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:	3/31/2008

FORM N-Q

Item 1.                Schedule of Investments.

The Lazard Funds, Inc.
Portfolios of Investments
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks—98.2%
Alcohol & Tobacco—1.7%
Altria Group, Inc.	600	$	13,320
Anheuser-Busch Cos, Inc.	1,200		56,940
Philip Morris International, Inc. (a)	600		30,348
Reynolds American, Inc.	1,000		59,030
			159,638
Automotive—1.0%
The Goodyear Tire & Rubber Co. (a)	3,570		92,106
Banking—7.1%
Bank of America Corp.	7,211		273,369
Bank of New York Mellon Corp.	3,374		140,797
Huntington Bancshares, Inc.	7,520		80,840
SunTrust Banks, Inc.	1,165		64,238
Wachovia Corp.	1,747		47,169
Wells Fargo & Co.	2,580		75,078
			681,491
Cable Television—1.7%
Comcast Corp., Class A	8,430		159,917
Chemicals—1.9%
Cytec Industries, Inc.	1,100		59,235
The Dow Chemical Co.	3,220		118,657
			177,892
Computer Software—2.2%
Microsoft Corp.	4,020		114,088
Oracle Corp. (a)	2,500		48,900
Sybase, Inc. (a)	1,790		47,077
			210,065
Consumer Products—1.6%
Mattel, Inc.	2,800		55,720
The Procter & Gamble Co.	1,385		97,047
			152,767
Drugs—6.1%
Merck & Co., Inc.	3,000		113,850
Pfizer, Inc.	14,894		311,732
Wyeth	3,740		156,182
			581,764
Electric—5.7%
CenterPoint Energy, Inc.	4,000		57,080
Entergy Corp.	950		103,626
Exelon Corp.	1,360		110,527
FirstEnergy Corp.	1,000		68,620
PG&E Corp.	2,200		81,004
SCANA Corp.	2,000		73,160
Wisconsin Energy Corp.	1,060		46,630
			540,647
Energy Exploration & Production—3.7%
Anadarko Petroleum Corp.	1,100		69,333
Apache Corp.	660		79,741
Devon Energy Corp.	855		89,202
Newfield Exploration Co. (a)	1,170		61,834
Occidental Petroleum Corp.	680		49,756
			349,866
Energy Integrated—12.0%
Chevron Corp.	3,611		308,235
ConocoPhillips	2,750		209,578
Exxon Mobil Corp.	6,556		554,506
Marathon Oil Corp.	1,520		69,312
			1,141,631
Financial Services—10.7%
Capital One Financial Corp.	2,100		103,362
Citigroup, Inc.	10,720		229,622
Franklin Resources, Inc.	500		48,495
JPMorgan Chase & Co.	4,876		209,424
Legg Mason, Inc.	800		44,784
Lehman Brothers Holdings, Inc.	3,000		112,920
Morgan Stanley	2,650		121,105
Prudential Financial, Inc.	750		58,688
The Goldman Sachs Group, Inc.	300		49,617
Visa, Inc.	700		43,652
			1,021,669
Food & Beverages—1.3%
Kraft Foods, Inc., Class A	2,304		71,447
Pilgrim's Pride Corp.	2,700		54,621
			126,068
Forest & Paper Products—1.7%
Ball Corp.	970		44,562
Kimberly-Clark Corp.	1,079		69,649

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (continued)
Pactiv Corp. (a)	1,800	$	47,178
			161,389
Gas Utilities—0.5%
Dynegy, Inc., Class A (a)	6,070		47,892
Health Services—2.3%
Aetna, Inc.	1,500		63,135
Community Health Systems, Inc.
(a)	2,600		87,282
WellPoint, Inc. (a)	1,650		72,814
			223,231
Insurance—7.9%
American International Group,
Inc.	2,900		125,425
Lincoln National Corp.	2,081		108,212
MetLife, Inc.	1,020		61,465
The Allstate Corp.	2,480		119,189
The Hartford Financial Services
Group, Inc.	1,700		128,809
The Travelers Cos., Inc.	2,715		129,913
Willis Group Holdings, Ltd.	2,300		77,303
			750,316
Leisure & Entertainment—4.2%
Brinker International, Inc.	3,400		63,070
Cinemark Holdings, Inc.	6,000		76,740
News Corp., Class A	4,641		87,019
Time Warner, Inc.	12,700		178,054
			404,883
Manufacturing—9.0%
Dover Corp.	2,400		100,272
Energizer Holdings, Inc. (a)	500		45,240
General Dynamics Corp.	700		58,359
General Electric Co.	10,575		391,381
PACCAR, Inc.	1,300		58,500
Textron, Inc.	900		49,878
The Boeing Co.	1,400		104,118
United Technologies Corp.	750		51,615
			859,363
Medical Products—3.7%
Boston Scientific Corp. (a)	6,260		80,566
Johnson & Johnson	3,405		220,883
Medtronic, Inc.	1,000		48,370
			349,819
Metals & Mining—0.4%
Newmont Mining Corp.	900		40,770
Real Estate—0.8%
CBL & Associates Properties, Inc.
REIT	3,400		80,002
Retail—0.4%
J.C. Penney Co., Inc.	1,000		37,710
Semiconductors & Components—2.0%
Analog Devices, Inc.	1,700		50,184
Flextronics International, Ltd. (a)	4,810		45,166
Intel Corp.	2,500		52,950
Texas Instruments, Inc.	1,700		48,059
			196,359
Technology—1.0%
International Business Machines Corp.	860		99,020
Technology Hardware—2.6%
Brocade Communications Systems, Inc. (a)	8,700		63,510
Cisco Systems, Inc. (a)	2,000		48,180
Dell, Inc. (a)	3,300		65,736
Motorola, Inc.	7,640		71,052
			248,478
Telecommunications—5.0%
AT&T, Inc.	9,630		368,829
Verizon Communications, Inc.	2,959		107,855
			476,684
Total Common Stocks
(Identified cost $10,384,310)			9,371,437

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Lazard U.S. Equity Value Portfolio (concluded)
		Principal
		Amount
Description		(000)	Value
Repurchase Agreement—1.4%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$120,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $138,529)
Proceeds of $131,003
(Identified cost $131,000)	$	131	$	131,000
Total Investments—99.6%
(Identified cost $10,515,310) (b)			$	9,502,437
Cash and Other Assets in Excess
of Liabilities—0.4%				40,711
Net Assets—100.0%			$	9,543,148

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks—95.9%
Alcohol & Tobacco—3.9%
Altria Group, Inc.	18,900	$	419,580
Molson Coors Brewing Co., Class B	8,900		467,873
Philip Morris International, Inc. (a)	18,900		955,962
Reynolds American, Inc.	27,800		1,641,034
			3,484,449
Banking—4.0%
Bank of America Corp.	22,114		838,342
Bank of New York Mellon Corp.	53,100		2,215,863
Huntington Bancshares, Inc.	49,500		532,125
			3,586,330
Cable Television—2.3%
Comcast Corp., Class A	106,400		2,018,408
Chemicals—1.5%
The Dow Chemical Co.	36,500		1,345,025
Commercial Services—0.0%
R.H. Donnelley Corp. (a)	1		5
Computer Software—5.5%
Microsoft Corp.	147,935		4,198,395
Oracle Corp. (a)	39,400		770,664
			4,969,059
Drugs—5.5%
Barr Pharmaceuticals, Inc. (a)	26,100		1,260,891
Merck & Co., Inc.	20,000		759,000
Wyeth	69,900		2,919,024
			4,938,915
Electric—1.0%
American Electric Power Co., Inc.	21,100		878,393
Energy Integrated—8.7%
Chevron Corp.	18,500		1,579,160
ConocoPhillips	25,300		1,928,113
Exxon Mobil Corp.	24,200		2,046,836
Marathon Oil Corp.	9,500		433,200
Massey Energy Co.	38,700		1,412,550
Valero Energy Corp.	9,300		456,723
			7,856,582
Energy Services—1.5%
BJ Services Co.	48,270		1,376,178
Financial Services—4.7%
Citigroup, Inc.	69,422		1,487,019
JPMorgan Chase & Co.	44,591		1,915,184
Lehman Brothers Holdings, Inc.	11,600		436,624
Visa, Inc.	6,800		424,048
			4,262,875
Food & Beverages—4.6%
Coca-Cola Enterprises, Inc.	52,400		1,268,080
Kraft Foods, Inc., Class A	49,553		1,536,638
Smithfield Foods, Inc. (a)	33,800		870,688
The Hershey Co.	12,700		478,409
			4,153,815
Forest & Paper Products—3.6%
Ball Corp.	25,815		1,185,941
Kimberly-Clark Corp.	25,280		1,631,824
Louisiana-Pacific Corp.	44,240		406,123
			3,223,888
Housing—2.1%
Centex Corp.	17,200		416,412
D.R. Horton, Inc.	37,100		584,325
Masco Corp.	45,700		906,231
			1,906,968
Insurance—4.2%
Lincoln National Corp.	8,900		462,800
Marsh & McLennan Cos., Inc.	43,300		1,054,355
PartnerRe, Ltd.	11,800		900,340
The Allstate Corp.	27,800		1,336,068
			3,753,563
Leisure & Entertainment—3.5%
Brinker International, Inc.	54,400		1,009,120
News Corp., Class A	51,880		972,750
Time Warner, Inc.	83,700		1,173,474
			3,155,344
Manufacturing—7.6%
Dover Corp.	29,500		1,232,510

