Lazard Funds N-CSRCertified annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.

(Exact name of registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 12/31/21

ITEM 1. REPORTS TO STOCKHOLDERS.

The Lazard Funds, Inc. Table of Contents

Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. (the “Fund”), you may obtain a prospectus or a Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Annual Report   1

The Lazard Funds, Inc. A Message from Lazard (unaudited)

Dear Shareholder:

The year 2021 proved to be an especially challenging one for global financial markets, as the pandemic entered its second year and new risk factors emerged.

Despite the emergence of several highly effective vaccines in late 2020, anxiety about COVID-19 continued to hang over global financial markets for much of 2021. The uneven nature of the worldwide vaccine rollout, shortages of a wide variety of items, and the emergence of more infectious strains were stark reminders that the virus remained a serious, persistent threat to global public health and the world economy.

Yet, it was the specter of surging global inflation that was also front and center in the minds of investors throughout the year. Traders were concerned that the sharp rise in consumer prices would force monetary policymakers, especially those at the US Federal Reserve (the “Fed”), the world’s most influential central bank, to raise interest rates to contain inflation, potentially hindering a fragile global economic recovery and undercutting a major source of support for riskier assets. Against a backdrop of persistently high inflation and a wave of new COVID-19 cases sweeping across parts of the world, the Fed announced in the closing weeks of December that it would pull back on its massive stimulus program. The news forced markets to prepare to enter 2022 with less Fed support than they have had since the start of the pandemic.

Despite all the challenges and uncertainty, global equity markets generally advanced in 2021, in large part due to solid corporate earnings, especially in the United States and Europe, with data indicating that earnings recoveries were underway for companies in both regions. Global bond markets, including those for sovereign debt and local currency emerging markets, faced headwinds amid the backdrop of rising interest rates and US dollar strength. Among the bright spots were inflation-linked bonds, which were supported by higher inflation expectations,

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and high yield bonds, which benefited from coupon income and stable or tighter credit spreads.

The year 2021 continued a trend of extraordinary shifts in market conditions. However, whatever the investment landscape, we remain confident that fundamental analyses will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management

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The Lazard Funds, Inc. Investment Overviews (unaudited)

Market Overviews

Global Markets

For the year ended December 31, global equity markets rose sharply, as measured by the MSCI All Country World Index (“MSCI ACWI”), as risk appetites proved resilient enough to fuel a rally that was able to overcome heightened uncertainty.

Despite the discovery of a vaccine last November, coronavirus disease 2019 (“COVID-19”) risk lingered and remained a persistent source of anxiety for investors. The emergence of the rapidly spreading, highly infectious Delta and Omicron variants of COVID-19 in the second half of the year sparked waves of infections around the world and rattled markets, with traders fearing the imposition of economically punishing lockdowns in order to contain the outbreaks. However, in the case of the Omicron variant, which emerged in late November, these fears eased considerably, as scientific data suggested that this variant may cause less severe illness than the Delta and earlier variants.

The specter of surging global inflation was top of mind for investors for much of 2021 amid supply-chain bottlenecks, labor shortages, and sharp increases in shipping costs and oil prices. With consumer prices remaining stubbornly high, all eyes were on the stimulus policy path of the US Federal Reserve (the “Fed”). The announcement by the world’s most influential central bank in the final weeks of the year that it would accelerate the tapering of its bond purchases and likely raise interest rates three times in 2022 received a mixed reaction from financial markets. While traders were heartened by signs that the Fed took the threat of inflation seriously, they also worried that a rapid increase in interest rates could slow global economic growth and undercut the appeal of stocks, which have benefited greatly from the massive stimulus programs. Two other key central banks, the Bank of England and the European Central Bank, announced that they, too, were taking a more hawkish turn in order to contain higher prices.

Negative developments in China during the year compounded market anxiety. China’s economic slowdown and increased

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regulatory scrutiny of domestic companies, coupled with the financial woes of the country’s debt-laden real estate sector, weighed heavily on the world’s second largest economy.

Despite mounting uncertainty, consistently strong profits, especially for US and European companies, provided momentum for a stock market rally. In all four quarterly corporate earnings seasons in 2021, the percentage of companies in both the S&P 500 Index, which is widely used to represent the performance of large capitalization US companies, and the STOXX Europe 600 Index, generally considered representative of European stock market performance, exceeded expectations, beating their long-term historical averages. Encouragingly, data indicated that an earnings recovery was underway for companies on both sides of the Atlantic. Japanese companies also reported upbeat corporate earnings throughout the year. Against this backdrop, the MSCI ACWI, which covers both developed and developing markets, climbed 18.5% in 2021 (in US dollar terms).

Stock markets in the developed world advanced in 2021, while those in the developing world retreated. In the US, the S&P 500 Index outperformed the MSCI ACWI by a wide margin, as bullish sentiment about corporate earnings and the country’s improving economic outlook drove the US stock market higher. For the year, the S&P 500 Index posted seventy all-time highs for 2021, the most in the post-World War II era since 1954. In Europe, the STOXX Europe 600 Index gained, but underperformed the MSCI ACWI, as solid corporate earnings were overshadowed by anxiety about another wave of COVID-19 infections that swept across the continent. In Japan, the MSCI Japan Index climbed but trailed the MSCI ACWI, as the country’s COVID-19 outbreaks and sluggish personal consumption proved to be obstacles. Despite these headwinds, strong corporate earnings, especially from manufacturers, made significant positive contributions to performance. Meanwhile, in the developing world, China’s stock market, as measured by the MSCI China Index, fell due to concerns about the country’s dimming economic outlook. The country’s increased regulatory scrutiny wiped out $1 trillion in stock market value of China-based companies.

