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cik0000874964:GlobalAssetAllocationBlendedIndex77Member cik0000874964:C000058929Member 2023-12-31 2023-12-31 0000874964 cik0000874964:S000020883Member cik0000874964:GlobalAssetAllocationBlendedIndex78Member cik0000874964:C000058930Member 2023-12-31 2023-12-31 0000874964 cik0000874964:S000020883Member cik0000874964:GlobalAssetAllocationBlendedIndex79Member cik0000874964:C000134194Member 2023-12-31 2023-12-31 iso4217:USD pure utr:Y N-1A 2024-05-01 Lazard US Equity Concentrated Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0 0.0025 0 0.0011 0.0013 0.0032 0.0081 0.0108 0.0102 -0 -0 -0.0021 0.0081 0.0108 0.0081 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 83 259 450 1002 110 343 595 1317 83 304 543 1229 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 81% of the average value of its portfolio.</p> 0.81 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of US companies of any market capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15 to 35 companies </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">with market capitalizations generally greater than $350 million. The Portfolio seeks to outperform broad-based securities market indices, such as the S&amp;P 500</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index, the Russell 1000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index and the Russell 3000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index. The Investment Manager’s philosophy employed for the Portfolio is based on value creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined portfolio construction process. The Investment Manager’s fundamental research seeks to identify investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund. In addition, implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-Diversification Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Concentration Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s ability to concentrate its investments may be limited by applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated investment company.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Concentrated Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Concentrated Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">16.33%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-20.37%</p></td></tr> </table> Best Quarter 2020-06-30 0.1633 Worst Quarter 2020-03-31 -0.2037 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Russell 1000 Value/S&amp;P 500 Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the Russell 1000 Value Index for all periods through May 30, 2012 (when the Portfolio’s investment strategy changed) and the S&amp;P 500 Index for all periods thereafter.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2005-09-30 0.1630 0.1101 0.0959 0.0825 0.0053 0.0667 0.0639 0.0601 0.1929 0.0865 0.0737 0.0642 2005-09-30 0.1602 0.1072 0.0927 0.0794 2016-11-15 0.1673 0.1109 0.0892 S&P 500 Index 0.2629 0.1569 0.1203 0.0988 0.0988 (reflects no deduction for fees, expenses or taxes) 0.1362 Russell 1000 Value/S&P 500 Linked Index 0.2629 0.1569 0.1203 0.0932 0.0932 (reflects no deduction for fees, expenses or taxes) 0.1362 Lazard US Equity Focus Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0 0.0025 0 0.0025 0.0058 0.0025 0.0080 0.0138 0.0080 -0.0010 -0.0043 -0.0010 0.0070 0.0095 0.0070 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 72 245 434 980 97 395 714 1620 72 245 434 980 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 38% of the average value of its portfolio.</p> 0.38 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of US companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. The Portfolio typically invests in 20 to 30 companies with market capitalizations generally over $5 billion. Although the Portfolio generally focuses on large cap companies, the market capitalizations of issuers in which the Portfolio invests may vary with market conditions and the Portfolio also may invest in mid cap and small cap companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-Diversification Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Focus Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Equity Focus Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">19.33%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-20.03%</p></td></tr> </table> Best Quarter 2020-06-30 0.1933 Worst Quarter 2020-03-31 -0.2003 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2004-12-30 0.1977 0.1437 0.1041 0.0844 0.1946 0.1287 0.0831 0.0699 0.1192 0.1121 0.0779 0.0659 2004-12-30 0.1953 0.1407 0.1010 0.0813 2014-05-19 0.1977 0.1436 0.1050 S&P 500 Index 0.2629 0.1569 0.1203 0.0962 0.0962 (reflects no deduction for fees, expenses or taxes) 0.1221 Lazard US Sustainable Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0.0025 0 0.0106 0.0195 0.0106 0.0166 0.0280 0.0166 -0.0091 -0.0180 -0.0096 0.0075 0.0100 0.0070 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 77 434 816 1889 102 697 1319 2997 72 429 812 1885 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 34% of the average value of its portfolio.</p> 0.34 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of US companies selected using the Investment Manager’s process employed in implementing the Portfolio’s investment strategy, described below. The market capitalization of companies in which the Portfolio invests may vary with market conditions, but typically the Portfolio invests in companies with market capitalizations over $1 billion. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Investment Manager’s process first identifies companies within the investable universe, which are companies that the Investment Manager believes are capable of (1) generating and maintaining high financial productivity (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">., the return a company generates) for periods in excess of market expectations, or (2) capable of improving financial productivity to a greater extent or more expeditiously than the market expects (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, are undervalued) and which exhibit good expectations for future cash flows and profitability. Next, the Investment Manager reduces the investable universe using fundamental analysis and research on the companies identified. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In further narrowing the investable universe to select companies for investment by the Portfolio, the Investment Manager considers both (a) the financial sustainability of the company as a business—a company whose financial productivity is likely to be supported or enhanced in the future as a result of the move toward a more sustainable world (such as by considering the nature of the products and/or services that the company provides, from the perspective of environmental and social factors that impact financial productivity)—and (b) how the company counters potential risks arising as a result of environmental and social concerns that may be material to the particular companies or the industries or sectors in which they operate (collectively, “Sustainable Companies”). The Investment Manager uses its proprietary sustainability analysis methodology to assess each company considered for investment, to the extent relevant to the company or its industry or sector, against the specific sustainability factors listed below (and other factors that may be considered relevant to the company or its industry), divided into the three categories of Human Capital, Natural Capital and Corporate Governance.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Human Capital:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> the extent to which the company </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">follows best practices in managing its workforce in a responsible manner, such as health and safety considerations and diversity and inclusion policies;</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">acts responsibly in terms of the impact its business operations, products and services have on the broader community;</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">aims to ensure its suppliers act responsibly; and</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">endeavors to treat its customers fairly and responsibly, for example by having appropriate product safety and data privacy and security standards. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Natural Capital:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> the extent to which the company, and its supply chains,</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">are reliant on using resources which generate significant environmental impact; and</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">actively seek to reduce the impact they have on the environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Corporate Governance: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">the extent to which the company’s board composition and policies, executive management composition and compensation, and the exercise of shareholder rights and voting powers are in line with current best practices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Companies considered by the Investment Manager to be significantly involved in the manufacture of products or the provision of services that are broadly recognized as unsustainable by society (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">e.g.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, the production of tobacco, the generation, extraction and/or refining of certain fossil fuels or the production of unconventional weapons) generally will not fall within the investable universe for the Portfolio. However, it is possible that the Investment Manager may determine, after a combined consideration of its assessment of such a company’s financial productivity potential as described above and the results of the Investment Manager’s sustainability analysis </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">methodology, that such a company is an appropriate investment for the Portfolio. The Portfolio may, however, invest in companies that provide equipment and services to the energy and mining sectors.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US Sustainable Companies. The Portfolio may invest up to 20% of its assets in securities of non-US companies, including those in emerging markets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified, investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sustainable Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance is dependent upon, among other things, the success of its investment strategy as implemented by the Investment Manager (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, the performance of the investments purchased pursuant to the investment strategy). The Portfolio’s investment strategy focuses on investing in companies that satisfy the criteria for being considered a Sustainable Company (as described above), which may cause the Investment Manager to forgo investments for the Portfolio that the Investment Manager otherwise believes may be attractive but that are not considered to be Sustainable Companies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector, such as information technology companies, and the Portfolio would be expected to be affected by developments in that sector. Information technology companies generally operate in intensely competitive markets on a worldwide basis. Also, because technological development in many areas increases at a rapid rate, these companies often produce products with very short life cycles and face the risk of product obsolescence. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Sustainable Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Sustainable Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">12.73%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-14.00%</p></td></tr> </table> Best Quarter 2023-12-31 0.1273 Worst Quarter 2022-06-30 -0.1400 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2020-06-30 0.1588 0.1232 0.1541 0.1180 0.0972 0.0964 2020-06-30 0.1558 0.1202 2020-06-30 0.1588 0.1232 S&P 500 Index 0.2629 0.1490 Lazard US Small Cap Equity Select Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0.0025 0 0.0050 0.0057 0.0048 0.0125 0.0157 0.0123 -0.0025 -0.0032 -0.0028 0.0100 0.0125 0.0095 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 102 372 662 1489 127 464 825 1840 97 363 649 1464 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 53% of the average value of its portfolio.</p> 0.53 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of small cap US companies. The Investment Manager considers “small cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index (ranging from approximately $16.6 million to $59.1 billion as of March 31, 2024).