Form 497 LAZARD RETIREMENT SERIES

 

Service
Shares

Investor
Shares

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)

Management Fees

.80

%

.80

%

Distribution and Service (12b-1) Fees

.25

%

None  

Other Expenses

.21

%

.21

%*

Total Annual Portfolio Operating Expenses

1.26

%

1.01

%

Fee Waiver and Expense Reimbursement**

.21

%

.11

%

Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement**

1.05

%

.90

%

*

"Other Expenses" are based on estimated amounts for the current fiscal year, using "Other Expenses" for Service Shares from the last fiscal year.

**

Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2017, to the extent Total Annual Portfolio Operating Expenses exceed 1.05% and .90% of the average daily net assets of the Portfolio's Service Shares and Investor Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.