Funds			28,379,396		—			—		28,379,396
Short-Term Investments			5,856,286		—			—		5,856,286
Other Financial Instruments†
Forward Currency Contracts			—		410,010			—		410,010
Total		$	114,138,016	$	238,251,656		$	—	$	352,389,672
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(909,335	)	$	—	$	(909,335	)

*	Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry.
†	Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).

Semi-Annual Report  81

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

9. Derivative Instruments

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

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

During the period ended June 30, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$95,500,000
Average amounts sold	$73,800,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2020:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$410,010

Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$909,335

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$1,970,626

Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$(457,682	)

None of the other Portfolios presented traded in derivative instruments during the period ended June 30, 2020.

82  Semi-Annual Report

As of June 30, 2020, the Global Dynamic Multi-Asset Portfolio held derivative instruments that are eligible for offset in the Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2020:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	410,010	$	—	$	410,010

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts of Derivative Assets
Citibank NA		$	13,812	$	(13,812	)	$	—	$	—
HSBC Bank USA NA			157,845		(157,845	)		—		—
JPMorgan Chase Bank NA			196,879		(196,879	)		—		—
Morgan Stanley Capital Services LLC.			29,292		(7,288	)		—		22,004
State Street Bank and Trust Co.			12,182		(10,796	)		—		1,386
Total		$	410,010	$	(386,620	)	$	—	$	23,390

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$909,335	$	—	$	909,335

Semi-Annual Report  83

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged (a)			Net Amounts of Derivative Liabilities
Citibank NA		$	110,595	$	(13,812	)	$	—		$	96,783
HSBC Bank USA NA			491,562		(157,845	)		—			333,717
JPMorgan Chase Bank NA			289,094		(196,879	)		(92,215	)		—
Morgan Stanley Capital Services LLC.			7,288		(7,288	)		—			—
State Street Bank and Trust Co.			10,796		(10,796	)		—			—
Total		$	909,335	$	(386,620	)	$	(92,215	)	$	430,500

(a) Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

10. Accounting Pronouncements

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

11. Subsequent Events

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

84  Semi-Annual Report

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 US Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.

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

Schedule of Portfolio Holdings

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

Board Consideration of Management Agreement

At meetings of the Board held on June 2, 2020 and June 16, 2020, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings, including, at the June 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 meeting.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Invest-

Semi-Annual Report  85

ment Manager and its clients (of which the Lazard Funds complex of 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020).

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading 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, as well as regular reporting to, and support of, the Board. The Investment Manager’s representatives stated that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board 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 and shareholder servicing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels. The Board accepted the assertion of representatives of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information Only the Emerging Markets Equity, Global Dynamic Multi-Asset, International Equity and US Small-Mid Cap Equity Portfolios (the “active Portfolios”) had commenced operations. For all other Portfolios (the “inactive Portfolios”) the Board determined to defer consideration of advisory fees in the Management Agreement (and review of net expense ratios) until a Portfolio was to commence operations, at which time current information regarding the advisory fee and the estimated net expense ratio would be considered.

86  Semi-Annual Report

Accordingly, the following discussion of advisory fees, expense ratios and performance was limited to those of the four active Portfolios (and therefore all references in the discussion to one or more Portfolios refer to active Portfolio(s) unless otherwise stated), although it was noted that the Investment Manager proposed to lower the expense limitation for the Developing Markets Equity, Emerging Markets Equity Blend, Global Strategic Equity and International Equity Concentrated Portfolios (all inactive Portfolios).

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, each Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) to those of:

• a group of variable annuity underlying funds (i.e., funds offered only through variable annuity contracts, variable life insurance policies and/or certain qualified pension or retirement plans or other accounts permitting accumulation of assets on a tax-deferred basis) not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Expense Peer Group”¹); and

• the variable annuity underlying funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third party service that ranks and rates funds (“Morningstar”), with certain exclusions as specified by Strategic Insight (the “Expense Category”).

