0000930413-12-004492.txt : 20120810 0000930413-12-004492.hdr.sgml : 20120810 20120810151319 ACCESSION NUMBER: 0000930413-12-004492 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20120810 DATE AS OF CHANGE: 20120810 EFFECTIVENESS DATE: 20120810 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: 121024332 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 0000874964 S000028828 Lazard Emerging Markets Equity Blend Portfolio C000088404 Institutional Shares EMBIX C000088405 Open Shares EMBOX 497 1 c70536_497.htm Untitled Document

RULE 497 DOCUMENT

 

The interactive data file included as an exhibit to this filing relates to the prospectus of The Lazard Funds, Inc. that was filed with the Securities and Exchange Commission pursuant to Rule 497(e) under the Securities Act of 1933, as amended, on August 2, 2012 (Accession No. 0000930413-12-004273), which is incorporated herein by reference.


EX-101.INS 2 cik0000874964-20120802.xml XBRL INSTANCE FILE 0000874964 2012-08-02 2012-08-02 0000874964 cik0000874964:S000010263Member 2012-08-02 2012-08-02 0000874964 cik0000874964:S000028828Member 2012-08-02 2012-08-02 LAZARD FUNDS INC Other false 0000874964 2012-08-02 2012-08-02 2012-08-02 2012-05-31 Lazard International Small Cap Equity Portfolio <p align="center"> <font size="2"><b>THE LAZARD FUNDS, INC.</b></font> </p> <br/><p align="center"> <font size="2"><b>Lazard International Small Cap Equity Portfolio<br /> Lazard Emerging Markets Equity Blend Portfolio</b></font> </p> <br/><p align="center"> <font size="2">Supplement to Prospectus dated May 31, 2012</font> </p> <br/><p> <font size="2"><u><b>Lazard International Small Cap Equity Portfolio</b></u></font> </p> <br/><p> <font size="2"><i>The following information is added to the Prospectus</i>:</font> </p> <br/><p> <font size="2"><b>Summary Section&#8212;Lazard International Small Cap Equity Portfolio&#8212;Principal Investment Strategies</b></font> </p> <br/><p> <font size="2">The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio&#8217;s assets to emerging market countries may vary from time to time.</font> </p> <br/><p> <font size="2"><b>Summary Section&#8212;Lazard International Small Cap Equity Portfolio&#8212;Principal Investment Risks</b></font> </p> <br/><p> <font size="2">The Portfolio&#8217;s performance will be influenced by political, social and economic factors affecting any non-U.S. countries and companies in which the Portfolio invests. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the U.S. and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen.</font> </p> <br/><p> <font size="2"><i>The following information replaces any contrary information contained in the Prospectus</i>:</font> </p> <br/><p> <font size="2"><b>Summary Section</b><b>&#8212;Lazard International Small Cap Equity Portfolio&#8212;Management</b></font> </p> <br/><p> <font size="2"><b>Portfolio Manager/Analysts</b></font> </p> <br/><p> <font size="2">Edward Rosenfeld, portfolio manager/analyst on the Investment Manager&#8217;s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.</font> </p> <br/><p> <font size="2">Alex Ingham, portfolio manager/analyst on the Investment Manager&#8217;s Emerging Markets, International and Global Small Cap Equity teams, has been with the Portfolio since July 2012.</font> </p> <br/><p> <font size="2">John R. Reinsberg, portfolio manager/analyst on the Investment Manager&#8217;s Global Equity and International Equity teams, has been with the Portfolio since inception.</font> </p> <br/><p> <font size="2"><b>Fund Management&#8212;Portfolio Management</b></font> </p> <br/><p> <font size="2">The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:</font> </p> <br/><p> <font size="2"><b>International Small Cap Equity Portfolio</b>&#8212;Edward Rosenfeld (since May 2007), Alex Ingham (since July 2012) and John R. Reinsberg*</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="4%" valign="top"> <p> &#160; </p> </td> <td width="96%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font size="2">*</font> </p> </td> <td valign="top"> <p> <font size="2">As a Deputy Chairman of the Investment Manager, Mr. Reinsberg is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.</font> </p> </td> </tr> </table> <br/><p> <font size="2"><b>Fund Management&#8212;Biographical Information of Principal Portfolio Managers</b></font> </p> <br/><p> <font size="2"><b>Alex Ingham</b>, a Director of the Investment Manager, is a portfolio manager/analyst on the Emerging Markets, International and Global Small Cap Equity teams. Prior to joining the Investment Manager in 2011, Mr. Ingham was with Aviva Investors (formerly Morley Fund Management), Aberdeen Asset Management, Hill Samuel Asset Management and City Financial Partners Limited. He began working in the investment field in 1996.