Lazard Funds N-CSR/ACertified annual shareholder report (management investment company) (amended)

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: 12/31/22

Brief Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2022, originally filed with the Securities and Exchange Commission on February 27, 2023 (Accession Number 0000930413-23-000682), for the purpose of deleting the word “(unaudited)” from the Notes to the Financial Statements on page 264.

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 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia’s invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the “Fed”), the world’s most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed’s actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the “ECB”), which lifted its benchmark rate four times, and the Bank of England (the “BoE”), which did so eight times. The Bank of Japan (the “BoJ”) was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan’s economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection 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 LLC

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The Lazard Funds, Inc. Investment Overviews (unaudited)

Market Overviews

Global Markets

A multi-year rally in global equity markets that was fueled by a low-interest rate environment ended in 2022, sending stock prices plummeting amid concerns about soaring inflation and the response of central banks to contain it.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia’s invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the “Fed”), the world’s most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed’s interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953. The 10-year Treasury bond yield ended the year at 3.88%, which put significant pressure on stocks by undercutting their appeal.

The Fed’s actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (“BoE”) did so eight times.

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Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked a two-month rally in global stock markets starting in October on hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed’s warning was quickly echoed by the ECB and the BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession unnerved investors and drove global stock markets downward in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan’s central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, recorded its worst annual performance since 2008. The index lost about one-fifth of its value in 2022, the equivalent of US$18 trillion. The MSCI World Index, which measures developed markets, receded 18.1% while the MSCI Emerging Markets Index fell 20.1%. Notably, the S&P 500 Index—the bellwether of the US stock market—ended the year down 18.1%, also its worst yearly performance since 2008, having lost about $8.2 trillion in value.

In terms of the MSCI All Country World Index, energy was the best-performing sector in the 12-month period, as shares of energies companies surged on bullish sentiment about the demand outlook for oil. Communication services was the worst-performing sector, as rising interest rates led investors to sell off technology stocks with high valuations and low dividend payments.

Emerging Markets Equities

The area encompassing emerging Europe, the Middle East, and Africa (“EMEA”) was the worst-performing region in 2022. In March, MSCI removed Russian stocks from its emerging markets

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indices after deeming them as “uninvestable” and wrote to zero the value of its Russia index after the country’s stock market was determined to not be operating under normal rules. Emerging Asia underperformed, with China’s stock market plummeting on bearish sentiment about the country’s economic outlook amid COVID-driven lockdowns, a beleaguered real estate sector, and news that Xi Jinping had secured an unprecedented third term as the country’s president. Stock markets in Korea and Taiwan both tumbled on concerns about the demand outlook for semiconductor chips, the flagship industry for both countries. The steep drops recorded by Chinese, Korean, and Taiwanese stocks, which, in the aggregate, account for about 58% of the MSCI Emerging Markets Index, had an outsize impact on the benchmark’s overall performance. Latin America was the best-performing region, with the stock markets of commodities-exporting countries such as Brazil and Chile outperforming thanks to the increase in raw materials prices.

Information technology was the worst-performing sector, as the Chinese government’s crackdown on the country’s technology companies led to a steep sell-off of sector stocks. Utilities was the best-performing sector, as mounting global economic uncertainty led investors to rotate to defensive stocks.

International Equities

International markets rallied sharply in the fourth quarter of 2022, reducing some of the significant year-to-date drawdown. This reversal was due mainly to two factors. First, signs of peaking inflation became evident and reduced investor expectations for significant future rate hikes by central banks. Second, the end of COVID lockdowns in China raised expectations for a pickup in global growth as the China economy reopened. The very strong returns in the fourth quarter were led by lower-quality stocks, as is normally the case in a strong absolute return period, and this extended the lead for low quality compared to high quality for the full year. Foreign currency strength added to already strong local market performance for international benchmarks as peaking inflation data drove dollar weakness. As a result, despite fears of significant macroeconomic headwinds to international markets,

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international benchmarks outperformed the US not only in local terms, but also in dollars for the fourth quarter and the full year for the first time since 2017.

