Securities Act File No.
33-40682
Investment Company Act File No. 811-06312
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | /X/ | |
Post-Effective Amendment No. 75 | /X/ | |
and | ||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | /X/ | |
Amendment No. 75 | /X/ |
(Check appropriate box or boxes)
THE LAZARD FUNDS, INC. |
(Exact Name of Registrant as Specified in Charter) |
(212) 632-6000 |
(Registrant's Telephone Number, including Area Code) |
30 Rockefeller Plaza, New York, New York 10112 |
(Address of Principal Executive: Number, Street, City, State, Zip Code) |
Nathan A. Paul, Esq.
30 Rockefeller Plaza
New York, New York 10112
(Name and Address of Agent for Services)
Copy to:
Janna Manes, Esq.
Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York 10038-4982
It is proposed that this filing will become effective (check appropriate box)
X | immediately upon filing pursuant to paragraph (b) | |
on (DATE) pursuant to paragraph (b) | ||
60 days after filing pursuant to paragraph (a)(1) | ||
on (DATE) pursuant to paragraph (a)(1) | ||
75 days after filing pursuant to paragraph (a)(2) | ||
on (DATE) pursuant to paragraph (a)(2) of Rule 485. | ||
If appropriate, check the following box: | ||
this post-effective amendment designates a new effective date for a previously filed post-effective amendment. | ||
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) of the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 9th day of July, 2013.
THE LAZARD FUNDS, INC.
By: /s/ Charles L. Carroll
Charles L. Carroll, Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Amendment to Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
/s/ Charles L. Carroll Charles L. Carroll |
President and Director | July 10, 2013 |
/s/ Stephen St. Clair Stephen St. Clair |
Treasurer and Chief Financial Officer | July 10, 2013 |
/s/ Ashish Bhutani Ashish Bhutani |
Director | July 10, 2013 |
/s/ Kenneth S. Davidson* Kenneth S. Davidson |
Director | July 10, 2013 |
/s/ Nancy A. Eckl* Nancy A. Eckl |
Director | July 10, 2013 |
/s/ Lester Z. Lieberman* Lester Z. Lieberman |
Director | July 10, 2013 |
/s/ Leon M. Pollack* Leon M. Pollack |
Director | July 10, 2013 |
/s/ Richard Reiss, Jr.* Richard Reiss, Jr. |
Director | July 10, 2013 |
/s/ Robert M. Solmson* Robert M. Solmson |
Director | July 10, 2013 |
*By: /s/ Nathan A. Paul Attorney-in-fact, Nathan A. Paul |
EXHIBIT INDEX
Exhibit No. | Description |
EX-101.INS | XBRL Instance Document |
EX-101.SCH | XBRL Taxonomy Extension Schema Document |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | ||
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Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Lazard Explorer Total Return Portfolio | ||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Portfolio seeks total return from current income and capital appreciation. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Transaction Fees (fees paid directly from your investment) | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no portfolio turnover information is presented. |
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Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | "Other Expenses" are based on estimated amounts for the current fiscal year. | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Portfolio utilizes a flexible total return investment strategy. It typically invests primarily in debt securities issued or guaranteed by governments, government agencies or supranational bodies, forward contracts, including non-deliverable forward contracts, credit default swap agreements (on an index or basket of securities or a single security), interest rate swap agreements and foreign currency options, debt securities issued by companies or other private-sector entities, including fixed and/or floating rate investment grade and non-investment grade bonds; short- and medium-term obligations and other fixed-income obligations. The Portfolio may also invest in certain other types of securities, such as convertible securities, commercial paper, and collateralized debt obligations. At certain times, based on the currently existing market environment, Lazard Asset Management LLC (the “Investment Manager”) may not believe it is able to find sufficient opportunities to invest in these types of securities and may determine to tactically shift the Portfolio to invest substantially in money market instruments, such as short-term US Treasury securities and certificates of deposit. The securities in which the Portfolio invests may be denominated in any currency. The Portfolio typically focuses its investments in securities of that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the Morgan Stanley Capital International (“MSCI®”) World Index. The allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. The Portfolio is not limited to securities of any particular quality or investment grade and, as a result, the Portfolio may invest significantly in securities rated below investment grade (lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB by Standard & Poor’s Ratings Group (“S&P”)) (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%. The Investment Manager expects to actively increase and decrease the Portfolio’s exposures to emerging market securities and currencies, and to significantly utilize derivatives. The Portfolio expects to utilize the following types of derivatives: forward contracts (including non-deliverable forward contracts, which settle in cash based on the difference between the agreed upon contract price or rate and the prevailing spot price or