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description		Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Honeywell International, Inc.		15,293	$	862,831
Parker Hannifin Corp.		6,600		457,182
Pitney Bowes, Inc.		41,300		1,446,326
Textron, Inc.		20,500		1,136,110
The Boeing Co.		10,900		810,633
United Technologies Corp.		12,980		893,284
				6,838,876
Medical Products—6.7%
Boston Scientific Corp. (a)		113,600		1,462,032
Johnson & Johnson		69,760		4,525,331
				5,987,363
Metals & Mining—1.1%
Newmont Mining Corp.		21,800		987,540
Real Estate—2.1%
CBL & Associates Properties, Inc. REIT		28,400		668,252
Public Storage REIT		13,700		1,214,094
				1,882,346
Retail—10.0%
CVS Caremark Corp.		43,700		1,770,287
Foot Locker, Inc.		65,400		769,758
J.C. Penney Co., Inc.		30,200		1,138,842
Liz Claiborne, Inc.		65,605		1,190,731
The Home Depot, Inc.		17,200		481,084
The Kroger Co.		36,300		922,020
Wal-Mart Stores, Inc.		51,700		2,723,556
				8,996,278
Semiconductors & Components—4.5%
Analog Devices, Inc.		21,800		643,536
Flextronics International, Ltd. (a)		128,400		1,205,676
Intel Corp.		101,500		2,149,770
				3,998,982
Technology—1.8%
International Business Machines Corp.		13,690		1,576,267
Technology Hardware—3.9%
Cisco Systems, Inc. (a)		43,255		1,042,013
Dell, Inc. (a)		60,700		1,209,144
Motorola, Inc.		47,300		439,890
Sun Microsystems, Inc. (a)		53,525		831,243
				3,522,290
Telecommunications—1.6%
Verizon Communications, Inc.		40,300		1,468,935
Total Common Stocks
(Identified cost $91,987,475)				86,168,674
	Principal
	Amount
Description	(000)		Value
Repurchase Agreement—5.9%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$4,710,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $5,437,279)
Proceeds of $5,326,118
(Identified cost $5,326,000)	$	5,326		5,326,000
Total Investments—101.8%
(Identified cost $97,313,475) (b)			$	91,494,674
Liabilities in Excess of Cash and Other Assets—(1.8)%				(1,607,482	)
Net Assets—100.0%			$	89,887,192

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard Mid Cap Portfolio
Common Stocks—94.8%
Alcohol & Tobacco—2.1%
Molson Coors Brewing Co., Class B	136,900	$	7,196,833
Banking—3.6%
Hudson City Bancorp, Inc.	224,000		3,960,320
Huntington Bancshares, Inc.	288,000		3,096,000
Marshall & Ilsley Corp.	147,198		3,414,994
People's United Financial, Inc.	105,400		1,824,474
			12,295,788
Chemicals—1.3%
RPM International, Inc.	206,700		4,328,298
Commercial Services—4.0%
Cintas Corp.	174,400		4,977,376
NeuStar, Inc., Class A (a)	203,700		5,393,976
WESCO International, Inc. (a)	94,100		3,433,709
			13,805,061
Computer Software—1.1%
Sybase, Inc. (a)	146,600		3,855,580
Drugs—4.5%
Barr Pharmaceuticals, Inc. (a)	144,100		6,961,471
Forest Laboratories, Inc. (a)	44,100		1,764,441
Warner Chilcott, Ltd. (a)	373,900		6,730,200
			15,456,112
Electric—2.2%
American Electric Power Co., Inc.	103,700		4,317,031
Wisconsin Energy Corp.	72,400		3,184,876
			7,501,907
Energy—1.4%
Covanta Holding Corp. (a)	176,500		4,853,750
Energy Integrated—3.7%
Foundation Coal Holdings, Inc.	69,400		3,492,902
Massey Energy Co.	164,000		5,986,000
Sunoco, Inc.	63,900		3,352,833
			12,831,735
Energy Services—7.0%
BJ Services Co.	209,600		5,975,696
Exterran Holdings, Inc. (a)	36,100		2,329,894
Patterson-UTI Energy, Inc.	228,300		5,976,894
Pride International, Inc. (a)	186,800		6,528,660
The Williams Cos., Inc.	98,100		3,235,338
			24,046,482
Financial Services—1.6%
Ameriprise Financial, Inc.	102,500		5,314,625
Food & Beverages—5.8%
Campbell Soup Co.	57,200		1,941,940
Coca-Cola Enterprises, Inc.	281,000		6,800,200
McCormick & Co., Inc.	52,600		1,944,622
Pilgrim's Pride Corp.	185,200		3,746,596
Smithfield Foods, Inc. (a)	131,600		3,390,016
The Hershey Co.	52,600		1,981,442
			19,804,816
Forest & Paper Products—4.0%
Ball Corp.	117,700		5,407,138
Bemis Co., Inc.	216,200		5,497,966
Louisiana-Pacific Corp.	304,300		2,793,474
			13,698,578
Health Services—1.2%
Omnicare, Inc.	229,200		4,162,272
Housing—3.9%
Centex Corp.	92,700		2,244,267
D.R. Horton, Inc.	188,700		2,972,025
Masco Corp.	309,500		6,137,385
USG Corp. (a)	55,100		2,028,782
			13,382,459
Insurance—9.6%
Aon Corp.	86,300		3,469,260
Lincoln National Corp.	150,734		7,838,168
Marsh & McLennan Cos., Inc.	173,800		4,232,030
OneBeacon Insurance Group, Ltd.	175,100		3,330,402
PartnerRe, Ltd.	53,500		4,082,050
RenaissanceRe Holdings, Ltd.	97,800		5,076,798
Willis Group Holdings, Ltd.	144,300		4,849,923
			32,878,631
Leisure & Entertainment—3.2%
Brinker International, Inc.	287,300		5,329,415

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description		Shares		Value
Lazard Mid Cap Portfolio (concluded)
Darden Restaurants, Inc.		176,300	$	5,738,565
				11,067,980
Manufacturing—8.2%
Dover Corp.		199,000		8,314,220
Hubbell, Inc., Class B		91,400		3,993,266
Pitney Bowes, Inc.		275,600		9,651,512
Spirit AeroSystems Holdings, Inc.,
Class A (a)		90,300		2,002,854
Textron, Inc.		78,500		4,350,470
				28,312,322
Medical Products—3.3%
Applera Corp. - Applied
Biosystems Group		155,100		5,096,586
Hospira, Inc. (a)		147,400		6,304,298
				11,400,884
Real Estate—3.1%
CBL & Associates Properties, Inc.
REIT		234,300		5,513,079
Public Storage REIT		59,300		5,255,166
				10,768,245
Retail—6.3%
Foot Locker, Inc.		297,300		3,499,221
Hanesbrands, Inc. (a)		142,500		4,161,000
J.C. Penney Co., Inc.		116,100		4,378,131
Liz Claiborne, Inc.		325,400		5,906,010
Pacific Sunwear of California, Inc.
(a)		281,100		3,544,671
				21,489,033
Semiconductors & Components—
4.9%
Agilent Technologies, Inc. (a)		148,000		4,414,840
Analog Devices, Inc.		194,900		5,753,448
Flextronics International, Ltd. (a)		714,900		6,712,911
				16,881,199
Technology Hardware—6.7%
Arrow Electronics, Inc. (a)		178,500		6,006,525
Brocade Communications
Systems, Inc. (a)		118,400		864,320
Ingram Micro, Inc., Class A (a)		518,100		8,201,523
Lexmark International, Inc., Class
A (a)		127,200		3,907,584
Sun Microsystems, Inc. (a)		248,650		3,861,534
				22,841,486
Telecommunications—1.7%
Citizens Communications Co.		570,600		5,985,594
Transportation—0.4%
UAL Corp.		70,900		1,526,477
Total Common Stocks
(Identified cost $351,132,737)				325,686,147
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—2.8%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/2008, collateralized
by $8,625,000 United States
Treasury Note, 2.00%, 01/15/16,
with a value of $9,956,801)
Proceeds of $9,758,217
(Identified cost $9,758,000)	$	9,758		9,758,000
Total Investments—97.6%
(Identified cost $360,890,737) (b)			$	335,444,147
Cash and Other Assets in Excess
of Liabilities—2.4%				8,259,375
Net Assets—100.0%			$	343,703,522

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares	Value
Lazard Small Cap Portfolio
Common Stocks—95.0%
Automotive—2.0%
American Axle & Manufacturing
Holdings, Inc.	25,000	$	512,500
ArvinMeritor, Inc.	127,300		1,592,523
			2,105,023
Banking—5.1%
Bank of the Ozarks, Inc.	62,150		1,485,385
Prosperity Bancshares, Inc.	48,140		1,379,692
Sterling Bancshares, Inc.	62,200		618,268
Texas Capital Bancshares, Inc.
(a)	84,200		1,421,296
Wintrust Financial Corp.	19,200		671,040
			5,575,681
Chemicals—3.4%
Headwaters, Inc. (a)	67,200		886,368
Hercules, Inc.	37,700		689,533
Polypore International, Inc.	61,000		1,262,090
Rockwood Holdings, Inc. (a)	26,200		858,574
			3,696,565
Commercial Services—8.2%
Administaff, Inc.	21,400		505,254
Consolidated Graphics, Inc. (a)	18,800		1,053,740
First Advantage Corp., Class A
(a)	26,800		567,892
G & K Services, Inc., Class A	39,300		1,399,473
Huron Consulting Group, Inc. (a)	8,100		336,555
INVESTools, Inc. (a)	54,500		598,955
NeuStar, Inc., Class A (a)	21,900		579,912
ValueClick, Inc. (a)	72,900		1,257,525
Waste Connections, Inc. (a)	30,775		946,023
Watson Wyatt Worldwide, Inc.,
Class A	29,200		1,657,100
			8,902,429
Computer Software—3.3%
Secure Computing Corp. (a)	219,551		1,416,104
United Online, Inc.	205,200		2,166,912
			3,583,016
Construction & Engineering—1.8%
Dycom Industries, Inc. (a)	95,200		1,143,352
EMCOR Group, Inc. (a)	37,700		837,317
			1,980,669
Consumer Products—1.2%
Polaris Industries, Inc.	31,400		1,287,714
Drugs—1.0%
Cubist Pharmaceuticals, Inc. (a)	28,300		521,286
Pharmanet Development Group,
Inc. (a)	22,200		560,106
			1,081,392
Energy Exploration &
Production—3.3%
Goodrich Petroleum Corp. (a)	48,600		1,461,888
TXCO Resources, Inc. (a)	166,093		2,056,231
			3,518,119
Energy Integrated—2.7%
Alpha Natural Resources, Inc. (a)	15,600		677,664
Foundation Coal Holdings, Inc.	44,000		2,214,520
			2,892,184
Energy Services—3.7%
Atwood Oceanics, Inc. (a)	5,600		513,632
Dril-Quip, Inc. (a)	8,700		404,289
Flotek Industries, Inc. (a)	44,100		643,419
Oceaneering International, Inc.
(a)	21,300		1,341,900
W-H Energy Services, Inc. (a)	16,100		1,108,485
			4,011,725
Financial Services—3.9%
Duff & Phelps Corp., Class A	72,200		1,298,878
Waddell & Reed Financial, Inc.	90,850		2,919,011
			4,217,889
Gas Utilities—0.5%
South Jersey Industries, Inc.	16,500		579,315
Health Services—8.1%
Air Methods Corp. (a)	15,500		749,735
Emergency Medical Services
Corp., Class A (a)	66,300		1,636,947
Five Star Quality Care, Inc. (a)	153,550		975,043
Gentiva Health Services, Inc. (a)	39,300		855,168
inVentiv Health, Inc. (a)	38,800		1,117,828

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (continued)
Kendle International, Inc. (a)	26,900	$	1,208,348
Magellan Health Services, Inc. (a)	24,800		984,312
Skilled Healthcare Group, Inc.,
Class A	117,800		1,293,444
			8,820,825
Housing—1.8%
Beacon Roofing Supply, Inc. (a)	98,100		981,000
Watsco, Inc.	22,650		938,163
			1,919,163
Insurance—2.1%
Flagstone Reinsurance Holdings,
Ltd.	44,800		542,080
Max Capital Group, Ltd.	66,400		1,739,016
			2,281,096
Leisure & Entertainment—4.1%
Bally Technologies, Inc. (a)	20,800		714,272
Entravision Communications
Corp., Class A (a)	147,900		985,014
Red Robin Gourmet Burgers, Inc.
(a)	26,600		999,362
Ruby Tuesday, Inc.	114,800		861,000
Texas Roadhouse, Inc. (a)	91,000		891,800
			4,451,448
Manufacturing—8.0%
Altra Holdings, Inc. (a)	109,100		1,467,395
Kaman Corp.	56,900		1,609,701
Kennametal, Inc.	25,700		756,351
Knoll, Inc.	50,250		579,885
Olympic Steel, Inc.	15,200		685,520
RBC Bearings, Inc. (a)	17,400		646,062
Regal-Beloit Corp.	31,400		1,150,182
RTI International Metals, Inc. (a)	10,500		474,705
The Middleby Corp. (a)	20,900		1,303,951
			8,673,752
Medical Products—3.9%
American Medical Systems
Holdings, Inc. (a)	69,600		987,624
PSS World Medical, Inc. (a)	68,200		1,136,212
Symmetry Medical, Inc. (a)	128,800		2,138,080
			4,261,916
Metals & Mining—2.2%
Quanex Corp.	27,900		1,443,546
Schnitzer Steel Industries, Inc.,
Class A	13,450		955,219
			2,398,765
Real Estate—5.4%
Digital Realty Trust, Inc. REIT	46,200		1,640,100
Home Properties, Inc. REIT	33,900		1,626,861
MFA Mortgage Investments, Inc.
REIT	127,550		803,565
Mid-America Apartment
Communities, Inc. REIT	36,000		1,794,240
			5,864,766
Retail—3.2%
Brown Shoe Co., Inc.	82,300		1,240,261
Iconix Brand Group, Inc. (a)	64,100		1,112,135
Pacific Sunwear of California, Inc. (a)	88,550		1,116,616
			3,469,012
Semiconductors & Components—8.0%
Benchmark Electronics, Inc. (a)	47,224		847,671
CPI International, Inc. (a)	63,800		632,896
FARO Technologies, Inc. (a)	37,300		1,163,014
Integrated Device Technology,
Inc. (a)	136,350		1,217,605
Microsemi Corp. (a)	61,900		1,411,320
ON Semiconductor Corp. (a)	169,500		962,760
Plexus Corp. (a)	49,800		1,396,890
TTM Technologies, Inc. (a)	93,300		1,056,156
			8,688,312
Technology—0.7%
SRA International, Inc., Class A
(a)	32,800		797,368
Technology Hardware—3.0%
Brightpoint, Inc. (a)	112,800		943,008
FEI Co. (a)	42,900		936,507
Houston Wire & Cable Co. (c)	65,900		1,055,718
Synaptics, Inc. (a)	14,500		346,260
			3,281,493

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard Small Cap Portfolio (concluded)
Telecommunications—3.3%
Alaska Communications Systems
Group, Inc.		126,600	$	1,549,584
NTELOS Holdings Corp.		43,700		1,057,540
PAETEC Holding Corp. (a)		150,100		999,666
				3,606,790
Transportation—1.1%
AirTran Holdings, Inc. (a)		91,750		605,550
American Commercial Lines, Inc.
(a)		37,654		594,933
				1,200,483
Total Common Stocks
(Identified cost $107,768,182)				103,146,910
Short-Term Investments—6.6%
Collateral for Securities on Loan—0.4%
State Street Navigator Securities
Lending Prime Portfolio, 3.18%
(e), (f)		470,679		470,679
	Principal
	Amount
Description		(000)	Value
Repurchase Agreement—6.2%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$5,900,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $6,811,029)
Proceeds of $6,674,148	$	6,674		6,674,000
Total Short-Term Investments
(Identified cost $7,144,679)				7,144,679
Total Investments—101.6%
(Identified cost $114,912,861) (b)			$	110,291,589
Liabilities in Excess of Cash and
Other Assets—(1.6)%				(1,697,508	)
Net Assets—100.0%			$	108,594,081

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Small Cap Equity Growth Portfolio
Common Stocks—93.7%
Commercial Services—7.5%
Broadridge Financial Solutions,
Inc.	8,800	$	154,880
Concur Technologies, Inc. (a)	5,300		164,565
CyberSource Corp. (a)	10,400		151,944
Huron Consulting Group, Inc. (a)	5,360		222,708
Standard Parking Corp. (a)	12,400		259,904
			954,001
Computer Software—12.0%
Aladdin Knowledge Systems, Ltd.
(a)	6,920		131,688
ANSYS, Inc. (a)	4,400		151,888
Ariba, Inc. (a)	13,400		129,444
Blackboard, Inc. (a)	5,500		183,315
GSI Commerce, Inc. (a)	9,200		120,980
Interactive Intelligence, Inc. (a)	10,100		118,877
NIC, Inc.	28,200		200,502
Nuance Communications, Inc. (a)	8,400		146,244
S1 Corp. (a)	25,250		179,527
Website Pros, Inc. (a)	16,670		163,866
			1,526,331
Construction & Engineering—1.0%
Hill International, Inc. (a)	10,380		129,854
Consumer Products—3.4%
FGX International Holdings, Ltd.	17,100		204,516
Tempur-Pedic International, Inc.	4,540		49,940
Universal Electronics, Inc. (a)	7,200		174,312
			428,768
Energy Exploration &
Production—1.9%
EXCO Resources, Inc. (a)	13,100		242,350
Energy Services—3.8%
Dril-Quip, Inc. (a)	10,310		479,106
Health Services—7.1%
Air Methods Corp. (a)	3,450		166,876
Genoptix, Inc.	5,000		125,050
Sun Healthcare Group, Inc. (a)	16,300		214,182
Varian, Inc. (a)	2,600		150,592
Virtual Radiologic Corp.	8,300		126,824
WebMD Health Corp. (a)	5,300		124,921
			908,445
Insurance—1.7%
Aspen Insurance Holdings, Ltd.	8,220		216,844
Leisure & Entertainment—5.3%
Life Time Fitness, Inc. (a)	7,410		231,266
LoopNet, Inc. (a)	11,000		139,700
Orient-Express Hotels, Ltd., Class
A	4,120		177,819
Shutterfly, Inc. (a)	8,700		129,369
			678,154
Manufacturing—17.1%
BE Aerospace, Inc. (a)	12,130		423,943
Gardner Denver, Inc. (a)	8,670		321,657
Gibraltar Industries, Inc.	10,320		121,054
Hubbell, Inc., Class B	6,025		263,232
ICF International, Inc. (a)	6,470		129,724
Kennametal, Inc.	8,695		255,894
RBC Bearings, Inc. (a)	8,925		331,385
The Toro Co.	3,450		142,795
Trinity Industries, Inc.	7,012		186,870
			2,176,554
Medical Products—3.5%
Medical Action Industries, Inc. (a)	9,700		159,371
Wright Medical Group, Inc. (a)	11,840		285,818
			445,189
Metals & Mining—5.1%
Century Aluminum Co. (a)	4,950		327,888
Reliance Steel & Aluminum Co.	5,450		326,237
			654,125
Real Estate—1.4%
FelCor Lodging Trust, Inc. REIT	15,060		181,172
Retail—11.3%
Crocs, Inc. (a)	10,600		185,182
Deckers Outdoor Corp. (a)	1,500		161,730
Dick's Sporting Goods, Inc. (a)	13,560		363,137
J. Crew Group, Inc. (a)	2,200		97,174
The Gymboree Corp. (a)	3,100		123,628
The Warnaco Group, Inc. (a)	3,200		126,208
Urban Outfitters, Inc. (a)	8,730		273,685

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description		Shares		Value
Lazard U.S. Small Cap Equity Growth Portfolio (concluded)
Zumiez, Inc. (a)		7,365	$	115,557
				1,446,301
Semiconductors & Components—7.2%
AuthenTec, Inc.		16,780		166,793
Diodes, Inc. (a)		7,725		169,641
Rubicon Technology, Inc.		4,300		124,614
Silicon Motion Technology Corp.
ADR (a)		8,800		124,256
Technitrol, Inc.		7,700		178,101
TTM Technologies, Inc. (a)		13,900		157,348
				920,753
Technology Hardware—4.4%
Aixtron AG Sponsored ADR		12,200		167,140
Ciena Corp. (a)		4,190		129,178
FormFactor, Inc. (a)		7,150		136,565
Synaptics, Inc. (a)		5,285		126,206
				559,089
Total Common Stocks
(Identified cost $13,461,537)				11,947,036
		Principal
		Amount
Description		(000)		Value
Repurchase Agreement—3.6%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$410,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $473,309)
Proceeds of $464,010
(Identified cost $464,000)	$	464		464,000
Total Investments—97.3%
(Identified cost $13,925,537) (b)			$	12,411,036
Cash and Other Assets in Excess
of Liabilities—2.7%				342,703
Net Assets—100.0%			$	12,753,739

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks—100.2%
Argentina—1.1%
Tenaris SA ADR	58,100	$	2,896,285
Belgium—1.8%
InBev NV	53,507		4,708,587
Canada—1.8%
Telus Corp.	110,100		4,794,651
Finland—2.4%
Nokia Oyj	195,100		6,172,598
France—15.5%
Axa	88,124		3,198,499
BNP Paribas	33,000		3,328,586
Gaz de France	115,700		6,984,966
Groupe Danone	50,000		4,471,016
Sanofi-Aventis	88,097		6,609,226
Societe Generale	23,200		2,271,605
Societe Generale New	6,500		625,461
Total SA	115,096		8,547,529
Vivendi	98,200		3,837,070
Total France			39,873,958
Germany—13.2%
Adidas AG	60,491		4,021,509
Allianz SE	20,500		4,061,079
Continental AG	30,400		3,099,930
Daimler AG	61,900		5,291,784
Deutsche Post AG	177,900		5,434,630
E.ON AG	34,100		6,312,731
Siemens AG	52,588		5,699,545
Total Germany			33,921,208
Greece—1.9%
National Bank of Greece SA	45,950		2,424,404
OPAP SA	71,825		2,560,428
Total Greece			4,984,832
Ireland—1.1%
CRH PLC	72,221		2,745,573
Italy—2.7%
Eni SpA	135,030		4,604,655
UniCredit SpA	356,667		2,387,491
Total Italy			6,992,146
Japan—13.2%
Canon, Inc.	50,000		2,302,367
Daito Trust Construction Co., Ltd.	98,400		5,073,997
East Japan Railway Co.	419		3,484,661
Hoya Corp.	80,400		1,887,400
Inpex Holdings, Inc.	171		1,904,193
Japan Tobacco, Inc.	913		4,570,496
JSR Corp.	111,800		2,529,183
Nidec Corp.	49,000		3,013,343
Sony Financial Holdings, Inc.	21		84,902
Sumitomo Mitsui Financial Group,
Inc.	419		2,757,464
Takeda Pharmaceutical Co., Ltd.	40,800		2,042,456
The Sumitomo Trust and Banking
Co., Ltd.	635,000		4,370,084
Total Japan			34,020,546
Netherlands—2.5%
Heineken NV	65,250		3,789,861
TNT NV	69,760		2,591,442
Total Netherlands			6,381,303
Singapore—3.6%
DBS Group Holdings, Ltd.	192,900		2,522,576
Singapore Telecommunications,
Ltd.	2,406,600		6,836,286
Total Singapore			9,358,862
South Korea—1.0%
Kookmin Bank Sponsored ADR	45,600		2,555,880
Spain—2.0%
Banco Santander SA	259,900		5,178,198
Sweden—0.6%
Telefonaktiebolaget LM Ericsson,
B Shares	746,700		1,465,288
Switzerland—9.9%
Nestle SA	18,776		9,382,328
Novartis AG	163,400		8,374,847
Roche Holding AG	27,000		5,081,361
Zurich Financial Services AG	8,700		2,739,830
Total Switzerland			25,578,366

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares			Value
Lazard International Equity Portfolio (concluded)
Turkey—0.9%
Turkcell Iletisim Hizmetleri AS
ADR		106,700	$	2,228,963
United Kingdom—25.0%
BAE Systems PLC		625,900		6,027,741
BP PLC		551,748		5,606,539
British American Tobacco PLC		92,700		3,479,007
Diageo PLC		243,042		4,900,711
GlaxoSmithKline PLC		297,050		6,284,502
HSBC Holdings PLC		147,600		2,431,356
Imperial Tobacco Group PLC		92,840		4,271,030
Lloyds TSB Group PLC		340,500		3,047,739
National Grid PLC		174,527		2,395,184
Old Mutual PLC		1,349,292		2,959,050
Prudential PLC		280,800		3,708,765
Reckitt Benckiser Group PLC		72,800		4,032,509
Tesco PLC		483,700		3,638,307
Unilever PLC		127,300		4,292,456
Vodafone Group PLC		2,404,383		7,200,737
Total United Kingdom				64,275,633
Total Common Stocks
(Identified cost $246,908,825)				258,132,877
	Principal
	Amount
Description		(000)		Value
Repurchase Agreement—1.4%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$3,160,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $3,647,941)
Proceeds of $3,571,079
(Identified cost $3,571,000)	$	3,571		3,571,000
Total Investments—101.6%
(Identified cost $250,479,825) (b)			$	261,703,877
Liabilities in Excess of Cash and
Other Assets—(1.6)%				(4,239,697	)
Net Assets—100.0%			$	257,464,180

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks—97.8%
Belgium—2.9%
InBev NV	7,150	$	629,196
Brazil—1.1%
Companhia Vale do Rio Doce
ADR	6,750		233,820
Canada—2.0%
Telus Corp.	10,200		429,782
Finland—3.1%
Fortum Oyj	5,450		222,074
Nokia Oyj Sponsored ADR	14,200		451,986
Total Finland			674,060
France—11.7%
Groupe Danone	6,820		609,847
Sanofi-Aventis ADR	7,350		275,919
Societe Generale Sponsored
ADR	14,850		296,555
Suez SA Sponsored ADR	12,050		790,480
Total SA Sponsored ADR	7,650		566,176
Total France			2,538,977
Germany—11.5%
Adidas AG Sponsored ADR	10,800		358,560
Allianz SE ADR	23,800		467,908
Daimler AG	2,640		225,692
Deutsche Post AG	15,000		458,232
E.ON AG	3,450		638,678
Siemens AG	3,260		353,322
Total Germany			2,502,392
Indonesia—1.1%
PT Telekomunikasi Indonesia Tbk
Sponsored ADR	5,500		230,670
Ireland—1.9%
CRH PLC Sponsored ADR	10,800		414,180
Italy—3.7%
Eni SpA Sponsored ADR	8,450		575,530
Intesa Sanpaolo Sponsored ADR	1		42
UniCredit SpA	35,800		239,641
Total Italy			815,213
Japan—4.9%
Canon, Inc. Sponsored ADR	10,350		479,929
Hoya Corp. Sponsored ADR	5,000		115,750
Inpex Holdings, Inc.	20		222,713
Sumitomo Mitsui Financial Group,
Inc. ADR	39,150		258,390
Total Japan			1,076,782
Netherlands—5.1%
Heineken NV ADR	15,100		435,635
Royal Dutch Shell PLC, A Shares	11,200		386,528
TNT NV ADR	8,050		298,172
Total Netherlands			1,120,335
Russia—1.2%
Mobile TeleSystems Sponsored
ADR	3,370		255,614
Singapore—3.7%
DBS Group Holdings, Ltd.	16,100		210,542
Singapore Telecommunications,
Ltd. ADR	21,200		598,900
Total Singapore			809,442
South Korea—3.1%
Kookmin Bank	6,450		360,812
Samsung Electronics Co., Ltd.
GDR (d)	1,040		324,740
Total South Korea			685,552
Spain—1.1%
Banco Santander SA	11,950		238,090
Sweden—0.8%
Telefonaktiebolaget LM Ericsson
Sponsored ADR	9,100		178,815
Switzerland—13.6%
Nestle SA Sponsored ADR	6,100		762,500
Novartis AG ADR	13,250		678,798
Roche Holding AG	4,100		771,614
Zurich Financial Services AG
ADR	23,850		748,890
Total Switzerland			2,961,802

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares			Value
Lazard International Equity Select Portfolio (concluded)
Turkey—1.4%
Turkcell Iletisim Hizmetleri AS
ADR		14,150	$	295,593
United Kingdom—23.9%
BAE Systems PLC		22,250		214,279
BP PLC Sponsored ADR		7,750		470,037
British American Tobacco PLC
Sponsored ADR		6,700		507,525
Cadbury Schweppes PLC
Sponsored ADR		4,400		194,568
Diageo PLC Sponsored ADR		6,450		524,514
GlaxoSmithKline PLC Sponsored
ADR		7,050		299,131
HSBC Holdings PLC Sponsored
ADR		2,850		234,555
Imperial Tobacco Group PLC
ADR		2,550		234,779
Lloyds TSB Group PLC
Sponsored ADR		7,150		256,685
Prudential PLC		50,800		670,959
Reckitt Benckiser Group PLC		4,200		232,645
Tesco PLC Sponsored ADR		9,100		204,750
Unilever PLC Sponsored ADR		15,300		515,916
Vodafone Group PLC Sponsored
ADR		21,800		643,318
Total United Kingdom				5,203,661
Total Common Stocks
(Identified cost $20,430,420)				21,293,976
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—1.9%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$360,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $415,588)
Proceeds of $406,009
(Identified cost $406,000)	$	406		406,000
Total Investments—99.7%
(Identified cost $20,836,420) (b)			$	21,699,976
Cash and Other Assets in Excess
of Liabilities—0.3%				70,336
Net Assets—100.0%			$	21,770,312

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks—96.8%
Australia—0.7%
Oil Search, Ltd.	604,100	$	2,666,579
Austria—1.6%
OMV AG	98,810		6,530,000
Canada—2.1%
Telus Corp.	192,400		8,378,664
Egypt—4.8%
Eastern Tobacco	104,510		7,500,282
Egyptian Company for Mobile
Services	332,070		12,010,776
Total Egypt			19,511,058
Finland—2.3%
Sampo Oyj, A Shares	339,400		9,189,439
France—11.1%
Gaz de France	262,160		15,826,954
Groupe Danone	110,040		9,839,813
Sanofi-Aventis	99,050		7,430,943
Societe Generale	55,450		5,429,332
Total SA	85,900		6,379,307
Total France			44,906,349
Germany—12.5%
Daimler AG	143,770		12,290,789
Deutsche Post AG	410,770		12,548,526
E.ON AG	42,600		7,886,286
Siemens AG	44,630		4,837,049
Symrise AG	281,583		7,272,818
Wincor Nixdorf AG	68,880		5,513,332
Total Germany			50,348,800
Greece—1.6%
OPAP SA	178,420		6,360,343
India—1.8%
Grasim Industries, Ltd.
Sponsored GDR (d)	106,900		7,162,300
Ireland—1.9%
CRH PLC	204,005		7,755,509
Italy—4.0%
Maire Tecnimont SpA	949,870		4,798,739
Prysmian SpA	531,020		11,334,454
Total Italy			16,133,193
Japan—12.6%
Daito Trust Construction Co., Ltd.	250,000		12,891,252
Inpex Holdings, Inc.	498		5,545,546
Japan Tobacco, Inc.	1,596		7,989,607
JSR Corp.	244,000		5,519,863
Mitsubishi Corp.	228,500		6,899,930
Nippon Electric Glass Co., Ltd.	358,000		5,534,490
USS Co., Ltd.	91,810		6,355,227
Total Japan			50,735,915
Netherlands—1.3%
TNT NV	140,547		5,221,034
Norway—1.5%
Telenor ASA	306,800		5,874,105
Portugal—1.3%
Galp Energia SGPS SA	215,980		5,152,180
Singapore—1.9%
DBS Group Holdings, Ltd.	583,000		7,623,960
Spain—2.1%
Banco Santander SA	424,250		8,452,676
Switzerland—8.6%
Julius Baer Holding AG	109,092		8,041,018
Nestle SA	36,341		18,159,522
Novartis AG	166,837		8,551,005
Total Switzerland			34,751,545
Turkey—1.3%
Turkiye Halk Bankasi AS	971,670		5,388,862
United Kingdom—21.8%
BAE Systems PLC	1,609,125		15,496,707
British American Tobacco PLC	313,028		11,747,861
British Energy Group PLC	519,500		6,727,445
Cairn Energy PLC (a)	69,389		3,902,784
Imperial Tobacco Group PLC	134,470		6,186,185
National Grid PLC	651,533		8,941,548
Old Mutual PLC	1,828,860		4,010,761
Prudential PLC	469,200		6,197,123

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description		Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Shire PLC		228,690	$	4,418,422
Standard Chartered PLC		199,160		6,806,430
Tesco PLC		1,286,686		9,678,228
UK Coal PLC (a)		456,040		3,937,099
Total United Kingdom				88,050,593
Total Common Stocks
(Identified cost $372,463,339)				390,193,104
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—2.8%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$9,935,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $11,469,081)
Proceeds of $11,239,250
(Identified cost $11,239,000)	$	11,239		11,239,000
Total Investments—99.6%
(Identified cost $383,702,339) (b)			$	401,432,104
Cash and Other Assets in Excess
of Liabilities—0.4%				1,741,079
Net Assets—100.0%			$	403,173,183

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard International Small Cap Portfolio
Common Stocks—95.3%
Australia—3.4%
ABC Learning Centres, Ltd.	838,137	$	1,072,362
Fairfax Media, Ltd.	608,215		1,928,791
James Hardie Industries NV	388,400		2,218,492
Macquarie Infrastructure Group	908,020		2,306,953
Total Australia			7,526,598
Austria—1.0%
Andritz AG	41,048		2,253,252
Belgium—1.1%
Arseus NV	168,200		2,427,086
Finland—4.1%
KCI Konecranes Oyj	76,900		2,962,301
Sampo Oyj, A Shares	124,400		3,368,197
Vacon Oyj	59,320		2,622,239
Total Finland			8,952,737
France—3.6%
Neopost SA	32,500		3,647,581
Sechilienne-Sidec SA	28,482		2,201,082
Virbac SA	23,006		2,113,138
Total France			7,961,801
Germany—7.4%
Compugroup Holding AG (a)	186,424		2,501,692
CTS Eventim AG	56,840		2,310,704
D+S europe AG (a)	151,689		2,083,466
Pfeiffer Vacuum Technology AG	27,419		2,524,106
SGL Carbon AG (a)	53,800		3,397,467
Symrise AG	135,108		3,489,614
Total Germany			16,307,049
Greece—1.7%
Piraeus Bank SA	118,554		3,646,013
Hong Kong—1.7%
Esprit Holdings, Ltd.	303,865		3,648,652
Ireland—4.5%
Anglo Irish Bank Corp. PLC	259,493		3,482,231
DCC PLC	131,360		3,100,397
Grafton Group PLC Units (a)	354,378		3,261,733
Total Ireland			9,844,361
Isle Of Man—0.9%
Hansard Global PLC	620,033		2,018,100
Japan—21.9%
Amano Corp.	214,900		2,214,108
Asahi Pretec Corp.	122,300		3,263,624
Daito Trust Construction Co., Ltd.	61,600		3,176,405
Don Quijote Co., Ltd.	86,700		1,574,308
Hisamitsu Pharmaceutical Co.,
Inc.	78,500		2,858,698
Ichiyoshi Securities Co., Ltd.	204,500		2,049,513
JAFCO Co., Ltd.	66,000		2,198,234
JSR Corp.	99,400		2,248,666
K.K. DaVinci Advisors (a)	3,291		2,519,094
Konami Corp.	112,300		4,224,769
Misumi Group, Inc. (c)	197,000		3,490,189
Ohara, Inc.	160,000		2,858,748
OSG Corp. (c)	212,500		2,460,122
Suruga Bank, Ltd.	209,700		2,644,391
Sysmex Corp.	65,600		2,369,181
THK Co., Ltd.	141,700		2,440,800
Union Tool Co. (c)	77,100		2,892,797
USS Co., Ltd.	39,580		2,739,787
Total Japan			48,223,434
Netherlands—10.2%
Advanced Metallurgical Group NV	54,397		4,379,839
Fugro NV	57,362		4,454,656
InnoConcepts NV	119,409		2,167,943
Koninklijke Boskalis Westminster
NV	57,356		3,303,290
Ordina NV	152,821		2,504,341
SBM Offshore NV	104,008		3,354,657
USG People NV (c)	101,695		2,411,474
Total Netherlands			22,576,200
Norway—4.1%
Acergy SA (c)	110,200		2,375,023
ODIM ASA (a), (c)	173,000		2,998,076
Songa Offshore ASA (a), (c)	274,200		3,661,492
Total Norway			9,034,591
Portugal—0.9%
Banif SGPS SA	446,172		1,986,390

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description		Shares		Value
Lazard International Small Cap Portfolio (concluded)
Spain—2.0%
Codere SA		84,631	$	1,448,344
Indra Sistemas SA		104,051		2,996,292
Total Spain				4,444,636
Sweden—6.0%
Duni AB		285,536		2,258,588
Elekta AB, B Shares		144,600		2,494,425
Getinge AB, B Shares		140,250		3,635,673
Indutrade AB		108,200		2,613,109
KappAhl Holding AB (a), (c)		238,100		2,223,979
Total Sweden				13,225,774
Switzerland—6.5%
Bank Sarasin & Cie AG, B Shares		666		2,897,110
Banque Cantonale Vaudoise		5,308		2,298,298
Burckhardt Compression Holding
AG		12,347		3,941,193
Gottex Fund Management
Holdings, Ltd.		43,532		1,836,664
Swissquote Group Holding SA		59,368		3,243,092
Total Switzerland				14,216,357
United Kingdom—14.3%
Ashmore Group PLC		496,842		2,765,892
Charter PLC		187,030		3,155,108
Chemring Group PLC		65,846		3,209,533
Enodis PLC		729,696		2,016,607
Enterprise Inns PLC		173,234		1,379,534
Filtrona PLC		572,253		1,953,443
Hampson Industries PLC		930,011		2,214,896
Intertek Group PLC		153,091		3,135,548
Man Group PLC		274,447		3,020,259
Northgate PLC		151,857		1,713,363
Regus Group PLC		1,144,632		2,158,110
Sepura, Ltd.		650,039		1,019,179
Victrex PLC		258,581		3,854,079
Total United Kingdom				31,595,551
Total Common Stocks
(Identified cost $211,463,588)				209,888,582
Preferred Stock—1.7%
Germany—1.7%
Fuchs Petrolub AG
(Identified cost $2,936,423)		40,443		3,772,857
Short-Term Investments—4.0%
Collateral for Securities on Loan—2.2%
State Street Navigator Securities
Lending Prime Portfolio, 3.18%
(e), (f)		4,737,102	$	4,737,102
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—1.8%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$3,545,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $4,092,390)
Proceeds of $4,007,089	$	4,007		4,007,000
Total Short-Term Investments
(Identified cost $8,744,102)				8,744,102
Total Investments—101.0%
(Identified cost $223,144,113) (b)			$	222,405,541
Liabilities in Excess of Cash and
Other Assets—(1.0)%				(2,171,833	)
Net Assets—100.0%			$	220,233,708

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Portfolio
Common Stocks—88.7%
Argentina—3.5%
Tenaris SA ADR	4,829,800	$	240,765,530
Bahrain—0.5%
Investcorp Bank BSC GDR	642,535		16,481,023
Investcorp Bank BSC GDR (d)	700,149		17,958,822
Total Bahrain			34,439,845
Brazil—8.4%
Banco do Brasil SA	6,460,100		85,081,729
Companhia de Concessoes
Rodoviarias	2,165,900		31,957,116
Empresa Brasileira de
Aeronautica SA ADR	2,409,400		95,195,394
Iochpe Maxion SA	2,455,863		54,304,146
JHSF Participacoes SA	14,847,900		52,886,177
Redecard SA	9,734,750		161,940,703
Souza Cruz SA	3,437,265		89,109,925
Total Brazil			570,475,190
Egypt—4.0%
Eastern Tobacco	948,699		68,084,487
Egyptian Company for Mobile
Services	2,213,949		80,077,234
Orascom Construction Industries	972,209		73,162,151
Orascom Telecom Holding SAE	3,867,798		52,427,272
Total Egypt			273,751,144
Hungary—0.6%
Richter Gedeon Nyrt. (c)	210,427		43,338,875
India—8.8%
Grasim Industries, Ltd.	1,004,498		64,471,145
Hero Honda Motors, Ltd.	3,739,395		64,302,308
Hindustan Unilever, Ltd.	9,527,195		54,261,318
Oil and Natural Gas Corp., Ltd.	7,184,160		176,559,864
Punjab National Bank, Ltd.	5,775,190		72,837,641
Satyam Computer Services, Ltd.	12,294,768		121,262,206
State Bank of India	1,194,880		47,890,505
Total India			601,584,987
Indonesia—3.7%
PT Astra International Tbk	17,793,500		46,875,869
PT Bank Mandiri Tbk	232,639,600		79,610,510
PT Telekomunikasi Indonesia Tbk
Sponsored ADR	2,713,215		113,792,237
PT United Tractors Tbk	9,342,900		12,738,011
Total Indonesia			253,016,627
Israel—2.8%
Bank Hapoalim BM	27,356,546		105,605,741
Delek Automotive Systems, Ltd.	831,476		11,682,674
Israel Chemicals, Ltd.	5,142,372		71,961,096
Total Israel			189,249,511
Kazakhstan—0.8%
Eurasian Natural Resources
Corp.	2,710,087		52,978,975
Malaysia—1.8%
British American Tobacco
Malaysia Berhad	4,992,000		66,331,093
PLUS Expressways Berhad	52,489,100		52,513,716
Total Malaysia			118,844,809
Mexico—7.0%
Cemex SAB de CV Sponsored
ADR (a)	3,666,365		95,765,454
Desarrolladora Homex SA de CV
ADR (a)	2,241,843		130,138,986
Fomento Economico Mexicano
SAB de CV Sponsored ADR	1,740,480		72,717,254
Grupo Televisa SA Sponsored
ADR	4,422,900		107,211,096
Kimberly-Clark de Mexico SAB de
CV, Series A	15,963,565		70,812,516
Total Mexico			476,645,306
Philippines—2.4%
Philippine Long Distance
Telephone Co. Sponsored ADR	2,455,721		163,207,218
Russia—6.2%
Eurasia Drilling Co., Ltd. GDR (d)	2,219,500		52,158,250
Evraz Group SA GDR	588,250		50,765,975
Mobile TeleSystems Sponsored
ADR	1,472,100		111,658,785
Oriflame Cosmetics SA SDR	1,847,034		122,630,984
TNK-BP Holding	26,144,485		43,138,400
Vsmpo-Avisma Corp.	180,087		39,799,227
Total Russia			420,151,621

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description		Shares		Value
Lazard Emerging Markets Portfolio (continued)
South Africa—13.8%
Aquarius Platinum, Ltd.		7,084,089	$	104,813,142
Imperial Holdings, Ltd.		9,804,660		95,810,025
Kumba Iron Ore, Ltd.		3,710,247		141,593,273
Massmart Holdings, Ltd.		8,817,710		72,629,227
Murray & Roberts Holdings, Ltd.		4,186,874		49,302,894
Naspers, Ltd., N Shares		4,925,886		85,641,175
Nedbank Group, Ltd.		5,417,047		78,016,164
Pretoria Portland Cement Co.,
Ltd.		17,895,557		88,374,483
Sanlam, Ltd.		23,790,183		56,028,668
Steinhoff International Holdings,
Ltd.		31,742,067		70,842,344
Truworths International, Ltd.		31,507,117		99,066,767
Total South Africa				942,118,162
South Korea—14.9%
Amorepacific Corp.		81,972		44,282,345
GS Engineering & Construction
Corp.		610,307		89,356,808
Hite Brewery Co., Ltd.		499,965		56,289,289
Kookmin Bank		4,253,451		237,937,280
Samsung Electronics Co., Ltd.		349,565		219,901,040
Shinhan Financial Group Co., Ltd.		3,856,740		203,672,946
SK Telecom Co., Ltd.		164,134		30,909,265
SK Telecom Co., Ltd. ADR		507,800		10,973,558
Woongjin Coway Co., Ltd.		3,925,940		118,529,415
Total South Korea				1,011,851,946
Taiwan—5.5%
Advanced Semiconductor
Engineering, Inc.		56,078,000		54,639,109
Advantech Co., Ltd.		15,020,759		35,500,601
Hon Hai Precision Industry Co.,
Ltd.		18,120,690		103,787,095
Novatek Microelectronics Corp.,
Ltd.		16,627,547		60,753,393
Taiwan Semiconductor
Manufacturing Co., Ltd.		56,807,918		117,993,371
Total Taiwan				372,673,569
Turkey—4.0%
Ford Otomotiv Sanayi AS		5,300,645		41,315,078
Turkcell Iletisim Hizmetleri AS (c)		16,698,656		138,915,597
Turkiye Is Bankasi, C Shares		24,141,068		89,377,858
Total Turkey				269,608,533
Total Common Stocks
(Identified cost $5,933,643,670)				6,034,701,848
Preferred Stocks—7.1%
Brazil—7.1%
AES Tiete SA		1,627,800,546		54,176,527
Companhia Energetica de Minas
Gerais		4,222,200		75,796,033
Companhia Vale do Rio Doce, A
Shares		4,728,512		136,867,342
Klabin SA		19,932,180		65,883,994
Suzano Papel e Celulose SA		5,419,805		81,820,616
Tam SA Sponsored ADR		3,698,680		70,977,669
Total Brazil				485,522,181
Total Preferred Stocks
(Identified cost $453,746,207)				485,522,181
Short-Term Investments—2.6%
Collateral for Securities on Loan—0.2%
State Street Navigator Securities
Lending Prime Portfolio, 3.18%
(e), (f)		12,757,257		12,757,257
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—2.4%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$145,105,000 United States
Treasury Note, 2.00%, 01/15/16,
with a value of $167,510,919)
Proceeds of $164,224,649	$	164,221		164,221,000
Total Short-Term Investments
(Identified cost $176,978,257)				176,978,257

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Lazard Emerging Markets Portfolio (concluded)
Total Investments—98.4%
(Identified cost $6,564,368,134) (b)	$	6,697,202,286
Cash and Other Assets in Excess
of Liabilities—1.6%		111,036,484
Net Assets—100.0%	$	6,808,238,770

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

	Principal
	Amount
Description	(000)			Value
Lazard High Yield Portfolio
Corporate Bonds—95.9%
Aerospace & Defense—1.1%
L-3 Communications Corp.,
7.625%, 06/15/12	$	600	$	613,500
Automotive—4.4%
ArvinMeritor, Inc.,
8.125%, 09/15/15	550			445,500
Ford Motor Credit Co.,
7.00%, 10/01/13	1,725			1,355,413
General Motors Acceptance
Corp.,
6.75%, 12/01/14	1,000			707,179
Venture Holdings Co. LLC,
12.00%, 06/01/09 (a), (h)	2,840			284
				2,508,376
Building & Construction—1.3%
KB Home,
7.75%, 02/01/10	740			712,250
Building Materials—1.8%
Legrand SA,
8.50%, 02/15/25	925			1,008,250
Cable Television—7.4%
Cablevision Systems Corp.,
8.00%, 04/15/12	725			708,687
Charter Communications
Holdings LLC,
11.00%, 10/01/15	424			295,740
DirecTV Holdings LLC:
6.375%, 06/15/15	400			376,000
8.375%, 03/15/13	450			457,875
EchoStar DBS Corp.:
5.75%, 10/01/08	50			50,000
6.625%, 10/01/14	810			741,150
Mediacom Broadband LLC,
8.50%, 10/15/15	725			614,438
Shaw Communications, Inc.,
7.25%, 04/06/11	900			927,000
				4,170,890
Chemicals—5.3%
ARCO Chemical Co.,
9.80%, 02/01/20		535		452,075
Momentive Performance Materials, Inc.:
9.75%, 12/01/14	275			246,813
11.50%, 12/01/16	250			190,313
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28	775			769,187
NOVA Chemicals Corp.,
6.50%, 01/15/12	687			640,627
Tronox Worldwide LLC,
9.50%, 12/01/12	800			690,000
				2,989,015
Computer Services—1.5%
SunGard Data Systems, Inc.,
10.25%, 08/15/15	824			830,180
Diversified—2.8%
Leucadia National Corp.,
7.00%, 08/15/13	950			938,125
The Greenbrier Cos., Inc.,
8.375%, 05/15/15	700			661,500
				1,599,625
Drugs—0.8%
Elan Finance PLC,
7.75%, 11/15/11	500			464,375
Electric Generation—2.9%
Edison Mission Energy:
7.00%, 05/15/17	200			199,000
7.50%, 06/15/13	675			693,562
The AES Corp.,
9.50%, 06/01/09	710			734,850
				1,627,412
Electronics—1.9%
Freescale Semiconductor, Inc.:
8.875%, 12/15/14	225			177,750
10.125%, 12/15/16	375			255,938
NXP BV,
7.875%, 10/15/14	700			638,750
				1,072,438

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

		Principal
		Amount
Description		(000)		Value
Lazard High Yield Portfolio (continued)
Energy Exploration &
Production—4.5%
Chesapeake Energy Corp.,
6.375%, 06/15/15	$	375	$	363,750
Compagnie Generale de
Geophysique,
7.50%, 05/15/15		750		764,062
OPTI Canada, Inc.,
8.25%, 12/15/14		525		521,062
PetroHawk Energy Corp.,
9.125%, 07/15/13		425		436,688
Seitel, Inc.,
9.75%, 02/15/14		525		447,563
				2,533,125
Energy Integrated—0.8%
Verasun Energy Corp.,
9.875%, 12/15/12		500		462,500
Environmental—1.3%
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35		775		728,500
Financial Services—0.0%
Finance One PLC,
0.00%, 01/03/09 (a), (h), (i)		20,000		0
Morgan Guarantee Trust,
0.00%, 01/03/09 (a), (h), (i)		10,569		0
				0
Food & Beverages—3.3%
Constellation Brands, Inc.,
7.25%, 09/01/16		725		710,500
Dean Foods Co.,
7.00%, 06/01/16		800		696,000
NBTY, Inc.,
7.125%, 10/01/15		475		454,219
				1,860,719
Forest & Paper Products—3.9%
Georgia-Pacific Corp.:
8.125%, 05/15/11		300		297,000
9.50%, 12/01/11		500		508,750
Smurfit Capital Funding PLC,
7.50%, 11/20/25		1,600		1,414,000
				2,219,750
Gaming—2.7%
Mandalay Resorts Group,
9.375%, 02/15/10		1,035		1,067,344
Wynn Las Vegas LLC,
6.625%, 12/01/14		500		480,000
				1,547,344
Gas Distribution—1.2%
Ferrellgas Partners LP,
8.75%, 06/15/12		684		695,970
Health Services—5.2%
HCA, Inc.,
9.25%, 11/15/16		675		698,625
HealthSouth Corp.,
10.75%, 06/15/16		350		367,500
Senior Housing Properties Trust,
7.875%, 04/15/15		179		179,448
Service Corp. International,
6.75%, 04/01/16		750		725,625
Tenet Healthcare Corp.,
7.375%, 02/01/13		500		441,250
The Cooper Cos., Inc.,
7.125%, 02/15/15		525		500,062
				2,912,510
Hotels—1.5%
Host Hotels & Resorts, Inc.,
7.125%, 11/01/13		850		836,188
Leisure & Entertainment—1.2%
Royal Caribbean Cruises, Ltd.:
7.25%, 06/15/16		300		281,625
8.00%, 05/15/10		400		408,500
				690,125
Machinery—0.6%
Case New Holland, Inc.,
7.125%, 03/01/14		350		344,750

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

		Principal
		Amount
Description		(000)		Value
Lazard High Yield Portfolio (continued)
Media—2.4%
CanWest Media, Inc.,
8.00%, 09/15/12	$	911	$	878,798
Interpublic Group of Cos., Inc.,
6.25%, 11/15/14		600		486,000
ION Media Networks, Inc.,
11.00%, 07/31/13		25		6,791
				1,371,589
Metals & Mining—5.8%
Arch Western Finance LLC,
6.75%, 07/01/13		1,000		997,500
Century Aluminum Co.,
7.50%, 08/15/14		225		218,250
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/15		650		685,750
8.375%, 04/01/17		100		105,750
Massey Energy Co.,
6.875%, 12/15/13		800		770,000
Peabody Energy Corp.,
6.875%, 03/15/13		500		506,250
				3,283,500
Printing & Publishing—3.0%
Deluxe Corp.,
7.375%, 06/01/15		525		489,563
Idearc, Inc.,
8.00%, 11/15/16		725		471,250
Phoenix Color Corp.,
13.00%, 02/01/09		515		493,112
R.H. Donnelley Corp.,
8.875%, 01/15/16		400		252,000
				1,705,925
Real Estate—2.2%
AMR Real Estate Partners:
7.125%, 02/15/13		500		456,250
8.125%, 06/01/12		350		342,125
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		451,250
				1,249,625
Retail—4.5%
Saks, Inc.,
9.875%, 10/01/11		1,225		1,225,000
Stater Brothers Holdings, Inc.,
8.125%, 06/15/12		725		726,812
The Neiman Marcus Group, Inc.,
10.375%, 10/15/15		600		600,000
				2,551,812
Steel-Producers—1.0%
Steel Dynamics, Inc.,
7.375%, 11/01/12 (d)		540		544,725
Support Services—4.3%
ARAMARK Corp.,
8.50%, 02/01/15		600		601,500
Avis Budget Car Rental LLC:
7.625%, 05/15/14		640		552,000
7.75%, 05/15/16		110		90,475
Hertz Corp.,
8.875%, 01/01/14		650		615,875
The United Rentals North
America, Inc.,
6.50%, 02/15/12		625		564,062
				2,423,912
Telecommunications—12.5%
Citizens Communications Co.,
6.25%, 01/15/13		1,000		895,000
Intelsat Bermuda, Ltd.,
11.25%, 06/15/16		350		354,813
Intelsat Subsidiary Holding Co.,
Ltd.,
8.25%, 01/15/13		800		804,000
Level 3 Financing, Inc.,
9.25%, 11/01/14		850		697,000
Nortel Networks, Ltd.,
10.75%, 07/15/16		375		342,656
PanAmSat Corp.,
9.00%, 08/15/14		846		852,345
Qwest Corp.,
7.875%, 09/01/11		800		798,000
Rogers Wireless
Communications, Inc.,
9.625%, 05/01/11		1,000		1,100,000

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

		Principal
		Amount
Description		(000)		Value
Lazard High Yield Portfolio (concluded)
Sprint Capital Corp.,
6.90%, 05/01/19	$	575	$	452,360
Windstream Corp.:
7.00%, 03/15/19		375		328,125
8.625%, 08/01/16		475		467,875
				7,092,174
Transportation—2.8%
Kansas City Southern Railway
Co.,
7.50%, 06/15/09		610		618,388
Stena AB,
7.50%, 11/01/13		975		965,250
				1,583,638
Total Corporate Bonds
(Identified cost $60,073,198)				54,234,692
Description		Shares		Value
Preferred Stock—0.0%
Media—0.0%
ION Media Networks, Inc.,
12.00%, 08/31/13
(Identified cost $1,551)		1		640
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
Total Warrants
(Identified cost $64,841)				10
		Principal
		Amount
Description		(000)		Value
Repurchase Agreement—1.8%
State Street Bank and Trust Co.,
0.80%, 04/01/08
(Dated 03/31/08, collateralized by
$905,000 United States Treasury
Note, 2.00%, 01/15/16, with a value
of $1,044,743)
Proceeds of $1,020,023
(Identified cost $1,020,000)	$	1,020		1,020,000
Total Investments—97.7%
(Identified cost $61,159,590) (b)			$	55,255,342
Cash and Other Assets in Excess
of Liabilities—2.3%				1,282,511
Net Assets—100.0%			$	56,537,853

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds—88.5%
Financial Select Sector SPDR
Fund	106,000	$	2,645,739
First Trust ISE- Revere Natural
Gas Index Fund	369,082		8,680,809
iShares Dow Jones US Regional
Banks Index Fund	137,325		4,846,199
iShares iBoxx $ High Yield
Corporate Bond Fund	42,210		4,081,707
iShares Lehman MBS Fixed-Rate
Bond Fund	43,267		4,467,750
iShares S&P Global Materials
Index Fund	26,435		2,005,095
iShares S&P North American
Natural Resources Sector Index
Fund	14,175		1,810,148
Market Vectors Agribusiness ETF	115,084		6,169,653
Market Vectors Global Alternative
Energy ETF	118,341		5,680,368
Market Vectors Nuclear ETF	210,976		6,299,743
PowerShares Aerospace &
Defense Portfolio	321,317		6,284,961
PowerShares Dynamic Oil & Gas
Services Portfolio	105,322		2,756,277
PowerShares Dynamic
Technology Sector Portfolio	208,955		4,879,099
PowerShares Global Water
Portfolio	225,568		5,018,888
PowerShares Golden Dragon
Halter USX China Portfolio	127,703		3,209,176
PowerShares Water Resources
Portfolio	1,600		30,784
PowerShares WilderHill Clean
Energy Portfolio	266,629		5,225,928
SPDR Lehman Aggregate Bond
ETF	73,266		3,987,136
SPDR Lehman Intermediate Term
Treasury ETF	70,307		3,969,533
SPDR Lehman International
Treasury Bond ETF	72,825		4,218,752
streetTRACKS Gold Trust	28,700		2,593,906
Total Exchange-Traded Funds
(Identified cost $90,400,255)			88,861,651
Closed-End Management Investment Companies—11.0%
China Fund, Inc.	54,546		1,736,745
DWS Global Commodities Stock
Fund, Inc.	221,084		3,716,422
MFS Intermediate Income Trust	453,390		2,883,560
MFS Multimarket Income Trust	482,650		2,746,279
Total Closed-End Management
Investment Companies
(Identified cost $11,476,866)			11,083,006
Total Investments—99.5%
(Identified cost $101,877,121) (b)		$	99,944,657
Cash and Other Assets in Excess
of Liabilities—0.5%			528,368
Net Assets—100.0%		$	100,473,025

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (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:

				Aggregate	Aggregate		Net
				Gross	Gross		Unrealized
	Aggregate			Unrealized	Unrealized		Appreciation
Portfolio	Cost			Appreciation	Depreciation		(Depreciation)
U.S. Equity Value	$	10,515,310	$	331,447	$	1,344,320	$	(1,012,873	)
U.S. Strategic Equity		97,313,475		4,416,565		10,235,366		(5,818,801	)
Mid Cap		360,890,737		20,479,358		45,925,948		(25,446,590	)
Small Cap		114,912,861		8,236,260		12,857,532		(4,621,272	)
U.S. Small Cap
Equity Growth		13,925,537		728,823		2,243,324		(1,514,501	)
International Equity		250,479,825		29,406,946		18,182,894		11,224,052
International
Equity Select		20,836,420		2,271,028		1,407,472		863,556
International
Strategic Equity		383,702,339		35,815,730		18,085,965		17,729,765
International
Small Cap		223,144,113		26,020,199		26,758,771		(738,572	)
Emerging Markets		6,564,368,134		669,367,614		536,533,462		132,834,152
High Yield		61,159,590		675,815		6,580,063		(5,904,248	)
Capital Allocator
Opportunistic
Strategies		101,877,121		2,453,448		4,385,912		(1,932,464	)

(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 March 31, 2008, these securities amounted to 1.5%, 1.8%, 1.0% and 1.0% 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 March 31, 2008.
(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
ETF — Exchange-Traded Fund
GDR — Global Depositary Receipt
MBS — Mortgage Backed Security
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

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

	Lazard		Lazard		Lazard		Lazard		Lazard
	International		International		International		International		Emerging
	Equity		Equity Select		Strategic Equity		Small Cap		Markets
	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Industry
Agriculture	-	%	-	%	-%		-	%	1.1	%
Alcohol & Tobacco	10.0		10.7		8.3		-		4.1
Automotive	3.3		1.0		3.0		-		2.2
Banking	12.0		8.4		8.4		7.7		11.7
Cable Television	-		-		-		-		1.3
Chemicals	1.0		-		3.2		9.1		-
Commercial Services	-		-		3.3		13.5		0.2
Construction & Engineering	-		-		1.2		1.5		3.1
Consumer Products	1.6		1.1		-		1.9		6.0
Drugs	10.9		9.3		5.1		2.3		0.6
Electric	3.4		7.6		5.8		-		1.9
Energy	-		-		-		1.0		-
Energy Exploration & Production	0.7		1.0		3.0		-		2.6
Energy Integrated	7.3		9.2		5.5		1.7		1.4
Energy Services	1.1		-		-		6.3		3.5
Financial Services	2.3		1.2		3.0		5.4		6.7
Food & Beverages	7.0		9.6		6.9		-		1.1
Forest & Paper Products	-		-		-		1.0		3.2
Gas Utilities	2.6		-		3.9		-		-
Health Services	-		-		-		1.1		-
Housing	3.0		1.9		6.9		2.4		5.6
Insurance	5.4		8.7		3.8		2.4		-
Leisure & Entertainment	2.5		-		1.6		2.6		1.6
Manufacturing	4.6		2.6		9.2		21.0		2.4
Medical Products	-		-		-		5.0		-
Metals & Mining	-		1.1		-		-		7.7
Real Estate	-		-		-		1.1		0.8
Retail	3.0		2.6		2.4		3.4		2.5
Semiconductors & Components	1.6		4.2		-		1.2		7.2
Technology	1.2		-		1.4		2.5		1.8
Technology Hardware	3.0		2.9		-		0.5		1.5
Telecommunications	8.2		11.2		6.5		-		10.3
Transportation	4.5		3.5		4.4		2.4		3.7
Subtotal	100.2		97.8		96.8		97.0		95.8
Collateral for Securities on Loan	-		-		-		2.2		0.2
Repurchase Agreements	1.4		1.9		2.8		1.8		2.4
Total Investments	101.6	%	99.7	%	99.6	%	101.0	%	98.4	%

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (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 Lazard Funds, Inc. (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.

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurement that based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2008:

	Lazard U.S Equity Value				Lazard U.S. Strategic Equity
	Portfolio				Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
Level	in Securities		Instruments*		in Securities		Instruments*
Level 1	$	9,371,437	$	-	$	86,168,674	$	-
Level 2		131,000		-		5,326,000		-
Level 3		-		-		-		-
Total	$	9,502,437	$	-	$	91,494,674	$	-
	Lazard Mid Cap Portfolio				Lazard Small Cap Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
Level	in Securities		Instruments*		in Securities		Instruments*
Level 1	$	325,686,147	$	-	$	103,146,910	$	-
Level 2		9,758,000		-		6,674,000		-
Level 3		-		-		-		-
Total	$	335,444,147	$	-	$	109,820,910	$	-
	Lazard U.S. Small Cap Equity				Lazard International Equity
	Growth Portfolio				Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
Level	in Securities		Instruments*		in Securities		Instruments*
Level 1	$	11,947,036	$	-	$	258,132,877	$	-
Level 2		464,000		-		3,571,000		-
Level 3		-		-		-		-
Total	$	12,411,036	$	-	$	261,703,877	$	-
	Lazard International Equity				Lazard International Strategic
	Select Portfolio				Equity Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
Level	in Securities		Instruments*		in Securities		Instruments*
Level 1	$	21,293,976	$	-	$	390,193,104	$	-
Level 2		406,000		-		11,239,000		-
Level 3		-		-		-		-
Total	$	21,699,976	$	-	$	401,432,104	$	-
	Lazard International Small Cap				Lazard Emerging Markets
	Portfolio				Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
Level	in Securities		Instruments*		in Securities		Instruments*
Level 1	$	213,661,439	$	-	$	6,520,224,029	$	-
Level 2		4,007,000		-		164,221,000		-
Level 3		-		-		-		-
Total	$	217,668,439	$	-	$	6,684,445,029	$	-
					Lazard Capital Allocator
	Lazard High Yield Portfolio				Opportunistic Strategies Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
Level	in Securities		Instruments*		in Securities		Instruments*
Level 1	$	-	$	-	$	99,944,657	$	-
Level 2		55,254,413		-		-		-
Level 3		929		-		-		-
Total	$	55,255,342	$	-	$	99,944,657	$	-

*Other financial instruments are derivative instruments not reflected in the Portfolios of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The Lazard Funds, Inc.
Portfolios of Investments (continued)
March 31, 2008 (unaudited)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Lazard U.S Equity Value				Lazard U.S. Strategic Equity
	Portfolio				Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
	in Securities		Instruments		in Securities		Instruments
Balance as of 12/31/07	$	-	$	-	$	-	$	-
Accrued discounts/premiums		-		-		-		-
Realized gain (loss)*		-		-		-		-
Change in unrealized		-		-		-		-
appreciation/depreciation
Net purchases (sales)		-		-		-		-
Net transfers in and/or out of		-		-		-		-
Level 3
Balance as of 3/31/08	$	-	$	-	$	-	$	-
Net change in unrealized
appreciation/depreciation from
Investments still held as of
3/31/08	$	-	$	-	$	-	$	-
	Lazard Mid Cap Portfolio				Lazard Small Cap Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
	in Securities		Instruments		in Securities		Instruments
Balance as of 12/31/07	$	-	$	-	$	-	$	-
Accrued discounts/premiums		-		-		-		-
Realized gain (loss)*		-		-		-		-
Change in unrealized		-		-		-		-
appreciation/depreciation
Net purchases (sales)		-		-		-		-
Net transfers in and/or out of		-		-		-		-
Level 3
Balance as of 3/31/08	$	-	$	-	$	-	$	-
Net change in unrealized
appreciation/depreciation from
Investments still held as of
3/31/08	$	-	$	-	$	-	$	-
	Lazard U.S. Small Cap				Lazard International Equity
	Equity Growth Portfolio				Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
	in Securities		Instruments		in Securities		Instruments
Balance as of 12/31/07	$	-	$	-	$	-	$	-
Accrued discounts/premiums		-		-		-		-
Realized gain (loss)*		-		-		-		-
Change in unrealized		-		-		-		-
appreciation/depreciation
Net purchases (sales)		-		-		-		-
Net transfers in and/or out of		-		-		-		-
Level 3
Balance as of 3/31/08	$	-	$	-	$	-	$	-
Net change in unrealized
appreciation/depreciation from
Investments still held as of
3/31/08	$	-	$	-	$	-	$	-
	Lazard International Equity				Lazard International Strategic
	Select Portfolio				Equity Portfolio
			Other				Other
	Investments		Financial		Investments		Financial
	in Securities		Instruments		in Securities		Instruments
Balance as of 12/31/07	$	-	$	-	$	-	$	-
Accrued discounts/premiums		-		-		-		-
Realized gain (loss)*		-		-		-		-
Change in unrealized		-		-		-		-
appreciation/depreciation
Net purchases (sales)		-		-		-		-
Net transfers in and/or out of		-		-		-		-
Level 3
Balance as of 3/31/08	$	-	$	-	$	-	$	-
Net change in unrealized
appreciation/depreciation from
Investments still held as of
3/31/08	$	-	$	-	$	-	$	-

The Lazard Funds, Inc.
Portfolios of Investments (concluded)
March 31, 2008 (unaudited)

	Lazard International Small					Lazard Emerging Markets
	Cap Portfolio					Portfolio
				Other				Other
	Investments			Financial		Investments		Financial
	in Securities			Instruments		in Securities		Instruments
Balance as of 12/31/07	$	-		$	-	$	-	$	-
Accrued discounts/premiums		-			-		-		-
Realized gain (loss)*		-			-		-		-
Change in unrealized		-			-		-		-
appreciation/depreciation
Net purchases (sales)		-			-		-		-
Net transfers in and/or out of		-			-		-		-
Level 3
Balance as of 3/31/08	$	-		$	-	$	-	$	-
Net change in unrealized
appreciation/depreciation from
Investments still held as of
3/31/08	$	-		$	-	$	-	$	-
						Lazard Capital Allocator
						Opportunistic Strategies
	Lazard High Yield Portfolio					Portfolio
				Other				Other
	Investments			Financial		Investments		Financial
	in Securities			Instruments		in Securities		Instruments
Balance as of 12/31/07	$	26,289		$	-	$	-	$	-
Accrued discounts/premiums		-			-		-		-
Realized gain (loss)*		-			-		-		-
Change in unrealized					-		-		-
appreciation/depreciation		(25,360	)
Net purchases (sales)		-			-		-		-
Net transfers in and/or out of		-			-		-		-
Level 3
Balance as of 3/31/08	$	929		$	-	$	-	$	-
Net change in unrealized
appreciation/depreciation from
Investments still held as of
3/31/08	$	(25,360	)	$	-	$	-	$	-

*The realized gain (loss) recognized during the period ended 3/31/08 for other financial instruments was $0.

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, 2008
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, 2008
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 30, 2008