N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number            811-06312

The Lazard Funds, Inc.
(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices)        (Zip code)

Nathan A. Paul, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

Registrant's telephone number, including area code:            (212) 632-6000

Date of fiscal year end:            12/31

Date of reporting period:          9/30/2005

FORM N-Q

Item 1.  Schedule of Investments. 

The Lazard Funds, Inc.

Portfolios of Investments

September 30, 2005 (unaudited)

Description	Shares	Value
Lazard Equity Portfolio
Common Stocks—98.0%
Aerospace & Defense—1.5%
United Technologies Corp.	36,500	$	1,892,160
Airlines—0.5%
Southwest Airlines Co. (c)	39,400		585,090
Apparel & Textiles—0.8%
Liz Claiborne, Inc. (c)	25,500		1,002,660
Automotive—0.5%
Lear Corp. (c)	20,300		689,591
Banking—7.2%
Bank of America Corp. (c)	91,690		3,860,149
Fifth Third Bancorp (c)	54,025		1,984,338
Golden West Financial Corp. (c)	43,000		2,553,770
North Fork Bancorporation, Inc. (c)	31,200		795,600
			9,193,857
Business Services & Supplies—2.9%
ARAMARK Corp., Class B (c)	66,700		1,781,557
Automatic Data Processing, Inc.	43,975		1,892,684
			3,674,241
Chemicals—1.8%
Cabot Corp. (c)	6,800		224,468
Du Pont (E.I.) de Nemours & Co. (c)	22,700		889,159
Huntsman Corp. (c)	62,500		1,221,875
			2,335,502
Computer Software—5.9%
Computer Associates International, Inc. (c)	35,400		984,474
Microsoft Corp.	204,130		5,252,265
Oracle Corp. (a)	105,750		1,310,242
			7,546,981

Description	Shares	Value
Computers & Business Equipment—6.5%
Avaya, Inc. (a), (c)	192,000	$	1,977,600
Cisco Systems, Inc. (a)	111,600		2,000,988
Hewlett-Packard Co. (c)	61,300		1,789,960
International Business Machines Corp.	32,200		2,583,084
			8,351,632
Consumer Products—1.2%
Altria Group, Inc.	20,500		1,511,055
Cosmetics & Toiletries—1.8%
The Gillette Co.	40,000		2,328,000
Diversified—3.5%
Emerson Electric Co. (c)	5,005		359,359
General Electric Co.	81,825		2,755,048
Honeywell International, Inc.	35,000		1,312,500
			4,426,907
Drugs & Health Care—4.0%
Allergan, Inc. (c)	14,100		1,291,842
Bristol-Myers Squibb Co.	37,000		890,220
Merck & Co., Inc. (c)	30,900		840,789
Pfizer, Inc. (c)	84,990		2,122,200
			5,145,051
Environmental—0.9%
Republic Services, Inc. (c)	31,800		1,122,222
Financial Services—9.4%
Citigroup, Inc.	75,517		3,437,534
JPMorgan Chase & Co. (c)	75,346		2,556,490
MBNA Corp.	63,400		1,562,176
Merrill Lynch & Co., Inc.	17,620		1,080,987
The Bank of New York Co., Inc. (c)	66,800		1,964,588
The Bear Stearns Cos., Inc. (c)	12,500		1,371,875
			11,973,650
Food & Beverages—0.6%
The Pepsi Bottling Group, Inc. (c)	28,200		805,110

1

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares	Value
Lazard Equity Portfolio (continued)
Forest & Paper Products—2.0%
Ball Corp. (c)	36,500	$	1,341,010
International Paper Co. (c)	42,100		1,254,580
			2,595,590
Insurance—3.7%
American International Group, Inc.	43,799		2,713,786
The Allstate Corp. (c)	21,900		1,210,851
The St. Paul Travelers Cos., Inc. (c)	18,300		821,121
			4,745,758
Leisure & Entertainment—0.8%
Expedia, Inc. (a), (c)	48,500		960,785
Manufacturing—3.3%
Dover Corp. (c)	28,700		1,170,673
Ingersoll-Rand Co., Ltd., Class A	35,800		1,368,634
Tyco International, Ltd. (c)	58,900		1,640,365
			4,179,672
Medical Products & Services—5.7%
Abbott Laboratories	24,600		1,043,040
Becton, Dickinson & Co.	22,300		1,169,189
Boston Scientific Corp. (a), (c)	27,200		635,664
Johnson & Johnson	48,895		3,094,076
Laboratory Corp. of America Holdings (a)	26,200		1,276,202
			7,218,171
Multimedia—6.5%
Clear Channel Communications, Inc. (c)	61,100		2,009,579
News Corp., Class A	192,700		3,004,193
Tribune Co. (c)	36,200		1,226,818
Viacom, Inc., Class B	33,180		1,095,272
Westwood One, Inc. (c)	46,100		916,929
			8,252,791

Description	Shares	Value
Oil & Gas—14.3%
BJ Services Co. (c)	49,800	$	1,792,302
Burlington Resources, Inc.	13,800		1,122,216
Chevron Corp.	36,788		2,381,287
ConocoPhillips	41,660		2,912,451
Exxon Mobil Corp.	78,698		5,000,471
GlobalSantaFe Corp. (c)	28,100		1,281,922
Halliburton Co. (c)	23,800		1,630,776
Marathon Oil Corp.	17,600		1,213,168
Occidental Petroleum Corp. (c)	11,200		956,816
			18,291,409
Printing & Publishing—0.4%
Dex Media, Inc. (c)	19,000		528,010
Restaurants—1.4%
McDonald’s Corp.	53,400		1,788,366
Retail—5.1%
Amazon.com, Inc. (a), (c)	18,300		828,990
Dollar Tree Stores, Inc. (a)	55,200		1,195,080
Sears Holdings Corp. (a), (c)	5,680		706,705
The Home Depot, Inc.	50,985		1,944,568
Wal-Mart Stores, Inc.	43,200		1,893,024
			6,568,367
Semiconductors & Components—1.3%
Intel Corp.	66,620		1,642,183
Telecommunications—4.5%
ALLTEL Corp. (c)	23,300		1,517,063
Sprint Nextel Corp.	106,326		2,528,432
Verizon Communications, Inc.	50,310		1,644,634
			5,690,129
Total Common Stocks
(Identified cost $115,314,640)			125,044,940

2

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard Equity Portfolio (concluded)
Short-Term Investments—26.3%
Repurchase Agreement—1.5%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $2,035,000 United States Treasury Bill, 03/02/06, with a value of $2,003,458)Proceeds of $1,960,515	$	1,960	$	1,960,000

Description	Principal Amount (000)		Value
Collateral for Securities on Loan—24.8%
State Street Navigator Securities Lending Prime Portfolio, 3.79% (e), (f)	$	31,590	$	31,589,795
Total Short-Term Investments
(Identified cost $33,549,795)				33,549,795
Total Investments—124.3%
(Identified cost $148,864,435) (b)			$	158,594,735
Liabilities in Excess of Cash and Other Assets—(24.3)%				(30,981,061	)
Net Assets—100.0%			$	127,613,674

3

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks—94.6%
Aerospace & Defense—0.8%
United Technologies Corp.		16	$	830
Apparel & Textiles—0.7%
Liz Claiborne, Inc.		19		747
Automotive—0.6%
Lear Corp.		18		612
Banking—10.0%
AmSouth Bancorporation		19		480
Bank of America Corp.		80		3,368
City National Corp.		13		911
Fifth Third Bancorp		33		1,213
Golden West Financial Corp.		28		1,663
North Fork Bancorporation, Inc.		33		841
Wells Fargo & Co.		26		1,523
				9,999
Business Services & Supplies—1.8%
ARAMARK Corp., Class B		36		961
Automatic Data Processing, Inc.		19		818
				1,779
Cable & Broadcasting—0.7%
Comcast Corp., Class A (a)		23		662
Chemicals—1.3%
Du Pont (E.I.) de Nemours & Co.		18		705
Huntsman Corp.		33		645
				1,350
Computer Software—2.7%
Computer Associates International, Inc.		30		834
Microsoft Corp.		51		1,312
Oracle Corp. (a)		41		509
				2,655

Description	Shares		Value
Computers & Business Equipment—3.8%
Avaya, Inc. (a)		134	$	1,380
Cisco Systems, Inc. (a)		28		502
Hewlett-Packard Co.		23		672
International Business Machines Corp.		15		1,203
				3,757
Consumer Products—1.3%
Altria Group, Inc.		17		1,253
Diversified—3.8%
General Electric Co.		84		2,828
Honeywell International, Inc.		26		975
				3,803
Drugs & Health Care—4.6%
Abbott Laboratories		15		636
Becton, Dickinson & Co.		19		996
Bristol-Myers Squibb Co.		20		481
Merck & Co., Inc.		16		435
Pfizer, Inc.		83		2,073
				4,621
Environmental—0.7%
Republic Services, Inc.		19		671
Financial Services—12.9%
Citigroup, Inc.		101		4,598
JPMorgan Chase & Co.		65		2,205
MBNA Corp.		60		1,478
Mellon Financial Corp.		32		1,023
The Bank of New York Co., Inc.		50		1,471
The Bear Stearns Cos., Inc.		14		1,536
The Goldman Sachs Group, Inc.		5		608
				12,919
Food & Beverages—1.3%
Sara Lee Corp.		35		663
The Pepsi Bottling Group, Inc.		21		600
				1,263