</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. The Investment Manager focuses on relative value in seeking to construct a diversified portfolio of investments for the Portfolio that maintains sector and industry balance, using investment opportunities identified through bottom-up fundamental research conducted by the Investment Manager’s small cap and global research analysts.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in the securities of larger or smaller US or non-US companies.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Small Cap Equity Select Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Effective September 1, 2023, certain changes were made to the Portfolio’s principal investments strategies, including removing mid-capitalization companies from its policy with respect to the investment of 80% of its assets. The Portfolio’s performance information prior to September 1, 2023 relates only to the Portfolio’s prior principal investment strategies. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Small Cap Equity Select Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">23.67%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-31.16%</p></td></tr> </table> Best Quarter 2020-12-31 0.2367 Worst Quarter 2020-03-31 -0.3116 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of September 1, 2023, the Russell 2000 Index replaced the Russell 2500 Index as the Portfolio’s primary index. The Investment Manager believes that the new index provides a more appropriate comparison of Portfolio performance than the prior index.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1991-10-30 0.1007 0.0913 0.0686 0.0995 0.0806 0.0764 0.0442 0.0758 0.0733 0.0722 0.0486 0.0766 1997-01-30 0.0983 0.0881 0.0654 0.0771 2020-01-08 0.0995 0.0457 Russell 3000 Index 0.2596 0.1516 0.1148 0.1023 (reflects no deduction for fees, expenses or taxes) 0.0841 0.1023 Russell 2000 Index 0.1693 0.0997 0.0716 0.0924 (reflects no deduction for fees, expenses or taxes) 0.0795 0.0650 Russell 2500 Index 0.1742 0.1167 0.0836 0.1049 (reflects no deduction for fees, expenses or taxes) 0.0925 0.0804 Lazard US Systematic Small Cap Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0 0.0025 0 0.0067 0.0364 0.0639 0.0007 0.0007 0.0007 0.0144 0.0466 0.0716 -0.0047 -0.0344 -0.0624 0.0097 0.0122 0.0092 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 99 409 742 1684 124 1095 2072 4544 94 1552 2948 6183 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 110% of the average value of its portfolio.</p> 1.10 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of small capitalization US companies. The Investment Manager considers “small cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2000 Index (ranging from approximately $16.6 million to $59.1 billion as of March 31, 2024)</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Portfolio typically invests in 300 to 500 companies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. Equity securities also may include depositary receipts</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in other securities which need not be equity securities of small cap US companies, including investments in larger US companies and in non-US companies, including securities of emerging markets companies traded on a US exchange.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Investment Manager will manage the Portfolio using its proprietary investment strategy that creates and applies what the Investment Manager refers to as “Insights” and employs its “Insight-driven” process to identify investments with fundamental traits the Investment Manager believes are undervalued by the market. The Investment Manager’s strategy combines fundamental and quantitative techniques into a fully systematic process—that is, the Investment Manager converts subjective criteria used to evaluate potential investments into quantitative formulas based on, among other things, market observations and testing of resulting hypotheses. The Investment Manager considers an “Insight” to be a fundamental opportunity that the Investment Manager believes can be quantified, validated and implemented systematically by the Investment Manager:</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:justify; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">a </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:normal; text-decoration:none;">fundamental opportunity</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> is a recurring market inefficiency where the Investment Manager believes that investors are not fully incorporating the impact of a company’s changing operating fundamentals and/or attractive valuations;</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:justify; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">the Investment Manager converts its market observation into </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:normal; text-decoration:none;">quantified</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> conditions utilizing proprietary process knowledge and techniques;</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:justify; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">a potential Insight is </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:normal; text-decoration:none;">validated</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> through extensive proprietary testing that includes historical data, minimum targeted return objectives and persistence hurdles;</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:justify; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">through each Insight, a number of securities are identified; and</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:justify; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">the securities selection process is </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:normal; text-decoration:none;">implemented systematically</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> into automated daily operations.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Investment Manager selects investments for the Portfolio by applying its securities selection process to an investable universe of all publicly-traded equity securities, with a focus on small cap companies. However, Insights, which may change over time, may be related to the broad market or specific to a particular sector or industry. In addition, the selection process described above is not sequential, and certain criteria may be given more importance than others. Target position sizes are determined at the time of investment based on one or more Insights and subsequently monitored on an ongoing basis. To improve tax efficiency, the Portfolio may limit investments that have undesirable tax characteristics and may employ other tax-management techniques, such as adjusting the timing of trades, by relying in part on fundamental research and analytical judgements of the Investment Manager.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Systematic Small Cap Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Systematic Small Cap Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">11.79%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-13.86%</p></td></tr> </table> Best Quarter 2023-12-31 0.1179 Worst Quarter 2022-06-30 -0.1386 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell 3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2021-10-29 0.1980 0.0140 0.1970 0.0123 0.1179 0.0104 2021-10-29 0.1958 0.0120 2023-02-22 0.1148 Russell 3000 Index 0.2596 0.0190 (reflects no deduction for fees, expenses or taxes) 0.0190 0.2009 Russell 2000 Index 0.1693 -0.0419 (reflects no deduction for fees, expenses or taxes) -0.0419 0.0855 Lazard International Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0.0025 0 0.0009 0.0010 0.0010 0.0084 0.0110 0.0085 -0 -0 -0.0005 0.0084 0.0110 0.0080 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 86 268 466 1037 112 350 606 1340 82 266 466 1044 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 48% of the average value of its portfolio.</p> 0.48 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Europe, Australasia and Far East (“EAFE</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">”) Index (ranging from approximately $3.2 billion to $451.5 billion as of March 31, 2024) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries and may invest up to 15% of the Portfolio’s assets in securities of companies whose principal business activities are located in emerging market countries. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">15.71%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.05%</p></td></tr> </table> Best Quarter 2022-12-31 0.1571 Worst Quarter 2020-03-31 -0.2305 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1991-10-29 0.1643 0.0674 0.0320 0.0562 0.1535 0.0541 0.0238 0.0477 0.1038 0.0534 0.0259 0.0462 1997-01-23 0.1611 0.0646 0.0292 0.0457 2015-04-01 0.1650 0.0676 0.0351 MSCI EAFE Index 0.1824 0.0816 0.0428 0.0535 (reflects no deduction for fees, expenses or taxes) 0.0501 0.0492 Lazard International Equity Select Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0 0.0025 0 0.0036 0.0054 0.0036 0.0101 0.0144 0.0101 -0.0011 -0.0029 -0.0016 0.0090 0.0115 0.0085 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 92 311 547 1226 117 427 759 1699 87 306 542 1222 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 32% of the average value of its portfolio.</p> 0.32 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, including common stocks, of relatively large non-US companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-US (ranging from approximately $543.5 million to $631.3 billion as of March 31, 2024) that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically developed countries, although the Portfolio may invest in securities of companies whose principal business activities are located in emerging market countries in an amount up to the current emerging markets component of the MSCI All Country World Index ex-US plus 15%. The allocation of the Portfolio’s assets to emerging market countries may vary from time to time.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Select Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Select Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">15.47%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.98%</p></td></tr> </table> Best Quarter 2020-06-30 0.1547 Worst Quarter 2020-03-31 -0.2398 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <p style="font-size:6.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The MSCI Europe, Australasia and Far East (“EAFE</span><span style="font-size:10.0pt; font-family:Trebuchet MS; font-style:normal; font-weight:normal; text-decoration:none;">^{^®}</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">”)/All Country World Index ex-US Linked Index shown in the table is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Portfolio’s primary index changed) and the MSCI All Country World Index ex-US for all periods thereafter.</span></p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2001-05-31 0.1206 0.0496 0.0246 0.0378 0.1185 0.0470 0.0228 0.0338 0.0760 0.0411 0.0212 0.0333 2001-05-31 0.1183 0.0469 0.0215 0.0347 0.1206 0.0496 0.0246 0.0378 MSCI ACWI ex-US Index 0.1562 0.0708 0.0383 0.0532 MSCI EAFE/ACWI ex-US Linked Index 0.1562 0.0708 0.0383 0.0449 Lazard International Equity Advantage Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0 0.0025 0 0.0501 0.0483 0.0501 0.0566 0.0573 0.0566 -0.0486 -0.0468 -0.0491 0.0080 0.0105 0.0075 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 82 1253 2410 5235 107 1290 2455 5295 77 1249 2406 5232 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 88% of the average value of its portfolio.</p> 0.88 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of non-US stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically invest the majority of its assets in securities of non-US developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular country.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies, as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">REIT Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to quality as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”) limits the amount of the Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Other Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Advantage Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Equity Advantage Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">18.40%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-22.12%</p></td></tr> </table> Best Quarter 2022-12-31 0.1840 Worst Quarter 2020-03-31 -0.2212 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2015-05-29 0.1982 0.0789 0.0410 0.1968 0.0744 0.0363 0.1190 0.0638 0.0333 2015-05-29 0.1952 0.0761 0.0381 0.1982 0.0789 0.0410 MSCI All Country World ex-US Index 0.1562 0.0708 0.0413 MSCI EAFE Index 0.1824 0.0816 0.0461 Lazard International Quality Growth Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0.0025 0 0.0015 0.0043 0.1542 0.0090 0.0143 0.1617 -0.0005 -0.0033 -0.1537 0.0085 0.0110 0.0080 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 87 282 494 1103 112 350 606 1340 82 3086 5456 9419 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 10% of the average value of its portfolio.