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Fund Description - Institutional Shares

Symbol: LEVIX

CUSIP: 52106N616

The Lazard U.S. Equity Value Portfolio seeks to outperform the benchmark and large-cap value peer group over a market cycle with low levels of risk. To this end, the portfolio managers will select a diversified group of stocks to create a portfolio with attractive returns and low risk and aim to maintain performance through different market environments.

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. Equity Value Portfolio were approximately $12.0 million, including approximately $11.7 million in the Institutional Shares (LEVIX).

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 9/30/2005
Lazard U.S. Equity Value Portfolio	1.72	13.76	-1.47	-1.47	11.26	-2.23	N/A	1.89
Russell 1000 Value Index	2.02	13.11	0.39	0.39	11.55	-2.64	N/A	1.29

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception (September 30, 2005). 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 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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