US Equities

US equity markets sold off during the year as several factors, including supply chain bottlenecks, rising energy prices, a tight labor market, and sustained consumer demand, combined to drive US inflation to its highest level in 40 years. As a result, the Fed reversed its ultra-low interest rate policy and embarked on an aggressive rate-hiking campaign, resulting in its benchmark rate ending December at its highest level in 15 years. Stocks were volatile throughout the year as investors grappled with two competing sentiments—relief that the Fed was taking aggressive actions to rein in rising prices and concerns that these same actions could slow economic growth. Investors were encouraged towards the end of the year that domestic inflation was showing signs of moderating, with November marking the fifth consecutive month of declines.

Global Infrastructure

Listed infrastructure indices, as measured by the MSCI World Core Infrastructure^® (USD) Index, fell in 2022. The strongest performing areas of infrastructure in 2022 were regulated water utilities and North American freight railroads. The poorest performing areas were Japanese passenger railways and satellites. In an inflationary environment, infrastructure plays a key role in portfolio performance but understanding the nuances of infrastructure assets can prove difficult. The majority of infrastructure assets listed on public markets do not have either monopoly-like positions or guaranteed inflation protection in regulatory arrangements.

Portfolio Performance

Lazard Developing Markets Equity Portfolio

For the year ended December 31, 2022, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of -22.61%, while Open Shares posted a total return of -22.81%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

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Stock selection in the information technology sector detracted from relative performance for the period. Shares of GoerTek faltered on news that consumer electronics giant Apple suddenly stopped its high-end AirPods orders to the China-based electronic supplier due a to quality control issue. The fall in the stock price of Korea-based chipmaker Samsung Electronics was attributed to concerns that inventory adjustments were having a significant effect on memory pricing.

In contrast, stock selection in the financials sector contributed to relative performance. Shares of Banorte climbed after the Mexico-based lender reported better-than-expected results. Shares received another boost from bullish sentiment about the company’s financial discipline. The rise in the stock price of China-based online travel agency Trip.com was attributed to news that the Chinese government was easing its COVD-19 restrictions and lifting lockdowns in major cities. Shares of HDFC traded higher after ethe India-based lender reported broad-based loan growth and improvement in its incremental market share in deposits.

Lazard Emerging Markets Core Equity Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of -21.63%, while Open Shares posted a total return of -21.80% and R6 Shares posted a total return of -21.58%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Stock selection in certain geographies detracted from relative performance. Overweight exposure to Russian stocks, including those for energy company Lukoil and lender Sberbank, detracted when their valuations fell to zero following their removal from the MSCI Emerging Markets Index.

In contrast, stock selection in other regions contributed to relative performance. Shares of Thailand-based petroleum exploration and production company PTT Exploration gained in sympathy with the rally in crude oil futures prices. Shares of HDFC Bank traded higher after the India-based lender reported broad-based loan growth and on news that its incremental market share in deposits

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was expanding. The rise in the stock price of United Arab Emirate-based ports operator Abu Dhabi Ports was attributed to increased shipping volume and positive investor sentiment for the industry as it recovered from supply chain disruptions.

Lazard Emerging Markets Equity Advantage Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of -21.01%, while Open Shares posted a total return of -21.21%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Lack of exposure to Brazil-based Itau Unibanco, a large benchmark name which rose over 30% in 2022, in favor of Asian banks, detracted from relative performance. Shares of Wipro suffered from concerns that the information technology outsourcing company’s earnings outlook had weakened because higher employee expenses and a bleaker economic climate would likely reduce information technology spending from its clients.

In contrast, the rise in the stock price of India-based lender ICICI Bank, attributed in part to the country’s solid economic growth, contributed to relative performance. Shares of the lender also benefited from positive sentiment about the company’s strong loan growth and margin expansion due to higher interest rates. Shares of HDFC Bank also climbed on positive sentiment about the India-based lender’s aggressive growth path, which saw the opening of over 700 branches in India in 2022. Shares received another boost from the company’s strong growth in interest and fee income. Bank of China rebounded in the fourth quarter of 2022, as the lender benefited from favorable government action on revitalizing the troubled real estate sector and COVID reopening to boost economic growth.

