0000930413-12-003493.txt : 20120608 0000930413-12-003493.hdr.sgml : 20120608 20120608071512 ACCESSION NUMBER: 0000930413-12-003493 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20120608 DATE AS OF CHANGE: 20120608 EFFECTIVENESS DATE: 20120608 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06312 FILM NUMBER: 12896304 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 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-40682 FILM NUMBER: 12896305 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 S000010267 Lazard U.S. Equity Concentrated Portfolio C000028366 Open Shares LEVOX C000028367 Institutional Shares LEVIX 0000874964 S000037196 Lazard Multi-Asset Targeted Volatility Portfolio C000114570 Institutional Shares C000114571 Open Shares 485BPOS 1 c69778_485bpos.htm

 

 

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. 70

x

 

 

and

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

 

 

Amendment No. 70

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)

o

on (DATE) pursuant to paragraph (b)

o

60 days after filing pursuant to paragraph (a)(1)

o

on (DATE) pursuant to paragraph (a)(1)

o

75 days after filing pursuant to paragraph (a)(2)

o

on (DATE) pursuant to paragraph (a)(2) of Rule 485.

  If appropriate, check the following box:

o

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 8th day of June, 2012.

 

 

 

 

 

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

President and Director

June 8, 2012

 

Charles L. Carroll

 

 

 

 

 

 

 

/s/ Stephen St. Clair

Treasurer and Chief Financial

June 8, 2012

 

Stephen St. Clair

Officer

 

 

 

 

 

 

/s/ Ashish Bhutani

Director

June 8, 2012

 

Ashish Bhutani

 

 

 

 

 

 

 

/s/ Kenneth S. Davidson*

Director

June 8, 2012

 

Kenneth S. Davidson

 

 

 

 

 

 

 

/s/ Nancy A. Eckl*

Director

June 8, 2012

 

Nancy A. Eckl

 

 

 

 

 

 

 

/s/ Lester Z. Lieberman*

Director

June 8, 2012

 

Lester Z. Lieberman

 

 

 

 

 

 

 

/s/ Leon M. Pollack*

Director

June 8, 2012

 

Leon M. Pollack

 

 

 

 

 

 

 

/s/ Richard Reiss, Jr.*

Director

June 8, 2012

 

Richard Reiss, Jr.

 

 

 

 

 

 

 

/s/ Robert M. Solmson*

Director

June 8, 2012

 

Robert M. Solmson

 

 

 


 

 

