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Lazard US Short Duration Fixed Income 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 June 28, 2013, the Portfolio changed its name from “Lazard US Municipal Portfolio” to “Lazard US Short Duration Fixed Income Portfolio.” As of June 28, 2013, the BofA Merrill Lynch 1-3 Year US Treasury Index replaced the BofA Merrill Lynch 1-10 Year Municipal Securities Index, to reflect its change from a municipal fund to its current investment strategy.

The Bank of America Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the Bank of America Merrill Lynch US Municipal Securities Index and includes securities with a remaining term to final maturity of less than 10 years.

The Bank of America Merrill Lynch US Municipal Securities Index tracks the performance of US dollar–denominated investment-grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market. Qualifying securities must have at least a one-year remaining term to final maturity, a fixed coupon schedule, and an investment-grade rating.

The Bank of America Merrill Lynch 1-3 Year US Treasury Index tracks the performance of the direct sovereign debt of the US Government having a maturity of at least one year and less than three years.

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
An investment in fixed-income securities and in particular, municipal securities involves risks, including, but not limited to, interest rate risk and credit risk. Credit risk is the risk that the issuer will not make timely interest or principal payments. Payment by the issuer may depend on a relatively limited source of revenue, resulting in greater credit risk. The values of municipal securities can fluctuate and may be affected by adverse tax law, legislative or political changes, and by financial or other developments affecting municipal issuers and the municipal securities market generally. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Future changes in the activity of an issuer may adversely affect the tax-exempt status of municipal securities. If a municipal security fails to meet certain regulatory requirements to maintain its exempt tax status, the interest received by the Portfolio from its investment in such security, and the related distributions to Portfolio shareholders, will be taxable. Additionally, certain securities comprising the Portfolio may be subject to the alternative minimum tax.
Structured products, derivatives, and other types of unregistered securities are generally not publicly traded. Non-publicly traded financial instruments are not readily disposable; in some cases, an account may be contractually prohibited from disposing of such financial instruments for a specified period of time. The sale of illiquid securities also often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the OTC markets. Furthermore, there may be limited information available about the assets of issuers of the financial instruments, which may make valuation of such financial instruments difficult or uncertain.
Mortgage-related and asset-backed securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Although payments relating to these securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not secured. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid. Asset-backed securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.