0000930413-18-002212.txt : 20180712 0000930413-18-002212.hdr.sgml : 20180712 20180712155655 ACCESSION NUMBER: 0000930413-18-002212 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20180712 DATE AS OF CHANGE: 20180712 EFFECTIVENESS DATE: 20180712 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: 18950480 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 S000010264 Lazard Emerging Markets Equity Portfolio C000028360 Open Shares LZOEX C000028361 Institutional Shares LZEMX C000134185 R6 Shares RLEMX 0000874964 S000010266 Lazard US Strategic Equity Portfolio C000028364 Open Shares LZUOX C000028365 Institutional Shares LZUSX C000134187 R6 Shares RLUSX 0000874964 S000010267 Lazard US Equity Concentrated Portfolio C000028366 Open Shares LEVOX C000028367 Institutional Shares LEVIX C000134188 R6 Shares RLUEX 0000874964 S000010273 Lazard International Strategic Equity Portfolio C000028378 Open Shares LISOX C000028379 Institutional Shares LISIX C000134193 R6 Shares RLITX 0000874964 S000023480 Lazard Developing Markets Equity Portfolio C000069022 Institutional Shares LDMIX C000069023 Open Shares LDMOX C000134195 R6 Shares RLDMX 0000874964 S000027245 Lazard Global Listed Infrastructure Portfolio C000082231 Institutional Shares GLIFX C000082232 Open Shares GLFOX C000134196 R6 Shares RLGLX 0000874964 S000028828 Lazard Emerging Markets Equity Blend Portfolio C000088404 Institutional Shares EMBIX C000088405 Open Shares EMBOX C000134197 R6 Shares RLEBX 0000874964 S000031123 Lazard Emerging Markets Debt Portfolio C000096531 Institutional Shares LEDIX C000096532 Open Shares LEDOX C000134198 R6 Shares RLEDX 0000874964 S000031729 Lazard Emerging Markets Multi-Asset Portfolio C000098748 Open Shares EMMOX C000098749 Institutional Shares EMMIX C000134200 R6 Shares RLMSX 0000874964 S000033726 Lazard Global Realty Equity Portfolio C000103956 Open Shares LITOX C000105888 Institutional Shares LITIX C000134203 R6 Shares RLGRX 0000874964 S000035892 Lazard Global Fixed Income Portfolio C000110020 Institutional Shares LZGIX C000110021 Open Shares LZGOX C000134204 R6 Shares RLGFX 0000874964 S000042723 Lazard Emerging Markets Core Equity Portfolio C000132106 Institutional Shares ECEIX C000132107 Open Shares ECEOX C000136816 R6 RLEOX 0000874964 S000046422 Lazard Global Strategic Equity Portfolio C000145068 Institutional Shares LSTIX C000145069 Open Shares LSTOX C000145070 R6 Shares RGSTX 0000874964 S000046423 Lazard International Equity Concentrated Portfolio C000145071 Institutional Shares LCNIX C000145072 Open Shares LCNOX C000145073 R6 Shares RICNX 497 1 c91552_497.htm

THE LAZARD FUNDS, INC.

Lazard US Equity Concentrated Portfolio

Lazard US Strategic Equity Portfolio

Lazard International Equity Concentrated Portfolio

Lazard International Strategic Equity Portfolio

Lazard Global Strategic Equity Portfolio

Lazard Emerging Markets Equity Portfolio

Lazard Emerging Markets Core Equity Portfolio

Lazard Developing Markets Equity Portfolio

Lazard Emerging Markets Equity Blend Portfolio

Lazard Emerging Markets Multi-Asset Portfolio

Lazard Emerging Markets Debt Portfolio

Lazard Global Fixed Income Portfolio

Lazard Global Realty Equity Portfolio

Lazard Global Listed Infrastructure Portfolio

 

Supplement to Current Prospectus

 

Lazard US Strategic Equity Portfolio

 

The following replaces the table in “Summary Section—Lazard US Strategic Equity Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		   Open
Shares		   R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)               
Management Fees*   .65%    .65%    .65% 
Distribution and Service (12b-1) Fees   None    .25%    None 
Other Expenses   .25%    1.35%    .35% 
Total Annual Portfolio Operating Expenses   .90%    2.25%    1.00% 
Fee Waiver and Expense Reimbursement**   .15%    1.20%    .25% 
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement***   .75%    1.05%    .75% 
   
* Restated to reflect current management fee.
   
** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed 0.75%, 1.05% and 0.75% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces the table in “Summary Section—Lazard US Strategic Equity Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $77   $272   $484   $1,094 
Open Shares  $107   $588   $1,095   $2,491 
R6 Shares  $77   $294   $528   $1,202 
 

Lazard International Equity Concentrated Portfolio

 

The following replaces the table in “Summary Section—Lazard International Equity Concentrated Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		   Open
Shares		   R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)               
Management Fees*   .80%    .80%    .80% 
Distribution and Service (12b-1) Fees   None    .25%    None 
Other Expenses   .44%    7.00%    .44%**
Total Annual Portfolio Operating Expenses   1.24%    8.05%    1.24% 
Fee Waiver and Expense Reimbursement***   .29%    6.80%    .34% 
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement***   .95%    1.25%    .90% 
   
* Restated to reflect current management fee.
   
** “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
   
*** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed 0.95%, 1.25% and 0.90% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces the table in “Summary Section—Lazard International Equity Concentrated Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $97   $365   $653   $1,474 
Open Shares  $127   $1,747   $3,270   $6,688 
R6 Shares  $92   $ 365   $648   $1,470 
2

Lazard Global Strategic Equity Portfolio

 

The following replaces the table in “Summary Section—Lazard Global Strategic Equity Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		   Open
Shares		   R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)               
Management Fees*   .75%    .75%    .75% 
Distribution and Service (12b-1) Fees   None    .25%    None 
Other Expenses   1.18%    11.52%    1.18%**
Total Annual Portfolio Operating Expenses   1.93%    12.52%    1.93% 
Fee Waiver and Expense Reimbursement***   .93%    11.22%    .98% 
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement***   1.00%    1.30%    .95% 
   
* Restated to reflect current management fee.
   
** “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
   
*** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.30% and 0.95% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces the table in “Summary Section—Lazard Global Strategic Equity Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $102   $516   $956   $2,178 
Open Shares  $132   $2,537   $4,594   $8,527 
R6 Shares  $96   $510   $950   $2,174 
3

Lazard Emerging Markets Core Equity Portfolio

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Core Equity Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		   Open
Shares		   R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)               
Management Fees   1.00%    1.00%    1.00% 
Distribution and Service (12b-1) Fees   None    .25%    None 
Other Expenses   .20%    1.20%    .20%*
Total Annual Portfolio Operating Expenses   1.20%    2.45%    1.20% 
Fee Waiver and/or Expense Reimbursement**   —    .90%    — 
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement   1.20%    1.55%    1.20% 
* “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
   
** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.55% and 1.20% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Core Equity Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $93   $576   $1,087   $2,490 
Open Shares  $158   $678   $1,224   $2,718 
R6 Shares  $87   $571   $1,081   $2,485 
4

Lazard Developing Markets Equity Portfolio

 

The following replaces the table in “Summary Section—Lazard Developing Markets Equity Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		   Open
Shares		   R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)               
Management Fees   1.00%    1.00%    1.00% 
Distribution and Service (12b-1) Fees   None    .25%    None 
Other Expenses   .18%    .33%    .18%*
Total Annual Portfolio Operating Expenses   1.18%    1.58%    1.18% 
Fee Waiver and Expense Reimbursement*   —    .03%    — 
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement*   1.18%    1.55%    1.18% 
* “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
   
** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.55% and 1.20% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces “Summary Section—Lazard Developing Markets Equity Portfolio—Example” in the Prospectus:

 

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $120   $375   $649   $1,432 
Open Shares  $158   $496   $858   $1,876 
R6 Shares  $120   $375   $649   $1,432 
5

Lazard Emerging Markets Equity Blend Portfolio

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		  Open
Shares		  R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)         
Management Fees  1.00%  1.00%  1.00%
Distribution and Service (12b-1) Fees  None  .25%   None
Other Expenses  .21%  .36%  .21%*
Total Annual Portfolio Operating Expenses  1.21%  1.61%  1.21%
Fee Waiver and/or Expense Reimbursement**  —  .06%  .01%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement  1.21%  1.55%  1.20%
*   “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
     
**   Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.55% and 1.20% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces in the table in “Summary Section—Lazard Emerging Markets Equity Blend Portfolio—Example” in the Prospectus:

 

   1 Year    3 Years    5 Years    10 Years 
Institutional Shares  $123   $384   $665   $1,466 
Open Shares  $158   $502   $870   $1,906 
R6 Shares  $122   $383   $664   $1,465 
6

Lazard Emerging Markets Multi-Asset Portfolio

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Multi-Asset Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		  Open
Shares		  R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)           
Management Fees  1.00%  1.00%  1.00%  
Distribution and Service (12b-1) Fees  None  .25%   None  
Other Expenses  .23%  1.82%  .23% *
Acquired Fund Fees and Expenses  .01%  .01%  .01% *
Total Annual Portfolio Operating Expenses  1.24%  3.08%  1.24%  
Fee Waiver and/or Expense Reimbursement**  —  1.62%  —  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement***  1.24%  1.46%  1.24%  
*     Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year.
     