</font> </p> <br/><table border="0" align="center" cellspacing="0" cellpadding="0" width="30%"> <tr style="FONT-SIZE:1PX"> <td width="33%" valign="top"> <p> &#160; </p> </td> <td width="33%" valign="top"> <p align="center"> &#160; </p> </td> <td width="33%" valign="top"> <p align="right"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font size="2">*</font> </p> </td> <td valign="top"> <p align="center"> <font size="2">*</font> </p> </td> <td valign="top"> <p align="right"> <font size="2">*</font> </p> </td> </tr> </table> <br/><p> <font size="2"><u><b>Lazard Emerging Markets Equity Blend Portfolio</b></u></font> </p> <br/><p> <font size="2"><i>The following discussion replaces the third paragraph in &#8220;Summary Section&#8212;Lazard Emerging Markets Equity Blend Portfolio&#8212;Principal Investment Strategies&#8221;</i>:</font> </p> <br/><p> <font size="2">The Investment Manager allocates the Portfolio&#8217;s assets between the Investment Manager&#8217;s emerging markets relative value and relative growth investment strategies. In the emerging markets relative value strategy, assets are invested in companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In the emerging markets relative growth strategy, the Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager&#8217;s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager&#8217;s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. A premium may be paid for higher, sustainable growth. The Portfolio may invest in companies with any market capitalization.</font> </p> <br/><p> <font size="2"><i>The following additional risk factor is added to &#8220;Summary Section&#8212;Lazard Emerging Markets Equity Blend Portfolio&#8212;Principal Investment Risks&#8221;</i>:</font> </p> <br/><p> <font size="2">Small 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 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> <font size="2">Dated: August 2, 2012</font> </p> Lazard Emerging Markets Equity Blend Portfolio <p align="center"> <font size="2"><b>THE LAZARD FUNDS, INC.</b></font> </p> <br/><p align="center"> <font size="2"><b>Lazard International Small Cap Equity Portfolio<br /> Lazard Emerging Markets Equity Blend Portfolio</b></font> </p> <br/><p align="center"> <font size="2">Supplement to Prospectus dated May 31, 2012</font> </p> <br/><p> <font size="2"><u><b>Lazard International Small Cap Equity Portfolio</b></u></font> </p> <br/><p> <font size="2"><i>The following information is added to the Prospectus</i>:</font> </p> <br/><p> <font size="2"><b>Summary Section&#8212;Lazard International Small Cap Equity Portfolio&#8212;Principal Investment Strategies</b></font> </p> <br/><p> <font size="2">The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio&#8217;s assets to emerging market countries may vary from time to time.</font> </p> <br/><p> <font size="2"><b>Summary Section&#8212;Lazard International Small Cap Equity Portfolio&#8212;Principal Investment Risks</b></font> </p> <br/><p> <font size="2">The Portfolio&#8217;s performance will be influenced by political, social and economic factors affecting any non-U.S. countries and companies in which the Portfolio invests. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the U.S. and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen.</font> </p> <br/><p> <font size="2"><i>The following information replaces any contrary information contained in the Prospectus</i>:</font> </p> <br/><p> <font size="2"><b>Summary Section</b><b>&#8212;Lazard International Small Cap Equity Portfolio&#8212;Management</b></font> </p> <br/><p> <font size="2"><b>Portfolio Manager/Analysts</b></font> </p> <br/><p> <font size="2">Edward Rosenfeld, portfolio manager/analyst on the Investment Manager&#8217;s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.</font> </p> <br/><p> <font size="2">Alex Ingham, portfolio manager/analyst on the Investment Manager&#8217;s Emerging Markets, International and Global Small Cap Equity teams, has been with the Portfolio since July 2012.</font> </p> <br/><p> <font size="2">John R. Reinsberg, portfolio manager/analyst on the Investment Manager&#8217;s Global Equity and International Equity teams, has been with the Portfolio since inception.</font> </p> <br/><p> <font size="2"><b>Fund Management&#8212;Portfolio Management</b></font> </p> <br/><p> <font size="2">The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:</font> </p> <br/><p> <font size="2"><b>International Small Cap Equity Portfolio</b>&#8212;Edward Rosenfeld (since May 2007), Alex Ingham (since July 2012) and John R. Reinsberg*</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="4%" valign="top"> <p> &#160; </p> </td> <td width="96%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font size="2">*</font> </p> </td> <td valign="top"> <p> <font size="2">As a Deputy Chairman of the Investment Manager, Mr. Reinsberg is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.</font> </p> </td> </tr> </table> <br/><p> <font size="2"><b>Fund Management&#8212;Biographical Information of Principal Portfolio Managers</b></font> </p> <br/><p> <font size="2"><b>Alex Ingham</b>, a Director of the Investment Manager, is a portfolio manager/analyst on the Emerging Markets, International and Global Small Cap Equity teams. 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Lazard International Small Cap Equity Portfolio
Lazard International Small Cap Equity Portfolio

THE LAZARD FUNDS, INC.


