N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number      811-06312

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

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

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

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

Date of fiscal year end:         12/31

Date of reporting period:      9/30/2008

FORM N-Q

Item 1.   Schedule of Investments.

The Lazard Funds, Inc.
Portfolios of Investments
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks—97.8%
Alcohol & Tobacco—2.4%
Altria Group, Inc.	3,500	$	69,440
Molson Coors Brewing Co., Class B	1,500		70,125
Reynolds American, Inc.	1,400		68,068
			207,633
Automotive—0.8%
The Goodyear Tire & Rubber Co. (a)	4,470		68,436
Banking—6.4%
Bank of America Corp.	9,411		329,385
Bank of New York Mellon Corp.	3,474		113,183
Marshall & Ilsley Corp.	2,700		54,405
Wells Fargo & Co.	1,380		51,791
			548,764
Cable Television—1.0%
Comcast Corp., Class A	4,330		85,388
Chemicals—4.2%
Air Products & Chemicals, Inc.	550		37,669
Cytec Industries, Inc.	1,600		62,256
Du Pont (E.I.) de Nemours & Co.	1,700		68,510
RPM International, Inc.	3,100		59,954
The Dow Chemical Co.	4,020		127,756
			356,145
Computer Software—2.5%
Microsoft Corp.	5,320		141,991
Oracle Corp. (a)	3,300		67,023
			209,014
Consumer Products—1.4%
International Flavors &
Fragrances, Inc.	1,100		43,406
The Procter & Gamble Co.	1,135		79,098
			122,504
Drugs—7.4%
Merck & Co., Inc.	5,100		160,956
Pfizer, Inc.	13,894		256,205
Schering-Plough Corp.	2,900		53,563
Wyeth	4,300		158,842
			629,566
Electric—3.7%
American Electric Power Co., Inc.	1,300		48,139
Entergy Corp.	750		66,758
Exelon Corp.	1,360		85,163
FirstEnergy Corp.	1,000		66,990
PG&E Corp.	1,200		44,940
			311,990
Energy Exploration & Production—3.5%
Anadarko Petroleum Corp.	1,500		72,765
Apache Corp.	560		58,397
Devon Energy Corp.	855		77,976
Newfield Exploration Co. (a)	1,570		50,224
Occidental Petroleum Corp.	580		40,861
			300,223
Energy Integrated—12.8%
Chevron Corp.	3,661		301,959
ConocoPhillips	2,750		201,438
Exxon Mobil Corp.	6,556		509,139
Marathon Oil Corp.	1,920		76,550
			1,089,086
Energy Services—0.3%
Exterran Holdings, Inc. (a)	700		22,372
Financial Services—7.3%
Ameriprise Financial, Inc.	1,900		72,580
Capital One Financial Corp.	700		35,700
Citigroup, Inc.	11,720		240,377
JPMorgan Chase & Co.	4,276		199,689
State Street Corp.	700		39,816
Visa, Inc.	600		36,834
			624,996
Food & Beverages—1.4%
Coca-Cola Enterprises, Inc.	3,700		62,049
Kraft Foods, Inc., Class A	1,804		59,081
			121,130
Forest & Paper Products—2.2%
Ball Corp.	1,600		63,184
Kimberly-Clark Corp.	679		44,026

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (continued)
Owens-Illinois, Inc. (a)	2,700	$	79,380
			186,590
Health Services—2.6%
Aetna, Inc.	2,500		90,275
Community Health Systems, Inc. (a)	1,400		41,034
WellPoint, Inc. (a)	1,950		91,201
			222,510
Insurance—7.3%
ACE, Ltd.	1,000		54,130
Everest Re Group, Ltd.	950		82,203
Lincoln National Corp.	1,581		67,683
MetLife, Inc.	700		39,200
PartnerRe, Ltd.	1,000		68,090
The Allstate Corp.	1,180		54,422
The Hartford Financial Services
Group, Inc.	1,700		69,683
The Travelers Cos., Inc.	2,000		90,400
Willis Group Holdings, Ltd.	2,900		93,554
			619,365
Leisure & Entertainment—4.5%
Brinker International, Inc.	2,300		41,147
Darden Restaurants, Inc.	1,400		40,082
News Corp., Class A	6,741		80,825
Time Warner, Inc.	11,500		150,765
Viacom, Inc., Class B (a)	2,800		69,552
			382,371
Manufacturing—9.6%
Corning, Inc.	2,700		42,228
Deere & Co.	1,000		49,500
General Electric Co.	12,875		328,312
Goodrich Corp.	500		20,800
Honeywell International, Inc.	1,300		54,015
Parker Hannifin Corp.	1,100		58,300
Rockwell Collins, Inc.	700		33,663
Textron, Inc.	2,200		64,416
The Boeing Co.	1,500		86,025
United Technologies Corp.	1,350		81,081
			818,340
Medical Products—1.8%
Johnson & Johnson	2,200		152,416
Metals & Mining—0.8%
Freeport-McMoRan Copper & Gold, Inc.	600		34,110
Newmont Mining Corp.	900		34,884
			68,994
Real Estate—1.0%
CBL & Associates Properties, Inc. REIT	2,100		42,168
Developers Diversified Realty Corp.	1,250		39,613
			81,781
Retail—2.0%
CVS Caremark Corp.	2,200		74,052
J.C. Penney Co., Inc.	1,200		40,008
Phillips-Van Heusen Corp.	1,400		53,074
			167,134
Semiconductors & Components—2.3%
Analog Devices, Inc.	2,300		60,605
Intel Corp.	3,300		61,809
Tyco Electronics, Ltd.	2,800		77,448
			199,862
Technology—0.6%
International Business Machines Corp.	460		53,802
Technology Hardware—3.3%
Brocade Communications Systems, Inc. (a)	9,900		57,618
Cisco Systems, Inc. (a)	2,000		45,120
Dell, Inc. (a)	3,400		56,032
Hewlett-Packard Co.	1,900		87,856
Motorola, Inc.	4,740		33,844
			280,470
Telecommunications—4.7%
AT&T, Inc.	11,030		307,958
Verizon Communications, Inc.	2,959		94,954
			402,912
Total Common Stock
(Identified cost $9,745,021)			8,333,794

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

		Principal
		Amount
Description		(000)		Value
Lazard U.S. Equity Value Portfolio (concluded)
Repurchase Agreement—3.5%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$305,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$304,619)
Proceeds of $298,001
(Identified cost $298,000)	$	298	$	298,000
Total Investments—101.3%
(Identified cost $10,043,021) (b)			$	8,631,794
Liabilities in Excess of Cash and
Other Assets—(1.3)%				(109,040	)
Net Assets—100.0%			$	8,522,754

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares	Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks—99.0%
Alcohol & Tobacco—4.5%
Molson Coors Brewing Co., Class
B	32,500	$	1,519,375
Philip Morris International, Inc.	16,600	798,460
Reynolds American, Inc.	23,800	1,157,156
		3,474,991
Automotive—0.6%
The Goodyear Tire & Rubber Co.
(a)	28,900	442,459
Banking—3.2%
Bank of America Corp.	25,214	882,490
Hudson City Bancorp, Inc.	29,200	538,740
Wells Fargo & Co.	27,700	1,039,581
		2,460,811
Cable Television—2.2%
Comcast Corp., Class A	85,100	1,678,172
Chemicals—1.8%
Air Products & Chemicals, Inc.	11,000	753,390
The Dow Chemical Co.	19,300	613,354
		1,366,744
Computer Software— 7.3%
Microsoft Corp.	147,535	3,937,709
Oracle Corp. (a)	50,700	1,029,717
Symantec Corp. (a)	34,000	665,720
		5,633,146
Drugs—5.0%
Merck & Co., Inc.	27,200	858,432
Pfizer, Inc.	31,200	575,328
Wyeth	64,800	2,393,712
		3,827,472
Electric—1.5%
American Electric Power Co., Inc.	30,800	1,140,524
Energy Exploration & Production—0.5%
Apache Corp.	3,400	354,552
Energy Integrated—10.2%
Chevron Corp.	17,200	1,418,656
ConocoPhillips	23,900	1,750,675
Exxon Mobil Corp.	32,400	2,516,184
Hess Corp.	4,800	393,984
Marathon Oil Corp.	19,300	769,491
Massey Energy Co.	15,900	567,153
Valero Energy Corp.	12,600	381,780
		7,797,923
Energy Services—0.9%
BJ Services Co.	35,770	684,280
Financial Services—5.3%
Ameriprise Financial, Inc.	13,900	530,980
Citigroup, Inc.	74,722	1,532,548
JPMorgan Chase & Co.	36,191	1,690,120
Visa, Inc.	5,700	349,923
		4,103,571
Food & Beverages—4.2%
Coca-Cola Enterprises, Inc.	62,600	1,049,802
Kraft Foods, Inc., Class A	51,453	1,685,086
Smithfield Foods, Inc. (a)	29,200	463,696
		3,198,584
Forest & Paper Products—3.1%
Ball Corp.	22,415	885,169
Kimberly-Clark Corp.	23,280	1,509,475
		2,394,644
Health Services—0.8%
UnitedHealth Group, Inc.	25,600	649,984
Housing—1.4%
Masco Corp.	58,300	1,045,902
Insurance—4.4%
Marsh & McLennan Cos., Inc.	24,500	778,120
PartnerRe, Ltd.	12,000	817,080
The Allstate Corp.	26,700	1,231,404
The Travelers Cos., Inc.	12,600	569,520
		3,396,124
Leisure & Entertainment—3.2%
Brinker International, Inc.	57,300	1,025,097
Starbucks Corp. (a)	26,300	391,081
Time Warner, Inc.	78,400	1,027,824
		2,444,002