</p> 0.10 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities of non-US companies, including those whose principal business activities are located in emerging market countries.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Investment Manager seeks to realize the Portfolio’s investment objective primarily by investing in companies that the Investment Manager considers to be quality growth businesses. By “quality” the Investment Manager means businesses that it believes can generate, and sustain, high levels of financial productivity (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, return on equity, return on capital and cash flow return on investment). The Investment Manager considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if the Investment Manager believes the company can sustain its competitive advantage. The Investment Manager also looks for “growth” businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest in securities of companies across the capitalization spectrum, but generally focuses on companies with a market capitalization of $3 billion or more.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Growth investments are believed by the Investment Manager to have the potential for growth, but may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Quality Growth Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Quality Growth Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">18.32%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-18.28%</p></td></tr> </table> Best Quarter 2020-06-30 0.1832 Worst Quarter 2020-03-31 -0.1828 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2018-12-31 0.1783 0.1079 0.1079 0.1778 0.1048 0.1048 0.1080 0.0862 0.0862 2018-12-31 0.1757 0.1050 0.1050 2023-02-22 0.1190 MSCI All Country World ex-US Index 0.1562 0.0708 0.0708 0.0708 (reflects no deduction for fees, expenses or taxes) 0.0975 MSCI All Country World ex-US Growth Index 0.1403 0.0749 0.0749 0.0749 (reflects no deduction for fees, expenses or taxes) 0.0853 Lazard International Strategic Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0.0025 0 0.0007 0.0008 0.0008 0.0082 0.0108 0.0083 -0 -0 -0.0001 0.0082 0.0108 0.0082 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 84 262 455 1014 110 343 595 1317 85 265 460 1025 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 43% of the average value of its portfolio.</p> 0.43 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in countries represented by the MSCI EAFE Index that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Portfolio also may invest up to 15% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The countries represented by the MSCI EAFE Index currently include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Strategic Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Strategic Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">17.19%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.80%</p></td></tr> </table> Best Quarter 2020-12-31 0.1719 Worst Quarter 2020-03-31 -0.2380 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2005-10-31 0.1706 0.0675 0.0385 0.0578 0.1679 0.0624 0.0329 0.0525 0.1048 0.0539 0.0308 0.0484 2006-02-03 0.1666 0.0646 0.0358 0.0474 2015-01-19 0.1704 0.0675 0.0448 MSCI EAFE Index 0.1824 0.0816 0.0428 0.0476 (reflects no deduction for fees, expenses or taxes) 0.0408 0.0560 Lazard International Small Cap Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0.0025 0 0.0139 0.0135 0.0139 0.0214 0.0235 0.0214 -0.0111 -0.0107 -0.0116 0.0103 0.0128 0.0098 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 105 563 1047 2385 130 631 1158 2604 100 558 1043 2381 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 45% of the average value of its portfolio.</p> 0.45 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of relatively small non-US companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. The Investment Manager considers “small non-US companies” to be those non-US companies with market capitalizations, at the time of initial purchase by the Portfolio, below $5 billion and above $300 million or in the range of companies included in the MSCI EAFE Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $170.7 million to $9.2 billion as of March 31, 2024).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In choosing stocks for the Portfolio, the Investment Manager looks for smaller, well-managed non-US companies that the Investment Manager believes have the potential for growth. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 25% of its assets in securities of companies whose principal business activities are located in emerging market countries, although the allocation of the Portfolio’s assets to emerging market countries may vary from time to time. Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular country.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sector Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector, such as companies in the industrials sector, and the Portfolio would be expected to be affected by developments in that sector. Companies in the industrials sector can be significantly affected by, among other things: supply and demand for products and services, product obsolescence, government regulation, changes in commodity prices, claims for environmental damage and product liability and imposition of import controls. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Country Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular country, such as Japan, and the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country. Over the last few decades, Japan’s economic growth rate had remained relatively low compared to that of its Asian neighbors and other major developed economies mainly due to deflation. Japan has few natural resources and limited land area and is reliant on imports for its commodity needs. Fluctuations or shortages in relevant commodity markets could have a negative impact on Japan’s economy. The Japanese economy also can be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries could have an adverse effect on Japan’s economy. The Japanese yen has fluctuated widely at times, and any increase in the yen’s value may cause a decline in Japan’s exports. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Small Cap Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard International Small Cap Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">22.85%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-26.42%</p></td></tr> </table> Best Quarter 2020-06-30 0.2285 Worst Quarter 2020-03-31 -0.2642 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the MSCI EAFE IMI replaced the MSCI EAFE Small Cap Index as the Portfolio’s broad-based securities market index. The MSCI EAFE IMI was selected in connection with certain regulatory requirements to provide a broad measure of market performance.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1993-12-01 0.1155 0.0561 0.0320 0.0616 0.1100 0.0372 0.0205 0.0500 0.0722 0.0469 0.0265 0.0526 1997-02-13 0.1124 0.0536 0.0295 0.0567 0.1155 0.0561 0.0320 0.0616 0.1751 0.0792 0.0433 (reflects no deduction for fees, expenses or taxes) MSCI EAFE Small Cap Index 0.1316 0.0658 0.0480 0.0551 (reflects no deduction for fees, expenses or taxes) 0.0574 0.0551 Lazard Global Equity Select Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0 0.0025 0 0.0023 0.0067 0.0023 0.0088 0.0157 0.0088 -0 -0.0042 -0.0003 0.0088 0.0115 0.0085 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 90 281 488 1084 117 455 815 1832 87 278 485 1082 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 5% of the average value of its portfolio.</p> 0.05 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of companies that the Investment Manager believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. In managing the Portfolio, the Investment Manager utilizes a flexible investment approach and engages in bottom-up, fundamental security analysis and selection. The Portfolio may invest in securities across the capitalization spectrum.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. In addition, under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-US companies. The Investment Manager will allocate the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio’s investments in non-US companies may include companies whose principal business activities are located in emerging market countries.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Equity Select Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Equity Select Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">15.52%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-18.19%</p></td></tr> </table> Best Quarter 2020-06-30 0.1552 Worst Quarter 2020-03-31 -0.1819 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2013-12-31 0.1705 0.1098 0.0796 0.0796 0.1652 0.1040 0.0748 0.0748 0.1046 0.0871 0.0642 0.0642 2013-12-31 0.1673 0.1067 0.0766 0.0766 0.1705 0.1098 0.0796 0.0796 MSCI All Country World Index 0.2220 0.1172 0.0793 0.0793 (reflects no deduction for fees, expenses or taxes) Lazard Managed Equity Volatility Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0.0025 0 0.0077 0.0699 0.0077 0.0137 0.0784 0.0137 -0.0062 -0.0684 -0.0067 0.0075 0.0100 0.0070 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 77 373 691 1592 102 1687 3183 6566 72 368 686 1588 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 83% of the average value of its portfolio.</p> 0.83 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. A principal component of the Investment Manager’s investment process for the Portfolio is volatility management. Volatility, a risk measurement, measures the magnitude of fluctuations in the value of a financial instrument or index over time. The Investment Manager seeks to generate attractive risk-adjusted equity returns (returns after accounting for the risk taken to achieve those returns) while lowering portfolio volatility (up and down movements in the fund’s returns). The Investment Manager’s investment process is benchmark-unaware, which means that the Portfolio’s assets are not managed by reference to a benchmark index. The Investment Manager examines fundamental company information (such as financial statements) and seeks to identify high quality companies with sustainable operating performance in order to build a well-diversified global portfolio of common stocks. The Investment Manager performs an independent assessment of stock risk and also seeks to manage risk through diversification.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio management team selects investments for the Portfolio from a broad investment universe of stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Portfolio will typically focus on securities of developed market companies, using an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics and create a low volatility portfolio. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies, as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Volatility Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">REIT Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to quality as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”) limits the amount of the Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Other Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Managed Equity Volatility Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Managed Equity Volatility Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2019, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">11.94%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-20.38%</p></td></tr> </table> Best Quarter 2019-03-31 0.1194 Worst Quarter 2020-03-31 -0.2038 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2015-05-29 0.0765 0.0663 0.0564 0.0664 0.0579 0.0485 0.0523 0.0514 0.0436 2015-05-29 0.0739 0.0637 0.0534 0.0765 0.0663 0.0564 MSCI World Index 0.2379 0.1280 0.0885 (reflects no deduction for fees, expenses or taxes) Lazard Equity Franchise Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks total return consisting of appreciation and income.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0080 0 0.0025 0 0.0016 0.0167 0.0016 0.0001 0.0001 0.0001 0.0097 0.0273 0.0097 -0.0001 -0.0152 -0.0006 0.0096 0.0121 0.0091 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 98 308 535 1189 123 703 1309 2949 93 303 530 1184 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 81% of the average value of its portfolio.