Lazard Emerging Markets Equity Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of -14.86%, while Open Shares posted a total return of -15.09% and R6 Shares posted a total return of -14.86%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

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Security selection in the energy and financials sectors and above-benchmark exposure in China, Brazil, Indonesia, and South Africa boosted relative performance. BB Seguridade, a Brazilian insurance company, reported positive earnings and an improving outlook with higher interest rates and a normalization of pandemic-related loss ratios. Shares of energy companies Petróleo Brasileiro S.A (Petrobras), based in Brazil and Galp, based in Portugal with global assets in Latin America and Africa, both jumped along with the rally in crude oil futures.

Security selection in the communication services sector and in Russia detracted from relative performance. A lower-than-benchmark exposure to India also undercut relative performance. Shares of Korea-based chipmakers Samsung Electronics and SK Hynix fell as part of a larger decline by semiconductor-related stocks on worries about a demand downcycle amid Chinese COVID-related lockdowns and rising concerns about a potential recession brought about by rising interest rates. These led to a sell-off in semiconductor-related stocks, including Samsung Electronics and SK Hynix in Korea.

Lazard Emerging Markets Strategic Equity Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Strategic Equity Portfolio’s Institutional Shares posted a total return of -19.04%, while Open Shares posted a total return of -19.24%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Among top contributors to relative performance, the rise in the stock price China-based online travel agency Trip.com was attributed to news that the Chinese government was easing its COVID restrictions and lifting lockdowns in major cities. Shares of HDFC Bank traded higher after the India-based lender reported broad-based loan growth and on news that its incremental market share in deposits was expanding. Shares of BB Seguridade also gained after the Brazil-based insurer reported solid quarterly earnings and an improving outlook, with higher interest rates and a normalization of pandemic-related loss ratios.

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Among top detractors from relative performance, shares of Taiwan-based chipmakers SK Hynix and MediaTek retreated as part of larger declines in semiconductors-related stocks due to worries about a demand downcycle stemming from China’s COVID-driven lockdowns and a global recession brought about by rising interest rates.

Lazard Equity Franchise Portfolio

For the year ended December 31, 2022, the Lazard Equity Franchise Portfolio’s Institutional Shares posted a total return of -5.21%, while Open Shares posted a total return of -5.45%, as compared with the -18.14% return for the MSCI World^® Index.

Among top contributors to relative performance, shares of H&R Block advanced after the US-based tax services company reported better-than-expected results for its fiscal year 2022 fourth-quarter, and guided future earnings significantly above consensus expectations. US-based television and internet ratings measurement company Nielsen saw its stock price climb on news of a takeover offer, and major shareholder Windacre’s agreement with the private equity bidders for an offer price of $28 per share. Shares of McKesson traded higher after the US-based drug distributor reported higher earnings from sales of COVID vaccines and personal protection equipment.

Among top detractors from relative performance, shares of Germany-based dialysis company Fresenius fell on news that the US Supreme Court found in favor of a small health fund that had reduced the amount it paid for dialysis services, in apparent contravention of the Medicare Secondary Payer Act of 1980. Shares of Intel fell after the US-based chipmaker reported disappointing earnings due to a weaker PC market, weak demand and market share loss in the data center segment, and a further delay to the launch of its Sapphire Rapids product for the data center market.

Lazard Global Equity Select Portfolio

For the year ended December 31, 2022, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of -17.28%, while Open Shares posted a total return of -17.50%, as compared with the -18.36% return for the MSCI ACWI.

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Stock selection in the information technology sector contributed to relative performance. Motorola Solutions, a leader in mission-critical communication devices, systems, and services for public safety and commercial verticals, saw its stock price climb on news that it was servicing a record-high backlog and on strength in the face of semiconductor and inflationary pressures. Stock selection in the consumer discretionary sector also boosted relative performance. Shares of US-based discount retailer Dollar General performed well as sales and earnings were strong during the year, bolstered by changes in consumer spending habits favoring lower-cost items amid an inflationary environment.

In contrast, lack of exposure to the energy sector detracted from relative performance. Stock selection in the healthcare sector also detracted from relative performance. The fall in the stock price of US-based animal health company Zoetis was attributed to foreign exchange headwinds and supply chain constraints.

