0000899681-16-001714.txt : 20160816 0000899681-16-001714.hdr.sgml : 20160816 20160816162628 ACCESSION NUMBER: 0000899681-16-001714 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160816 DATE AS OF CHANGE: 20160816 EFFECTIVENESS DATE: 20160816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAZARD FUNDS INC CENTRAL INDEX KEY: 0000874964 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-40682 FILM NUMBER: 161836345 BUSINESS ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 BUSINESS PHONE: 2126326000 MAIL ADDRESS: STREET 1: 30 ROCKEFELLER PLAZA CITY: NEW YORK STATE: NY ZIP: 10112 0000874964 S000010263 Lazard International Small Cap Equity Portfolio C000028358 Open Shares LZSMX C000028359 Institutional Shares LZISX C000134184 R6 Shares RLICX 0000874964 S000010264 Lazard Emerging Markets Equity Portfolio C000028360 Open Shares LZOEX C000028361 Institutional Shares LZEMX C000134185 R6 Shares RLEMX 0000874964 S000010265 Lazard US Corporate Income Portfolio C000028362 Open Shares LZHOX C000028363 Institutional Shares LZHYX C000134186 R6 Shares RLCIX 0000874964 S000010266 Lazard US Strategic Equity Portfolio C000028364 Open Shares LZUOX C000028365 Institutional Shares LZUSX C000134187 R6 Shares RLUSX 0000874964 S000010267 Lazard US Equity Concentrated Portfolio C000028366 Open Shares LEVOX C000028367 Institutional Shares LEVIX C000134188 R6 Shares RLUEX 0000874964 S000010268 Lazard US Mid Cap Equity Portfolio C000028368 Open Shares LZMOX C000028369 Institutional Shares LZMIX C000134189 R6 Shares RLMCX 0000874964 S000010269 Lazard US Small-Mid Cap Equity Portfolio C000028370 Open Shares LZCOX C000028371 Institutional Shares LZSCX C000134190 R6 Shares RLSMX 0000874964 S000010271 Lazard International Equity Portfolio C000028374 Open Shares LZIOX C000028375 Institutional Shares LZIEX C000134191 R6 Shares RLIEX 0000874964 S000010272 Lazard International Equity Select Portfolio C000028376 Open Shares LZESX C000028377 Institutional Shares LZSIX C000134192 R6 Shares RLIQX 0000874964 S000010273 Lazard International Strategic Equity Portfolio C000028378 Open Shares LISOX C000028379 Institutional Shares LISIX C000134193 R6 Shares RLITX 0000874964 S000020883 Lazard Capital Allocator Opportunistic Strategies Portfolio C000058929 Institutional Shares LCAIX C000058930 Open Shares LCAOX C000134194 R6 Shares RLCPX 0000874964 S000023480 Lazard Developing Markets Equity Portfolio C000069022 Institutional Shares LDMIX C000069023 Open Shares LDMOX C000134195 R6 Shares RLDMX 0000874964 S000027245 Lazard Global Listed Infrastructure Portfolio C000082231 Institutional Shares GLIFX C000082232 Open Shares GLFOX C000134196 R6 Shares RLGLX 0000874964 S000028828 Lazard Emerging Markets Equity Blend Portfolio C000088404 Institutional Shares EMBIX C000088405 Open Shares EMBOX C000134197 R6 Shares RLEBX 0000874964 S000031123 Lazard Emerging Markets Debt Portfolio C000096531 Institutional Shares LEDIX C000096532 Open Shares LEDOX C000134198 R6 Shares RLEDX 0000874964 S000031124 Lazard US Short Duration Fixed Income Portfolio C000096533 Institutional Shares UMNIX C000096534 Open Shares UMNOX C000134199 R6 Shares RLSDX 0000874964 S000031729 Lazard Emerging Markets Multi Asset Portfolio C000098748 Open Shares EMMOX C000098749 Institutional Shares EMMIX C000134200 R6 Shares RLMSX 0000874964 S000033722 Lazard US Realty Income Portfolio C000103952 Open Shares LRIOX C000105886 Institutional Shares LRIIX C000134201 R6 Shares RLRIX 0000874964 S000033724 Lazard US Realty Equity Portfolio C000103954 Open Shares LREOX C000105887 Institutional Shares LREIX C000134202 R6 Shares RLREX 0000874964 S000033726 Lazard Global Realty Equity Portfolio C000103956 Open Shares LITOX C000105888 Institutional Shares LITIX C000134203 R6 Shares RLGRX 0000874964 S000035892 Lazard Global Fixed Income Portfolio C000110020 Institutional Shares LZGIX C000110021 Open Shares LZGOX C000134204 R6 Shares RLGFX 0000874964 S000037196 Lazard Global Dynamic Multi Asset Portfolio C000114570 Institutional Shares GDMIX C000114571 Open Shares GDMOX C000134205 R6 Shares GDMAX 0000874964 S000041253 Lazard Explorer Total Return Portfolio C000127908 Institutional Shares LETIX C000127909 Open Shares LETOX C000134206 R6 Shares RLETX 0000874964 S000042723 Lazard Emerging Markets Core Equity Portfolio C000132106 Institutional Shares ECEIX C000132107 Open Shares ECEOX C000136816 R6 RLEOX 0000874964 S000043739 Lazard Global Equity Select Portfolio C000135644 Institutional Shares GESIX C000135645 Open Shares GESOX C000135646 R6 Shares RLGEX 0000874964 S000045295 Lazard Emerging Markets Income Portfolio C000141030 Institutional Shares LEIIX C000141031 Open Shares LEIOX C000141032 R6 Shares RLEIX 0000874964 S000045296 Lazard Fundamental Long/Short Portfolio C000141033 Institutional Shares LLSIX C000141034 Open Shares LLSOX C000141035 R6 Shares RFLSX 0000874964 S000046422 Lazard Global Strategic Equity Portfolio C000145068 Institutional Shares LSTIX C000145069 Open Shares LSTOX C000145070 R6 Shares RGSTX 0000874964 S000046423 Lazard International Equity Concentrated Portfolio C000145071 Institutional Shares LCNIX C000145072 Open Shares LCNOX C000145073 R6 Shares RICNX 0000874964 S000047900 Lazard Enhanced Opportunities Portfolio C000150427 Institutional Shares LEOIX C000150428 Open Shares LEOOX C000150429 R6 Shares RLZEX 0000874964 S000049414 Lazard Emerging Markets Equity Advantage Portfolio C000156252 Institutional Shares LEAIX C000156253 Open Shares LEAOX C000156254 R6 Shares READX 0000874964 S000049415 Lazard International Equity Advantage Portfolio C000156255 Institutional Shares IEAIX C000156256 Open Shares IEAOX C000156257 R6 Shares RIADX 0000874964 S000049416 Lazard Managed Equity Volatility Portfolio C000156258 Institutional Shares MEVIX C000156259 Open Shares MEVOX C000156260 R6 Shares RMEVX 497 1 p16-0387_497.htm SUPPLEMENT TO CURRENT PROSPECTUS
 
