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| Quarterly Fact Sheet | Quarterly Holdings |
| Important Tax Information | Year End Distributions | Prospectus and Shareholder Reports |
 
Fund Description - Open Shares Symbol: LZSMX
CUSIP: 52106N772

The Lazard International Small Cap Equity Portfolio seeks long-term capital appreciation by investing in performance-oriented companies with strong, sustainable financial productivity at attractive valuations.

 
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 International Small Cap Equity Portfolio were approximately $59.2 million, including approximately $18.4 million in the Open Shares (LZSMX).

 
Performance (%) (as of 12/31/2011)
         
Annualized Returns
(net of fees)Month-EndThree-MonthYear-To-DateOne-YearThree-YearFive-YearTen-YearSince Inception 2/13/1997
Lazard International Small Cap Equity Portfolio-2.280.73-14.36-14.3613.59-6.956.135.05
MSCI EAFE Small Cap Net Index-1.93-0.56-15.94-15.9414.62-4.149.014.05
 

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception (February 13, 1997). 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

  • Bottom-up approach to stock selection, the hallmark of Lazard’s relative-value investment style.
  • Fundamental analysis considers sustainability of returns, while accounting validation examines companies’ stated financial statistics.
  • Screening seeks to identify companies that are attractively priced relative to their financial returns.
  • Quantitative research techniques are used to monitor risks associated with industry and country concentrations in order to ensure diversification.
 
 

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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