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| Strategy Profile | Quarterly Fact Sheet | Quarterly Holdings | Important Tax Information |
| Year End Distributions | Prospectus and Shareholder Reports |
 
Fund Description - Open Shares Symbol: UMNOX
CUSIP: 52106N376

The Lazard U.S. Municipal Portfolio (the “Portfolio”) is an actively managed portfolio that invests in U.S. investment-grade municipal securities, the interest on which is typically exempt from regular federal income tax. The Portfolio relies on fundamental security selection and disciplined portfolio construction as it seeks to generate excess returns with moderate volatility relative to the intermediate municipal investment-grade market.

 
As of 04/30/2012, the net assets of all Portfolios of The Lazard Funds, Inc. totaled approximately $17.8 billion. Net assets of Lazard US MUNI Portfolio were approximately $19.3 million, including approximately $0.0 million in the Open Shares (UMNOX).

 
Performance (%) (as of 04/30/2012)
         
Annualized Returns
(net of fees)Month-EndThree-MonthYear-To-DateOne-YearThree-YearFive-YearTen-YearSince Inception 2/28/2011
Lazard U.S. Municipal Portfolio0.780.230.944.41N/AN/AN/A4.40
Bank of America Merrill Lynch 1-10 year Municipal Bond Index0.720.351.256.17N/AN/AN/A6.29
 

The performance quoted represents past performance. Past performance does not guarantee future results. Net-of-fees performance is measured from inception (February, 28, 2011). 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

  • Seeks current income exempt from regular federal income taxes
  • Endeavors to preserve capital, maintain mark-to-market liquidity, and generate consistent results through investment cycles with lower levels of relative volatility
  • Designed as a principal part of a fixed income allocation for taxable client portfolios
 
 

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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