*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



EX-101.INS 2 cik0000874964-20120523.xml XBRL INSTANCE FILE 0000874964 2012-05-23 2012-05-23 0000874964 cik0000874964:S000037196Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000037196Member cik0000874964:C000114570Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000037196Member cik0000874964:C000114571Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member cik0000874964:C000028367Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member cik0000874964:C000028366Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member rr:AfterTaxesOnDistributionsMember cik0000874964:C000028367Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member rr:AfterTaxesOnDistributionsAndSalesMember cik0000874964:C000028367Member 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member cik0000874964:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-05-23 2012-05-23 0000874964 cik0000874964:S000010267Member cik0000874964:index_Russell_1000_Value_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-05-23 2012-05-23 xbrli:pure iso4217:USD "Other Expenses" are based on estimated amounts for the current fiscal year. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 31, 2013, to the extent Total Annual Portfolio Operating Expenses exceed .90% and 1.20% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, 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 Fund's Board of Directors (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. Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until June 1, 2013 to the extent Total Annual Portfolio Operating Expenses exceed .95% and 1.25% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively, and from June 1, 2013 through April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and 1.40% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, 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 Fund's Board of Directors (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. LAZARD FUNDS INC 485BPOS false 0000874964 2012-05-23 2012-05-23 2012-05-31 2012-05-31 RISK/RETURN Investment Objective <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio seeks total return.</font> </p> Fees and Expenses <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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 &#8220;Fund&#8221;).</font> </p> -0.0100 -0.0100 0.0085 0.0085 0.0000 0.0025 0.0030 0.0035 0.0115 0.0145 -0.0025 -0.0025 0.0090 0.0120 ~ http://lazardnet.com/20120523/role/ScheduleShareholderFees20002 column dei_LegalEntityAxis compact cik0000874964_S000037196Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://lazardnet.com/20120523/role/ScheduleOperatingExpenses20003 column dei_LegalEntityAxis compact cik0000874964_S000037196Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-05-31 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" are based on estimated amounts for the current fiscal year. Shareholder Transaction Fees (fees paid directly from your investment) Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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&#8217;s operating expenses remain the same, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 92 341 122 434 ~ http://lazardnet.com/20120523/role/ScheduleExpenseExampleTransposed20004 column dei_LegalEntityAxis compact cik0000874964_S000037196Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Portfolio Turnover <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance.</font> </p> Principal Investment Strategies <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Investment Manager allocates the Portfolio&#8217;s assets among various U.S. and non-U.S. equity and fixed-income strategies managed by the Investment Manager in proportions consistent with the Investment Manager&#8217;s evaluation of various economic and other factors designed to estimate probabilities, including volatility. The Investment Manager will make allocation decisions among the strategies based on quantitative and qualitative analysis using a number of different tools, including proprietary software models and input from the Investment Manager&#8217;s research analysts.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">A principal component of the Investment Manager&#8217;s investment process for the Portfolio is volatility management. The Investment Manager generally will seek to achieve, over a full market cycle, a level of volatility in the Portfolio&#8217;s performance of approximately 10%. Volatility, a risk measurement, measures the magnitude of up and down fluctuations in the value of a financial instrument or index over time.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Initially the Investment Manager expects to allocate the Portfolio&#8217;s assets among the Investment Manager&#8217;s quantitative equity, U.S. equity concentrated and U.S. core fixed-income strategies. The quantitative equity strategy emphasizes the creation of a low volatility equity portfolio that is expected to meet or exceed index returns while realizing lower risk as measured by the standard deviation of total returns; the strategy generally invests in U.S. and non-U.S. equity securities of companies across all economic sectors without adherence to any market capitalization benchmark. The U.S. equity concentrated strategy consists of listed U.S. equity securities (typically 15 to 35), typically with market capitalizations over $350&#160;million, which the Investment Manager believes are financially productive and which are selected through fundamental analysis and accounting validation. The U.S. core fixed-income strategy consists of fixed-income securities of listed U.S. companies selected by the Investment Manager utilizing bottom up and top down analysis.