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:             3/31/2006

FORM N-Q

Item 1.                     Schedule of Investments.

The Lazard Funds, Inc.
Portfolios of Investments
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Equity Portfolio
Common Stocks—97.8%
Alcohol & Tobacco—0.9%
Altria Group, Inc.	9,600	$	680,256
Banking—7.6%
Bank of America Corp.	69,238		3,153,098
Golden West Financial Corp. (c)	14,200		964,180
The Bank of New York Co., Inc.	37,500		1,351,500
			5,468,778
Building & Construction—1.2%
Masco Corp.	26,600		864,234
Cable & Broadcasting—1.0%
Comcast Corp., Class A (a)	28,600		747,032
Chemicals—1.3%
Cabot Corp.	11,400		387,486
Du Pont (E.I.) de Nemours & Co.	12,500		527,625
			915,111
Commercial Services—4.1%
ARAMARK Corp., Class B (c)	37,300		1,101,842
Automatic Data Processing, Inc.	33,375		1,524,570
Republic Services, Inc.	8,700		369,837
			2,996,249
Computer Software—7.7%
CA, Inc.	19,100		519,711
Microsoft Corp.	125,930		3,426,555
Oracle Corp. (a)	116,350		1,592,832
			5,539,098
Consumer Products—2.5%
The Procter & Gamble Co.	21,600		1,244,592
The Stanley Works	10,500		531,930
			1,776,522
Drugs—3.4%
Bristol-Myers Squibb Co.	28,100		691,541
Pfizer, Inc.	71,290		1,776,547
			2,468,088
Energy Integrated—6.3%
Chevron Corp.	14,388		834,073
ConocoPhillips	11,560		730,014
Exxon Mobil Corp.	49,498		3,012,448
			4,576,535
Energy Services—3.1%
BJ Services Co.	22,700		785,420
Halliburton Co. (c)	6,400		467,328
Description	Shares		Value
The Williams Cos., Inc.	47,400	$	1,013,886
			2,266,634
Financial Services—8.5%
Ameriprise Financial, Inc.	6,700		301,902
Citigroup, Inc.	53,117		2,508,716
JPMorgan Chase & Co.	42,146		1,754,959
Mellon Financial Corp.	24,100		857,960
The Bear Stearns Cos., Inc.	5,400		748,980
			6,172,517
Food & Beverages—0.6%
Kraft Foods, Inc., Class A (c)	14,100		427,371
Forest & Paper Products—3.6%
Ball Corp.	18,400		806,472
International Paper Co.	17,300		598,061
Kimberly-Clark Corp.	12,400		716,720
Louisiana-Pacific Corp.	18,500		503,200
			2,624,453
Health Services—1.2%
Laboratory Corp. of America
Holdings (a)	14,700		859,656
Insurance—5.6%
American International Group,
Inc.	15,999		1,057,374
Lincoln National Corp.	6,600		360,294
PartnerRe, Ltd.	7,200		447,048
The Allstate Corp.	17,600		917,136
The St. Paul Travelers Cos., Inc.	10,000		417,900
Willis Group Holdings, Ltd.	10,300		352,878
XL Capital, Ltd., Class A	8,100		519,291
			4,071,921
Leisure & Entertainment—5.8%
Clear Channel Communications,
Inc.	25,100		728,151
Expedia, Inc. (a), (c)	26,200		531,074
McDonald's Corp.	21,600		742,176
News Corp., Class A	63,700		1,058,057
Tribune Co.	19,800		543,114
Westwood One, Inc.	51,200		565,248
			4,167,820
Manufacturing—8.9%
Dover Corp.	17,600		854,656
General Electric Co.	67,225		2,338,086
Honeywell International, Inc.	25,443		1,088,197
Tyco International, Ltd.	34,100		916,608
United Technologies Corp.	20,900		1,211,573
			6,409,120

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Equity Portfolio (concluded)
Medical Products—3.2%
Becton, Dickinson & Co.	9,100	$	560,378
Johnson & Johnson	29,395		1,740,772
			2,301,150
Printing & Publishing—0.4%
R.H. Donnelley Corp. (a)	5,485		319,391
Retail—7.6%
Dollar Tree Stores, Inc. (a)	35,500		982,285
Liz Claiborne, Inc.	14,000		573,720
Sears Holdings Corp. (a)	3,080		407,299
The Home Depot, Inc.	56,585		2,393,546
Wal-Mart Stores, Inc.	24,000		1,133,760
			5,490,610
Semiconductors & Components—
0.5%
Intel Corp.	17,720		342,882
Technology—1.5%
Accenture, Ltd., Class A	10,700		321,749
International Business Machines
Corp.	9,100		750,477
			1,072,226
Technology Hardware—6.1%
Avaya, Inc. (a), (c)	112,000		1,265,600
Cisco Systems, Inc. (a)	72,800		1,577,576
EMC Corp. (a)	35,300		481,139
Hewlett-Packard Co. (c)	34,000		1,118,600
			4,442,915
Telecommunications—4.8%
ALLTEL Corp.	11,900		770,525
Sprint Nextel Corp.	58,926		1,522,648
Verizon Communications, Inc.	35,210		1,199,252
			3,492,425
Transportation—0.4%
Overseas Shipholding Group, Inc.	6,100		292,373
Total Common Stocks
(Identified cost $65,189,149)			70,785,367
Short-Term Investments—7.4%
Collateral for Securities on Loan—
5.2%
State Street Navigator Securities
Lending Prime Portfolio, 4.71%
(e), (f)	3,764,431		3,764,431
	Principal
	Amount
Description	(000)		Value
Repurchase Agreement—2.2%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$1,595,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $1,590,201)
Proceeds of $1,559,550	$     1,559	$	1,559,000
Total Short-Term Investments
(Identified cost $5,323,431)			5,323,431
Total Investments—105.2%
(Identified cost $70,512,580) (b)		$	76,108,798
Liabilities in Excess of Cash and
Other Assets—(5.2)%			(3,746,959)
Net Assets—100.0%		$	72,361,839

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks—115.3%
Alcohol & Tobacco—2.3%
Altria Group, Inc.	50	$	3,543
Banking—13.3%
AmSouth Bancorporation	49		1,326
Bank of America Corp.	187		8,516
City National Corp.	23		1,766
Golden West Financial Corp.	35		2,377
Marshall & Ilsley Corp.	35		1,525
SunTrust Banks, Inc.	30		2,183
The Bank of New York Co., Inc.	85		3,063
			20,756
Cable & Broadcasting—1.6%
Comcast Corp., Class A (a)	98		2,560
Chemicals—1.4%
Du Pont (E.I.) de Nemours & Co.	50		2,111
Commercial Services—2.8%
ARAMARK Corp., Class B	61		1,802
Automatic Data Processing, Inc.	29		1,324
Republic Services, Inc.	29		1,233
			4,359
Computer Software—3.9%
CA, Inc.	75		2,041
Microsoft Corp.	86		2,340
Oracle Corp. (a)	121		1,656
			6,037
Drugs—3.7%
Bristol-Myers Squibb Co.	35		862
Pfizer, Inc.	198		4,934
			5,796
Electric—1.2%
Edison International	45		1,853
Energy Exploration &
Production—1.6%
Apache Corp.	25		1,638
Occidental Petroleum Corp.	10		926
			2,564
Energy Integrated—12.9%
Chevron Corp.	82		4,753
ConocoPhillips	61		3,852
Exxon Mobil Corp.	145		8,825
Marathon Oil Corp.	35		2,666
			20,096
Description	Shares		Value
Energy Services—2.4%
Halliburton Co.	28	$	2,045
The Williams Cos., Inc.	80		1,711
			3,756
Financial Services—13.6%
Ameriprise Financial, Inc.	25		1,127
Citigroup, Inc.	184		8,690
Countrywide Financial Corp.	30		1,101
JPMorgan Chase & Co.	104		4,331
Mellon Financial Corp.	52		1,851
The Bear Stearns Cos., Inc.	30		4,161
			21,261
Food & Beverages—2.3%
Kraft Foods, Inc., Class A	45		1,364
The Coca-Cola Co.	25		1,047
The Pepsi Bottling Group, Inc.	36		1,094
			3,505
Forest & Paper Products—3.0%
Ball Corp.	35		1,534
Kimberly-Clark Corp.	30		1,734
Owens-Illinois, Inc. (a)	85		1,476
			4,744
Health Services—0.9%
Triad Hospitals, Inc. (a)	35		1,467
Insurance—11.2%
American International Group,
Inc.	51		3,371
Aon Corp.	23		955
Lincoln National Corp.	34		1,856
PartnerRe, Ltd.	25		1,552
The Allstate Corp.	53		2,762
The St. Paul Travelers Cos., Inc.	69		2,883
Willis Group Holdings, Ltd.	65		2,227
XL Capital, Ltd., Class A	28		1,795
			17,401
Leisure & Entertainment—8.7%
Clear Channel Communications,
Inc.	72		2,089
Gannett Co., Inc.	33		1,977
McDonald's Corp.	51		1,752
News Corp., Class A	162		2,691
Royal Caribbean Cruises, Ltd.	25		1,051
Time Warner, Inc.	148		2,485
Viacom, Inc., Class B (a)	38		1,474
			13,519
Manufacturing—8.3%
General Electric Co.	149		5,182