4

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Forest & Paper Products—1.5%
Ball Corp.		26	$	955
International Paper Co.		20		596
				1,551
Insurance—6.3%
American International Group, Inc.		32		1,983
Lincoln National Corp.		24		1,248
The Allstate Corp.		13		719
The St. Paul Travelers Cos., Inc.		14		628
Willis Group Holdings, Ltd.		27		1,014
XL Capital, Ltd., Class A		11		748
				6,340
Leisure & Entertainment—0.6%
Royal Caribbean Cruises, Ltd.		15		648
Manufacturing—2.2%
Ingersoll-Rand Co., Ltd., Class A		24		918
Tyco International, Ltd.		47		1,309
				2,227
Medical Products & Services—2.2%
Johnson & Johnson		26		1,646
The Cooper Cos., Inc.		7		536
				2,182
Multimedia—6.7%
Clear Channel Communications, Inc.		32		1,052
Gannett Co., Inc.		8		551
News Corp., Class A		117		1,824
Time Warner, Inc.		88		1,594
Tribune Co.		19		644
Viacom, Inc., Class B		32		1,056
				6,721

Description	Shares		Value
Oil & Gas—16.1%
Burlington Resources, Inc.		19	$	1,545
Chevron Corp.		47		3,042
ConocoPhillips		38		2,657
Exxon Mobil Corp.		80		5,083
GlobalSantaFe Corp.		19		867
Halliburton Co.		18		1,233
Marathon Oil Corp.		15		1,034
Occidental Petroleum Corp.		7		598
				16,059
Printing & Publishing—1.1%
Dex Media, Inc.		38		1,056
Restaurants—1.4%
McDonald’s Corp.		41		1,373
Retail—2.5%
Dollar Tree Stores, Inc. (a)		43		931
The Home Depot, Inc.		19		725
Wal-Mart Stores, Inc.		19		832
				2,488
Telecommunications—5.3%
ALLTEL Corp.		19		1,237
Sprint Nextel Corp.		87		2,069
Verizon Communications, Inc.		61		1,994
				5,300
Utilities—1.7%
Edison International		15		709
KeySpan Corp.		27		993
				1,702
Total Common Stocks
(Identified cost $94,583)				94,568
Total Investments—94.6%
(Identified cost $94,583) (b)			$	94,568
Cash and Other Assets in Excess of Liabilities—5.4%				5,417
Net Assets—100.0%			$	99,985

5

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks—102.1%
Aerospace & Defense—1.5%
United Technologies Corp.		420	$	21,773
Airlines—1.1%
Southwest Airlines Co.		1,100		16,335
Apparel & Textiles—1.5%
Liz Claiborne, Inc.		555		21,823
Automotive—1.2%
Lear Corp.		515		17,495
Banking—7.6%
AmSouth Bancorporation		600		15,156
Bank of America Corp.		1,070		45,047
Golden West Financial Corp.		515		30,586
North Fork Bancorporation, Inc.		735		18,742
				109,531
Business Services & Supplies—2.8%
ARAMARK Corp., Class B		1,075		28,713
MSC Industrial Direct Co., Inc., Class A		350		11,610
				40,323
Chemicals—2.4%
Du Pont (E.I.) de Nemours & Co.		500		19,585
Huntsman Corp.		770		15,053
				34,638
Computer Software—5.2%
Microsoft Corp.		2,355		60,594
Oracle Corp. (a)		1,100		13,629
				74,223

Description	Shares		Value
Computers & Business Equipment—8.3%
Avaya, Inc. (a)		2,955	$	30,436
Cisco Systems, Inc. (a)		1,275		22,861
Hewlett-Packard Co.		1,260		36,792
International Business Machines Corp.		350		28,077
				118,166
Consumer Products—3.2%
Fortune Brands, Inc.		265		21,553
The Stanley Works		505		23,573
				45,126
Environmental—1.0%
Republic Services, Inc.		415		14,645
Financial Services—8.9%
Citigroup, Inc.		845		38,464
JPMorgan Chase & Co.		845		28,671
MBNA Corp.		730		17,987
The Bank of New York Co., Inc.		515		15,146
The Bear Stearns Cos., Inc.		150		16,463
The First Marblehead Corp.		410		10,414
				127,145
Food & Beverages—1.6%
The Pepsi Bottling Group, Inc.		780		22,269
Forest & Paper Products—5.1%
Ball Corp.		405		14,880
International Paper Co.		490		14,602
Louisiana-Pacific Corp.		780		21,598
Temple-Inland, Inc.		535		21,855
				72,935
Household Products & Home Furnishings—1.2%
Newell Rubbermaid, Inc.		730		16,535
Insurance — 2.0%
MGIC Investment Corp.		240		15,408
The Allstate Corp.		250		13,822
				29,230

6

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Leisure & Entertainment—4.5%
Expedia, Inc. (a)		1,060	$	20,999
GTECH Holdings Corp.		760		24,365
Royal Caribbean Cruises, Ltd.		435		18,792
				64,156
Manufacturing—4.1%
Dover Corp.		470		19,171
Ingersoll-Rand Co., Ltd., Class A		550		21,027
Tyco International, Ltd.		640		17,824
				58,022
Medical Products & Services—6.6%
Baxter International, Inc.		450		17,941
Boston Scientific Corp. (a)		630		14,723
Johnson & Johnson		545		34,488
Laboratory Corp. of America Holdings (a)		575		28,008
				95,160
Multimedia—10.0%
Clear Channel Communications, Inc.		1,320		43,415
Gannett Co., Inc.		350		24,091
News Corp., Class A		1,060		16,525
Tribune Co.		515		17,453
Westwood One, Inc.		2,090		41,570
				143,054
Oil & Gas—5.6%
BJ Services Co.		500		17,995
Chevron Corp.		385		24,921
GlobalSantaFe Corp.		350		15,967
The Williams Cos., Inc.		850		21,293
				80,176

Description	Shares		Value
Printing & Publishing—3.5%
Dex Media, Inc.		1,800	$	50,022
Restaurants—1.8%
McDonald’s Corp.		775		25,955
Retail—6.2%
Amazon.com, Inc. (a)		465		21,064
Dollar Tree Stores, Inc. (a)		860		18,619
Foot Locker, Inc.		600		13,164
Sears Holdings Corp. (a)		130		16,175
The Home Depot, Inc.		530		20,214
				89,236
Telecommunications—2.4%
ALLTEL Corp.		243		15,822
Sprint Nextel Corp.		800		19,024
				34,846
Telecommunications Equipment—1.5%
Nokia Oyj Sponsored ADR		1,300		21,983
Transportation—1.3%
Union Pacific Corp.		250		17,925
Total Common Stocks
(Identified cost $1,464,231)				1,462,727
Total Investments—102.1%
(Identified cost $1,464,231) (b)			$	1,462,727
Liabilities in Excess of Cash and Other Assets—(2.1)%				(29,444	)
Net Assets—100.0%			$	1,433,283

7

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Mid Cap Portfolio
Common Stocks—95.0%
Airlines—1.2%
Southwest Airlines Co.		161,100	$	2,392,335
Apparel & Textiles—1.7%
Liz Claiborne, Inc.		87,700		3,448,364
Automotive—1.7%
Lear Corp.		101,200		3,437,764
Banking—5.0%
AmSouth Bancorporation		75,000		1,894,500
City National Corp.		25,700		1,801,313
Hudson City Bancorp, Inc.		187,600		2,232,440
Mercantile Bankshares Corp.		34,800		1,875,024
North Fork Bancorporation, Inc.		87,800		2,238,900
				10,042,177
Business Services & Supplies—2.6%
ARAMARK Corp., Class B		167,800		4,481,938
MSC Industrial Direct Co., Inc., Class A		24,700		819,299
				5,301,237
Chemicals—2.8%
Cabot Corp.		40,100		1,323,701
Celanese Corp., Series A		151,900		2,620,275
Rohm & Haas Co.		42,100		1,731,573
				5,675,549
Computer Software—5.1%
BEA Systems, Inc. (a)		363,500		3,264,230
DST Systems, Inc. (a)		63,100		3,459,773
Ingram Micro, Inc., Class A (a)		194,100		3,598,614
				10,322,617
Computers & Business Equipment—6.2%
Arrow Electronics, Inc. (a)		109,100		3,421,376
Avaya, Inc. (a)		461,800		4,756,540

Description	Shares		Value
CDW Corp.		53,200	$	3,134,544
Polycom, Inc. (a)		72,700		1,175,559
				12,488,019
Consumer Products—3.1%
Fortune Brands, Inc.		38,100		3,098,673
The Stanley Works		65,900		3,076,212
				6,174,885
Environmental—1.1%
Republic Services, Inc.		60,900		2,149,161
Financial Services—2.3%
Federated Investors, Inc., Class B		83,100		2,761,413
The First Marblehead Corp.		73,300		1,861,820
				4,623,233
Food & Beverages—1.8%
The Pepsi Bottling Group, Inc.		130,800		3,734,340
Forest & Paper Products—6.8%
Ball Corp.		97,700		3,589,498
Louisiana-Pacific Corp.		152,700		4,228,263
Pactiv Corp. (a)		105,200		1,843,104
Temple-Inland, Inc.		99,300		4,056,405
				13,717,270
Funeral Services—1.3%
Service Corp. International		308,400		2,556,636
Household Products & Home Furnishings—1.5%
Newell Rubbermaid, Inc.		138,000		3,125,700
Insurance—8.9%
Jefferson-Pilot Corp.		79,600		4,073,132
MGIC Investment Corp.		49,200		3,158,640
PartnerRe, Ltd.		15,800		1,011,990
Protective Life Corp.		120,100		4,945,718
RenaissanceRe Holdings, Ltd.		45,100		1,972,223
Willis Group Holdings, Ltd.		74,200		2,786,210
				17,947,913