</p> 0.81 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of US and non-US companies, including those in emerging markets. The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange of companies that the Investment Manager considers to have an “economic franchise,” meaning companies that have historically shown an ability to generate unleveraged returns, at or above their cost of capital, for long periods of time. The Investment Manager considers that strong business franchises are often able to accomplish this performance and status because of competitive advantages such as an established or recognized brand, proprietary intellectual property or other intangible assets or industry economics such as relatively high customer switching costs. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. The Portfolio may invest in the equity securities of any size company.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Investment Manager may seek to hedge some or all foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, but the Investment Manager may determine not to hedge some or all of the Portfolio’s foreign currency exposure from time-to-time or at any time.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Franchise Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">companies individually or across an industry and may negatively impact the Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Forward Currency Contracts and Currency Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Forward currency contracts, including those entered into for hedging purposes (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause the Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Growth investments are believed by the Investment Manager to have the potential for growth, but may not realize such perceived potential for extended periods of time or may never realize such </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">perceived growth potential. Such securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. These securities may respond differently to market and other developments than other types of securities.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-Diversification Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Equity Franchise Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Equity Franchise Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">21.99%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-33.33%</p></td></tr> </table> Best Quarter 2020-12-31 0.2199 Worst Quarter 2020-03-31 -0.3333 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2017-09-29 0.1870 0.1120 0.0867 0.1545 0.0846 0.0589 0.1169 0.0805 0.0590 2017-09-29 0.1842 0.1091 0.0838 0.1870 0.1120 0.0867 MSCI World Index 0.2379 0.1280 0.0946 (reflects no deduction for fees, expenses or taxes) Lazard Emerging Markets Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0 0.0025 0 0.0008 0.0009 0.0012 0.0108 0.0134 0.0112 -0 -0 -0.0004 0.0108 0.0134 0.0108 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 110 343 595 1317 136 425 734 1613 114 356 617 1363 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 26% of the average value of its portfolio.</p> 0.26 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries and that Lazard Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow or asset values.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts. In addition, implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector, such as companies in the financials sector, and the Portfolio would be expected to be affected by developments in that sector. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">23.97%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-30.09%</p></td></tr> </table> Best Quarter 2020-12-31 0.2397 Worst Quarter 2020-03-31 -0.3009 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1994-07-15 0.2239 0.0532 0.0228 0.0605 0.2174 0.0487 0.0196 0.0535 0.1442 0.0457 0.0210 0.0520 1997-01-08 0.2203 0.0504 0.0202 0.0572 2015-01-19 0.2237 0.0533 0.0299 MSCI Emerging Markets Index 0.0983 0.0369 0.0266 0.0489 (reflects no deduction for fees, expenses or taxes) 0.0528 0.0321 Lazard Emerging Markets Core Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0 0.0025 0 0.0027 0.0051 0.0209 0.0127 0.0176 0.0309 -0.0017 -0.0041 -0.0204 0.0110 0.0135 0.0105 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 112 386 681 1519 137 514 916 2039 107 762 1442 3259 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 74% of the average value of its portfolio.</p> 0.74 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In managing the Portfolio, the Investment Manager utilizes a flexible, core investment approach and engages in bottom-up, fundamental security analysis and selection. The Portfolio may invest in securities across the capitalization spectrum, although it typically invests in securities of companies with a market capitalization of $300 million or more. Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector and/or a particular country.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. Emerging market countries include all countries not represented by the MSCI World Index. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Growth investments are believed by the Investment Manager to have the potential for growth, but may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Core Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Core Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">20.16%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-27.65%</p></td></tr> </table> Best Quarter 2020-12-31 0.2016 Worst Quarter 2020-03-31 -0.2765 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2013-10-31 0.1229 0.0125 0.0114 0.0095 0.1218 0.0117 0.0107 0.0089 0.0784 0.0123 0.0109 0.0094 2013-10-31 0.1205 0.0094 0.0080 0.0061 2018-04-06 0.1232 0.0128 -0.0222 MSCI Emerging Markets Index 0.0983 0.0369 0.0266 0.0232 0.0232 (reflects no deduction for fees, expenses or taxes) 0.0029 Lazard Emerging Markets Equity Advantage Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0.0025 0 0.0023 0.0193 0.0547 0.0098 0.0293 0.0622 -0.0008 -0.0178 -0.0537 0.0090 0.0115 0.0085 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 92 304 534 1194 117 738 1386 3125 87 1367 2615 5607 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 61% of the average value of its portfolio.</p> 0.61 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of emerging markets companies. In managing the Portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio from a broad investment universe of emerging market stocks and depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights. The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation of each company relative to its global peers. The Investment Manager uses an objective, systematic investment process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may invest across the capitalization spectrum.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries. The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions. Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular country.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio considers a company to be “economically tied to emerging markets countries” if: (i) the company is organized under the laws of or domiciled in an emerging markets country or maintains its principal place of business in an emerging markets country; (ii) the securities of such company are traded principally in emerging markets countries; or (iii) during the most recent fiscal year of the company, the company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in emerging markets countries or that has at least 50% of its assets in emerging markets countries. The Portfolio considers emerging markets countries to be all countries: (i) included in the MSCI Emerging Markets Index; or (ii) not included in the MSCI World Index.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">REIT Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to quality as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”) limits the amount of the Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Other Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Country Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular country, such as China, and the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. It is unclear whether further tariffs and sanctions may be imposed or other escalating actions may be taken in the future, which could negatively affect the Portfolio.  Other</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">risks associated with investments in China include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, limitations on repatriation and differing legal standards. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting or other ramifications for failure to meet the requirements of the Securities and Exchange Commission, the Public Company Accounting Oversight Board or other United States regulators. If these risks materialize, the value of investments in VIEs could be adversely affected and the Portfolios could incur significant losses with no recourse available.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges (“China A-Shares”) through Hong Kong Stock Connect Program (“Stock Connect”). While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude the Portfolio’s ability to invest in China A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance). Stock Connect is also subject to trading, clearance, settlement and operational risks. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Advantage Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Emerging Markets Equity Advantage Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">17.93%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.63%</p></td></tr> </table> Best Quarter 2020-12-31 0.1793 Worst Quarter 2020-03-31 -0.2363 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2015-05-29 0.1264 0.0490 0.0370 0.1232 0.0421 0.0321 0.0803 0.0392 0.0303 2015-05-29 0.1236 0.0459 0.0340 2023-02-22 0.0798 MSCI Emerging Markets Index 0.0983 0.0369 0.0271 0.0271 (reflects no deduction for fees, expenses or taxes) 0.0687 Lazard Developing Markets Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0 0.0025 0 0.0024 0.0034 0.0024 0.0124 0.0159 0.0124 -0.0014 -0.0024 -0.0019 0.0110 0.0135 0.0105 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 112 380 668 1488 137 478 843 1869 107 375 663 1483 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 24% of the average value of its portfolio.</p> 0.24 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of non-US companies whose principal activities are located in emerging market countries (also known as “developing markets”).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Emerging market countries include all countries represented by the MSCI Emerging Markets Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Investment Manager employs a relative growth investment philosophy that is based on value creation through the process of bottom-up stock selection. The Investment Manager’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. The Investment Manager’s selection process focuses on growth and considers the sustainability of growth and the trade off between valuation and growth. Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector and/or a particular country.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies whose principal business activities are located in emerging market countries. In addition to common stocks, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Growth investments are believed by the Investment Manager to have the potential for growth, but may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such securities may be more volatile than other securities because they can be more sensitive to investor perceptions of the issuing company’s growth potential. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector, such as companies in the financials sector and information technology companies, and the Portfolio would be expected to be affected by </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">developments in those sectors. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt. Information technology companies generally operate in intensely competitive markets on a worldwide basis. Also, because technological development in many areas increases at a rapid rate, these companies often produce products with very short life cycles and face the risk of product obsolescence.