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Emerging Markets Equities

Latin America was the worst performing emerging markets region in 2021, with Brazil’s stock market falling sharply on concerns about the country’s economic outlook and political risk stemming from upcoming elections. Emerging Asia also underperformed the MSCI Emerging Markets Index (the “MSCI EM Index”), a broad measure of emerging markets stock performance, as a result of the concerns in China. Chinese stocks account for over one-third of the MSCI EM Index, so the decline in Chinese stock market had an outsize impact on the broader market index. The region encompassing emerging Europe, the Middle East, and Africa (EMEA) outperformed the broader market index, with Russia’s stock market jumping, thanks to a strong rebound in the price of oil, the country’s chief export. Russia’s stock market faltered late in the year on sanctions risk stemming from the country’s potential military conflict with Ukraine.

Energy was the best performing emerging markets sector in the MSCI EM Index, as a recovery in the price of oil lifted shares of oil producers. Consumer discretionary was the worst performing sector in the MSCI EM Index, as Chinese private education companies fell sharply after the government banned for-private tutoring.

International Equities

International stocks, as measured by the MSCI EAFE Index, once again underperformed the US market, despite beginning 2021 with much cheaper valuations and experiencing faster earnings growth throughout the year, especially in Europe.This was due, in significant part, to the overwhelming outperformance of the expensive growth stocks that dominated the very concentrated S&P 500 benchmark. Energy was the best performing international sector in 2021. Oil producers saw their stock price climb in sympathy with the rebound in oil prices. Communication services was the worst performing sector, due in part to several gaming companies experiencing sharp losses in the second half of the year.

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US Equities

Energy was the best performing sector in the S&P 500 in 2021. Oil producers saw their stock price climb in sympathy with the rebound in oil prices, as investors bet that the re-opening of economies will increase demand. Utilities was the worst performing sector, as heightened risk appetites led investors to rotate out of defensive stocks and into economically sensitive ones.

Within the small-mid cap universe, the Russell 2500 Index returned 18.19% in 2021 with value stocks outperforming growth stocks by the widest margin since 2000. Small-mid cap stocks outpaced the market at the beginning of the year as the economy benefitted from reopening, but have since lagged versus larger cap stocks. Within the Russell 2500, financials were a large driver of performance, up over 30% for the year amid hopes for higher interest rates; with inflation remaining stubbornly high, the Fed announced that it would accelerate the pull back of its bond purchases and likely raise interest rates in 2022, satisfying investors who believed the central bank could move towards tighter monetary policy without derailing economic growth. Energy was also a notable gainer, up 82% this year, as oil and gas prices were driven higher by stronger demand and weak supply.

Global Infrastructure

Listed infrastructure indices, as measured by the MSCI World Core Infrastructure^® (USD Hedged) Index, moved sharply higher over the year, particularly in the final month of the year. The strongest performing areas of infrastructure in 2021 were regulated water utilities and North American freight railroads. The poorest performing areas were Japanese passenger railways and satellites. In an inflationary environment, infrastructure does play a key role in our clients’ portfolios but understanding the nuance of infrastructure assets is crucially important. The majority of infrastructure assets listed on public markets do not have either monopoly-like positions or guaranteed inflation protection in regulatory arrangements.

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Portfolio Performance

Lazard Developing Markets Equity Portfolio

For the year ended December 31, 2021, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of -10.14%, while Open Shares posted a total return of -10.37%, as compared with the -2.54% return for the MSCI Emerging Markets Index.

Silicon Motion, a Taiwanese fabless semiconductor and memory controller company, outperformed because of strong demand for controllers in a tight market. ICICI Bank, an Indian banking group, outperformed as a result of strong growth in its retail segment and further improvements in its asset quality. Mphasis, an Indian information technology services provider, did well as demand for digital services accelerated during the pandemic as clients moved to meet customer needs in new channels.

In contrast, Tencent Music, a Chinese music streaming platform, fell on concerns that monetization would be delayed as a result of increasing regulation and competition. Tencent Holdings, a Chinese gaming, and social media company, underperformed on concerns that increasing regulations in the gaming space would reduce growth and profitability.

Lazard Emerging Markets Core Equity Portfolio

For the year ended December 31, 2021, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of -11.21%, while Open Shares posted a total return of -11.53% and R6 Shares posted a total return of -11.19%, as compared with the -2.54% return for the MSCI Emerging Markets Index.