8

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Mid Cap Portfolio (concluded)
Leisure & Entertainment—4.7%
Expedia, Inc. (a)		137,700	$	2,727,837
GTECH Holdings Corp.		112,100		3,593,926
Royal Caribbean Cruises, Ltd.		73,300		3,166,560
				9,488,323
Manufacturing—1.8%
Dover Corp.		88,600		3,613,994
Medical Products & Services—2.0%
Laboratory Corp. of America Holdings (a)		82,700		4,028,317
Multimedia—4.8%
Belo Corp., Class A		166,800		3,813,048
Westwood One, Inc.		295,600		5,879,484
				9,692,532
Oil & Gas—5.4%
Baker Hughes, Inc.		40,400		2,411,072
BJ Services Co.		94,700		3,408,253
GlobalSantaFe Corp.		51,600		2,353,992
The Williams Cos., Inc.		108,500		2,717,925
				10,891,242
Printing & Publishing—3.4%
Dex Media, Inc.		245,300		6,816,887
Real Estate—2.3%
Health Care Property Investors, Inc.		97,000		2,618,030
Trizec Properties, Inc.		85,400		1,969,324
				4,587,354
Restaurants—1.1%
Brinker International, Inc.		57,600		2,163,456
Retail—5.2%
Dollar Tree Stores, Inc. (a)		165,400		3,580,910
Foot Locker, Inc.		126,500		2,775,410
Pier 1 Imports, Inc.		206,500		2,327,255

Description	Shares		Value
Sears Holdings Corp. (a)		14,628	$	1,820,016
				10,503,591
Semiconductors & Components—1.4%
Vishay Intertechnology, Inc. (a)		237,900		2,842,905
Telecommunications—4.8%
ALLTEL Corp.		38,947		2,535,839
Citizens Communications Co.		295,600		4,005,380
PanAmSat Holding Corp.		134,100		3,245,220
				9,786,439
Transportation—5.0%
CNF, Inc.		57,200		3,003,000
Laidlaw International, Inc.		117,600		2,842,392
Norfolk Southern Corp.		106,500		4,319,640
				10,165,032
Total Common Stocks
(Identified cost $179,417,557)				191,717,272

	Principal
	Amount
	(000)
Repurchase Agreement—4.4%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $9,110,000 United States Treasury Bill, 03/02/06, with a value of $8,968,795) Proceeds of $8,792,307 (Identified cost $8,790,000)	$	8,790		8,790,000
Total Investments—99.4%
(Identified cost $188,207,557) (b)			$	200,507,272
Cash and Other Assets in Excess of Liabilities—0.6%				1,178,478
Net Assets—100.0%			$	201,685,750

9

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio
Common Stocks—100.3%
Aerospace & Defense—2.1%
DRS Technologies, Inc. (c)		47,000	$	2,319,920
Engineered Support Systems, Inc. (c)		40,500		1,662,120
Esterline Technologies Corp. (a), (c)		81,000		3,069,090
				7,051,130
Agriculture—1.1%
Delta & Pine Land Co. (c)		73,000		1,927,930
The Scotts Miracle-Gro Co., Class A (c)		17,800		1,565,154
				3,493,084
Apparel & Textiles—0.7%
The Timberland Co., Class A (a), (c)		73,000		2,465,940
Automotive—0.9%
Rush Enterprises, Inc., Class A (a), (c)		26,100		398,808
Wabash National Corp. (c)		123,100		2,420,146
				2,818,954
Banking—9.1%
Bank of the Ozarks, Inc. (c)		89,100		3,058,803
BankUnited Financial Corp., Class A (c)		139,300		3,185,791
Boston Private Financial Holdings, Inc. (c)		71,000		1,884,340
First Community Bancorp (c)		51,200		2,448,896
First Midwest Bancorp, Inc.		63,700		2,372,188
MAF Bancorp, Inc.		7,600		311,600
MB Financial, Inc. (c)		85,300		3,324,994
Provident Bankshares Corp. (c)		54,500		1,895,510
Sterling Bancshares, Inc. (c)		167,800		2,468,338
Texas Regional Bancshares, Inc., Class A		114,400		3,293,576
The South Financial Group, Inc. (c)		53,900		1,446,676
Umpqua Holdings Corp. (c)		98,500		2,395,520
United Bankshares, Inc. (c)		47,400		1,656,630
				29,742,862

Description	Shares		Value
Building & Construction—1.0%
Levitt Corp., Class A (c)		87,000	$	1,995,780
Texas Industries, Inc.		25,100		1,365,440
				3,361,220
Business Services & Supplies—8.1%
ADVO, Inc. (c)		121,700		3,807,993
Arbitron, Inc. (c)		77,870		3,102,341
BearingPoint, Inc. (a), (c)		32,500		246,675
MPS Group, Inc. (a), (c)		280,000		3,304,000
Tetra Tech, Inc. (a), (c)		139,700		2,349,754
The BISYS Group, Inc. (a)		172,900		2,322,047
Watson Wyatt & Co. Holdings (c)		119,100		3,209,745
WESCO International, Inc. (a), (c)		100,300		3,397,161
Wireless Facilities, Inc. (a), (c)		394,800		2,289,840
Wright Express Corp. (c)		119,200		2,573,528
				26,603,084
Chemicals—2.5%
PolyOne Corp. (a), (c)		224,500		1,360,470
Rogers Corp. (a), (c)		75,500		2,921,850
Spartech Corp. (c)		82,900		1,619,866
Westlake Chemical Corp. (c)		82,400		2,231,392
				8,133,578
Computer Software—2.2%
Agile Software Corp. (a), (c)		122,500		878,325
Secure Computing Corp. (a), (c)		162,900		1,848,915
SERENA Software, Inc. (a), (c)		144,300		2,875,899
WebEx Communications, Inc. (a)		67,700		1,659,327
				7,262,466
Computers & Business Equipment—3.9%
ADE Corp. (a), (c)		61,600		1,384,768
Avocent Corp. (a), (c)		76,400		2,417,296
Brooks Automation, Inc. (a)		125,416		1,671,795
Dot Hill Systems Corp. (a), (c)		377,000		2,537,210
Photon Dynamics, Inc. (a), (c)		108,000		2,068,200
Polycom, Inc. (a), (c)		176,300		2,850,771
				12,930,040

10

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (continued)
Consumer Products—1.6%
Fossil, Inc. (a), (c)		74,900	$	1,362,431
Matthews International Corp., Class A (c)		43,500		1,643,865
WMS Industries, Inc. (a), (c)		79,900		2,247,587
				5,253,883
Diversified—1.1%
The Liberty Corp.		75,500		3,540,195
Drugs & Health Care—6.3%
AMERIGROUP Corp. (a), (c)		87,300		1,669,176
BioScrip, Inc. (a), (c)		360,300		2,341,950
First Horizon Pharmaceutical Corp. (a), (c)		118,400		2,352,608
Gentiva Health Services, Inc. (a), (c)		32,200		583,464
K-V Pharmaceutical Co., Class A (a), (c)		82,000		1,457,140
Kindred Healthcare, Inc. (a), (c)		106,300		3,167,740
LifePoint Hospitals, Inc. (a), (c)		85,900		3,756,407
Taro Pharmaceutical Industries, Ltd. (a), (c)		134,900		3,470,977
Ventiv Health, Inc. (a)		64,600		1,693,166
				20,492,628
Education—0.8%
Learning Tree International, Inc. (a), (c)		191,500		2,527,800
Environmental—0.5%
Waste Connections, Inc. (a), (c)		51,100		1,792,588
Equipment Rental—0.8%
United Rentals, Inc. (a), (c)		133,300		2,627,343
Financial Services—0.7%
Financial Federal Corp. (c)		55,200		2,196,960
Food & Beverages—1.0%
Performance Food Group Co. (a), (c)		102,000		3,219,120

Description	Shares	Value
Funeral Services—0.4%
Alderwoods Group, Inc. (a)	73,200	$	1,199,016
Insurance—3.4%
Arch Capital Group, Ltd. (a)	68,500		3,396,915
Assured Guaranty, Ltd.	114,431		2,738,334
Bristol West Holdings, Inc. (c)	150,900		2,753,925
Scottish Re Group, Ltd. (c)	92,500		2,205,200
			11,094,374
Leisure & Entertainment—1.6%
Alliance Gaming Corp. (a), (c)	263,400		2,857,890
Carmike Cinemas, Inc. (c)	49,100		1,126,354
Sotheby’s Holdings, Inc., Class A (a), (c)	66,800		1,116,896
			5,101,140
Manufacturing—4.2%
Acuity Brands, Inc.	52,300		1,551,741
Federal Signal Corp. (c)	91,800		1,568,862
Herman Miller, Inc. (c)	54,300		1,645,290
Knoll, Inc. (c)	94,300		1,730,405
Ladish Co., Inc. (a)	58,800		1,025,472
RBC Bearings, Inc.	93,600		1,492,920
Regal-Beloit Corp. (c)	83,700		2,715,228
The Middleby Corp. (a), (c)	26,400		1,914,000
			13,643,918
Medical Products & Services—4.1%
Advanced Medical Optics, Inc. (a), (c)	64,500		2,447,775
Candela Corp. (a), (c)	60,700		596,074
Connetics Corp. (a), (c)	137,700		2,328,507
Hanger Orthopedic Group, Inc. (a), (c)	282,200		2,172,940
PSS World Medical, Inc. (a), (c)	199,200		2,657,328
Symmetry Medical, Inc. (c)	143,700		3,405,690
			13,608,314
Metals & Mining—6.4%
Cleveland-Cliffs, Inc. (c)	38,200		3,327,602
Kennametal, Inc.	54,800		2,687,392
NS Group, Inc. (a)	7,700		302,225