rate on an agreed notional amount), credit default swap agreements (including credit default swap agreements on an index or basket of securities or a single security), interest rate swap agreements and foreign currency options. Derivative positions may represent a substantial investment exposure through the economic leverage embedded in these positions. Although the Portfolio does not have a history of operations, based on the portfolios of other clients of the Investment Manager managed in a strategy similar to that to be employed for the Portfolio, the aggregate notional amount of derivative positions may typically be expected to range from 20% to 70% of the Portfolio’s assets. The Investment Manager may change the Portfolio’s investment exposures frequently, and positions may be held for only a short period of time as the Investment Manager seeks to add value in different market environments in pursuit of the Portfolio’s total return objective. However, there is no guarantee that the Portfolio will achieve its investment objective, and an investment in the Portfolio involves a high degree of risk. The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The value of your investment in the Portfolio will fluctuate, which means you could lose money. Fixed-Income and Debt Securities Risk. While fixed-income securities are designed to produce a stable stream of income, their prices move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. The Portfolio’s investments in lower-rated, higher-yielding securities are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by the Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates). Market Risk. Market risks, including political, regulatory, market and economic developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Portfolio’s investments. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Non-US Securities Risk. The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as exposure to less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. In addition, investments denominated in currencies other than US dollars carry the risk that such currencies will decline in value relative to the US dollar and affect the value of these investments held in the Portfolio. Emerging Market Risk. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the US and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Derivatives Risk. Derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility, perhaps substantially. Forward currency contracts, swap agreements and over-the-counter options on securities (including options on ETFs) and currencies are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currency, security, interest rate or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of derivatives transactions may cause the Portfolio to experience significant losses. Liquidity Risk. The lack of a readily available market may limit the ability of the Portfolio to sell certain securities at the time and price it would like. The size of certain debt securities offerings of emerging markets issuers may be relatively smaller in size than debt offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price. Non-Diversification Risk. Because the Portfolio may invest in a smaller number of issuers than other, more diversified investment portfolios, the Portfolio’s net asset value (“NAV”) may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers. High Portfolio Turnover Risk. The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high brokerage costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | The value of your investment in the Portfolio will fluctuate, which means you could lose money. | ||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Because the Portfolio may invest in a smaller number of issuers than other, more diversified investment portfolios, the Portfolio's net asset value ("NAV") may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio's investments consisted of securities issued by a larger number of issuers. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Bar Chart and Table | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Because the Portfolio has not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance is not necessarily an indication of how the Portfolio will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. | ||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Because the Portfolio has not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. | ||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 823-6300 | ||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.LazardNet.com | ||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Portfolio's past performance is not necessarily an indication of how the Portfolio will perform in the future. | ||
Institutional Shares
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Risk/Return: | rr_RiskReturnAbstract | |||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.30% | [1] | |
Total Annual Portfolio Operating Expenses | rr_ExpensesOverAssets | 1.30% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 132 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 412 | ||
Open Shares
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Risk/Return: | rr_RiskReturnAbstract | |||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.35% | [1] | |
Total Annual Portfolio Operating Expenses | rr_ExpensesOverAssets | 1.60% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 163 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 505 | ||
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