Shares in several technology, property, gaming, and private education companies fell as various international authorities introduced new regulations throughout the year. New Oriental Education, a Chinese provider of private educational services, declined sharply during the period after regulators in China took aim at the education industry, mandating that online education

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systems serving high school students and below furnish their services at cost, and forced the company to convert to a non-profit enterprise. Chinese data center service company VNET Group underperformed because of investor concerns about its outlook due to internet regulations in China. The company’s American Depositary Receipt (ADR) shares also weakened after US regulators suggested the possible delisting of Chinese ADR stocks from US equity markets. Korean gaming company NCSoft moved lower after increased regulatory scrutiny and the underperformance of the launch of its anticipated game Blade & Soul II. Stock selection in the financials and healthcare sectors and in China and Taiwan detracted from performance.

Hindalco Industries, an Indian producer and marketer of aluminum and copper, outperformed on news that its US-based subsidiary Novelis, reported better-than-expected quarterly earnings and announced plans to raise millions in capital to refinance higher-cost bonds. Russia-based energy company Lukoil benefited from a spike in both oil and gas prices. The Portfolio’s less-than-benchmark exposure to Chinese e-commerce company Pinduoduo boosted relative performance, as the company’s shares fell more than 65% in 2021. Stock selection in the materials and energy sectors and in Indonesia contributed to relative performance.

Lazard Emerging Markets Equity Advantage Portfolio

For the year ended December 31, 2021, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of 0.96%, while Open Shares posted a total return of 0.63%, as compared with the -2.54% return for the MSCI Emerging Markets Index.

The Portfolio enjoyed a particularly strong year in terms of relative performance. Wan Hai Lines, a Taiwan shipping concern, outperformed, thanks to the ongoing dislocation in the global supply chain, which increased shipping rates in 2021. Growing global demand for outsourced information technology (IT) support boosted the stock prices of India-based service providers Wipro and Infosys.

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In contrast, New Oriental Education, a Chinese provider of private educational services, fell sharply after the Chinese government mandated that online education systems serving high school students and below furnish their services at cost, effectively eliminating the company’s viability as an ongoing for-profit commercial enterprise. China-based e-commerce retailer Vipshop faltered after a large hedge fund, which held a significant position in the company, was forced into liquidation. Shares came under additional pressure after China’s Ministry of Industry and Information Technology cited the company in August and again in October for illegally acquiring users’ address books and locations and for displaying pop-up windows. The Portfolio closed its position in this security in October.

Lazard Emerging Markets Equity Portfolio

For the year ended December 31, 2021, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of 5.38%, while Open Shares posted a total return of 5.13% and R6 Shares posted a total return of 5.44%, as compared with the -2.54% return for the MSCI Emerging Markets Index.

Stock selection in the consumer discretionary, communication services, energy, and materials sectors boosted relative performance, as did stock selection in China and Korea. Lower-than-benchmark exposure to the consumer discretionary sector and to China contributed positively, as did higher-than-benchmark exposure to the energy and financials sectors and to Russia and Mexico. Shares of Taiwanese integrated circuits maker Novatek Microelectronics rebounded on bullish sentiment about the company’s outlook for 2022. Shares of Russian energy company Lukoil gained because of a spike in both oil and gas prices. Shares of America Movil rose based on news that the Mexican telecom services company successfully executed its divestment of non-core assets and improved shareholder returns.

Security selection in the financials and real estate sectors hurt relative performance, as did a lower-than-benchmark exposure to Taiwan and Saudi Arabia. Shares of Chinese property management company A-Living fell because of an ongoing share-price overhang

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as a result of cash flow issues for its parent company, Agile Group. Shares of Ping An Insurance declined after the China-based insurer disclosed an ongoing regulatory probe into its past real estate transactions. The stock price of Brazil-based lender Banco do Brasil fell as a result of worries about both the country’s upcoming elections and the lowering of GDP growth forecasts.

Lazard Emerging Markets Strategic Equity Portfolio

For the year ended December 31, 2021, the Lazard Emerging Markets Strategic Equity Portfolio’s Institutional Shares posted a total return of -5.54%, while Open Shares posted a total return of -5.75%, as compared with the -2.54% return for the MSCI Emerging Markets Index.

China-based online auto retailer Autohome declined due to increasing regulatory risk from Chinese government regulators. Sands China, a China-based company that engages in the development and operation of gaming resorts in Macao, weakened amid concerns around the pandemic and increased government regulation. China-based air conditioner manufacturer Gree Electric Appliances fell on lower-than-expected sales figures. Stock selection in the financials, communication services, and consumer staples sector undercut relative performance as did stock selection in India and Brazil.

Shares of South Africa-based miner Anglo American traded higher, thanks to rising metal prices. Russian oil and gas company Lukoil outperformed partially due to rising oil prices. India-based IT solutions provider Tata Consultancy Service gained on strong demand and acceleration in cloud adoption. Stock selection in the information technology, materials, and consumer discretionary sectors lifted relative performance, as did stock selection in China and Korea.

Lazard Equity Franchise Portfolio

For the year ended December 31, 2021, the Lazard Equity Franchise Portfolio’s Institutional Shares posted a total return of 22.76%, while Open Shares posted a total return of 22.36%, as compared with the 21.82% return for the MSCI World^® Index.

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US-based tax preparer H&R Block was the top contributor for the year, with strong first quarter results driving momentum across the business throughout the year. US-based pharmacy and health insurance giant CVS Health traded higher, as a result of guidance that a 10% dividend increase and a $10 million buyback would occur in 2022, both of which highlighted the company’s expectation for strong continued cash generation. UK-based International Gaming Technology (IGT) rose after paying down debt and reducing leverage.