11

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (continued)
Olin Corp. (c)		131,800	$	2,502,882
Oregon Steel Mills, Inc. (a), (c)		143,700		4,009,230
RTI International Metals, Inc. (a), (c)		119,800		4,714,130
Steel Dynamics, Inc. (c)		105,800		3,592,968
				21,136,429
Oil & Gas—9.8%
Brigham Exploration Co. (a), (c)		194,800		2,503,180
Denbury Resources, Inc. (a), (c)		39,200		1,977,248
Dresser-Rand Group, Inc. (c)		143,400		3,531,942
Energy Partners, Ltd. (a), (c)		87,300		2,725,506
Forest Oil Corp. (a), (c)		38,300		1,995,430
Grey Wolf, Inc. (a), (c)		321,700		2,711,931
Key Energy Services, Inc. (a), (c)		217,500		3,208,125
Kinder Morgan Management, LLC (a)		56,726		2,811,316
Maverick Tube Corp. (a), (c)		44,600		1,338,000
Oil States International, Inc.		49,700		1,804,607
Range Resources Corp. (c)		63,100		2,436,291
Todco, Class A		64,700		2,698,637
Veritas DGC, Inc. (a), (c)		65,300		2,391,286
				32,133,499
Printing & Publishing—2.0%
Journal Register Co. (c)		189,900		3,072,582
R.H. Donnelley Corp. (a)		53,300		3,371,758
				6,444,340
Real Estate—4.5%
Alexandria Real Estate Equities, Inc. (c)		28,800		2,381,472
BioMed Realty Trust, Inc. (c)		71,700		1,778,160
Brandywine Realty Trust (c)		61,300		1,905,817
Capital Automotive REIT (c)		60,300		2,334,213
Cousins Properties, Inc. (c)		54,900		1,659,078
Lexington Corporate Properties Trust (c)		74,600		1,756,830
Prentiss Properties Trust (c)		33,200		1,347,920
The Mills Corp. (c)		26,400		1,454,112
				14,617,602

Description	Shares		Value
Restaurants—0.7%
CBRL Group, Inc. (c)		42,900	$	1,444,014
RARE Hospitality International, Inc. (a), (c)		35,000		899,500
				2,343,514
Retail—1.7%
CSK Auto Corp. (a), (c)		42,300		629,424
Dick’s Sporting Goods, Inc. (a), (c)		77,300		2,327,503
PETCO Animal Supplies, Inc. (a), (c)		61,600		1,303,456
The Finish Line, Inc. (c)		95,100		1,387,509
				5,647,892
Semiconductors & Components—6.8%
Actel Corp. (a)		176,500		2,552,190
Benchmark Electronics, Inc. (a), (c)		113,950		3,432,174
Coherent, Inc. (a)		97,000		2,840,160
Exar Corp. (a), (c)		231,100		3,240,022
Integrated Device Technology, Inc. (a)		371,900		3,994,206
Microsemi Corp. (a), (c)		69,500		1,775,030
TTM Technologies, Inc. (a), (c)		317,700		2,271,555
Zoran Corp. (a)		142,300		2,034,890
				22,140,227
Telecommunications—1.9%
C-COR, Inc. (a), (c)		336,893		2,274,028
SafeNet, Inc. (a), (c)		109,600		3,979,576
				6,253,604
Telecommunications Equipment—1.4%
Applied Signal Technology, Inc. (c)		142,800		2,724,624
CommScope, Inc. (a), (c)		87,200		1,512,048
Oplink Communications, Inc. (a), (c)		326,300		495,976
				4,732,648
Transportation—5.0%
AirTran Holdings, Inc. (a), (c)		267,900		3,391,614
Genco Shipping & Trading, Ltd. (c)		67,000		1,277,690
Hub Group, Inc., Class A (a), (c)		66,400		2,437,544
OMI Corp. (c)		240,800		4,303,096

12

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (concluded)
Pacer International, Inc. (c)		132,300	$	3,487,428
Swift Transportation Co., Inc. (a), (c)		76,100		1,346,970
				16,244,342
Utilities—2.0%
AGL Resources, Inc.		44,500		1,651,395
Cleco Corp.		137,500		3,242,250
New Jersey Resources Corp. (c)		39,100		1,797,818
				6,691,463
Total Common Stocks
(Identified cost $285,613,411)				328,545,197

Description		Principal Amount (000)		Value
Short-Term Investments—26.3%
Repurchase Agreement—0.6%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $2,100,000 United States Treasury Bill, 03/02/06, with a value of $2,067,450) Proceeds of $2,024,531	$	2,024	$	2,024,000
Collateral for Securities on Loan—25.7%
State Street Navigator Securities Lending Prime Portfolio, 3.79% (e), (f)		84,328		84,328,057
Total Short-Term Investments
(Identified cost $86,352,057)				86,352,057
Total Investments—126.6%
(Identified cost $371,965,468) (b)			$	414,897,254
Liabilities in Excess of Cash and Other Assets—(26.6)%				(87,177,491	)
Net Assets—100.0%			$	327,719,763

13

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks—98.9%
Belgium—1.8%
Belgacom SA		318,900	$	10,846,233
InBev NV		261,661		10,382,171
Total Belgium				21,228,404
Finland—0.8%
Nokia Oyj		518,850		8,720,189
France—16.9%
Axa (c)		634,800		17,480,519
BNP Paribas SA (c)		296,700		22,625,562
Carrefour SA (c)		192,700		8,893,546
France Telecom SA		748,400		21,547,129
Lafarge SA (c)		138,300		12,205,472
Lagardere SCA (c)		243,610		17,343,483
Sanofi-Aventis (c)		172,684		14,313,509
Schneider Electric SA (c)		176,300		13,964,937
Total SA (c)		163,724		44,828,147
Vivendi Universal SA (c)		704,400		23,065,901
Total France				196,268,205
Germany—6.1%
Deutsche Bank AG		129,800		12,178,316
Siemens AG		362,800		28,037,973
Volkswagen AG (c)		482,900		29,809,073
Total Germany				70,025,362
Ireland—1.9%
Bank of Ireland		654,850		10,382,188
CRH PLC		443,321		12,052,750
Total Ireland				22,434,938
Italy—4.8%
Banco Popolare di Verona e Novara Scrl		298,371		5,644,180
Eni SpA (c)		876,530		26,113,245
Telecom Italia SpA (c)		7,383,950		24,081,155
Total Italy				55,838,580

Description	Shares		Value
Japan—24.5%
East Japan Railway Co.		2,692	$	15,391,000
Fanuc, Ltd.		181,600		14,708,735
Fujitsu, Ltd.		2,085,000		13,760,191
Hoya Corp.		607,600		20,572,305
Mitsubishi UFJ Financial Group, Inc.		3,090		40,622,022
Murata Manufacturing Co., Ltd.		319,900		17,866,305
Nomura Holdings, Inc.		1,238,100		19,236,758
NTT DoCoMo, Inc.		6,881		12,263,649
Shin-Etsu Chemical Co., Ltd.		150,400		6,568,555
Shinsei Bank, Ltd.		1,852,900		11,688,931
Sony Corp.		460,600		15,158,267
Takeda Pharmaceutical Co., Ltd.		385,800		23,010,482
The Joyo Bank, Ltd.		1,053,000		6,429,116
The Sumitomo Trust and Banking Co., Ltd.		1,540,000		12,690,665
Tokyo Gas Co., Ltd.		4,020,000		16,350,979
Toyota Motor Corp.		827,400		37,960,826
Total Japan				284,278,786
Netherlands—2.5%
Heineken NV (c)		412,393		13,280,257
TNT NV		633,300		15,782,336
Total Netherlands				29,062,593
Norway—1.9%
DNB NOR ASA		572,500		5,923,049
Statoil ASA (c)		644,000		16,040,035
Total Norway				21,963,084
Singapore—1.2%
Oversea-Chinese Banking Corp., Ltd. (c)		3,891,240		14,394,939
Switzerland—10.3%
Compagnie Financiere Richemont AG, A Shares		353,900		14,068,160
Credit Suisse Group (c)		669,120		29,738,667
Nestle SA (c)		87,245		25,647,357
Novartis AG		659,400		33,577,359

14

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Zurich Financial Services AG (a), (c)		92,000	$	15,734,729
Total Switzerland				118,766,272
United Kingdom—26.2%
Barclays PLC		2,787,800		28,259,778
BP PLC		2,071,070		24,676,576
Cadbury Schweppes PLC		1,590,326		16,092,915
Cobham PLC		1,970,090		5,515,467
Diageo PLC		1,983,242		28,594,719
GlaxoSmithKline PLC		1,056,001		26,939,039
HSBC Holdings PLC		819,431		13,293,344
Imperial Tobacco Group PLC		549,540		15,788,390
Marks & Spencer Group PLC		2,547,301		16,887,852
National Grid PLC		1,645,728		15,474,403
Prudential PLC		1,281,716		11,666,208
Royal Bank of Scotland Group PLC		1,041,500		29,646,118
Royal Dutch Shell PLC, Class A (c)		855,632		28,337,856
Unilever PLC		1,741,700		18,240,955
Vodafone Group PLC		9,186,600		23,971,728
Total United Kingdom				303,385,348
Total Common Stocks
(Identified cost $972,328,014)			$	1,146,366,700

Description	Principal Amount (000)		Value
Short-Term Investments—26.3%
Repurchase Agreement—4.9%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $58,375,000 United States Treasury Bill, 03/02/06, with a value of $57,470,188) Proceeds of $56,353,789	$	56,339	$	56,339,000
Collateral for Securities on Loan—21.4%
State Street Navigator Securities Lending Prime Portfolio, 3.79% (e), (f)		248,189		248,189,354
Total Short-Term Investments
(Identified cost $304,528,354)				304,528,354
Total Investments—125.2%
(Identified cost $1,276,856,368) (b)			$	1,450,895,054
Liabilities in Excess of Cash and Other Assets—(25.2)%				(291,952,183	)
Net Assets—100.0%			$	1,158,942,871

15

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks—96.2%
Denmark—1.9%
Danske Bank A/S ADR		13,400	$	411,380
Finland—4.1%
Nokia Oyj Sponsored ADR		53,500		904,685
France—12.7%
Axa Sponsored ADR		16,800		462,504
Sanofi-Aventis ADR		10,850		450,817
Societe Generale Sponsored ADR		30,950		708,755
Total SA Sponsored ADR		5,550		753,801
Vivendi Universal SA Sponsored ADR		13,450		440,219
Total France				2,816,096
Germany—4.8%
Schering AG ADR		6,400		405,760
Siemens AG Sponsored ADR		8,550		661,172
Total Germany				1,066,932
Ireland—2.0%
Allied Irish Banks PLC Sponsored ADR		10,300		439,810
Italy—5.4%
Eni SpA Sponsored ADR		5,000		740,500
SanPaolo IMI SpA Sponsored ADR		14,750		458,873
Total Italy				1,199,373
Japan—9.8%
Canon, Inc. Sponsored ADR		12,150		659,259
Hoya Corp. Sponsored ADR		1,900		245,100
Kao Corp. Sponsored ADR		2,450		604,439
Nomura Holdings, Inc. ADR		42,300		657,342
Total Japan				2,166,140
Netherlands—2.9%
Heineken NV ADR		19,600		631,316