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio may invest in equity securities of U.S. and non-U.S. companies, U.S. and non-U.S. debt securities, currencies and related instruments and structured notes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio also may invest in common stock of exchange-traded open-end management investment companies and similar products, which generally pursue a passive index-based strategy (commonly known as exchange-traded funds or &#8220;ETFs&#8221;).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio may invest in securities of any size or market capitalization. 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 (&#8220;junk bonds&#8221;) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in debt securities of any particular maturity or duration.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio may, but is not required to, enter into futures contracts, swap agreements and forward contracts, and may write put and covered call options on securities, indexes and currencies, for hedging purposes.</font> </p> Principal Investment Risks <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio&#8217;s ability to achieve its investment objective depends in part on the Investment Manager&#8217;s skill in determining the Portfolio&#8217;s allocation among investment strategies. The Investment Manager&#8217;s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio&#8217;s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager&#8217;s efforts to manage the Portfolio&#8217;s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio&#8217;s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility. The value of your investment in the Portfolio will fluctuate, which means you could lose money.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer&#8217;s value, such as investor perception.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Non-U.S. 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 U.S. dollars carry the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held in the Portfolio.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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&#8217;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&#8217;s value could fall, potentially lowering the Portfolio&#8217;s share price.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Shares of ETFs in which the Portfolio invests may trade at prices that vary from their net asset values (&#8220;NAV&#8221;), sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent NAV.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Derivatives transactions, including those entered into for hedging purposes such as those in which the Portfolio may engage, may reduce returns or increase volatility, perhaps substantially. Swap agreements, forward currency contracts, over-the-counter options on currencies and structured notes are subject to the risk of default by the counterparty and can be illiquid. These derivatives transactions, as well as exchange-traded options and futures contracts, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security, index or currency. As such, a small investment could have a potentially large impact on the Portfolio&#8217;s performance. Whether or not the Portfolio engages in currency derivatives transactions, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.</font> </p> The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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&#8217;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&#8217;s past performance is not necessarily an indication of how the Portfolio will perform in the future.</font> </p> 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. The Portfolio's past performance is not necessarily an indication of how the Portfolio will perform in the future. (800) 823-6300 www.LazardNet.com RISK/RETURN Investment Objective <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio seeks long-term capital appreciation.</font> </p> Fees and Expenses <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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 &#8220;Fund&#8221;).</font> </p> -0.0100 -0.0100 0.0070 0.0070 0.0000 0.0025 0.0157 0.0554 0.0227 0.0649 -0.0132 -0.0524 0.0095 0.0125 ~ http://lazardnet.com/20120523/role/ScheduleShareholderFees20007 column dei_LegalEntityAxis compact cik0000874964_S000010267Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://lazardnet.com/20120523/role/ScheduleOperatingExpenses20008 column dei_LegalEntityAxis compact cik0000874964_S000010267Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-06-01 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Transaction Fees (fees paid directly from your investment) Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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&#8217;s operating expenses remain the same, giving effect to the fee waivers described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 97 335 592 1327 127 428 752 1667 ~ http://lazardnet.com/20120523/role/ScheduleExpenseExampleTransposed20009 column dei_LegalEntityAxis compact cik0000874964_S000010267Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Portfolio Turnover <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Portfolio&#8217;s portfolio turnover rate was 53% of the average value of its portfolio.