Lazard Retirement Series - Pacific Life Insurance Company

LAZARD RETIREMENT MULTI-ASSET TARGETED VOLATILITY PORTFOLIO
For the Period
Selected data for a share of capital 4/30/12* to
stock outstanding throughout the period 6/30/12†
Service Shares
Net asset value, beginning of period $10.00
Income from investment operations:
Net investment income 0.02
Net realized and unrealized gain —(c)
Total from investment operations 0.02
Net asset value, end of period $10.02
Total Return (a) 0.20%
Ratios and Supplemental Data:
Net assets, end of period (in thousands) $7,521
Ratios to average net assets:
Net expenses (b) 1.05%
Gross expenses (b) 5.49%
Net investment income (b) 1.60%
Portfolio turnover rate 46%
* Portfolio commenced operations on April 30, 2012.
† Unaudited.
(a) Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the
Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
Performance information does not reflect the fees and charges imposed by participating insurance companies at the separate account level, and such
charges will have the effect of reducing performance. A period of less than one year is not annualized.
(b) Annualized for a period of less than one year.
(c) Amount is less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
Semi-Annual Report 39