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cik0000874964:Russell3000Indexreflectsnodeductionforfeesexpensesortaxes334Member 2021-01-01 2025-12-31 0000874964 cik0000874964:S000010269Member cik0000874964:Russell3000Indexreflectsnodeductionforfeesexpensesortaxes334Member 2016-01-01 2025-12-31 0000874964 cik0000874964:S000010269Member cik0000874964:Russell2000Indexreflectsnodeductionforfeesexpensesortaxes335Member 2025-12-31 2025-12-31 0000874964 cik0000874964:S000010269Member cik0000874964:Russell2000Indexreflectsnodeductionforfeesexpensesortaxes335Member 2025-01-01 2025-12-31 0000874964 cik0000874964:S000010269Member cik0000874964:Russell2000Indexreflectsnodeductionforfeesexpensesortaxes335Member 2021-01-01 2025-12-31 0000874964 cik0000874964:S000010269Member cik0000874964:Russell2000Indexreflectsnodeductionforfeesexpensesortaxes335Member 2016-01-01 2025-12-31 iso4217:USD pure N-1A 2026-05-01 Lazard Developing Markets Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0022 0.0031 0.0022 0.0122 0.0156 0.0122 -0.0012 -0.0021 -0.0017 0.0110 0.0135 0.0105 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 112 375 659 1467 137 472 830 1839 107 370 654 1462 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 35% of the average value of its portfolio.</p> 0.35 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 developing market countries (also known as “emerging markets”). The Portfolio invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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. 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">(including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</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; color:#171A1C; font-weight:bold; text-decoration:none;">Country Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Implementation of the Portfolio’s investment strategy may involve 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 country-specific political, regulatory, market, economic and social developments.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">China. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, including currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, limitations on repatriation and differing legal standards. Strained relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries, such as the potential for an escalation in trade tensions. An increase in tariffs or trade restrictions (and threats thereof), sanctions or embargoes could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry, Chinese issuers, the liquidity or price of the Portfolio’s direct or indirect investments in China and, therefore, the Portfolio.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, interest rates, allocation of resources and capital reinvestment, among others. The Chinese central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership or other involvement and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. In addition, the Chinese government has from time to time actively intervened in Chinese companies’ operations and structures and taken actions that influence the prices at which certain goods may be sold, encourage companies to invest or concentrate in particular industries, induce mergers between companies in certain industries and induce private companies to publicly offer their securities to increase or continue the rate of economic growth, control the rate of inflation or otherwise regulate economic expansion. The Chinese government may do so in the future as well, potentially having a significant adverse effect on economic conditions in China. Moreover, strained relations, border disputes or other conflict between China and neighboring countries could adversely affect the Chinese economy.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 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 any of these or similar risks or developments materialize, the value of investments in VIEs could be </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">adversely affected and the Portfolios could incur significant losses with no recourse available. A decline or worsening in diplomatic or other relations between the U.S. and China could increase the risks associated with the VIE structure.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 information technology sector, and the Portfolio would be expected to be affected by developments in that sector.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Information Technology. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">Information technology companies generally operate in intensely competitive markets on a worldwide basis. 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. Information technology companies may be subject to intense market volatility, changing consumer preferences, and government regulation or scrutiny.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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, 2025) 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 0.3366 0.0169 0.0791 0.3301 0.0158 0.0785 0.1991 0.0142 0.0658 2008-09-30 0.3330 0.0144 0.0758 0.3366 0.0169 0.0791 MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) MSCI Emerging Markets Index(reflects no deduction for fees, expenses or taxes) 0.3357 0.0420 0.0842 Lazard Emerging Markets Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0007 0.0007 0.0008 0.0107 0.0132 0.0108 -0 -0 -0.0001 0.0107 0.0132 0.0107 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 109 340 590 1306 134 418 723 1590 109 342 595 1316 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 27% of the average value of its portfolio.</p> 0.27 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. The Portfolio invests primarily in equity securities, principally common stocks, of non-U.S. 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. In addition to common stocks, such equity securities also may include American Depositary </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts. 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Financials. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 0.4133 0.1080 0.0955 0.4016 0.1011 0.0915 0.2446 0.0862 0.0800 1997-01-08 0.4102 0.1052 0.0927 2015-01-19 0.4137 0.1081 0.0956 MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) MSCI Emerging Markets Index(reflects no deduction for fees, expenses or taxes) 0.3357 0.0420 0.0842 Lazard Emerging Markets Equity Advantage Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0010 0.0056 0.0010 0.0085 0.0156 0.0085 -0 -0.0041 -0 0.0085 0.0115 0.0085 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 87 271 471 1049 117 452 811 1822 87 271 471 1049 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 76% of the average value of its portfolio.</p> 0.76 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 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 Portfolio considers a company to be “economically tied to emerging markets </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; font-style:normal; text-align:left; color:#171A1C; 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 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</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; color:#171A1C; font-weight:bold; text-decoration:none;">Country Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 country-specific political, regulatory, market, economic and social developments.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">China. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">There are special risks associated with investments in China, including currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, limitations on repatriation and differing legal standards. Strained relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries, such as the potential for an escalation in trade tensions. An increase in tariffs or trade restrictions (and threats thereof), sanctions or embargoes could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry, Chinese issuers, the liquidity or price of the Portfolio’s direct or indirect investments in China and, therefore, the Portfolio.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, interest rates, allocation of resources and capital reinvestment, among others. The Chinese central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership or other involvement and actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. In addition, the Chinese government has from time to time actively intervened in Chinese companies’ operations and structures and taken actions that influence the prices at which certain goods may be sold, encourage companies to invest or concentrate in particular industries, induce mergers between companies in certain industries and induce private companies to publicly offer their securities to increase or continue the rate of economic growth, control the rate of inflation or otherwise regulate economic expansion. The Chinese government may do so in the future as well, potentially having a significant adverse effect on economic conditions in China. Moreover, strained relations, border disputes or other conflict between China and neighboring countries could adversely affect the Chinese economy.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">into service and other contracts with the Chinese company. Although the VIE has no equity 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 any of these or similar risks or developments materialize, the value of investments in VIEs could be adversely affected and the Portfolios could incur significant losses with no recourse available. A decline or worsening in diplomatic or other relations between the U.S. and China could increase the risks associated with the VIE structure.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 information technology sector, and the Portfolio would be expected to be affected by developments in that sector.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Information Technology. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">Information technology companies generally operate in intensely competitive markets on a worldwide basis. 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. Information technology companies may be subject to intense market volatility, changing consumer preferences, and government regulation or scrutiny.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">REIT Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 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.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Other Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 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 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 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 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 0.3372 0.0600 0.0951 0.3290 0.0521 0.0903 0.2017 0.0454 0.0782 2015-05-29 0.3325 0.0570 0.0920 2023-02-22 0.3363 MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) MSCI Emerging Markets Index(reflects no deduction for fees, expenses or taxes) 0.3357 0.0420 0.0842 Lazard Enhanced Opportunities Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0010 0.0010 0.0010 0.0003 0.0003 0.0003 0.0046 0.0127 0.0046 0.0059 0.0140 0.0059 0.0001 0.0001 0.0001 0.0155 0.0261 0.0155 -0.0021 -0.0102 -0.0026 0.0134 0.0159 0.0129 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 136 469 825 1828 162 714 1294 2868 131 464 820 1823 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 857% of the average value of its portfolio.</p> 8.57 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Although the Portfolio’s investment focus is U.S. companies, the Portfolio also may invest in non-U.S. 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 U.S. Treasury securities and certificates of deposit.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Preferred Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Short Position Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Leverage Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Direction Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 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.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-Diversification Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="26%"><tr style="font-size:1pt;"><td style="width:60.92%;"> </td><td style="width:39.08%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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, 2025) 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. 2014-12-31 0.1082 0.0543 0.0525 0.1051 0.0354 0.0339 0.0640 0.0333 0.0323 2014-12-31 0.1090 0.0527 0.0504 0.1082 0.0543 0.0525 Bloomberg US Universal Index (reflects no deduction for fees, expenses or taxes) Bloomberg US Universal Index(reflects no deduction for fees, expenses or taxes) 0.0758 0.0006 0.0244 HFRX Global Hedge Fund Index (reflects no deduction for fees, expenses or taxes) 0.0714 0.0287 0.0308 Lazard Equity Franchise Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0026 0.0234 0.0026 0.0106 0.0339 0.0106 -0.0011 -0.0219 -0.0016 0.0095 0.0120 0.0090 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 97 326 574 1284 122 837 1576 3528 92 321 569 1280 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 96% of the average value of its portfolio.</p> 0.96 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of companies that the Investment Manager considers to have an “economic franchise.” Such companies are identified by the Investment Manager as having historically shown an ability to generate unleveraged returns, at or above their cost of capital. The </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Portfolio invests primarily in equity securities, principally common stocks, of U.S. and non-U.S. companies, including those in emerging markets. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio normally invests in equity securities listed on a national or other recognized securities exchange. The Portfolio may invest in the equity securities of any size company.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Investment Manager may enter into foreign currency forward contracts to hedge some or all foreign currency exposure in the Portfolio against movements relative to the U.S. dollar and generally not for the purpose of generating investment returns. However, 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Franchise Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 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.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-Diversification Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">(which were not operational as of December 31, 2025) 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 0.0407 0.0684 0.0660 -0.0330 0.0228 0.0309 0.0251 0.0394 0.0404 2017-09-29 0.0370 0.0655 0.0632 0.0407 0.0684 0.0660 MSCI World Index (reflects no deduction for fees, expenses or taxes) MSCI World Index(reflects no deduction for fees, expenses or taxes) 0.2109 0.1215 0.1190 Lazard Global Listed Infrastructure Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0006 0.0006 0.0096 0.0121 0.0096 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 98 306 531 1178 123 384 665 1466 98 306 531 1178 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of Infrastructure Companies with securities listed on a national or other recognized securities exchange. Infrastructure Companies derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the generation, production, transmission, sale or distribution of energy or natural resources used to produce energy; distribution, purification and treatment of water; provision of communications services and media; management, ownership and/or operation of infrastructure assets or construction, development or financing of infrastructure assets, such as pipelines, toll roads, airports, railroads or ports.