Lazard Global Listed Infrastructure Portfolio

For the year ended December 31, 2022, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of -1.30%, while Open Shares posted a total return of -1.55%, as compared with the -4.13% return for the MSCI World Core Infrastructure^® (USD) Index and -18.14% return for the MSCI World Index.

Among top contributors to relative performance, shares of Italian toll road company Atlantia climbed after the Italy-based toll road operator became a €58 billion acquisition target (at a price of €23 per share) from private equity company Blackstone and the Benetton family. Shares of Consolidated Edison also rose after the US-based utility company reported solid quarterly earnings results and sold its unregulated Clean Energy assets. Shares received another boost from investors rotating to defensive stocks amid heightened economic uncertainty. Shares of Pinnacle West advanced as part of larger gains made by most US regulated utilities, as a result of the Russia-Ukraine conflict. Shares were bolstered in November after the company reported higher-than-expected results in the third quarter of 2022 due to warmer weather and raised its full year guidance.

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Among top detractors from relative performance, shares of Ferrovial faltered after the Spain-based infrastructure company reported that its key asset, H407 in Ontario, Canada, saw a 34% decline in the second quarter of 2022. Shares came under additional pressure in December after Ferrovial announced a number of asset transactions that hurt performance. Shares of Hera slid on concerns that the Italy-based energy company would either be unable to pass rising gas prices to customers or at least suffer substantial working capital pressures, though results have not validated this concern.

Lazard Global Strategic Equity Portfolio

For the year ended December 31, 2022, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of -19.01%, while Open Shares posted a total return of -19.22%, as compared with the -18.36% return for the MSCI ACWI.

Stock selection in the healthcare, industrials, and financials detracted from relative performance. Shares of Adobe traded lower after the US-based design software company announced the acquisition of Figma, a cloud-based collaboration tool. The move was interpreted as a signal of potential competitive disruption to Adobe’s core market, particularly given the high price tag Adobe agreed to pay. Shares came under additional pressure due to a moderation in growth rate following a strong demand environment in 2020–21. Shares in Intuit faltered after the US-based financial software provider reported slowing topline growth in 2022 after enjoying strong demand in prior years. Investors were also concerned about the company’s exposure to small businesses in a weakening macro environment. Shares of US-based semiconductor equipment maker Applied Materials fell as part of a larger decline in semiconductor-related stocks due to concerns about a demand downcycle. This was the pattern in general for the semiconductor sector, which was one of the worst performing sectors in 2022.

Stock selection in the communication services, information technology, and consumer discretionary sectors boosted relative performance. Shares of UnitedHealth gained on positive

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sentiment about the US-based health insurer’s upside potential, with Optum Health, the company’s health services business that brings together physician services and data and analytics, continuing to deliver strong results and serving as a good illustration of management’s strategic vision. Shares of Aon gained after the UK-based professional services company reported healthy earning growth at a reasonable valuation amid a volatile and inflationary environment. Shares of Helmerich & Payne climbed after the US-based oil services provider delivered strong results through the course of the year, thanks to a high oil price environment that provided a more favorable demand environment for equipment and services. A lack of investment in the sector created a tight supply environment resulting in very favorable pricing dynamics for Helmerich & Payne as a result.

Lazard International Equity Advantage Portfolio

For the year ended December 31, 2022, the Lazard International Equity Advantage Portfolio’s Institutional Shares posted a total return of -13.45%, while Open Shares posted a total return of -13.75%, as compared with the -14.45% return for the MSCI EAFE Index.

Among top contributors to relative performance, oil company Shell benefited from the surge in oil prices following the Ukraine invasion and led the big 5 oil companies in committing to carbon neutrality by 2050. Shares of Novo Nordisk traded higher on optimism that the Danish pharmaceutical company’s new treatment drugs will re-accelerate revenue growth. Japan Post, which generates 75% of its earnings from its finance operations, benefited from the favorable period for finance companies driven by higher global interest rates.

In contrast, detracting from relative performance, Deutsche Post gave back most of its relative gain from the COVID period as its struggled with weak advertising revenue, slowing newspaper sales and higher employee expenses. Nemetschek, the German building and infrastructure design firm, was adversely impacted by higher interest rates and slowing construction, along with recessionary concerns.