THE LAZARD FUNDS, INC.
Supplement to Current Prospectus

The following replaces the table in "Summary Section—Lazard Enhanced Opportunities Portfolio—Fees and Expenses" in the Prospectus:
   
Institutional
 Shares
 		  
Open
 Shares
 		  
R6
 Shares
 
Annual Portfolio Operating Expenses (expenses that you pay each year as a
 percentage of the value of your investment)
              
Management Fees
    
1.40
%
    
1.40
%
    
1.40
%
Distribution and Service (12b-1) Fees
  
None   
    
.25
%
  
None   
Other Expenses
                  
Dividend Expenses on Securities Sold Short2
    
—   
    
—   
    
—1 
Borrowing Expenses on Securities Sold Short3
    
—   
    
—   
    
—   
Remainder of Other Expenses
    
12.05
%
    
24.81
%
    
12.05
%1
Total Other Expenses
    
12.05
%
    
24.81
%
    
12.05
%1
Acquired Fund Fees and Expenses (Underlying Funds)
    
.02
%
    
.02
%
    
.02
%1
Total Annual Portfolio Operating Expenses
    
13.47
%
    
26.48
%
    
13.47
%
Fee Waiver and Expense Reimbursement4
    
11.75
%
    
24.51
%
    
11.80
%
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement5
    
1.72
%
    
1.97
%
    
1.67
%
1
Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
   
2
When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense.
   
3
Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities.
   