</font> </p> 0.53 Principal Investment Strategies <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio invests primarily in equity securities, principally common stocks, of U.S. companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&amp;P 500</font><font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.8mm"><font style="FONT-FAMILY: sans-serif; FONT-SIZE: 70%; VERTICAL-ALIGN: top">&#174;</font></font> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Index, the Russell 1000</font><font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.8mm"><font style="FONT-FAMILY: sans-serif; FONT-SIZE: 70%; VERTICAL-ALIGN: top">&#174;</font></font> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Index and the Russell 3000</font><font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.8mm"><font style="FONT-FAMILY: sans-serif; FONT-SIZE: 70%; VERTICAL-ALIGN: top">&#174;</font></font> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Index. The Investment Manager&#8217;s philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager&#8217;s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. The Portfolio may invest up to 10% of its total assets in securities of non-U.S. companies that trade in U.S. markets.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio is non-diversified, 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.</font> </p> Principal Investment Risks <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer&#8217;s value, such as investor perception. The value of your investment in the Portfolio will fluctuate, which means you could lose money.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Portfolio invests in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Non-U.S. securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">Because the Portfolio may invest in a smaller number of issuers than other, more diversified, investment portfolios, the Portfolio&#8217;s net asset value (&#8220;NAV&#8221;) 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&#8217;s investments consisted of securities issued by a larger number of issuers.</font> </p> 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. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">As of May 31, 2012, the Portfolio changed its name from &#8220;Lazard U.S. Equity Value Portfolio&#8221; to &#8220;Lazard U.S. Equity Concentrated Portfolio,&#8221; adopted the Portfolio&#8217;s current investment strategies and will compare its performance to the S&amp;P 500 Index. Prior to May&#160;31, 2012, the Portfolio was a &#8220;diversified&#8221; fund, as such term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Equity Concentrated Portfolio by showing the Portfolio&#8217;s year-by-year and average annual performance (prior to the change in investment strategy described above) compared to those of a broad measure of market performance. The bar chart shows how the performance of the Portfolio&#8217;s Institutional Shares has varied from year to year. Updated performance information is available at www.LazardNet.com or by calling (800)&#160;823-6300. The Portfolio&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</font> </p> 0.2523 0.0165 -0.3618 0.2481 0.1200 -0.0147 ~ http://lazardnet.com/20120523/role/ScheduleAnnualTotalReturnsBarChart20010 column dei_LegalEntityAxis compact cik0000874964_S000010267Member column rr_ProspectusShareClassAxis compact cik0000874964_C000028367Member row primary compact * ~ <table cellspacing="0" style="WIDTH: 100%; MARGIN-LEFT: 0%; MARGIN-RIGHT: 0%"> <tr valign="top"> <td style="WIDTH: 76.14%"> <p> <font style="FONT-SIZE: 0.6mm"/> </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"/> </p> </td> <td style="WIDTH: 21.59%"> <p> <font style="FONT-SIZE: 0.6mm"/> </p> </td> </tr> <tr valign="top"> <td> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b/></font> </p> <p align="left"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b/></font> </p> <p> </p> </td> <td width="3"> </td> <td> <p style="MARGIN: 0px"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter:</b><br/> 6/30/09 <font style="WORD-SPACING: 1pc"></font>19.10%<br/> <font style="WORD-SPACING: 0.08pc"></font><b><br/> Worst Quarter:</b><br/> 12/31/08 <font style="WORD-SPACING: 1pc"></font>-21.54%</font> </p> <p style="MARGIN: 0px"> </p> </td> </tr> </table> Best Quarter: 0.1910 2009-06-30 Worst Quarter: -0.2154 2008-12-31 Average Annual Total Returns (for the periods ended December 31, 2011) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> </p> -0.0147 -0.0223 0.0189 -0.0174 -0.0273 0.0113 -0.0061 -0.0202 0.0133 -0.0177 -0.0249 0.0161 0.0211 -0.0025 0.0251 0.0039 -0.0264 0.0129 2005-09-30 2005-09-30 ~ http://lazardnet.com/20120523/role/ScheduleAverageAnnualReturnsTransposed20011 column dei_LegalEntityAxis compact cik0000874964_S000010267Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The Portfolio's past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Russell 1000 Value Index www.LazardNet.com The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Equity Concentrated Portfolio by showing the Portfolio's year-by-year and average annual performance (prior to the change in investment strategy described above) compared to those of a broad measure of market performance. (reflects no deduction for fees, expenses or taxes) As of May 31, 2012, the Portfolio changed its name from "Lazard U.S. Equity Value Portfolio" to "Lazard U.S. Equity Concentrated Portfolio," adopted the Portfolio's current investment strategies and will compare its performance to the S&P 500 Index. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate May 23, 2012
Registrant Name dei_EntityRegistrantName LAZARD FUNDS INC
Central Index Key dei_EntityCentralIndexKey 0000874964
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate May 23, 2012
Document Effective Date dei_DocumentEffectiveDate May 31, 2012
Prospectus Date rr_ProspectusDate May 31, 2012
Lazard U.S. Equity Concentrated Portfolio
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading RISK/RETURN
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks long-term capital appreciation.