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Lazard International Equity Portfolio

For the year ended December 31, 2022, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of -14.83%, while Open Shares posted a total return of -15.05%, and R6 Shares posted a total return of -14.82%, as compared with the -14.45% return for the MSCI EAFE Index.

Stock selection in the healthcare sector detracted from relative performance for the period. Shares of Olympus fell after the Japanese medical devices company reported second-quarter results that indicated cost inflation was running slightly higher than what management expected and operating profit guidance was revised down by 1%. Shares of Icon fell on concerns about the Ireland-based clinical research organization’s financial leverage in the aftermath of its acquisition of rival PRA Health Sciences, and its exposure to potentially weaker biotechnology funding. Shares of Roche declined on negative news relating to the Swiss pharmaceutical company’s Alzheimer’s drug (Gantenerumab) trial. Lower-than-index exposure to the financials sector also detracted, as did higher-than-index exposure to the industrials sector.

In contrast, stock selection in the consumer staples sector contributed to relative performance. Shares of MatsukiyoCocokara traded higher after the Japan-listed pharmacy operator reported first-quarter results indicating that operating profit beat consensus estimates. Shares received another boost after management affirmed its outlook and a share buyback was announced. Elsewhere in the sector, the rise in the stock price of Mexican bottler Arca Continental was attributed to strong fundamentals throughout the year against the backdrop of a solid Mexican economy that was helped by companies shifting production closer to the end consumer markets in North America. Management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Lower-than-index exposure to the information technology sector contributed, as did higher-than-index exposure to the energy sector.

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Lazard International Equity Select Portfolio

For the year ended December 31, 2022, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of -15.55%, while Open Shares posted a total return of -15.76%, as compared with the -16.00% return for the MSCI ACWI ex-US.

Stock selection in, and an overweight position to, the outperforming energy sector positively contributed to relative returns. Shares of Canada-based energy company Suncor advanced along with the rise in oil prices. Shares received another boost on news that an activist investor had built a stake in the company to unlock value in Suncor’s portfolio. Elsewhere, shares of BP rose after the UK-based integrated oil and gas company announced a 10% dividend increase and a $3.5 billion share buyback. Stock selection in the financials sector was also a significant driver of relative performance during the period, anchored by contributors Mexico-based Grupo Banorte, Indonesia-based Bank Mandiri and India-based ICICI Bank.

In contrast, stock selection in the utilities sector hurt relative returns. Shares of China Longyuan Power, the largest wind power producer in China and Asia, saw its stock price fell as part of a broad-based decline in Hong Kong stocks due to concerns about the impact of COVID restrictions in China. Shares were weighed down further by concerns that slightly weaker wind speeds in China during the first half of 2022 would hurt quarterly results, which ultimately were not heavily affected. In the materials sector, shares of Dutch multinational chemical company Royal DSM traded down as higher interest rates and a further rise in raw materials impacted valuations. Shares of Germany-based housing company Vonovia came under pressure as yields rose over the course of the year. Higher interest costs limited the ability of the company to invest in the asset base to drive rent increases across the property portfolio and put downward pressure on real estate values in general.

Lazard International Quality Growth Portfolio

For the year ended December 31, 2022, the Lazard International Quality Growth Portfolio’s Institutional Shares posted a total return of -20.10%, while Open Shares posted a total return of -20.31%, as compared with the -16.00% return for the MSCI ACW ex-US Index.

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The International Quality Growth Portfolio focuses on high-quality stocks; therefore, relative performance was hurt in 2022 when low-quality stocks led the market. The fall in the stock price of global private equity firm Partners Group was attributed to the more challenging market environment amid higher interest rates. Shares of UK-based animal pharmaceutical and pet health company Dechra reported fiscal year 2022 results that were in line with management expectations. Despite this, the stock underperformed as the market sold off higher valued growth stocks. Shares of Netherlands-based semiconductor equipment manufacturer ASML faltered as part of larger declines in the technology sector amid fears of a cyclical slowdown. Shares came under additional pressure after the company reported a slight decline in net bookings versus the previous quarter; however, operating margin came in slightly ahead of consensus.