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Honeywell International, Inc.	41	$	1,754
Ingersoll-Rand Co., Ltd., Class A	30		1,254
Pitney Bowes, Inc.	25		1,073
Tyco International, Ltd.	82		2,204
United Technologies Corp.	26		1,507
			12,974
Medical Products—4.1%
Becton, Dickinson & Co.	20		1,232
Johnson & Johnson	70		4,145
Zimmer Holdings, Inc. (a)	16		1,082
			6,459
Printing & Publishing—1.1%
R.H. Donnelley Corp. (a)	30		1,747
Retail—2.6%
Dollar Tree Stores, Inc. (a)	30		830
Liz Claiborne, Inc.	39		1,598
The Home Depot, Inc.	40		1,692
			4,120
Semiconductors & Components—
1.3%
Flextronics International, Ltd. (a)	105		1,087
Intel Corp.	50		967
			2,054
Technology—1.6%
International Business Machines
Corp.	30		2,474
Technology Hardware—2.5%
Avaya, Inc. (a)	159		1,797
Hewlett-Packard Co.	63		2,072
			3,869
Telecommunications—6.4%
ALLTEL Corp.	35		2,266
Sprint Nextel Corp.	150		3,876
Verizon Communications, Inc.	115		3,917
			10,059
Transportation—0.6%
Teekay Shipping Corp.	25		927
Total Common Stocks
(Identified cost $176,377)			180,011
Total Investments—115.3%
(Identified cost $176,377) (b)		$	180,011
Liabilities in Excess of Cash and
Other Assets—(15.3)%			(23,943)
Net Assets—100.0%		$	156,068

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks—99.3%
Banking—8.0%
AmSouth Bancorporation	23,870	$	645,684
Bank of America Corp.	56,076		2,553,701
Golden West Financial Corp.	11,905		808,349
The Bank of New York Co., Inc.	20,825		750,533
			4,758,267
Cable & Broadcasting—1.0%
Comcast Corp., Class A (a)	22,700		592,924
Chemicals—2.5%
Cabot Corp.	19,860		675,041
Du Pont (E.I.) de Nemours & Co.	19,180		809,588
			1,484,629
Commercial Services—4.9%
ARAMARK Corp., Class B	42,125		1,244,372
DST Systems, Inc. (a)	13,600		787,984
Republic Services, Inc.	20,035		851,688
			2,884,044
Computer Software—6.4%
Microsoft Corp.	92,005		2,503,456
Oracle Corp. (a)	96,760		1,324,645
			3,828,101
Consumer Products—3.2%
Fortune Brands, Inc.	10,345		834,118
The Stanley Works	20,685		1,047,902
			1,882,020
Drugs—1.1%
Pfizer, Inc.	23,720		591,102
Sepracor, Inc. (a)	1,500		73,215
			664,317
Electric—0.7%
Mirant Corp. (a)	16,400		410,000
Energy Integrated—3.8%
Chevron Corp.	15,205		881,434
ConocoPhillips	12,600		795,690
Exxon Mobil Corp.	9,800		596,428
			2,273,552
Energy Services—2.5%
BJ Services Co.	16,870		583,702
The Williams Cos., Inc.	43,500		930,465
			1,514,167
Description	Shares		Value
Financial Services—7.9%
Ameriprise Financial, Inc.	15,070	$	679,054
Citigroup, Inc.	41,505		1,960,281
JPMorgan Chase & Co.	33,645		1,400,978
The Bear Stearns Cos., Inc.	4,530		628,311
			4,668,624
Food & Beverages—2.8%
Kraft Foods, Inc., Class A	28,300		857,773
The Pepsi Bottling Group, Inc.	25,750		782,543
			1,640,316
Forest & Paper Products—6.1%
Ball Corp.	16,515		723,852
International Paper Co.	19,870		686,906
Kimberly-Clark Corp.	15,180		877,404
Louisiana-Pacific Corp.	27,540		749,088
Temple-Inland, Inc.	13,865		617,686
			3,654,936
Health Services—1.7%
Laboratory Corp. of America
Holdings (a)	17,555		1,026,617
Insurance—4.4%
Marsh & McLennan Cos., Inc.	23,200		681,152
MGIC Investment Corp.	9,520		634,317
PartnerRe, Ltd.	9,530		591,718
The Allstate Corp.	13,500		703,485
			2,610,672
Leisure & Entertainment—10.8%
Cendant Corp.	37,100		643,685
Expedia, Inc. (a)	43,000		871,610
Gannett Co., Inc.	13,360		800,531
McDonald's Corp.	27,555		946,790
News Corp., Class A	50,680		841,795
Royal Caribbean Cruises, Ltd.	17,745		745,645
Time Warner, Inc.	41,900		703,501
Tribune Co.	21,065		577,813
Westwood One, Inc.	27,150		299,736
			6,431,106
Manufacturing—7.1%
Dover Corp.	12,520		607,971
Honeywell International, Inc.	16,950		724,951
Ingersoll-Rand Co., Ltd., Class A	19,710		823,681
Pitney Bowes, Inc.	14,800		635,364
Tyco International, Ltd.	24,160		649,421
United Technologies Corp.	13,580		787,233
			4,228,621
Medical Products—3.2%
Baxter International, Inc.	17,680		686,161

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description		Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Johnson & Johnson		20,365	$	1,206,015
				1,892,176
Printing & Publishing—1.6%
R.H. Donnelley Corp. (a)		16,574		965,104
Retail—7.6%
Dollar Tree Stores, Inc. (a)		38,520		1,065,848
Foot Locker, Inc.		29,760		710,669
Liz Claiborne, Inc.		25,865		1,059,948
Sears Holdings Corp. (a)		5,150		681,036
The Home Depot, Inc.		24,200		1,023,660
				4,541,161
Technology—1.8%
International Business Machines
Corp.		12,890		1,063,038
Technology Hardware—6.4%
Avaya, Inc. (a)		120,875		1,365,887
Cisco Systems, Inc. (a)		65,555		1,420,577
Hewlett-Packard Co.		30,240		994,896
				3,781,360
Telecommunications—2.8%
ALLTEL Corp.		13,013		842,592
Sprint Nextel Corp.		31,140		804,657
				1,647,249
Transportation—1.0%
Overseas Shipholding Group, Inc.		5,700		273,201
Teekay Shipping Corp.		7,900		292,853
				566,054
Total Common Stocks
(Identified cost $58,497,227)				59,009,055
	Principal
	Amount
	(000)
Repurchase Agreement—1.0%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$640,000 United States Treasury
Note, 4.00%, 03/15/10 with a
value of $621,713)
Proceeds of $608,214
(Identified cost $608,000)	$	608		608,000
Total Investments—100.3%
(Identified cost $59,105,227) (b)			$	59,617,055
Liabilities in Excess of Cash and
Other Assets—(0.3)%				(203,452)
Net Assets—100.0%			$	59,413,603

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Mid Cap Portfolio
Common Stocks—99.5%
Banking—3.9%
AmSouth Bancorporation	127,900	$	3,459,695
City National Corp.	37,400		2,871,946
Hudson City Bancorp, Inc.	195,650		2,600,188
			8,931,829
Chemicals—3.0%
Cabot Corp.	106,300		3,613,137
Celanese Corp., Series A	155,100		3,252,447
			6,865,584
Commercial Services—6.8%
ARAMARK Corp., Class B	237,600		7,018,704
DST Systems, Inc. (a)	72,200		4,183,268
Republic Services, Inc.	101,700		4,323,267
			15,525,239
Computer Software—1.4%
BEA Systems, Inc. (a)	107,800		1,415,414
Compuware Corp. (a)	239,200		1,872,936
			3,288,350
Consumer Products—4.3%
Fortune Brands, Inc.	56,700		4,571,721
The Stanley Works	104,700		5,304,102
			9,875,823
Drugs—0.1%
Sepracor, Inc. (a)	6,500		317,265
Electric—0.9%
Mirant Corp. (a)	83,900		2,097,500
Energy Services—5.3%
Baker Hughes, Inc.	43,500		2,975,400
BJ Services Co.	78,900		2,729,940
GlobalSantaFe Corp.	18,900		1,148,175
The Williams Cos., Inc.	252,700		5,405,253
			12,258,768
Financial Services—3.3%
Ameriprise Financial, Inc.	79,600		3,586,776
Mellon Financial Corp.	111,900		3,983,640
			7,570,416
Food & Beverages—3.7%
Pilgrim's Pride Corp.	145,300		3,148,651
The Pepsi Bottling Group, Inc.	175,400		5,330,406
			8,479,057
Description	Shares		Value
Forest & Paper Products—5.2%
Ball Corp.	103,300	$	4,527,639
Louisiana-Pacific Corp.	109,400		2,975,680
Pactiv Corp. (a)	92,000		2,257,680
Temple-Inland, Inc.	50,400		2,245,320
			12,006,319
Health Services—5.8%
Laboratory Corp. of America
Holdings (a)	75,200		4,397,696
Service Corp. International	504,600		3,935,880
Triad Hospitals, Inc. (a)	115,600		4,843,640
			13,177,216
Insurance—12.2%
Jefferson-Pilot Corp.	90,000		5,034,600
MGIC Investment Corp.	64,800		4,317,624
PartnerRe, Ltd.	74,900		4,650,541
Protective Life Corp.	145,200		7,222,248
RenaissanceRe Holdings, Ltd.	72,300		3,153,726
Willis Group Holdings, Ltd.	104,100		3,566,466
			27,945,205
Leisure & Entertainment—6.6%
Belo Corp., Class A	197,100		3,918,348
Expedia, Inc. (a)	239,100		4,846,557
GTECH Holdings Corp.	3,200		108,960
Royal Caribbean Cruises, Ltd.	91,900		3,861,638
Westwood One, Inc.	213,300		2,354,832
			15,090,335
Manufacturing—4.2%
Dover Corp.	98,100		4,763,736
Hubbell, Inc., Class B	32,900		1,686,454
Pitney Bowes, Inc.	74,900		3,215,457
			9,665,647
Printing & Publishing—2.2%
R.H. Donnelley Corp. (a)	85,235		4,963,234
Real Estate—2.3%
Health Care Property Investors,
Inc.	92,900		2,638,360
Trizec Properties, Inc.	101,700		2,616,741
			5,255,101
Retail—8.7%
Dollar Tree Stores, Inc. (a)	175,500		4,856,085
Foot Locker, Inc.	119,000		2,841,720
Liz Claiborne, Inc.	144,800		5,933,904
Sears Holdings Corp. (a)	22,428		2,965,879
The Kroger Co.	164,500		3,349,220
			19,946,808