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”).

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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-06-01
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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 53% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 53.00%
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, giving effect to the fee waivers described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Portfolio invests primarily in equity securities, principally common stocks, of U.S. companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&P 500® Index, the Russell 1000® Index and the Russell 3000® Index. The Investment Manager’s philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager’s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. The Portfolio may invest up to 10% of its total assets in securities of non-U.S. companies that trade in U.S. markets.


The Portfolio is non-diversified, 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.

Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value, such as investor perception. The value of your investment in the Portfolio will fluctuate, which means you could lose money.


The Portfolio invests in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.


Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.


Non-U.S. securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.


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.

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 Year-by-Year Total Returns for Institutional Shares As of 12/31
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

As of May 31, 2012, the Portfolio changed its name from “Lazard U.S. Equity Value Portfolio” to “Lazard U.S. Equity Concentrated Portfolio,” adopted the Portfolio’s current investment strategies and will compare its performance to the S&P 500 Index. Prior to May 31, 2012, the Portfolio was a “diversified” fund, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”).


The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Equity Concentrated Portfolio by showing the Portfolio’s year-by-year and average annual performance (prior to the change in investment strategy described above) compared to those of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Equity Concentrated Portfolio by showing the Portfolio's year-by-year and average annual performance (prior to the change in investment strategy described above) compared to those of a broad measure of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex Russell 1000 Value Index
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 (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

Best Quarter:
6/30/09 19.10%

Worst Quarter:

12/31/08 -21.54%

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.54%)
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (for the periods ended December 31, 2011)
Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged As of May 31, 2012, the Portfolio changed its name from "Lazard U.S. Equity Value Portfolio" to "Lazard U.S. Equity Concentrated Portfolio," adopted the Portfolio's current investment strategies and will compare its performance to the S&P 500 Index.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Lazard U.S. Equity Concentrated Portfolio | Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.39%
5 Years rr_AverageAnnualReturnYear05 (2.64%)
Since Inception rr_AverageAnnualReturnSinceInception 1.29%
Lazard U.S. Equity Concentrated Portfolio | S&P 500 Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
5 Years rr_AverageAnnualReturnYear05 (0.25%)
Since Inception rr_AverageAnnualReturnSinceInception 2.51%
Lazard U.S. Equity Concentrated Portfolio | Open Shares
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 5.54%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 6.49%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (5.24%) [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.25% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 127
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 428
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 752
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,667
1 Year rr_AverageAnnualReturnYear01 (1.77%)
5 Years rr_AverageAnnualReturnYear05 (2.49%)
Since Inception rr_AverageAnnualReturnSinceInception 1.61%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard U.S. Equity Concentrated Portfolio | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.57%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.27%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.32%) [1]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.95% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 97
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 335
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 592
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,327
Annual Return 2006 rr_AnnualReturn2006 25.23%
Annual Return 2007 rr_AnnualReturn2007 1.65%
Annual Return 2008 rr_AnnualReturn2008 (36.18%)
Annual Return 2009 rr_AnnualReturn2009 24.81%
Annual Return 2010 rr_AnnualReturn2010 12.00%
Annual Return 2011 rr_AnnualReturn2011 (1.47%)
1 Year rr_AverageAnnualReturnYear01 (1.47%)
5 Years rr_AverageAnnualReturnYear05 (2.23%)
Since Inception rr_AverageAnnualReturnSinceInception 1.89%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2005
Lazard U.S. Equity Concentrated Portfolio | Institutional Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.74%)
5 Years rr_AverageAnnualReturnYear05 (2.73%)
Since Inception rr_AverageAnnualReturnSinceInception 1.13%
Lazard U.S. Equity Concentrated Portfolio | Institutional Shares | After Taxes on Distributions and Sale of Portfolio Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.61%)
5 Years rr_AverageAnnualReturnYear05 (2.02%)
Since Inception rr_AverageAnnualReturnSinceInception 1.33%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until June 1, 2013 to the extent Total Annual Portfolio Operating Expenses exceed .95% and 1.25% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively, and from June 1, 2013 through April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and 1.40% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, 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 Fund's Board of Directors (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.
XML 10 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Lazard Multi-Asset Targeted Volatility Portfolio
RISK/RETURN
Investment Objective

The Portfolio seeks total return.

Fees and Expenses

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”).