Among top contributors to relative performance, shares of HDFC rose after the India-based lender reported better-than-expected net interest income, driven by loan growth. Shares also advanced as part of larger gains made by India’s stock market. Shares of Dollarama rose after the Canada-based discount retailer reported better-than-expected sales and margin growth and increased its full-year outlook. Lastly, shares of Danish biotech company Genmab rose as investors reacted positively to quarterly sales of Darzalex, its cancer treatment which is becoming the standard of care for multiple myeloma.

Lazard International Small Cap Equity Portfolio

For the year ended December 31, 2022, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of -26.32%, while Open Shares posted a total return of -26.49%, as compared with the -21.39% return for the MSCI EAFE Small Cap^® Index.

Detracting from relative performance, shares of Dermapharm, a Germany-listed Contract Development and Manufacturing Organization (CDMO) serving the pharmaceutical industry, performed poorly in 2022 as benefits from its COVID-19 vaccine operations faded. Shares of Lindab International, a Sweden-listed

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manufacturer of steel products serving construction and indoor climate customers also performed poorly in 2022 with mixed results, rising input costs, and demand uncertainty.

Contributing to relative performance, shares of Bankinter, a Spain-listed bank, performed well in 2022 with strong results and a favorable rate environment for the industry. Shares of MatsukiyoCocokara, a Japan-listed pharmacy operator, also performed well in 2022, with strong results that demonstrated continued benefits from the merger of Matsumotokiyoshi and Cocokara Fine. Shares of Gaztransport & Technigaz, a France-listed engineering company serving the LNG (Liquified Natural Gas) transport industry, also demonstrated strong performance in 2022, with strong results and continued demand tailwinds in the energy complex.

Lazard International Strategic Equity Portfolio

For the year ended December 31, 2022, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of -16.88%, while Open Shares posted a total return of -17.04%, and R6 Shares posted a total return of -16.87%, as compared with the -14.45% return for the MSCI EAFE Index.

Stock selection in the real estate, information technology, and healthcare sectors detracted from relative performance. Shares of Ireland-domiciled professional services company Accenture tumbled early in 2022 due to the most dramatic rotation from growth to value since 1999. Shares of Germany-based housing company Vonovia came under pressure as yields rose over the course of the year. Higher interest cost limited the ability of the company to invest in the asset base to drive rent increases across the property portfolio and put downward pressure on real estate values in general.

Stock selection in consumer staples, communication services, and industrials boosted relative performance. Shares of Canada-based energy company Suncor advanced in accordance with the rise in oil prices. Shares received another boost on news that an activist

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investor had built a stake in the company to unlock value in the portfolio. Shares of Mexico-based bottler Arca Continental climbed, based on the strength of the Mexican economy and aided by companies shifting production closer to the end consumer market in North America. Shares were bolstered by news that management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Shares of Aon gained after the UK-based professional services company reported healthy earning growth at a reasonable valuation amid a volatile and inflationary environment.

Lazard Managed Equity Volatility Portfolio

For the year ended December 31, 2022, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of -6.72%, while Open Shares posted a total return of -6.96%, as compared with the -18.14% return for the MSCI World Index.

Stock selection in the communication services and consumer discretionary sectors contributed to relative performance for the period, while the Portfolio’s underweighting of information technology stocks and overweighting consumer staples stocks contributed most to relative performance. Regionally, stock selection was strongest in the US and Japan, and weakest in Norway and Singapore. Stocks that provided the largest contribution to excess return included Gilead Sciences, which reported significant growth during 2022, especially in the fourth quarter. Gilead markets several single-tablet regimens for HIV and its next-generation products with better long-term safety profiles are booting the company’s market share. Coterra Energy helped relative performance, as the company’s real estate in the lowest-cost oil and natural gas basins amplified returns and boosted product and geographic diversification. The firm is one of the few oil and gas producers that can consistently generate excess returns on invested capital at midcycle commodity prices. Shares of Merck advanced after the drugmaker reported solid global revenue growth throughout the year.

