Lazard Asset Management Launches New Global Multi Asset Fund

Lazard Asset Management LLC today announced the expansion of its multi asset offerings with the launch of the Lazard Global Dynamic Multi Asset Portfolio (Institutional: GDMIX; Open: GDMOX).

The Lazard Global Dynamic Multi Asset Portfolio (the “Fund”) is an addition to the Lazard Multi Asset platform of strategies that deploy capital based on the team’s forecast of expected global market risks, returns and opportunities. It is managed by Lazard’s multi asset team and seeks to maximize returns within a targeted level of market volatility.

“We are focused on constructing a portfolio with the objective of delivering a consistent level of volatility regardless of market environment,” said Jai Jacob, Managing Director and Portfolio Manager/Analyst. “We put risk management at the center of our approach by targeting volatility to an 8-12% band. We feel that this approach helps alleviate drawdown risk, which is one of the major concerns for global investors.”

“The Fund marries our macroeconomic insight to our bottom-up security selection across the global capital markets opportunity set to seek strong risk-adjusted returns for our investors,” said Ronald Temple, Managing Director and Co-Head of Multi Asset Investing. “We achieve this by allocating capital across asset classes and securities based on our market forecast,” he added.

The Lazard Multi Asset team was formed in 2007 and manages portfolios for clients across the globe, including the Lazard Retirement Global Dynamic Multi Asset Portfolio, which utilizes the same investment strategy as the Fund. The Lazard Retirement Global Dynamic Multi Asset Portfolio is part of the Lazard Retirement Series family of funds and has earned a five-star Morningstar Rating™1,2 for its overall and three-year risk-adjusted performance.

An indirect subsidiary of Lazard Ltd (NYSE:LAZ), Lazard Asset Management (LAM) offers a range of equity, fixed income, and alternative investment products worldwide. As of March 31, 2016, LAM and affiliated asset management companies in the Lazard Group managed $191 billion worth of client assets. For more information about LAM, please visit www.lazardnet.com

About Lazard

Lazard, one of the world’s preeminent financial advisory and asset management firms, operates from 42 cities across 27 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments, and individuals.

1 As of April 30, 2016. © 2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar Rating is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

2 The Lazard Retirement Global Dynamic Multi Asset Portfolio (Service Share Class) Morningstar Rating™ of five-stars is based on its risk-adjusted performance out of 457 funds for the overall and three-year period in Morningstar’s World Allocation category as of April 30, 2016.

Understanding Investment Risk

Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy.

Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging markets countries.

The Portfolio invests in stocks believed by Lazard to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The stocks in which the Portfolio invests may respond differently to market and other developments than other types of stocks.

An investment in bonds carries risk. If interest rates rise, bond prices usually decline. The longer a bond’s maturity, the greater the impact a change in interest rates can have on its price. If you do not hold a bond until maturity, you may experience a gain or loss when you sell. Bonds also carry the risk of default, which is the risk that the issuer is unable to make further income and principal payments. Other risks, including inflation risk, call risk, and prepayment risk, also apply. High yield securities (also referred to as “junk bonds”) inherently have a higher degree of market risk, default risk, and credit risk.

While the Investment Manager generally will seek to achieve, over a full market cycle, the level of volatility in the Portfolio’s performance as described above, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower depending on market conditions. In addition, the Investment Manager’s efforts to manage the Portfolio’s volatility can be expected, in a period of generally positive equity market returns, to reduce the Portfolio’s performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.

Forward currency contracts and other derivatives transactions, including those entered into for hedging purposes, may reduce returns or increase volatility, perhaps substantially. Swap agreements, forward currency contracts, over-the-counter options on securities, indexes, currencies, structured notes, and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. These derivatives transactions, as well as the exchange-traded options transactions in which the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related security, index, or currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

Any investments in ETFs are subject to the risks of the investments of the ETFs, as well as to the general risks of investing in ETFs. Portfolio shares will bear not only the Portfolio’s management fees and operating expenses, but also their proportional share of the management fees and operating expenses of any ETFs in which the Portfolio invests. Shares of ETFs in which the Portfolio invests may trade at prices that vary from their net asset values (“NAVs”), sometimes significantly. The shares of ETFs may trade at prices at, below, or above their most recent NAV.

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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