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">“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; font-style:normal; text-align:left; color:#171A1C; 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 U.S. or doing a substantial amount of business outside the U.S. 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Investment Manager may enter into foreign currency forward contracts to hedge some or all foreign currency exposure in the Portfolio against movements relative to the U.S. dollar and generally not for the purpose of generating investment returns. However, 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Concentration Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio will be concentrated (i.e., hold more than 25% of the value of the Portfolio’s assets) in securities of issuers having their principal business activities in the group of industries represented by Infrastructure Companies, and the Portfolio would be expected to be affected by developments in those industries.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Infrastructure Companies.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Securities and instruments of 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 and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting 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, innovations in technology that could render the way in which a company delivers a product or service obsolete 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Repurchase Agreements Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 is intended to insulate the Portfolio from changes in the market value of the security during the repurchase 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. Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Focused Investing Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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, 2025) 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 0.2386 0.1164 0.0992 0.2125 0.0967 0.0823 0.1456 0.0870 0.0764 2009-12-31 0.2353 0.1135 0.0963 0.2386 0.1164 0.0992 MSCI World Index (reflects no deduction for fees, expenses or taxes) MSCI World Index(reflects no deduction for fees, expenses or taxes) 0.2109 0.1215 0.1217 MSCI World Core Infrastructure (Hedged) Index (reflects no deduction for fees, expenses or taxes) 0.1341 0.0835 0.0913 Lazard Global Small Cap Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0142 0.0133 0.0142 0.0217 0.0233 0.0217 -0.0114 -0.0105 -0.0119 0.0103 0.0128 0.0098 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 105 569 1060 2413 130 627 1150 2585 100 564 1055 2410 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 160% of the average value of its portfolio.</p> 1.60 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small capitalization companies. The Investment Manager considers “small capitalization companies” to be those companies with market capitalizations, at the time of initial purchase by the Portfolio, within the range of companies included in the MSCI World Small Cap Index (based on market capitalization of the Index as a whole, which ranged from approximately $10 million </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">to $937 billion as of March 31, 2026). Equity security investments primarily include common stocks and also may include American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities, principally common stocks, of relatively small capitalization companies that the Investment Manager believes have strong and/or improving financial productivity at attractive valuations.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The accompanying bar chart and table provide some indication of the risks of investing in Lazard Global 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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, 2025, certain changes were made to the Portfolio’s principal investments strategies, permitting investment of a significant amount of the Portfolio's net assets in U.S. securities in addition to non-U.S. securities. The Portfolio’s performance information prior to September 1, 2025 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 Global 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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, 2025, certain changes were made to the Portfolio’s principal investments strategies, permitting investment of a significant amount of the Portfolio's net assets in U.S. securities in addition to non-U.S. securities. The Portfolio’s performance information prior to September 1, 2025 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">(which were not operational as of December 31, 2025) 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. 1993-12-01 0.3593 0.0377 0.0534 0.3488 0.0188 0.0410 0.2127 0.0277 0.0413 1997-02-13 0.3558 0.0352 0.0507 0.3593 0.0377 0.0534 MSCI World Investable Market Index (IMI) (reflects no deduction for fees, expenses or taxes) MSCI World Investable Market Index (IMI)(reflects no deduction for fees, expenses or taxes) 0.2098 0.1158 0.1186 MSCI EAFE/World Small Cap Linked Index (reflects no deduction for fees, expenses or taxes) 0.3253 0.0573 0.0755 MSCI EAFE Investable Market Index (IMI) (reflects no deduction for fees, expenses or taxes) 0.3133 0.0844 0.0808 Lazard Government Money Market Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio seeks current income consistent with the preservation of capital.</p> Fees and Expenses <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0015 0 0.0025 0 0.0003 0.0003 0.0003 0.0018 0.0043 0.0018 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 18 58 44 138 18 58 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio invests in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities and in repurchase agreements collateralized by such securities in order to qualify as a “government money market fund” under federal regulations. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in U.S. Government Securities (as defined below) and/or repurchase agreements that are collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit money market funds to impose a “liquidity fee.” </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. Government Securities. U.S. Government Securities include cash, securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities, including U.S. Government Securities subject to repurchase agreements.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Many U.S. Government Securities, including those in which the Portfolio invests, pay income that is generally exempt from state and local income tax, although they may be subject to corporate franchise tax in some states. The Portfolio generally seeks to invest in securities the income from which is considered “qualified interest income” under relevant tax </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">law and guidance. Thus, the Portfolio generally expects its distributions to be exempt from U.S. withholding tax when paid to non-U.S. investors.