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Manufacturing—8.8%
Deere & Co.	12,700	$	628,650
Dover Corp.	17,000		689,350
General Electric Co.	55,100		1,405,050
Honeywell International, Inc.	16,293		676,974
Parker Hannifin Corp.	13,600		720,800
Pitney Bowes, Inc.	24,500		814,870
Textron, Inc.	25,300		740,784
The Boeing Co.	19,200		1,101,120
			6,777,598
Medical Products—6.7%
Boston Scientific Corp. (a)	105,500		1,294,485
Johnson & Johnson	55,760		3,863,053
			5,157,538
Metals & Mining—0.9%
Freeport-McMoRan Copper & Gold, Inc.
	11,600		659,460
Real Estate—1.2%
Public Storage REIT	9,300		920,793
Retail—8.4%
CVS Caremark Corp.	42,700		1,437,282
Foot Locker, Inc.	19,400		313,504
J.C. Penney Co., Inc.	24,800		826,832
Liz Claiborne, Inc.	60,505		994,097
The Kroger Co.	46,200		1,269,576
Wal-Mart Stores, Inc.	26,400		1,581,096
			6,422,387
Semiconductors & Components—3.9%
Analog Devices, Inc.	28,400		748,340
Flextronics International, Ltd. (a)	103,400		732,072
Intel Corp.	82,200		1,539,606
			3,020,018
Technology—3.5%
eBay, Inc. (a)	45,600		1,020,528
International Business Machines
Corp.	13,990		1,636,270
			2,656,798
Technology Hardware—2.6%
Cisco Systems, Inc. (a)	49,855		1,124,729
Dell, Inc. (a)	51,600		850,368
			1,975,097
Telecommunications—2.1%
Verizon Communications, Inc.	49,300		1,582,037
Transportation—0.8%
United Parcel Service, Inc., Class
B	10,400		654,056
Total Common Stock
(Identified cost $85,701,635)			75,919,667
Total Investments l 99.0%
(Identified cost $85,701,635) (b)		$	75,919,667
Cash and Other Assets in Excess
of Liabilities—1.0%			755,165
Net Assets—100.0%		$	76,674,832

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks—97.6%
Alcohol & Tobacco—2.7%
Molson Coors Brewing Co., Class
B	134,400	$	6,283,200
Automotive—0.7%
The Goodyear Tire & Rubber Co.
(a)	111,400		1,705,534
Banking—2.6%
City National Corp.	21,500		1,167,450
Hudson City Bancorp, Inc.	152,500		2,813,625
Marshall & Ilsley Corp.	105,498		2,125,785
			6,106,860
Chemicals—1.2%
RPM International, Inc.	150,800		2,916,472
Commercial Services—5.3%
Cintas Corp.	126,800		3,640,428
Corrections Corp. of America (a)	116,300		2,890,055
NeuStar, Inc., Class A (a)	186,200		3,703,518
WESCO International, Inc. (a)	69,200		2,226,856
			12,460,857
Computer Software—1.3%
Symantec Corp. (a)	158,800		3,109,304
Construction & Engineering—0.7%
Foster Wheeler, Ltd. (a)	48,000		1,733,280
Consumer Products—3.3%
International Flavors &
Fragrances, Inc.	77,500		3,058,150
Leggett & Platt, Inc.	221,900		4,835,201
			7,893,351
Drugs—3.1%
Forest Laboratories, Inc. (a)	85,500		2,417,940
Warner Chilcott, Ltd. (a)	322,200		4,871,664
			7,289,604
Electric—4.3%
American Electric Power Co., Inc.	124,700		4,617,641
PPL Corp.	33,800		1,251,276
Wisconsin Energy Corp.	93,600		4,202,640
			10,071,557
Energy—1.5%
Covanta Holding Corp. (a)	152,000		3,638,880
Energy Exploration & Production—
0.7%
Denbury Resources, Inc. (a)	85,500		1,627,920
Energy Integrated—3.3%
Holly Corp.	91,900		2,657,748
Massey Energy Co.	76,100		2,714,487
Sunoco, Inc.	66,300		2,358,954
			7,731,189
Energy Services—3.2%
Exterran Holdings, Inc. (a)	47,600		1,521,296
Pride International, Inc. (a)	114,800		3,399,228
The Williams Cos., Inc.	115,500		2,731,575
			7,652,099
Financial Services—3.0%
Ameriprise Financial, Inc.	125,000		4,775,000
Federated Investors, Inc., Class B	80,400		2,319,540
			7,094,540
Food & Beverages—8.1%
Campbell Soup Co.	106,300		4,103,180
Coca-Cola Enterprises, Inc.	281,000		4,712,370
McCormick & Co., Inc.	158,800		6,105,860
Smithfield Foods, Inc. (a)	132,300		2,100,924
The J.M. Smucker Co.	38,700		1,961,703
			18,984,037
Forest & Paper Products—5.1%
Ball Corp.	78,300		3,092,067
Bemis Co., Inc.	107,700		2,822,817
Louisiana-Pacific Corp.	233,100		2,167,830
Packaging Corp. of America	170,200		3,945,236
			12,027,950
Health Services—2.3%
Omnicare, Inc.	188,100		5,411,637
Housing—1.5%
Masco Corp.	190,900		3,424,746
Insurance—7.8%
Lincoln National Corp.	66,734		2,856,882
Marsh & McLennan Cos., Inc.	115,700		3,674,632

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description		Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
PartnerRe, Ltd.		51,400	$	3,499,826
RenaissanceRe Holdings, Ltd.		86,700		4,508,400
Willis Group Holdings, Ltd.		118,000		3,806,680
				18,346,420
Leisure & Entertainment—3.5%
Brinker International, Inc.		232,100		4,152,269
Darden Restaurants, Inc.		75,200		2,152,976
Starbucks Corp. (a)		125,300		1,863,211
				8,168,456
Manufacturing—6.7%
Dover Corp.		48,500		1,966,675
Parker Hannifin Corp.		43,200		2,289,600
Pitney Bowes, Inc.		118,200		3,931,332
Spirit AeroSystems Holdings, Inc.,
Class A (a)		276,000		4,435,320
Textron, Inc.		106,700		3,124,176
				15,747,103
Medical Products—5.2%
Applied Biosystems, Inc.		78,800		2,698,900
Hospira, Inc. (a)		132,700		5,069,140
Patterson Cos., Inc. (a)		84,100		2,557,481
Zimmer Holdings, Inc. (a)		30,200		1,949,712
				12,275,233
Metals & Mining—0.7%
United States Steel Corp.		21,700		1,684,137
Real Estate—4.0%
CBL & Associates Properties, Inc.
REIT		93,100		1,869,448
Public Storage REIT		40,900		4,049,509
The St. Joe Co. (a)		87,100		3,404,739
				9,323,696
Retail—4.5%
Abercrombie & Fitch Co., Class A		41,200		1,625,340
Foot Locker, Inc.		75,600		1,221,696
Hanesbrands, Inc. (a)		61,300		1,333,275
J.C. Penney Co., Inc.		72,700		2,423,818
Liz Claiborne, Inc.		249,700		4,102,571
				10,706,700
Semiconductors & Components—
5.0%
Agilent Technologies, Inc. (a)		143,800		4,265,108
Analog Devices, Inc.		180,500		4,756,175
Flextronics International, Ltd. (a)		395,200		2,798,016
				11,819,299
Technology Hardware—4.1%
Arrow Electronics, Inc. (a)		72,800		1,908,816
Brocade Communications
Systems, Inc. (a)		381,200		2,218,584
Ingram Micro, Inc., Class A (a)		208,200		3,345,774
Lexmark International, Inc., Class
A (a)		66,600		2,169,162
				9,642,336
Telecommunications—1.5%
Frontier Communications Corp.		302,700		3,481,050
Transportation—0.7%
Con-way, Inc.		36,600		1,614,426
Total Common Stocks
(Identified cost $259,766,772)				229,971,873
		Principal
		Amount
Description		(000)		Value
Repurchase Agreement—2.4%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/2008, collateralized by
$5,645,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$5,637,944)
Proceeds of $5,525,015
(Identified cost $5,525,000)	$	5,525		5,525,000
Total Investments—100.0%
(Identified cost $265,291,772) (b)			$	235,496,873
Cash and Other Assets in Excess
of Liabilities—0.0%				70,747
Net Assets—100.0%			$	235,567,620

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks—98.0%
Alcohol & Tobacco—2.1%
Molson Coors Brewing Co., Class
B	29,800	$	1,393,150
Automotive—2.0%
ArvinMeritor, Inc.	50,300		655,912
The Goodyear Tire & Rubber Co.
(a)	43,590		667,363
			1,323,275
Banking—10.0%
Bank of the Ozarks, Inc.	17,650		476,550
Cascade Bancorp	68,200		606,298
IBERIABANK Corp.	22,400		1,183,840
NewAlliance Bancshares, Inc.	75,700		1,137,771
Prosperity Bancshares, Inc.	19,540		664,165
Signature Bank (a)	23,400		816,192
Sterling Bancshares, Inc.	81,200		848,540
TCF Financial Corp.	40,700		732,600
UCBH Holdings, Inc.	49,100		314,731
			6,780,687
Chemicals—2.8%
Polypore International, Inc. (a)	22,000		473,220
RPM International, Inc.	38,900		752,326
Solutia, Inc. (a)	48,200		674,800
			1,900,346
Commercial Services—4.3%
Corrections Corp. of America (a)	19,800		492,030
DST Systems, Inc. (a)	12,000		671,880
Rollins, Inc.	51,600		979,368
Waste Connections, Inc. (a)	22,975		788,042
			2,931,320
Computer Software—2.5%
Ariba, Inc. (a)	22,900		323,577
Secure Computing Corp. (a)	250,051		1,370,279
			1,693,856
Construction & Engineering—2.0%
Chicago Bridge & Iron Co. NV	20,900		402,116
Dycom Industries, Inc. (a)	71,200		927,024
			1,329,140
Consumer Products—3.2%
Matthews International Corp.,
Class A	20,900		1,060,466
Polaris Industries, Inc.	23,500		1,069,015
			2,129,481
Drugs—2.1%
Barr Pharmaceuticals, Inc. (a)	11,100		724,830
Forest Laboratories, Inc. (a)	24,100		681,548
			1,406,378
Electric—2.3%
Wisconsin Energy Corp.	34,300		1,540,070
Energy—1.4%
Covanta Holding Corp. (a)	40,500		969,570
Energy Exploration & Production—
1.8%
TXCO Resources, Inc. (a)	124,293		1,247,902
Energy Integrated—0.9%
Alpha Natural Resources, Inc. (a)	7,400		380,582
Foundation Coal Holdings, Inc.	6,000		213,480
			594,062
Energy Services—2.6%
Dril-Quip, Inc. (a)	4,200		182,238
Pioneer Drilling Co. (a)	32,100		426,930
The Williams Cos., Inc.	31,800		752,070
Trico Marine Services, Inc. (a)	21,200		362,096
			1,723,334
Financial Services—2.7%
Duff & Phelps Corp., Class A (a)	52,500		1,104,075
Waddell & Reed Financial, Inc.	30,350		751,163
			1,855,238
Food & Beverages—2.7%
Campbell Soup Co.	46,500		1,794,900
Forest & Paper Products—1.1%
Ball Corp.	18,300		722,667
Gas Utilities—5.4%
Northwest Natural Gas Co.	15,300		795,600
South Jersey Industries, Inc.	42,300		1,510,110