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In contrast, the fall in the stock price of US-based animal health company Zoetis was attributed to foreign exchange headwinds and supply chain constraints. Lower-margin emerging market sales will make up an increasing portion of company sales, potentially creating a headwind to the company’s margins. Alphabet’s share price declined significantly, with disappointing quarterly updates from the Google parent. The results underscored growing pressure from IT budgets to digital advertisement spending and chips for industrial machinery. There is little revenue diversification within Alphabet, as it remains heavily dependent on Google and the state of the search advertising space. Shares of Verizon fell steadily through the year after the telecommunications company reported lower-than-expected earnings as it dealt with higher expenses prompted by inflationary pressures on labor, utility, and logistics costs.

Lazard US Equity Concentrated Portfolio

For the year ended December 31, 2022, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of -19.89%, while Open Shares posted a total return of -20.07% and R6 Shares posted a total return of -19.89%, as compared with the -18.11% return for the S&P 500 Index.

Stock selection in the technology and REIT sectors detracted from relative performance. Alphabet, the parent company of internet search giant Google, saw its stock price fall after reporting disappointing quarterly results that included guidance for lower revenues and higher expenses. Despite solid demand trends for chipmaker Skyworks, shares of the company declined due to supply chain shortages and Chinese lockdowns, which impacted the company’s business during the year. Shares of cell tower operator Crown Castle fell along with those of REIT peers amid rising interest rates and weaker tower leasing activity.

In contract, stock selection in the food services and social media industries contributed to relative performance. Shares of Sysco advanced after the food services supplier reported strong quarterly

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results, helped by the company’s transformation initiatives, which drove market share to record levels. Sysco also exhibited strong pricing power and an ability to pass product inflation on to the consumer while still achieving gross margin expansion. Following weakness earlier in the year, shares of Meta rebounded after the social media company announced aggressive cost cutting measures after the Portfolio initiated its position in November. Shares of Fiserv traded higher after the payments processor reported broadly strong results throughout the year, rebounding from consumer-spending-related headwinds during the pandemic.

Lazard US Equity Focus Portfolio

For the year ended December 31, 2022, the Lazard US Equity Focus Portfolio’s Institutional Shares posted a total return of -16.94%, while Open Shares posted a total return of -17.18% and R6 Shares posted a total return of -17.00%, as compared with the -18.11% return for the S&P 500 Index.

Stock selection in the information technology and consumer discretionary sectors boosted relative performance. Shares of Analog Devices climbed after the chipmaker reported broadly solid quarterly results as supply chain constraints eased, and management raised guidance toward the end of the year, citing a stabilizing bookings environment. Shares of McDonald’s advanced after the fast-food giant reported multiple quarters of stronger-than-expected same-store sales growth in the US, driven by continued benefits from its growth strategy emphasizing digital, drive-thru, and delivery.

Stock selection in the health care sector undercut relative performance. Shares of Medtronic fell after the medical device maker reported several disappointing operational and revenue shortcomings during the year, and management lowered guidance later in the year, citing weaker than expected procedure and supply chain recoveries. Lack of exposure to the energy sector provided to be detrimental to relative performance, as the sector was the best performer in the index during the period.

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Lazard US Small-Mid Cap Equity Portfolio

For the year ended December 31, 2022, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of -15.23%, while Open Shares posted a total return of -15.49%, and R6 Shares posted a total return of -15.01%, as compared with the -18.37% return for the Russell 2500^® Index.

Stock selection in the industrials sector contributed to relative performance. Shares of Altra gained on news that the power transmission and motion control products maker agreed to be acquired by Regal Rexnord in an all-cash deal that represented a 54% premium to share price. The Portfolio subsequently exited its position during the period. Stock selection and overweighting of the energy sector also contributed to relative performance. Antero Resources, a natural gas-focused exploration and production company, saw its stock price benefit from higher prices for natural gas and natural gas liquids such as propane and ethane through most of 2022 as the company had outsized exposure to these markets. Shares received another boost when Antero was also able to return cash to shareholders earlier than expected in 2022.