Description	Shares		Value
Switzerland—16.2%
Compagnie Financiere Richemont AG Sponsored ADR		12,950	$	514,892
Credit Suisse Group Sponsored ADR		14,600		649,408
Nestle SA Sponsored ADR		9,550		702,020
Novartis AG ADR		8,850		451,350
Swiss Re Sponsored ADR		6,050		398,937
UBS AG		9,950		850,725
Total Switzerland				3,567,332
United Kingdom—36.4%
Barclays PLC Sponsored ADR		19,200		782,976
BP PLC Sponsored ADR		10,200		722,670
Cadbury Schweppes PLC Sponsored ADR		21,400		871,622
Diageo PLC Sponsored ADR		10,600		614,906
GlaxoSmithKline PLC ADR		17,900		917,912
HSBC Holdings PLC Sponsored ADR		10,600		861,038
Imperial Tobacco Group PLC ADR		7,900		459,385
Royal Dutch Shell PLC, Class A ADR		11,000		722,040
Tesco PLC Sponsored ADR		22,500		369,587
Unilever PLC Sponsored ADR		21,350		901,397
Vodafone Group PLC Sponsored ADR		31,300		812,861
Total United Kingdom				8,036,394
Total Common Stocks
(Identified cost $17,480,630)				21,239,458

16

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard International Equity Select Portfolio (concluded)
Repurchase Agreement—2.4%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $550,000 United States Treasury Bill, 03/02/06, with a value of $541,475) Proceeds of $530,139 (Identified cost $530,000)	$	530	$	530,000
Total Investments—98.6%
(Identified cost $18,010,630) (b)			$	21,769,458
Cash and Other Assets in Excess of Liabilities—1.4%				314,005
Net Assets—100.0%			$	22,083,463

17

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard International Small Cap Portfolio
Common Stocks—95.7%
Australia—3.2%
ABC Learning Centres, Ltd. (c)		801,423	$	3,831,163
John Fairfax Holdings, Ltd.		1,731,894		6,017,654
Macquarie Infrastructure Group		3,052,284		9,346,818
Total Australia				19,195,635
Austria—1.1%
Erste Bank der oesterreichischen Sparkassen AG		120,700		6,475,728
Finland—6.0%
Amer Sports Oyj (c)		447,400		8,565,797
Nokian Renkaat Oyj (c)		434,800		10,332,311
Sampo Oyj, A Shares		674,900		10,740,751
TietoEnator Oyj (c)		195,500		6,587,944
Total Finland				36,226,803
France—4.2%
Carbone Lorraine SA		175,726		8,167,360
Neopost SA		179,300		17,434,359
Total France				25,601,719
Germany—5.8%
Fielmann AG (c)		99,000		7,161,562
Puma AG (c)		40,900		11,132,965
Rheinmetall AG		113,000		7,493,116
Techem AG (a)		214,146		9,268,847
Total Germany				35,056,490
Greece—2.8%
OPAP SA		334,050		10,390,884
Piraeus Bank SA		321,600		6,754,380
Total Greece				17,145,264
Hong Kong—3.1%
Esprit Holdings, Ltd.		1,886,765		14,106,200
Texwinca Holdings, Ltd.		7,042,000		4,811,008
Total Hong Kong				18,917,208

Description	Shares		Value
Ireland—5.0%
Anglo Irish Bank Corp. PLC		864,627	$	11,810,819
DCC PLC		463,700		9,336,302
Grafton Group PLC Units (a)		919,000		9,314,366
Total Ireland				30,461,487
Italy—3.1%
Davide Campari-Milano SpA (c)		1,308,200		9,841,925
Lottomatica SpA (c)		229,900		8,742,225
Total Italy				18,584,150
Japan—22.2%
ABC-MART, Inc. (c)		205,000		4,074,135
Bosch Corp. (c)		1,067,000		5,686,148
Chiyoda Corp. (c)		678,000		12,502,382
Credit Saison Co., Ltd.		231,000		10,149,815
Daito Trust Construction Co., Ltd. (c)		256,000		11,225,693
Don Quijote Co., Ltd. (c)		87,400		5,629,257
eAccess, Ltd. (c)		6,210		4,684,621
Hisamitsu Pharmaceutical Co., Inc. (c)		395,000		10,559,820
JSR Corp. (c)		362,500		7,548,085
Leopalace21 Corp. (c)		538,700		13,023,099
NIWS Co., Ltd.		4,935		5,921,652
OSG Corp. (c)		720,700		10,867,093
Rinnai Corp. (c)		244,700		5,634,965
Secom Techno Service Co., Ltd.		167,500		5,660,182
Suruga Bank, Ltd.		942,000		10,389,095
USS Co., Ltd.		101,800		7,239,351
Yoshinoya D&C Co., Ltd. (c)		2,417		3,603,961
Total Japan				134,399,354
Netherlands—7.2%
Fugro NV (c)		470,508		14,238,428
Hunter Douglas NV (c)		106,052		5,065,877
James Hardie Industries NV		1,305,400		8,921,978
Koninklijke Boskalis Westminster NV		155,636		7,768,402
SBM Offshore NV (c)		93,902		7,856,980
Total Netherlands				43,851,665

18

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard International Small Cap Portfolio (concluded)
Norway—2.7%
Stolt Offshore SA (a)		630,200	$	7,316,900
Tandberg ASA (c)		674,400		9,044,648
Total Norway				16,361,548
Spain—6.3%
Abengoa SA		534,600		9,436,074
Corporacion Mapfre SA		382,226		6,580,664
Indra Sistemas SA (c)		615,600		13,545,118
Prosegur Compania de Seguridad SA (c)		317,000		8,255,328
Total Spain				37,817,184
Sweden—3.2%
Getinge AB, B Shares (c)		681,400		9,432,606
Swedish Match AB (c)		807,100		9,658,615
Total Sweden				19,091,221
Switzerland—1.3%
Geberit AG (c)		10,900		7,964,165
United Kingdom—18.5%
Brit Insurance Holdings PLC		3,794,000		5,671,613
Bunzl PLC		649,307		6,524,556
Carpetright PLC (c)		285,400		4,443,131
Cattles PLC		1,019,232		5,409,372
Enodis PLC (a)		2,679,100		6,090,382
Enterprise Inns PLC		600,300		8,947,275
Filtrona PLC		724,304		3,510,944
George Wimpey PLC		827,400		6,264,866
Halfords Group PLC		1,131,820		5,806,680
Intertek Group PLC		657,800		7,953,987
Man Group PLC		306,334		8,974,454
Northgate PLC		603,800		12,070,467
Premier Oil PLC (a)		546,500		7,289,773
Regus Group PLC (a)		4,517,583		7,932,118
Signet Group PLC Sponsored ADR (c)		501,236		9,162,594
William Hill PLC		572,300		5,902,620
Total United Kingdom				111,954,832

Description	Shares		Value
Total Common Stocks
(Identified cost $371,575,520)			$	579,104,453
Warrant—0.0%
Japan—0.0%
Belluna Co., Ltd. Right, 09/29/06 (Identified cost $20,894) (a), (g)		21,850		0

	Principal Amount (000)
Short-Term Investments—25.7%
Repurchase Agreement—4.2%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $26,375,000 United States Treasury Bill, 03/02/06, with a value of $25,966,188) Proceeds of $25,459,681	$	25,453		25,453,000
Collateral for Securities on Loan—21.5%
State Street Navigator Securities Lending Prime Portfolio, 3.79% (e), (f)		130,171		130,170,544
Total Short-Term Investments
(Identified cost $155,623,544)				155,623,544
Total Investments—121.4%
(Identified cost $527,219,958) (b)			$	734,727,997
Liabilities in Excess of Cash and Other Assets—(21.4)%				(129,607,596	)
Net Assets—100.0%			$	605,120,401

19

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio
Common Stocks—84.0%
Brazil—9.7%
Brasil Telecom Participacoes SA ADR (c)		523,000	$	22,243,190
Companhia de Bebidas das Americas ADR (c)		62,118		1,863,540
Companhia de Concessoes Rodoviarias		666,800		19,043,711
Companhia Vale do Rio Doce ADR		686,200		30,096,732
Grendene SA		976,300		7,119,060
Petroleo Brasileiro SA ADR (c)		548,900		39,240,861
Souza Cruz SA		892,900		10,847,510
Total Brazil				130,454,604
Canada—1.5%
PetroKazakhstan, Inc., Class A		360,800		19,638,344
Chile—0.7%
Administradora de Fondos de Pensiones Provida SA Sponsored ADR		317,400		9,249,036
China—2.4%
China Techfaith Wireless Communication Technology, Ltd. ADR (a), (c)		440,900		4,166,505
People’s Food Holdings, Ltd. (c)		19,653,400		12,795,940
Yanzhou Coal Mining Co., Ltd.		19,182,000		15,083,007
Total China				32,045,452
Egypt—3.6%
Commercial International Bank		1,922,600		20,023,745
Eastern Tobacco		346,095		13,218,906
Orascom Telecom Holding SAE		158,200		15,490,417
Total Egypt				48,733,068
Hong Kong—3.2%
China Netcom Group Corp. (Hong Kong), Ltd.		5,848,500		10,064,448
CNOOC, Ltd. ADR (c)		154,600		11,160,574