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description		Shares		Value
Lazard Mid Cap Portfolio (concluded)
Semiconductors & Components—
3.6%
Flextronics International, Ltd. (a)		234,200	$	2,423,970
Solectron Corp. (a)		621,500		2,486,000
Vishay Intertechnology, Inc. (a)		230,700		3,285,168
				8,195,138
Technology Hardware—7.3%
Arrow Electronics, Inc. (a)		76,700		2,475,109
Avaya, Inc. (a)		645,900		7,298,670
CDW Corp.		71,200		4,190,120
Ingram Micro, Inc., Class A (a)		136,400		2,728,000
				16,691,899
Telecommunications—4.2%
ALLTEL Corp.		76,447		4,949,943
Citizens Communications Co.		360,300		4,781,181
				9,731,124
Transportation—4.5%
Laidlaw International, Inc.		137,200		3,731,840
Norfolk Southern Corp.		48,700		2,633,209
Overseas Shipholding Group, Inc.		28,800		1,380,384
Teekay Shipping Corp.		38,600		1,430,902
YRC Worldwide, Inc. (a)		30,500		1,160,830
				10,337,165
Total Common Stocks
(Identified cost $209,536,398)				228,215,022
	Principal
	Amount
	(000)
Repurchase Agreement—1.1%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$2,580,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $2,572,237)
Proceeds of $2,518,888
(Identified cost $2,518,000)	$	2,518		2,518,000
Total Investments—100.6%
(Identified cost $212,054,398) (b)			$	230,733,022
Liabilities in Excess of Cash and
Other Assets—(0.6)%				(1,329,959)
Net Assets—100.0%			$	229,403,063

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio
Common Stocks—97.2%
Agriculture—0.7%
Delta & Pine Land Co. (c)	66,800	$	2,014,688
Banking—9.1%
Bank of the Ozarks, Inc. (c)	60,100		2,193,650
BankUnited Financial Corp.,
Class A (c)	61,500		1,662,960
Boston Private Financial
Holdings, Inc. (c)	57,200		1,932,788
First Community Bancorp (c)	36,900		2,127,654
First Midwest Bancorp, Inc.	39,100		1,429,887
MB Financial, Inc. (c)	73,600		2,605,440
Provident Bankshares Corp. (c)	53,200		1,939,140
Sterling Bancshares, Inc.	175,900		3,174,995
Texas Regional Bancshares, Inc.,
Class A	127,820		3,769,412
The South Financial Group, Inc.
(c)	53,500		1,399,025
Trustmark Corp. (c)	25,800		816,312
United Bankshares, Inc. (c)	46,900		1,794,863
Wintrust Financial Corp. (c)	27,400		1,593,858
			26,439,984
Building & Construction—2.0%
Building Materials Holding Corp.
(c)	32,100		1,144,044
Levitt Corp., Class A (c)	70,600		1,556,024
Perini Corp. (a), (c)	57,500		1,746,275
Texas Industries, Inc. (c)	22,700		1,373,123
			5,819,466
Chemicals—1.5%
Rogers Corp. (a), (c)	41,100		2,239,128
Westlake Chemical Corp. (c)	62,800		2,169,740
			4,408,868
Commercial Services—10.5%
ADVO, Inc. (c)	88,800		2,841,600
Arbitron, Inc.	56,670		1,916,579
G & K Services, Inc. (c)	33,200		1,412,328
H&E Equipment Services, Inc.	55,700		1,621,984
John H. Harland Co.	400		15,720
Learning Tree International, Inc.
(a), (c)	127,900		1,550,148
Navigant Consulting, Inc. (a), (c)	54,000		1,152,900
Rollins, Inc.	3,800		76,912
Tetra Tech, Inc. (a)	136,100		2,598,149
The BISYS Group, Inc. (a)	129,500		1,745,660
United Rentals, Inc. (a), (c)	97,300		3,356,850
ValueClick, Inc. (a)	53,800		910,296
Waste Connections, Inc. (a), (c)	57,600		2,293,056
Watson Wyatt Worldwide, Inc. (c)	92,000		2,997,360
WESCO International, Inc. (a)	30,800		2,094,708
Description	Shares		Value
Wireless Facilities, Inc. (a), (c)	418,700	$	1,683,174
Wright Express Corp. (a)	74,200		2,081,310
			30,348,734
Computer Software—2.2%
Agile Software Corp. (a), (c)	303,300		2,314,179
NetIQ Corp. (a), (c)	171,200		1,908,880
Secure Computing Corp. (a), (c)	32,300		372,742
WebEx Communications, Inc. (a),
(c)	52,700		1,774,409
			6,370,210
Consumer Products—3.2%
Elizabeth Arden, Inc. (a), (c)	57,900		1,350,228
Fossil, Inc. (a), (c)	105,400		1,958,332
Matthews International Corp.,
Class A (c)	43,100		1,649,006
Take-Two Interactive Software,
Inc. (a), (c)	94,400		1,761,504
WMS Industries, Inc. (a), (c)	83,100		2,501,310
			9,220,380
Drugs—2.5%
First Horizon Pharmaceutical
Corp. (a), (c)	117,500		2,962,175
K-V Pharmaceutical Co., Class A
(a), (c)	89,500		2,158,740
SFBC International, Inc. (a), (c)	84,800		2,067,424
			7,188,339
Electric—1.0%
Cleco Corp. (c)	124,600		2,782,318
Energy Exploration &
Production—2.7%
Brigham Exploration Co. (a), (c)	172,700		1,512,852
Energy Partners, Ltd. (a), (c)	88,000		2,075,040
EXCO Resources, Inc.	107,100		1,341,963
Penn Virginia Corp. (c)	17,200		1,221,200
The Exploration Co. of Delaware
(a), (c)	161,700		1,817,508
			7,968,563
Energy Integrated—0.8%
Foundation Coal Holdings, Inc.	54,200		2,229,788
Energy Services—3.3%
CARBO Ceramics, Inc.	13,100		745,521
Dresser-Rand Group, Inc. (c)	81,700		2,030,245
Grey Wolf, Inc. (a), (c)	198,400		1,476,096
Kinder Morgan Management, LLC
(a)	41,556		1,828,464
Oil States International, Inc. (a),
(c)	37,700		1,389,245
Veritas DGC, Inc. (a), (c)	36,800		1,670,352

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (continued)
W-H Energy Services, Inc. (a)	11,100	$	493,839
			9,633,762
Financial Services—2.1%
Financial Federal Corp. (c)	61,650		1,806,345
Waddell & Reed Financial, Inc. (c)	184,700		4,266,570
			6,072,915
Food & Beverages—1.1%
Performance Food Group Co. (a),
(c)	75,700		2,361,083
Sanderson Farms, Inc. (c)	37,800		846,720
			3,207,803
Gas Utilities—0.4%
New Jersey Resources Corp. (c)	28,400		1,285,100
Health Services—5.2%
Alderwoods Group, Inc. (a)	109,100		1,952,890
BioScrip, Inc. (a), (c)	262,400		1,891,904
Centene Corp. (a)	32,800		956,776
Five Star Quality Care, Inc. (a)	72,100		785,169
Hanger Orthopedic Group, Inc.
(a), (c)	205,200		1,426,140
Kindred Healthcare, Inc. (a), (c)	89,400		2,248,410
LifePoint Hospitals, Inc. (a), (c)	86,100		2,677,710
Varian, Inc. (a)	13,700		564,166
Ventiv Health, Inc. (a), (c)	76,300		2,534,686
			15,037,851
Insurance—5.4%
Arch Capital Group, Ltd. (a)	45,000		2,598,300
Aspen Insurance Holdings, Ltd.
(c)	110,300		2,719,998
Assured Guaranty, Ltd. (c)	88,431		2,210,775
Bristol West Holdings, Inc. (c)	118,200		2,275,350
RLI Corp. (c)	44,500		2,549,850
Scottish Re Group, Ltd. (c)	137,000		3,398,970
			15,753,243
Leisure & Entertainment—3.5%
Bally Technologies, Inc. (a), (c)	178,500		3,032,715
CBRL Group, Inc. (c)	44,500		1,953,995
Rare Hospitality International, Inc.
(a), (c)	78,300		2,727,189
Ruby Tuesday, Inc. (c)	74,200		2,380,336
			10,094,235
Manufacturing—7.3%
Acuity Brands, Inc. (c)	46,800		1,872,000
Applied Signal Technology, Inc.	69,300		1,374,219
Columbus McKinnon Corp. (a)	52,200		1,405,746
DRS Technologies, Inc. (c)	25,400		1,393,698
Esterline Technologies Corp. (a),
(c)	61,100		2,612,025
Description	Shares		Value
Insteel Industries, Inc. (c)	31,200		1,771,536
Kennametal, Inc.	33,700	$	2,060,418
Knoll, Inc. (c)	118,700		2,530,684
Ladish Co., Inc. (a), (c)	81,300		2,355,261
RBC Bearings, Inc.	97,800		2,004,900
Regal-Beloit Corp. (c)	28,300		1,196,241
Wabash National Corp. (c)	31,200		616,200
			21,192,928
Medical Products—4.1%
Advanced Medical Optics, Inc.
(a), (c)	43,800		2,042,832
Candela Corp. (a)	83,000		1,792,800
Encore Medical Corp. (a), (c)	424,400		2,172,928
PSS World Medical, Inc. (a), (c)	118,800		2,291,652
Symmetry Medical, Inc. (a), (c)	112,000		2,375,520
Wright Medical Group, Inc. (a), (c)	66,600		1,315,350
			11,991,082
Metals & Mining—3.7%
Cleveland-Cliffs, Inc. (c)	24,000		2,090,880
NS Group, Inc. (a), (c)	56,800		2,614,504
Olin Corp. (c)	67,600		1,451,372
Oregon Steel Mills, Inc. (a), (c)	30,700		1,570,919
Quanex Corp. (c)	16,700		1,112,721
RTI International Metals, Inc. (a),
(c)	32,469		1,780,925
			10,621,321
Printing & Publishing—0.7%
R.H. Donnelley Corp. (a)	34,400		2,003,112
Real Estate—3.6%
Alexandria Real Estate Equities,
Inc. (c)	26,400		2,516,712
BioMed Realty Trust, Inc. (c)	63,900		1,893,996
Brandywine Realty Trust (c)	90,500		2,874,280
Cousins Properties, Inc. (c)	41,600		1,390,688
Healthcare Realty Trust, Inc. (c)	14,900		556,962
Highwoods Properties, Inc. (c)	24,800		836,504
Lexington Corporate Properties
Trust	21,100		439,935
			10,509,077
Retail—3.8%
CSK Auto Corp. (a), (c)	99,300		1,377,291
Guitar Center, Inc. (a), (c)	41,100		1,960,470
Hot Topic, Inc. (a), (c)	109,400		1,586,300
Pacific Sunwear of California, Inc.
(a)	58,800		1,303,008
The Finish Line, Inc.	145,800		2,398,410
The Talbots, Inc. (c)	86,300		2,318,881
			10,944,360