Stock selection in the communication services sector detracted from relative performance. Shares of video game developer Take-Two Interactive fell, as investors were concerned about in-game consumer spending and changes in the company’s game release schedule. Stock selection in the real estate sector also detracted from relative performance. Shares of West-Coast focused office and studio real estate investment trust Hudson Pacific fell amid a challenging environment with unexpected large tenant move-outs creating occupancy pressure.

Lazard US Sustainable Equity Portfolio

For the year ended December 31, 2022, the Lazard US Sustainable Equity Portfolio’s Institutional Shares posted a total return of -18.07%, while Open Shares posted a total return of -18.32%, as compared with the -18.11% return for the S&P 500 Index for the period.

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Stock selection in the information technology sector boosted relative performance. Shares of Analog Devices traded higher after the chipmaker reported broadly solid quarterly results, due to easing supply chain disruptions, and management raised guidance toward the end of 2022, citing a stabilizing bookings environment. Shares of US-based discount retailer Dollar General performed well since sales and earnings were strong during the year, bolstered by changes in consumer spending habits that favored the purchase of lower priced items in an inflationary environment. The Portfolio sold its position in June.

Stock selection in the materials sector undercut relative performance. Shares of Ball faltered after the beverage packaging maker announced in the third quarter that it would be delaying several growth projects amid industry headwinds. Lack of exposure to the energy sector proved to be detrimental to relative performance, as the sector was the best performer in the index for the year.

Lazard US Systematic Small Cap Equity Portfolio

For the year ended December 31, 2022, the Lazard US Systematic Small Cap Equity Portfolio’s Institutional Shares posted a total return of -16.33%, while Open Shares posted a total return of -16.51%, as compared with the -20.44% return for the Russell 2000 Index for the period.

Stock selection in the healthcare and the industrials sectors were significant contributors to relative performance. Overweight exposure to the industrials sector also boosted relative performance. The rise in the stock price of biopharmaceutical company Catalyst Pharmaceuticals was attributed to an increase in new patients for its flagship offering of a Lambert-Eaton myasthenic syndrome (LEMS) drug. The company has beaten operating metrics, maintained a healthy pipeline for organic growth, and has generated cash on its balance sheet to continue its business development initiatives. Shares of SIGA Technologies traded higher on news that the commercial-stage pharmaceutical company continued to see demand for its flagship smallpox vaccine, TPOXX. Shares

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received a further boost from news that the company made strides towards its international expansion, most notably with an approval from Health Canada and significant revenue growth in Canada. ADMA Biologics, a biopharmaceutical company, saw its stock price climb, thanks to the ongoing achievement of goals and increased projections from its three commercialized products in the plasma-driven immunoglobulin (IG) space.

Underweight exposures to the energy and financials sectors detracted from relative performance. Stock detractors came from a variety of sectors. From the healthcare sector, Cano Health, an operator of primary care centers for seniors and underserved communities in US markets, saw its stock price fall after its anticipated acquisition by CVS Health was not announced. Shares also came under pressure when Cano missed estimates on both earnings and revenue. From the information technology sector, mobile application technology company AppLovin saw its stock price fall after a merger target, Unity Software, rejected its unsolicited bid, fueling investor concerns about a weaker mobile games market and overall negative trends in the apps business.

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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, 2022

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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, 2022

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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, 2022

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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, 2022

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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, 2022

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, 2022

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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, 2022

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 (USD) Index and the MSCI World Index

Average Annual Total Returns

Periods Ended December 31, 2022

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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, 2022

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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, 2022

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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, 2022

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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, 2022

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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, 2022

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, 2022

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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, 2022

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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, 2022

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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, 2022

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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 Focus Portfolio and the S&P 500 Index

Average Annual Total Returns

Periods Ended December 31, 2022

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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, 2022

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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, 2022

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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, 2022

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 SS&C Global Investor and Distribution Solutions, the Fund’s transfer agent and dividend disbursement agent (“SS&C GIDS”); 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 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 47 country indices comprising 23 developed and 24 emerging 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 46 country indices comprising 22 developed and 24 emerging markets country indices.

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 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 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 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 24 emerging markets country indices.

The MSCI World Core Infrastructure (USD) 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 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 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.

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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 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 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.

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

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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, 2022 through December 31, 2022 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 Sector December 31, 2022

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