November 9, 1999
Dear Shareholder,
We are pleased to provide you with information to help you with your 1999
year-end tax planning. Listed below are preliminary estimates of year-end
distributions of ordinary income and capital gains for the Portfolios of The
Lazard Funds, Inc. The Lazard Funds will be paying dividends and capital gains,
if any, on December 20, 1999. The shareholder record date will be December 16,
1999 and the ex-dividend date will be December 17, 1999.
<TABLE>
<CAPTION>
ESTIMATED ORDINARY ESTIMATED SHORT-TERM ESTIMATED LONG-TERM
INCOME DIVIDEND CAPITAL GAIN CAPITAL GAIN
PORTFOLIO PER SHARE DISTRIBUTION PER SHARE DISTRIBUTION PER SHARE
<S> <C> <C> <C>
Lazard Equity $0.19 - $0.63
Lazard International Equity $0.48 $0.13 $0.80
Lazard International Fixed-Income* - - -
Lazard Bond* - - -
Lazard Strategic Yield* $0.07 - -
Lazard Small Cap $0.09 $0.19 $0.58
Lazard Emerging Markets $0.08 - -
Lazard International Small Cap $0.11 - $0.03
Lazard Global Equity $0.15 $0.19 $0.33
Lazard Mid Cap $0.02 - -
Lazard High Yield* $0.01 - -
</TABLE>
* Ordinary income dividends, if any, are paid on the last business day of the
month.
Please be advised that these estimates may change prior to payable date due to
book/tax adjustments and changes in shares outstanding. You will be receiving
formal tax information regarding your account, from the Fund, in January 2000.
Please consult your tax advisor as to how these distributions may affect your
individual tax returns.
Sincerely,
The Lazard Funds, Inc.