Lazard International Small Cap Equity Portfolio
Lazard Emerging Markets Equity Blend Portfolio


Supplement to Prospectus dated May 31, 2012


Lazard International Small Cap Equity Portfolio


The following information is added to the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Strategies


The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Risks


The Portfolio’s performance will be influenced by political, social and economic factors affecting any non-U.S. countries and companies in which the Portfolio invests. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the U.S. and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen.


The following information replaces any contrary information contained in the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Management


Portfolio Manager/Analysts


Edward Rosenfeld, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.


Alex Ingham, portfolio manager/analyst on the Investment Manager’s Emerging Markets, International and Global Small Cap Equity teams, has been with the Portfolio since July 2012.


John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.


Fund Management—Portfolio Management


The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:


International Small Cap Equity Portfolio—Edward Rosenfeld (since May 2007), Alex Ingham (since July 2012) and John R. Reinsberg*


 

 

*

As a Deputy Chairman of the Investment Manager, Mr. Reinsberg is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.


Fund Management—Biographical Information of Principal Portfolio Managers


Alex Ingham, a Director of the Investment Manager, is a portfolio manager/analyst on the Emerging Markets, International and Global Small Cap Equity teams. Prior to joining the Investment Manager in 2011, Mr. Ingham was with Aviva Investors (formerly Morley Fund Management), Aberdeen Asset Management, Hill Samuel Asset Management and City Financial Partners Limited. He began working in the investment field in 1996.


 

 

 

*

*

*


Lazard Emerging Markets Equity Blend Portfolio


The following discussion replaces the third paragraph in “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Strategies”:


The Investment Manager allocates the Portfolio’s assets between the Investment Manager’s emerging markets relative value and relative growth investment strategies. In the emerging markets relative value strategy, assets are invested in companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In the emerging markets relative growth strategy, the Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. A premium may be paid for higher, sustainable growth. The Portfolio may invest in companies with any market capitalization.


The following additional risk factor is added to “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Risks”:


Small 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 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.


Dated: August 2, 2012

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Lazard International Small Cap Equity Portfolio
 
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Supplement [Text Block] cik0000874964_SupplementTextBlock

THE LAZARD FUNDS, INC.


Lazard International Small Cap Equity Portfolio
Lazard Emerging Markets Equity Blend Portfolio


Supplement to Prospectus dated May 31, 2012


Lazard International Small Cap Equity Portfolio


The following information is added to the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Strategies


The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Risks


The Portfolio’s performance will be influenced by political, social and economic factors affecting any non-U.S. countries and companies in which the Portfolio invests. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the U.S. and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen.


The following information replaces any contrary information contained in the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Management


Portfolio Manager/Analysts


Edward Rosenfeld, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.


Alex Ingham, portfolio manager/analyst on the Investment Manager’s Emerging Markets, International and Global Small Cap Equity teams, has been with the Portfolio since July 2012.


John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.


Fund Management—Portfolio Management


The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:


International Small Cap Equity Portfolio—Edward Rosenfeld (since May 2007), Alex Ingham (since July 2012) and John R. Reinsberg*


 

 

*

As a Deputy Chairman of the Investment Manager, Mr. Reinsberg is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.


Fund Management—Biographical Information of Principal Portfolio Managers


Alex Ingham, a Director of the Investment Manager, is a portfolio manager/analyst on the Emerging Markets, International and Global Small Cap Equity teams. Prior to joining the Investment Manager in 2011, Mr. Ingham was with Aviva Investors (formerly Morley Fund Management), Aberdeen Asset Management, Hill Samuel Asset Management and City Financial Partners Limited. He began working in the investment field in 1996.


 

 

 

*

*

*


Lazard Emerging Markets Equity Blend Portfolio


The following discussion replaces the third paragraph in “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Strategies”:


The Investment Manager allocates the Portfolio’s assets between the Investment Manager’s emerging markets relative value and relative growth investment strategies. In the emerging markets relative value strategy, assets are invested in companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In the emerging markets relative growth strategy, the Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. A premium may be paid for higher, sustainable growth. The Portfolio may invest in companies with any market capitalization.


The following additional risk factor is added to “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Risks”:


Small 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 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.


Dated: August 2, 2012

Risk/Return [Heading] rr_RiskReturnHeading Lazard International Small Cap Equity Portfolio
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Lazard Emerging Markets Equity Blend Portfolio
Lazard Emerging Markets Equity Blend Portfolio

THE LAZARD FUNDS, INC.


Lazard International Small Cap Equity Portfolio
Lazard Emerging Markets Equity Blend Portfolio


Supplement to Prospectus dated May 31, 2012


Lazard International Small Cap Equity Portfolio


The following information is added to the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Strategies


The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Risks


The Portfolio’s performance will be influenced by political, social and economic factors affecting any non-U.S. countries and companies in which the Portfolio invests. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the U.S. and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen.