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)
Vectren Corp.	49,500	$	1,378,575
			3,684,285
Health Services—5.0%
AMERIGROUP Corp. (a)	30,500		769,820
Community Health Systems, Inc.
(a)	23,300		682,923
inVentiv Health, Inc. (a)	35,300		623,398
Magellan Health Services, Inc. (a)	18,600		763,716
Varian, Inc. (a)	13,200		566,280
			3,406,137
Housing—1.5%
Beacon Roofing Supply, Inc. (a)	66,400		1,037,168
Insurance—1.9%
HCC Insurance Holdings, Inc.	18,100		488,700
Max Capital Group, Ltd.	34,900		810,727
			1,299,427
Leisure & Entertainment—2.9%
Bally Technologies, Inc. (a)	18,500		560,180
Cinemark Holdings, Inc.	75,800		1,030,880
Darden Restaurants, Inc.	13,800		395,094
			1,986,154
Manufacturing—8.9%
Dover Corp.	15,400		624,470
Hubbell, Inc., Class B	17,400		609,870
Kaman Corp.	24,700		703,456
Knoll, Inc.	37,650		569,268
Regal-Beloit Corp.	22,600		960,952
Spirit AeroSystems Holdings, Inc.,
Class A (a)	57,400		922,418
Textron, Inc.	17,700		518,256
The Middleby Corp. (a)	20,800		1,129,648
			6,038,338
Medical Products—3.9%
American Medical Systems
Holdings, Inc. (a)	22,200		394,272
Hospira, Inc. (a)	28,500		1,088,700
Intuitive Surgical, Inc. (a)	4,780		1,151,884
			2,634,856
Real Estate—6.1%
Alexandria Real Estate Equities,
Inc. REIT	11,400		1,282,500
Digital Realty Trust, Inc. REIT	20,400		963,900
Healthcare Realty Trust, Inc. REIT	33,000		961,950
LaSalle Hotel Properties REIT	38,200		890,824
			4,099,174
Retail—1.2%
Iconix Brand Group, Inc. (a)	63,200		826,656
Semiconductors & Components—
5.4%
Flextronics International, Ltd. (a)	108,800		770,304
Integrated Device Technology, Inc.
(a)	71,350		555,103
Microsemi Corp. (a)	22,600		575,848
ON Semiconductor Corp. (a)	78,900		533,364
Plexus Corp. (a)	23,000		476,100
TTM Technologies, Inc. (a)	75,600		749,952
			3,660,671
Technology—1.7%
SRA International, Inc., Class A (a)	50,500		1,142,815
Technology Hardware—7.1%
Brocade Communications
Systems, Inc. (a)	53,100		309,042
F5 Networks, Inc. (a)	21,700		507,346
Houston Wire & Cable Co.	24,100		413,797
Hughes Communications, Inc. (a)	37,400		1,372,580
Ingram Micro, Inc., Class A (a)	50,400		809,928
Lexmark International, Inc., Class
A (a)	27,300		889,161
Polycom, Inc. (a)	22,400		518,112
			4,819,966
Transportation—0.5%
Continental Airlines, Inc., Class B
(a)	20,400		340,272
Total Common Stock
(Identified cost $69,012,118)			66,311,295

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

		Principal
		Amount
Description		(000)		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Repurchase Agreement—3.9%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$2,670,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$2,666,663)
Proceeds of $2,614,007
(Identified cost $2,614,000)	$	2,614	$	2,614,000
Total Investments—101.9%
(Identified cost $71,626,118) (b)			$	$68,925,295
Liabilities in Excess of Cash and
Other Assets—(1.9)%				(1,295,969	)
Net Assets—100.0%			$	67,629,326

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Small Cap Equity Value Portfolio
Common Stocks—96.6%
Automotive—2.6%
American Axle & Manufacturing
Holdings, Inc.	22,900	$	122,744
ATC Technology Corp. (a)	8,200		194,668
Lear Corp. (a)	10,500		110,250
			427,662
Banking—10.5%
Brookline Bancorp, Inc.	15,800		202,082
City National Corp.	3,400		184,620
NewAlliance Bancshares, Inc.	13,800		207,414
PacWest Bancorp	3,600		102,924
The Colonial BancGroup, Inc.	23,400		183,924
The South Financial Group, Inc.	17,600		129,008
UCBH Holdings, Inc.	14,000		89,740
Webster Financial Corp.	8,100		204,525
Wintrust Financial Corp.	6,000		176,100
WSFS Financial Corp.	4,000		240,000
			1,720,337
Chemicals—4.6%
Cytec Industries, Inc.	4,600		178,986
Hercules, Inc.	11,800		233,522
Innospec, Inc.	11,700		141,102
Rockwood Holdings, Inc. (a)	7,800		200,148
			753,758
Commercial Services—3.0%
NeuStar, Inc., Class A (a)	6,800		135,252
TeleTech Holdings, Inc. (a)	11,900		148,036
Viad Corp.	7,000		201,530
			484,818
Computer Software—1.1%
ACI Worldwide, Inc. (a)	3,600		63,072
MicroStrategy, Inc., Class A (a)	1,900		113,107
			176,179
Construction & Engineering—2.9%
Matrix Service Co. (a)	11,200		213,920
URS Corp. (a)	7,000		256,690
			470,610
Consumer Products—1.9%
Mine Safety Appliances Co.	4,700		179,164
Prestige Brands Holdings, Inc. (a)	14,800		131,424
			310,588
Drugs—0.6%
Nektar Therapeutics (a)	28,200		101,238
Electric—4.9%
Avista Corp.	7,500		162,825
CMS Energy Corp.	21,200		264,364
El Paso Electric Co. (a)	9,000		189,000
IDACORP, Inc.	6,100		177,449
			793,638
Energy Exploration & Production—
1.2%
Forest Oil Corp. (a)	4,100		203,360
Energy Services—1.7%
Key Energy Services, Inc. (a)	14,300		165,880
Superior Energy Services, Inc. (a)	3,800		118,332
			284,212
Financial Services—3.6%
Dollar Financial Corp. (a)	11,000		169,290
Knight Capital Group, Inc., Class A
(a)	13,515		200,833
Stifel Financial Corp. (a)	4,250		212,075
			582,198
Forest & Paper Products—2.5%
Packaging Corp. of America	10,200		236,436
Silgan Holdings, Inc.	3,500		178,815
			415,251
Gas Utilities—3.6%
South Jersey Industries, Inc.	5,600		199,920
UGI Corp.	7,700		198,506
Vectren Corp.	6,600		183,810
			582,236
Health Services—3.5%
AMERIGROUP Corp. (a)	7,800		196,872
HealthTronics, Inc. (a)	38,500		112,420
Kendle International, Inc. (a)	2,800		125,188
Varian, Inc. (a)	3,200		137,280
			571,760

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard U.S. Small Cap Equity Value Portfolio (continued)
Housing—0.9%
Eagle Materials, Inc.	6,400	$	143,168
Insurance—8.1%
Ambac Financial Group, Inc.	9,200		21,436
Aspen Insurance Holdings, Ltd.	7,000		192,500
CastlePoint Holdings, Ltd.	28,700		319,431
Delphi Financial Group, Inc., Class
A	7,300		204,692
HCC Insurance Holdings, Inc.	8,400		226,800
Max Capital Group, Ltd.	7,200		167,256
Unitrin, Inc.	7,600		189,544
			1,321,659
Leisure & Entertainment—2.7%
Entravision Communications
Corp., Class A (a)	39,436		106,083
Lions Gate Entertainment Corp. (a)	16,700		151,970
Wendy's/Arby's Group, Inc. Class
A	36,100		189,886
			447,939
Manufacturing—4.3%
AAR Corp. (a)	12,022		199,445
Kennametal, Inc.	6,500		176,280
Nordson Corp.	3,500		171,885
Rofin-Sinar Technologies, Inc. (a)	5,000		153,050
			700,660
Metals & Mining—2.7%
Century Aluminum Co. (a)	2,800		77,532
Haynes International, Inc. (a)	3,800		177,954
Kaiser Aluminum Corp.	4,400		188,980
			444,466
Real Estate—5.2%
Extra Space Storage, Inc. REIT	8,500		130,560
Healthcare Realty Trust, Inc. REIT	4,800		139,920
KKR Financial Holdings LLC	20,100		127,836
MFA Mortgage Investments, Inc.
REIT	30,300		196,950
Sunstone Hotel Investors, Inc.
REIT	7,300		98,550
Washington Real Estate
Investment Trust REIT	4,100		150,183
			843,999
Retail— 7.3%
Brown Shoe Co., Inc.	11,990		196,396
Charlotte Russe Holding, Inc. (a)	11,700		119,925
Collective Brands, Inc. (a)	12,600		230,706
Iconix Brand Group, Inc. (a)	14,100		184,428
J. Crew Group, Inc. (a)	5,400		154,278
The Pantry, Inc. (a)	14,900		315,731
			1,201,464
Semiconductors & Components—
2.6%
Benchmark Electronics, Inc. (a)	13,100		184,448
Monolithic Power Systems, Inc. (a)	7,400		128,538
TTM Technologies, Inc. (a)	10,600		105,152
			418,138
Technology—3.3%
CACI International, Inc., Class A
(a)	3,900		195,390
Lawson Software, Inc. (a)	25,500		178,500
Ness Technologies, Inc. (a)	14,500		166,315
			540,205
Technology Hardware—7.1%
ChipMOS TECHNOLOGIES
(Bermuda), Ltd. (a)	47,200		80,240
Comtech Telecommunications
Corp. (a)	4,000		196,960
Finisar Corp. (a)	71,500		72,215
Foundry Networks, Inc. (a)	11,900		216,699
Harmonic, Inc. (a)	13,300		112,385
Mattson Technology, Inc. (a)	22,500		106,425
Mentor Graphics Corp. (a)	11,200		127,120
Teradyne, Inc. (a)	11,700		91,377
Varian Semiconductor Equipment
Associates, Inc. (a)	6,500		163,280
			1,166,701
Telecommunications—1.0%
Syniverse Holdings, Inc. (a)	9,900		164,439
Transportation—3.2%
Air Transport Services Group, Inc.
(a)	65,400		48,396
Atlas Air Worldwide Holdings, Inc.
(a)	3,665		147,736
Continental Airlines, Inc., Class B
(a)	10,400		173,472