Description	Shares		Value
Hutchison Telecommunications International, Ltd. (a)		8,172,000	$	11,850,730
Texwinca Holdings, Ltd.		15,176,000		10,368,058
Total Hong Kong				43,443,810
Hungary—1.7%
Gedeon Richter Rt.		77,690		14,035,502
MOL Magyar Olaj-es Gazipari Rt.		81,900		9,086,111
Total Hungary				23,121,613
India—8.1%
Hero Honda Motors, Ltd.		666,800		11,253,624
Hindalco Industries, Ltd.		3,064,150		10,248,681
Hindustan Lever, Ltd.		2,389,400		9,845,100
Oil and Natural Gas Corp., Ltd.		414,700		10,006,943
Reliance Industries, Ltd.		1,256,500		22,677,874
Satyam Computer Services, Ltd.		1,411,189		17,976,490
State Bank of India		1,253,100		26,752,182
Total India				108,760,894
Indonesia—4.2%
PT Bank Mandiri		86,474,000		12,185,355
PT Bumi Resources		159,005,000		13,907,143
PT Telekomunikasi Indonesia Sponsored ADR (c)		1,481,900		30,838,339
Total Indonesia				56,930,837
Israel—1.3%
Bank Hapoalim BM		4,412,400		17,162,000
Mexico—4.5%
America Telecom SA de CV, Series A1 Shares (a)		2,464,700		10,216,586
Fomento Economico Mexicano SA de CV Sponsored ADR		246,600		17,242,272
Grupo Televisa SA Sponsored ADR		235,100		16,859,021
Kimberly-Clark de Mexico SA de CV		1,711,300		6,442,975
Urbi, Desarrollos Urbanos, SA de CV (a)		1,264,200		9,379,815
Total Mexico				60,140,669

20

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio (continued)
Morocco—0.5%
Maroc Telecom		693,845	$	7,348,863
Peru—0.9%
Credicorp, Ltd. (c)		409,900		11,710,843
Philippines—1.2%
Philippine Long Distance Telephone Co. Sponsored ADR (c)		539,500		16,427,775
Russia—4.6%
AFK Sistema Sponsored GDR (d)		463,110		11,346,195
LUKOIL Sponsored ADR (c)		513,800		29,707,916
Mobile TeleSystems Sponsored ADR (c)		522,900		21,271,572
Total Russia				62,325,683
South Africa—7.0%
Edgars Consolidated Stores, Ltd.		3,114,300		15,552,641
Kumba Resources, Ltd.		1,092,982		16,933,597
Murray & Roberts Holdings, Ltd.		3,248,900		10,041,506
Old Mutual PLC		7,364,200		18,076,364
Sanlam, Ltd.		3,383,100		6,811,218
Steinhoff International Holdings, Ltd.		8,666,256		26,853,303
Total South Africa				94,268,629
South Korea—17.9%
GS Engineering & Construction Corp.		249,400		9,961,632
Hite Brewery Co., Ltd.		93,900		11,630,437
Hyundai Motor Co.		117,500		9,194,671
Kangwon Land, Inc.		733,100		12,529,217
Kookmin Bank		714,783		42,207,542
KT Corp. Sponsored ADR (c)		434,236		9,770,310
LG Electronics, Inc.		224,100		15,040,413
LG Household & Health Care, Ltd.		334,800		19,255,420
LG. Philips LCD Co., Ltd. ADR (a), (c)		684,100		14,065,096
Samsung Electronics Co., Ltd.		94,981		53,623,455

Description	Shares		Value
Samsung Fire & Marine Insurance Co., Ltd.		158,238	$	16,408,741
Samsung SDI Co., Ltd.		127,000		13,230,437
SK Corp.		234,200		13,604,513
Total South Korea				240,521,884
Taiwan—7.1%
Advantech Co., Ltd.		3,922,334		9,810,120
Chinatrust Financial Holding Co., Ltd.		15,280,342		13,168,938
Chunghwa Telecom Co., Ltd. Sponsored ADR		403,500		7,468,785
Delta Electronics, Inc.		3,954,000		6,755,715
Delta Electronics, Inc. Sponsored GDR		740,056		6,364,482
Fubon Financial Holding Co., Ltd.		13,344,000		12,223,941
Hon Hai Precision Industry Co., Ltd.		3,672,535		17,098,029
Taiwan Semiconductor Manufacturing Co., Ltd.		12,772,736		20,514,587
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		312,800		2,571,216
Total Taiwan				95,975,813
Thailand—0.5%
Thai Union Frozen Products PCL		9,450,600		6,616,456
Turkey—2.9%
Akbank TAS		3,626,508		24,118,333
Turkcell Iletisim Hizmetleri AS ADR (c)		1,041,630		14,218,245
Total Turkey				38,336,578
Venezuela—0.5%
Compania Anonima Nacional Telefonos de Venezuela ADR (c)		438,273		6,148,970
Total Common Stocks
(Identified cost $767,108,651)				1,129,361,821

21

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio (concluded)
Preferred Stocks—11.8%
Brazil—11.8%
All America Latina Logistica SA Units		311,700	$	12,416,650
Caemi Mineracao e Metalurgia SA		34,903,400		55,615,437
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Sponsored ADR (c)		504,900		14,576,463
Companhia de Bebidas das Americas ADR (c)		566,291		21,054,699
Gerdau SA Sponsored ADR (c)		1,057,800		15,792,954
Telemar Norte Leste SA		853,417		22,087,853
Usinas Siderurgicas de Minas Gerais SA		724,200		16,918,047
Total Brazil				158,462,103
Total Preferred Stocks
(Identified cost $87,678,385)				158,462,103

Description	Principal Amount (000)		Value
Short-Term Investments—16.5%
Repurchase Agreement—5.3%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $74,035,000 United States Treasury Bill, 03/02/06, with a value of $72,887,458)Proceeds of $71,472,757	$	71,454	$	71,454,000
Collateral for Securities on Loan—11.2%
State Street Navigator Securities Lending Prime Portfolio, 3.79% (e), (f)		149,650		149,649,533
Total Short-Term Investments
(Identified cost $221,103,533)				221,103,533
Total Investments—112.3%
(Identified cost $1,075,890,569) (b)		.	$	1,508,927,457
Liabilities in Excess of Cash and Other Assets—(12.3)%				(164,984,999	)
Net Assets—100.0%			$	1,343,942,458

22

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard Bond Portfolio
Commercial Mortgage-Backed Securities—7.6%
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class A4, 4.547%, 12/10/41	$	1,310	$	1,281,810
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A3, 4.615%, 10/15/41		485		475,456
Total Commercial Mortgage-Backed Securities
(Identified cost $1,799,317)				1,757,266
Corporate Bonds—40.9%
Aerospace & Defense—0.5%
Boeing Capital Corp., 5.75%, 02/15/07		120		121,597
Automotive—1.3%
DaimlerChrysler NA Holding Corp., 6.50%, 11/15/13		275		290,440
Venture Holdings Co. LLC, 12.00%, 06/01/09 (a), (h)		50		5
				290,445
Banking—4.5%
Bank One Corp., 6.00%, 08/01/08		250		258,736
U.S. Bancorp, 3.125%, 03/15/08		325		314,012
Wachovia Corp., 4.95%, 11/01/06		300		301,551
Wells Fargo & Co., 5.90%, 05/21/06		155		156,406
				1,030,705

Description	Principal Amount (000)		Value
Brewery—1.3%
Anheuser-Busch Cos., Inc., 7.50%, 03/15/12	$	250	$	287,805
Cable & Broadcasting—1.0%
AT&T Broadband Corp., 8.375%, 03/15/13		200		236,546
Computers & Business Equipment—1.2%
Hewlett-Packard Co., 5.50%, 07/01/07		275		279,205
Consumer Products—0.7%
Fortune Brands, Inc., 2.875%, 12/01/06		175		170,940
Energy—4.4%
Conoco Funding Co., 6.35%, 10/15/11		330		358,369
Duke Capital LLC, 7.50%, 10/01/09		130		142,128
Enbridge, Inc., 4.90%, 03/01/15		210		204,160
USX Corp., 6.65%, 02/01/06		170		171,175
Valero Energy Corp., 3.50%, 04/01/09		145		138,401
				1,014,233
Financial Services—11.4%
American General Finance Corp., 5.375%, 10/01/12		345		349,270
Bear Stearns Cos., Inc., 4.00%, 01/31/08		355		350,201
Citigroup, Inc., 5.00%, 03/06/07		350		352,521
General Electric Capital Corp., 5.35%, 03/30/06		250		251,286
Goldman Sachs Group, Inc., 5.00%, 10/01/14		200		197,466
Household Finance Corp., 6.375%, 08/01/10		280		296,674

23

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard Bond Portfolio (concluded)
MBNA America Bank NA, 7.125%, 11/15/12	$	225	$	253,224
Merrill Lynch & Co., Inc., 5.45%, 07/15/14		300		308,238
SLM Corp., 4.00%, 01/15/09		280		274,025
				2,632,905
Food & Beverages—1.3%
Sara Lee Corp., 6.25%, 09/15/11		275		288,215
Insurance—2.0%
MetLife, Inc., 5.00%, 11/24/13		290		288,680
The Allstate Corp., 7.50%, 06/15/13		155		179,212
				467,892
Telecommunications—3.2%
AT&T Wireless Services, Inc., 8.125%, 05/01/12		250		293,383
SBC Communications, Inc., 5.10%, 09/15/14		250		247,730
Verizon Global Funding Corp., 6.125%, 06/15/07		200		204,825
				745,938
Transportation—1.2%
Norfolk Southern Corp., 6.75%, 02/15/11		260		282,419
Utilities—6.9%
Alabama Power Co., 2.65%, 02/15/06		345		342,971
MidAmerican Energy Co., 6.375%, 06/15/06		104		105,430
Public Service Electric & Gas Co., 6.375%, 05/01/08		500		520,340
Virginia Electric & Power Co., 5.375%, 02/01/07		325		328,007

