<PAGE> PAGE 1
SIGNATURE CHARLES BUCKLEY
TITLE ASSIS. VICE PRES.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001033669
<NAME> LAZARD RETIREMENT SERIES, INC.
<SERIES>
<NUMBER> 1
<NAME> LAZARD RETIREMENT SMALL CAP PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
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<PAID-IN-CAPITAL-COMMON> 2,695,341
<SHARES-COMMON-STOCK> 275,707
<SHARES-COMMON-PRIOR> 179,072
<ACCUMULATED-NII-CURRENT> 374
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<DISTRIBUTIONS-OF-INCOME> 3,952
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<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 1.32
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001033669
<NAME> LAZARD RETIRMENT SERIES, INC.
<SERIES>
<NUMBER> 2
<NAME> LAZARD RETIRMENT EMERGING MARKETS PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3,776,676
<INVESTMENTS-AT-VALUE> 4,498,244
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<PAID-IN-CAPITAL-COMMON> 3,826,750
<SHARES-COMMON-STOCK> 414,824
<SHARES-COMMON-PRIOR> 172,204
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3,500
<ACCUMULATED-NET-GAINS> 22,651
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 721,600
<NET-ASSETS> 4,567,501
<DIVIDEND-INCOME> 36,378
<INTEREST-INCOME> 1,854
<OTHER-INCOME> 0
<EXPENSES-NET> 30,927
<NET-INVESTMENT-INCOME> 7,305
<REALIZED-GAINS-CURRENT> 83,006
<APPREC-INCREASE-CURRENT> 1,046,334
<NET-CHANGE-FROM-OPS> 1,136,645
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,414
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 269,490
<NUMBER-OF-SHARES-REDEEMED> 27,781
<SHARES-REINVESTED> 911
<NET-CHANGE-IN-ASSETS> 3,318,133
<ACCUMULATED-NII-PRIOR> 654
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<OVERDIST-NET-GAINS-PRIOR> 64,251
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<GROSS-EXPENSE> 180,409
<AVERAGE-NET-ASSETS> 1,880,253
<PER-SHARE-NAV-BEGIN> 7.26
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<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> 1.64
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001033669
<NAME> LAZARD RETIREMENT SERIES, INC.
<SERIES>
<NUMBER> 3
<NAME> LAZARD RETIREMENT EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
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<INVESTMENTS-AT-COST> 2,456,344
<INVESTMENTS-AT-VALUE> 2,807,711
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<INTEREST-INCOME> 191
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<NET-INVESTMENT-INCOME> 11,766
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<DISTRIBUTIONS-OF-GAINS> 85,895
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001033669
<NAME> LAZARD RETIREMENT SERIES, INC.
<SERIES>
<NUMBER> 4
<NAME> LAZARD RETIREMENT INTERNATIONAL EQUITY PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,845,483
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<SHARES-COMMON-PRIOR> 45,638
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 14,069
<ACCUMULATED-NET-GAINS> 28,963
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 21,372
<INTEREST-INCOME> 7,122
<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> 53,232
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<DISTRIBUTIONS-OF-INCOME> 25,363
<DISTRIBUTIONS-OF-GAINS> 24,823
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 697
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 11.23
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
Anchin, Block & Anchin LLP
Accountants and Consultants
1375 Broadway
New York, New York 10018
(212) 840-3456
FAX (212) 840-7066
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Lazard Retirement Series, Inc.:
In planning and performing our audit of the financial statements of
Lazard Retirement Series, Inc. (comprised of Lazard Retirement
Equity Portfolio,Lazard Retirement Small Cap Portfolio, Lazard
Retirement International Equity Portfolio and Lazard Retirement
Emerging Markets Portfolio) for the year ended December 31, 1999,
we considered its internal control structure,including procedures
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control structure.The management of
Lazard Retirement Series, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to
permit preparation of financial statements in conformity with generally
accepted accounting principles. Because of inherent limitations in any
internal control structure, errors or irregularities may occur and not
be detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.Our consideration of the internal
control structure would not necessarily disclose all matters in the
internal control structure that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely
period by employeesin the normal course of performing their assigned
functions. However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31,
1999.This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
ANCHIN, BLOCK & ANCHIN LLP
New York, New York
January 31, 2000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
The Lazard Funds, Inc.
Securities Purchases during an Underwriting involving
Lazard Freres & Co. LLC subject to Rule 10f-3 under
the Investment Company Act of 1940.
For the year ended December 31, 1999
Portfolio: Lazard Retirement Small Cap
Security: American National Can Group, Inc.
Date Purchased: 07/28/99
Total Shares Offered: 30,000,000
Price Per Share: $17.00
Shares Purchased
by the Portfolio *: 2,200
Total Principal Purchased
by the Portfolio *: $37,400
% of Offering Purchased
by the Portfolio: 0.01%
% of Offering Purchased
by all Portfolios
(25% Maximum*): 1.52%
Broker: Credit Suisse First
Boston Corp.
Note: Purchases by all Portfolios in aggregate may not
exceed 25% of the principal amount of the offering.
</TABLE>