In contrast, Germany-based dialysis provider Fresenius fell because of issues relating to higher patient mortality due to COVID-19, and concerns about margin pressure stemming from higher staffing costs. Luxembourg-based satellite infrastructure company SES also detracted from relative performance, despite no changes to near term forecasts and strong projections for recurring free cash flow generation.

Lazard Global Equity Select Portfolio

For the year ended December 31, 2021, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of 19.75%, while Open Shares posted a total return of 19.37%, as compared with the 18.54% return for the MSCI ACWI.

Stock selection in the health care sector contributed to performance. Shares of IQVIA rose after the US-based health information technology and clinical research company reported strong quarterly earnings and raised its guidance throughout the year. Investors also reacted positively when IQVIA announced the purchase of the remaining stake in its clinical laboratory joint venture with Quest Diagnostics in the second quarter. Stock selection in the industrials sector also contributed to performance. Shares of Japanese consulting company BayCurrent rose, as the consulting company delivered strong organic growth as corporations continue to digitalize their businesses. The company has seen strong growth in consultant hiring and pricing driven by historical under-investment in information technology in Japan, demographic trends, work from home and government policy.

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In contrast, stock selection in the utilities sector detracted from performance. Shares of China Gas, which reported much lower-than-expected profit and guidance, driven by fewer residential connections due to tighter local government budgets for connection subsidies in the second half of the year, detracted from performance. The Portfolio initially purchased the company in early 2020 based on the prospect that it would benefit from China’s move towards a greater penetration of gas in the country’s energy mix while it shifted away from coal to reduce pollution. The Portfolio closed its position in December 2021, as the likelihood of this prospect diminished. Less-than-benchmark exposure to the energy sector also detracted from performance, as energy was the top performing sector in the benchmark.

Lazard Global Listed Infrastructure Portfolio

For the year ended December 31, 2021, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 19.87%, while Open Shares posted a total return of 19.56%, as compared with the 19.70% return for the MSCI World Core Infrastructure^® (USD Hedged) Index and 21.82% return for the MSCI World Index.

UK-based utility provider National Grid delivered consecutive months of strong performance after the release of robust results for the first half of 2021. Spain-based infrastructure giant Ferrovial rose sharply in December 2021 after traffic volume recovered at its key asset, the 407-ETR toll road in Ontario, Canada, which enabled resumption of dividends in the fourth quarter of 2021. Italian gas infrastructure company Snam saw its stock price climb, thanks to strong financial results, particularly for the second quarter of 2021.

In contrast, US-based electric utility Pinnacle West detracted after some harsher-than-expected regulatory decisions towards the end of its general rate case (a state-mandated process that investor-owned electric and gas companies go through to request funding for distribution and generation costs) reduced its authorized return on equity to 8.7%, which was lower than expected by the market. Luxembourg-based satellite operator SES detracted after it fell in the final quarter of 2021, despite no changes to near term

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forecasts and strong projections for recurring free cash flow generation.

Lazard Global Strategic Equity Portfolio

For the year ended December 31, 2021, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of 16.13%, while Open Shares posted a total return of 15.90%, as compared with the 18.54% return for the MSCI ACWI.

Shares of BayCurrent Consulting traded higher after the Japanese IT consulting company delivered strong organic growth as corporations continue to digitalize their businesses. Shares of US contract health care research company IQVIA rose after the company reported strong quarterly earnings and raised its guidance throughout the year. US-based chipmaker Applied Materials climbed on increased demand for chips.

In contrast, shares of Siemens Gamesa Renewable Energy fell on news of operational issues in its onshore wind turbine business. Chinese e-commerce giant Alibaba fell on concerns about a slowing Chinese economy and increased Chinese government regulation.

Lazard International Equity Advantage Portfolio

For the year ended December 31, 2021, the Lazard International Equity Advantage Portfolio’s Institutional Shares posted a total return of 13.94%, while Open Shares posted a total return of 13.75%, as compared with the 11.26% return for the MSCI EAFE Index.

Denmark-based Novo Nordisk, the world’s leading drug maker for diabetes and obesity treatment with over a 30% market share, gained on bullish sentiment about the company’s outlook, as it continued to build out its drug pipeline moving beyond various forms of insulin into heart treatment. France-based building materials supplier Saint-Gobain climbed due to the surge in home improvement projects, notably in Europe, coming out of the pandemic. Japanese chip-making equipment maker Tokyo Electron advanced, thanks to a growing demand stemming from greater semiconductor use in everything from smartphones to automobiles.

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In contrast, Nintendo traded lower as investors were disappointed that the Japanese gaming company did not release any new titles in the first half of 2021 against a backdrop of reasonably strong performance across the rest of the gaming industry. Australian iron ore producer Fortescue Metals, a major supplier to the China construction industry, receded on the Chinese government curtailing real estate speculation and news of financial difficulties with debt-laden Evergrande, the largest real estate developer in China.

Lazard International Equity Portfolio

For the year ended December 31, 2021, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 6.00%, while Open Shares posted a total return of 5.76%, and R6 Shares posted a total return of 6.03%, as compared with the 11.26% return for the MSCI EAFE Index.

