AUM as of 01/31/2012, in $millions
 
Closed-end Funds          
          Total
  Lazard Global Total Return & Income Fund       156.9
  Lazard World Dividend & Income Fund       90.7
 
  $247.6
Open-end Funds          
  The Lazard Funds, Inc. Open
Shares		   Institutional
Shares		 Total
  Lazard U.S. Equity Value 0.3   11.7 12.0
  Lazard U.S. Strategic Equity 8.7   66.6 75.3
  Lazard U.S. Mid Cap Equity 52.4   95.1 147.5
  US Small-Mid Cap Equity 19.5   179.1 198.6
  Lazard Global Listed Infrastructure 9.3   108.4 117.7
  Lazard International Equity 19.4   91.5 110.9
  Lazard International Equity Select 2.6   3.9 6.5
  Lazard International Strategic Equity 70.0   466.3 536.2
  Lazard International Small Cap Equity 18.4   40.8 59.2
  Lazard Emerging Markets Equity 2806.4   12425.9 15232.3
  Developing Markets Equity 60.7   208.8 269.5
  Lazard Emerging Markets Equity Blend 25.4   102.5 127.8
  Lazard Emerging Markets Multi-Strategy 0.3   61.7 62.0
  Lazard Emerging Market Debt 0.5   153.1 153.5
  Lazard U.S. High Yield 5.3   164.5 169.8
  Lazard US MUNI 0.1   12.5 12.6
  Lazard U.S. Realty Income 8.0   24.3 32.3
  Lazard U.S. Realty Equity 7.9   1.7 9.6
  Lazard International Realty Equity 0.9   2.1 3.0
  Lazard Capital Allocator Opportunistic Strategies Equity 6.3   272.8 279.2
 
  $17214.7
Variable Insurance Funds          
  Lazard Retirement Series, Inc. Service
Shares		   Investor
Shares		 Total
  Lazard Retirement Emerging Markets Equity Portfolio 654.9   271.7 926.6
  Lazard Retirement U.S. Strategic Equity Portfolio 6.3   N/A 6.3
  Lazard Retirement Int'l Equity Portfolio 543.9   N/A 543.9
  Lazard Retirement U.S. Small-Mid Cap Equity 182.0   N/A 182.0
 
  $1658.8
 
* "N/A" denotes class of shares is not currently active;
* Assets of less than $100,000 are displayed as "0.0";

Important Update Regarding Lazard Equity Portfolio
Effective as of the close of business December 28, 2006, Lazard Equity Portfolio merged
into Lazard U.S. Strategic Equity Portfolio. Shareholders of Lazard Equity Portfolio received
shares of Lazard U.S. Strategic Equity Portfolio in the merger. Lazard Equity Portfolio
is no longer being offered to investors.

Please consider the fund’s investment objectives, risks, charges and expenses carefully before
investing. For more complete information about the Lazard Funds and/or the Lazard Retirement Series
Funds, you may obtain the prospectuses by calling 800.823.6300. Read the prospectuses carefully
before you invest. The prospectuses contain investment objectives, risks, charges, expenses and other
information about the Lazard Funds and the Lazard Retirement Series Funds, which may not be detailed
in this document. Distributed by Lazard Asset Management Securities LLC.