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Developing Markets Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Developing Markets Equity Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">24.47%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-28.66%</p></td></tr> </table> Best Quarter 2020-06-30 0.2447 Worst Quarter 2020-03-31 -0.2866 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2008-09-30 0.0964 0.0312 0.0162 0.0359 0.0917 0.0310 0.0158 0.0319 0.0622 0.0264 0.0142 0.0292 2008-09-30 0.0934 0.0284 0.0129 0.0328 0.0964 0.0312 0.0162 0.0359 MSCI Emerging Markets Index 0.0983 0.0369 0.0266 0.0421 (reflects no deduction for fees, expenses or taxes) Lazard US Convertibles Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0.0025 0 0.0399 0.0578 0.0399 0.0459 0.0663 0.0459 -0.0384 -0.0563 -0.0389 0.0075 0.0100 0.0070 December 30, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 77 1038 2006 4463 102 1459 2771 5871 72 1033 2002 4460 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 22% of the average value of its portfolio.</p> 0.22 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets (including borrowing for investment purposes) in convertible securities that are economically tied to the US. The convertible securities may be issued by corporations, or other non-governmental issuers similar to corporations; issued or guaranteed by governments or their subdivisions, agencies, authorities, instrumentalities or sponsored enterprises; or issued by a supranational organization. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Investment Manager seeks to achieve the Portfolio’s investment objective primarily through actively managing a portfolio of convertible securities economically tied to the US. As part of its investment process, the Investment Manager undertakes the following analysis of the convertible securities in which the Portfolio may invest: </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">proprietary quantitative analysis</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> to assess each convertible security’s exposure or sensitivity to factors such as equity market performance, interest rates and credit spreads and its implied volatility, in order to assist the Investment Manager in forming a view regarding the relative value of the convertible security when assessed against: (i) comparable convertible securities; (ii) its historical price-to-book ratios (a measure of the security’s issuer’s market capitalization (or valuation) to its book value); (iii) the creditworthiness of the issuer; and/or (iv) what the Investment Manager assesses to be the future growth outlook or valuation prospects of the equity into which the security is convertible; </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">credit analysis</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, which will look at the credit quality of the issuers of the convertible securities (i.e., the capacity of an issuer to meet its obligations), the potential for credit quality improvement, the duration of the convertible securities, etc.; and</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">fundamental, bottom-up analysis</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> of the equity securities into which the convertible securities are convertible in order to form a view as to the growth outlook for the issuer, and the potential for improving valuations, in the underlying equity securities. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest without limitation in securities rated below investment grade (i.e., lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB by S&amp;P Global Ratings (“S&amp;P”)) (“junk bonds”) or equivalent unrated securities as determined by the Investment Manager. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration, and there are no restrictions on the Portfolio’s average maturity or duration. Duration is an estimate of the sensitivity of the price of a fixed income or convertible security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed income or convertible security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in securities and other assets which need not be convertible securities as described below and need not be economically tied to the US as described above, including securities of emerging markets issuers.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">“Convertible securities” are fixed-income and preferred equity securities that pay a fixed or floating rate of interest or dividends and that convert into: (1) underlying shares of common stock or other equity securities of the issuer of the convertible securities or of another issuer; (2) cash; or (3) a combination of cash and common stock or other equity securities of the issuer of the convertible securities or of another issuer; in each case, the form and amount of payment upon conversion is determined by the terms of the governing documents of the convertible securities. As a result, convertible securities have characteristics similar to both fixed-income and equity securities. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may, but is not required to, (1) enter into interest rate, bond and equity index futures contracts and interest rate and credit default swap agreements; and (2) purchase put and call options on securities (including </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">shares of exchange-traded open-end management investment companies (“ETFs”)) and indexes, in each case for hedging purposes or to seek to increase returns.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), it may invest in a smaller number of issuers than other, more diversified investment portfolios. In addition, implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income and Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Adjustable rate securities provide the Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Preferred Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; margin-left:36.0pt; text-decoration:none;">sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> American Depositary Receipts (“ADRs”) and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives and other similar transactions, including those entered into for hedging purposes (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.</span></p> Performance Bar Chart and Table Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Convertibles Portfolio by showing the Portfolio’s performance for the first complete calendar year of operation compared to that of a broad measure of market performance. The bar chart shows the performance of the Portfolio’s Institutional Shares. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Convertibles Portfolio by showing the Portfolio’s performance for the first complete calendar year of operation compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="24%"> <tr style="font-size:1pt;"> <td style="width:54.93%;"> </td> <td style="width:45.07%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">5.70%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2023, Q3</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-4.06%</p></td></tr> </table> Best Quarter 2023-12-31 0.0570 Worst Quarter 2023-09-30 -0.0406 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US Convertible Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2022-12-30 0.1062 0.1062 0.0904 0.0899 0.0638 0.0744 2022-12-30 0.1035 0.1035 2022-12-30 0.1062 0.1062 US Universal Index 0.0617 0.0617 (reflects no deduction for fees, expenses or taxes) ICE BofAML US Convertible Index 0.1299 0.1299 (reflects no deduction for fees, expenses or taxes) Lazard US High Yield Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks maximum total return from a combination of capital appreciation and current income.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0 0.0025 0 0.0015 0.0028 0.3775 0.0003 0.0003 0.0003 0.0073 0.0111 0.3833 -0.0015 -0.0028 -0.3775 0.0058 0.0083 0.0058 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 59 218 391 892 85 325 584 1327 59 5618 8089 9806 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 26% of the average value of its portfolio.</p> 0.26 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in high yield fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the US. The Portfolio considers “high yield” fixed income securities to be those rated, at the time of purchase, below investment grade by S&amp;P Global Ratings (“S&amp;P”) or Moody’s Investors Service, Inc. (“Moody’s”) and as low as C or Ca by S&amp;P or Moody’s, respectively, or the unrated equivalent as determined by the Investment Manager (“junk bonds”). The Portfolio may invest in dollar-denominated securities of non-US companies, including, to a limited extent, in emerging market companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolio’s average weighted maturity is expected to range between two and ten years.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks. The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities as described above and need not be tied economically to the US.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income and Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US High Yield Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US High Yield Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="24%"> <tr style="font-size:1pt;"> <td style="width:54.93%;"> </td> <td style="width:45.07%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">7.80%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-9.80%</p></td></tr> </table> Best Quarter 2020-06-30 0.0780 Worst Quarter 2020-03-31 -0.0980 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of February 1, 2024, the ICE BofA US High Yield Index replaced the ICE BofAML BB-B US Cash Pay Non-Distressed High Yield Index as the Portfolio’s primary index. The Investment Manager believes that the new index provides a more appropriate comparison of Portfolio performance than the prior index.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA US High Yield Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1998-01-02 0.1065 0.0401 0.0346 0.0403 0.0867 0.0224 0.0152 0.0127 0.0624 0.0232 0.0177 0.0173 1998-02-24 0.1035 0.0370 0.0318 0.0357 2016-11-03 0.1065 0.0351 0.0299 US Universal Index 0.0617 0.0144 0.0208 (reflects no deduction for fees, expenses or taxes) ICE BofA US High Yield Index 0.1346 0.0521 0.0451 0.0605 (reflects no deduction for fees, expenses or taxes) 0.0600 0.0466 ICE BofAML BB-B US Cash Pay Non-Distressed High Yield(a) Index 0.1222 0.0519 0.0457 0.0594 (reflects no deduction for fees, expenses or taxes) 0.0590 0.0455 Lazard US Short Duration Fixed Income Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks total return and preservation of capital.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0025 0.0025 0 0.0025 0 0.0041 0.2913 0.0041 0.0066 0.2963 0.0066 -0.0026 -0.2898 -0.0031 0.0040 0.0065 0.0035 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 41 185 342 798 66 4821 7522 10210 36 180 337 793 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 259% of the average value of its portfolio.</p> 2.59 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of US issuers, including US government securities, corporate securities, mortgage-related and asset-backed securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities. These securities may have any type of interest rate payment terms, including fixed rate, adjustable rate or zero coupon features. Under normal circumstances, the Portfolio’s investment portfolio can be expected to have an average effective duration of three years or less. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in securities that are rated investment grade by one or more nationally recognized statistical rating organizations (or, if unrated, determined by the Investment Manager to be of comparable quality).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Securities are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research and analysis of features such as prepayment or call options, maturity, duration and coupon.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in other securities which need not be fixed-income securities of US issuers.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income and Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Adjustable rate securities provide the Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related 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. 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.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Structured Products Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions may increase volatility or reduce returns, perhaps </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference asset, market or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Preferred Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, investments denominated in currencies other than US dollars may experience decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.