A key drag on performance was the Portfolio’s holdings of companies its management team views as having attractive long-term prospects, but which remain vulnerable to uncertainties around economic re-openings. Performance also suffered from the Portfolio’s exposure to Chinese companies particularly vulnerable to the changes in the regulatory and economic environment. Lastly, the Portfolio suffered from not owning some high-quality companies which could not be justified on valuation grounds.

Although the MSCI EAFE Index does not include exposure to Chinese companies, the Portfolio held Autohome during the year, a Chinese security. Autohome, an online auto retailer, suffered significantly during the year, as a result of uncertainty regarding new car sales in China due to ongoing semiconductor shortages and pressure on the original equipment manufacturer from raw material inflation. The stock was also hurt by the continued increased regulatory oversight of the Chinese government on various industries. Also during the year, shares of Vestas, a Danish wind power company, fell significantly as higher costs for logistics-related functions, warranties, and raw materials affected earnings.

In contrast, the stock of Bank Leumi, an Israeli bank, was a positive contributor to relative performance during the year because of

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strong credit results and loan growth momentum driven by demand in the Israeli construction and real estate markets. Hitachi, a Japanese conglomerate that contributed positively to relative returns, benefitted from management initiatives and reported higher-than-expected earnings. RELX, a UK-based professional publisher that also has businesses in risk assessment and mitigation, a legal platform, and an events business, also contributed positively to relative performance for the year.

Lazard International Equity Select Portfolio

For the year ended December 31, 2021, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 3.24%, while Open Shares posted a total return of 3.03%, as compared with the 7.82% return for the MSCI ACWI ex-US.

The Portfolio management team continues to view certain holdings as having attractive long-term prospects, despite recent underperformance and vulnerabilities due to uncertainties around slow economic re-openings. Examples include medical device maker Medtronic, food services company Compass Group, and low-cost airline Ryanair.

Performance also suffered from the Portfolio’s exposure to Chinese companies hurt by the Chinese government’s increased regulatory oversight of various industries. For example, Autohome, an online auto retailer, suffered significantly during the year, as a result of uncertainty regarding new car sales in China due to ongoing semiconductor shortages and pressure on the original equipment manufacturer from raw material inflation. Shares on China-based insurer Ping An Insurance were hurt by a slowing Chinese economy and the China’s “zero Covid” policy, which have hindered sales agents’ ability to hold face-to-face meetings with clients to sell life insurance policies. Additionally, the China-based insurer suffered loses when it disclosed an ongoing regulatory probe into its past real estate transactions. Lastly, the Portfolio also suffered on a relative basis from not owning some high-quality companies which could not be justified on valuation grounds.

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In contrast, Ireland-domiciled professional services company Accenture experienced significant gains after reporting impressive fourth quarter performance. Additionally, Aon experienced gains as it abandoned proposed plans to acquire its competitor Willis Towers Watson because this proposed acquisition was plagued by litigation from the US Department of Justice. RELX, a UK-based professional publisher that also has businesses in risk assessment and mitigation, a legal platform, and an events business, also contributed positively to relative performance for the year.

Lazard International Equity Value Portfolio

For the year ended December 31, 2021, the Lazard International Equity Value Portfolio’s Institutional Shares posted a total return of 7.57%, while Open Shares posted a total return of 7.42%, as compared with the 11.26% return for the MSCI EAFE Index.

Stock selection in the consumer staples sector contributed positively to performance in the period. Arca Continental, a Mexico-listed Coca-Cola bottler, performed well as a result of solid performance results and continued strong growth during the year. Stock selection in the industrials sector also contributed positively to relative performance in the period. Hitachi, a Japanese conglomerate that contributed positively to relative returns, benefitted from management initiatives and reported higher-than-expected earnings. Stock selection in Japan also contributed positively to relative performance in the period. Sony, the Japan-listed electronics giant, experienced gains because of both strong performance results and announcements that it would acquire several game developers.

Stock selection in the consumer discretionary sector detracted from performance during the period. Vipshop faltered after a large hedge fund, which held a significant position in the company, was forced into liquidation. Shares came under additional pressure after China’s Ministry of Industry and Information Technology cited the company in August and again in October for illegally acquiring users’ address books and locations and for displaying pop-up windows. Negative stock selection impact in Asia ex-Japan detracted from relative performance during the period. SJM

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Holdings Limited, a Macao-based casino and resorts operator, underperformed as a result of continued COVID-19 related mobility and congregation restrictions and because of uncertainty surrounding Macao’s gaming license renewal process.

Lazard International Quality Growth Portfolio

For the year ended December 31, 2021, the Lazard International Quality Growth Portfolio’s Institutional Shares posted a total return of 9.99%, while Open Shares posted a total return of 9.69%, as compared with the 7.82% return for the MSCI ACW ex-US Index.

Japanese animation company Toei traded higher after raising its full-year guidance for operating profit by 31% and net income by 34% despite having to postpone some film releases into next year. Netherlands-based semiconductor equipment maker ASML saw its stock price rise due to strong quarterly results and better-than-expected orders, driven by solid demand for the company’s extreme ultraviolet lithography systems. Shares of Switzerland-based investment manager Partners Group advanced after reporting a strong investment pipeline on both the buy side (investing in new companies) and sell side (raising funds for investment), and its shares also benefited from improved market conditions.