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended, the Portfolio may invest only in U.S. dollar-denominated securities that meet certain risk-limiting conditions relating to portfolio quality, maturity, diversification and liquidity. The Portfolio will maintain a dollar-weighted average portfolio maturity of 60 calendar days or less, maintain a dollar-weighted average life for its portfolio of 120 calendar days or less and invest only in securities that mature or are deemed to mature in 397 calendar days or less.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio may also hold cash from time to time. Lazard Asset Management LLC (the “Investment Manager”) seeks to maintain the Portfolio’s share price at $1.00 by valuing its securities using the amortized cost method. The share price remaining stable at $1.00 means that the Portfolio would preserve the principal value of your investment.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:bold; text-decoration:none;">You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Issuers of money market instruments or financial institutions that have entered into repurchase agreements with the Portfolio may fail to make payments when due or complete transactions, or they may become less willing or less able to do so.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Repurchase Agreements Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio may enter into certain types of repurchase agreements. 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 is intended to insulate the Portfolio from changes in the market value of the security during the repurchase period. Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. 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 U.S. 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 U.S. 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. Notwithstanding that such U.S. Government Securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Portfolio (e.g., Congressional debt ceiling impasses).</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Although the Portfolio invests in a diversified portfolio of high quality instruments, the Portfolio’s investments may become less liquid as a result of market developments or adverse investor perception. If this happens, the Portfolio’s ability to redeem its shares for cash may be affected.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Risk Associated with the Portfolio Holding Cash:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Portfolio to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">U.S. Withholding Tax Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio generally seeks to invest in securities the income from which is considered “qualified interest income” under relevant tax law and guidance. Thus, the Portfolio generally expects its distributions to be exempt from U.S. withholding tax when paid to non-U.S. investors. However, there can be no assurance that all of the Portfolio’s distributions will be exempt from U.S. withholding tax.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">State and Local Taxation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Transactions Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Portfolio shares may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Stable Net Asset Value Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> There is no assurance that the Portfolio will meet its investment objective of maintaining a net asset value (“NAV”) of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Portfolio’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Portfolio maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Portfolio, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:bold; text-decoration:none;">You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor is not required to reimburse the Portfolio for losses, and you should not expect that the sponsor will provide financial support to the Portfolio at any time, including during periods of market stress.</p> Performance Bar Chart and Table <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Because the Portfolio did not have a full calendar year of performance prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing the changes in performance from year to year. Updated performance information is available at </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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> Because the Portfolio did not have a full calendar year of performance prior to the date of this Prospectus, no performance returns are presented. the Portfolio did not have a full calendar year of performance prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing the changes in performance 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. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing the changes in performance from year to year. www.lazardassetmanagement.com (800) 823-6300 Lazard International Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0008 0.0008 0.0008 0.0083 0.0108 0.0083 -0 -0 -0.0003 0.0083 0.0108 0.0080 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 85 265 460 1025 110 343 595 1317 82 262 458 1023 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. Equity security investments primarily include common stocks and also may include American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI^® Europe, Australasia and Far East (“EAFE^®”) Index (ranging from approximately $3.5 billion to $500.5 billion as of March 31, 2026) 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; font-style:normal; text-align:left; color:#171A1C; 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.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 0.3412 0.0835 0.0718 0.2982 0.0595 0.0577 0.2195 0.0606 0.0555 1997-01-23 0.3378 0.0808 0.0690 2015-04-01 0.3410 0.0838 0.0720 MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) 0.3122 0.0892 0.0818 Lazard International Equity Select Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0031 0.0047 0.0031 0.0096 0.0137 0.0096 -0.0006 -0.0022 -0.0011 0.0090 0.0115 0.0085 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 92 300 525 1173 117 412 729 1627 87 295 520 1168 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 39% of the average value of its portfolio.</p> 0.39 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. Equity security investments primarily include common stocks and also may include American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities of relatively large non-U.S. companies with market capitalizations in the range of companies included in the MSCI All Country World Index ex-U.S. (ranging from approximately $1.1 million to $1.7 trillion as of March 31, 2026) 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; font-style:normal; text-align:left; color:#171A1C; 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-U.S. 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Focused Investing Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Financials. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">15.53%</p></td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">-23.91%</p></td></tr></table> Best Quarter 2020-06-30 0.1553 Worst Quarter 2020-03-31 -0.2391 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Returns shown below for the Portfolio’s R6 Shares (which were not operational as of December 31, 2025) 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. 2001-05-31 0.2469 0.0447 0.0581 0.2351 0.0401 0.0550 0.1468 0.0349 0.0474 2001-05-31 0.2434 0.0421 0.0551 0.2469 0.0447 0.0581 MSCI ACWI ex-US Index (reflects no deduction for fees, expenses or taxes) MSCI ACWI ex-US Index(reflects no deduction for fees, expenses or taxes) 0.3239 0.0791 0.0841 Lazard International Quality Growth Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0008 0.0014 0.0009 0.0083 0.0114 0.0084 -0 -0.0004 -0.0004 0.0083 0.0110 0.0080 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 85 265 460 1025 112 350 606 1340 82 264 462 1033 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in companies that the Investment Manager considers to be “quality growth” businesses, which the Investment Manager calls compounders. By “compounders” the Investment Manager means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., cash flow return on investment) while being able to reinvest to grow at similarly high levels of financial productivity. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities of non-U.S. companies, including those whose principal business activities are located in emerging market countries.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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:1.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;"> </p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Growth Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Focused Investing Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 2018-12-31 2018-12-31 0.1169 0.0408 0.1016 0.1042 0.0357 0.0965 0.0755 0.0315 0.0818 2018-12-31 2018-12-31 2018-12-31 0.1134 0.0381 0.0987 2023-02-22 2023-02-22 2023-02-22 0.1180 0.1026 MSCI All Country World ex-US Index 0.3239 0.0791 0.1015 (reflects no deduction for fees, expenses or taxes) 0.1614 MSCI All Country World ex-US Growth Index 0.2565 0.0401 0.0956 0.1341 Lazard International Strategic Equity Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0009 0.0010 0.0084 0.0109 0.0085 -0 -0 -0.0001 0.0084 0.0109 0.0084 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 111 347 601 1329 86 270 470 1048 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities. Equity security investments primarily include common stocks and also may include American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio invests primarily in equity securities of non-U.S. 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Focused Investing Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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 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 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. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 0.2554 0.0501 0.0644 0.1756 0.0266 0.0497 0.1872 0.0360 0.0501 2006-02-03 0.2531 0.0474 0.0616 2015-01-19 0.2550 0.0501 0.0643 MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) 0.3122 0.0892 0.0818 Lazard Opportunistic Strategies Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0062 0.0521 0.0062 0.0019 0.0019 0.0019 0.0181 0.0665 0.0181 -0.0060 -0.0519 -0.0060 0.0121 0.0146 0.0121 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 123 511 924 2077 149 1503 2813 5904 123 511 924 2077 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 56% of the average value of its portfolio.</p> 0.56 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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-U.S. 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Underlying Funds Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Short Position Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Focused Investing Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Commodities-Related Investments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 information technology sector, and the Portfolio would be expected to be affected by developments in that sector.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Information Technology. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">Information technology companies generally operate in intensely competitive markets on a worldwide basis. 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. Information technology companies may be subject to intense market volatility, changing consumer preferences, and government regulation or scrutiny.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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, 2025) 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. 2008-03-26 0.1401 0.0629 0.0635 0.0993 0.0439 0.0476 0.1018 0.0457 0.0462 2008-03-31 0.1372 0.0601 0.0608 0.1401 0.0629 0.0635 MSCI World Index (reflects no deduction for fees, expenses or taxes) MSCI World Index (reflects no deduction for fees, expenses or taxes) 0.2109 0.1215 0.1217 Global Asset Allocation Blended Index (reflects no deduction for fees, expenses or taxes) 0.1557 0.0697 0.0822 Lazard Real Assets Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0398 0.0511 0.0450 0.0003 0.0003 0.0003 0.0466 0.0604 0.0518 -0.0383 -0.0496 -0.0440 0.0083 0.0108 0.0078 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 85 1059 2040 4521 110 1352 2569 5502 80 249 433 966 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">e.g.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">real estate, such as real estate investment trusts (“REITs”) and real estate operating companies</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio may invest in equity securities of U.S. and non-U.S. 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Allocation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Natural Resources Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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-U.S. companies are subject also may affect U.S. companies if they have significant operations or investments in non-U.S. countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both U.S. and non-U.S.) 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Real Estate Investments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s investments in real estate investments, including REITs and infrastructure companies, 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; 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.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">REITs. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 (the “Code”). Failure to qualify with any of these requirements could jeopardize a company’s status as </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Infrastructure Companies. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">Securities and instruments of 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 and other natural resources at reasonable prices, the effects of energy conservation policies, unfavorable tax laws or accounting 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, innovations in technology that could render the way in which a company delivers a product or service obsolete 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Commodities-Related Investments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. 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 U.S. 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 U.S. 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. Notwithstanding that such U.S. Government Securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Portfolio (e.g., Congressional debt ceiling impasses).</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Emerging Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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 U.S. 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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” (“RIC”) 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 Code, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2024, Q3</p></td><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">10.67%</p></td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">-15.79%</p></td></tr></table> Best Quarter 2024-09-30 0.1067 Worst Quarter 2020-03-31 -0.1579 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 2016-12-30 2016-12-30 2016-12-30 0.1680 0.0754 0.0611 0.1305 0.0494 0.0424 0.0985 0.0477 0.0408 2017-01-09 2017-01-09 2017-01-09 0.1644 0.0725 0.0582 2022-07-22 2022-07-22 2022-07-22 0.1672 0.0586 MSCI World Index 0.2109 0.1215 0.1270 (reflects no deduction for fees, expenses or taxes) 0.1254 0.1783 Real Assets Blend Index 0.1431 0.0723 0.0609 0.0607 0.0488 Lazard US Convertibles Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0111 0.0362 0.0111 0.0171 0.0447 0.0171 -0.0096 -0.0347 -0.0101 0.0075 0.0100 0.0070 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 77 445 838 1939 102 1037 1981 4387 72 440 833 1935 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 51% of the average value of its portfolio.