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description		Shares		Value
Lazard Small Cap Portfolio (concluded)
Semiconductors & Components—7.1%
Actel Corp. (a), (c)		145,600		2,320,864
Benchmark Electronics, Inc. (a),
(c)		56,450	$	2,164,857
Coherent, Inc. (a), (c)		108,500		3,809,435
Exar Corp. (a), (c)		167,700		2,394,756
FARO Technologies, Inc. (a), (c)		74,500		1,061,625
Integrated Device Technology,
Inc. (a), (c)		189,200		2,811,512
Mercury Computer Systems, Inc.
(a), (c)		48,000		777,600
Microsemi Corp. (a), (c)		53,500		1,557,385
TTM Technologies, Inc. (a), (c)		138,900		2,012,661
Zoran Corp. (a), (c)		74,000		1,619,120
				20,529,815
Services—0.5%
Perot Systems Corp., Class A (a),
(c)		101,600		1,580,896
Technology Hardware—5.6%
Avocent Corp. (a), (c)		58,400		1,853,616
Brooks Automation, Inc. (a), (c)		56,616		806,212
C-COR, Inc. (a), (c)		244,293		2,135,121
Cognex Corp. (c)		41,300		1,224,132
Dot Hill Systems Corp. (a), (c)		307,500		2,183,250
Emulex Corp. (a)		51,000		871,590
FEI Co. (a), (c)		82,400		1,635,640
Photon Dynamics, Inc. (a), (c)		78,500		1,471,875
SafeNet, Inc. (a), (c)		159,100		4,212,968
				16,394,404
Transportation—3.6%
AirTran Holdings, Inc. (a), (c)		197,900		3,583,969
American Commercial Lines, Inc.
(a)		80,900		3,818,480
Hub Group, Inc., Class A (a), (c)		33,400		1,522,372
Swift Transportation Co., Inc. (a),
(c)		69,600		1,512,408
				10,437,229
Total Common Stocks
(Identified cost $228,983,854)				282,080,471
Short-Term Investments—28.9%
Collateral for Securities on Loan—
25.5%
State Street Navigator Securities
Lending Prime Portfolio, 4.71%
(e), (f)		73,857,513		73,857,513
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—3.4%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$10,185,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $10,154,353)
Proceeds of $9,955,508	$	9,952	$	9,952,000
Total Short-Term Investments
(Identified cost $83,809,512)				83,809,513
Total Investments—126.1%
(Identified cost $312,793,366) (b)			$	365,889,984
Liabilities in Excess of Cash and
Other Assets—(26.1)%				(75,803,826)
Net Assets—100.0%			$	290,086,158

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard U.S. Small Cap Equity Growth Portfolio
Common Stocks—93.6%
Banking—2.2%
Vineyard National Bancorp Co.	700	$	20,510
Commercial Services—1.6%
Getty Images, Inc. (a)	195		14,602
Computer Software—2.3%
Stellent, Inc.	1,800		21,348
Drugs—2.4%
Millennium Pharmaceuticals, Inc.
(a)	2,245		22,697
Energy Exploration &
Production—0.8%
Swift Energy Co. (a)	193		7,230
Energy Services—4.6%
Dresser-Rand Group, Inc.	380		9,443
Dril-Quip, Inc. (a)	325		23,026
Todco, Class A	280		11,035
			43,504
Financial Services—1.9%
Clayton Holdings, Inc.	845		17,813
Health Services—1.6%
Healthspring, Inc.	815		15,167
Insurance—1.8%
Aspen Insurance Holdings, Ltd.	690		17,015
Leisure & Entertainment—8.3%
Caribou Coffee Co.	1,035		9,967
Life Time Fitness, Inc. (a)	590		27,641
Orient-Express Hotels, Ltd., Class
A	720		28,246
Winnebago Industries, Inc.	400		12,136
			77,990
Manufacturing—19.1%
A.S.V., Inc. (a)	480		15,466
BE Aerospace, Inc. (a)	970		24,366
Gardner Denver, Inc. (a)	335		21,842
Gibraltar Industries, Inc.	790		23,273
Hubbell, Inc., Class B	525		26,912
Kennametal, Inc.	525		32,098
RBC Bearings, Inc.	1,015		20,808
Trinity Industries, Inc.	280		15,229
			179,994
Medical Products—15.8%
Aspect Medical Systems, Inc. (a)	765		20,992
Description	Shares		Value
Barrier Therapeutics, Inc. (a)	2,770	$	26,813
Dexcom, Inc.	1,170		23,716
Intuitive Surgical, Inc. (a)	170		20,060
PDL BioPharma, Inc. (a)	565		18,532
PSS World Medical, Inc. (a)	1,575		30,382
Wright Medical Group, Inc. (a)	440		8,690
			149,185
Metals & Mining—7.2%
Century Aluminum Co. (a)	440		18,678
Reliance Steel & Aluminum Co.	525		49,308
			67,986
Retail—7.6%
BJ's Wholesale Club, Inc. (a)	600		18,906
Dick's Sporting Goods, Inc. (a)	460		18,248
Guitar Center, Inc. (a)	450		21,465
Urban Outfitters, Inc. (a)	520		12,761
			71,380
Semiconductors & Components—
4.1%
Cree, Inc. (a)	830		27,232
Fargo Electronics (a)	690		11,668
			38,900
Technology Hardware—10.0%
ADTRAN, Inc.	570		14,923
Cadence Design Systems, Inc.
(a)	1,845		34,114
Entegris, Inc. (a)	2,630		27,983
Ingram Micro, Inc., Class A (a)	875		17,500
			94,520
Transportation—2.3%
Genesee & Wyoming, Inc., Class
A (a)	708		21,706
Total Common Stocks
(Identified cost $830,261)			881,547
Total Investments—93.6%
(Identified cost $830,261) (b)		$	881,547
Cash and Other Assets in Excess of
Liabilities—6.4%			59,912
Net Assets—100.0%		$	941,459

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks—99.6%
Australia—0.7%
BlueScope Steel, Ltd. (c)	1,527,215	$	7,818,882
Belgium—1.5%
InBev NV	341,761		16,005,623
France—16.4%
Axa (c)	362,400		12,700,648
BNP Paribas SA (c)	244,700		22,697,878
France Telecom SA (c)	883,400		19,841,499
Lafarge SA (c)	153,200		17,334,427
Lagardere SCA (c)	188,610		14,710,477
Sanofi-Aventis (c)	169,986		16,148,119
Schneider Electric SA (c)	144,300		15,559,053
Total SA (c)	133,524		35,176,845
Vivendi SA (c)	577,300		19,798,875
Total France			173,967,821
Germany—7.7%
Allianz AG (c)	61,500		10,254,168
Bayerische Motoren Werke AG	209,500		11,522,774
Deutsche Bank AG (c)	98,600		11,245,983
Fresenius Medical Care AG & Co.
KGaA	73,300		8,746,212
Siemens AG	288,700		26,915,483
Volkswagen AG (c)	174,700		13,173,154
Total Germany			81,857,774
Ireland—2.8%
Bank of Ireland	897,360		16,669,179
CRH PLC	361,321		12,592,873
Total Ireland			29,262,052
Italy—9.4%
Assicurazioni Generali SpA (c)	302,900		11,392,510
Banco Popolare di Verona e
Novara Scrl (c)	506,660		13,390,857
Enel SpA (c)	1,914,350		16,170,218
Eni SpA (c)	706,430		20,072,726
Mediaset SpA (c)	901,200		10,600,505
Telecom Italia SpA (c)	3,655,650		10,650,501
UniCredito Italiano SpA (c)	2,434,250		17,571,739
Total Italy			99,849,056
Japan—23.7%
East Japan Railway Co.	2,251		16,635,918
Hoya Corp.	377,300		15,189,211
Mitsubishi UFJ Financial Group,
Inc.	2,560		39,054,157
Murata Manufacturing Co., Ltd.	170,300		11,503,441
Nidec Corp.	153,800		12,591,813
Nissan Motor Co., Ltd.	1,903,500		22,553,547
Nomura Holdings, Inc.	1,026,300		22,832,761
Description	Shares		Value
Sony Corp.	340,900	$	15,746,292
Takeda Pharmaceutical Co., Ltd.	386,100		21,957,208
The Sumitomo Trust and Banking
Co., Ltd.	1,258,000		14,521,536
THK Co., Ltd.	38,300		1,227,002
Tokyo Gas Co., Ltd.	3,238,000		14,133,147
Toyota Motor Corp.	257,400		14,027,307
Yamato Holdings Co., Ltd.	893,000		18,239,936
Yokogawa Electric Corp.	666,400		11,832,427
Total Japan			252,045,703
Netherlands—3.3%
Royal Dutch Shell PLC, A Shares	388,032		12,124,474
TNT NV	677,000		23,406,584
Total Netherlands			35,531,058
Norway—2.8%
DNB NOR ASA (c)	1,307,500		17,581,824
Statoil ASA (c)	409,200		11,784,332
Total Norway			29,366,156
Singapore—1.2%
Oversea-Chinese Banking Corp.,
Ltd.	3,085,240		12,774,531
Spain—1.1%
Banco Bilbao Vizcaya Argentaria
SA (c)	560,900		11,688,471
Sweden—1.1%
Telefonaktiebolaget LM Ericsson,
B Shares (c)	3,104,000		11,788,804
Switzerland—11.7%
Compagnie Financiere Richemont
AG, A Shares	290,500		13,893,140
Credit Suisse Group	452,159		25,309,279
Julius Baer Holding, Ltd.	133,900		12,080,047
Nestle SA	71,895		21,290,404
Novartis AG	619,200		34,351,303
Zurich Financial Services AG (a)	74,800		17,528,791
Total Switzerland			124,452,964
United Kingdom—16.2%
BAE Systems PLC	1,363,200		9,948,803
Barclays PLC	1,930,600		22,553,660
BP PLC	947,770		10,866,546
Diageo PLC	1,581,242		24,862,986
Imperial Tobacco Group PLC	443,340		13,126,761
Marks & Spencer Group PLC	2,029,001		19,585,495
National Grid PLC	1,314,728		13,055,651
Reckitt Benckiser PLC	313,600		11,020,534
Royal Bank of Scotland Group
PLC	664,800		21,598,118
Tesco PLC	2,706,100		15,489,768

