497 1 c103734_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   —   .15%   .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%

 

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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%

 

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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%

 

 

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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

 

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