In contrast, Chinese e-commerce giant Alibaba fell as investors were still grappling with the Chinese government’s heightened intervention in internet platforms, education, and fintech companies and the accompanying heightened regulatory risk. Shares of LG Household and Health Care retreated after the South Korea-based cosmetics company reported results that were moderately below expectations, mostly due to higher marketing costs and a fall in offline cosmetics revenue in China, a key market. Shares of the London Stock Exchange receded after the UK-based exchange operator announced higher spending as the result of its recent acquisition of Refinitiv.

Lazard International Small Cap Equity Portfolio

For the year ended December 31, 2021, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 11.83%, while Open Shares posted a total return of

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11.61%, as compared with the 10.10% return for the MSCI EAFE Small Cap^® Index.

Stock selection in the financials sector contributed to performance. Positive performance from several Canadian stocks and strong performance from Dutch semiconductor equipment maker ASML also contributed positively to Portfolio performance, along with the Portfolio’s holding of Swiss banking group Swissquote and professional services company JTC.

Stock selection in the communication services sector detracted. Weak performance from the Portfolio holding of German software developer TeamViewer, information and advisory services provider Karnov, and Sweden-based independent creator, publisher and distributor of digital games Stillfront also detracted from Portfolio performance.

Lazard International Strategic Equity Portfolio

For the year ended December 31, 2021, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of 5.99%, while Open Shares posted a total return of 5.67%, and R6 Shares posted a total return of 5.93%, as compared with the 11.26% return for the MSCI EAFE Index.

The largest detractors were the stocks of Chinese companies particularly vulnerable to China’s intensifying regulatory oversight, including Macao-based casino operator Sands China, video game company Nexon, e-commerce giant Alibaba, and online auto retailer Autohome. Significant detractors also included companies in which the ongoing coronavirus pandemic restricted consumer demand and behavior, including Canadian flight training provider CAE, French jet maker Safran, Irish air carrier Ryanair, UK-based events organizer Informa, US-based medical devices maker Medtronic, and Brazilian apparel retailer Lojas Renner.

Among the top contributors, National Bank, based in Montreal, performed very strongly. In the energy sector, shares of Suncor rose sharply after the Canadian oil sands producer reported very strong results and cash flows. Shares of French alcoholic beverage

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company Pernod Ricard and UK-based Coca-Cola bottler Coca-Cola Europacific Partners benefited from domestic re-openings. Shares of UK-based insurance broker Aon and UK-based information services company RELX climbed as a result of strong performance and attractive valuations. Shares of Japanese consulting company BayCurrent and Ireland-domiciled professional services company Accenture advanced, due to a strong trend toward digitalization of tasks that had been traditionally performed in an office.

Lazard Managed Equity Volatility Portfolio

For the year ended December 31, 2021, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of 19.00%, while Open Shares posted a total return of 18.62%, as compared with the 21.82% return for the MSCI World Index.

Stock selection in communication services and financials detracted from performance, as did underweight exposure to the consumer staples and utilities sectors. Overweight exposure to the real estate sector and underweight exposure to consumer discretionary sector contributed positively to performance. Regionally, stock selection was strongest in Continental Europe and Japan, and weakest in the UK and the US.

US-based consumer products company Clorox retreated after second quarter sales dropped by 9%, as consumer demand for cleaning supplies declined. The company projected more declines in the 2022 fiscal year and outlined guidance for earnings below analysts’ expectations. The Portfolio closed its position in August. UK-based miner Rio Tinto retreated along with the decline in commodity prices halfway through the year, notably iron ore. In addition, Rio Tinto’s $2.4 billion lithium project in Serbia encountered heavy resistance and has been paused. Japanese home improvement retailer DCM fell following the COVID-19 surge in Japan in early 2021. For the first quarter, the company reported an 8% decline in home improvement sales and 20% quarterly decline in housekeeping sales, disappointing investors.

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In contrast, Denmark-based drugmaker Novo Nordisk, the world’s leading drugmaker for diabetes and obesity treatment, rose on strong financial results throughout 2021 and the initial substantial US demand for its obesity drug, Wegovy, which enabled the company to raise its outlook for the full year. Shares received another boost when the company announced a share buyback program. Shares of Public Storage climbed after the US-based self-storage company reported strong quarterly earnings, as move-in rates moved higher, renewal rates remained robust, and marketing costs decreased helping to reduce expenses and increase margins and profits. Shares received another boost on positive sentiment about the company’s acquisition of ezStorage, one of the highest quality self-storage companies in the US, for $1.8 billion. Shares of Zoetis traded higher after the US-based animal-health company upgraded its 2021 revenue forecast after a stellar first quarter, and for the third quarter its profit and revenue rose even further, driven by its pet care, parasiticides and dermatology products.

Lazard US Equity Concentrated Portfolio

For the year ended December 31, 2021, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 26.02%, while Open Shares posted a total return of 25.72% and R6 Shares posted a total return of 26.06%, as compared with the 28.71% return for the S&P 500 Index.