Description	Principal Amount (000)		Value
Wisconsin Electric Power Co., 4.50%, 05/15/13	$	300	$	291,909
				1,588,657
Total Corporate Bonds
(Identified cost $9,582,216)				9,437,502
U.S. Government Securities—26.0%
Federal Home Loan Mortgage Corp.:
2.875%, 12/15/06		1,115		1,095,964
3.625%, 09/15/08		1,915		1,873,108
3.75%, 04/15/07		1,150		1,139,440
4.125%, 07/12/10		1,920		1,887,213
Total U.S. Government Securities
(Identified cost $6,049,560)				5,995,725
U.S. Treasury Securities—21.9%
United States Treasury Bond, 7.25%, 05/15/16		310		383,622
United States Treasury Notes:
3.625%, 06/30/07		2,015		1,995,858
3.875%, 07/15/10		975		960,346
4.25%, 08/15/15		850		844,687
4.375%, 08/15/12		875		880,276
Total U.S. Treasury Securities
(Identified cost $5,081,730)				5,064,789
Repurchase Agreement—2.9%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05, collateralized by $690,000 United States Treasury Bill, 03/02/06, with a value of $679,305) Proceeds of $663,174 (Identified cost $663,000)		663		663,000
Total Investments—99.3%
(Identified cost $23,175,823) (b)			$	22,918,282
Cash and Other Assets in Excess of Liabilities—0.7%				159,821
Net Assets—100.0%			$	23,078,103

24

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio
Corporate Bonds—91.7%
Aerospace & Defense—1.7%
Sequa Corp., 8.875%, 04/01/08	$	1,300	$	1,358,500
Agriculture—2.2%
Case New Holland, Inc., 6.00%, 06/01/09		725		698,719
Southern States Cooperative, Inc., 10.50%, 11/01/10 (d)		1,000		1,050,000
				1,748,719
Automotive—4.9%
Dana Corp., 9.00%, 08/15/11 (c)		1,100		1,133,000
Ford Motor Credit Co.,
7.00%, 10/01/13 (c)		800		742,896
General Motors Acceptance Corp.,
6.75%, 12/01/14 (c)		900		785,601
TRW Automotive, Inc.:
9.375%, 02/15/13		870		943,950
11.00%, 02/15/13 (c)		227		256,510
Venture Holdings Co. LLC, 12.00%, 06/01/09 (a), (h)		2,840		284
				3,862,241
Building & Construction—1.4%
KB Home, 7.75%, 02/01/10 (c)		1,060		1,094,450
Building Materials—1.8%
Goodman Global Holdings, Inc., 7.875%, 12/15/12 (c), (d)		390		352,950
Legrand SA, 8.50%, 02/15/25 (c)		925		1,106,531
				1,459,481
Cable Television—7.7%
CCH I LLC, 11.00%, 10/01/15 (d)		559		545,817

Description	Principal Amount (000)		Value
CSC Holdings, Inc., 7.625%, 04/01/11 (c)	$	1,002	$	986,970
DirectTV Holdings LLC, 6.375%, 06/15/15 (d)		825		812,625
EchoStar DBS Corp.:
5.75%, 10/01/08		50		49,438
6.625%, 10/01/14 (c)		810		801,900
9.125%, 01/15/09 (c)		195		206,212
Mediacom Broadband LLC, 11.00%, 07/15/13 (c)		825		888,938
Rogers Cable, Inc., 6.25%, 06/15/13		905		882,375
Shaw Communications, Inc., 7.25%, 04/06/11 (c)		900		949,500
				6,123,775
Chemicals—4.8%
ARCO Chemical Co., 9.80%, 02/01/20		535		601,875
Ethyl Corp., 8.875%, 05/01/10		300		315,000
Huntsman ICI Chemicals, 10.125%, 07/01/09 (c)		825		845,625
Huntsman International LLC, 9.875%, 03/01/09		325		343,687
ISP Holdings, Inc., 10.625%, 12/15/09 (c)		524		554,130
Lyondell Chemical Co., 9.625%, 05/01/07		575		603,750
Westlake Chemical Corp., 8.75%, 07/15/11		471		506,325
				3,770,392
Containers—2.6%
Crown Euro Holdings SA:
9.50%, 03/01/11 (c)		875		959,219
10.875%, 03/01/13 (c)		500		580,625
Graham Packaging Co., Inc.:
8.50%, 10/15/12		250		245,000
9.875%, 10/15/14 (c)		250		240,000
				2,024,844

25

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio (continued)
Diversified—1.8%
AMSTED Industries, Inc., 10.25%, 10/15/11 (d)	$	1,345	$	1,462,687
Electronics—3.3%
Freescale Semiconductor, Inc., 7.125%, 07/15/14		750		796,875
PerkinElmer, Inc., 8.875%, 01/15/13		650		713,375
Thomas & Betts Corp., 7.25%, 06/01/13		1,000		1,068,750
				2,579,000
Energy—4.6%
ANR Pipeline Co., 8.875%, 03/15/10 (c)		500		540,625
Chesapeake Energy Corp., 6.375%, 06/15/15		450		452,812
CITGO Petroleum Corp., 6.00%, 10/15/11		275		275,000
Compton Petroleum Corp., 9.90%, 05/15/09		245		262,150
Kerr-McGee Corp., 6.875%, 09/15/11		400		428,220
Northwest Pipeline Corp., 8.125%, 03/01/10		850		909,500
Pogo Producing Co., 6.875%, 10/01/17 (c), (d)		250		253,438
Southern Natural Gas Co., 8.875%, 03/15/10		500		541,250
				3,662,995
Environmental—1.2%
Allied Waste North America, Inc., 8.875%, 04/01/08		230		239,200
Browning-Ferris Industries, Inc., 7.40%, 09/15/35		775		680,062
				919,262

Description	Principal Amount (000)		Value
Equipment Rental—1.7%
H&E Equipment Services LLC, 11.125%, 06/15/12	$	780	$	867,750
United Rentals North America, Inc., 6.50%, 02/15/12		500		481,250
				1,349,000
Financial Services—0.0%
Finance One PLC, 0.00%, 01/03/08 (a), (h), (i), (j)		20,000		0
Morgan Guarantee Trust, 0.00%, 07/31/06 (a), (h), (i), (j)		10,569		0
				0
Food & Beverages—1.0%
Burns Philp Capital Property, Ltd., 9.75%, 07/15/12		635		711,200
Dole Foods Co., Inc., 8.875%, 03/15/11		98		101,430
				812,630
Forest & Paper Products—6.0%
Bowater Canada Finance, 7.95%, 11/15/11		1,050		1,057,875
Georgia-Pacific Corp.:
8.875%, 02/01/10		275		305,937
9.50%, 12/01/11		500		587,500
Kappa Beheer BV, 10.625%, 07/15/09		1,120		1,160,600
Smurfit Capital Funding PLC, 7.50%, 11/20/25		1,760		1,639,000
				4,750,912
Gaming—4.7%
Kerzner International, Ltd., 6.75%, 10/01/15 (d)		755		738,013
Majestic Star Casino LLC, 9.50%, 10/15/10		250		247,500
Mandalay Resorts Group:
9.375%, 02/15/10 (c)		1,035		1,141,087
10.25%, 08/01/07		655		704,125

26

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio (continued)
Wheeling Island Gaming, Inc., 10.125%, 12/15/09	$	405	$	425,250
Wynn Las Vegas LLC, 6.625%, 12/01/14 (c)		450		428,625
				3,684,600
Health Services—1.5%
Fresenius Medical Capital Trust, 7.875%, 02/01/08 (c)		1,120		1,164,800
Hotels—4.6%
Host Marriott LP, 9.25%, 10/01/07		1,285		1,368,525
ITT Corp., 7.375%, 11/15/15 (c)		750		821,250
La Quinta Properties, Inc., 8.875%, 03/15/11		800		856,000
MeriStar Hospitality Corp.:
9.00%, 01/15/08 (c)		295		306,800
9.125%, 01/15/11 (c)		270		287,550
				3,640,125
Insurance—3.8%
Crum & Forster Holdings Corp., 10.375%, 06/15/13		1,100		1,182,500
Leucadia National Corp., 7.00%, 08/15/13		950		953,562
Presidential Life Corp., 7.875%, 02/15/09 (c)		865		860,675
				2,996,737
Leisure & Entertainment—1.0%
Intrawest Corp., 7.50%, 10/15/13		345		352,763
Royal Caribbean Cruises, Ltd., 8.00%, 05/15/10		400		434,500
				787,263

Description	Principal Amount (000)		Value
Media-Diversified—1.6%
CanWest Media, Inc., 8.00%, 09/15/12	$	1,160	$	1,231,763
Medical Products & Services—0.7%
Medquest, Inc., 11.875%, 08/15/12		75		79,313
Tenet Healthcare Corp., 7.375%, 02/01/13 (c)		500		475,000
				554,313
Metals & Mining—2.2%
Arch Western Finance LLC, 6.75%, 07/01/13		1,000		1,020,000
Century Aluminum Co., 7.50%, 08/15/14 (c)		225		231,750
Peabody Energy Corp., 6.875%, 03/15/13 (c)		500		522,500
				1,774,250
Printing & Publishing—2.2%
Dex Media East LLC, 12.125%, 11/15/12 (c)		195		228,150
Phoenix Color Corp., 10.375%, 02/01/09		515		473,800
R.H. Donnelley, Inc., 10.875%, 12/15/12		440		493,900
The Sheridan Group, Inc., 10.25%, 08/15/11		300		312,000
Vertis, Inc., 10.875%, 06/15/09 (c)		265		261,025
				1,768,875
Real Estate—2.4%
AMR Real Estate Partners:
7.125%, 02/15/13 (c), (d)		500		500,000
8.125%, 06/01/12		350		369,250
CB Richard Ellis Services, Inc., 9.75%, 05/15/10		227		250,268
Forest City Enterprises, Inc., 7.625%, 06/01/15		475		507,062