**     Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2028, to the extent Total Annual Portfolio Operating Expenses exceed 1.30%, 1.45% and 1.25% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
     
***     Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.23%, 1.45% and 1.23% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively.

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Multi-Asset Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $126   $393   $681   $1,500 
Open Shares  $149   $462   $797   $1,746 
R6 Shares  $126   $393   $681   $1,500 
7

Lazard Emerging Markets Debt Portfolio

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Debt Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		  Open
Shares		  R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)         
Management Fees  .75%  .75%  .75%
Distribution and Service (12b-1) Fees  None  .25%  None
Other Expenses  .18%  .36%  43.13%
Acquired Fund Fees and Expenses  .01%  .01%  .01%
Total Annual Portfolio Operating Expenses  .94%  1.37%  43.89%
Fee Waiver and/or Expense Reimbursement*  —  .21%  42.98%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement**  .94%  1.16%  .91%
* Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.15% and .90% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, and from May 1, 2019 through May 1, 2028, to the extent Total Annual Portfolio Operating Expenses exceed 1.10%, 1.35% and 1.05% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 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. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.
   
** Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .93%, 1.15% and .90% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively.

 

The following replaces the table in “Summary Section—Lazard Emerging Markets Debt Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $96   $300   $520   $1,155 
Open Shares  $118   $411   $726   $1,618 
R6 Shares  $93   $322   $570   $1,281 
8

Lazard Global Fixed Income Portfolio

 

The following replaces the table in “Summary Section—Lazard Global Fixed Income Portfolio—Fees and Expenses” in the Prospectus:

 

   Institutional
Shares		  Open
Shares		  R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)           
Management Fees  .50%  .50%  .50%  
Distribution and Service (12b-1) Fees  None  .25%  None  
Other Expenses  3.79%  42.03%  3.79% *
Total Annual Portfolio Operating Expenses  4.29%  42.78%  4.29%  
Fee Waiver and/or Expense Reimbursement**  3.59%  41.83%  3.64%  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement  .70%  .95%  .65%  
* “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
   
** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .65% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the management agreement between the Manager and the Fund, on behalf of the Portfolio.

 

The following replaces the table in “Summary Section—Lazard Global Fixed Income Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $72   $973   $1,887   $4,230 
Open Shares  $97   $5,954   $8,221   $9,520 
R6 Shares  $66   $968   $1,883   $4,226 
9

Lazard Global Realty Equity Portfolio

 

The following replaces the table in “Summary Section—Lazard Global Realty Equity Portfolio—Fees and Expenses” in the Prospectus:

 

    Institutional
Shares		   Open
Shares		   R6
Shares
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)              
Management Fees*   .80%   .80%   .80%  
Distribution and Service (12b-1) Fees   None   .25%   None  
Other Expenses   3.72%   4.42%   3.72% **
Total Annual Portfolio Operating Expenses   4.52%   5.47%   4.52%  
Fee Waiver and Expense Reimbursement***   3.57%   4.22%   3.57%  
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Reimbursement***   .95%   1.25%   .95%  
               
* Restated to reflect current management fee.
   
** “Other Expenses” are based on estimated amounts for the current fiscal year, using “Other Expenses” for Institutional Shares from the last fiscal year.
   
*** Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio through May 1, 2019, to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.25% and .95% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinary expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Board, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio.

 

The following replaces the table in “Summary Section—Lazard Global Realty Equity Portfolio—Example” in the Prospectus:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Shares  $97   $1,042   $1,996   $4,422 
Open Shares  $127   $1,257   $2,376   $5,128 
R6 Shares  $97   $1,042   $1,996   $4,422 
10

The following replaces any contrary information in the first table in “Fund Management—Investment Manager” in the Prospectus:

 

Name of Portfolio  Investment
Management
Fee Payable		  Effective
Annual Rate
of Investment
Management
Fee Paid
US Strategic Equity Portfolio   .65%   .47%
International Equity Concentrated Portfolio   .80%   .58%
Global Strategic Equity Portfolio   .75%   .00%
Global Realty Equity Portfolio   .80%   .00%
           