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares			Value
Lazard U.S. Small Cap Equity Value Portfolio (concluded)
UTI Worldwide, Inc.	9,100		$	154,882
				524,486
Total Common Stock
(Identified cost $17,094,649)				15,795,169
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—4.5%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$750,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$749,063)
Proceeds of $731,002
(Identified cost $731,000)	$	731		731,000
Total Investments—101.1%
(Identified cost $17,825,649) (b)			$	16,526,169
Liabilities in Excess of Cash and
Other Assets—(1.1)%				(179,815	)
Net Assets—100.0%			$	16,346,354

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard Global Equity Income Portfolio
Common Stocks—83.8%
Australia—4.2%
Macquarie Infrastructure Group	38,480	$	73,337
TABCORP Holdings, Ltd.	7,609		49,006
Telstra Corp., Ltd.	11,085		37,178
Total Australia			159,521
Brazil—3.5%
Redecard SA	4,300		56,222
Souza Cruz SA	3,210		76,737
Total Brazil			132,959
Canada—1.0%
Telus Corp.	1,006		36,743
Cyprus—0.5%
Bank of Cyprus Public Co., Ltd.	2,126		17,001
Egypt—1.9%
Egyptian Company for Mobile
Services	3,616		70,322
Finland—1.2%
Nokia Corp. Sponsored ADR	1,090		20,328
Sampo Oyj, A Shares	1,073		24,504
Total Finland			44,832
France—4.8%
Axa	3,005		98,513
Total SA	1,121		67,631
Vivendi	498		15,584
Total France			181,728
Greece—3.3%
Motor Oil (Hellas) Corinth
Refineries SA	1,445		21,865
National Bank of Greece SA	599		24,623
OPAP SA	2,581		79,003
Total Greece			125,491
Ireland—0.8%
Irish Life & Permanent PLC	4,135		29,296
Israel—1.0%
Israel Chemicals, Ltd.	2,485		37,676
Italy—5.0%
Eni SpA	4,100		108,220
Intesa Sanpaolo SpA	10,264		56,029
Terna SpA	6,710		24,585
Total Italy			188,834
Japan—3.1%
Daito Trust Construction Co., Ltd.	500		18,695
Ichiyoshi Securities Co., Ltd.	2,800		29,311
Nissan Motor Co., Ltd.	4,200		28,179
Nomura Holdings, Inc.	2,100		27,102
SBI Holdings, Inc.	100		14,972
Total Japan			118,259
Malaysia—0.9%
British American Tobacco
Malaysia Berhad	2,900		35,002
Mexico—2.7%
Kimberly-Clark de Mexico SAB de
CV, Series A	23,210		100,807
Netherlands—1.3%
Royal Dutch Shell PLC, A Shares	1,685		48,807
New Zealand—0.7%
Telecom Corp. of New Zealand,
Ltd.	14,990		27,566
Norway—0.3%
Prosafe SE	2,280		12,325
Russia—0.4%
Evraz Group SA GDR	185		6,993
Mechel Sponsored ADR	440		7,902
Total Russia			14,895
South Africa—1.8%
Kumba Iron Ore, Ltd.	1,730		40,122
Pretoria Portland Cement Co., Ltd.	6,701		25,619
Total South Africa			65,741
South Korea—0.4%
Macquarie Korea Infrastructure
Fund GDR	3,060		14,688
Spain—0.5%
Bolsas y Mercados Espanoles	665		17,288

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares			Value
Lazard Global Equity Income Portfolio (concluded)
Switzerland—0.6%
Zurich Financial Services AG	87		$	24,116
Taiwan—3.2%
Taiwan Semiconductor
Manufacturing Co., Ltd.
Sponsored ADR	12,656			118,587
Turkey—2.5%
Ford Otomotiv Sanayi AS	7,405			39,675
Turkcell Iletisim Hizmetleri AS
ADR	1,580			23,684
Turkiye Halk Bankasi AS	7,160			32,159
Total Turkey				95,518
United Kingdom—6.3%
Barclays PLC	6,710			40,762
BP PLC	4,755			39,584
Lloyds TSB Group PLC	9,560			39,767
Old Mutual PLC	29,565			41,336
Persimmon PLC	1,975			14,219
Royal Bank of Scotland Group
PLC	3,874			12,833
Taylor Wimpey PLC	8,551			5,464
Vodafone Group PLC	19,772			43,680
Total United Kingdom				237,645
United States—31.9%
Air Products & Chemicals, Inc.	300			20,547
Altria Group, Inc.	1,255			24,899
Bank of America Corp.	3,465			121,275
Chevron Corp.	560			46,189
Cinemark Holdings, Inc.	1,980			26,928
Citigroup, Inc.	4,140			84,911
Diamond Offshore Drilling, Inc.	500			51,530
Du Pont (E.I.) de Nemours & Co.	2,175			87,652
Frontier Communications Corp.	5,765			66,298
General Electric Co.	891			22,721
Honeywell International, Inc.	405			16,828
Intel Corp.	1,690			31,654
International Flavors &
Fragrances, Inc.	800			31,568
Johnson & Johnson	330			22,862
Marshall & Ilsley Corp.	1,000			20,150
Masco Corp.	4,566			81,914
Merck & Co., Inc.	1,315			41,501
Pfizer, Inc.	4,730			87,221
Reynolds American, Inc.	2,125			103,317
RPM International, Inc.	975			18,857
The Dow Chemical Co.	2,615			83,105
The Procter & Gamble Co.	349			24,322
United Online, Inc.	2,730			25,689
USA Mobility, Inc. (a)	2,655			29,205
Verizon Communications, Inc.	955			30,646
Total United States				1,201,789
Total Common Stocks
(Identified cost $3,748,202)				3,157,436
Limited Partnership Units—1.5%
United States—1.5%
Energy Transfer Equity LP	850			18,488
Enterprise GP Holdings LP	780			18,353
Enterprise Products Partners LP	788			20,307
Total United States				57,148
Total Limited Partnership
Units
(Identified cost $68,378)				57,148
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—9.9%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$380,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$379,525)
Proceeds of $372,001
(Identified cost $372,000)	$	372		372,000
Total Investments—95.2%
(Identified cost $4,188,580) (b)			$	3,586,584
Cash and Other Assets in Excess of
Liabilities—4.8%				182,633
Net Assets—100.0%			$	3,769,217

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks—97.0%
Argentina—0.9%
Tenaris SA ADR	39,300	$	1,465,497
Canada—2.4%
Telus Corp.	107,700		3,933,567
Finland—1.7%
Nokia Oyj	151,400		2,822,507
France—12.2%
Axa	66,324		2,174,296
BNP Paribas	24,280		2,334,118
GDF Suez	89,000		4,656,975
Groupe Danone	25,200		1,785,663
Sanofi-Aventis	54,347		3,572,305
Total SA	90,296		5,447,639
Total France			19,970,996
Germany—8.3%
Adidas AG	28,391		1,524,775
Allianz SE	14,100		1,939,209
Daimler AG	27,200		1,374,687
E.ON AG	99,640		5,046,096
Siemens AG	39,088		3,668,581
Total Germany			13,553,348
Greece—2.2%
National Bank of Greece SA	37,560		1,543,970
OPAP SA	69,325		2,121,997
Total Greece			3,665,967
Ireland—1.1%
CRH PLC	82,021		1,785,002
Italy—3.1%
Eni SpA	152,520		4,025,779
UniCredit SpA	276,467		1,021,230
Total Italy			5,047,009
Japan—14.9%
Canon, Inc.	36,200		1,353,412
Daito Trust Construction Co., Ltd.	77,500		2,897,771
East Japan Railway Co.	447		3,332,178
Hoya Corp.	78,500		1,555,169
Inpex Holdings, Inc.	201		1,740,893
Japan Tobacco, Inc.	820		3,087,175
Mitsubishi Corp.	78,700		1,637,728
Nidec Corp.	36,900		2,269,603
Olympus Corp.	42,000		1,227,966
Sumitomo Mitsui Financial Group,
Inc.	293		1,835,608
T&D Holdings, Inc.	47,200		2,516,995
Tokyo Gas Co., Ltd.	226,000		928,607
Total Japan			24,383,105
Netherlands—0.8%
Heineken NV	34,210		1,378,581
Norway—1.1%
Telenor ASA	148,400		1,824,500
Russia—1.9%
Globaltrans Investment PLC
Sponsored GDR (c)	99,700		885,336
LUKOIL Sponsored ADR	35,900		2,161,251
Total Russia			3,046,587
Singapore—2.5%
DBS Group Holdings, Ltd.	161,900		1,914,149
Singapore Telecommunications,
Ltd.	940,600		2,152,736
Total Singapore			4,066,885
Spain—1.4%
Banco Santander SA	150,690		2,281,080
Sweden—1.9%
Telefonaktiebolaget LM Ericsson,
B Shares	335,040		3,158,512
Switzerland—13.5%
Nestle SA	104,360		4,513,785
Novartis AG	142,830		7,470,777
Roche Holding AG	29,500		4,598,664
Swisscom AG	5,650		1,687,395
UBS AG (a)	112,700		1,948,282
Zurich Financial Services AG	6,800		1,884,916
Total Switzerland			22,103,819
Turkey—1.3%
Turkcell Iletisim Hizmetleri AS
ADR	143,700		2,154,063
United Kingdom—25.8%
BAE Systems PLC	555,800		4,079,059
BG Group PLC	85,200		1,534,420

The Lazard Funds, Inc.
Portfolios of Investments(concluded)
September 30, 2008 (unaudited)

Description		Shares			Value
Lazard International Equity Portfolio (concluded)
BP PLC		437,098		$	3,638,748
British American Tobacco PLC		53,660			1,753,353
Diageo PLC		191,842			3,247,502
GlaxoSmithKline PLC		140,350			3,032,176
HSBC Holdings PLC		190,900			3,091,595
Imperial Tobacco Group PLC		119,760			3,847,791
National Grid PLC		131,527			1,671,027
Old Mutual PLC	1,053,992				1,473,635
Prudential PLC		223,000			2,052,661
Reckitt Benckiser Group PLC		35,700			1,728,530
Tesco PLC		361,100			2,511,254
Unilever PLC		133,000			3,610,420
Vodafone Group PLC	2,233,583				4,934,427
Total United Kingdom					42,206,598
Total Common Stocks
(Identified cost $188,532,994)					158,847,623
		Principal
		Amount
Description		(000)			Value
Repurchase Agreement—2.9%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$4,775,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$4,769,031)
Proceeds of $4,674,013
(Identified cost $4,674,000)		$	4,674		4,674,000
Total Investments—99.9%
(Identified cost $193,206,994) (b)				$	163,521,623
Cash and Other Assets in Excess
of Liabilities—0.1%					153,117
Net Assets—100.0%				$	163,674,740

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks—99.8%
Brazil—2.4%
Companhia Vale do Rio Doce ADR	9,100	$	174,265
Petroleo Brasileiro SA ADR	3,200		140,640
Total Brazil			314,905
Canada—2.7%
Telus Corp.	9,900		354,512
Finland—3.3%
Fortum Oyj	4,300		145,081
Nokia Corp. Sponsored ADR	15,700		292,805
Total Finland			437,886
France—7.8%
GDF Suez Sponsored ADR	8,918		436,982
Groupe Danone	3,243		229,798
Total SA Sponsored ADR	6,200		376,216
Total France			1,042,996
Germany—8.3%
Adidas AG Sponsored ADR	8,350		220,440
Allianz SE ADR	15,100		207,021
E.ON AG	9,000		455,789
Siemens AG	2,400		225,251
Total Germany			1,108,501
Indonesia—1.0%
PT Telekomunikasi Indonesia Tbk
Sponsored ADR	4,700		139,966
Italy—3.0%
Eni SpA Sponsored ADR	7,650		405,067
Japan—7.4%
Canon, Inc. Sponsored ADR	8,500		320,875
Hoya Corp. Sponsored ADR	7,100		139,870
Inpex Holdings, Inc.	20		173,223
Mitsubishi Corp.	900		18,729
Sumitomo Mitsui Financial Group,
Inc. ADR	54,450		333,779
Total Japan			986,476
Netherlands—3.0%
Heineken NV ADR	7,100		141,219
Royal Dutch Shell PLC, A Shares	8,900		257,793
Total Netherlands			399,012
Russia—1.2%
Mobile TeleSystems Sponsored
ADR	2,800		156,828
Singapore—4.5%
DBS Group Holdings, Ltd.	18,400		217,544
Singapore Telecommunications,
Ltd. ADR	16,900		379,405
Total Singapore			596,949
South Korea—2.1%
Kookmin Bank	2,700		118,318
Samsung Electronics Co., Ltd.
GDR (c)	700		156,800
Total South Korea			275,118
Spain—1.1%
Banco Santander SA	10,050		152,133
Sweden—2.1%
Telefonaktiebolaget LM Ericsson
Sponsored ADR	29,150		274,884
Switzerland—15.6%
Nestle SA Sponsored ADR	9,800		419,440
Novartis AG ADR	12,600		665,784
Roche Holding AG	3,400		530,016
Zurich Financial Services AG ADR	16,800		467,040
Total Switzerland			2,082,280
Turkey—1.6%
Turkcell Iletisim Hizmetleri AS
ADR	14,090		211,209
United Kingdom—32.7%
BAE Systems PLC	63,450		465,665
BG Group PLC	10,230		185,357
BP PLC Sponsored ADR	6,500		326,105
British American Tobacco PLC
Sponsored ADR	6,750		418,500
Diageo PLC Sponsored ADR	4,740		326,396
GlaxoSmithKline PLC Sponsored
ADR	5,400		234,684
HSBC Holdings PLC Sponsored
ADR	2,100		169,743
Imperial Tobacco Group PLC ADR	7,840		521,360
Prudential PLC	29,300		269,699

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Reckitt Benckiser Group PLC	3,540	$	171,401
Tesco PLC Sponsored ADR	7,900		163,530
Unilever PLC Sponsored ADR	18,840		512,636
Vodafone Group PLC Sponsored
ADR	26,700		590,070
Total United Kingdom			4,355,146
Total Common Stocks
(Identified cost $15,901,521)			13,293,868
Total Investments—99.8%
(Identified cost $15,901,521) (b)		$	13,293,868
Cash and Other Assets in Excess of
Liabilities—0.2%			20,699
Net Assets—100.0%		$	13,314,567

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks—96.6%
Australia—0.9%
WorleyParsons, Ltd.	115,300	$	2,850,459
Austria—0.8%
OMV AG	57,680		2,420,109
Canada—2.6%
Eastern Platinum, Ltd. (a)	1,687,300		1,553,727
Telus Corp.	185,000		6,756,824
Total Canada			8,310,551
China—1.4%
Hengan International Group Co.,
Ltd.	1,561,000		4,455,638
Cyprus—1.0%
Bank of Cyprus Public Co., Ltd.	393,170		3,144,025
Egypt—3.5%
Eastern Tobacco	100,410		4,985,198
Egyptian Company for Mobile
Services	320,370		6,230,407
Total Egypt			11,215,605
Finland—2.3%
Sampo Oyj, A Shares	326,000		7,444,784
France—7.8%
GDF Suez	188,450		9,860,753
Total SA	150,503		9,079,981
Vivendi	190,700		5,967,585
Total France			24,908,319
Germany—10.6%
Allianz SE	67,780		9,321,954
E.ON AG	218,460		11,063,530
Siemens AG	56,930		5,343,131
Symrise AG	258,423		4,422,694
Wincor Nixdorf AG	65,880		3,894,115
Total Germany			34,045,424
Greece—2.1%
OPAP SA	221,430		6,777,840
India—2.3%
Grasim Industries, Ltd. GDR (c)	88,740		7,484,423
Italy— 3.5%
Prysmian SpA	317,240		6,192,667
Terna SpA	1,352,930		4,957,071
Total Italy			11,149,738
Japan—8.9%
Daito Trust Construction Co., Ltd.	240,000		8,973,742
Inpex Holdings, Inc.	587		5,084,102
Japan Tobacco, Inc.	1,590		5,986,108
Mitsubishi Corp.	126,400		2,630,353
T&D Holdings, Inc.	108,950		5,809,886
Total Japan			28,484,191
Norway—1.5%
Telenor ASA	377,900		4,646,083
Portugal—0.9%
Galp Energia SGPS SA, B Shares	177,710		2,954,323
Russia—2.1%
Gazprom OAO Sponsored ADR	110,713		3,557,835
Globaltrans Investment PLC
Sponsored GDR (c)	338,410		3,005,081
Total Russia			6,562,916
Singapore—2.0%
DBS Group Holdings, Ltd.	551,000		6,514,489
Switzerland—14.1%
Julius Baer Holding AG	81,112		3,987,874
Nestle SA	212,920		9,209,229
Novartis AG	326,877		17,097,425
Roche Holding AG	58,900		9,181,740
UBS AG (a)	328,510		5,679,059
Total Switzerland			45,155,327
Turkey—1.1%
Turkiye Halk Bankasi AS	798,740		3,587,544
United Kingdom—27.2%
BAE Systems PLC	1,889,815		13,869,498
British American Tobacco PLC	299,728		9,793,682
Cairn Energy PLC (a)	64,389		2,392,558
IG Group Holdings PLC	568,600		3,240,967
Imperial Tobacco Group PLC	262,564		8,435,966

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares			Value
Lazard International Strategic Equity Portfolio (concluded)
National Grid PLC	623,333		$	7,919,333
Old Mutual PLC	1,716,860			2,400,421
Persimmon PLC	425,400			3,062,567
Prudential PLC	452,700			4,166,993
Qinetiq PLC	1,655,860			6,122,705
Tesco PLC	986,446			6,860,194
UK Coal PLC (a)	540,640			3,326,962
Unilever PLC	180,370			4,896,326
Vodafone Group PLC	4,701,335			10,386,179
Total United Kingdom				86,874,351
Total Common Stocks
(Identified cost $371,824,811)				308,986,139
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—2.3%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$7,615,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$7,605,481)
Proceeds of $7,454,021
(Identified cost $7,454,000)	$	7,454		7,454,000
Total Investments—98.9%
(Identified cost $379,278,811) (b)			$	316,440,139
Cash and Other Assets in Excess
of Liabilities—1.1%				3,530,069
Net Assets—100.0%			$	319,970,208

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks—96.0%
Australia—3.1%
ABC Learning Centres, Ltd.	766,737	$	430,916
Fairfax Media, Ltd.	527,115		1,128,353
James Hardie Industries NV	324,900		1,332,587
Macquarie Infrastructure Group	788,318		1,502,423
Total Australia			4,394,279
Austria—1.1%
Andritz AG	34,778		1,494,470
Belgium—2.5%
Arseus NV	141,910		1,507,171
EVS Broadcast Equipment SA	27,907		1,996,254
Total Belgium			3,503,425
Finland—5.1%
KCI Konecranes Oyj	64,910		1,567,674
Nokian Renkaat Oyj	53,750		1,306,404
Sampo Oyj, A Shares	105,960		2,419,783
Vacon Oyj	50,340		1,914,250
Total Finland			7,208,111
France—4.0%
Neopost SA	25,645		2,414,375
Sechilienne-Sidec SA	29,150		1,667,645
Virbac SA	19,356		1,485,797
Total France			5,567,817
Germany—7.6%
Compugroup Holding AG (a)	319,309		2,056,202
CTS Eventim AG	48,030		1,746,364
Pfeiffer Vacuum Technology AG	19,325		1,547,501
SGL Carbon AG (a)	45,870		1,788,540
Symrise AG	86,204		1,475,310
Wincor Nixdorf AG	35,205		2,080,940
Total Germany			10,694,857
Greece—1.5%
Piraeus Bank SA	102,707		2,157,386
Hong Kong—1.1%
Esprit Holdings, Ltd.	257,465		1,581,847
Ireland—2.5%
DCC PLC	111,920		2,160,157
Grafton Group PLC Units (a)	298,018		1,379,159
Total Ireland			3,539,316
Isle Of Man—0.9%
Hansard Global PLC	554,052		1,248,127
Italy—1.1%
MARR SpA	215,172		1,513,534
Japan—25.4%
Amano Corp.	180,900		1,444,129
Asahi Pretec Corp.	104,100		2,024,976
Daito Trust Construction Co., Ltd.	52,400		1,959,267
Don Quijote Co., Ltd.	72,600		1,300,918
Hisamitsu Pharmaceutical Co., Inc.	66,900		2,904,137
Ichiyoshi Securities Co., Ltd.	171,800		1,798,477
JAFCO Co., Ltd.	55,900		2,107,977
JSR Corp.	86,200		1,132,642
Konami Corp.	95,500		2,403,758
Misumi Group, Inc.	167,900		2,886,942
Ohara, Inc.	135,600		1,439,370
OSG Corp.	178,500		1,511,765
Roland DG Corp.	84,500		1,554,023
Suruga Bank, Ltd.	177,300		2,033,014
Sysmex Corp.	56,400		2,494,587
T. Hasegawa Co., Ltd.	129,000		2,066,641
THK Co., Ltd.	88,300		1,371,289
Union Tool Co.	64,600		1,521,164
USS Co., Ltd.	25,160		1,615,865
Total Japan			35,570,941
Netherlands—7.1%
AMG Advanced Metallurgical
Group NV (a)	41,801		1,718,252
Fugro NV	50,149		2,964,339
InnoConcepts NV	135,965		1,720,051
Koninklijke Boskalis Westminster
NV	48,826		2,310,921
SBM Offshore NV	60,161		1,295,401
Total Netherlands			10,008,964
Norway—4.2%
Acergy SA	128,020		1,286,243
ODIM ASA (a)	180,880		2,408,954
Songa Offshore ASA (a)	233,620		2,215,877
Total Norway			5,911,074
Portugal—0.9%
Banif SGPS SA	523,908		1,238,740

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore—0.7%
Ezra Holdings, Ltd.	1,233,100	$	993,844
Spain—1.6%
Codere SA	6,501		114,201
Indra Sistemas SA	88,201		2,103,229
Total Spain			2,217,430
Sweden—6.3%
Duni AB	223,186		1,198,007
Elekta AB, B Shares	123,180		2,105,566
Getinge AB, B Shares	120,539		2,484,792
Indutrade AB	119,120		1,992,041
KappAhl Holding AB	206,430		1,085,616
Total Sweden			8,866,022
Switzerland—5.5%
Acino Holding AG	7,870		1,514,416
Bank Sarasin & Cie AG, B Shares	56,220		2,149,605
Burckhardt Compression Holding
AG	10,497		2,032,874
Gottex Fund Management
Holdings, Ltd.	43,282		481,522
Swissquote Group Holding SA	50,188		1,460,514
Total Switzerland			7,638,931
United Kingdom—13.8%
Ashmore Group PLC	419,962		1,473,623
Charter PLC	159,210		1,779,588
Chemring Group PLC	63,700		2,354,213
Filtrona PLC	481,723		1,397,485
Hampson Industries PLC	1,008,548		2,322,370
IG Group Holdings PLC	252,066		1,436,752
Intertek Group PLC	129,831		1,952,532
Man Group PLC	232,927		1,429,207
Regus Group PLC	957,922		1,096,156
Sepura, Ltd.	1,240,311		1,213,749
Victrex PLC	220,321		2,825,321
Total United Kingdom			19,280,996
Total Common Stocks
(Identified cost $175,099,126)			134,630,111
Preferred Stock—1.4%
Germany—1.4%
Fuchs Petrolub AG
(Identified cost $2,521,250)	34,393		1,898,928

		Principal
		Amount
Description		(000)		Value
Repurchase Agreement—4.6%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$6,630,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$6,621,713)
Proceeds of $6,487,018
(Identified cost $6,487,000)	$	6,487	$	6,487,000
Total Investments—102.0%
(Identified cost $184,107,376) (b)			$	143,016,039
Liabilities in Excess of Cash and
Other Assets—(2.0)%				(2,810,498	)
Net Assets—100.0%			$	140,205,541

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks—90.3%
Argentina—2.1%
Tenaris SA ADR	3,441,300	$	128,326,077
Bahrain—0.4%
Investcorp Bank BSC GDR	622,035		12,596,209
Investcorp Bank BSC GDR (c)	700,149		14,178,017
Total Bahrain			26,774,226
Brazil—9.0%
Banco do Brasil SA	11,046,300		132,063,337
Companhia de Concessoes
Rodoviarias	5,193,800		68,235,325
Empresa Brasileira de Aeronautica
SA ADR	2,744,800		74,137,048
Iochpe Maxion SA	2,652,533		30,374,005
JHSF Participacoes SA	15,752,800		27,318,430
Redecard SA	10,244,530		133,944,982
Souza Cruz SA	3,871,565		92,552,153
Total Brazil			558,625,280
Canada—0.5%
First Quantum Minerals, Ltd.	871,000		32,518,830
China—0.5%
Shougang Concord International
Enterprises Co., Ltd.	201,163,000		28,437,381
Egypt—3.1%
Eastern Tobacco	1,026,699		50,973,979
Egyptian Company for Mobile
Services	2,342,349		45,552,918
Orascom Construction Industries	1,114,909		64,286,385
Orascom Telecom Holding SAE	4,655,298		33,823,143
Total Egypt			194,636,425
Hungary—0.7%
OTP Bank Nyrt (a)	1,196,125		43,355,870
India—8.0%
Grasim Industries, Ltd.	1,290,122		47,161,967
Hero Honda Motors, Ltd.	2,622,238		49,233,426
Oil and Natural Gas Corp., Ltd.	9,588,333		214,995,832
Punjab National Bank, Ltd.	5,762,063		59,724,850
Satyam Computer Services, Ltd.	14,490,567		91,733,141
State Bank of India	1,072,219		34,263,211
Total India			497,112,427
Indonesia—6.5%
PT Astra International Tbk	64,445,500		115,428,853
PT Bank Mandiri Tbk	364,063,000		101,177,862
PT Telekomunikasi Indonesia Tbk
Sponsored ADR	4,938,023		147,054,325
PT United Tractors Tbk	37,645,351		37,600,813
Total Indonesia			401,261,853
Israel—3.6%
Bank Hapoalim BM	26,967,546		85,867,478
Delek Automotive Systems, Ltd.	3,150,479		31,067,667
Israel Chemicals, Ltd.	6,858,272		103,980,324
Total Israel			220,915,469
Malaysia—1.7%
British American Tobacco
Malaysia Berhad	5,232,400		63,153,156
PLUS Expressways Berhad	55,717,100		43,711,420
Total Malaysia			106,864,576
Mexico—3.8%
Cemex SAB de CV Sponsored
ADR (a)	1		17
Desarrolladora Homex SA de CV
ADR (a)	2,029,816		89,758,464
Fomento Economico Mexicano
SAB de CV Sponsored ADR	293,525		11,195,043
Grupo Televisa SA Sponsored
ADR	2,415,000		52,816,050
Kimberly-Clark de Mexico SAB de
CV, Series A	18,259,565		79,305,933
Total Mexico			233,075,507
Pakistan—0.2%
Pakistan Petroleum, Ltd.	5,808,720		14,456,108
Philippines—3.0%
Philippine Long Distance
Telephone Co. Sponsored ADR	3,333,337		187,800,207
Russia—10.5%
Eurasia Drilling Co., Ltd. GDR (c)	2,296,200		35,591,100
Evraz Group SA GDR	1,422,550		53,772,390
LUKOIL Sponsored ADR	3,200,200		192,658,338
Mechel Sponsored ADR	4,060,500		72,926,580
Mobile TeleSystems Sponsored
ADR	2,862,700		160,339,827
Oriflame Cosmetics SA SDR	1,668,621		77,437,625
TNK-BP Holding	27,862,485		41,354,253

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Vsmpo-Avisma Corp.	194,387	$	19,924,667
Total Russia			654,004,780
Singapore—0.5%
Cosco Corp. (Singapore), Ltd.
ADR	5,624,900		28,405,745
South Africa—14.4%
Aquarius Platinum, Ltd.	9,329,266		46,217,879
Kumba Iron Ore, Ltd.	5,424,643		125,809,024
Massmart Holdings, Ltd.	9,355,310		85,245,435
Murray & Roberts Holdings, Ltd.	5,875,805		71,765,623
Naspers, Ltd., N Shares	2,384,072		47,148,439
Nedbank Group, Ltd.	10,358,545		131,338,838
Pretoria Portland Cement Co., Ltd.	26,658,562		101,918,556
Sanlam, Ltd.	40,835,426		87,796,693
Steinhoff International Holdings,
Ltd.	36,182,149		69,467,656
Truworths International, Ltd.	34,266,901		124,497,782
Total South Africa			891,205,925
South Korea—11.1%
Amorepacific Corp.	74,052		40,020,777
GS Engineering & Construction
Corp.	683,407		55,723,516
Hite Brewery Co., Ltd. (a)	499,967		93,060,265
Hite Holdings Co., Ltd.	390,184		9,417,247
Kookmin Bank	2,570,119		112,626,760
Samsung Electronics Co., Ltd.	391,565		180,305,590
Shinhan Financial Group Co., Ltd.	2,532,881		91,321,977
Woongjin Coway Co., Ltd.	4,305,810		108,697,452
Total South Korea			691,173,584
Taiwan—4.0%
Advanced Semiconductor
Engineering, Inc.	60,441,360		30,842,671
Advantech Co., Ltd.	15,484,173		29,961,469
Hon Hai Precision Industry Co.,
Ltd.	23,256,793		82,747,602
Taiwan Semiconductor
Manufacturing Co., Ltd.	63,418,754		104,274,122
Total Taiwan			247,825,864
Thailand—1.1%
Banpu Public Co., Ltd.	7,575,093		67,485,327

Turkey—5.6%
Ford Otomotiv Sanayi AS	5,627,445			30,150,888
Turkcell Iletisim Hizmetleri AS	29,015,948			178,106,289
Turkiye Is Bankasi, C Shares	33,016,402			137,856,755
Total Turkey				346,113,932
Total Common Stocks
(Identified cost $6,874,352,451)				5,600,375,393
Preferred Stocks—6.3%
Brazil—6.3%
AES Tiete SA	6,572,702			53,192,291
Companhia Energetica de Minas
Gerais	1,068,392			21,110,694
Companhia Vale do Rio Doce, A
Shares	8,815,112			151,527,833
Klabin SA	14,747,830			30,690,738
Suzano Papel e Celulose SA	6,010,805			51,329,855
Tam SA Sponsored ADR	4,304,580			81,184,379
Total Brazil				389,035,790
Total Preferred Stocks
(Identified cost $504,754,733)				389,035,790
	Principal
	Amount
Description	(000)			Value
Repurchase Agreement—4.5%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$285,520,000 United States
Treasury Bill, 0.00%, 12/26/08, with
a value of $285,163,100)
Proceeds of $279,566,777
(Identified cost $279,566,000)	$	279,566		279,566,000
Total Investments—101.1%
(Identified cost $7,658,673,184) (b)			$	6,268,977,183
Liabilities in Excess of Cash and
Other Assets— (1.1)%				(65,633,443	)
Net Assets—100.0%			$	6,203,343,740

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks—83.2%
Brazil—11.8%
Banco Bradesco SA Sponsored
ADR	6,856	$	108,289
Cyrela Brazil Realty SA Sponsored
ADR	493		98,600
Empresa Brasileira de Aeronautica
SA ADR	3,609		97,479
MMX Mineracao e Metalicos SA
(a)	24,300		117,404
Net Servicos de Comunicacao SA
ADR	12,595		104,538
Ultrapar Participacoes SA
Sponsored ADR	3,749		93,800
Votorantim Celulose e Papel SA
Sponsored ADR	8,882		133,842
Total Brazil			753,952
Chile—1.0%
Lan Airlines SA Sponsored ADR	5,782		65,915
China—7.0%
China Medical Technologies, Inc.
Sponsored ADR	5,572		181,867
China Mobile, Ltd. Sponsored ADR	1,342		67,208
Focus Media Holding, Ltd. ADR (a)	2,400		65,790
Suntech Power Holdings Co., Ltd.
ADR (a)	3,806		133,742
Total China			448,607
Columbia—1.5%
Bancolombia SA Sponsored ADR	3,360		95,700
Czech Republic—2.9%
Central European Media
Enterprises, Ltd. Class A (a)	2,837		185,509
Egypt—1.6%
Commercial International Bank
Sponsored GDR	15,498		100,019
India—8.6%
Bajaj Holdings and Investment,
Ltd. Sponsored GDR	12,675		118,892
Grasim Industries, Ltd. GDR	4,841		174,632
Infosys Technologies, Ltd.
Sponsored ADR	3,187		106,159
Larsen & Toubro, Ltd. GDR	1,238		65,783
Rolta India, Ltd. Sponsored GDR	15,800		81,844
Total India			547,310
Kazakhstan—1.7%
KazMunaiGas Exploration
Production GDR	5,244		82,728
Zhaikmunai LP Sponsored GDR
(c)	3,537		28,296
Total Kazakhstan			111,024
Luxembourg—2.1%
Millicom International Cellular SA	1,933		132,184
Mexico—3.4%
Corporacion GEO SAB de CV
Class B (a)	16,000		34,578
Corporacion GEO SAB de CV
Sponsored ADR (a)	10,794		86,784
Grupo Financiero Banorte SAB de
CV	30,300		96,948
Total Mexico			218,310
Netherlands—1.5%
Efes Breweries International NV
GDR (a)	5,472		97,128
Pakistan—1.5%
Oil & Gas Development Co., Ltd.
GDR	8,168		98,016
Peru—2.2%
Credicorp, Ltd.	2,265		138,879
Russia—16.2%
Eurasia Drilling Co., Ltd. GDR	12,114		189,316
Evraz Group SA GDR	2,057		79,708
Gazprom Sponsored ADR	3,010		93,160
LUKOIL Sponsored ADR	1,299		76,381
NovaTek OAO Sponsored GDR	178		8,206
OAO TMK GDR	4,904		122,731
Pharmstandard GDR (a)	3,030		53,253
PIK Group GDR (a)	1,274		6,706
PIK Group Sponsored GDR (a), (c)	1,714		8,913
Sberbank	35,800		61,576
Sistema JSFC Sponsored GDR	5,643		94,745
Vimpel-Communications
Sponsored ADR	6,961		138,801
X5 Retail Group NV GDR (a)	4,825		105,521
Total Russia			1,039,017

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Singapore—0.9%
Cosco Corp. (Singapore), Ltd.
ADR	11,762	$	59,398
South Africa—13.6%
Barloworld, Ltd.	7,300		56,623
Barloworld, Ltd. ADR	8,781		63,487
Exxaro Resources, Ltd. Sponsored
ADR	12,587		128,950
Gold Fields, Ltd. Sponsored ADR	6,284		60,252
Impala Platinum Holdings, Ltd.
Sponsored ADR	4,849		97,042
MTN Group, Ltd. Sponsored ADR	9,506		132,221
Murray & Roberts Holdings, Ltd.	11,000		123,972
Sasol, Ltd. Sponsored ADR	2,437		103,107
Standard Bank Group, Ltd.	8,900		100,887
Total South Africa			866,541
Taiwan—3.0%
Asustek Computer, Inc. GDR	6,326		63,409
AU Optronics Corp. Sponsored
ADR	5,701		64,763
Wistron Corp. GDR	5,166		62,987
Total Taiwan			191,159
Turkey—1.1%
Turkiye Garanti Bankasi AS ADR	28,460		68,304
United States—1.6%
NII Holdings, Inc. (a)	2,677		99,752
Total Common Stocks
(Identified cost $5,316,724)			5,316,724
Preferred Stocks—2.7%
Brazil—2.7%
Companhia de Bebidas das
Americas ADR	131		7,154
Gerdau SA Sponsored ADR	15,240		167,387
Total Brazil			174,541
Total Preferred Stocks
(Identified cost $174,541)			174,541
Total Investments—85.9%
(Identified cost $5,491,265) (b)		$	5,491,265
Cash and Other Assets in Excess
of Liabilities—14.1%			899,774
Net Assets—100.0%		$	6,391,039

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds—95.0%
Aerospace & Defense—1.3%
L-3 Communications Corp.,
7.625%, 06/15/12	600	$	592,500
Automotive—2.3%
ArvinMeritor, Inc.,
8.125%, 09/15/15	550		429,000
Ford Motor Credit Co.,
7.00%, 10/01/13	700		434,319
General Motors Acceptance Corp.,
6.75%, 12/01/14	450		177,738
Venture Holdings Co. LLC,
12.00%, 06/01/09 (a), (e)	2,840		284
			1,041,341
Building Materials—2.6%
Legrand SA,
8.50%, 02/15/25	925		941,372
USG Corp.,
7.75%, 01/15/18	325		258,609
			1,199,981
Cable Television—7.0%
Cablevision Systems Corp.,
8.00%, 04/15/12	725		681,500
Charter Communications Holdings
LLC,
11.00%, 10/01/15	424		278,780
DirecTV Holdings LLC:
6.375%, 06/15/15	400		351,000
8.375%, 03/15/13	450		445,500
EchoStar DBS Corp.:
5.75%, 10/01/08	50		50,000
6.625%, 10/01/14	810		648,000
Kabel Deutschland GmbH,
10.625%, 07/01/14	350		348,250
Mediacom Broadband LLC,
8.50%, 10/15/15	475		394,250
			3,197,280
Chemicals— 4.2%
ARCO Chemical Co.,
9.80%, 02/01/20	535		353,100
	Principal
	Amount
Description	(000)		Value
Momentive Performance Materials,
Inc.,
9.75%, 12/01/14	275	$	217,250
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28	775		738,187
NOVA Chemicals Corp.,
6.50%, 01/15/12	687		609,713
			1,918,250
Computer Services—1.0%
SunGard Data Systems, Inc.,
10.25%, 08/15/15	524		457,190
Diversified—3.9%
Leucadia National Corp.,
7.00%, 08/15/13	950		893,000
SPX Corp.,
7.625%, 12/15/14 (c)	535		540,350
The Greenbrier Cos., Inc.,
8.375%, 05/15/15	375		328,125
			1,761,475
Drugs—1.0%
Elan Finance PLC,
7.75%, 11/15/11	500		461,875
Electric Generation—2.5%
AES Corp.,
7.75%, 03/01/14	500		465,000
Edison Mission Energy,
7.50%, 06/15/13	675		648,000
			1,113,000
Electric Integrated—0.7%
Texas Competitive Electric
Holdings Co. LLC,
10.25%, 11/01/15 (c)	350		315,875
Electronics—1.0%
Freescale Semiconductor, Inc.:
8.875%, 12/15/14	225		157,500
10.125%, 12/15/16	175		112,875
NXP BV,
7.875%, 10/15/14	250		169,375
			439,750

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
Energy Exploration & Production—
4.9%
Compagnie Generale de
Geophysique,
7.50%, 05/15/15	750	$	734,062
OPTI Canada, Inc.,
8.25%, 12/15/14	525		484,969
PetroHawk Energy Corp.,
9.125%, 07/15/13	600		573,000
Seitel, Inc.,
9.75%, 02/15/14	525		427,875
			2,219,906
Energy Integrated—0.4%
Verasun Energy Corp.,
9.875%, 12/15/12	250		180,000
Environmental—1.5%
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35	775		683,938
Financial Services—0.0%
Finance One PLC,
0.00%, 01/03/09 (a), (e), (f)	20,000		0
Morgan Guarantee Trust,
0.00%, 01/03/09 (a), (e), (f)	10,569		0
			0
Food & Beverages—2.5%
Dean Foods Co.,
7.00%, 06/01/16	800		704,000
NBTY, Inc.,
7.125%, 10/01/15	475		427,500
			1,131,500
Forest & Paper Products—3.2%
Georgia-Pacific Corp.:
8.125%, 05/15/11	300		296,250
9.50%, 12/01/11	500		495,000
Smurfit Capital Funding PLC,
7.50%, 11/20/25	750		660,000
			1,451,250
	Principal
	Amount
Description	(000)		Value
Gaming—4.8%
Harrah's Operating Co., Inc.,
10.75%, 02/01/16 (c)	375	$	195,000
Mandalay Resorts Group,
9.375%, 02/15/10	1,035		931,500
Mohegan Tribal Gaming Authority,
7.125%, 08/15/14	700		497,000
Wynn Las Vegas LLC,
6.625%, 12/01/14	635		541,338
			2,164,838
Gas Distribution—1.3%
Ferrellgas Partners LP,
8.75%, 06/15/12	684		608,760
Health Services—6.0%
Community Health Systems, Inc.,
8.875%, 07/15/15	600		573,000
HCA, Inc.,
9.25%, 11/15/16	675		658,125
HealthSouth Corp.,
10.75%, 06/15/16	350		353,500
Senior Housing Properties Trust,
7.875%, 04/15/15	179		178,553
Tenet Healthcare Corp.,
7.375%, 02/01/13	500		455,000
The Cooper Cos., Inc.,
7.125%, 02/15/15	525		513,187
			2,731,365
Hotels—2.8%
Felcor Lodging LP,
8.50%, 06/01/11	575		495,938
Host Hotels & Resorts, Inc.,
7.125%, 11/01/13	850		752,250
			1,248,188
Leisure & Entertainment—2.5%
Royal Caribbean Cruises, Ltd.:
7.25%, 06/15/16	300		260,250
8.00%, 05/15/10	400		401,000
Speedway Motorsports, Inc.,
6.75%, 06/01/13	525		493,500
			1,154,750

