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| Quarterly Fact Sheet | Fund Description | Performance Update | Investment Strategy |
| Important Tax Information | Year End Distributions | Annual Report | Prospectus |
 
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. The Portfolio's returns are compared to the MSCI EAFE Small Cap IndexSM.

 
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 International Small Cap Equity Portfolio were approximately $140.3 million, including approximately $43.9 million in the Open Shares (LZSMX).

 
Performance (%) (as of 09/30/2008)
         
       
Annualized Returns
(net of fees)Month-EndThree-MonthYear-To-DateOne-YearThree-YearFive-YearTen-YearSince Inception 2/13/1997
Lazard International Small Cap Equity Portfolio-15.80-24.63-31.45-35.06-5.467.257.245.90
MSCI EAFE Small Cap Index-17.15-23.97-31.94-35.24-3.889.177.943.79
 
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

  • A bottom-up approach to stock selection is 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 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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© 2008 Lazard Asset Management LLC