-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B8ISNDb3yegjNnbWIGXQgaAOf6olsUpKvHt8ea2vrelJ/iijkxnEuo2FVcbugCy7 nHt97YcXhpuW4f9RaAAT8g== 0000899681-04-000441.txt : 20040524 0000899681-04-000441.hdr.sgml : 20040524 20040524145510 ACCESSION NUMBER: 0000899681-04-000441 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040524 EFFECTIVENESS DATE: 20040524 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD RETIREMENT SERIES INC CENTRAL INDEX KEY: 0001033669 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-22309 FILM NUMBER: 04826687 BUSINESS ADDRESS: STREET 1: 30 ROCKEFELLER PLZ STREET 2: PO BOX 9110 CITY: NEW YORK STATE: NY ZIP: 10020 MAIL ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD FUNDS INC CENTRAL INDEX KEY: 0000874964 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-40682 FILM NUMBER: 04826686 BUSINESS ADDRESS: STREET 1: STATE STREET BANK & TRUST CO STREET 2: PO BOX 9110 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 2126326000 MAIL ADDRESS: STREET 1: STATE STREET BANK & TRUST CO STREET 2: PO BOX 9110 CITY: BOSTON STATE: MA ZIP: 02109 497 1 lazard-497_052404.htm 497

THE LAZARD FUNDS, INC.
LAZARD RETIREMENT SERIES, INC.
Supplement to Statement of Additional Information

Dated May 1, 2004

Effective May 24, 2004, this information replaces any contrary information contained in the Statement of Additional Information ("SAI"):

The "Initial Public Offerings" heading under the section "Description of the Fund and Portfolios—Certain Investment Considerations and Risks" is replaced in its entirety as follows:

          Initial Public Offerings. (Small Cap, International Small Cap and Emerging Markets Portfolios) Each of these Portfolios may purchase securities of companies in initial public offerings ("IPOs") or shortly thereafter. An IPO is a corporation's first offering of stock to the public. Shares are given a market value reflecting expectations for the corporation's future growth. Special rules of the National Association of Securities Dealers, Inc. (the "NASD") apply to the distribution of IPOs. Corporations offering stock in IPOs generally have limited operating histories and may involve greater investment risk. The prices of these companies' securities may be very volatile, rising and falling rapidly, sometimes based solely on investor perceptions rather than economic reasons.

The "IPO Allocations" heading under the section "Portfolio Transactions—General" is replaced in its entirety as follows:

          IPO Allocations. (Small Cap, International Small Cap and Emerging Markets Portfolios) Under the Investment Manager's trade allocation procedures applicable to domestic and foreign initial and secondary public offerings and Rule 144A transactions (collectively herein "IPO"), the number of shares allocated to one, both or all of the Portfolios and other accounts managed by the Investment Manager will be determined based on various factors including the extent to which an account is considered relatively underweighted in a security, the extent to which the size of an allocation of IPO securities would represent a meaningful position for such account and any other factors that may be lawfully considered in allocating IPO shares among accounts. It is often difficult for the Investment Manager to obtain a sufficient number of IPO shares to provide a full allocation to each account.

May 24, 2004

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