Exhibit 99.(a)(5)


                             THE LAZARD FUNDS, INC.

                             ARTICLES SUPPLEMENTARY




         The Lazard Funds, Inc. (the "Corporation"), a Maryland corporation
having its principal office in the State of Maryland in Baltimore City,
certifies that:

                  FIRST: The Board of Directors has reclassified 50,000,000
         unissued shares of the Corporation's Class A Common Stock as 50,000,000
         shares of the Corporation's Class B Common Stock and has further
         classified 50,000,000 unissued shares of the Corporation's unclassified
         Common Stock as 50,000,000 shares of the Corporation's Class J Common
         Stock. Each share of Class B Common Stock as here reclassified shall
         have and be subject to all of the preferences, conversion and other
         rights, voting powers, limitations as to dividends, qualifications and
         terms and conditions of or rights to require redemption set forth in
         the Articles of Incorporation with respect to the Class B Common Stock.
         Each share of Class J Common Stock as here classified shall have and be
         subject to all of the preferences, conversion or other rights, voting
         powers, restrictions, limitations as to dividends, qualifications and
         terms and conditions of or rights to require redemption set forth in
         Article FIFTH of the Articles of Incorporation of the Corporation and
         shall also be subject to the other provisions of the Articles of
         Incorporation relating generally to the capital stock of the
         Corporation.

                  SECOND: The stock has been classified and reclassified by the
         Board of Directors under authority contained in the Articles of
         Incorporation.


         IN WITNESS WHEREOF, The Lazard Funds, Inc. has executed these Articles
Supplementary as of August 26, 1993. The authorized officer who executed these
Articles Supplementary acknowledges them to be the act of the Corporation and
states under penalties for perjury that to the best of his knowledge,
information and belief, the matters and facts set forth herein with respect to
their authorization and approval are true in all material respects.








                                            THE LAZARD FUNDS, INC.


                                            By: /s/ Norman Eig
                                                -------------------------------
                                                Chairman of the Board

WITNESS:


/s/ William G. Butterly, III
---------------------------------
Secretary and Vice President







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