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

| Quarterly Holdings | Prospectus and Shareholder Reports |

Lazard Retirement Series, Inc.

The Portfolios that comprise Lazard Retirement Series, Inc. (the “Fund”) are intended to be funding vehicles for variable annuity contracts and variable life insurance policies offered by the separate accounts of certain insurance companies. Those contracts and policies are described in the separate account prospectuses issued by the insurance companies, over which the Fund assumes no responsibility.

Individuals may not purchase Portfolio shares directly from the Fund.

The investment objective and policies of the Portfolio may be similar to other funds/portfolios managed or advised by Lazard Asset Management LLC (the "Investment Manager"). However, the investment results of the Portfolio may be higher or lower than, and there is no guarantee that the investment results of the Portfolio will be comparable to, any other Lazard fund/portfolio. Portfolio shares may also be offered to certain qualified pension and retirement plans and to accounts permitting accumulation of assets on a tax-deferred basis ("Eligible Plans"). Differences in tax treatment or other considerations may cause the interests of policy owners and Eligible Plan participants investing in the Portfolio to conflict. The Fund’s Board of Directors monitors the Portfolio for any material conflicts and determines what action, if any, should be taken. For information about Eligible Plan investing, call 800-823-6300.

Fund Description

CUSIP: 521071803

The Lazard Retirement Small-Mid Cap Equity Portfolio seeks long-term capital appreciation by investing in relatively small-to-mid U.S. companies with strong and sustainable financial productivity at attractive valuations. The Portfolio’s returns are compared to the Russell 2500 Index.

As of 01/31/2012, the net assets of all Portfolios of Lazard Retirement Series, Inc. totaled approximately $1.7 billion. Net assets of Lazard Retirement U.S. Small-Mid Cap Equity were approximately $182.0 million.

Performance (%) (as of 12/31/2011)

Annualized Returns

(net of fees)	Month-End	Three-Month	Year-To-Date	One-Year	Three-Year	Five-Year	Ten-Year	Since Inception 11/4/1997
Lazard Retirement U.S. Small-Mid Cap Equity Portfolio	0.17	16.00	-9.07	-9.07	19.76	0.25	4.72	6.01
Russell 2000/2500 Linked Index	0.23	14.52	-2.51	-2.51	16.82	0.77	5.95	5.28

The performance quoted represents past performance. Past performance does not guarantee future results. Fund performance fluctuates and currently may be lower than stated. The investment return and principal value of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns reflect reimbursement of expenses as described in the prospectus. Had expenses not been reimbursed, returns would have been lower and the expense ratio would have been higher. The performance figures shown above do not include the cost of insurance fees associated with variable annuities, if fees had been included, the results would be lower.

THE INVESTMENT PORTFOLIO DESCRIBED HEREIN IS ONLY AVAILABLE WITHIN A VARIABLE ANNUITY CONTRACT.

Investment Strategy

A bottom-up approach to stock selection is the hallmark of Lazard’s relative-value investment style.

Fundamental analysis considers sustainability of returns, while accounting validation examines companies’ stated financial statistics.

Screening seeks to identify companies that are attractively priced relative to their financial returns.

Quantitative research techniques are used to monitor risks associated with industry concentrations in order to ensure diversification.

Please consider the fund's investment objectives, risks, charges and expenses carefully before investing. For more complete information about the Lazard Retirement Series, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or by going to www.LazardNet.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses and other information about the Portfolio(s) and Lazard Retirement Series, Inc. that may not be detailed in this document. Distributed by Lazard Asset Management Securities LLC.

The Russell 2000 Index includes approximately 2000 of the smallest securities in the Russell 3000 Index, representing roughly 8% of the total market capitalization of Russell 3000 companies. (The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.) The index is unmanaged and has no fees. One cannot invest directly in an index.

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