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Vodafone Group PLC	5,047,554	$	10,550,065
Total United Kingdom			172,658,387
Total Common Stocks
(Identified cost $851,949,569)			1,059,067,282
Short-Term Investments—22.0%
Collateral for Securities on Loan—
21.1%
State Street Navigator Securities
Lending Prime Portfolio, 4.71%
(e), (f)	224,093,326		224,093,326
	Principal
	Amount
	(000)
Repurchase Agreement—0.9%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$9,825,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $9,795,437)
Proceeds of $9,603,384	9,600		9,600,000
Total Short-Term Investments
(Identified cost $233,693,326)			233,693,326
Total Investments—121.6%
(Identified cost $1,085,642,895) (b)		$	1,292,760,608
Liabilities in Excess of Cash and
Other Assets—(21.6)%			(229,357,482)
Net Assets—100.0%		$	1,063,403,126

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description		Shares		Value
Lazard International Equity Select Portfolio
Common Stocks—96.4%
Denmark—1.0%
Danske Bank A/S ADR		12,600	$	234,234
Finland—4.2%
Nokia Oyj Sponsored ADR		47,900		992,488
France—11.2%
Axa Sponsored ADR		14,600		510,416
Sanofi-Aventis ADR		9,700		460,265
Societe Generale Sponsored
ADR		16,700		503,171
Total SA Sponsored ADR		5,400		711,342
Vivendi SA Sponsored ADR		12,250		418,950
Total France				2,604,144
Germany—5.6%
Schering AG ADR		5,900		613,069
Siemens AG Sponsored ADR		7,600		708,092
Total Germany				1,321,161
Ireland—2.0%
Allied Irish Banks PLC Sponsored
ADR		9,800		465,304
Italy—5.0%
Eni SpA Sponsored ADR		11,900		678,062
SanPaolo IMI SpA Sponsored
ADR		13,450		480,434
Total Italy				1,158,496
Japan—18.2%
Canon, Inc. Sponsored ADR		11,300		746,365
Hoya Corp. Sponsored ADR		7,000		281,750
Kao Corp. Sponsored ADR		1,750		461,720
Mitsubishi UFJ Financial Group,
Inc. ADR		50,600		769,626
Mitsui Sumitomo Insurance Co.,
Ltd. ADR		1,750		241,500
Nissan Motor Co., Ltd. Sponsored
ADR		19,000		451,820
Nomura Holdings, Inc. ADR		37,000		820,290
Sumitomo Mitsui Financial Group,
Inc. ADR		42,950		468,155
Total Japan				4,241,226
Netherlands—7.0%
Heineken NV ADR		35,800		680,558
Royal Dutch Shell PLC, A Shares
ADR		10,900		678,634
TNT NV ADR		7,700		265,881
Total Netherlands				1,625,073
Description		Shares		Value
Sweden—1.9%
Telefonaktiebolaget LM Ericsson
Sponsored ADR		11,900	$	448,868
Switzerland—13.1%
Credit Suisse Group Sponsored
ADR		8,200		458,052
Nestle SA Sponsored ADR		9,700		720,419
Novartis AG ADR		12,400		687,456
Swiss Re Sponsored ADR		7,100		496,574
UBS AG		4,200		461,874
Zurich Financial Services AG
ADR (a)		9,700		227,465
Total Switzerland				3,051,840
United Kingdom—27.2%
Barclays PLC Sponsored ADR		17,800		833,040
BP PLC Sponsored ADR		9,800		675,612
Cadbury Schweppes PLC
Sponsored ADR		15,100		604,000
Diageo PLC Sponsored ADR		10,100		640,643
GlaxoSmithKline PLC ADR		13,200		690,492
HSBC Holdings PLC Sponsored
ADR		9,700		812,666
Imperial Tobacco Group PLC
ADR		9,100		544,908
Tesco PLC Sponsored ADR		21,600		370,915
Unilever PLC Sponsored ADR		11,100		455,877
Vodafone Group PLC Sponsored
ADR		34,000		710,600
Total United Kingdom				6,338,753
Total Common Stocks
(Identified cost $18,149,485)				22,481,587
	Principal
	Amount
	(000)
Repurchase Agreement—3.2%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$775,000 United States Treasury
Note, 2.50%, 10/31/06, with a
value of $772,668)
Proceeds of $772,095
(Identified cost $754,000)	$	754		754,000
Total Investments—99.6%
(Identified cost $18,903,485) (b)			$	23,235,587
Cash and Other Assets in Excess of
Liabilities—0.4%				88,727
Net Assets—100.0%			$	23,324,314

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks—92.6%
Finland—2.5%
Sampo Oyj, A Shares	288,000	$	6,053,847
France—14.4%
Lafarge SA	28,175		3,187,973
Lagardere SCA	50,946		3,973,490
Neopost SA	26,547		2,881,689
Sanofi-Aventis	66,500		6,317,284
Schneider Electric SA	38,923		4,196,847
Total SA	33,788		8,901,435
Vivendi SA	143,861		4,933,806
Total France			34,392,524
Germany—5.8%
Hypo Real Estate Holding AG	61,800		4,230,715
Puma AG	9,568		3,617,885
Wincor Nixdorf AG	46,772		5,886,517
Total Germany			13,735,117
Greece—2.9%
Cosmote Mobile
Telecommunications SA	163,240		3,773,107
EFG Eurobank Ergasias SA	82,860		3,186,676
Total Greece			6,959,783
Indonesia—1.9%
PT Telekomunikasi Indonesia
Sponsored ADR	147,500		4,470,725
Ireland—5.0%
Bank of Ireland	313,100		5,807,116
CRH PLC	178,425		6,220,518
Total Ireland			12,027,634
Italy—3.6%
Banco Popolare di Verona e
Novara Scrl	149,798		3,959,112
UniCredito Italiano SpA	641,952		4,633,958
Total Italy			8,593,070
Japan—18.4%
Benesse Corp.	121,900		4,339,181
Nissan Motor Co., Ltd.	673,300		7,977,569
Sompo Japan Insurance, Inc.	242,000		3,501,093
Sumitomo Mitsui Financial Group,
Inc.	663		7,304,856
Takamatsu Corp.	143,600		3,042,631
Takeda Pharmaceutical Co., Ltd.	96,100		5,465,133
Tokyo Gas Co., Ltd.	1,137,000		4,962,751
USS Co., Ltd.	61,820		4,202,021
Yokogawa Electric Corp.	174,000		3,089,499
Total Japan			43,884,734
Description	Shares		Value
Mexico—2.9%
Fomento Economico Mexicano
SA de CV Sponsored ADR	41,900	$	3,840,554
Kimberly-Clark de Mexico SA de
CV	897,900		3,067,116
Total Mexico			6,907,670
Morocco—1.4%
Maroc Telecom	225,635		3,276,626
Netherlands—1.9%
TNT NV	131,357		4,541,534
Norway—5.6%
DNB NOR ASA	455,900		6,130,443
Statoil ASA	246,650		7,103,141
Total Norway			13,233,584
South Africa—1.4%
Edgars Consolidated Stores, Ltd.	542,527		3,387,438
South Korea—2.5%
Kookmin Bank Sponsored ADR	69,400		5,935,088
Sweden—4.0%
Sandvik AB	83,900		4,957,331
Telefonaktiebolaget LM Ericsson	1,211,000		4,599,304
Total Sweden			9,556,635
Switzerland—7.6%
Compagnie Financiere Richemont
AG, A Shares	93,281		4,461,157
Julius Baer Holding, Ltd.	51,996		4,690,920
Novartis AG	163,537		9,072,527
Total Switzerland			18,224,604
United Kingdom—10.8%
Collins Stewart Tullett PLC	378,676		4,778,460
Diageo PLC	315,646		4,963,125
Imperial Tobacco Group PLC	183,675		5,438,394
National Grid PLC	559,849		5,559,472
Tesco PLC	867,186		4,963,789
Total United Kingdom			25,703,240
Total Common Stocks
(Identified cost $198,570,799)			220,883,853
Preferred Stock—3.6%
Germany—3.6%
Porsche AG
(Identified cost $6,457,667)	8,847		8,457,894

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)
Lazard International Strategic Equity Portfolio (concluded)

