0000930413-22-001284.txt : 20220708 0000930413-22-001284.hdr.sgml : 20220708 20220708164438 ACCESSION NUMBER: 0000930413-22-001284 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220708 DATE AS OF CHANGE: 20220708 EFFECTIVENESS DATE: 20220708 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: 221074851 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 S000010269 Lazard US Small-Mid Cap Equity Portfolio C000028370 Open Shares LZCOX C000028371 Institutional Shares LZSCX C000134190 R6 Shares RLSMX 0000874964 S000028828 Lazard Emerging Markets Strategic Equity Portfolio C000088404 Institutional Shares EMBIX C000088405 Open Shares EMBOX C000134197 R6 Shares RLEBX 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 S000049415 Lazard International Equity Advantage Portfolio C000156255 Institutional Shares IEAIX C000156256 Open Shares IEAOX C000156257 R6 Shares RIADX 497 1 c104106_497.htm

THE LAZARD FUNDS, INC.

Lazard Emerging Markets Core Equity Portfolio
Lazard Emerging Markets Strategic Equity Portfolio
Lazard Global Strategic Equity Portfolio
Lazard International Equity Advantage Portfolio
Lazard US Small-Mid Cap Equity Portfolio

 

Supplement to Current Prospectus

 

Lazard Emerging Markets Core Equity Portfolio

The following replaces the table in "Fees and Expenses" in the "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   .16%   .30%   .91%  
Total Annual Portfolio Operating Expenses   1.16%   1.55%   1.91%  
Fee Waiver and/or Expense Reimbursement1   —   .10%   .76%  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement   1.16%   1.45%   1.15%  
1Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until April 29, 2023, to the extent Total Annual Portfolio Operating Expenses exceed 1.20%, 1.45% and 1.15% 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," fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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. To the extent the Total Annual Portfolio Operating Expenses of the R6 Shares of the Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager has contractually agreed, until April 29, 2023, to bear the expenses of the R6 Shares in the amount of such excess. This expense limitation agreement 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 "Example" in the "Summary Section— Lazard Emerging Markets Core Equity Portfolio—Example" in the Prospectus:

        1 year 3 years 5 years 10 years
Institutional Shares  $             118  $             368  $             638  $          1,409
Open Shares  $             148  $             480  $             835  $          1,837
R6 Shares  $             117  $             526  $             961  $          2,171

 

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
Emerging Markets Core Equity Portfolio   1.20%   1.45%   1.15%

 

 

 

 

 

Lazard Emerging Markets Strategic Equity Portfolio

 

The following replaces the table in "Fees and Expenses" in the "Summary Section—Lazard Emerging Markets 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   1.00%   1.00%   1.00%  
Distribution and Service (12b-1) Fees   None   .25%   None  
Other Expenses   .33%   .46%   .33% 1 
Total Annual Portfolio Operating Expenses   1.33%   1.71%   1.33%  
Fee Waiver and/or Expense Reimbursement2   .23%   .36%   .28%  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement   1.10%   1.35%   1.05%  
1Based on estimated amounts for the current fiscal year, using expenses for Institutional Shares from the last fiscal year.
2Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until April 29, 2023, 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, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 "Example" in the "Summary Section— Lazard Emerging Markets Strategic Equity Portfolio—Example" in the Prospectus:

        1 year 3 years 5 years 10 years
Institutional Shares  $             112  $             399  $             707  $             1,581
Open Shares  $             137  $             504  $             894  $             1,989
R6 Shares  $             107  $             394  $             702  $             1,577

 

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
Emerging Markets Strategic Equity Portfolio   1.10%   1.35%   1.05%

 

2

 

 

 

Lazard Global Strategic Equity Portfolio

 

The following replaces the table in "Fees and Expenses" in the "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   1.13%   3.09%   1.13% 1 
Total Annual Portfolio Operating Expenses   1.88%   4.09%   1.88%  
Fee Waiver and/or Expense Reimbursement2   .98%   2.94%   1.03%  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement   .90%   1.15%   .85%  
1Based on estimated amounts for the current fiscal year, using expenses for Institutional Shares from the last fiscal year.
2Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until April 29, 2023, to the extent Total Annual Portfolio Operating Expenses exceed .90%, 1.15% and .85% 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," fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 "Example" in the "Summary Section— Lazard Global Strategic Equity Portfolio—Example" in the Prospectus:

        1 year 3 years 5 years 10 years
Institutional Shares  $               92  $             496  $                925  $             2,121
Open Shares  $             117  $             974 $             1,847  $             4,100
R6 Shares  $               87  $             491  $                920  $             2,117

 

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
Global Strategic Equity Portfolio   .90%   1.15%   .85%

 

3

 

 

 

Lazard International Equity Advantage Portfolio

 

The following replaces the table in "Fees and Expenses" in the "Summary Section—Lazard International Equity Advantage 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   5.16%   8.48%   5.16% 1 
Total Annual Portfolio Operating Expenses   5.81%   9.38%   5.81%  
Fee Waiver and/or Expense Reimbursement2   5.01%   8.33%   5.06%  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement   .80%   1.05%   .75%  
1Based on estimated amounts for the current fiscal year, using expenses for Institutional Shares from the last fiscal year.
2Reflects a contractual agreement by Lazard Asset Management LLC (the "Investment Manager") to waive its fee and, if necessary, reimburse the Portfolio until April 29, 2023, to the extent Total Annual Portfolio Operating Expenses exceed .80%, 1.05% and .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," fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund's Board of Directors, 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 "Example" in the "Summary Section— Lazard International Equity Advantage Portfolio—Example" in the Prospectus:

        1 year 3 years 5 years 10 years
Institutional Shares  $               82  $          1,283  $          2,464  $          5,336
Open Shares  $             107  $          1,973  $          3,678  $          7,331
R6 Shares  $               77  $          1,278  $          2,460  $          5,333

 

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
International Equity Advantage Portfolio   .80%   1.05%   .75%

 

 

4

 

 

 

Lazard US Small-Mid Cap Equity Portfolio

 

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 Small-Mid Cap Equity Portfolio   1.05%   1.30%   1.00%

 

Dated: June 28, 2022

 

5