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| Quarterly Fact Sheet | Fund Description | Performance Update | Investment Strategy |
| Important Tax Information | Year End Distributions | Annual Report | Prospectus |
 
Fund Description - Institutional Shares Symbol: LZHYX
CUSIP: 52106N699

Lazard’s 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 09/30/2008, the net assets of all Portfolios of The Lazard Funds, Inc. totaled approximately $7.5 billion. Net assets of Lazard U.S. High Yield Portfolio were approximately $45.1 million, including approximately $39.7 million in the Institutional Shares (LZHYX).

 
Performance (%) (as of 08/31/2008)
         
       
Annualized Returns
(net of fees)Month-EndThree-MonthYear-To-DateOne-YearThree-YearFive-YearTen-YearSince Inception 1/5/1998
Lazard U.S. High Yield Portfolio0.66-2.22-0.021.784.686.982.482.65
Merrill Lynch High Yield Master II Index0.32-3.93-2.55-1.333.516.655.254.91
 
The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception (January 2, 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.
  • Employ risk control measures to protect portfolio downside.
 
 


Please consider the fund’s investment objectives, risks, charges, and expenses carefully before investing. For more complete information about the Lazard Funds, you may obtain a prospectus by calling 800.823.6300. Read the prospectus carefully before you invest. Distributed by Lazard Asset Management Securities LLC.

 
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