Representatives of the Investment Manager discussed the results of the Strategic Insight advisory fee and net expense ratio comparisons with the Board, which showed that the advisory fees and net

1  The Strategic Insight materials outlined the process for constructing the Expense Peer Groups, as well the Expense Categories, Performance Peer Groups and Performance Categories (all as defined below). Representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodologies used by Strategic Insight in constructing the Expense Peer Groups, Expense Categories, Performance Peer Groups and Performance Categories, including how the methodologies could affect the results of the comparisons.

Semi-Annual Report  87

expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the active and inactive Portfolios, pursuant to which the Investment Manager was waiving advisory fees and/or reimbursing expenses for certain Portfolios.

Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the advisory fees of the relevant Portfolios.

Strategic Insight Performance Comparisons. The Board reviewed information prepared by Strategic Insight including, among other information, each Portfolio’s performance for the one-, three-, five-and ten-year periods ended March 31, 2020, as applicable, to performance for the same time periods of that of:

• a group of variable annuity underlying funds not advised by the Investment Manager selected by Strategic Insight as comparable, for performance comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Performance Peer Group”);

• the variable annuity underlying funds within the broad category of funds to which the Portfolio has been assigned by Morningstar (the “Performance Category”); and

• the Portfolio’s benchmark index.

88  Semi-Annual Report

When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance or Portfolios which otherwise are not performing in accordance with expectations, as well as any other Portfolios for which the Board requested additional information.

Investment Manager Profitability and Economies of Scale

The Board reviewed information prepared by the Investment Manager for each active Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2019 and the Investment Manager’s cost allocation methodology to compute an estimate of each active Portfolio’s costs to the Investment Manager. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the active Portfolios’ brokerage allocation, commission payments and soft dollar commissions and benefits. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios other than, in connection with the management of certain active Portfolios, the benefit of soft dollar commissions. 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% 12b1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Service Shares.

Semi-Annual Report  89

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. The Board (1) considered the Investment Manager’s estimated profitability with respect to each active Portfolio as part of their evaluation of the Portfolio’s fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability in light of the relevant circumstances for each active Portfolio. Representatives of the Investment Manager and the Board discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. As the assets of each active Portfolio were either generally stable or decreasing over the past calendar year, or had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale was reduced.

Conclusions and Determinations

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, 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 the significant services and infrastructure associated with an approximately $193 billion global asset management business.

90  Semi-Annual Report

• For the active Portfolios, the Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided.

• The Board, after considering the information provided and the totality of the relevant circumstances for each active Portfolio, concluded that the investment performance of each active Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board accepted that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

• The Board recognized that economies of scale may be realized, particularly as the assets of the active Portfolios increase and determined that it would continue to consider potential material economies of scale.

In evaluating the Management Agreement, the Board relied on the information described above, in addition to information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement, including information on the investment performance of the active Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Fund’s Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Semi-Annual Report  91

Statement Regarding Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments (or such lower percentage that may have been adopted by a Portfolio); and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administra-

92  Semi-Annual Report

tor, the Investment Manager delegates the day-to-day activities required by the LRMP to a Liquidity Committee comprised of various Fund officers and groups within the Investment Manager (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with other groups within the Investment Manager in effectuating the requirements of the LRMP as necessary. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in June 2020 (the “Annual Report”).

The Annual Report states that the Investment Manager, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

Semi-Annual Report  93

NOTES

NOTES

NOTES

Lazard Retirement Series, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

https://www.lazardassetmanagement.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 Iron Street

Boston, Massachusetts 02210

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169

Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, New York 10112-0015

Legal Counsel

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

http://www.proskauer.com

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS010		We Recycle This document is printed on recycled paper.

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 INVESTMENT COMPANIES.

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-CSRS 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-CSRS 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. 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/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date August 14, 2020

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/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date August 14, 2020

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date August 14, 2020

EX-99.CERT

Exhibit 99.(a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

1. I have reviewed this report on Form N-CSRS of Lazard Retirement Series, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 14, 2020

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christopher Snively, certify that:

1. I have reviewed this report on Form N-CSRS of Lazard Retirement Series, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 14, 2020

/s/ Christopher Snively

Christopher Snively

Chief Financial Officer

EX-99.906 CERT

Exhibit 99.(b)

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSRS for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: August 14, 2020

By: /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: August 14, 2020

This certificate is furnished pursuant to the requirements of Form N-CSRS and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.