</p> 0.51 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 U.S. “Convertible securities” are fixed-income and </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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. The Portfolio considers a convertible security to be “economically tied to the U.S.” if: (i) the issuer is organized under the laws of or is domiciled in the U.S. or maintains its principal place of business in the U.S.; (ii) the convertible security, or the underlying security into which the convertible security is convertible is traded principally in the U.S., including underlying securities that are American Depositary Receipts or Global Depositary Receipts; or (iii) during the most recent fiscal year of the issuer, the issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S. or that has at least 50% of its assets in the U.S.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 U.S. 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; color:#171A1C; 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:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">proprietary quantitative analysis</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">credit analysis</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">fundamental, bottom-up analysis</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 U.S. as described above, including securities of emerging markets issuers.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 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; font-style:normal; text-align:left; color:#171A1C; 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. 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Preferred Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> American Depositary Receipts and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. 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 U.S. 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. Notwithstanding that such U.S. Government Securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Portfolio (e.g., Congressional debt ceiling impasses).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Quantitative Model Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Derivatives and Hedging Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 information technology sector, and the Portfolio would be expected to be affected by developments in that sector.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Information Technology. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">Information technology companies generally operate in intensely competitive markets on a worldwide basis. 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. Information technology companies may be subject to intense market volatility, changing consumer preferences, and government regulation or scrutiny.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Focused Investing Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 Year-by-Year Total Returns for Institutional Shares As of December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 year-by-year performance and its average annual performance compared to that of a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 Convertibles 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="26%"><tr style="font-size:1pt;"><td style="width:60.92%;"> </td><td style="width:39.08%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2025, Q2</p></td><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">-4.06%</p></td></tr></table> Best Quarter 2025-06-30 0.0924 Worst Quarter 2023-09-30 -0.0406 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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, 2025) 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. 2022-12-30 0.1694 0.1083 0.1462 0.0926 0.1094 0.0791 2022-12-30 0.1651 0.1054 2022-12-30 0.1694 0.1083 Bloomberg US Universal Index (reflects no deduction for fees, expenses or taxes) Bloomberg US Universal Index(reflects no deduction for fees, expenses or taxes) 0.0758 0.0524 ICE BofAML US Convertible Index (reflects no deduction for fees, expenses or taxes) 0.1798 0.1396 Lazard US Equity Focus Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0023 0.0056 0.0023 0.0078 0.0136 0.0078 -0.0008 -0.0041 -0.0008 0.0070 0.0095 0.0070 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 72 241 425 959 97 390 705 1599 72 241 425 959 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 31% of the average value of its portfolio.</p> 0.31 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of U.S. companies. The Portfolio considers a company or issuer to be a “U.S. company” if: (i) the company/issuer is organized under the laws of or is domiciled in the U.S. or maintains its principal place of business in the U.S.; (ii) the security, or security of such company/issuer, is traded principally in the U.S.; or (iii) during the most recent fiscal year of the company/issuer, the company/issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">services performed in the U.S. or that has at least 50% of its assets in the U.S. Equity security investments primarily include common stocks.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Investment Manager, through its bottom-up, fundamental research process, invests in companies that it 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in securities of non-U.S. companies.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-Diversification Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Large Cap Companies Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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; color:#171A1C; font-weight:bold; text-decoration:none;">Sector Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 information technology sector, and the Portfolio would be expected to be affected by developments in that sector.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#171A1C; font-weight:normal; text-decoration:none;">Information Technology. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;">Information technology companies generally operate in intensely competitive markets on a worldwide basis. 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. Information technology companies may be subject to intense market volatility, changing consumer preferences, and government regulation or scrutiny.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 0.1518 0.1074 0.1244 0.1160 0.0915 0.1037 0.1117 0.0828 0.0964 2004-12-30 0.1486 0.1044 0.1214 2014-05-19 0.1517 0.1073 0.1245 S&P 500 Index (reflects no deduction for fees, expenses or taxes) S&P 500 Index(reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 Lazard US High Yield Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0020 0.0033 0.2491 0.0075 0.0113 0.2546 -0.0020 -0.0033 -0.2491 0.0055 0.0080 0.0055 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 56 220 397 912 82 326 590 1345 56 176 307 689 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 14% of the average value of its portfolio.</p> 0.14 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 U.S. 