December 5, 1997
THE LAZARD FUNDS, INC.
SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 1, 1997
Each Portfolio indicated below currently intends to make a dividend
distribution on or about December 17, 1997 of net capital gains realized by the
Portfolio from January 1, 1997 through October 31, 1997. Any net capital gains
realized by the Portfolios from November 1, 1997 through December 31, 1997 will
be distributed in 1998. The net capital gains per share realized from November
1, 1996 through December 31, 1996 and paid on May 1, 1997 ("Throw-Back
Distribution") also is set forth below. 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
17 1997, the proposed record date.
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
NAME OF PORTFOLIO AS OF NOVEMBER 30, 1997 PROJECTED DISTRIBUTIONS FROM NET REALIZED GAINS THROW-BACK DISTRIBUTION
MID-TERM/
INSTITUTIONAL OPEN SHORT-TERM LONG-TERM LONG-TERM
SHARES SHARES CAPITAL GAIN CAPITAL GAIN CAPITAL GAIN SHORT-TERM LONG-TERM
<S> <C> <C> <C> <C> <C> <C> <C>
Lazard Equity Portfolio $23.12 $23.11 $1.350 $1.194 $0.919 $0.04828 $0.20906
Lazard Small Cap
Portfolio $22.59 $22.54 $0.709 $1.399 $0.825 $0.20995 $0.18595
Lazard Bantam Value
Portfolio $16.67 $16.61 $1.690 $0.023 $0.303 $0.31476 --
Lazard Global Equity
Portfolio $12.55 $12.52 $0.374 $0.049 $0.236 $0.42321 --
Lazard International
Equity Portfolio $14.92 $14.86 $0.041 $0.426 $0.421 -- $0.09668
Lazard International
Small Cap Portfolio $11.92 $11.88 $0.221 --- --- $0.09261 --
Lazard Emerging
Markets Portfolio $9.88 $9.86 $0.406 $0.129 $0.065 $0.16013 $0.01158
Lazard Bond Portfolio $10.08 $10.08 $0.084 $0.009 $0.008 -- --
Lazard International
Fixed Income Portfolio $9.81 $9.81 --- --- --- $0.01081 $0.01546
Lazard Strategic Yield
Portfolio $9.83 $9.84 --- --- --- -- --
</TABLE>
