FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-40682
December 4, 1995
THE LAZARD FUNDS, INC.
Supplement to Prospectus Dated May 1, 1995
Each Portfolio indicated below currently intends to make
a dividend distribution on or about December 27, 1994 of net
capital gains realized by the Portfolio from January 1, 1995
through October 31, 1995. The exact amount of the distribution
per share may be more or less than the estimated amount indicated next to
the Portfolio's name, depending upon the number of shares outstanding as of
December 26, 1995, the proposed record date.
<TABLE>
<CAPTION>
Dividend
Distribution
Net Asset
Value Per
Share as Short-Term Long-Term
Name of Portfolio of 11/30/95 Capital Gain Capital Gain
<S> <C> <C> <C>
Lazard Equity Portfolio $18.57 $0.72 $0.62
Lazard Small Cap Portfolio $17.30 $0.87 $0.54
Lazard Special Equity
Portfolio $13.32 $0.03 $1.24
Lazard International Fixed-
Income Portfolio $11.44 $0.20 $0.01
Lazard Bond Portfolio $10.07 -- $0.02
Lazard International Equity
Portfolio $12.37 -- $0.15
Lazard Emerging Markets
Portfolio $ 8.92 -- $0.01
Lazard International
Small Cap Portfolio $10.50 -- $0.05
</TABLE>
