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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: LZMIX
CUSIP: 52106N723

The Lazard U.S. Mid Cap Equity Portfolio seeks long-term capital appreciation by investing in companies with strong and sustainable financial productivity at attractive valuations. The Portfolio’s returns are compared to the Russell Midcap® Index.

 
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. Mid Cap Equity Portfolio were approximately $236.1 million, including approximately $143.6 million in the Institutional Shares (LZMIX).

 
Performance (%) (as of 08/31/2008)
         
       
Annualized Returns
(net of fees)Month-EndThree-MonthYear-To-DateOne-YearThree-YearFive-YearTen-YearSince Inception 11/5/1997
Lazard U.S. Mid Cap Equity Portfolio2.74-5.60-6.66-13.402.248.9710.728.43
Russell Midcap Index1.85-8.68-8.26-8.605.0111.2210.468.56
 

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception (November 4, 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 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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