	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—13.7%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$34,865,000 United States
Treasury Note, 4.25%, 08/15/15,
with a value of $33,334,531)
Proceeds of $34,877,290
(Identified cost $32,680,000)	$	32,680	$	32,680,000
Total Investments—109.9%
(Identified cost $237,708,466) (b)			$	262,021,747
Liabilities in Excess of Cash and
Other Assets—(9.9)%				(23,520,480)
Net Assets—100.0%			$	238,501,267

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard International Small Cap Portfolio
Common Stocks—98.5%
Australia—3.5%
ABC Learning Centres, Ltd. (c)	1,114,523	$	6,619,940
John Fairfax Holdings, Ltd. (c)	1,626,894		4,651,828
Macquarie Infrastructure Group
(c)	3,246,919		8,820,973
Total Australia			20,092,741
Finland—2.2%
Amer Sports Oyj (c)	194,600		3,965,738
Sampo Oyj, A Shares	404,700		8,506,916
Total Finland			12,472,654
France—3.5%
Carbone Lorraine SA (c)	165,226		8,831,712
Neopost SA	103,000		11,180,695
Total France			20,012,407
Germany—4.6%
Fielmann AG (c)	84,244		7,238,298
Patrizia Immobilien AG	60,150		1,699,658
Puma AG	22,232		8,406,439
Techem AG	201,346		8,835,069
Total Germany			26,179,464
Greece—3.6%
Athens Stock Exchange SA	175,894		2,767,155
OPAP SA	210,550		8,036,299
Piraeus Bank SA	315,800		9,554,132
Total Greece			20,357,586
Hong Kong—2.5%
Esprit Holdings, Ltd.	1,295,765		10,085,789
Sa Sa International Holdings, Ltd.	11,605,000		4,187,452
Total Hong Kong			14,273,241
Ireland—7.1%
Anglo Irish Bank Corp. PLC	653,268		10,751,509
DCC PLC	436,000		10,130,406
Grafton Group PLC Units (a)	786,800		10,311,739
Irish Life & Permanent PLC	397,700		9,529,276
Total Ireland			40,722,930
Italy—1.6%
Lottomatica SpA (c)	216,200		9,157,203
Japan—34.7%
ABC-Mart, Inc. (c)	191,000		5,131,537
Aoyama Trading Co., Ltd.	193,700		6,386,075
Asahi Pretec Corp.	266,800		8,321,248
Asia Securities Printing Co., Ltd.	582,800		5,462,978
Bosch Corp. (c)	1,189,000		5,592,804
Chiyoda Corp. (c)	397,000		9,219,256
Description	Shares		Value
Credit Saison Co., Ltd.	218,000	$	12,027,968
Daito Trust Construction Co., Ltd.
(c)	180,200		9,377,303
Dodwell BMS, Ltd.	427,700		3,490,763
Don Quijote Co., Ltd. (c)	93,000		7,007,119
eAccess, Ltd. (c)	5,410		4,172,472
Eizo Nanao Corp. (c)	141,400		4,829,579
Hisamitsu Pharmaceutical Co.,
Inc. (c)	371,000		9,244,343
Hogy Medical Co., Ltd.	113,500		6,041,020
Ito En, Ltd. (c)	168,000		5,866,260
JSR Corp. (c)	340,700		10,106,365
Leopalace21 Corp. (c)	266,400		9,979,558
Mars Engineering Corp. (c)	206,100		5,554,691
Nissen Co., Ltd. (c)	510,200		8,367,124
NIWS Co. HQ, Ltd. (c)	6,865		7,971,057
OSG Corp. (c)	528,500		11,220,379
Rinnai Corp. (c)	242,300		7,249,080
Secom Techno Service Co., Ltd.	154,800		6,402,441
Suruga Bank, Ltd.	860,000		11,596,407
Takamatsu Corp.	222,200		4,708,026
THK Co., Ltd.	40,600		1,300,687
USS Co., Ltd.	86,010		5,846,260
Yokogawa Electric Corp. (c)	323,800		5,749,309
Total Japan			198,222,109
Netherlands—7.8%
Fugro NV (c)	299,194		11,495,708
Hunter Douglas NV	98,052		6,502,437
James Hardie Industries NV	1,227,500		8,297,550
Koninklijke Boskalis Westminster
NV	146,236		9,432,366
SBM Offshore NV	86,302		8,642,273
Total Netherlands			44,370,334
Norway—1.6%
Stolt Offshore SA (a), (c)	583,900		9,163,961
Spain—4.3%
Abengoa SA (c)	242,800		5,944,067
Corporacion Mapfre SA (c)	280,926		5,714,770
Indra Sistemas SA (c)	323,151		6,562,005
Prosegur Compania de Seguridad
SA	261,278		6,592,468
Total Spain			24,813,310
Sweden—3.9%
Getinge AB, B Shares (c)	557,500		9,013,049
Lindex AB (a)	513,200		7,572,527
Swedish Match AB (c)	404,300		5,524,712
Total Sweden			22,110,288
Switzerland—1.5%
Geberit AG	9,200		8,764,587

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description		Shares		Value
Lazard International Small Cap Portfolio (concluded)
United Kingdom—16.1%
Bunzl PLC		514,363	$	6,093,651
Cattles PLC		1,038,112		6,630,925
Enodis PLC		2,882,779		7,500,492
Enterprise Inns PLC		530,350		8,757,631
Filtrona PLC		1,009,754		5,718,550
Intertek Group PLC		618,600		8,825,371
Man Group PLC		221,660		9,477,447
Northgate PLC		571,000		11,241,366
Premier Oil PLC (a)		441,776		7,203,061
Regus Group PLC (a)		5,073,183		9,987,655
Signet Group PLC Sponsored
ADR (c)		295,136		5,601,681
William Hill PLC		499,800		5,197,237
Total United Kingdom				92,235,067
Total Common Stocks
(Identified cost $365,699,835)				562,947,882
Warrant—0.1%
Japan—0.1%
Belluna Co., Ltd. Right,
09/29/06 (a), (g)
(Identified cost $20,894)		21,850		428,148
Short-Term Investments—20.5%
Collateral for Securities on Loan—19.7%
State Street Navigator Securities
Lending Prime Portfolio, 4.71%
(e), (f)		112,482,839		112,482,839
	Principal
	Amount
	(000)
Repurchase Agreement—0.8%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$4,655,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $4,640,993)
Proceeds of $4,550,604	$	4,549		4,549,000
Total Short-Term Investments
(Identified cost $117,031,839)				117,031,839
Total Investments—119.1%
(Identified cost $482,752,568) (b)			$	680,407,869
Liabilities in Excess of Cash and
Other Assets—(19.1)%				(109,171,237)
Net Assets—100.0%			$	571,236,632

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio
Common Stocks—85.0%
Argentina—0.2%
Banco Macro Bansud SA ADR (c)	148,800	$	3,411,984
Brazil—8.8%
Brasil Telecom Participacoes SA
ADR (c)	701,000		25,439,290
Companhia de Concessoes
Rodoviarias	3,088,700		28,829,384
Companhia Siderurgica Nacional
SA Sponsored ADR (c)	713,400		22,415,028
Grendene SA	1,473,300		11,674,542
Petroleo Brasileiro SA ADR	610,500		52,912,035
Souza Cruz SA	1,499,500		22,804,061
Ultrapar Participacoes SA
Sponsored ADR (c)	900,000		15,984,000
Total Brazil			180,058,340
Chile—0.4%
Administradora de Fondos de
Pensiones Provida SA
Sponsored ADR	317,400		8,442,840
China—2.1%
CNOOC, Ltd. ADR (c)	253,000		19,779,540
People's Food Holdings, Ltd.	27,811,400		22,171,434
Total China			41,950,974
Egypt—3.5%
Eastern Tobacco	486,295		29,622,748
Orascom Construction Industries	269,720		11,075,062
Orascom Telecom Holding SAE	545,000		29,964,332
Total Egypt			70,662,142
Hong Kong—3.6%
China Netcom Group Corp. (Hong
Kong), Ltd.	7,258,500		12,814,868
Hutchison Telecommunications
International, Ltd. (a)	13,762,000		23,498,714
Pacific Basin Shipping, Ltd.	50,815,000		23,410,713
Texwinca Holdings, Ltd.	17,914,000		13,620,444
Total Hong Kong			73,344,739
Hungary—1.7%
Gedeon Richter Rt.	94,690		19,064,888
MOL Magyar Olaj-es Gazipari Rt.	145,700		14,931,572
Total Hungary			33,996,460
India—8.2%
Hero Honda Motors, Ltd.	1,171,049		23,413,097
Hindalco Industries, Ltd.	5,316,250		21,711,152
Hindustan Lever, Ltd.	3,101,400		18,790,037
Oil and Natural Gas Corp., Ltd.	851,382		24,931,078
Description	Shares		Value
Satyam Computer Services, Ltd.	1,917,189	$	36,394,971
State Bank of India	1,911,100		41,532,601
Total India			166,772,936
Indonesia—4.4%
PT Bank Mandiri	119,270,000		22,181,831
PT Telekomunikasi Indonesia
Sponsored ADR (c)	1,476,900		44,764,839
PT United Tractors	48,214,400		23,876,395
Total Indonesia			90,823,065
Israel—1.5%
Bank Hapoalim BM	6,833,400		31,672,685
Mexico—6.6%
Cemex SA de CV Sponsored
ADR	236,700		15,451,776
Desarrolladora Homex SA de CV
ADR (a), (c)	614,192		21,699,404
Fomento Economico Mexicano
SA de CV Sponsored ADR	305,600		28,011,296
Grupo Mexico SA de CV	9,415,000		26,620,338
Grupo Televisa SA Sponsored
ADR	1,200,400		23,887,960
Kimberly-Clark de Mexico SA de
CV	5,561,500		18,997,399
Total Mexico			134,668,173
Morocco—1.1%
Maroc Telecom	1,581,745		23,548,040
Peru—0.5%
Credicorp, Ltd. (c)	409,900		10,854,152
Philippines—1.4%
Philippine Long Distance
Telephone Co. Sponsored ADR
(c)	735,500		27,632,735
Russia—3.3%
Evraz Group SA GDR	988,900		25,216,950
Mobile TeleSystems Sponsored
ADR (c)	906,955		30,020,211
Trader Media East, Ltd. GDR	1,203,056		11,429,032
Total Russia			66,666,193
South Africa—8.7%
Aquarius Platinum, Ltd.	1,441,300		20,350,070
Edgars Consolidated Stores, Ltd.	4,709,600		29,405,873
Kumba Resources, Ltd.	1,384,282		25,040,358
Murray & Roberts Holdings, Ltd.	5,175,702		23,256,865
Old Mutual PLC (c)	8,849,200		30,890,649
Sanlam, Ltd.	4,065,790		10,882,559

