# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0000930413-25-002063
**Filing Date:** 2025-6
**Character Count:** 12568
**Document Hash:** d31e6b2fe9e3cffe98d3fddf69d62629
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002063.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0000930413-25-002063

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAZARD FUNDS INC
- **CENTRAL INDEX KEY:** 0000874964

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-40682
- **FILM NUMBER:** 251074457

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 2126326000

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Series and Classes Contracts Data

### Lazard US Equity Concentrated Portfolio (Series ID: S000010267)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Open Shares          | LEVOX         | C000028366 |
| Institutional Shares | LEVIX         | C000028367 |
| R6 Shares            | RLUEX         | C000134188 |

---

### Lazard Enhanced Opportunities Portfolio (Series ID: S000047900)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Institutional Shares | LEOIX         | C000150427 |
| Open Shares          | LEOOX         | C000150428 |
| R6 Shares            | RLZEX         | C000150429 |

---

## Series and Classes Contracts Data

### Lazard US Equity Concentrated Portfolio (Series ID: S000010267)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028366 | Open Shares          | LEVOX           |
| C000028367 | Institutional Shares | LEVIX           |
| C000134188 | R6 Shares            | RLUEX           |

### Lazard Enhanced Opportunities Portfolio (Series ID: S000047900)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150427 | Institutional Shares | LEOIX           |
| C000150428 | Open Shares          | LEOOX           |
| C000150429 | R6 Shares            | RLZEX           |

?xml version='1.0' encoding='ASCII'?

**THE LAZARD FUNDS, INC.** 

Lazard Enhanced Opportunities Portfolio

Lazard US Equity Concentrated Portfolio

Supplement to Current Prospectus

*The following replaces the table in "**Fees and Expenses**" in the "**Summary Section*****—*Lazard Enhanced Opportunities 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)** | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fees | .95% | .95% | .95% |
| Distribution and Service (12b-1) Fees |  | .25% |  |
| Other Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Expenses on Securities Sold Short<sup>1, 2</sup> | .01% | .01% | .01%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowing Expenses on Securities Sold Short<sup>1, 3</sup> | .03% | .03% | .03%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remainder of Other Expenses | .61% | 1.38% | .61%<sup>4</sup> |
| Total Other Expenses | .65% | 1.42% | .65%<sup>4</sup> |
| Acquired Fund Fees and Expenses | .01% | .01% | .01% |
| Total Annual Portfolio Operating Expenses | 1.61% | 2.63% | 1.61% |
| Fee Waiver and/or Expense Reimbursement<sup>5</sup> | .36% | 1.13% | .41% |
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1, 6</sup> | 1.25% | 1.50% | 1.20% |

---

 

<sup>1</sup> Restated to reflect current expenses.

<sup>2</sup> Dividend Expenses on Securities Sold Short reflect dividends paid on borrowed securities and are an expense of short sales. Such expenses are required to be treated as a Portfolio expense for accounting purposes and are not payable to Lazard Asset Management LLC (the "Investment Manager"). Any dividends paid on securities sold short will vary based on the Portfolio's use of those investments as it seeks to achieve its investment objective.

<sup>3</sup> Borrowing Expenses on Securities Sold Short result from the Portfolio's use of custody arrangements to execute short sales. Such expenses are required to be treated as a Portfolio expense for accounting purposes and are not payable to the Investment Manager. Any borrowing expenses as a result of securities sold short will vary based on the Portfolio's use of those investments as it seeks to achieve its investment objective.

<sup>4</sup> Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares.

<sup>5</sup> Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2026, 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, dividend and interest expenses on securities sold short, 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.

<sup>6</sup> Excluding Dividend and Borrowing Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.20%, 1.45% and 1.15% of the Portfolio's Institutional Shares, Open Shares and R6 Shares, respectively.

 

*The following replaces the table in "**Example**" in the "**Summary Section*****—*Lazard Enhanced Opportunities Portfolio*—*Example****" in the Prospectus:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 year | 3 years | 5 years | 10 years |
| Institutional Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| Open Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2880 |
| R6 Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1877 |

---

 

*The following replaces the table in "**Fees and Expenses**" in the "**Summary Section*****—*Lazard US Equity Concentrated 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)** | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fees<sup>1</sup> | .60% | .60% | .60% |
| Distribution and Service (12b-1) Fees |  | .25% |  |
| Other Expenses | .23% | .21% | .29% |
| Total Annual Portfolio Operating Expenses | .83% | 1.06% | .89% |
| Fee Waiver and/or Expense Reimbursement<sup>2</sup> | .03% | .01% | .14% |
| Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>3</sup> | .80% | 1.05% | .75% |

---

 

<sup>1</sup> Restated to reflect current management fees.

<sup>2</sup> 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, 2026, 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, and from May 1, 2026 until May 1, 2035, 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.

<sup>3</sup> Restated to reflect current expenses.

 

*The following replaces the table in "**Example**" in the "**Summary Section*****—*Lazard US Equity Concentrated Portfolio*—*Example****" in the Prospectus:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 year | 3 years | 5 years | 10 years |
| Institutional Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| Open Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| R6 Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255 |

---

 

*The following replaces any contrary information in the first table in "**Fund Management*****—*Investment Manager****" in the Prospectus:*

---

| | | |
|:---|:---|:---|
| Name of Portfolio | Investment Management Fee Payable | Effective Annual Rate of Investment Management Fee Paid |
| US Equity Concentrated Portfolio | .60% | .65% |

---

*The following replaces any contrary information in the second table in "**Fund Management*****—*Investment Manager****" in the Prospectus:*

---

| | | | |
|:---|:---|:---|:---|
| Name of Portfolio | Institutional<br> Shares | Open<br> Shares | R6<br> Shares |
| Enhanced Opportunities Portfolio | 1.20% | 1.45% | 1.15% |
| US Equity Concentrated Portfolio<sup>1</sup> | .80% | 1.05% | .75% |

---

<sup>1</sup> This agreement will continue in effect until May 1, 2026, and from May 1, 2026 until May 1, 2035, at levels of 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.

Dated: June 25, 2025

**Please retain this supplement for future reference.**