</p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Short Duration Fixed Income Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard US Short Duration Fixed Income Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="24%"> <tr style="font-size:1pt;"> <td style="width:54.93%;"> </td> <td style="width:45.07%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2.57%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-1.62%</p></td></tr> </table> Best Quarter 2023-12-31 0.0257 Worst Quarter 2022-03-31 -0.0162 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio changed its investment strategy on June 28, 2013. Prior to that that date, the Portfolio invested in US municipal securities and the performance prior to June 28, 2013 reflects that investment strategy.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the US Universal Index replaced the ICE BofA Merrill Lynch 1-3 Year US Treasury Index as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2011-02-28 0.0426 0.0128 0.0098 0.0119 0.0281 0.0596 0.0403 0.0060 0.0250 0.0069 0.0050 0.0067 2011-02-28 0.0398 0.0106 0.0083 0.0101 0.0426 0.0128 0.0098 0.0119 US Universal Index 0.0617 0.0144 0.0208 0.0246 (reflects no deduction for fees, expenses or taxes) Bank of America Merrill Lynch 1-3 Year US Treasury Index 0.0426 0.0130 0.0105 0.0100 (reflects no deduction for fees, expenses or taxes) Lazard Global Listed Infrastructure Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks total return.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0090 0 0.0025 0 0.0006 0.0007 0.0006 0.0001 0.0001 0.0001 0.0097 0.0123 0.0097 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 99 309 536 1190 125 390 676 1489 99 309 536 1190 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 25% of the average value of its portfolio.</p> 0.25 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. Lazard Asset Management LLC (the “Investment Manager”) focuses on companies with a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or other recognized securities exchange.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the US or doing a substantial amount of business outside the US. The Investment Manager allocates the Portfolio’s assets among various regions and countries, including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies with some business activities located in emerging market countries.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Investment Manager generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the US dollar by entering into foreign currency forward contracts, although the Portfolio’s total foreign currency exposure may not be fully hedged at all times.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">As part of its investment strategy, the Portfolio may use repurchase agreements or money market mutual funds to maximize the value of its assets held in cash.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Infrastructure Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Repurchase Agreements Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may enter into certain types of repurchase agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a security (typically a security issued or guaranteed by the U.S. Government) at a mutually agreed upon time and price. This insulates the Portfolio from changes in the market value of the security during the period. A purchase and sale contract is similar to a repurchase agreement, but purchase and sale contracts provide that the purchaser receives any interest on the security paid during the period. If the seller fails to repurchase the security in either situation and the market value declines, the Portfolio may lose money.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Forward Currency Contracts and Currency Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Forward currency contracts, including those entered into for hedging purposes (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Forward currency contracts incur costs, </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause the Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in large cap companies may underperform other segments of the market when such other segments are in favor or because such companies may be less responsive to competitive challenges and opportunities and may be unable to attain high growth rates during periods of economic expansion.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Listed Infrastructure Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global Listed Infrastructure Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2017, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">10.52%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-16.07%</p></td></tr> </table> Best Quarter 2017-03-31 0.1052 Worst Quarter 2020-03-31 -0.1607 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2009-12-31 0.1089 0.0891 0.0964 0.1028 0.1024 0.0732 0.0753 0.0858 0.0710 0.0680 0.0726 0.0818 2009-12-31 0.1060 0.0864 0.0936 0.0997 0.1089 0.0891 0.0964 0.1028 MSCI World Index 0.2379 0.1280 0.0860 0.0944 (reflects no deduction for fees, expenses or taxes) MSCI World Core Infrastructure (Hedged) Index 0.0432 0.0816 0.0827 0.0890 (reflects no deduction for fees, expenses or taxes) Lazard Real Assets Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0 0.0025 0 0.0067 0.0132 0.3197 0.0004 0.0004 0.0004 0.0136 0.0226 0.3266 -0.0054 -0.0117 -0.3187 0.0084 0.0109 0.0079 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement described above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 86 379 695 1590 111 598 1112 2523 81 252 439 978 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 68% of the average value of its portfolio.</p> 0.68 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Portfolio invests at least 80% of its assets in real assets investments, including instruments providing exposure to such investments (such as derivative instruments). </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">“Real assets” are considered by the Portfolio to be:</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">(i) assets that have physical properties, such as:</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">natural resources, such as energy and materials (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">e.g.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, metals and mining, paper and forestry and chemicals)</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">real estate, such as real estate investment trusts (“REITs”) and real estate operating companies (“Real Estate Investments”)</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">equipment and industrials, such as tools, hardware, machinery and other industrial components</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">infrastructure, such as utilities, transport, communications, pipelines, seaports, airports and toll roads</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:28.8pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">commodities, such as physical commodities with tangible properties such as gas, oil, metals, livestock or agricultural products; and</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">(ii) companies that typically derive at least 50% of their revenues or profits from, or have at least 50% of their assets committed to, real assets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Allocation of the Portfolio’s assets by the Investment Manager among these real assets categories will vary, and over time exposures to new categories may be added or exposures to existing categories may be eliminated.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio may invest in equity securities of US and non-US companies, including emerging markets companies, as well as commodity-linked and other derivative instruments. In addition, the Portfolio may invest in fixed income securities of any maturity or credit quality, typically government securities, in connection with the Portfolio’s derivatives exposures (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, as a type of margin or collateral). The Portfolio also may invest in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy. The Portfolio may invest in companies of any market capitalization.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio may gain exposure to the commodity markets by investing up to 25% of the Portfolio’s total assets in a wholly-owned subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”), which invests mainly in commodity-linked derivative instruments (including, but not limited to, futures contracts, options and total return swaps) and fixed income securities, typically government securities, in connection with the Subsidiary’s derivatives exposures (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, as a type of margin or collateral).</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Investment Manager’s process for selecting investments for the Portfolio may include a variety of approaches, such a fundamental, bottom-up analysis, qualitative evaluations and quantitative models or a combination of these or other approaches. The process used will usually vary for different types of real assets categories, or category subsets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In addition, the Portfolio may, but is not required to (1) enter into futures contracts; forward currency contracts; equity, total return, interest rate, credit default and currency swap agreements; (2) write put and call options on securities (including shares of ETFs), indexes and currencies; and (3) invest in structured notes, in each case for hedging purposes or to seek to increase returns, including as a substitute for a direct investment in securities. </p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Allocation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among real assets categories. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Natural Resources Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Real Estate Investments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s investments in Real Estate Investments, including REITs, could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of Real Estate Investments may be determined to a great extent by the current status of the real estate industry in general, or by other factors that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets. The risks related to investments in Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Infrastructure Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Commodities-Related Investments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Exposure to the commodities markets may subject the Portfolio to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income and Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by the Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives and other similar transactions, including those entered into for hedging purposes (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities (including options on shares of ETFs), indexes and currencies; structured notes; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk. The same risks, as applicable, apply to derivatives transactions by the Subsidiary.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”) limits the </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">amount of the Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Subsidiary and Tax Status Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the Portfolio invests in the Subsidiary, such as a change in tax law, could adversely affect the Portfolio. By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments, which generally include the risks of investing in commodity-related derivative instruments (described elsewhere in this Prospectus). Income and gains from commodities or certain commodity-linked derivative instruments directly held by the Portfolio do not constitute “qualifying income” to the Portfolio for purposes of qualification as a “regulated investment company” for federal income tax purposes. Without such qualification, the Portfolio could fail to qualify as a RIC and be subject to tax. The Portfolio intends to gain exposure indirectly to commodity markets by investing in its Subsidiary, which invests primarily in these commodity-linked derivative instruments. The tax treatment of the Portfolio’s investments in the Subsidiary may be adversely affected by future legislation, Treasury regulations, court decisions and/or guidance issued by the Internal Revenue Service that could affect whether income derived from such investment is “qualifying income” under the Internal Revenue Code of 1986, as amended, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Real Assets Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Effective September 1, 2020, certain changes were made to the Portfolio’s principal investments strategies, including removing inflation-indexed securities from its policy with respect to the investment of 80% of its assets. The Portfolio’s performance information prior to September 1, 2020 relates only to the Portfolio’s prior principal investment strategies. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Real Assets Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2021, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">9.24%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-15.79%</p></td></tr> </table> Best Quarter 2021-06-30 0.0924 Worst Quarter 2020-03-31 -0.1579 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Real Assets Blend Index is an index constructed by the Investment Manager that is comprised of 33.3% MSCI World Core Infrastructure Index, 33.3% MSCI ACWI IMI Core Real Estate Index and 33.3% Bloomberg Barclays Commodity Total Return Index. A predecessor index, the Real Assets Index, comprised of 33.3% MSCI World Core Infrastructure USD Hedged Index, 33.3% MSCI ACWI IMI Core Real Estate Index and 33.3% Bloomberg Barclays Commodity Total Return Index, was constructed by the Investment Manager for comparison to the performance of the Lazard Real Assets Portfolio pursuant to its investment strategy effective September 1, 2020.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2016-12-30 0.0444 0.0631 0.0470 0.0339 0.0428 0.0297 0.0281 0.0423 0.0311 2017-01-09 0.0416 0.0603 0.0440 2022-07-22 0.0438 -0.0125 MSCI World Index 0.2379 0.1280 0.1073 (reflects no deduction for fees, expenses or taxes) 0.1053 0.1507 Real Assets Blend Index 0.0247 0.0627 0.0510 (reflects no deduction for fees, expenses or taxes) 0.0508 -0.0134 Lazard Enhanced Opportunities Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0095 0.0095 0 0.0025 0 0.0171 0.0171 0.0171 0.0081 0.0081 0.0081 0.0076 0.0182 0.0076 0.0328 0.0434 0.0328 0.0001 0.0001 0.001 0.0424 0.0555 0.0424 -0.0298 -0.0404 -0.0303 0.0126 0.0151 0.0121 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 128 1015 1915 4225 154 1296 2426 5197 123 1010 1911 4222 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 270% of the average value of its portfolio.</p> 2.70 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks to achieve its investment objective over a full market cycle through a hedged strategy investing primarily in convertible fixed income and preferred securities (including those rated below investment grade (“junk”)). The strategy utilizes a relative value approach, focusing on convertible securities that are considered to have low volatility. It is expected that the Portfolio will invest primarily in small and mid cap companies. The Portfolio also will utilize selective strategy level and position level hedges, primarily through short selling and derivatives, seeking to minimize macro risk (equity and credit) and interest rate risk. The Portfolio may invest in convertible debt and preferred securities of any maturity and any quality. Convertible securities held in the Portfolio generally are expected to have maturities between three and seven years at the time of investment, or between five and seven years if invested at issuance. Preferred securities generally are of perpetual maturities, callable at various points determined by the issuer. The Portfolio management team utilizes bottom up fundamental credit, equity and quantitative analysis in conjunction with top down macroeconomic analysis to identify individual securities believed to offer compelling value versus comparable risk return.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio will generally have short positions through selling securities “short” and through investments in derivative instruments, principally swap agreements on individual securities, and may use short positions to seek to increase returns or to reduce risk. A short sale involves the sale of a security that the Portfolio does not own in the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and at a lower price and profiting from the price decline. Similarly, when taking short positions with respect to securities through investments in derivative instruments, the Investment Manager is expecting the value of such securities to fall during the period of the Portfolio’s investment exposure.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio’s investment focus is US companies, the Portfolio also may invest in non-US companies, including depositary receipts and shares. At certain times, based on the currently existing market environment, the Investment Manager may not believe it is able to find sufficient opportunities to invest in convertible fixed income and preferred securities and/or take short positions and may determine to tactically shift the Portfolio to invest substantially in money market instruments, such as short-term US Treasury securities and certificates of deposit.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may invest in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">In addition, the Portfolio may, but is not required to (1) enter into futures and forward currency contracts and equity, interest rate, credit default and currency swap agreements; and (2) write put and call options on securities (including shares of ETFs), indexes and currencies, in each case for hedging purposes or to seek to increase returns.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">It is expected that the Portfolio will buy and sell securities, and take short positions in securities, frequently in connection with implementing its investment strategy.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income and Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, the Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Adjustable rate securities provide the Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Preferred Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:8.2pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; margin-left:36.0pt; text-decoration:none;">sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Short Position Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security. In addition, the Portfolio’s short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives and other similar transactions, including those entered into for hedging purposes (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities (including options on shares of ETFs), indexes and currencies; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Small and Mid Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Small and mid cap companies carry additional risks because their earnings tend to be less predictable, their share prices more volatile and their securities less liquid than larger, more established companies. The shares of small and mid cap companies tend to trade less frequently than those of larger companies, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when the Investment Manager deems it appropriate.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Leverage Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The use of leverage, which the Portfolio’s strategy entails, may exaggerate the effect of any increase or decrease in the value of the securities held by the Portfolio and cause the Portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value investments are believed by the Investment Manager to be undervalued, but may not realize their perceived value for extended periods of time or may never realize their perceived value. These securities may respond differently to market and other developments than other types of securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Direction Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Since the Portfolio will typically hold both long and short positions, an investment in the Portfolio will involve market risks associated with different types of investment decisions than those made for a </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">typical “long only” fund. The Portfolio’s results will suffer both when there is a general market advance and the Portfolio holds significant “short” positions, or when there is a general market decline and the Portfolio holds significant “long” positions. In recent years, the markets have shown considerable volatility from day to day and even in intra-day trading.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies, as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-Diversification Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Shares of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of the Portfolio’s assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Enhanced Opportunities Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Enhanced Opportunities Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="24%"> <tr style="font-size:1pt;"> <td style="width:54.93%;"> </td> <td style="width:45.07%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">6.57%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-7.13%</p></td></tr> </table> Best Quarter 2020-12-31 0.0657 Worst Quarter 2020-03-31 -0.0713 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Effective as of May 1, 2024, the US Universal Index replaced ICE BofA Merrill Lynch US Convertible ex Mandatory Index (USD Unhedged) as the Portfolio’s broad-based securities market index. The US Universal Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance. </p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2014-12-31 0.0702 0.0460 0.0319 0.0633 0.0260 0.0099 0.0416 0.0273 0.0147 2014-12-31 0.0663 0.0436 0.0295 0.0702 0.0460 0.0319 US Universal Index 0.0617 0.0144 0.0170 ICE BofAML U.S. Convertible ex Mandatory Index 0.1390 0.1223 0.0944 HFRX Global Hedge Fund Index 0.0310 0.0346 0.0164 (reflects no deduction for fees, expenses or taxes) Lazard Opportunistic Strategies Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio seeks long-term capital appreciation.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of The Lazard Funds, Inc. (the “Fund”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.</p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0 0.0025 0 0.0041 0.0493 0.0041 0.0032 0.0032 0.0032 0.0173 0.0650 0.0173 -0.0039 -0.0491 -0.0039 0.0134 0.0159 0.0134 May 1, 2025 Example <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 136 507 902 2009 162 1486 2771 5818 136 507 902 2009 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 109% of the average value of its portfolio.</p> 1.09 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio utilizes an asset allocation strategy to invest in a global portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to stocks, bonds, commodities and other investments.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy, as well as actively managed closed-end management investment companies (“closed-end funds”, and, together with ETFs, “Underlying Funds”). ETFs in which the Portfolio may invest include both ETFs designed to correlate directly with an index and ETFs designed to correlate inversely with an index and may include actively-managed ETFs. The Portfolio, through Underlying Funds in which it invests, may invest in non-US companies (including those in emerging markets), and the Portfolio also may invest directly in equity and debt securities in addition to its investments in Underlying Funds. The Portfolio’s investment portfolio is concentrated in a relatively small number of holdings (generally 10 to 30). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Investors can invest directly in Underlying Funds and do not need to invest in Underlying Funds through mutual funds or separately managed accounts.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may, but is not required to (1) enter into equity, total return and currency swap agreements; futures contracts and options on futures contracts (including with respect to index and commodities); and forward currency contracts; and (2) write put and covered call options on securities (including shares of ETFs), indexes and currencies, in each case for hedging purposes or to seek to increase returns, including as a substitute for purchasing an Underlying Fund.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio may, but is not required to, effect short sales of securities. A short sale involves the sale of a security that the Portfolio does not own in the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and at a lower price and profiting from the price decline. Similarly, when taking short positions with respect to securities through investments in derivative instruments, the Investment Manager is expecting the value of such securities to fall during the period of the Portfolio’s investment exposure.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), it may invest in a smaller number of issuers than other, more diversified, investment portfolios.</p> Principal Investment Risks <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The value of your investment in the Portfolio will fluctuate, which means you could lose money.