Shareholder Transaction Fees (fees paid directly from your investment)
Shareholder Fees Lazard Multi-Asset Targeted Volatility Portfolio
Institutional Shares
Open Shares
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less) 1.00% 1.00%
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Operating Expenses Lazard Multi-Asset Targeted Volatility Portfolio
Institutional Shares
Open Shares
Management Fees 0.85% 0.85%
Distribution and Service (12b-1) Fees none 0.25%
Other Expenses [1] 0.30% 0.35%
Total Annual Portfolio Operating Expenses 1.15% 1.45%
Fee Waiver and Expense Reimbursement [2] 0.25% 0.25%
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.90% 1.20%
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 31, 2013, to the extent Total Annual Portfolio Operating Expenses exceed .90% and 1.20% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, 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 Fund's Board of Directors (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.
Example

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, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Lazard Multi-Asset Targeted Volatility Portfolio (USD $)
1 Year
3 Years
Institutional Shares
92 341
Open Shares
122 434
Portfolio Turnover

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.

Principal Investment Strategies

The Investment Manager allocates the Portfolio’s assets among various U.S. and non-U.S. equity and fixed-income strategies managed by the Investment Manager in proportions consistent with the Investment Manager’s evaluation of various economic and other factors designed to estimate probabilities, including volatility. The Investment Manager will make allocation decisions among the strategies based on quantitative and qualitative analysis using a number of different tools, including proprietary software models and input from the Investment Manager’s research analysts.


A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. The Investment Manager generally will seek to achieve, over a full market cycle, a level of volatility in the Portfolio’s performance of approximately 10%. Volatility, a risk measurement, measures the magnitude of up and down fluctuations in the value of a financial instrument or index over time.


Initially the Investment Manager expects to allocate the Portfolio’s assets among the Investment Manager’s quantitative equity, U.S. equity concentrated and U.S. core fixed-income strategies. The quantitative equity strategy emphasizes the creation of a low volatility equity portfolio that is expected to meet or exceed index returns while realizing lower risk as measured by the standard deviation of total returns; the strategy generally invests in U.S. and non-U.S. equity securities of companies across all economic sectors without adherence to any market capitalization benchmark. The U.S. equity concentrated strategy consists of listed U.S. equity securities (typically 15 to 35), typically with market capitalizations over $350 million, which the Investment Manager believes are financially productive and which are selected through fundamental analysis and accounting validation. The U.S. core fixed-income strategy consists of fixed-income securities of listed U.S. companies selected by the Investment Manager utilizing bottom up and top down analysis.


The Portfolio may invest in equity securities of U.S. and non-U.S. companies, U.S. and non-U.S. debt securities, currencies and related instruments and structured notes.


The Portfolio also may invest in common stock of exchange-traded open-end management investment companies and similar products, which generally pursue a passive index-based strategy (commonly known as exchange-traded funds or “ETFs”).


The Portfolio may invest in securities of any size or market capitalization. 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 (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in debt securities of any particular maturity or duration.


The Portfolio may, but is not required to, enter into futures contracts, swap agreements and forward contracts, and may write put and covered call options on securities, indexes and currencies, for hedging purposes.

Principal Investment Risks

The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility. The value of your investment in the Portfolio will fluctuate, which means you could lose money.


While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value, such as investor perception.


Non-U.S. 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 U.S. dollars carry the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held in the Portfolio.


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, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Shares of ETFs in which the Portfolio invests may trade at prices that vary from their net asset values (“NAV”), sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent NAV.


Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.


Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.


Derivatives transactions, including those entered into for hedging purposes such as those in which the Portfolio may engage, may reduce returns or increase volatility, perhaps substantially. Swap agreements, forward currency contracts, over-the-counter options on currencies and structured notes are subject to the risk of default by the counterparty and can be illiquid. These derivatives transactions, as well as exchange-traded options and futures contracts, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security, index or currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Whether or not the Portfolio engages in currency derivatives transactions, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

Performance Bar Chart and Table

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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XML 12 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Lazard U.S. Equity Concentrated Portfolio
RISK/RETURN
Investment Objective

The Portfolio seeks long-term capital appreciation.

Fees and Expenses

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”).