The following information replaces any contrary information contained in the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Management


Portfolio Manager/Analysts


Edward Rosenfeld, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.


Alex Ingham, portfolio manager/analyst on the Investment Manager’s Emerging Markets, International and Global Small Cap Equity teams, has been with the Portfolio since July 2012.


John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.


Fund Management—Portfolio Management


The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:


International Small Cap Equity Portfolio—Edward Rosenfeld (since May 2007), Alex Ingham (since July 2012) and John R. Reinsberg*


 

 

*

As a Deputy Chairman of the Investment Manager, Mr. Reinsberg is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.


Fund Management—Biographical Information of Principal Portfolio Managers


Alex Ingham, a Director of the Investment Manager, is a portfolio manager/analyst on the Emerging Markets, International and Global Small Cap Equity teams. Prior to joining the Investment Manager in 2011, Mr. Ingham was with Aviva Investors (formerly Morley Fund Management), Aberdeen Asset Management, Hill Samuel Asset Management and City Financial Partners Limited. He began working in the investment field in 1996.


 

 

 

*

*

*


Lazard Emerging Markets Equity Blend Portfolio


The following discussion replaces the third paragraph in “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Strategies”:


The Investment Manager allocates the Portfolio’s assets between the Investment Manager’s emerging markets relative value and relative growth investment strategies. In the emerging markets relative value strategy, assets are invested in companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In the emerging markets relative growth strategy, the Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. A premium may be paid for higher, sustainable growth. The Portfolio may invest in companies with any market capitalization.


The following additional risk factor is added to “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Risks”:


Small 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 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.


Dated: August 2, 2012

XML 16 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Lazard Emerging Markets Equity Blend Portfolio
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cik0000874964_SupplementTextBlock

THE LAZARD FUNDS, INC.


Lazard International Small Cap Equity Portfolio
Lazard Emerging Markets Equity Blend Portfolio


Supplement to Prospectus dated May 31, 2012


Lazard International Small Cap Equity Portfolio


The following information is added to the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Strategies


The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.


Summary Section—Lazard International Small Cap Equity Portfolio—Principal Investment Risks


The Portfolio’s performance will be influenced by political, social and economic factors affecting any non-U.S. countries and companies in which the Portfolio invests. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The securities markets of emerging market countries have historically been extremely volatile. However, the capital markets in the U.S. and internationally have experienced unprecedented volatility in recent years, causing significant declines in the value and liquidity of many securities. These market conditions may continue or worsen.


The following information replaces any contrary information contained in the Prospectus:


Summary Section—Lazard International Small Cap Equity Portfolio—Management


Portfolio Manager/Analysts


Edward Rosenfeld, portfolio manager/analyst on the Investment Manager’s Global, International and European Small Cap Equity teams, has been with the Portfolio since May 2007.


Alex Ingham, portfolio manager/analyst on the Investment Manager’s Emerging Markets, International and Global Small Cap Equity teams, has been with the Portfolio since July 2012.


John R. Reinsberg, portfolio manager/analyst on the Investment Manager’s Global Equity and International Equity teams, has been with the Portfolio since inception.


Fund Management—Portfolio Management


The names of the persons who are primarily responsible for the day-to-day management of the assets of the Portfolios are as follows:


International Small Cap Equity Portfolio—Edward Rosenfeld (since May 2007), Alex Ingham (since July 2012) and John R. Reinsberg*


 

 

*

As a Deputy Chairman of the Investment Manager, Mr. Reinsberg is ultimately responsible for overseeing this Portfolio but is not responsible for its day-to-day management.


Fund Management—Biographical Information of Principal Portfolio Managers


Alex Ingham, a Director of the Investment Manager, is a portfolio manager/analyst on the Emerging Markets, International and Global Small Cap Equity teams. Prior to joining the Investment Manager in 2011, Mr. Ingham was with Aviva Investors (formerly Morley Fund Management), Aberdeen Asset Management, Hill Samuel Asset Management and City Financial Partners Limited. He began working in the investment field in 1996.


 

 

 

*

*

*


Lazard Emerging Markets Equity Blend Portfolio


The following discussion replaces the third paragraph in “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Strategies”:


The Investment Manager allocates the Portfolio’s assets between the Investment Manager’s emerging markets relative value and relative growth investment strategies. In the emerging markets relative value strategy, assets are invested in companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. In the emerging markets relative growth strategy, the Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. A premium may be paid for higher, sustainable growth. The Portfolio may invest in companies with any market capitalization.


The following additional risk factor is added to “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Principal Investment Risks”:


Small 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 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.


Dated: August 2, 2012

Risk/Return [Heading] rr_RiskReturnHeading Lazard Emerging Markets Equity Blend Portfolio
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