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio (concluded)
Steinhoff International Holdings,
Ltd.	10,365,256	$	37,328,037
Total South Africa			177,154,411
South Korea—18.9%
Hite Brewery Co., Ltd.	108,900		15,522,719
Hyundai Motor Co.	143,500		12,066,022
Kangwon Land, Inc.	1,433,200		28,320,321
Kookmin Bank	884,783		76,399,211
KT Corp. Sponsored ADR	762,336		16,237,757
LG Electronics, Inc.	391,300		31,734,102
LG Household & Health Care,
Ltd.	414,800		29,029,383
LG.Philips LCD Co., Ltd. ADR (a),
(c)	879,100		19,955,570
Lotte Shopping Co., Ltd. GDR (d)	1,434,400		28,946,192
Samsung Electronics Co., Ltd.	120,981		78,441,857
Samsung SDI Co., Ltd.	157,000		12,764,884
Shinhan Financial Group Co., Ltd.	364,690		16,326,882
SK Corp.	295,200		19,808,614
South Korea			385,553,514
Taiwan—8.0%
Advantech Co., Ltd.	5,899,334		16,341,595
Chinatrust Financial Holding Co.,
Ltd.	21,566,958		15,317,630
Chunghwa Telecom Co., Ltd.
Sponsored ADR (c)	753,100		14,753,229
Delta Electronics, Inc.	5,080,000		11,817,958
Delta Electronics, Inc. Sponsored
GDR	740,056		8,473,641
Fubon Financial Holding Co., Ltd.	20,377,000		17,266,516
Hon Hai Precision Industry Co.,
Ltd.	5,442,535		33,707,695
Taiwan Semiconductor
Manufacturing Co., Ltd.	18,271,736		36,144,865
Taiwan Semiconductor
Manufacturing Co., Ltd.
Sponsored ADR (c)	1,042,700		10,489,562
Total Taiwan			164,312,691
Thailand—0.6%
Thai Union Frozen Products PCL	15,870,600		12,343,120
Turkey—1.5%
Turkcell Iletisim Hizmetleri AS
ADR (c)	1,863,729		31,068,362
Total Common Stocks
(Identified cost
$1,277,978,591)			1,734,937,556
Preferred Stocks—10.0%
Brazil—9.4%
Bradespar SA	1,012,500		33,701,799
Description	Shares		Value
Caemi Mineracao e Metalurgia
SA	33,841,900	$	59,713,663
Companhia de Bebidas das
Americas ADR (c)	719,291		30,900,742
Gerdau SA Sponsored ADR (c)	996,200		22,434,424
Klabin SA	7,683,000		16,175,855
Telemar Norte Leste SA	1,126,417		29,470,755
Total Brazil			192,397,238
South Korea—0.6%
Hyundai Motor Co.	235,760		12,617,218
Total Preferred Stocks
(Identified cost $141,976,816)			205,014,456
Short-Term Investments—13.6%
Collateral for Securities on Loan—
9.6%
State Street Navigator Securities
Lending Prime Portfolio, 4.71%
(e), (f)	195,424,182		195,424,182
	Principal
	Amount
	(000)
Repurchase Agreement—4.0%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$84,270,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $84,016,432)
Proceeds of $82,397,035	$82,368		82,368,000
Total Short-Term Investments
(Identified cost $277,792,182)			277,792,182
Total Investments—108.6%
(Identified cost $1,697,747,589) (b)		$	2,217,744,194
Liabilities in Excess of Cash and
Other Assets—(8.6)%			(176,353,882)
Net Assets—100.0%		$	2,041,390,312

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

	Principal
	Amount
Description	(000)			Value
Lazard High Yield Portfolio
Corporate Bonds—94.1%
Aerospace & Defense—1.8%
Sequa Corp.,
8.875%, 04/01/08	$	1,300	$	1,358,500
Agriculture—1.4%
Southern States Cooperative, Inc.,
10.50%, 11/01/10 (d)		1,000		1,061,250
Automotive—5.6%
Ford Motor Credit Co.,
7.00%, 10/01/13 (c)		1,625		1,430,255
General Motors Acceptance Corp.:
6.75%, 12/01/14 (c)		1,325		1,189,710
8.00%, 11/01/31 (c)		350		328,125
TRW Automotive, Inc.:
9.375%, 02/15/13 (c)		870		940,687
11.00%, 02/15/13		227		253,673
Venture Holdings Co. LLC,
12.00%, 06/01/09 (a), (h)		2,840		284
				4,142,734
Broadcasting—1.6%
CanWest Media, Inc.,
8.00%, 09/15/12 (c)		1,161		1,189,689
Building & Construction—1.5%
KB Home,
7.75%, 02/01/10 (c)		1,060		1,090,475
Building Materials—2.1%
Goodman Global Holding Co., Inc.,
7.875%, 12/15/12 (c)		390		385,125
Legrand SA,
8.50%, 02/15/25		925		1,129,656
				1,514,781
Cable Television—5.4%
CCH I LLC,
11.00%, 10/01/15		559		464,669
EchoStar DBS Corp.:
5.75%, 10/01/08		50		49,563
6.625%, 10/01/14 (c)		810		781,650
Mediacom Broadband LLC,
11.00%, 07/15/13		825		880,687
Rogers Cable, Inc.,
6.25%, 06/15/13		905		898,212
Shaw Communications, Inc.,
7.25%, 04/06/11 (c)		900		934,875
				4,009,656
	Principal
	Amount
Description	(000)			Value
Chemicals—5.1%
ARCO Chemical Co.,
9.80%, 02/01/20	$	535	$	581,813
Huntsman ICI Chemicals,
10.125%, 07/01/09 (c)		825		845,625
Huntsman International LLC,
9.875%, 03/01/09		325		339,625
Lyondell Chemical Co.,
9.625%, 05/01/07		575		593,687
NOVA Chemicals Corp.,
6.50%, 01/15/12 (c)		687		638,910
Tronox Worldwide LLC,
9.50%, 12/01/12 (d)		725		759,437
				3,759,097
Computer Software—1.2%
SunGard Data Systems, Inc.,
10.25%, 08/15/15 (d)		824		867,260
Diversified—3.0%
AMSTED Industries, Inc.,
10.25%, 10/15/11 (d)		1,345		1,496,313
The Greenbrier Cos., Inc.,
8.375%, 05/15/15		700		722,750
				2,219,063
Drugs—0.6%
Elan Finance PLC,
7.75%, 11/15/11		500		476,250
Electric Generation—2.1%
Caithness Coso Funding Corp.,
6.263%, 06/15/14 (d)		741		709,055
NRG Energy, Inc.,
7.375%, 02/01/16		125		127,969
Reliant Energy, Inc.,
6.75%, 12/15/14		825		734,250
				1,571,274
Electric Integrated—2.4%
Mission Energy Holding Co.,
13.50%, 07/15/08		500		573,750
MSW Energy Holdings LLC:
7.375%, 09/01/10		425		437,750
8.50%, 09/01/10		695		736,700
				1,748,200
Electronics—2.5%
Freescale Semiconductor, Inc.,
7.125%, 07/15/14		750		781,875
Thomas & Betts Corp.,
7.25%, 06/01/13		1,000		1,041,250
				1,823,125

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

	Principal
	Amount
Description	(000)			Value
Lazard High Yield Portfolio (continued)
Energy Exploration &
Production—1.9%
Chesapeake Energy Corp.,
6.375%, 06/15/15 (c)	$	725	$	714,125
Kerr-McGee Corp.,
6.875%, 09/15/11		400		417,855
Pogo Producing Co.,
6.875%, 10/01/17 (c)		250		249,375
				1,381,355
Energy Integrated—0.2%
Verasun Energy Corp.,
9.875%, 12/15/12 (d)		125		132,500
Environmental—1.3%
Allied Waste North America, Inc.,
8.875%, 04/01/08		230		241,500
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35		775		718,813
				960,313
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—0.7%
Dole Foods Co., Inc.,
8.875%, 03/15/11 (c)		98		98,000
NBTY, Inc.,
7.125%, 10/01/15 (d)		475		448,875
				546,875
Forest & Paper Products—4.6%
Bowater Canada Finance,
7.95%, 11/15/11		1,050		1,047,375
Georgia-Pacific Corp.:
8.125%, 05/15/11		300		313,500
9.50%, 12/01/11		500		547,500
Smurfit Capital Funding PLC,
7.50%, 11/20/25		1,600		1,508,000
				3,416,375
Gaming—4.6%
Kerzner International, Ltd.,
6.75%, 10/01/15		755		798,412
Majestic Star Casino LLC:
9.50%, 10/15/10		250		265,625
9.75%, 01/15/11 (d)		100		101,750
Mandalay Resorts Group:
9.375%, 02/15/10 (c)		1,035		1,120,387
	Principal
	Amount
Description	(000)			Value
10.25%, 08/01/07	$	655	$	691,025
Wheeling Island Gaming, Inc.,
10.125%, 12/15/09		405		422,213
				3,399,412
Gas Distribution—4.6%
ANR Pipeline Co.,
8.875%, 03/15/10		500		533,125
Ferrellgas Partners LP,
8.75%, 06/15/12		584		592,760
Northwest Pipeline Corp.,
8.125%, 03/01/10		850		895,687
Southern Natural Gas Co.,
8.875%, 03/15/10		500		532,500
The Williams Cos., Inc.,
8.75%, 03/15/32 (c)		710		828,925
				3,382,997
Health Services—2.2%
Fresenius Medical Capital Trust,
7.875%, 02/01/08		1,120		1,148,000
Tenet Healthcare Corp.,
7.375%, 02/01/13 (c)		500		457,500
				1,605,500
Hotels—3.8%
Host Marriott LP,
9.25%, 10/01/07		1,285		1,342,825
ITT Corp.,
7.375%, 11/15/15		750		813,750
MeriStar Hospitality Corp.:
9.00%, 01/15/08		295		313,066
9.125%, 01/15/11		270		312,714
				2,782,355
Insurance—3.1%
Crum & Forster Holdings Corp.,
10.375%, 06/15/13 (c)		425		434,563
Leucadia National Corp.,
7.00%, 08/15/13 (c)		950		953,562
Presidential Life Corp.,
7.875%, 02/15/09		865		865,000
				2,253,125
Leisure & Entertainment—1.7%
Intrawest Corp.,
7.50%, 10/15/13		845		855,563
Royal Caribbean Cruises, Ltd.,
8.00%, 05/15/10 (c)		400		429,500
				1,285,063
Machinery—1.1%
Case New Holland, Inc.:
6.00%, 06/01/09 (c)		725		710,500