A position in fintech and payments company Fiserv fell due to increased competitive pressures as well as mixed quarterly earnings. Shares also lagged due to pandemic-driven uncertainties, as the anticipated increase in consumer spending was hampered by concerns of pandemic-induced slowdowns. Medical device maker Medtronic saw its stock price fall following the announcement of several pipeline setbacks in the latter part of the year, and as some investors were concerned that the new coronavirus variants may threaten elective surgery activity. Shares of hospital supply company Baxter fell due to pandemic-related headwinds, including higher inflation and new product pipeline delays. The Portfolio closed its position in December, as we saw opportunities with better risk-reward profiles elsewhere.

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Alphabet, the parent company of internet search giant Google, saw its stock price climb after reporting strong quarterly results throughout the year. Revenues generally beat investor expectations, driven by Google Search and YouTube, reflecting growth that is well above historical levels, as online-enabled commerce activity increased across various industries. The cloud business also reported accelerated revenue growth and improved margins. Shares of Public Storage climbed after the self-storage provider reported strong results, driven by strong performance across various metrics and improved pricing power. Shares received another boost on positive sentiment about the company’s acquisition of ezStorage, one of the highest quality self-storage portfolios in the US, for $1.8 billion. Shares of Lowe’s advanced after the home improvement retailer reported quarterly earnings above expectations, driven by strong gross margins and expense management.

Lazard US Equity Focus Portfolio

For the year ended December 31, 2021, the Lazard US Equity Focus Portfolio’s Institutional Shares posted a total return of 27.36%, while Open Shares posted a total return of 26.96% and R6 Shares posted a total return of 27.34%, as compared with the 28.71% return for the S&P 500 Index.

Stock selection in the health care sector detracted from performance. Shares of medical device maker Medtronic fell following the announcement of several pipeline setbacks, and as some investors were concerned that the new coronavirus variants may threaten elective surgery activity. Stock selection in the information technology sector also hurt returns. Shares of payment company Visa lagged along with those of peers as a result of increased competitive pressure from fintech companies.

Stock selection in the communication services sector contributed to performance. Shares of Google parent Alphabet rose after the company reported strong quarterly results throughout the year. Revenues generally beat investor expectations, driven by Google Search and YouTube, reflecting growth that is well above historical levels, as online-enabled commerce activity is elevated across

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various industries. The cloud business also reported accelerated revenue growth and improved margins. Stock selection and an overweight position in the financials sector also helped returns. Shares of Bank of America rose amid expectations for a rising interest rate environment.

Lazard US Small-Mid Cap Equity Portfolio

For the year ended December 31, 2021, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 19.91%, while Open Shares posted a total return of 19.59%, and R6 Shares posted a total return of 19.95%, as compared with the 18.18% return for the Russell 2500^® Index.

Stock selection and a less-than-benchmark exposure to the health care sector contributed to relative performance. Shares of contract research organization ICON rose as the company’s earnings reports in the second half of the year provided validation that scale benefits will accrue as a result of the acquisition of PRA Health Sciences. Stock selection in the energy sector also contributed to relative performance. Magnolia Oil & Gas reported strong earnings and guidance throughout the year, helped by the performance of its Giddings Field unit and cost control measures.

In contrast, stock selection in the financials sector detracted from relative performance. Shares of Metromile fell amid volatility in the pay-per-mile insurance segment. The Portfolio exited the position in May. Stock selection in the consumer discretionary sector also detracted from relative performance. Shares of casual dining restaurant operator Brinker fell, as the rise of COVID-19 variants throughout the year and inflation threatened the pace of recovery for the restaurant industry.

Lazard US Sustainable Equity Portfolio

For the year ended December 31, 2021, the Lazard US Sustainable Equity Portfolio’s Institutional Shares posted a total return of 29.01%, while Open Shares posted a total return of 28.75%, as compared with the 28.71% return for the S&P 500 Index for the period.

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Stock selection in the industrials sector contributed to performance. Shares of Waste Management rose after the company reported solid results, with its core business approaching its pre-pandemic earnings trajectory. The company also benefited from higher commodity prices fueling its recycling business, and management raised guidance due to the synergies from its acquisition of peer Advanced Disposal (ADSW) coming sooner than anticipated. Stock selection in the information technology sector also helped returns. Shares of consulting firm Accenture rose after the company reported quarterly results above expectations and management raised guidance several times during the year, citing strong demand for its services.

In contrast, stock selection in the materials sector detracted from performance. Shares of Ball underperformed on concerns over higher input costs for materials and freight transport. Less-than-benchmark exposure to the energy sector also hurt returns.

Lazard US Systematic Small Cap Equity Portfolio

Since inception on October 29, 2021 through December 31, 2021, the Lazard US Systematic Small Cap Equity Portfolio’s Institutional Shares posted a total return of 2.83%, while Open Shares posted a total return of 2.80%, as compared with the -2.03% return for the Russell 2000 Index for the period.

Stock selection across nearly every sector was positive for the quarter. Attribution from stock selection in the health care and industrials sectors contributed the most to performance.

In contrast, the utilities sector had negative attribution. Sector allocation to the real estate and financials sectors also provided negative attribution.

