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Lazard US Small-Mid Cap Equity Portfolio
Lazard US Small-Mid Cap Equity Portfolio

THE LAZARD FUNDS, INC.

Lazard Developing Markets Equity Portfolio
Lazard International Small Cap Equity Portfolio
Lazard US Small-Mid Cap Equity Portfolio

 

Supplement to Current Prospectus

 

Lazard US Small-Mid Cap Equity Portfolio

The following replaces the table in "Fees and Expenses" in the "Summary SectionLazard US Small-Mid Cap Equity PortfolioFees and Expenses" in the Prospectus:

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Lazard US Small-Mid Cap Equity Portfolio
Institutional Shares
Open Shares
R6 Shares
Management Fees 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees none 0.25% none
Other Expenses 0.30% 0.36% 0.76%
Total Annual Portfolio Operating Expenses 1.05% 1.36% 1.51%
Fee Waiver and/or Expense Reimbursement [1] 0.05% 0.11% 0.56%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.00% 1.25% 0.95%
[1] Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2024, to the extent Total Annual Portfolio Operating Expenses exceed 1.00%, 1.25% and .95% 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 SectionLazard US Small-Mid Cap Equity PortfolioExample" in the Prospectus:

Expense Example - Lazard US Small-Mid Cap Equity Portfolio - USD ($)
1 year
3 years
5 years
10 years
Institutional Shares 102 329 575 1,278
Open Shares 127 420 734 1,626
R6 Shares 97 422 771 1,754

Dated: June 30, 2023