The following replaces any contrary information in the second table in “Fund Management—Investment Manager” in the Prospectus:

 

Name of Portfolio   Institutional
Shares		   Open
Shares		   R6
Shares
US Equity Concentrated Portfolio*   .90%   1.20%   .85%
International Equity Concentrated Portfolio   .95%   1.25%   .90%
International Strategic Equity Portfolio   1.05%   1.35%   1.00%
Global Strategic Equity Portfolio   1.00%   1.30%   .95%
Emerging Markets Equity Portfolio   1.20%   1.50%   1.15%
Emerging Markets Core Equity Portfolio   1.25%   1.55%   1.20%
Developing Markets Equity Portfolio   1.25%   1.55%   1.20%
Emerging Markets Equity Blend Portfolio   1.25%   1.55%   1.20%
Emerging Markets Multi-Asset Portfolio****   1.30%   1.45%   1.25%
Emerging Markets Debt Portfolio*****   .95%   1.15%   .90%
Global Fixed Income Portfolio   .70%   .95%   .65%
Global Realty Equity Portfolio   .95%   1.25%   .95%
Global Listed Infrastructure Portfolio****   1.20%   1.50%   1.15%
* This agreement will continue in effect until May 1, 2019, and from May 1, 2019 through May 1, 2028, at levels of 1.10%, 1.40% and 1.05% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively.
   
**** This agreement will continue in effect through May 1, 2028.
   
*****  This agreement will continue in effect until May 1, 2019, and from May 1, 2019 through May 1, 2028, at levels of 1.10%, 1.35% and 1.05% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively.
11

The following replaces the table in “Lazard Funds Other Performance of the Investment Manager—Global Listed Infrastructure Composite Performance of Other Accounts” in the Prospectus:

 

GLOBAL LISTED INFRASTRUCTURE COMPOSITE PERFORMANCE OF OTHER ACCOUNTS

 

Average Annual Total Returns
(for the periods ended December 31, 2017)		   Inception Date   One Year   Three Years   Five Years   Ten Years   Since
Inception
Global Listed Infrastructure Composite   9/1/06****   21.3%   13.2%   16.9%   8.8%   9.4%
MSCI World Core Infrastructure Index (Hedged)*   N/A   15.0%   6.8%   12.2%   6.3%   10.3%
Custom Infrastructure Index (Hedged)**   N/A   14.0%   8.2%   12.9%   4.6%   6.2%
MSCI World Index***   N/A   18.5%   9.7%   13.3%   5.6%   6.2%
 
                                         
Annual Total Returns
for the Year Ended December 31,		   2008   2009   2010   2011   2012   2013   2014   2015   2016   2017
Global Listed Infrastructure Composite   -31.5%   21.4%   9.8%   -1.7%   17.8%   27.5%   18.3%   9.5%   9.2%   21.3%
MSCI World Core Infrastructure Index (Hedged)*   -27.6%   14.5%   6.6%   5.8%   10.8%   19.3%   22.1%   -5.6%   12.3%   15.0%
Custom Infrastructure Index (Hedged)**   -34.7%   13.4%   4.1%   -.7%   12.4%   19.9%   20.5%   -.6%   11.8%   14.0%
MSCI World Index***   -38.7%   25.7%   10.0%   -5.5%   15.7%   28.9%   9.8%   2.1%   9.0%   18.5%
* The MSCI World Core Infrastructure Index (Hedged) is designed to represent the performance of listed companies within 23 developed market countries that are engaged in core industrial infrastructure activities.
** The Custom Infrastructure Index (Hedged) is an index created by the Portfolio’s Investment Manager, which is the performance of the UBS Global 50/50 Infrastructure & Utilities® Index (Hedged) for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50® Index (Hedged) for all periods thereafter. The UBS Global 50/50 Infrastructure & Utilities Index (Hedged) tracks a 50% exposure to the global developed-market utilities sector and a 50% exposure to the global developed-market infrastructure sector. The FTSE Developed Core Infrastructure 50/50 Index (Hedged) tracks a 50% exposure to the global developed market utilities sector and a 50% exposure to the global developed market Infrastructure sector.
*** The MSCI World Index is a market capitalization-weighted index of companies representative of the market structure of 23 developed market countries in North America, Europe and the Asia/Pacific region.
****  Inception date of the oldest Other Account in the Global Listed Infrastructure Composite.

 

The year to date total return of the Global Listed Infrastructure Composite as of March 31, 2018 was -5.91%.

 

Dated: July 12, 2018

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