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The Lazard Funds, Inc. Performance Overviews (unaudited)

Please see the “Notes to the Performance Overviews” for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares,Open Shares and R6 Shares, and the indexes shown below.

Lazard Developing Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Developing Markets Equity Portfolio and the MSCI Emerging Markets^® Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Emerging Markets Core Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Core Equity Portfolio and the MSCI Emerging Markets Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Emerging Markets Equity Advantage Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Advantage Portfolio and the MSCI Emerging Markets Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Emerging Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Portfolio and the MSCI Emerging Markets Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Emerging Markets Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Strategic Equity Portfolio and the MSCI Emerging Markets Index

Average Annual Total Returns

Periods Ended December 31, 2021

Lazard Equity Franchise Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Equity Franchise Portfolio and the MSCI World^® Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Global Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Equity Select Portfolio and the MSCI ACWI^®

Average Annual Total Returns

Periods Ended December 31, 2021

Lazard Global Listed Infrastructure Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Listed Infrastructure Portfolio, the MSCI World Core Infrastructure (Hedged) Index and the MSCI World Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Global Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Strategic Equity Portfolio and the MSCI ACWI

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard International Equity Advantage Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Advantage Portfolio and the MSCI EAFE^® Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard International Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Portfolio and the MSCI EAFE Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard International Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Select Portfolio, the MSCI ACWI ex-US and the MSCI EAFE/ACWI ex-US Linked Index

Average Annual Total Returns

Periods Ended December 31, 2021

Lazard International Equity Value Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Value Portfolio and the MSCI EAFE Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard International Quality Growth Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Quality Growth Portfolio and the MSCI ACWI ex-US

Average Annual Total Returns

Periods Ended December 31, 2021

Lazard International Small Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Small Cap Equity Portfolio and the MSCI EAFE Small Cap^® Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard International Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Strategic Equity Portfolio and the MSCI EAFE Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard Managed Equity Volatility Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Managed Equity Volatility Portfolio and the MSCI World Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard US Equity Concentrated Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Equity Concentrated Portfolio, the S&P 500 Index and the Russell 1000 Value/S&P 500 Linked Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard US Equity Focus Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Equity Select Portfolio and the S&P 500 Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard US Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Small-Mid Cap Equity Portfolio and the Russell 2500 Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard US Sustainable Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Sustainable Equity Portfolio and the S&P 500 Index

Average Annual Total Returns

Periods Ended December 31, 2021

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Lazard US Systematic Small Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Systematic Small Cap Equity Portfolio and the Russell 2000 Index

Average Annual Total Returns

Periods Ended December 31, 2021

Information About Portfolio Performance Shown Above

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or DST Asset Manager Solutions, Inc., the Fund’s transfer agent and dividend disbursement agent (“DST”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.

Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles (“GAAP”), if any, and also exclude one-time adjustments related to the receipt of settlement proceeds by the Lazard International Equity, Lazard International Small Cap Equity and Lazard Developing Markets Equity Portfolios from a class action lawsuit. For the Lazard Developing Markets Equity Portfolio, these proceeds impacted the total return of Open Shares but did not impact that of Institutional Shares; amounts may differ from amounts reported in the financial highlights.

The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of an investment in a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated, there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio’s distributions or the redemption of Portfolio shares.

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The performance of Institutional Shares, Open Shares and R6 Shares of a Portfolio, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.

Information About Index Performance Shown Above

The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.

The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 27 emerging markets country indices.

The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.

The MSCI ACWI is a free-float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 50 country indices comprising 23 developed and 27 emerging markets country indices.

The MSCI World Core Infrastructure (Hedged) Index (the “Infrastructure Index”) captures large and mid-cap securities across the 23 developed market countries. The Infrastructure Index is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. However, note that the Lazard Global Listed Infrastructure Portfolio invests in a range of companies globally, and is not limited to investing in developed markets countries.

The MSCI EAFE Index is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.

The MSCI ACWI ex-US is a free-float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 49 country indices comprising 22 developed and 27 emerging markets country indices.

The MSCI EAFE/ACWI ex-US Linked Index is an unmanaged index created by the Investment Manager which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when the Lazard International Equity Select Portfolio’s benchmark index changed) and the MSCI ACWI ex-US for all periods thereafter.

The MSCI EAFE Small Cap Index targets all companies with market capitalizations below that of the companies in the MSCI EAFE Index and up to 99% coverage of the free-float-adjusted market capitalization in each market (subject to minimum investability criteria and a universal minimum size range). The MSCI EAFE Small Cap Index consists of 21 developed markets country indices.

The S&P 500 Index is a market capitalization-weighted index of 500 companies in leading industries of the US economy.

The Russell 1000 Value/S&P 500 Linked Index is an unmanaged index created by the Investment Manager which links the performance of the Russell 1000^® Value Index for

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all periods through May 30, 2012 (when the Lazard US Equity Concentrated Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter.

The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2500 Index measures the performance of the small-to mid-cap segment of the US equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000^® Index. The Russell 3000 Index measures the performance of the largest 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

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The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from July 1, 2021 through December 31, 2021 and held for the entire period.

Actual Expenses

For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

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The Lazard Funds, Inc.

Portfolio Holdings Presented by Asset Class/Sector December 31, 2021

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