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Lazard US Equity Concentrated Portfolio

Historical NAV Prices

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Historical NAV

As of Date:

Summary

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PREMIUM/DISCOUNT AS % OF NAV

[[AS_OF_DATE]] | All values in [[CURRENCY]] unless otherwise specified | Performance Inception: [[INCEPTION_DATE]]

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception. Mutual fund performance fluctuates and currently may be lower than stated. An investor may obtain performance data current to the most recent month-end online at www.LazardAssetManagement.com. The investment return and principal value of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns of certain share classes reflect reimbursement of expenses as described in the prospectus. Had expenses not been reimbursed, returns would have been lower and the expense ratio would have been higher.

As of May 31, 2012, the Portfolio changed its name from “Lazard U.S. Equity Value Portfolio” to “Lazard US Equity Concentrated Portfolio,” adopted the Portfolio’s current investment strategies and compares 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. As such, the Portfolio compares its past performance to a linked index, (a “Linked Index”), comprised of the Russell 1000 Value Index through May 30, 2012 and the S&P 500 Index from May 31, 2012 to the present.

The S&P 500 Index is a market capitalization-weighted index of 500 companies in leading industries of the US economy.

The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.)

The index is unmanaged and has no fees. One cannot invest directly in an index.

Performance for periods shorter than one year has not been annualized. Performance presented net of fees. Past performance is not a reliable indicator of future results.

  • Distribution Dividend-

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Historical Distributions

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Record Date Payable Date Ex Date Reinvest Date Reinvest Price Ordinary Income Short-Term Capital Gain Long-Term Capital Gain
data 1 data 2
data 1 data 2

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This table provides estimates of the Portfolio’s distribution sources at the time of payment and should not be relied upon for tax planning purposes. Please refer to Form 1099-DIV for the final determinations of the source and tax characteristics of all distributions made.

[[AS_OF_DATE]] | All values in [[CURRENCY]] unless otherwise specified | Performance Inception: [[INCEPTION_DATE]]

Characteristics
Lazard

[[AS_OF_DATE]] | All values in [[CURRENCY]] unless otherwise specified | Performance Inception: [[INCEPTION_DATE]]

Beta is a relative measure of the sensitivity of a fund's return to changes in the benchmark's return. The beta of the fund versus its benchmark is the amount (and direction) the fund has historically moved when the benchmark moved by one unit.

Standard deviation measures the dispersion or "spread" of individual observations around their mean. Standard deviation of returns measures a fund's historical volatility, where a higher number is evidence of greater volatility (i.e., higher risk).

Effective Duration is a measure of the sensitivity of a fund’s value to changes in interest rates and accounts for any option features embedded in the fund’s holdings.

Effective Maturity is a measure of the average expected maturity of a fund’s holdings and accounts for actual maturities as well as expected early redemptions.

Unless otherwise noted, characteristics are trailing 12 months.

Dividend yield (%) is calculated by dividing dividends paid by the Fund’s current holdings over the trailing 12 months by the Fund’s NAV.

Top Holdings
Lazard (%)
Sector

[[AS_OF_DATE]] | All values in [[CURRENCY]] unless otherwise specified | Performance Inception: [[INCEPTION_DATE]]

The securities mentioned are not necessarily held by the Portfolio, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities.

It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein.

There is no assurance that any securities referenced herein are currently held in the Portfolio or that securities sold have not been repurchased.

The securities mentioned may not represent the entire Portfolio.

Management Team

Team as of date: xx-xx-xxxx

Morningstar Disclaimer

1 © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Legal Disclaimer

Investment Products: NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE

Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.lazardassetmanagement.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC.

Understanding Investment Risk
The Portfolio invests in stocks believed by Lazard 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.
Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities.
Because the Portfolio may invest in a smaller number of issuers than other, more diversified investment portfolios, the Portfolio’s net asset value 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.