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 </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">by S&amp;P or Moody’s, respectively, or the unrated equivalent as determined by the Investment Manager (“junk bonds”). The Portfolio considers a company or issuer to be tied economically to the U.S. if: (i) the company/issuer is organized under the laws of or is domiciled in the U.S. or maintains its principal place of business in the U.S.; (ii) the security, or security of such company/issuer, is traded principally in the U.S.; or (iii) during the most recent fiscal year of the company/issuer, the company/issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S. or that has at least 50% of its assets in the U.S.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio may invest in dollar-denominated securities of non-U.S. companies, including, to a limited extent, in emerging market companies.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Investments 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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in other investments which need not be fixed-income securities as described above and need not be tied economically to the U.S.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; font-style:normal; text-align:left; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Liquidity Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="26%"><tr style="font-size:1pt;"><td style="width:60.92%;"> </td><td style="width:39.08%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 1998-01-02 0.1046 0.0354 0.0477 0.0798 0.0163 0.0281 0.0613 0.0184 0.0279 1998-02-24 0.1017 0.0327 0.0449 2016-11-03 0.1046 0.0356 Bloomberg US Universal Index (reflects no deduction for fees, expenses or taxes) Bloomberg US Universal Index(reflects no deduction for fees, expenses or taxes) 0.0758 0.0006 0.0244 ICE BofA US High Yield Index (reflects no deduction for fees, expenses or taxes) 0.0850 0.0450 0.0645 Lazard US Short Duration Fixed Income Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0048 0.2619 0.0048 0.0073 0.2669 0.0073 -0.0033 -0.2604 -0.0038 0.0040 0.0065 0.0035 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 41 200 373 875 66 208 362 810 36 195 368 871 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 164% of the average value of its portfolio.</p> 1.64 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of U.S. issuers. Fixed income securities include U.S. government securities, corporate securities, mortgage-related and asset-backed securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities. The Portfolio considers a company or issuer to be “U.S. issuer” if: (i) the company/issuer is organized under the laws of or is domiciled in the US or maintains its principal place of business in the U.S.; (ii) the security, or security of such company/issuer, is traded principally in the U.S.; or (iii) during the most recent fiscal year of the company/issuer, the company/issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S. or that has at least 50% of its assets in the U.S.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 U.S. issuers.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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 due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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 (or the expectation of such changes). 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Structured Products Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Preferred Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; text-decoration:none;">Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. 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 U.S. 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. Notwithstanding that such U.S. Government Securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Portfolio (e.g., Congressional debt ceiling impasses).</p> Performance Bar Chart and Table Year-by-Year Total Returns for Institutional Shares As of December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="26%"><tr style="font-size:1pt;"><td style="width:60.92%;"> </td><td style="width:39.08%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2024, Q3</p></td><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">3.11%</p></td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">-1.62%</p></td></tr></table> Best Quarter 2024-09-30 0.0311 Worst Quarter 2022-03-31 -0.0162 Average Annual Total Returns (for the periods ended December 31, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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, 2025) 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. 2011-02-28 0.0467 0.0197 0.0180 0.0314 0.0094 0.0096 0.0275 0.0106 0.0101 2011-02-28 0.0453 0.0177 0.0156 0.0467 0.0197 0.0180 Bloomberg US Universal Index (reflects no deduction for fees, expenses or taxes) Bloomberg US Universal Index(reflects no deduction for fees, expenses or taxes) 0.0758 0.0006 0.0244 ICE BofA 1-3 Year U.S. Treasury Index (reflects no deduction for fees, expenses or taxes) 0.0509 0.0179 0.0185 Lazard US Small Cap Equity Select Portfolio Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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”). </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">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.</span></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 0.0051 0.0059 0.0049 0.0126 0.0159 0.0124 -0.0031 -0.0039 -0.0034 0.0095 0.0120 0.0090 May 1, 2027 Example <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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> 97 369 662 1495 122 464 829 1856 92 360 648 1470 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 100% of the average value of its portfolio.</p> 1 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap U.S. 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 $4.4 million to $38.0 billion as of March 31, 2026). Equity security investments primarily include common stocks. The Portfolio considers a company or issuer to be a “U.S. company” if: (i) the </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">company/issuer is organized under the laws of or is domiciled in the U.S. or maintains its principal place of business in the U.S.; (ii) the security, or security of such company/issuer, is traded principally in the U.S.; or (iii) during the most recent fiscal year of the company/issuer, the company/issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S. or that has at least 50% of its assets in the U.S.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Investment Manager, through its bottom-up, fundamental research process, invests in companies it believes have strong and/or improving financial productivity and are undervalued based on their earnings, cash flow or asset values. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">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; font-style:normal; text-align:left; color:#171A1C; font-weight:normal; text-decoration:none;">The Portfolio may invest up to 20% of its assets in the securities of larger or smaller U.S. or non-U.S. companies.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#00539A; font-weight:bold; text-decoration:none;">Principal Investment Risks</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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; font-style:normal; text-align:left; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Issuer Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Value Investing Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Non-U.S. Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:normal; text-decoration:none;"> The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, 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, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">Securities Selection Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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; color:#171A1C; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#171A1C; 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 December 31, 2025 <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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 and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests. 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. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="27%"><tr style="font-size:1pt;"><td style="width:56.99%;"> </td><td style="width:43.01%;"> </td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"> </p></td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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:9.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;"> </p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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; font-style:normal; 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, 2025) <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; color:#171A1C; 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. 1991-10-30 0.0246 0.0498 0.0734 0.0077 0.0264 0.0519 0.0179 0.0360 0.0544 1997-01-30 0.0226 0.0470 0.0704 2020-01-08 0.0250 0.0505 Russell 3000 Index (reflects no deduction for fees, expenses or taxes) Russell 3000 Index(reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 Russell 2000 Index (reflects no deduction for fees, expenses or taxes) 0.1281 0.0609 0.0962 485BPOS 2025-12-31 0000874964 false 2026-04-20 2026-05-01 ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000874964_S000023480Summary1Member row dei_LegalEntityAxis compact cik0000874964_S000023480Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000874964_S000023480Summary1Member row dei_LegalEntityAxis compact 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oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000874964_S000010269Summary19Member row dei_LegalEntityAxis compact cik0000874964_S000010269Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000874964_S000010269Summary19Member row dei_LegalEntityAxis compact cik0000874964_S000010269Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0000874964_S000010269Summary19Member row dei_LegalEntityAxis compact cik0000874964_S000010269Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ LAZARD FUNDS INC 0.1481 0.4115 -0.2058 0.2817 0.1933 -0.1014 -0.2261 0.0964 0.0672 0.3366 0.2052 0.2802 -0.1809 0.1804 -0.0004 0.0538 -0.1486 0.2239 0.0759 0.4133 0.0983 0.4252 -0.1623 0.2044 0.174 0.0096 -0.2101 0.1264 0.1141 0.3372 0.0427 0.0555 -0.0143 0.0744 0.0987 0.0705 -0.0739 0.0702 0.1081 0.1082 -0.051 0.217 0.0115 0.2276 -0.0521 0.187 -0.0316 0.0407 0.093 0.208 -0.0373 0.2226 -0.0448 0.1987 -0.013 0.1089 0.0671 0.2386 -0.0474 0.3667 -0.2488 0.2601 0.1344 0.1183 -0.2632 0.1155 -0.0369 0.3593 -0.0418 0.2281 -0.1361 0.2119 0.0876 0.06 -0.1483 0.1643 0.059 0.3412 -0.0063 0.2831 -0.149 0.2032 0.0833 0.0324 -0.1555 0.1206 0.0212 0.2469 0.3006 0.2395 0.0999 -0.201 0.1783 0.0561 0.1169 -0.0517 0.2785 -0.1035 0.2155 0.1058 0.0599 -0.1688 0.1706 -0.0136 0.2554 0.0536 0.1774 -0.1272 0.1516 0.0947 0.1296 -0.1493 0.1029 0.1229 0.1401 0.099 -0.0755 0.1607 0.0061 0.216 -0.0845 0.0444 0.059 0.168 0.1062 0.0525 0.1694 0.097 0.1817 -0.0312 0.3167 0.1729 0.2736 -0.1694 0.1977 0.1413 0.1518 0.1009 0.0509 -0.0273 0.1334 0.0496 0.0286 -0.1011 0.1065 0.0531 0.1046 0.01 0.0072 0.0108 0.0293 0.0246 -0.0039 -0.0268 0.0426 0.0421 0.0467 0.162 0.142 -0.1327 0.30 0.0644 0.1991 -0.1523 0.1007 0.1121 0.0246 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. 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. ~ http://www.lazard.com/20251231/role/RRRiskTable3 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable5 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable7 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable9 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable11 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable13 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable15 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable17 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable19 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable21 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable23 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable25 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable27 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable29 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable31 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable33 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable35 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable37 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable39 ~ 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, 2027, 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. 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, 2027, 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, 2027, 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. 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. Based on estimated amounts for the current fiscal year, using amounts for Institutional Shares. Reflects a contractual agreement by the Investment Manager to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2027, to the extent Total Annual Portfolio Operating Expenses exceed 1.20%, 1.45% and 1.15% of the average daily net assets of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses. This expense limitation agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Management Agreement between the Investment Manager and the Fund, on behalf of the Portfolio. Excluding Dividend and Borrowing Expenses on Securities Sold Short and Acquired Fund Fees and Expenses, the Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.20%, 1.45% and 1.15% of the Portfolio’s Institutional Shares, Open Shares and R6 Shares, respectively. 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, 2027, 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. 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. 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, 2027, 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. 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, 2027, 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. Total Annual Portfolio Operating Expenses .06% 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, 2027 for Institutional Shares and R6 Shares, and until May 1, 2036 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, 2027, 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, 2027, 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 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. 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, 2027 for Institutional Shares and Open Shares, and until May 1, 2036 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. 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, 2027, 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, 2027, 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. 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, 2027 for Institutional Shares and Open Shares, and until May 1, 2036 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. 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, 2027 for Institutional Shares and R6 Shares, and until May 1, 2036 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. 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, 2027, 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.