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Underlying Funds Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Shares of closed-end funds and ETFs may trade at prices at, below or above their net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. The Portfolio’s investments in Underlying Funds are subject to the risks of the Underlying Funds’ investments, as well as to the general risks of investing in Underlying Funds. The Portfolio will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the Underlying Funds in which the Portfolio invests. Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another investment company, including an Underlying Fund, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Short Position Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Short positions may involve substantial risks. If a short position appreciates in value during the period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, the Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security. In addition, the Portfolio’s short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Non-US Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign currency exposure.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income and Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Focused Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives and other similar transactions, including those entered into for hedging purposes (</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">, seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities (including options on shares of ETFs), indexes and currencies; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on the Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause the Portfolio </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Commodities-Related Investments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Exposure to the commodities markets may subject the Portfolio to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Portfolio’s investment strategy may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.</span></p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of 12/31 <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Opportunistic Strategies Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. The bar chart shows how the performance of the Portfolio’s Institutional Shares has varied from year to year over the past 10 calendar years. Updated performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future.</p> The accompanying bar chart and table provide some indication of the risks of investing in Lazard Opportunistic Strategies Portfolio by showing the Portfolio’s year-by-year performance and its average annual performance compared to that of broad measures of market performance. www.lazardassetmanagement.com (800) 823-6300 The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="25%"> <tr style="font-size:1pt;"> <td style="width:51.25%;"> </td> <td style="width:48.75%;"> </td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">13.58%</p></td></tr> <tr> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td> <td style="vertical-align:bottom; font-size:1pt;"> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;"> </p></td></tr> <tr> <td colspan="2" style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter:</p></td></tr> <tr> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2018, Q4</p></td> <td style="vertical-align:bottom;"> <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-12.77%</p></td></tr> </table> Best Quarter 2020-06-30 0.1358 Worst Quarter 2018-12-31 -0.1277 Average Annual Total Returns (for the periods ended December 31, 2023) <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2023) reflect the performance of the Portfolio’s Institutional Shares. R6 Shares would have had substantially similar returns as Institutional Shares because the share classes are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes do not have the same expenses.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index.</p> After-tax returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 2008-03-26 0.1029 0.0596 0.0380 0.0389 0.0951 0.0517 0.0261 0.0273 0.0664 0.0457 0.0262 0.0270 2008-03-31 0.0985 0.0568 0.0346 0.0358 0.1029 0.0596 0.0380 0.0389 MSCI World Index 0.2379 0.1280 0.0860 0.0717 (reflects no deduction for fees, expenses or taxes) 0.0722 0.0717 Global Asset Allocation Blended Index 0.1626 0.0843 0.0613 0.0582 (reflects no deduction for fees, expenses or taxes) 0.0584 0.0582 485BPOS 2023-12-31 0000874964 false 2024-04-25 2024-05-01 0.1888 0.07 0.0737 0.1549 -0.0607 0.3172 0.0898 0.2602 -0.1989 0.163 0.1504 -0.0475 0.097 0.1817 -0.0312 0.3167 0.1729 0.2736 -0.1694 0.1977 0.2901 -0.1807 0.1588 0.1139 -0.0214 0.162 0.142 -0.1327 0.30 0.0644 0.1991 -0.1523 0.1007 -0.1633 0.198 -0.0429 0.0162 -0.0418 0.2281 -0.1361 0.2119 0.0876 0.06 -0.1483 0.1643 -0.0429 -0.0363 -0.0063 0.2831 -0.149 0.2032 0.0833 0.0324 -0.1555 0.1206 -0.0113 0.2498 -0.1626 0.1737 0.0541 0.1394 -0.1345 0.1982 0.3006 0.2395 0.0999 -0.201 0.1783 -0.0148 -0.017 -0.0517 0.2785 -0.1035 0.2155 0.1058 0.0599 -0.1688 0.1706 -0.0277 0.0971 -0.0474 0.3667 -0.2488 0.2601 0.1344 0.1183 -0.2632 0.1155 0.0384 0.0046 0.0266 0.2852 -0.0712 0.252 0.1597 0.1975 -0.1728 0.1705 0.0645 0.2057 -0.0721 0.2169 -0.0518 0.19 -0.0672 0.0765 -0.051 0.217 0.0115 0.2276 -0.0521 0.187 -0.0416 -0.2016 0.2052 0.2802 -0.1809 0.1804 -0.0004 0.0538 -0.1486 0.2239 -0.0125 -0.1036 0.0347 0.4035 -0.1812 0.2159 0.1198 -0.1121 -0.2163 0.1229 0.0983 0.4252 -0.1623 0.2044 0.174 0.0096 -0.2101 0.1264 -0.1027 -0.1284 0.1481 0.4115 -0.2058 0.2817 0.1933 -0.1014 -0.2261 0.0964 0.1062 0.0331 -0.0071 0.1009 0.0509 -0.0273 0.1334 0.0496 0.0286 -0.1011 0.1065 0.0049 0.0005 0.01 0.0072 0.0108 0.0293 0.0246 -0.0039 -0.0268 0.0426 0.1795 0.093 0.093 0.208 -0.0373 0.2226 -0.0448 0.1987 -0.013 0.1089 0.099 -0.0755 0.1607 0.0061 0.216 -0.0845 0.0444 -0.0232 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http://www.lazard.com/20231231/role/RRSchedule158 ~ ~ http://www.lazard.com/20231231/role/RRSchedule159 ~ ~ http://www.lazard.com/20231231/role/RRBarChart160 ~ ~ http://www.lazard.com/20231231/role/RRSchedule161 ~ ~ http://www.lazard.com/20231231/role/RRSchedule165 ~ ~ http://www.lazard.com/20231231/role/RRSchedule166 ~ ~ http://www.lazard.com/20231231/role/RRBarChart167 ~ ~ http://www.lazard.com/20231231/role/RRSchedule168 ~ ~ http://www.lazard.com/20231231/role/RRSchedule172 ~ ~ http://www.lazard.com/20231231/role/RRSchedule173 ~ ~ http://www.lazard.com/20231231/role/RRBarChart174 ~ ~ http://www.lazard.com/20231231/role/RRSchedule175 ~ LAZARD FUNDS INC Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Basedon estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Basedon estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Basedon estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Basedon estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. ~http://www.lazard.com/20231231/role/RRSchedule8 ~ ~http://www.lazard.com/20231231/role/RRSchedule15 ~ ~http://www.lazard.com/20231231/role/RRSchedule22 ~ ~http://www.lazard.com/20231231/role/RRSchedule29 ~ ~http://www.lazard.com/20231231/role/RRSchedule36 ~ ~http://www.lazard.com/20231231/role/RRSchedule43 ~ ~http://www.lazard.com/20231231/role/RRSchedule50 ~ ~http://www.lazard.com/20231231/role/RRSchedule57 ~ ~ http://www.lazard.com/20231231/role/RRSchedule64 ~ ~ http://www.lazard.com/20231231/role/RRSchedule71 ~ ~ http://www.lazard.com/20231231/role/RRSchedule78 ~ ~ http://www.lazard.com/20231231/role/RRSchedule85 ~ ~ http://www.lazard.com/20231231/role/RRSchedule92 ~ ~ http://www.lazard.com/20231231/role/RRSchedule99 ~ ~ http://www.lazard.com/20231231/role/RRSchedule106 ~ ~ http://www.lazard.com/20231231/role/RRSchedule113 ~ ~ http://www.lazard.com/20231231/role/RRSchedule120 ~ ~ http://www.lazard.com/20231231/role/RRSchedule127 ~ ~ http://www.lazard.com/20231231/role/RRSchedule134 ~ ~ http://www.lazard.com/20231231/role/RRSchedule141 ~ ~ http://www.lazard.com/20231231/role/RRSchedule148 ~ ~ http://www.lazard.com/20231231/role/RRSchedule155 ~ ~ http://www.lazard.com/20231231/role/RRSchedule162 ~ ~ http://www.lazard.com/20231231/role/RRSchedule169 ~ ~ http://www.lazard.com/20231231/role/RRSchedule176 ~ 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), Lazard Asset Management LLC (the “Investment Manager”) has contractually agreed, until May 1, 2025, 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. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed .70%, .95% and .70% 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed .75%, 1.00% and .70% 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. 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, 2025, 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. 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, 2025, 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. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 90%, 1.15% and .85% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, 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, and from May 1, 2025 until May 1, 2034, to the extent Total Annual Portfolio Operating Expenses exceed 1.15%, 1.40% and 1.10% 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, 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. 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, 2025 for Institutional Shares and R6 Shares, and until May 1, 2034 for Open Shares, to the extent Total Annual Portfolio Operating Expenses exceed .85%, 1.10% and .80% 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), Lazard Asset Management LLC (the “Investment Manager”) has contractually agreed, until May 1, 2025, 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed 1.03%, 1.28% and .98% 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. Life of Portfolio return not available since the index has not been in existence as long as the Portfolio. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed .75%, 1.00% and .70% 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed .95%, 1.20% and .90% 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. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .95%, 1.20% and .90% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. 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), Lazard Asset Management LLC (the “Investment Manager”) has contractually agreed, until May 1, 2025, 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. 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, 2025, 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. 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, 2025, 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessary, reimburse the Portfolio until December 30, 2025, to the extent Total Annual Portfolio Operating Expenses exceed .75%, 1.00% and .70% 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. 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, 2025 for Institutional Shares and Open Shares, and until May 1, 2034 for R6 Shares, to the extent Total Annual Portfolio Operating Expenses exceed .55%, .80% and .55% 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. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .55%, .80% and .55% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. Life of Portfolio return not available since the index has not been in existence as long as the Portfolio. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025 for Institutional Shares and R6 Shares, and until May 1, 2034 for Open Shares, to the extent Total Annual Portfolio Operating Expenses exceed .40%, .65% and .35% 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses are .96%, 1.22% and .96% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. 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, 2025 for Institutional Shares and Open Shares, and until May 1, 2034 for R6 Shares, 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. Excluding Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are .80%, 1.05% and .75% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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. 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. Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2025, to the extent Total Annual Portfolio Operating Expenses exceed 1.25%, 1.50% and 1.20% 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. 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 1.25%, 1.50% and 1.20% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares from the last fiscal year. 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, 2025, to the extent Total Annual Portfolio Operating Expenses exceed 1.02%, 1.27% and 1.02% 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. 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 1.02%, 1.27% and 1.02% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively.