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: 9/30/2007

FORM N-Q

Item 1. Schedule of Investments.

The Lazard Funds, Inc.

Portfolios of Investments

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks—98.7%
Alcohol & Tobacco—1.3%
Altria Group, Inc.		668	$	46,446
Reynolds American, Inc.		1,200		76,308
				122,754
Automotive—0.6%
The Goodyear Tire & Rubber Co. (a)		2,000		60,820
Banking—10.5%
Bank of America Corp.		7,081		355,962
Bank of New York Mellon Corp.		4,804		212,049
First Horizon National Corp.		1,510		40,257
Huntington Bancshares, Inc.		6,540		111,049
Marshall & Ilsley Corp.		1,679		73,490
SunTrust Banks, Inc.		1,165		88,155
Wachovia Corp.		800		40,120
Wells Fargo & Co.		2,560		91,187
				1,012,269
Cable Television—1.0%
Comcast Corp., Class A (a)		3,900		93,444
Chemicals—0.8%
The Dow Chemical Co.		1,720		74,063
Commercial Services—1.1%
Automatic Data Processing, Inc.		936		42,990
R.H. Donnelley Corp. (a)		1,200		67,224
				110,214
Computer Software—1.9%
Microsoft Corp.		3,880		114,305
Sybase, Inc. (a)		3,200		74,016
				188,321
Consumer Products—2.3%
Mattel, Inc.		2,100		49,266
The Procter & Gamble Co.		2,415		169,871
				219,137
Drugs—4.8%
Pfizer, Inc.		13,234		323,307
Wyeth		3,240		144,342
				467,649
Electric—2.7%
CenterPoint Energy, Inc.		3,500		56,105
Exelon Corp.		1,200		90,432
PG&E Corp.		1,200		57,360
Wisconsin Energy Corp.		1,300		58,539
				262,436
Energy Exploration &
Production—2.5%
Apache Corp.		660		59,440
Devon Energy Corp.		655		54,496
Newfield Exploration Co. (a)		1,350		65,016
Occidental Petroleum Corp.		980		62,798
				241,750
Energy Integrated—11.3%
Chevron Corp.		3,031		283,641
ConocoPhillips		2,240		196,605
Exxon Mobil Corp.		5,746		531,850
Marathon Oil Corp.		1,320		75,266
				1,087,362
Financial Services—12.5%
A.G. Edwards, Inc.		2,070		173,362
AmeriCredit Corp. (a)		4,420		77,704
Capital One Financial Corp.		1,800		119,574
Citigroup, Inc.		6,700		312,689
JPMorgan Chase & Co.		5,706		261,449
Lehman Brothers Holdings, Inc.		2,085		128,707
Morgan Stanley		1,050		66,150
The Bear Stearns Cos., Inc.		550		67,546
				1,207,181
Food & Beverages—1.2%
Coca-Cola Enterprises, Inc.		2,150		52,073
Kraft Foods, Inc., Class A		1,904		65,707
				117,780
Forest & Paper Products—2.4%
Ball Corp.		1,280		68,800
Kimberly-Clark Corp.		879		61,759
Pactiv Corp. (a)		2,000		57,320
Sealed Air Corp.		1,700		43,452
				231,331

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (continued)
Gas Utilities—0.5%
Dynegy, Inc., Class A (a)		4,870	$	44,999
Health Services—1.4%
Community Health Systems, Inc. (a)		1,600		50,304
WellPoint, Inc. (a)		1,060		83,655
				133,959
Insurance—9.1%
American International Group, Inc.		4,336		293,330
Lincoln National Corp.		1,831		120,791
Marsh & McLennan Cos., Inc.		2,200		56,100
MetLife, Inc.		900		62,757
The Allstate Corp.		1,230		70,344
The Hartford Financial Services
Group, Inc.		1,200		111,060
The Travelers Cos., Inc.		2,365		119,054
W.R. Berkley Corp.		1,700		50,371
				883,807
Leisure & Entertainment—4.6%
Cinemark Holdings, Inc.		4,030		74,797
News Corp., Class A		3,581		78,746
Time Warner, Inc.		9,880		181,397
Viacom, Inc., Class B (a)		2,710		105,608
				440,548
Manufacturing—6.6%
General Dynamics Corp.		1,250		105,588
General Electric Co.		9,755		403,857
Textron, Inc.		1,200		74,652
United Technologies Corp.		650		52,312
				636,409
Medical Products—3.2%
Covidien, Ltd.		1,370		56,855
Johnson & Johnson		3,845		252,617
				309,472
Metals & Mining—0.3%
Alcoa, Inc.		700		27,384
Real Estate—1.1%
CBL & Associates Properties, Inc.		3,000		105,150
Retail—4.7%
Best Buy Co., Inc.		1,050		48,321
Foot Locker, Inc.		5,590		85,695
J.C. Penney Co., Inc.		800		50,696
Liz Claiborne, Inc.		1,430		49,092
Office Depot, Inc. (a)		3,400		70,108
The Gap, Inc.		4,100		75,604
Wal-Mart Stores, Inc.		1,770		77,260
				456,776
Semiconductors & Components—1.4%
Flextronics International, Ltd. (a)		5,730		64,061
Tyco Electronics, Ltd.		2,000		70,860
				134,921
Technology—1.1%
International Business Machines Corp.		900		106,020
Technology Hardware—2.0%
Motorola, Inc.		6,030		111,736
QLogic Corp. (a)		6,330		85,138
				196,874
Telecommunications—5.8%
AT&T, Inc.		7,480		316,479
Sprint Nextel Corp.		6,450		122,550
Verizon Communications, Inc.		2,659		117,740
				556,769
Total Common Stocks
(Identified cost $9,409,239)				9,529,599

	Principal Amount (000)
Repurchase Agreement—2.6%
State Street Bank and Trust Co., 3.45%, 10/01/07 (Dated 09/28/07, collateralized by $245,000 United States Treasury Note, 4.875%, 06/30/12, with a value of $254,188) Proceeds of $249,072 (Identified cost $249,000)	$	249	249,000

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Lazard U.S. Equity Value Portfolio (concluded)
Total Investments—101.3%
(Identified cost $9,658,239) (b)	$	9,778,599
Liabilities in Excess of Cash and
Other Assets—(1.3)%		(124,259	)
Net Assets—100.0%	$	9,654,340

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks—98.2%
Alcohol & Tobacco—2.2%
Altria Group, Inc.		20,800	$	1,446,224
Constellation Brands, Inc., Class A (a)		50,700		1,227,447
				2,673,671
Banking—6.2%
Bank of America Corp.		55,514		2,790,689
Bank of New York Mellon Corp.		87,425		3,858,939
Huntington Bancshares, Inc.		48,200		818,436
				7,468,064
Building & Construction—2.7%
Centex Corp.		24,600		653,622
D.R. Horton, Inc.		54,300		695,583
Masco Corp.		44,100		1,021,797
USG Corp. (a)		21,900		822,345
				3,193,347
Cable Television—1.9%
Comcast Corp., Class A (a)		93,000		2,228,280
Chemicals—2.5%
Du Pont (E.I.) de Nemours & Co.		27,180		1,347,041
The Dow Chemical Co.		37,200		1,601,832
				2,948,873
Commercial Services—2.1%
Idearc, Inc.		41,300		1,299,711
R.H. Donnelley Corp. (a)		22,959		1,286,163
				2,585,874
Computer Software—7.1%
Microsoft Corp.		187,135		5,512,997
Oracle Corp. (a)		69,710		1,509,222
Yahoo!, Inc. (a)		55,200		1,481,568
				8,503,787
Consumer Products—1.0%
The Stanley Works		21,085		1,183,501
Drugs—5.4%
Barr Pharmaceuticals, Inc. (a)		27,600		1,570,716
Pfizer, Inc.		77,010		1,881,354
Sepracor, Inc. (a)		23,600		649,000
Wyeth		52,800		2,352,240
				6,453,310
Energy Integrated—7.3%
Arch Coal, Inc.		39,500		1,332,730
Chevron Corp.		20,693		1,936,451
ConocoPhillips		26,360		2,313,617
Hess Corp.		27,100		1,802,963
Massey Energy Co.		63,700		1,389,934
				8,775,695
Energy Services—1.2%
BJ Services Co.		53,770		1,427,594
Financial Services—4.9%
Capital One Financial Corp.		18,200		1,209,026
Citigroup, Inc.		32,522		1,517,802
JPMorgan Chase & Co.		43,691		2,001,922
The Bear Stearns Cos., Inc.		9,530		1,170,379
				5,899,129
Food & Beverages—4.5%
Coca-Cola Enterprises, Inc.		99,500		2,409,890
Kraft Foods, Inc., Class A		45,153		1,558,230
Smithfield Foods, Inc. (a)		46,600		1,467,900
				5,436,020
Forest & Paper Products—4.3%
Ball Corp.		25,215		1,355,306
Kimberly-Clark Corp.		37,180		2,612,267
Louisiana-Pacific Corp.		73,940		1,254,762
				5,222,335
Insurance—6.0%
American International Group, Inc.		35,900		2,428,635
Marsh & McLennan Cos., Inc.		79,800		2,034,900
PartnerRe, Ltd.		15,436		1,219,290
The Allstate Corp.		25,900		1,481,221
				7,164,046
Leisure & Entertainment—3.2%
News Corp., Class A		73,780		1,622,422
Time Warner, Inc.		122,100		2,241,756
				3,864,178

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Manufacturing—5.5%
Honeywell International, Inc.		20,593	$	1,224,666
Pitney Bowes, Inc.		42,000		1,907,640
Textron, Inc.		34,500		2,146,245
United Technologies Corp.		15,980		1,286,070
				6,564,621
Medical Products—4.6%
Boston Scientific Corp. (a)		98,100		1,368,495
Johnson & Johnson		62,960		4,136,472
				5,504,967
Metals & Mining—1.5%
Newmont Mining Corp.		39,400		1,762,362
Real Estate—1.6%
CBL & Associates Properties, Inc.		35,100		1,230,255
Public Storage		8,400		660,660
				1,890,915
Retail—7.0%
CVS Caremark Corp.		59,000		2,338,170
Foot Locker, Inc.		83,100		1,273,923
J.C. Penney Co., Inc.		19,950		1,264,231
Liz Claiborne, Inc.		65,705		2,255,653
Wal-Mart Stores, Inc.		30,300		1,322,595
				8,454,572
Semiconductors & Components—4.1%
Flextronics International, Ltd. (a)		150,200		1,679,236
Intel Corp.		127,700		3,302,322
				4,981,558
Technology—2.2%
International Business Machines Corp.		22,790		2,684,662
Technology Hardware—5.2%
Cisco Systems, Inc. (a)		35,455		1,173,915
Dell, Inc. (a)		48,900		1,349,640
Motorola, Inc.		101,900		1,888,207
Sun Microsystems, Inc. (a)		318,600		1,787,346
				6,199,108
Telecommunications—4.0%
Sprint Nextel Corp.		146,166		2,777,154
Verizon Communications, Inc.		44,900		1,988,172
				4,765,326
Total Common Stocks
(Identified cost $111,384,064)				117,835,795
	Principal Amount (000)
Repurchase Agreement—2.0%
State Street Bank and Trust Co., 3.45%, 10/01/07 (Dated 09/28/07, collateralized by $2,185,000 United States Treasury Bond, 6.00%, 02/15/26, with a value of $2,471,803) Proceeds of $2,418,695 (Identified cost $2,418,000)	$	2,418		2,418,000
Total Investments—100.2% (Identified cost $113,802,064) (b)			$	120,253,795
Liabilities in Excess of Cash and Other Assets—(0.2)%				(284,082	)
Net Assets—100.0%			$	119,969,713

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Mid Cap Portfolio
Common Stocks—95.6%
Alcohol & Tobacco—1.3%
Constellation Brands, Inc., Class A (a)	257,800	$	6,241,338
Banking—4.5%
First Horizon National Corp.	153,000		4,078,980
Hudson City Bancorp, Inc.	342,400		5,266,112
Huntington Bancshares, Inc.	345,200		5,861,496
Marshall & Ilsley Corp.	146,400		6,407,928
			21,614,516
Building & Construction—3.6%
Centex Corp.	111,300		2,957,241
D.R. Horton, Inc.	280,400		3,591,924
Masco Corp.	299,200		6,932,464
USG Corp. (a)	95,300		3,578,515
			17,060,144
Commercial Services—7.4%
Cintas Corp.	257,400		9,549,540
Idearc, Inc.	237,900		7,486,713
NeuStar, Inc., Class A (a)	182,400		6,254,496
R.H. Donnelley Corp. (a)	119,635		6,701,953
Republic Services, Inc.	162,850		5,326,823
			35,319,525
Computer Software—1.6%
Sybase, Inc. (a)	338,600		7,831,818
Consumer Products—1.1%
Fortune Brands, Inc.	66,400		5,410,936
Drugs—4.1%
Barr Pharmaceuticals, Inc. (a)	186,200		10,596,642
Sepracor, Inc. (a)	103,100		2,835,250
Warner Chilcott, Ltd. (a)	329,700		5,858,769
			19,290,661
Energy—1.5%
Covanta Holding Corp. (a)	286,700		7,027,017
Energy Integrated—3.1%
Foundation Coal Holdings, Inc.	146,600		5,746,720
Massey Energy Co.	217,900		4,754,578
Sunoco, Inc.	62,000		4,388,360
			14,889,658
Energy Services—5.0%
BJ Services Co.	273,300		7,256,115
Patterson-UTI Energy, Inc.	274,100		6,186,437
Pride International, Inc. (a)	153,800		5,621,390
The Williams Cos., Inc.	142,800		4,863,768
			23,927,710
Financial Services—1.9%
AmeriCredit Corp. (a)	182,500		3,208,350
Ameriprise Financial, Inc.	95,300		6,014,383
			9,222,733
Food & Beverages—4.7%
Coca-Cola Enterprises, Inc.	395,100		9,569,322
Pilgrim’s Pride Corp.	140,900		4,893,457
Smithfield Foods, Inc. (a)	253,000		7,969,500
			22,432,279
Forest & Paper Products—4.1%
Ball Corp.	149,600		8,041,000
Bemis Co., Inc.	191,400		5,571,654
Louisiana-Pacific Corp.	344,800		5,851,256
			19,463,910
Health Services—1.4%
Omnicare, Inc.	201,300		6,669,069
Insurance—9.8%
Aon Corp.	148,500		6,654,285
Lincoln National Corp.	155,334		10,247,384
Marsh & McLennan Cos., Inc.	190,000		4,845,000
OneBeacon Insurance Group, Ltd.	271,400		5,848,670
PartnerRe, Ltd.	93,840		7,412,422
RenaissanceRe Holdings, Ltd.	98,900		6,469,049
Willis Group Holdings, Ltd.	127,600		5,223,944
			46,700,754
Leisure & Entertainment—3.7%
Brinker International, Inc.	69,300		1,901,592
Darden Restaurants, Inc.	208,700		8,736,182
Royal Caribbean Cruises, Ltd.	174,300		6,802,929
			17,440,703

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Mid Cap Portfolio (concluded)
Manufacturing—8.0%
Dover Corp.	203,900	$	10,388,705
Hubbell, Inc., Class B	138,000		7,882,560
Pitney Bowes, Inc.	244,600		11,109,732
Textron, Inc.	137,700		8,566,317
			37,947,314
Medical Products—3.1%
Applera Corp. - Applied Biosystems Group	192,800		6,678,592
Hospira, Inc. (a)	191,300		7,929,385
			14,607,977
Real Estate—2.8%
CBL & Associates Properties, Inc.	264,400		9,267,220
Public Storage	49,300		3,877,445
			13,144,665
Retail—6.7%
Foot Locker, Inc.	510,400		7,824,432
Hanesbrands, Inc. (a)	35,800		1,004,548
J.C. Penney Co., Inc.	80,400		5,094,948
Liz Claiborne, Inc.	330,200		11,335,766
Pacific Sunwear of California, Inc. (a)	301,300		4,459,240
The Talbots, Inc.	132,100		2,377,800
			32,096,734
Semiconductors & Components—3.6%
Analog Devices, Inc.	142,100		5,138,336
Flextronics International, Ltd. (a)	1,084,500		12,124,710
			17,263,046
Technology Hardware—9.3%
Arrow Electronics, Inc. (a)	155,200		6,599,104
Ingram Micro, Inc., Class A (a)	489,600		9,601,056
Lexmark International, Inc., Class A (a)	173,700		7,213,761
QLogic Corp. (a)	427,100		5,744,495
Seagate Technology	279,400		7,147,052
Sun Microsystems, Inc. (a)	1,458,400		8,181,624
			44,487,092
Telecommunications—2.3%
Citizens Communications Co.	757,600		10,848,832
Transportation—1.0%
YRC Worldwide, Inc. (a)	165,400		4,518,728
Total Common Stocks
(Identified cost $444,490,937)			455,457,159

	Principal Amount (000)
Repurchase Agreement—7.2%
State Street Bank and Trust Co., 3.45%, 10/01/07 (Dated 09/28/07, collateralized by $33,540,000 United States Treasury Note, 4.875%, 06/30/12, with a value of $34,797,750) Proceeds of $34,122,807 (Identified cost $34,113,000)	$	34,113		34,113,000
Total Investments—102.8% (Identified cost $478,603,937) (b)			$	489,570,159
Liabilities in Excess of Cash and Other Assets—(2.8)%				(13,315,267	)
Net Assets—100.0%			$	476,254,892

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio
Common Stocks—98.6%
Banking—7.4%
Bank of the Ozarks, Inc. (c)	35,450	$	1,082,289
BankUnited Financial Corp., Class A (c)	81,450		1,265,733
First Community Bancorp (c)	63,400		3,468,614
Prosperity Bancshares, Inc. (c)	98,040		3,251,006
Texas Capital Bancshares, Inc. (a), (c)	86,700		1,884,858
Wintrust Financial Corp. (c)	55,600		2,373,564
			13,326,064
Building & Construction—4.4%
Beacon Roofing Supply, Inc. (a), (c)	119,800		1,224,356
Building Materials Holding Corp. (c)	86,500		915,170
Dycom Industries, Inc. (a), (c)	92,200		2,824,086
EMCOR Group, Inc. (a), (c)	29,600		928,256
Watsco, Inc. (c)	42,250		1,961,668
			7,853,536
Chemicals—3.1%
Headwaters, Inc. (a), (c)	85,500		1,272,240
Hercules, Inc. (c)	83,200		1,748,864
Polypore International, Inc.	178,400		2,508,304
			5,529,408
Commercial Services—10.7%
A. M. Castle & Co. (c)	53,000		1,727,800
Consolidated Graphics, Inc. (a), (c)	31,700		1,990,443
Euronet Worldwide, Inc. (a), (c)	69,800		2,077,946
First Advantage Corp., Class A (a), (c)	67,100		1,185,657
G & K Services, Inc. (c)	59,200		2,379,840
infoUSA, Inc. (c)	105,600		981,024
Labor Ready, Inc. (a), (c)	45,100		834,801
Navigant Consulting, Inc. (a), (c)	126,200		1,597,692
ValueClick, Inc. (a), (c)	45,700		1,026,422
Waste Connections, Inc. (a), (c)	75,375		2,393,910
Wright Express Corp. (a), (c)	82,550		3,012,249
			19,207,784
Computer Software—3.5%
Secure Computing Corp. (a), (c)	317,500		3,089,275
United Online, Inc. (c)	164,900		2,475,149
Visual Sciences, Inc. (a)	48,500		700,340
			6,264,764
Consumer Products—3.2%
Central Garden & Pet Co. (a), (c)	670		5,963
Central Garden & Pet Co., Class A (a), (c)	77,740		698,105
Ethan Allen Interiors, Inc. (c)	50,100		1,637,769
Matthews International Corp., Class A (c)	50,100		2,194,380
Polaris Industries, Inc. (c)	29,500		1,286,790
			5,823,007
Energy Exploration & Production—2.4%
Goodrich Petroleum Corp. (a), (c)	36,000		1,141,200
TXCO Resources, Inc. (a), (c)	187,193		1,677,249
Venoco, Inc. (c)	87,600		1,502,340
			4,320,789
Energy Integrated—1.0%
Foundation Coal Holdings, Inc. (c)	44,100		1,728,720
Energy Services—2.6%
CARBO Ceramics, Inc. (c)	29,200		1,481,316
Complete Production Services, Inc. (a), (c)	89,300		1,828,864
W-H Energy Services, Inc. (a), (c)	18,200		1,342,250
			4,652,430
Financial Services—4.9%
Duff & Phelps Corp., Class A	32,400		594,540
HFF, Inc., Class A (c)	186,700		2,216,129
National Financial Partners Corp. (c)	20,800		1,101,984
Penson Worldwide, Inc. (a), (c)	58,600		1,082,928
Thomas Weisel Partners Group, Inc. (a), (c)	66,800		969,268
Waddell & Reed Financial, Inc. (c)	107,550		2,907,076
			8,871,925
Health Services—2.4%
Five Star Quality Care, Inc. (a), (c)	184,250		1,514,535

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (continued)
Magellan Health Services, Inc. (a), (c)		30,700		1,245,806
Skilled Healthcare Group, Inc., Class A (c)		96,400	$	1,518,300
				4,278,641
Insurance—1.3%
Max Capital Group, Ltd. (c)		81,300		2,279,652
Leisure & Entertainment—3.5%
Bally Technologies, Inc. (a), (c)		60,600		2,147,058
Entravision Communications Corp., Class A (a), (c)		136,100		1,254,842
Red Robin Gourmet Burgers, Inc. (a), (c)		25,600		1,098,240
TravelCenters of America LLC (a)		56,600		1,845,160
				6,345,300
Manufacturing—7.1%
Altra Holdings, Inc. (c)		140,100		2,335,467
Insteel Industries, Inc. (c)		123,800		1,900,330
Kaman Corp.		28,300		978,048
Kennametal, Inc.		16,400		1,377,272
Knoll, Inc.		79,250		1,405,895
Regal-Beloit Corp. (c)		32,300		1,546,847
RTI International Metals, Inc. (a)		18,700		1,482,162
TriMas Corp. (c)		126,100		1,673,347
				12,699,368
Medical Products—4.0%
American Medical Systems Holdings, Inc. (a), (c)		121,900		2,066,205
Pharmanet Development Group, Inc. (a), (c)		69,000		2,003,070
PSS World Medical, Inc. (a), (c)		52,900		1,011,977
Symmetry Medical, Inc. (a), (c)		126,700		2,115,890
				7,197,142
Metals & Mining—2.6%
Quanex Corp. (c)		56,800		2,668,464
Schnitzer Steel Industries, Inc., Class A (c)		28,350		2,077,772
				4,746,236
Real Estate—4.4%
Corporate Office Properties Trust (c)		55,900		2,327,117
Cousins Properties, Inc. (c)		58,750		1,724,900
Digital Realty Trust, Inc. (c)		35,000		1,378,650
MFA Mortgage Investments, Inc.		309,850		2,494,293
				7,924,960
Retail—4.8%
Aeropostale, Inc. (a), (c)		56,000		1,067,360
Brown Shoe Co., Inc. (c)		80,200		1,555,880
Carter’s, Inc. (a), (c)		75,200		1,500,240
Guitar Center, Inc. (a), (c)		29,950		1,776,035
Pacific Sunwear of California, Inc. (a), (c)		107,050		1,584,340
Stein Mart, Inc. (c)		138,400		1,053,224
				8,537,079
Semiconductors & Components—12.4%
Actel Corp. (a), (c)		3,050		32,726
Benchmark Electronics, Inc. (a), (c)		110,525		2,638,232
Coherent, Inc. (a), (c)		84,750		2,718,780
CPI International, Inc. (a), (c)		84,000		1,596,840
FARO Technologies, Inc. (a), (c)		37,300		1,646,795
Integrated Device Technology, Inc. (a), (c)		169,850		2,629,278
Microsemi Corp. (a), (c)		72,900		2,032,452
ON Semiconductor Corp. (a), (c)		123,800		1,554,928
Plexus Corp. (a), (c)		127,400		3,490,760
Semtech Corp. (a), (c)		97,500		1,996,800
TTM Technologies, Inc. (a), (c)		171,600		1,985,412
				22,323,003
Services—2.0%
Bright Horizons Family Solutions, Inc. (a), (c)		45,725		1,958,859
Perot Systems Corp., Class A (a), (c)		98,250		1,661,408
				3,620,267
Technology—1.0%
SRA International, Inc., Class A (a), (c)		62,400		1,752,192
Technology Hardware—5.8%
Brightpoint, Inc. (a), (c)		242,300		3,636,923
FEI Co. (a), (c)		82,400		2,589,832
Houston Wire & Cable Co. (c)		94,500		1,711,395
Mattson Technology, Inc. (a), (c)		128,100		1,108,065

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (concluded)
Powerwave Technologies, Inc. (a), (c)		230,900	$	1,422,344
				10,468,559
Telecommunications—3.2%
NTELOS Holdings Corp. (c)		47,900		1,411,134
PAETEC Holding Corp. (a), (c)		205,300		2,560,091
USA Mobility, Inc. (a), (c)		101,200		1,707,244
				5,678,469
Transportation—0.9%
AirTran Holdings, Inc. (a), (c)		165,850		1,631,964
Total Common Stocks
(Identified cost $167,390,938)				177,061,259
Short-Term Investments—26.1%
Collateral for Securities on Loan—25.6%
State Street Navigator Securities Lending Prime Portfolio, 5.30% (e), (f)		46,043,311		46,043,311

	Principal Amount (000)
Repurchase Agreement—0.5%
State Street Bank and Trust Co.,
3.45%, 10/01/07
(Dated 09/28/07, collateralized by
$880,000 United States Treasury
Note, 4.875%, 06/30/12, with a
value of $913,000)
Proceeds of $894,257	$	894		894,000
Total Short-Term Investments
(Identified cost $46,937,311)				46,937,311
Total Investments—124.7%
(Identified cost $214,328,249) (b)			$	223,998,570
Liabilities in Excess of Cash and
Other Assets—(24.7)%				(44,379,152	)
Net Assets—100.0%			$	179,619,418

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard U.S. Small Cap Equity Growth Portfolio
Common Stocks—92.3%
Building & Construction—0.7%
PGT, Inc. (a)		14,180	$	112,447
Commercial Services—8.3%
Broadridge Financial Solutions, Inc.		8,800		166,760
Concur Technologies, Inc. (a)		8,400		264,768
GSI Commerce, Inc. (a)		7,500		199,500
Huron Consulting Group, Inc. (a)		7,600		551,912
World Fuel Services Corp.		4,900		199,969
				1,382,909
Computer Software—4.3%
ANSYS, Inc. (a)		4,400		150,348
Interactive Intelligence, Inc. (a)		10,100		191,900
S1 Corp. (a)		21,550		195,028
Website Pros, Inc. (a)		16,670		174,368
				711,644
Drugs—3.8%
Adams Respiratory Therapeutics, Inc. (a)		9,575		369,021
Emergent Biosolutions, Inc.		29,200		259,296
				628,317
Energy Exploration & Production—1.3%
EXCO Resources, Inc. (a)		13,100		216,674
Energy Services—3.1%
Dril-Quip, Inc. (a)		10,310		508,799
Financial Services—0.8%
HFF, Inc., Class A		12,000		142,440
Health Services—1.0%
Sun Healthcare Group, Inc. (a)		10,500		175,455
Insurance—1.4%
Aspen Insurance Holdings, Ltd.		8,220		229,420
Leisure & Entertainment—5.4%
Life Time Fitness, Inc. (a)		7,410		454,530
LoopNet, Inc. (a)		6,800		139,672
Orient-Express Hotels, Ltd., Class A		4,120		211,232
Panera Bread Co., Class A (a)		2,015		82,212
				887,646
Manufacturing—23.3%
A.S.V., Inc. (a)		9,130		128,094
BE Aerospace, Inc. (a)		12,130		503,759
Gardner Denver, Inc. (a)		12,970		505,830
Gibraltar Industries, Inc.		10,320		190,920
Hubbell, Inc., Class B		6,025		344,148
ICF International, Inc. (a)		7,770		214,297
Kennametal, Inc.		6,725		564,765
Mueller Water Products, Inc.		19,680		243,835
RBC Bearings, Inc. (a)		18,225		698,929
The Toro Co.		3,450		202,964
Trinity Industries, Inc.		7,012		263,230
				3,860,771
Medical Products—7.4%
Barrier Therapeutics, Inc. (a)		21,020		126,961
Dexcom, Inc. (a)		6,130		61,238
Intuitive Surgical, Inc. (a)		740		170,200
Mentor Corp.		6,000		276,300
Sirona Dental Systems, Inc. (a)		7,500		267,525
Wright Medical Group, Inc. (a)		11,840		317,549
				1,219,773
Metals & Mining—5.7%
Century Aluminum Co. (a)		7,450		392,242
Reliance Steel & Aluminum Co.		9,650		545,611
				937,853
Real Estate—1.8%
FelCor Lodging Trust, Inc.		15,060		300,146
Retail—9.7%
Crocs, Inc. (a)		9,420		633,495
Dick’s Sporting Goods, Inc. (a)		6,780		455,277
Urban Outfitters, Inc. (a)		8,730		190,314
Zumiez, Inc. (a)		7,365		326,785
				1,605,871

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard U.S. Small Cap Equity Growth Portfolio (concluded)
Semiconductors & Components—7.4%
AuthenTec, Inc.		32,100	$	321,000
Diodes, Inc. (a)		8,925		286,492
Himax Technologies, Inc. ADR (a)		26,300		106,778
RF Micro Devices, Inc. (a)		23,500		158,155
Smart Modular Technologies (WWH), Inc. (a)		11,800		84,370
Technitrol, Inc.		5,700		153,615
Trident Microsystems, Inc. (a)		7,000		111,230
				1,221,640
Technology Hardware—6.9%
Atheros Communications (a)		5,650		169,331
FormFactor, Inc. (a)		4,650		206,320
MKS Instruments, Inc. (a)		6,960		132,379
Synaptics, Inc. (a)		5,585		266,740
Veeco Instruments, Inc. (a)		9,400		182,172
VeriFone Holdings, Inc. (a)		4,100		181,753
				1,138,695
Total Common Stocks
(Identified cost $13,597,105)				15,280,500

	Principal Amount (000)
Repurchase Agreement—7.9%
State Street Bank and Trust Co.,
3.45%, 10/01/07
(Dated 09/28/07, collateralized by
$1,290,000 United States Treasury
Note, 4.875%, 06/30/12, with a
value of $1,338,375)
Proceeds of $1,312,377
(Identified cost $1,312,000)	$	1,312		1,312,000
Total Investments—100.2%
(Identified cost $14,909,105) (b)			$	16,592,500
Liabilities in Excess of Cash and
Other Assets—(0.2)%				(33,810	)
Net Assets—100.0%			$	16,558,690

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks—96.9%
Argentina—0.7%
Tenaris SA ADR (c)		62,500	$	3,288,750
Belgium—1.8%
InBev NV		86,961		7,860,563
Finland—2.5%
Nokia Oyj		291,000		11,033,120
France—10.9%
Axa (c)		91,724		4,093,371
BNP Paribas (c)		49,400		5,391,306
Gaz de France (c)		172,100		8,918,760
Lafarge SA (c)		25,028		3,867,240
Sanofi-Aventis (c)		135,897		11,476,126
Total SA (c)		177,996		14,433,866
Total France				48,180,669
Germany—12.8%
Adidas AG		74,800		4,893,332
Allianz SE (c)		27,700		6,454,631
Continental AG (c)		50,900		7,020,131
DaimlerChrysler AG		134,400		13,501,909
Deutsche Post AG		264,600		7,676,535
E.ON AG (c)		42,400		7,818,386
Siemens AG		68,188		9,350,187
Total Germany				56,715,111
Greece—1.1%
National Bank of Greece SA		73,050		4,643,794
Ireland—1.7%
Bank of Ireland		176,260		3,258,685
CRH PLC		107,621		4,262,530
Total Ireland				7,521,215
Italy—3.5%
Eni SpA (c)		212,430		7,851,766
UniCredito Italiano SpA		868,267		7,408,832
Total Italy				15,260,598
Japan—15.8%
Canon, Inc.		73,800		4,023,180
Daito Trust Construction Co., Ltd.		146,700		7,066,191
East Japan Railway Co.		643		5,065,061
Hoya Corp.		120,500		4,106,942
Japan Tobacco, Inc.		1,239		6,797,452
JSR Corp.		158,600		3,881,746
Nidec Corp.		72,000		5,026,823
Nomura Holdings, Inc.		256,500		4,295,257
Sumitomo Mitsui Financial Group, Inc.		795		6,186,367
Takeda Pharmaceutical Co., Ltd.		56,700		3,983,272
The Sumitomo Trust and Banking
Co., Ltd.		604,000		4,563,544
THK Co., Ltd.		171,200		3,609,616
Tokyo Gas Co., Ltd.		1,523,000		7,084,337
Yamada Denki Co., Ltd.		40,550		4,008,638
Total Japan				69,698,426
Netherlands—2.7%
Heineken NV		70,800		4,633,670
TNT NV		173,300		7,245,880
Total Netherlands				11,879,550
New Zealand—0.8%
Telecom Corp. of New Zealand, Ltd. (c)		1,107,822		3,741,703
Singapore—2.3%
Singapore Telecommunications, Ltd. (c)		3,724,600		10,086,491
South Korea—0.9%
Kookmin Bank Sponsored ADR (c)		46,500		3,812,535
Spain—1.8%
Banco Bilbao Vizcaya Argentaria SA (c)		339,234		7,931,337
Sweden—1.6%
Telefonaktiebolaget LM Ericsson, B Shares		1,726,200		6,884,467
Switzerland—8.3%
Credit Suisse Group		103,859		6,872,368
Nestle SA		27,776		12,435,241
Novartis AG		243,200		13,375,792
Zurich Financial Services AG		13,400		4,006,120
Total Switzerland				36,689,521

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Turkey—1.9%
Turkcell Iletisim Hizmetleri AS ADR (c)		394,600	$	8,397,088
United Kingdom—25.8%
BAE Systems PLC		929,400		9,344,481
BP PLC		856,048		9,897,587
British American Tobacco PLC		189,900		6,778,357
Diageo PLC		369,242		8,079,430
GlaxoSmithKline PLC		410,850		10,856,470
HSBC Holdings PLC		212,300		3,912,226
Imperial Tobacco Group PLC		139,440		6,366,410
ITV PLC		1,334,700		2,789,950
Lloyds TSB Group PLC		539,500		5,962,887
National Grid PLC		258,427		4,127,806
Old Mutual PLC		1,726,592		5,638,825
Prudential PLC		405,400		6,206,948
Reckitt Benckiser PLC		109,500		6,407,135
Tesco PLC		705,500		6,313,558
Unilever PLC		189,000		5,949,160
Vodafone Group PLC		4,244,283		15,262,104
Total United Kingdom				113,893,334
Total Common Stocks
(Identified cost $359,723,014)				427,518,272
Short-Term Investments—15.2%
Collateral for Securities on Loan—14.4%
State Street Navigator Securities Lending Prime Portfolio, 5.30% (e), (f)		63,704,887		63,704,887
	Principal Amount (000)
Repurchase Agreement—0.8%
State Street Bank and Trust Co., 3.45%, 10/01/07 (Dated 09/28/07, collateralized by $3,425,000 United States Treasury Note, 4.875%, 06/30/12, with a value of $3,553,438) Proceeds of $3,481,001	$	3,480		3,480,000
Total Short-Term Investments
(Identified cost $67,184,887)				67,184,887
Total Investments—112.1%
(Identified cost $426,907,901) (b)			$	494,703,159
Liabilities in Excess of Cash and Other Assets—(12.1)%				(53,258,970	)
Net Assets—100.0%			$	441,444,189

The Lazard Funds, Inc.
Portfolio of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks—98.5%
Argentina—1.1%
Tenaris SA ADR		6,300	$	331,506
Belgium—2.0%
InBev NV		7,000		632,743
Brazil—1.5%
Companhia Vale do Rio Doce ADR		13,950		473,324
Finland—2.3%
Nokia Oyj Sponsored ADR		18,950		718,773
France—10.2%
Axa Sponsored ADR		10,580		471,974
Groupe Danone		4,720		370,532
Sanofi-Aventis ADR		13,160		558,247
Suez SA Sponsored ADR		16,220		948,870
Total SA Sponsored ADR		10,200		826,506
Total France				3,176,129
Germany—10.1%
Adidas AG Sponsored ADR		10,030		326,477
Allianz SE ADR		28,410		661,101
DaimlerChrysler AG		8,990		903,141
Deutsche Post AG		19,870		576,465
Siemens AG		5,070		695,217
Total Germany				3,162,401
Indonesia—1.1%
PT Telekomunikasi Indonesia
Tbk Sponsored ADR		7,150		349,063
Ireland—1.8%
CRH PLC Sponsored ADR		14,200		569,278
Italy—3.3%
Eni SpA Sponsored ADR		8,500		626,960
UniCredito Italiano SpA		46,050		392,940
Total Italy				1,019,900
Japan—7.5%
Canon, Inc. Sponsored ADR		13,525		734,272
Hoya Corp. Sponsored ADR		6,650		226,765
Mitsubishi UFJ Financial Group, Inc. ADR		30,510		277,031
Nissan Motor Co., Ltd.
Sponsored ADR		14,200		284,142
Nomura Holdings, Inc. ADR		26,400		439,560
Sumitomo Mitsui Financial Group,
Inc. ADR		50,650		390,005
Total Japan				2,351,775
Netherlands—5.5%
Heineken NV ADR		20,400		665,040
Royal Dutch Shell PLC, A Shares		14,900		613,663
TNT NV ADR		10,400		435,240
Total Netherlands				1,713,943
Russia—1.0%
Mobile TeleSystems Sponsored ADR		4,470		309,816
Singapore—2.4%
Singapore Telecommunications,
Ltd. ADR		28,200		752,940
South Korea—3.4%
Kookmin Bank		8,440		702,757
Samsung Electronics Co., Ltd.
GDR (d)		1,090		341,987
Total South Korea				1,044,744
Sweden—1.5%
Telefonaktiebolaget LM Ericsson
Sponsored ADR		11,700		465,660
Switzerland—15.8%
Credit Suisse Group Sponsored ADR		9,290		616,206
Julius Baer Holding AG		4,080		304,027
Nestle SA Sponsored ADR		8,050		900,795
Novartis AG ADR		17,800		978,288
Roche Holding AG		5,720		1,033,635
UBS AG		9,140		486,705
Zurich Financial Services AG ADR		20,250		604,462
Total Switzerland				4,924,118
Turkey—2.1%
Turkcell Iletisim Hizmetleri AS ADR		31,400		668,192

The Lazard Funds, Inc.
Portfolio of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
United Kingdom—25.9%
Barclays PLC Sponsored ADR		10,150	$	493,493
BP PLC Sponsored ADR		10,350		717,773
British American Tobacco PLC
Sponsored ADR		9,000		647,820
Cadbury Schweppes PLC
Sponsored ADR		5,750		267,490
Diageo PLC Sponsored ADR		8,800		772,024
GlaxoSmithKline PLC Sponsored ADR		9,200		489,440
HSBC Holdings PLC Sponsored ADR		8,250		763,950
Imperial Tobacco Group PLC ADR		3,300		302,808
Kingfisher PLC		88,320		321,730
Lloyds TSB Group PLC
Sponsored ADR		9,500		422,370
Prudential PLC		35,910		549,806
Reckitt Benckiser PLC		5,685		332,644
Tesco PLC Sponsored ADR		11,700		314,730
Unilever PLC Sponsored ADR		20,250		641,318
Vodafone Group PLC Sponsored ADR		28,800		1,045,440
Total United Kingdom				8,082,836
Total Common Stocks
(Identified cost $26,177,009)				30,747,141
	Principal
	Amount
	(000)
Repurchase Agreement—1.4%
State Street Bank and Trust Co.,
3.45%, 10/01/07
(Dated 09/28/07, collateralized by
$420,000 United States Treasury
Note, 4.875%, 06/30/12, with a
value of $435,750)
Proceeds of $424,122
(Identified cost $424,000)	$	424		424,000
Total Investments—99.9%
(Identified cost $26,601,009) (b)			$	31,171,141
Cash and Other Assets in Excess
of Liabilities—0.1%				27,624
Net Assets—100.0%			$	31,198,765

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks—97.6%
Austria—1.5%
OMV AG		102,810	$	6,847,070
Egypt—4.4%
Eastern Tobacco		108,710		7,782,371
Egyptian Company for Mobile
Services		347,070		11,608,133
Total Egypt				19,390,504
Finland—2.4%
Sampo Oyj, A Shares		354,400		10,790,849
France—8.7%
Axa		212,363		9,477,134
Gaz de France		274,160		14,207,828
Lafarge SA		40,917		6,322,353
Sanofi-Aventis		103,050		8,702,287
Total France				38,709,602
Germany—15.9%
Continental AG		74,780		10,313,661
DaimlerChrysler AG		185,080		18,593,254
Deutsche Post AG		427,470		12,401,695
Hypo Real Estate Holding AG		88,300		5,007,963
Siemens AG		45,230		6,202,102
Symrise AG		413,373		10,934,534
Wincor Nixdorf AG		86,950		7,172,042
Total Germany				70,625,251
Greece—1.6%
OPAP SA		185,620		7,180,239
India—2.2%
Grasim Industries, Ltd.
Sponsored GDR (d)		111,200		9,896,800
Indonesia—1.1%
PT Telekomunikasi Indonesia
Tbk Sponsored ADR		95,700		4,672,074
Ireland—3.5%
Anglo Irish Bank Corp. PLC		308,800		5,823,258
CRH PLC		247,055		9,776,502
Total Ireland				15,599,760
Italy—6.2%
Prysmian SpA		552,620		15,710,305
UniCredito Italiano SpA		1,361,552		11,617,982
Total Italy				27,328,287
Japan—12.3%
Daito Trust Construction Co., Ltd.		261,000		12,571,752
Japan Tobacco, Inc.		1,666		9,140,077
JSR Corp.		426,800		10,445,959
The Sumitomo Trust and Banking
Co., Ltd.		1,052,000		7,948,424
THK Co., Ltd.		378,700		7,984,589
USS Co., Ltd.		95,810		6,289,315
Total Japan				54,380,116
Mexico—0.9%
Kimberly-Clark de Mexico SAB
de CV, Series A		924,500		4,167,358
Netherlands—2.3%
TNT NV		240,757		10,066,337
Spain—2.3%
Banco Bilbao Vizcaya Argentaria SA		428,190		10,011,140
Sweden—1.9%
Telefonaktiebolaget LM Ericsson,
B Shares		2,124,800		8,474,172
Switzerland—10.9%
Julius Baer Holding AG		152,992		11,400,405
Nestle SA		39,680		17,764,629
Novartis AG		240,937		13,251,329
UBS AG		115,480		6,188,194
Total Switzerland				48,604,557
Turkey—2.8%
Asya Katilim Bankasi AS (a)		594,700		4,860,505
Turkcell Iletisim Hizmetleri AS		901,980		7,595,308
Total Turkey				12,455,813
United Kingdom—16.7%
BAE Systems PLC		1,346,025		13,533,360
British American Tobacco PLC		447,518		15,973,864
Cairn Energy PLC (a)		90,499		3,805,562
ITV PLC		2,754,700		5,758,204

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
National Grid PLC		678,033	$	10,830,095
Old Mutual PLC		1,903,060		6,215,146
Tesco PLC		1,338,886		11,981,763
Thomas Cook Group PLC (a)		1,076,620		6,108,759
Total United Kingdom				74,206,753
Total Common Stocks
(Identified cost $381,447,924)				433,406,682
	Principal Amount (000)
Repurchase Agreement—2.4%
State Street Bank and Trust Co.,
3.45%, 10/01/07
(Dated 09/28/07, collateralized by
$10,445,000 United States
Treasury Note, 4.875%, 06/30/12,
with a value of $10,836,688)
Proceeds of $10,626,054
(Identified cost $10,623,000)	$	10,623		10,623,000
Total Investments—100.0%
(Identified cost $392,070,924) (b)			$	444,029,682
Cash and Other Assets in Excess
of Liabilities—0.0%				62,781
Net Assets—100.0%			$	444,092,463

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Small Cap Portfolio
Common Stocks—96.8%
Australia—4.2%
ABC Learning Centres, Ltd. (c)		667,623	$	3,881,642
Fairfax Media, Ltd. (c)		775,706		3,240,097
James Hardie Industries NV (c)		463,100		2,922,020
Macquarie Infrastructure Group		1,122,920		3,100,434
Total Australia				13,144,193
Austria—1.2%
CAT oil AG (a)		141,774		3,619,147
Belgium—1.2%
Telenet Group Holding NV (a)		107,271		3,722,352
Finland—2.6%
KCI Konecranes Oyj		85,400		3,426,148
Sampo Oyj, A Shares (c)		153,500		4,673,802
Total Finland				8,099,950
France—3.2%
Carbone Lorraine SA (c)		59,337		4,594,822
Neopost SA		37,200		5,233,260
Total France				9,828,082
Germany—7.7%
Aareal Bank AG		72,959		3,579,671
Compugroup Holding AG (a)		162,651		3,411,882
Kloeckner & Co. AG		64,938		4,476,279
Pfeiffer Vacuum Technology AG (c)		48,719		4,409,342
SGL Carbon AG (a), (c)		63,400		3,624,604
Symrise AG		166,508		4,404,466
Total Germany				23,906,244
Greece—1.9%
Piraeus Bank SA		163,149		5,814,487
Hong Kong—2.5%
Esprit Holdings, Ltd.		488,865		7,771,598
Ireland—4.5%
Anglo Irish Bank Corp. PLC		267,629		5,046,868
DCC PLC		161,960		4,768,265
Grafton Group PLC Units (a)		355,478		3,967,923
Total Ireland				13,783,056
Italy—1.1%
AICON SpA		688,734		3,526,138
Japan—22.4%
ABC-Mart, Inc. (c)		72,000		1,561,883
Asahi Pretec Corp. (c)		151,000		4,923,271
Chiyoda Corp. (c)		150,700		2,712,246
Creed Corp. (c)		1,287		2,931,739
Daito Trust Construction Co., Ltd.		76,000		3,660,740
Don Quijote Co., Ltd. (c)		109,900		2,269,378
Eizo Nanao Corp. (c)		127,300		4,183,750
Hisamitsu Pharmaceutical Co., Inc. (c)		134,200		3,640,429
Ichiyoshi Securities Co., Ltd. (c)		258,800		2,742,922
Ito En, Ltd. (c)		63,400		1,543,451
JAFCO Co., Ltd. (c)		86,000		3,185,324
JSR Corp. (c)		199,500		4,882,776
K.K. DaVinci Advisors (a), (c)		3,991		2,994,595
Konami Corp. (c)		138,600		3,771,838
Mars Engineering Corp. (c)		145,200		2,663,757
Misumi Group, Inc. (c)		243,100		4,121,593
OSG Corp. (c)		268,200		2,788,916
Secom Techno Service Co., Ltd.		38,900		1,258,166
Suruga Bank, Ltd. (c)		264,700		3,228,919
Sysmex Corp. (c)		81,100		3,123,706
THK Co., Ltd.		180,800		3,812,025
USS Co., Ltd.		48,990		3,215,881
Total Japan				69,217,305
Netherlands—12.3%
Advanced Metallurgical Group NV		111,963		6,098,437
Fugro NV		88,712		7,182,387
Hunter Douglas NV		35,452		3,176,336
Koninklijke Boskalis Westminster NV		123,282		6,199,507
Ordina NV (c)		185,621		3,426,471
SBM Offshore NV (c)		128,408		5,034,705
USG People NV (c)		125,795		3,576,197
Wavin NV		185,318		3,304,915
Total Netherlands				37,998,955
Norway—3.0%
Acergy SA (c)		136,400		4,031,187
Songa Offshore ASA (a), (c)		481,100		5,323,620
Total Norway				9,354,807

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard International Small Cap Portfolio (concluded)
Portugal—0.9%
Banif SGPS SA		408,719	$	2,790,046
Spain—3.0%
Abengoa SA (c)		64,700		2,558,883
Indra Sistemas SA (c)		128,651		3,470,769
Prosegur Compania de Seguridad SA		89,251		3,236,671
Total Spain				9,266,323
Sweden—3.3%
Elekta AB, B Shares (c)		178,900		2,903,749
Getinge AB, B Shares		168,200		4,056,113
KappAhl Holding AB		303,500		3,190,268
Total Sweden				10,150,130
Switzerland—5.0%
Bank Sarasin & Cie AG, B Shares		824		3,611,436
Banque Cantonale Vaudoise		6,808		3,045,009
Burckhardt Compression Holding AG		13,800		3,024,140
Sika AG		1,525		2,960,709
Swissquote Group Holding SA		51,900		2,861,120
Total Switzerland				15,502,414
United Kingdom—16.8%
Ashmore Group PLC (c)		634,042		3,746,117
Ashtead Group PLC		1,107,346		2,346,292
Charter PLC (a)		219,330		5,286,255
Chemring Group PLC		93,346		3,432,719
Enodis PLC		909,096		3,231,994
Enterprise Inns PLC		219,334		2,645,410
Filtrona PLC		673,053		3,133,292
Intertek Group PLC		195,191		3,765,955
Man Group PLC		399,540		4,505,503
Northgate PLC		192,300		3,623,985
Regus Group PLC		1,450,432		3,634,694
Sepura, Ltd.		979,121		3,480,945
Vanco PLC (a), (c)		550,605		1,738,750
Victrex PLC		228,331		3,070,253
William Hill PLC		338,676		4,440,151
Total United Kingdom				52,082,315
Total Common Stocks
(Identified cost $268,376,944)				299,577,542
Preferred Stocks—1.8%
Germany—1.7%
Fuchs Petrolub AG		56,166		5,169,603
Japan—0.1%
Ito En, Ltd. (c)		19,029		378,049
Total Preferred Stocks
(Identified cost $3,879,433)				5,547,652
Short-Term Investments—35.5%
Collateral for Securities on Loan—32.9%
State Street Navigator Securities Lending Prime Portfolio, 5.30% (e), (f)		101,783,735		101,783,735
	Principal Amount (000)
Repurchase Agreement—2.6%
State Street Bank and Trust Co., 3.45%, 10/01/07 (Dated 09/28/07, collateralized by $8,120,000 United States Treasury Note, 4.875%, 06/30/12, with a value of $8,424,500) Proceeds of $8,258,374	$	8,256		8,256,000
Total Short-Term Investments
(Identified cost $110,039,735)				110,039,735
Total Investments—134.1%
(Identified cost $382,296,112) (b)			$	415,164,929
Liabilities in Excess of Cash and Other Assets—(34.1)%				(105,589,371	)
Net Assets—100.0%			$	309,575,558

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio
Common Stocks—83.7%
Argentina—1.9%
Tenaris SA ADR		2,211,200	$	116,353,344
Bahrain—0.5%
Investcorp Bank BSC GDR		411,235		11,206,154
Investcorp Bank BSC GDR (a), (d)		700,149		19,079,060
Total Bahrain				30,285,214
Brazil—6.8%
Brasil Telecom Participacoes SA ADR		634,100		47,316,542
Empresa Brasileira de Aeronautica SA ADR		2,036,800		89,456,256
JHSF Participacoes SA		6,350,900		33,721,898
Petroleo Brasileiro SA ADR		1,291,500		97,508,250
Redecard SA		3,895,842		72,411,846
Souza Cruz SA		2,970,465		76,844,638
Total Brazil				417,259,430
Egypt—4.1%
Eastern Tobacco		779,566		55,807,857
Orascom Construction Industries		1,499,586		125,745,150
Orascom Telecom Holding SAE		5,050,400		65,982,855
Total Egypt				247,535,862
Hungary—0.7%
Richter Gedeon Nyrt. (c)		185,527		39,492,018
India—11.0%
Grasim Industries, Ltd.		850,798		75,050,002
Hero Honda Motors, Ltd.		3,346,995		62,248,773
Hindustan Unilever, Ltd.		17,299,061		95,726,029
Oil and Natural Gas Corp., Ltd.		4,775,648		116,372,526
Punjab National Bank, Ltd.		3,647,870		49,800,898
Satyam Computer Services, Ltd.		8,577,825		96,202,522
State Bank of India		3,529,453		173,343,773
Total India				668,744,523
Indonesia—3.7%
PT Astra International Tbk		38,622,000		81,298,360
PT Bank Mandiri Tbk		115,394,500		44,479,564
PT Telekomunikasi Indonesia Tbk Sponsored ADR (c)		1,053,823		51,447,639
PT United Tractors Tbk		53,945,900		48,371,392
Total Indonesia				225,596,955
Israel—2.7%
Bank Hapoalim BM		20,644,647		105,342,940
Israel Chemicals, Ltd.		6,668,332		61,114,620
Total Israel				166,457,560
Malaysia—0.4%
British American Tobacco
Malaysia Berhad		1,305,700		15,806,346
PLUS Expressways Berhad		6,630,200		6,187,538
Total Malaysia				21,993,884
Mexico—4.9%
Cemex SAB de CV Sponsored ADR (a), (c)		3,089,465		92,436,793
Desarrolladora Homex SA de CV ADR (a), (c)		1,765,116		97,963,938
Fomento Economico Mexicano SAB de CV Sponsored ADR		867,000		32,425,800
Grupo Televisa SA Sponsored ADR (c)		2,007,400		48,518,858
Kimberly-Clark de Mexico SAB de CV, Series A (c)		6,602,865		29,763,661
Total Mexico				301,109,050
Philippines—2.5%
Philippine Long Distance Telephone Co. Sponsored ADR (c)		2,388,200		153,656,788
Russia—4.1%
Evraz Group SA GDR		827,100		52,355,430
Mobile TeleSystems Sponsored ADR		1,787,400		123,884,694
TNK-BP Holding		21,129,385		43,315,239
Vsmpo-Avisma Corp.		112,800		32,486,400
Total Russia				252,041,763
South Africa—11.3%
Aquarius Platinum, Ltd.		3,717,648		130,275,298
Imperial Holdings, Ltd.		6,147,973		114,994,529
Kumba Iron Ore, Ltd.		3,652,333		119,683,512
Murray & Roberts Holdings, Ltd.		3,301,368		43,014,598
Naspers, Ltd., N Shares		2,739,347		75,871,978
Nedbank Group, Ltd.		802,809		14,551,659

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio (continued)
Pretoria Portland Cement Co., Ltd.		6,951,490	$	48,179,392
Sanlam, Ltd.		11,083,994		35,790,850
Steinhoff International Holdings, Ltd. (a)		15,780,272		44,617,436
Truworths International, Ltd.		13,026,954		59,706,676
Total South Africa				686,685,928
South Korea—13.9%
Amorepacific Corp.		50,802		37,914,840
GS Engineering & Construction Corp.		241,622		41,979,892
Hite Brewery Co., Ltd.		558,265		78,083,287
Kangwon Land, Inc.		1,626,520		47,987,805
Kookmin Bank		2,604,786		216,887,607
Samsung Electronics Co., Ltd.		259,846		163,264,438
Shinhan Financial Group Co., Ltd.		2,434,190		159,060,877
SK Telecom Co., Ltd.		98,726		22,654,712
SK Telecom Co., Ltd. ADR (c)		507,800		15,081,660
Woongjin Coway Co., Ltd.		2,016,670		66,219,673
Total South Korea				849,134,791
Sweden—2.4%
Oriflame Cosmetics SA SDR		2,426,550		146,664,665
Taiwan—6.9%
Advantech Co., Ltd.		13,112,759		38,854,107
Chinatrust Financial Holding Co., Ltd.		106,714,512		78,315,078
Fubon Financial Holding Co., Ltd.		72,165,000		61,584,043
Hon Hai Precision Industry Co., Ltd.		15,366,690		115,832,871
Novatek Microelectronics Corp., Ltd.		10,834,547		47,142,812
Taiwan Semiconductor Manufacturing Co., Ltd.		41,296,918		80,480,588
Total Taiwan				422,209,499
Thailand—0.9%
Kasikornbank PCL		22,610,100		54,422,560
Turkey—5.0%
Ford Otomotiv Sanayi AS		3,428,674		36,231,344
Turkcell Iletisim Hizmetleri AS (c)		15,688,786		132,110,639
Turkcell Iletisim Hizmetleri AS ADR (c)		3,641,017		77,480,842

Turkiye Is Bankasi, C Shares (c)		9,873,078	59,500,924
Total Turkey			305,323,749
Total Common Stocks
(Identified cost $4,032,799,626)			5,104,967,583
Preferred Stocks—8.7%
Brazil—8.7%
AES Tiete SA		1,379,800,546	47,843,084
Bradespar SA		163,842	9,322,966
Companhia Energetica de Minas Gerais		2,705,100	57,336,359
Companhia Vale do Rio Doce, A Shares		9,542,812	270,725,427
Iochpe Maxion SA		2,540,220	42,590,102
Klabin SA		14,456,430	54,997,288
Tam SA Sponsored ADR (c)		1,884,780	51,642,972
Total Brazil			534,458,198
Total Preferred Stocks
(Identified cost $327,659,660)			534,458,198
Short-Term Investments—11.0%
Collateral for Securities on Loan— 4.5%
State Street Navigator Securities Lending Prime Portfolio, 5.30% (e), (f)		275,967,426	275,967,426
	Principal Amount (000)
Repurchase Agreement—6.5%
State Street Bank and Trust Co., 3.45%, 10/01/07 (Dated 09/28/07, collateralized by $337,660,000 United States Treasury Bonds and Note, 4.875%- 8.875%, 06/30/12-08/15/17, with a value of $401,073,250) Proceeds of $393,322,048	$	393,209	393,209,000
Total Short-Term Investments
(Identified cost $669,176,426)			669,176,426

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Lazard Emerging Markets Portfolio (concluded)
Total Investments—103.4%
(Identified cost $5,029,635,712) (b)	$	6,308,602,207
Liabilities in Excess of Cash and
Other Assets—(3.4)%		(208,626,002	)
Net Assets—100.0%	$	6,099,976,205

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio
Corporate Bonds—96.2%
Aerospace & Defense—1.9%
Sequa Corp.,
8.875%, 04/01/08	$	1,300	$	1,316,250
Automotive—5.4%
ArvinMeritor, Inc.,
8.125%, 09/15/15 (c)		550		536,250
Ford Motor Co.,
7.45%, 07/16/31 (c)		425		337,875
Ford Motor Credit Co.,
7.00%, 10/01/13		1,725		1,569,738
General Motors Acceptance
Corp.,
6.75%, 12/01/14 (c)		1,325		1,213,662
Venture Holdings Co. LLC,
12.00%, 06/01/09 (a), (h)		2,840		284
				3,657,809
Building & Construction—1.5%
KB Home,
7.75%, 02/01/10		1,060		1,009,650
Building Materials—2.1%
Goodman Global Holding Co., Inc.,
7.875%, 12/15/12		390		386,100
Legrand SA,
8.50%, 02/15/25 (c)		925		1,077,625
				1,463,725
Cable Television—7.6%
Cablevision Systems Corp.,
8.00%, 04/15/12 (c)		725		705,968
Charter Communications
Holdings LLC,
11.00%, 10/01/15		684		692,550
DirecTV Holdings LLC:
6.375%, 06/15/15		400		380,500
8.375%, 03/15/13		450		468,000
EchoStar DBS Corp.:
5.75%, 10/01/08 (c)		50		49,875
6.625%, 10/01/14 (c)		810		818,100
Mediacom Broadband LLC,
8.50%, 10/15/15		725		725,000
Rogers Cable, Inc.,
6.25%, 06/15/13 (c)		405		406,519
Shaw Communications, Inc.,
7.25%, 04/06/11 (c)		900		922,500
				5,169,012
Chemicals—5.6%
ARCO Chemical Co.,
9.80%, 02/01/20		535		529,650
Lyondell Chemical Co.,
8.00%, 09/15/14		500		548,750
Momentive Performance Materials, Inc.:
9.75%, 12/01/14 (d)		275		271,562
11.50%, 12/01/16 (c), (d)		250		246,875
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28		775		736,250
NOVA Chemicals Corp.,
6.50%, 01/15/12 (c)		687		649,215
Tronox Worldwide LLC,
9.50%, 12/01/12		800		798,000
				3,780,302
Computer Services—1.3%
SunGard Data Systems, Inc.,
10.25%, 08/15/15 (c)		824		861,080
Diversified—2.4%
Leucadia National Corp.,
7.00%, 08/15/13		950		909,625
The Greenbrier Cos., Inc.,
8.375%, 05/15/15		700		700,000
				1,609,625
Drugs—0.7%
Elan Finance PLC,
7.75%, 11/15/11		500		491,875
Electric Generation—4.6%
Caithness Coso Funding Corp.,
6.263%, 06/15/14 (d)		663		701,673
Edison Mission Energy:
7.00%, 05/15/17 (d)		200		197,000
7.50%, 06/15/13		675		694,406
Reliant Energy, Inc.,
6.75%, 12/15/14		825		837,375

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio (continued)
The AES Corp.,
9.50%, 06/01/09	$	710	$	738,400
				3,168,854
Electronics—1.8%
Freescale Semiconductor, Inc.:
8.875%, 12/15/14 (c)		225		217,406
10.125%, 12/15/16 (c)		375		348,750
NXP BV,
7.875%, 10/15/14 (c)		700		673,750
				1,239,906
Energy Exploration &
Production—5.0%
Chesapeake Energy Corp.,
6.375%, 06/15/15 (c)		925		908,812
Compagnie Generale de
Geophysique,
7.50%, 05/15/15 (c)		750		768,750
OPTI Canada, Inc.,
8.25%, 12/15/14 (d)		525		530,250
PetroHawk Energy Corp.,
9.125%, 07/15/13		425		449,438
Pogo Producing Co.,
6.875%, 10/01/17		250		251,563
Seitel, Inc.,
9.75%, 02/15/14		525		496,125
				3,404,938
Energy Integrated—0.7%
Verasun Energy Corp.,
9.875%, 12/15/12 (c)		500		505,000
Environmental—1.0%
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35		775		705,250
Financial Services—0.0%
Finance One PLC,
0.00%, 01/03/08 (a), (h), (i)		20,000		0
Morgan Guarantee Trust,
0.00%, 01/03/08 (a), (h), (i)		10,569		0
				0
Food & Beverages—2.9%
Constellation Brands, Inc.,
7.25%, 09/01/16 (c)		725		736,781
Dean Foods Co.,
7.00%, 06/01/16 (c)		800		760,000
NBTY, Inc.,
7.125%, 10/01/15		475		478,563
				1,975,344
Forest & Paper Products—4.2%
Bowater Canada Finance,
7.95%, 11/15/11 (c)		650		533,000
Georgia-Pacific Corp.:
8.125%, 05/15/11 (c)		300		303,750
9.50%, 12/01/11		500		527,500
Smurfit Capital Funding PLC,
7.50%, 11/20/25		1,600		1,502,000
				2,866,250
Gaming—3.4%
Majestic Star Casino LLC:
9.50%, 10/15/10		250		242,500
9.75%, 01/15/11		100		84,250
Mandalay Resorts Group,
9.375%, 02/15/10 (c)		1,035		1,086,750
Wheeling Island Gaming, Inc.,
10.125%, 12/15/09		405		407,531
Wynn Las Vegas LLC,
6.625%, 12/01/14		500		491,250
				2,312,281
Gas Distribution—3.2%
Ferrellgas Partners LP,
8.75%, 06/15/12		684		702,810
MarkWest Energy Partners LP,
8.50%, 07/15/16		650		641,875
The Williams Cos., Inc.,
8.75%, 03/15/32		710		817,388
				2,162,073

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio (continued)
Health Services—6.0%
Fresenius Medical Capital Trust,
7.875%, 02/01/08	$	1,120	$	1,122,800
HCA, Inc.,
9.25%, 11/15/16 (d)		675		718,875
HealthSouth Corp.,
10.75%, 06/15/16 (c)		350		368,375
Senior Housing Properties Trust,
7.875%, 04/15/15		179		183,923
Service Corp. International,
6.75%, 04/01/16		750		726,562
Tenet Healthcare Corp.,
7.375%, 02/01/13 (c)		500		423,750
The Cooper Cos., Inc.,
7.125%, 02/15/15		525		513,187
				4,057,472
Hotels—1.3%
Host Marriott LP,
7.125%, 11/01/13 (c)		850		854,250
Leisure & Entertainment—1.0%
Royal Caribbean Cruises, Ltd.:
7.25%, 06/15/16 (c)		300		297,696
8.00%, 05/15/10 (c)		400		410,500
				708,196
Machinery—0.5%
Case New Holland, Inc.,
6.00%, 06/01/09		325		321,750
Media—2.1%
CanWest Media, Inc.,
8.00%, 09/15/12 (c)		911		897,012
Interpublic Group of Cos., Inc.,
6.25%, 11/15/14		600		540,000
				1,437,012
Metals & Mining—4.8%
Arch Western Finance LLC,
6.75%, 07/01/13		1,000		987,500
Century Aluminum Co.,
7.50%, 08/15/14		225		226,688
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/15		650		700,375
8.375%, 04/01/17 (c)		100		109,250
Massey Energy Co.,
6.875%, 12/15/13 (c)		800		748,000
Peabody Energy Corp.,
6.875%, 03/15/13		500		506,250
				3,278,063
Packaging—1.1%
Owens-Brockway Glass
Container, Inc.,
8.75%, 11/15/12 (c)		725		758,531
Printing & Publishing—3.4%
Dex Media East LLC,
12.125%, 11/15/12 (c)		195		208,406
Idearc, Inc.,
8.00%, 11/15/16		725		726,813
Phoenix Color Corp.,
13.00%, 02/01/09		515		515,000
R.H. Donnelley Corp.:
8.875%, 01/15/16 (c)		400		407,500
10.875%, 12/15/12		440		469,110
				2,326,829
Real Estate—1.9%
AMR Real Estate Partners:
7.125%, 02/15/13 (c)		500		476,250
8.125%, 06/01/12		350		347,813
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		446,500
				1,270,563
Retail—4.0%
Saks, Inc.,
9.875%, 10/01/11		1,225		1,304,625
Stater Brothers Holdings, Inc.,
8.125%, 06/15/12 (c)		725		738,594
The Neiman Marcus Group, Inc.,
10.375%, 10/15/15 (c)		600		652,500
				2,695,719
Support Services—2.1%
Avis Budget Car Rental LLC:
7.625%, 05/15/14		640		628,800
7.75%, 05/15/16 (c)		110		108,075

The Lazard Funds, Inc.
Portfolios of Investments (continued)
September 30, 2007 (unaudited)

Description	Principal Amount (000)		Value
Lazard High Yield Portfolio (concluded)
Hertz Corp.,
8.875%, 01/01/14 (c)	$	650	$	672,750
				1,409,625
Telecommunications—10.4%
Citizens Communications Co.,
6.25%, 01/15/13		1,000		980,000
Intelsat Bermuda, Ltd.,
11.25%, 06/15/16 (c)		350		375,375
Intelsat Subsidiary Holding Co.,
Ltd.,
8.25%, 01/15/13		800		810,000
Level 3 Financing, Inc.,
9.25%, 11/01/14		850		837,250
Nortel Networks, Ltd.,
10.75%, 07/15/16 (c), (d)		375		392,813
PanAmSat Corp.,
9.00%, 08/15/14		846		868,207
Qwest Corp.,
7.875%, 09/01/11		800		842,000
Rogers Wireless
Communications, Inc.,
9.625%, 05/01/11		1,000		1,110,000
Windstream Corp.:
7.00%, 03/15/19 (c)		375		366,563
8.625%, 08/01/16 (c)		475		511,812
				7,094,020
Transportation—2.3%
Kansas City Southern Railway
Co.,
7.50%, 06/15/09		610		617,625
Stena AB,
7.50%, 11/01/13		975		964,031
				1,581,656
Total Corporate Bonds
(Identified cost $68,285,614)				65,492,910
	Shares
Preferred Stock—0.0%
Broadcasting—0.0%
ION Media Networks, Inc.,
14.25%, 11/15/07
(Identified cost $1,551)		4		27,200
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
Total Warrants
(Identified cost $64,841)				10
Short-Term Investments—25.8%
Collateral for Securities on Loan—
24.1%
State Street Navigator Securities
Lending Prime Portfolio,
5.30% (e), (f)		16,461,968		16,461,968
	Principal Amount (000)
Repurchase Agreement—1.7%
State Street Bank and Trust Co.,
3.45%, 10/01/07
(Dated 09/28/07, collateralized by
$1,125,000 United States Treasury
Note, 4.875%, 06/30/12, with a
value of $1,167,188)
Proceeds of $1,142,328	$	1,142		1,142,000
Total Short-Term Investments
(Identified cost $17,603,968)				17,603,968
Total Investments—122.0%
(Identified cost $85,955,974) (b)			$	83,124,088
Liabilities in Excess of Cash and
Other Assets—(22.0)%				(15,016,586	)
Net Assets—100.0%			$	68,107,502

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (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) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
U.S. Equity Value	$	9,658,239	$	558,916	$	438,556	$	120,360
U.S. Strategic Equity		113,802,064		12,225,445		5,773,714		6,451,731
Mid Cap		478,603,937		39,246,201		28,279,979		10,966,222
Small Cap		214,328,249		22,649,201		12,978,880		9,670,321
U.S. Small Cap Equity Growth		14,909,105		2,536,068		852,673		1,683,395
International Equity		426,907,901		77,514,798		9,719,540		67,795,258
International Equity Select		26,601,009		5,273,670		703,538		4,570,132
International Strategic Equity		392,070,924		62,914,805		10,956,047		51,958,758
International Small Cap		382,296,112		53,040,116		20,171,299		32,868,817
Emerging Markets		5,029,635,712		1,314,945,938		35,979,443		1,278,966,495
High Yield		85,955,974		1,349,633		4,181,519		(2,831,886	)

(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.” At September 30, 2007, these securities amounted to 1.1%, 2.2%, 0.3% and 4.5% of net assets of Lazard International Equity Select Portfolio, Lazard International Strategic Equity Portfolio, Lazard Emerging Markets Portfolio and Lazard High Yield Portfolio, respectively, and are considered to be liquid.
(e)	Rate shown reflects 7 day yield as of September 30, 2007.
(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; principal amount denominated in respective country’s currency.

Security Abbreviations:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

SDR — Swedish Depositary Receipt

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2007 (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 Strategic Equity Portfolio			Lazard International Small Cap Portfolio			Lazard Emerging Markets Portfolio
Industry
Agriculture		—	%		—	%		—	%		—	%		1.0	%
Alcohol & Tobacco		9.3			9.7			7.4			—			3.7
Automotive		4.6			3.8			6.5			—			2.9
Banking		12.3			11.7			9.1			7.6			13.1
Building & Construction		3.4			1.8			8.7			6.9			8.6
Cable Television		—			—			—			—			1.2
Chemicals		0.9			—			4.8			8.6			—
Commercial Services		—			—			1.4			14.3			—
Consumer Products		1.5			1.1			—			2.2			6.4
Drugs		9.0			9.8			4.9			1.2			0.6
Electric		2.7			3.0			2.4			—			1.7
Energy Exploration & Production		—			—			0.9			—			1.9
Energy Integrated		7.3			8.9			1.5			1.7			2.3
Energy Services		0.7			1.1			—			8.1			1.9
Financial Services		3.6			5.3			6.5			6.5			5.9
Food & Beverages		4.2			7.0			4.0			0.6			0.5
Forest & Paper Products		—			—			0.9			—			1.4
Gas Utilities		3.6			—			3.2			—			—
Health Services		—			—			—			1.1			—
Insurance		4.7			7.3			4.6			1.5			—
Leisure & Entertainment		0.6			—			4.3			5.4			1.6
Manufacturing		5.1			2.2			9.8			15.9			3.0
Medical Products		—			—			—			3.3			—
Metals & Mining		—			1.5			—			—			10.1
Real Estate		—			—			—			1.9			0.6
Retail		3.4			3.1			2.7			4.3			1.0
Semiconductors & Components		1.8			4.2			—			—			5.4
Technology		1.1			—			1.6			2.8			1.6
Technology Hardware		4.1			3.8			1.9			2.5			1.9
Telecommunications		8.5			10.0			5.4			1.2			11.3
Transportation		4.5			3.2			5.1			1.0			2.8
Subtotal		96.9			98.5			97.6			98.6			92.4
Collateral for Securities on Loan		14.4			—			—			32.9			4.5
Repurchase Agreements		0.8			1.4			2.4			2.6			6.5
Total Investments		112.1	%		99.9	%		100.0	%		134.1	%		103.4	%

The Lazard Funds, Inc.

Portfolios of Investments (concluded)

September 30, 2007 (unaudited)

Valuation of Investments—Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. exchanges or markets are generally based on the last reported sales 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. The Fund values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. 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; securities listed on foreign exchanges that are not traded on the valuation date are valued at the last quoted bid price.

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.

If a significant event materially affecting the value of securities occurs 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, or when current market quotations otherwise are determined not to be readily available or reliable, such securities will be valued at their fair values as determined by, or in accordance with procedures approved by, the Board of Directors. The Valuation Committee of Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”) and a wholly-owned subsidiary of Lazard Frères & Co. LLC, may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. 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. Fair valuing 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.

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:	November 28, 2007

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, 2007

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 28, 2007