Shareholder Transaction Fees (fees paid directly from your investment)
Shareholder Fees Lazard U.S. Equity Concentrated Portfolio
Institutional Shares
Open Shares
Maximum Redemption Fee (as a % of amount redeemed, on shares owned for 30 days or less) 1.00% 1.00%
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Operating Expenses Lazard U.S. Equity Concentrated Portfolio
Institutional Shares
Open Shares
Management Fees 0.70% 0.70%
Distribution and Service (12b-1) Fees none 0.25%
Other Expenses 1.57% 5.54%
Total Annual Portfolio Operating Expenses 2.27% 6.49%
Fee Waiver and Expense Reimbursement [1] 1.32% 5.24%
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement [1] 0.95% 1.25%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until June 1, 2013 to the extent Total Annual Portfolio Operating Expenses exceed .95% and 1.25% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively, and from June 1, 2013 through April 30, 2022, to the extent Total Annual Portfolio Operating Expenses exceed 1.10% and 1.40% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively. All limitations on Total Annual Portfolio Operating Expenses are exclusive of taxes, brokerage, interest on borrowings, 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 Fund's Board of Directors (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.
Example

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, giving effect to the fee waivers described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Lazard U.S. Equity Concentrated Portfolio (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Shares
97 335 592 1,327
Open Shares
127 428 752 1,667
Portfolio Turnover

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. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 53% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests primarily in equity securities, principally common stocks, of U.S. companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&P 500® Index, the Russell 1000® Index and the Russell 3000® Index. The Investment Manager’s philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager’s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.


Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. The Portfolio may invest up to 10% of its total assets in securities of non-U.S. companies that trade in U.S. markets.


The Portfolio is non-diversified, 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.

Principal Investment Risks

While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value, such as investor perception. The value of your investment in the Portfolio will fluctuate, which means you could lose money.


The Portfolio invests in stocks believed by the Investment Manager to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.


Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.


Non-U.S. securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.


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.

Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31

As of May 31, 2012, the Portfolio changed its name from “Lazard U.S. Equity Value Portfolio” to “Lazard U.S. Equity Concentrated Portfolio,” adopted the Portfolio’s current investment strategies and will compare its performance to the S&P 500 Index. Prior to May 31, 2012, the Portfolio was a “diversified” fund, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”).


The accompanying bar chart and table provide some indication of the risks of investing in Lazard U.S. Equity Concentrated Portfolio by showing the Portfolio’s year-by-year and average annual performance (prior to the change in investment strategy described above) compared to those of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.LazardNet.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.

Best Quarter:
6/30/09 19.10%

Worst Quarter:

12/31/08 -21.54%

Bar Chart
Average Annual Total Returns (for the periods ended December 31, 2011)

After-tax returns for the Open Shares vary from those of Institutional Shares. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Average Annual Returns Lazard U.S. Equity Concentrated Portfolio
1 Year
5 Years
Life of Portfolio
Inception Date
Institutional Shares
(1.47%) (2.23%) 1.89% Sep. 30, 2005
Institutional Shares After Taxes on Distributions
(1.74%) (2.73%) 1.13%  
Institutional Shares After Taxes on Distributions and Sale of Portfolio Shares
(0.61%) (2.02%) 1.33%  
Open Shares
(1.77%) (2.49%) 1.61% Sep. 30, 2005
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
2.11% (0.25%) 2.51%  
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)
0.39% (2.64%) 1.29%  
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate May 23, 2012
Registrant Name dei_EntityRegistrantName LAZARD FUNDS INC
Central Index Key dei_EntityCentralIndexKey 0000874964
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate May 23, 2012
Document Effective Date dei_DocumentEffectiveDate May 31, 2012
Prospectus Date rr_ProspectusDate May 31, 2012
Lazard Multi-Asset Targeted Volatility Portfolio
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading RISK/RETURN
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks total return.

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”).

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)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-05-31
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.

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, giving effect to the fee waiver in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Investment Manager allocates the Portfolio’s assets among various U.S. and non-U.S. equity and fixed-income strategies managed by the Investment Manager in proportions consistent with the Investment Manager’s evaluation of various economic and other factors designed to estimate probabilities, including volatility. The Investment Manager will make allocation decisions among the strategies based on quantitative and qualitative analysis using a number of different tools, including proprietary software models and input from the Investment Manager’s research analysts.


