THE LAZARD FUNDS, INC.

                   Supplement to Prospectus dated May 1, 2002



SHAREHOLDER MEETING

On August 7, 2002, the Board of Directors of The Lazard Funds, Inc. (the "Fund")
approved certain changes to the fundamental investment restrictions for certain
Portfolios (the "Investment Restriction Revisions") and nominated for election
by shareholders the eight current members of the Board of Directors. The
Investment Restriction Revisions consist of (1) increasing the percentage limit
on lending securities (Equity, Small Cap, International Equity, Bond and
Strategic Yield Portfolios only) and (2) expanding the ability to invest in
securities of a single issuer (Equity Portfolio only). On or about November 1,
2002, a meeting of the shareholders of the Fund will be held to vote on the
Investment Restriction Revisions (as applicable) and to elect a Board of
Directors. Shareholders of record on August 30, 2002 are entitled to vote at the
meeting. For more detailed information concerning the proposals under
consideration, please call 1.800.823.6300 to request a free copy of the Proxy
Statement for the shareholder meeting.

SHAREHOLDER INFORMATION

The Fund has made the following changes relating to share purchases:

     o    The Fund will not accept cash or cash equivalents (such as currency,
          money orders or travelers checks) for the purchase of Fund shares.

     o    The new address for initial and subsequent purchases by mail is:

          The Lazard Funds, Inc.
          P.O. Box 8514
          Boston, Massachusetts 02205-8514

August 12, 2002