4
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 1.70%, 1.95% and 1.65% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. 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
   
5
Excluding acquired fund fees and expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement are 1.70%, 1.95% and 1.65% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.

The following replaces "Summary Section—Lazard Enhanced Opportunities Portfolio —Example" in the Prospectus:
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 hold or 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, giving effect to the fee waiver and expense reimbursement arrangement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
  
1 Year 
  
3 Years 
  
5 Years 
  
10 Years  
Institutional Shares
  
$
175
    
$
2,727
    
$
4,864
    
$
8,812
  
Open Shares
  
$
200
    
$
4,547
    
$
7,228
    
$
10,251
  
R6 Shares
  
$
170
    
$
2,723
    
$
4,861
    
$
8,811
  

*            *            *
The following replaces the table in "Summary Section—Lazard Fundamental Long/Short Portfolio—Fees and Expenses" in the Prospectus:
   
Institutional
 Shares 
  
Open
 Shares
  
R6
 Shares
 
Annual Portfolio Operating Expenses (expenses that you pay each year as a
 percentage of the value of your investment)
              
Management Fees
    
1.40
%
    
1.40
%
    
1.40
%
Distribution and Service (12b-1) Fees
  
None   
    
.25
%
  
None   
Other Expenses
                  
Dividend Expenses on Securities Sold Short2
    
1.13
%
    
1.13
%
    
1.13
%1
Borrowing Expenses on Securities Sold Short3
    
.73
%
    
.73
%
    
.73
%1
Remainder of Other Expenses
    
.33
%
    
.38
%
    
.33
%1
Total Other Expenses
    
2.19
%
    
2.24
%
    
2.19
%
Acquired Fund Fees and Expenses (Underlying Funds)
    
.03
%
    
.03
%
    
.03
%1
Total Annual Portfolio Operating Expenses
    
3.62
%
    
3.92
%
    
3.62
%
Fee Waiver and Expense Reimbursement4
    
.03
%
    
.08
%
    
.08
%
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement5
    
3.59
%
    
3.84
%
    
3.54
%
1
Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
   
2
When there is a cash dividend declared on a security the Portfolio has borrowed to sell short, the Portfolio pays the lender an amount equal to the dividend and this payment is recorded as an expense.
   
3
Net borrowing expenses on securities sold short, in which the Portfolio may receive income or be charged a fee on the borrowed securities.
   
4
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 1.70%, 1.95% and 1.65% of the average daily net assets of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of "Acquired Funds" and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees. 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.
   
5
Excluding dividend, interest and borrowing expenses on securities sold short and acquired fund fees and expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement are 1.70%, 1.95% and 1.65% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.

The following replaces "Summary Section—Lazard Fundamental Long/Short Portfolio—Example" in the Prospectus:
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 hold or 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, giving effect to the fee waiver and expense reimbursement arrangement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
  
1 Year  
  
3 Years  
  
5 Years  
  
10 Years  
Institutional Shares
  
$
362
    
$
1,106
    
$
1,871
    
$
3,878
  
Open Shares
  
$
386
    
$
1,188
    
$
2,007
    
$
4,133
  
R6 Shares
  
$
357
    
$
1,101
    
$
1,867
    
$
3,875
  

*            *            *
The following supplements "Investment Strategies and Investment Risks—Glossary – Investment Risks—Non-US Securities Risk" in the Prospectus:
Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the possibility that one or more countries might leave the European Union (the "EU"), create risks for investing in the EU.  In June 2016, the United Kingdom (the "UK") held a referendum resulting in a vote in favor of the exit of the UK from the EU (known as "Brexit").  The current uncertainty and related future developments could have a negative impact on both the UK economy and the economies of other countries in Europe, as well as greater volatility in the global financial and currency markets.

Dated:  August 16, 2016