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

	Principal
	Amount
Description	(000)			Value
Lazard High Yield Portfolio (continued)
9.25%, 08/01/11	$	125	$	132,969
				843,469
Media Services—0.7%
The Interpublic Group of Cos., Inc.,
6.25%, 11/15/14 (c)		600		514,500
Metals & Mining—3.4%
Arch Western Finance LLC,
6.75%, 07/01/13		1,000		995,000
Century Aluminum Co.,
7.50%, 08/15/14 (c)		225		233,438
Massey Energy Co.,
6.875%, 12/15/13 (d)		800		788,000
Peabody Energy Corp.,
6.875%, 03/15/13 (c)		500		508,750
				2,525,188
Packaging—0.7%
Graham Packaging Co., Inc.:
8.50%, 10/15/12		250		253,750
9.875%, 10/15/14 (c)		250		253,750
				507,500
Printing & Publishing—3.3%
Clarke American Corp.,
11.75%, 12/15/13 (d)		475		479,750
Dex Media East LLC,
12.125%, 11/15/12 (c)		195		223,275
Phoenix Color Corp.,
11.00%, 02/01/09		515		486,031
R.H. Donnelley Corp.:
8.875%, 01/15/16 (d)		400		416,000
10.875%, 12/15/12		440		490,600
The Sheridan Group, Inc.,
10.25%, 08/15/11		300		309,000
				2,404,656
Real Estate—2.4%
AMR Real Estate Partners:
7.125%, 02/15/13		500		492,500
8.125%, 06/01/12		350		360,500
CB Richard Ellis Services, Inc.,
9.75%, 05/15/10		227		244,592
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		501,125
Senior Housing Properties Trust,
7.875%, 04/15/15		179		186,608
				1,785,325
Retail—4.0%
Saks, Inc.,
9.875%, 10/01/11		1,225		1,353,625
	Principal
	Amount
Description	(000)			Value
Stater Bros. Holdings, Inc.,
8.125%, 06/15/12	$	550	$	551,375
The Jean Coutu Group (PJC), Inc.,
8.50%, 08/01/14 (c)		450		411,750
The Neiman-Marcus Group, Inc.,
10.375%, 10/15/15 (c), (d)		600		636,000
				2,952,750
Steel—1.9%
International Steel Group, Inc.,
6.50%, 04/15/14 (c)		725		719,563
United States Steel Corp.:
9.75%, 05/15/10 (c)		294		317,520
10.75%, 08/01/08		364		400,400
				1,437,483
Support Services—1.9%
H&E Equipment Services LLC,
11.125%, 06/15/12 (c)		780		865,800
Hertz Corp.,
8.875%, 01/01/14 (d)		550		572,000
				1,437,800
Telecommunications—7.6%
American Cellular Corp.,
10.00%, 08/01/11		625		678,125
Citizens Communications Co.,
6.25%, 01/15/13 (c)		1,000		975,000
Intelsat Subsidiary Holding Co.,
Ltd.,
8.25%, 01/15/13		800		814,000
PanAmSat Corp.,
9.00%, 08/15/14 (c)		846		888,300
Qwest Corp.,
7.875%, 09/01/11		800		853,000
Rogers Wireless, Inc.,
9.625%, 05/01/11		1,000		1,142,500
Stratos Global Corp.,
9.875%, 02/15/13 (d)		250		247,500
				5,598,425
Transportation—2.1%
Kansas City Southern Railway Co.,
7.50%, 06/15/09		610		620,675
Stena AB,
7.50%, 11/01/13		975		965,250
				1,585,925
Total Corporate Bonds
(Identified cost $70,358,512)				69,570,245

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited)

Description	Shares		Value
Lazard High Yield Portfolio (concluded)
Preferred Stock—1.3%
Broadcasting—1.3%
Paxson Communications Corp.,
14.25%, 11/15/06 (c)	111	$	971,223
Total Preferred Stock
(Identified cost $860,696)			971,223
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
Short-Term Investments—25.2%
Collateral for Securities on Loan—
22.7%
State Street Navigator Securities
Lending Prime Portfolio, 4.71%
(e), (f)	16,746,509		16,746,509
	Principal
	Amount
	(000)
Repurchase Agreement—2.5%
State Street Bank and Trust Co.,
4.23%, 04/03/06
(Dated 03/31/06, collateralized by
$1,890,000 United States
Treasury Note, 2.50%, 10/31/06,
with a value of $1,884,313)
Proceeds of $1,844,650	$ 1,844		1,844,000
Total Short-Term Investments
(Identified cost $18,590,509)		$	18,590,509
Total Investments—120.6%
(Identified cost $89,883,943) (b)		$	89,132,005
Liabilities in Excess of Cash and
Other Assets—(20.6)%			(15,246,476)
Net Assets—100.0%		$	73,885,529

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (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:

			Aggregate		Aggregate		Net
			Gross		Gross		Unrealized
	Aggregate		Unrealized		Unrealized		Appreciation
Portfolio	Cost		Appreciation		Depreciation		(Depreciation)
Equity	$	70,512,580	$	6,874,199	$	1,277,981	$	5,596,218
U.S. Equity Value		176,377		5,787		2,153		3,634
U.S. Strategic		59,105,227		1,423,556		911,728		511,828
Equity
Mid Cap		212,054,398		24,180,370		5,501,746		18,678,624
Small Cap		312,793,366		56,775,932		3,679,314		53,096,618
U.S. Small Cap		830,261		57,064		5,778		51,286
Equity Growth
International		1,085,642,895		215,849,719		8,732,006		207,117,713
Equity
International		18,903,485		4,399,351		67,249		4,332,102
Equity Select
International		237,708,466		25,041,275		727,994		24,313,281
Strategic Equity
International		482,752,568		203,648,369		5,993,068		197,655,301
Small Cap
Emerging Markets		1,697,747,589		532,963,685		12,967,080		519,996,605
High Yield		89,883,943		2,997,611		3,749,549		(751,938)

(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 March 31, 2006.
(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
The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2006 (unaudited) Portfolio holdings by industry (as percentage of net assets), for those Portfolios previously presented by country:

					Lazard
	Lazard		Lazard		International		Lazard		Lazard
	International		International		Strategic		International		Emerging
	Equity		Equity Select		Equity		Small Cap		Markets
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Industry
Alcohol & Tobacco	5.1	%	8.0	%	4.4	%	1.0	%	4.8	%
Automotive	5.8		1.9		6.9		1.0		2.4
Banking	21.6		23.6		12.9		5.6		9.8
Building & Construction	2.8		-		5.2		9.8		3.5
Chemicals	-		-		-		4.3		-
Commercial Services	-		-		1.8		15.2		-
Computer Software	-		-		-		1.4		-
Consumer Products	2.3		2.0		1.9		3.1		6.4
Drugs	6.8		10.5		8.7		1.6		0.9
Electric	2.8		-		2.3		-		-
Energy Exploration & Production.	-		-		-		1.3		2.2
Energy Integrated	8.5		11.8		6.7		-		5.1
Energy Services	-		-		-		5.1		-
Financial Services	4.9		3.5		10.9		8.6		4.1
Food & Beverages.	2.0		7.6		1.6		1.0		3.1
Forest & Paper Products	-		-		1.3		1.1		1.7
Gas Utilities	1.3		-		2.1		-		-
Health Services	0.8		-		-		-		-
Insurance	4.9		6.3		1.5		1.0		-
Leisure & Entertainment	4.2		1.8		5.6		8.4		2.6
Manufacturing	5.0		3.0		5.0		7.2		1.2
Media-Diversified	-		-		-		-		0.6
Medical Products	-		-		-		2.6		-
Metals & Mining	0.7		-		-		-		12.6
Real Estate	-		-		-		2.1		-
Retail	3.3		1.6		5.0		11.4		3.4
Semiconductors & Components	3.6		4.4		3.8		1.0		8.5
Technology	2.7		-		-		1.1		1.8
Technology Hardware	1.1		6.2		1.9		1.5		2.6
Telecommunications	3.9		3.1		4.8		0.7		15.1
Transportation	5.5		1.1		1.9		1.5		2.6
Subtotal	99.6		96.4		96.2		98.6		95.0
Collateral for Securities on Loan	21.1		-		-		19.7		9.6
Repurchase Agreements	0.9		3.2		13.7		0.8		4.0
Total Investments	121.6	%	99.6	%	109.9	%	119.1	%	108.6	%

The Lazard Funds, Inc.
Portfolios of Investments (concluded)
March 31, 2006 (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. 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 “Investment 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.

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:	May 30, 2006

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:	May 30, 2006
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 30, 2006