27

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio (continued)
Senior Housing Properties Trust, 7.875%, 04/15/15	$	275	$	292,875
				1,919,455
Retail—3.6%
NBTY, Inc., 7.125%, 10/01/15 (d)		475		465,500
Saks, Inc., 9.875%, 10/01/11 (c)		1,250		1,381,250
ShopKo Stores, Inc., 9.25%, 03/15/22		410		487,900
The Jean Coutu Group, Inc., 8.50%, 08/01/14 (c)		500		497,500
				2,832,150
Steel—1.8%
International Steel Group, Inc., 6.50%, 04/15/14 (c)		725		715,938
United States Steel Corp.:
9.75%, 05/15/10 (c)		294		321,562
10.75%, 08/01/08 (c)		364		404,950
				1,442,450
Telecommunications—6.4%
American Cellular Corp., 10.00%, 08/01/11		625		681,250
Citizens Communications Co., 6.25%, 01/15/13 (c)		1,000		962,500
Nextel Communications, Inc., 6.875%, 10/31/13		560		596,400
PanAmSat Corp., 9.00%, 08/15/14 (c)		846		894,645
Qwest Services Corp., 13.50%, 12/15/10		710		813,838
Rogers Wireless, Inc., 9.625%, 05/01/11		1,000		1,150,000
				5,098,633

Description	Principal Amount (000)		Value
Transportation—3.5%
CP Ships, Ltd., 10.375%, 07/15/12 (c)	$	990	$	1,123,650
Kansas City Southern Railway Co., 7.50%, 06/15/09		610		637,450
Stena AB, 7.50%, 11/01/13		975		976,219
				2,737,319
Utilities—5.0%
Alliant Energy Resources, Inc., 9.75%, 01/15/13		500		633,774
Caithness Coso Funding Corp., 6.263%, 06/15/14 (d)		775		763,949
Mission Energy Holding Co., 13.50%, 07/15/08		500		586,875
MSW Energy Holdings LLC:
7.375%, 09/01/10		425		442,000
8.50%, 09/01/10		695		745,387
Reliant Energy, Inc., 6.75%, 12/15/14 (c)		825		806,438
				3,978,423
Total Corporate Bonds
(Identified cost $72,031,639)				72,590,044

	Shares
Preferred Stocks—2.8%
Broadcasting—0.9%
Paxson Communications Corp., 14.25%, 11/15/06 (c)		104	706,595
Telecommunications—1.9%
Alamosa Holdings, Inc., 7.50%, 07/31/13 (c)		1,172	1,516,931
Total Preferred Stocks
(Identified cost $1,113,092)		.	2,223,526

28

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Description	Shares		Value
Lazard High Yield Portfolio (concluded)
Warrants—0.0%
Cable Television—0.0%
Ono Finance PLC:
05/31/09 (a), (d), (g)		500	$	5
03/16/11 (a), (d), (g)		470		5
				10
Retail—0.0%
Travelcenters of America, Inc.:
05/01/09 (a), (d), (g)		810		8
05/01/09 (a), (g)		965		10
				18
Total Warrants
(Identified cost $74,226)				28

Description	Principal Amount (000)		Value
Short-Term Investments—28.4%
Repurchase Agreement—3.8%
State Street Bank and Trust Co., 3.15%, 10/03/05 (Dated 09/30/05,collateralized by $3,115,000 United States Treasury Bill, 03/02/06, with a value of $3,066,718) Proceeds of $3,005,789	$	3,005	$	3,005,000
Collateral for Securities on Loan—24.6%
State Street Navigator Securities Lending Prime Portfolio, 3.79% (e), (f)		19,492		19,492,316
Total Short-Term Investments
(Identified cost $22,497,316)				22,497,316
Total Investments—122.9%
(Identified cost $95,716,273) (b)			$	97,310,914
Liabilities in Excess of Cash and Other Assets—(22.9)%				(18,109,811	)
Net Assets—100.0%			$	79,201,103

29

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) is as follows:

Portfolio	Aggregate  Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation/ Depreciation
Equity	$	148,864,435	$	14,441,250	$	4,710,950	$	9,730,300
U.S. Equity Value		94,583		29		44		(15	)
U.S. Strategic Equity		1,464,231		53,814		55,318		(1,504	)
Mid Cap		188,207,557		18,314,396		6,014,681		12,299,715
Small Cap		371,965,468		52,858,263		9,926,477		42,931,786
International Equity		1,276,856,368		185,024,131		10,985,445		174,038,686
International Equity Select		18,010,630		3,758,828		—		3,758,828
International Small Cap		527,219,958		211,995,062		4,487,023		207,508,039
Emerging Markets		1,075,890,569		444,694,327		11,657,439		433,036,888
Bond		23,175,823		26,157		283,698		(257,541	)
High Yield		95,716,273		5,138,703		3,544,062		1,594,641

(c)	Security or portion thereof is out on loan.
(d)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.”
(e)	Rate shown reflects 7 day yield as of September 30, 2005.
(f)	Represents security purchased with cash collateral received for securities on loan.
(g)	Date shown is the expiration date.
(h)	Issue in default.
(i)	Bankrupt issuer; security valued at zero.
(j)	Principal amount denominated in respective country’s currency.

Security Abbreviations:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

REIT — Real Estate Investment Trust

30

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:

	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Small Cap Portfolio			Lazard Emerging Markets Portfolio
Industry
Aerospace & Defense		0.5	%		—	%		—	%		—	%
Apparel & Textile		—			—			5.0			2.5
Automotive		5.8			—			8.3			1.5
Banking		20.5			23.4			5.9			12.5
Brewery		2.0			2.9			—			3.9
Building & Construction		2.1			—			10.6			2.2
Business Services & Supplies		—			—			5.5			—
Chemicals		0.6			—			1.9			1.7
Computer Services		—			—			4.3			—
Computer Software		—			—			—			1.3
Computers & Business Equipment		1.2			—			—			—
Cosmetics & Toiletries		—			2.7			—			—
Diversified		2.4			3.0			1.5			—
Drugs & Health Care		8.4			10.0			1.8			1.1
Education		—			—			0.6			—
Electronics		3.8			1.1			1.5			2.1
Financial Services		2.2			3.0			7.4			2.9
Food & Beverages		7.6			14.0			1.6			1.4
Forest & Paper Products		—			—			1.1			0.5
Household Products & Home Furnishings		—			—			1.8			4.2
Insurance		3.8			3.9			2.0			1.7
Leisure & Entertainment		—			—			8.0			0.9
Manufacturing		—			—			2.8			—
Medical Products & Services		—			—			1.5			—
Metals & Mining		—			—			—			13.0
Multimedia		3.5			2.0			—			1.2
Oil & Gas		12.1			13.3			6.1			9.9
Real Estate		—			—			2.2			—
Restaurants		—			—			0.6			—
Retail		3.4			4.0			7.5			1.1
Semiconductors & Components		3.3			3.0			—			9.7
Security Services		—			—			2.3			—

31

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2005 (unaudited)

	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Small Cap Portfolio			Lazard Emerging Markets Portfolio
Industry (concluded)
Telecommunications		8.0	%		3.7	%		0.8	%		16.1	%
Telecommunications Equipment		0.8			4.1			1.5			0.3
Tobacco		1.4			2.1			1.6			1.8
Transportation		2.7			—			—			2.3
Utilities		2.8			—			—			—
Subtotal		98.9			96.2			95.7			95.8
Repurchase Agreements		4.9			2.4			4.2			5.3
Collateral for Securities on Loan		21.4			—			21.5			11.2
Total Investments		125.2	%		98.6	%		121.4	%		112.3	%

32

The Lazard Funds, Inc.

Portfolios of Investments (concluded)

September 30, 2005 (unaudited)

Valuation of Investments—Market values for equity securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. exchanges or markets are generally based on the closing market price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the closing bid price. Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. Securities listed on foreign exchanges are valued at the last reported sales price, except as described below.

If events materially affecting the value of securities occur between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s net asset value is calculated, such securities will be valued at their fair values as determined by, or in accordance with procedures approved by, the Board of Directors. The fair value of foreign securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board of Directors or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values.

Securities and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Directors.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by pricing services which are based primarily on institutional trading in similar groups of securities, or by using brokers’ quotations. Mortgage-backed securities issued by certain government-related organizations are valued using pricing services or brokers’ quotations based on a matrix system which considers such factors as other security prices, yields and maturities. Debt securities maturing in sixty days or less are valued at amortized cost, except where to do so would not accurately reflect their fair value, in which case such securities are valued at fair value as determined under the supervision of the Board of Directors.

Under these procedures, in the event that Lazard Asset Management LLC, the Fund’s investment manager (the “nvestment Manager”) and a wholly-owned subsidiary of Lazard Frères & Co. LLC, determines that a significant event has occurred after the close of a market on which a foreign security is traded but before the close of regular trading on the NYSE, such that current market quotations for a security or securities are not readily available, a Valuation Committee of the Investment Manager will evaluate a variety of factors to determine the fair value of the affected securities. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager’s analysts will also be considered.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is also available on the Fund’s website at www.LazardNet.com as well as on the Securities and Exchange Commission’s website at www.sec.gov.

33

Item 2.  Controls and Procedures. 

(a)   The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)   There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.  Exhibits. 

Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE LAZARD FUNDS, INC.

By:	/s/ Charles Carroll
	Charles Carroll
	Chief Executive Officer
Date:	November 28, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Charles Carroll
	Charles Carroll
	Chief Executive Officer
Date:	November 28, 2005
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 28, 2005

EX-99.CERT

[EX-99.CERT]
Exhibit

Rule 30a-2(a) CERTIFICATIONS

I, Charles Carroll, certify that:

1.   I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ Charles Carroll
	Charles Carroll
	Chief Executive Officer
Date:	November 28, 2005

[EX-99.CERT]
Exhibit

Rule 30a-2(a) CERTIFICATIONS

I, Stephen St. Clair, certify that:

1.   I have reviewed this report on Form N-Q of The Lazard Funds, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 28, 2005