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Fund Description - Open Shares

Symbol: LZHOX

CUSIP: 52106N681

The Lazard U.S. High Yield Portfolio invests in U.S. corporate bonds generally rated below BBB, concentrating in BB and B rated issues. Securities are selected based on credit fundamentals and relative value. The average credit quality of the Portfolio is typically B+ to BB-, and the average maturity is 5 to 10 years.

As of 01/31/2012, the net assets of all Portfolios of The Lazard Funds, Inc. totaled approximately $17.2 billion. Net assets of Lazard U.S. High Yield Portfolio were approximately $169.8 million, including approximately $5.3 million in the Open Shares (LZHOX).

Performance (%) (as of 12/31/2011)

Annualized Returns

(net of fees)	Month-End	Three-Month	Year-To-Date	One-Year	Three-Year	Five-Year	Ten-Year	Since Inception 2/24/1998
Lazard U.S. High Yield Portfolio	2.53	5.72	4.89	4.89	16.16	5.27	5.91	3.12
Merrill Lynch High Yield Master II Index	2.48	6.18	4.38	4.38	23.72	7.34	8.59	6.32

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception (February 24, 1998). Mutual fund performance fluctuates and currently may be lower than stated. An investor may obtain performance data current to the most recent month-end online at www.LazardNet.com. The investment return and principal value of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost.

Returns reflect reimbursement of expenses as described in the prospectus. Had expenses not been reimbursed, returns would have been lower and the expense ratio would have been higher.

Investment Strategy

Total return strategy focused on better-quality high yield.

Seek to capture excess return available in better-quality high yield.

Select diversified portfolio from securities having strong relative value and meeting our credit discipline.

Bottom-up fundamental credit analysis drives security selection.

Seek to reduce portfolio downside by employing risk control measures.

Please consider a fund's investment objectives, risks, charges, and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.LazardNet.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and The Lazard Funds that may not be detailed in this document. The Lazard Funds are distributed by Lazard Asset Management Securities LLC.

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© 2011 Lazard Asset Management LLC