A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. The Investment Manager generally will seek to achieve, over a full market cycle, a level of volatility in the Portfolio’s performance of approximately 10%. Volatility, a risk measurement, measures the magnitude of up and down fluctuations in the value of a financial instrument or index over time.


Initially the Investment Manager expects to allocate the Portfolio’s assets among the Investment Manager’s quantitative equity, U.S. equity concentrated and U.S. core fixed-income strategies. The quantitative equity strategy emphasizes the creation of a low volatility equity portfolio that is expected to meet or exceed index returns while realizing lower risk as measured by the standard deviation of total returns; the strategy generally invests in U.S. and non-U.S. equity securities of companies across all economic sectors without adherence to any market capitalization benchmark. The U.S. equity concentrated strategy consists of listed U.S. equity securities (typically 15 to 35), typically with market capitalizations over $350 million, which the Investment Manager believes are financially productive and which are selected through fundamental analysis and accounting validation. The U.S. core fixed-income strategy consists of fixed-income securities of listed U.S. companies selected by the Investment Manager utilizing bottom up and top down analysis.


The Portfolio may invest in equity securities of U.S. and non-U.S. companies, U.S. and non-U.S. debt securities, currencies and related instruments and structured notes.


The Portfolio also may invest in common stock of exchange-traded open-end management investment companies and similar products, which generally pursue a passive index-based strategy (commonly known as exchange-traded funds or “ETFs”).


The Portfolio may invest in securities of any size or market capitalization. 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 (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in debt securities of any particular maturity or duration.


The Portfolio may, but is not required to, enter into futures contracts, swap agreements and forward contracts, and may write put and covered call options on securities, indexes and currencies, for hedging purposes.

Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among investment strategies. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions. While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility. The value of your investment in the Portfolio will fluctuate, which means you could lose money.


While stocks have historically been a leading choice of long-term investors, they do fluctuate in price, often based on factors unrelated to the issuer’s value, such as investor perception.


Non-U.S. 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 U.S. dollars carry the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held in the Portfolio.


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, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds in an investment offering a lower yield (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).


Shares of ETFs in which the Portfolio invests may trade at prices that vary from their net asset values (“NAV”), sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent NAV.


Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.


Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivative transactions.


Derivatives transactions, including those entered into for hedging purposes such as those in which the Portfolio may engage, may reduce returns or increase volatility, perhaps substantially. Swap agreements, forward currency contracts, over-the-counter options on currencies and structured notes are subject to the risk of default by the counterparty and can be illiquid. These derivatives transactions, as well as exchange-traded options and futures contracts, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security, index or currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Whether or not the Portfolio engages in currency derivatives transactions, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates.

Risk Lose Money [Text] rr_RiskLoseMoney The value of your investment in the Portfolio will fluctuate, which means you could lose money.
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.

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.
Lazard Multi-Asset Targeted Volatility Portfolio | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.30% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.15%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.90% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 341
Lazard Multi-Asset Targeted Volatility Portfolio | Open Shares
 
Risk/Return: rr_RiskReturnAbstract  
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.35% [1]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.45%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.25%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.20% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 122
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 434
[1] "Other Expenses" are based on estimated amounts for the current fiscal year.
[2] Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio through May 31, 2013, to the extent Total Annual Portfolio Operating Expenses exceed .90% and 1.20% of the average daily net assets of the Portfolio's Institutional Shares and Open Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, 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 Fund's Board of Directors (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.
XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
0 Months Ended
May 23, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date May 23, 2012
Registrant Name LAZARD FUNDS INC
Central Index Key 0000874964
Amendment Flag false
Document Creation Date May 23, 2012
Document Effective Date May 31, 2012
Prospectus Date May 31, 2012
XML 15 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate May 31, 2012
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