Form 497 LAZARD FUNDS INC

March 29, 2021 12:33 PM EDT

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THE LAZARD FUNDS, INC.

Lazard Emerging Markets Equity Advantage Portfolio

Supplement to Current Summary Prospectus and Prospectus

Effective as of April 1, 2021 (the "Effective Date"), the following replaces the table in "Fees and Expenses" in the Summary Prospectus and "Summary SectionLazard Emerging Markets Equity Advantage PortfolioFees and Expenses" in the Prospectus:

    Institutional Shares   Open Shares   R6 Shares  
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)      
Management Fees*   .75%   .75%   .75%  
Distribution and Service (12b-1) Fees   None   .25%   None  
Other Expenses   2.34%   3.22%   2.34% **
Total Annual Portfolio Operating Expenses   3.09%   4.22%   3.09%  
Fee Waiver and/or Expense Reimbursement***   2.19%   3.07%   2.24%  
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement   .90%   1.15%   .85%  
*Restated to reflect current management fee.
**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 April 30, 2022, 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.

Effective as of the Effective Date, the following replaces the table in "Example" in the Summary Prospectus and "Summary SectionLazard Emerging Markets Equity Advantage PortfolioExample" in the Prospectus:

        1 year 3 years 5 years 10 years
Institutional Shares  $             92  $          748  $          1,429  $          3,248
Open Shares  $           117  $       1,001  $          1,898  $          4,203
R6 Shares  $             87  $          743  $          1,424  $          3,244

Effective as of the Effective Date, the following replaces any contrary information in the first table in "Fund ManagementInvestment Manager" in the Prospectus:

Name of Portfolio   Investment
Management
Fee Payable
  Effective
Annual Rate
of Investment
Management
Fee Paid
Emerging Markets Equity Advantage Portfolio   .75%   .00%

Effective as of the Effective Date, the following replaces any contrary information in the second table in "Fund ManagementInvestment Manager" in the Prospectus:

Name of Portfolio   Institutional
Shares
  Open
Shares
  R6
Shares
Emerging Markets Equity Advantage Portfolio††††   .90%   1.15%   .85%

†††† This agreement will continue in effect until April 30, 2022.

 

 

Dated: March 29, 2021

 

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