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
Machinery—1.3%
Case New Holland, Inc.,
7.125%, 03/01/14	650	$	609,375
Media—3.1%
CanWest Media, Inc.,
8.00%, 09/15/12	411		340,858
Interpublic Group of Cos., Inc.,
6.25%, 11/15/14	600		498,000
ION Media Networks, Inc.,
11.00%, 07/31/13	25		6,230
Lamar Media Corp.,
7.25%, 01/01/13	600		540,000
			1,385,088
Metals & Mining—2.1%
Century Aluminum Co.,
7.50%, 08/15/14	225		213,750
Freeport-McMoRan Copper &
Gold, Inc.:
8.25%, 04/01/15	650		635,375
8.375%, 04/01/17	100		98,000
			947,125
Printing & Publishing—1.4%
Deluxe Corp.,
7.375%, 06/01/15	525		446,250
Idearc, Inc.,
8.00%, 11/15/16	200		56,500
R.H. Donnelley Corp.,
8.875%, 01/15/16	400		132,000
			634,750
Real Estate—2.4%
AMR Real Estate Partners:
7.125%, 02/15/13	500		382,500
8.125%, 06/01/12	350		305,375
Forest City Enterprises, Inc.,
7.625%, 06/01/15	475		380,000
			1,067,875
Retail—4.0%
AutoNation, Inc.,
7.00%, 04/15/14	650		562,250
	Principal
	Amount
Description	(000)		Value
Saks, Inc.,
9.875%, 10/01/11	1,225	$	1,237,250
			1,799,500
Steel-Producers—2.4%
AK Steel Corp.,
7.75%, 06/15/12	625		593,750
Steel Dynamics, Inc.,
7.375%, 11/01/12	540		494,100
			1,087,850
Support Services—6.8%
ARAMARK Corp.,
8.50%, 02/01/15	600		567,000
Avis Budget Car Rental LLC:
7.625%, 05/15/14	640		416,000
7.75%, 05/15/16	110		69,850
Expedia, Inc.,
8.50%, 07/01/16 (c)	375		347,812
Hertz Corp.,
8.875%, 01/01/14	650		562,250
Ticketmaster,
10.75%, 08/01/16 (c)	350		332,500
United Rentals North America,
Inc.,
6.50%, 02/15/12	625		521,875
West Corp.,
11.00%, 10/15/16	350		259,000
			3,076,287
Telecommunications—10.7%
Citizens Communications Co.,
6.25%, 01/15/13	1,000		940,000
Intelsat Bermuda, Ltd.,
11.25%, 06/15/16	350		342,125
Intelsat Corp.,
9.25%, 08/15/14 (c)	125		118,750
Level 3 Financing, Inc.,
9.25%, 11/01/14	650		492,375
Nortel Networks, Ltd.,
10.75%, 07/15/16	375		229,688
Qwest Corp.,
7.875%, 09/01/11	800		768,000
Rogers Wireless Communications,
Inc.,
9.625%, 05/01/11	1,000		1,070,000

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Sprint Capital Corp.,
6.90%, 05/01/19	575	$	451,441
Windstream Corp.,
8.625%, 08/01/16	475		440,562
			4,852,941
Transportation—3.4%
Kansas City Southern Railway Co.,
7.50%, 06/15/09	610		603,900
Stena AB,
7.50%, 11/01/13	975		960,375
			1,564,275
Total Corporate Bonds
(Identified cost $51,456,656)			43,098,078
Description	Shares		Value
Preferred Stock—0.0%
Media—0.0%
ION Media Networks, Inc.,
12.00%, 08/31/13
(Identified cost $1,551)	1		256
Warrants—0.0%
Cable Television—0.0%
Ono Finance PLC:
05/31/09 (a), (c), (d)	500		5
03/16/11 (a), (c), (d)	470		5
			10
Total Warrants
(Identified cost $64,841)			10
	Principal
	Amount
Description	(000)		Value
Repurchase Agreement—2.1%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$1,000,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$998,750)
Proceeds of $978,003
(Identified cost $978,000)	$978		978,000

Total Investments—97.1%
(Identified cost $52,501,048) (b)	$	44,076,344
Cash and Other Assets in Excess of
Liabilities—2.9%		1,294,232
Net Assets—100.0%	$	45,370,576

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds—83.3%
Claymore/MAC Global Solar
Energy Index ETF	72,500	$	1,300,650
Financial Select Sector SPDR
Fund	162,000		3,222,180
First Trust Global Wind Energy
Fund	73,700		1,421,673
First Trust ISE-Revere Natural Gas
Index Fund	304,000		6,070,880
iShares iBoxx $ High Yield
Corporate Bond Fund	73,000		5,945,850
iShares Lehman MBS Fixed-Rate
Bond Fund	101,350		10,348,849
iShares MSCI Brazil Index Fund	127,200		7,195,704
iShares S&P Global Consumer
Staples Index Fund	120,500		6,696,185
iShares S&P Global Healthcare
Sector Index Fund	131,000		6,625,980
iShares S&P Global Materials
Index Fund	57,300		3,077,010
iShares S&P National Municipal
Bond Fund	100,300		9,760,193
iShares S&P North American
Natural Resources Sector Index
Fund	90,000		3,237,300
Market Vectors Agribusiness ETF
(a)	41,200		1,516,160
Market Vectors Global Alternative
Energy ETF (a)	119,000		4,587,450
PowerShares Dynamic Oil & Gas
Services Portfolio	329,500		7,196,280
PowerShares Dynamic
Technology Sector Portfolio (a)	323,135		6,915,089
PowerShares Global Nuclear
Energy Portfolio	237,500		4,462,625
PowerShares MENA Frontier
Countries Portfolio	70,000		1,346,800
PowerShares Water Resources
Portfolio	349,000		6,421,600
SPDR DB International
Government Inflation-Protected
Bond ETF	63,500		3,276,600
SPDR KBW Regional Banking
ETF	121,300		4,306,150
SPDR Lehman Aggregate Bond
ETF	193,115		10,082,534
SPDR Lehman Intermediate Term
Treasury ETF	167,500		9,400,100
SPDR Russell/Nomura Prime
Japan ETF	139,000		5,597,530
Vanguard Pacific ETF	147,600		7,620,588
Total Exchange-Traded Funds
(Identified cost $157,247,240)			137,631,960
Closed-End Management Investment Companies—8.8%
DWS Global Commodities Stock
Fund, Inc.	277,635		3,531,517
Eaton Vance Limited Duration
Income Fund (g)	113,500		1,250,770
MFS Intermediate Income Trust	435,040		2,571,086
MFS Multimarket Income Trust	746,500		3,732,500
Nuveen Insured Premium Income
Municipal Fund	361,600		3,518,368
Total Closed-End Management
Investment Companies
(Identified cost $17,913,797)			14,604,241
Description	Contracts		Value
Options Written— 0.3%
Crude Oil Future Put Option
expires 11/17/09
(Identified cost $400,400)	80		556,800
	Principal
	Amount
Description	(000)		Value
Repurchase Agreement—3.9%
State Street Bank and Trust Co.,
0.10%, 10/01/08
(Dated 09/30/08, collateralized by
$6,485,000 United States Treasury
Bill, 0.00%, 12/26/08, with a value of
$6,476,894)
Proceeds of $6,347,018
(Identified cost $6,347,000)	$6,347		6,347,000
Total Investments—96.3%
(Identified cost $181,908,437) (b)		$	159,140,001
Cash and Other Assets in Excess
of Liabilities—3.7%			6,035,762
Net Assets—100.0%		$	165,175,763

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Purchase Contracts open at September 30, 2008:

				U.S. $ Cost		U.S. $
Forward Currency	Expiration	Foreign		on Origination		Current		Unrealized		Unrealized
Purchase Contracts	Date	Currency		Date		Value		Appreciation		Depreciation
EUR	10/29/08	3,333,333	$	4,880,800	$	4,703,738	$	-	$	177,062
Total Forward Currency Purchase Contracts			$	4,880,800	$	4,703,738	$	-	$	177,062

Forward Currency Sale Contracts open at September 30, 2008:

				U.S. $ Cost		U.S. $
Forward Currency	Expiration	Foreign		on Origination		Current		Unrealized		Unrealized
Sale Contracts	Date	Currency		Date		Value		Appreciation		Depreciation
EUR	10/29/08	5,500,000	$	8,622,350	$	7,761,168	$	861,182	$	-
EUR	10/29/08	2,000,000		2,970,500		2,822,243		148,257		-
EUR	10/29/08	2,500,000		3,664,775		3,527,804		136,971		-
Total Forward Currency Sale Contracts			$	15,257,625	$	14,111,215		1,146,410		-
Gross unrealized appreciation/depreciation on Forward Currency Contracts							$	1,146,410	$	177,062

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 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 depreciation are as follows:

			Aggregate		Aggregate
			Gross		Gross		Net
	Aggregate		Unrealized		Unrealized		Unrealized
Portfolio	Cost		Appreciation		Depreciation		Depreciation
U.S. Equity Value	$	10,043,021	$	175,851	$	1,587,078	$	(1,411,227	)
U.S. Strategic Equity	85,701,635		2,846,358		12,628,326		(9,781,968		)
U.S. Mid Cap Equity	265,291,772		9,996,789		39,791,688		(29,794,899		)
U.S. Small-Mid Cap
Equity	71,626,118		2,965,581		5,666,404		(2,700,823		)
U.S. Small Cap
Equity Value	17,825,649		957,459		2,256,939		(1,299,480		)
Global Equity Income	4,188,580		40,177		642,173		(601,996		)
International Equity	193,206,994		3,824,452		33,509,823		(29,685,371		)
International
Equity Select	15,901,521		114,634		2,722,287		(2,607,653		)
International
Strategic Equity	379,278,811		8,547,424		71,386,096		(62,838,672		)
International
Small Cap Equity	184,107,376		3,041,550		44,132,887		(41,091,337		)
Emerging Markets
Equity	7,658,673,184		88,896,985		1,478,592,986		(1,389,696,001		)
Developing Markets
Equity	5,491,265		-		-		-
U.S. High Yield	52,501,048		286,163		8,710,867		(8,424,704		)
Capital Allocator
Opportunistic
Strategies	181,908,437		1,272,227		24,040,663		(22,768,436		)

(c)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2008, these securities amounted to 0.5%, 1.2%, 3.3%, 0.8%, 0.6% and 4.1% of net assets of Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Strategic Equity Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Developing Markets Equity Portfolio and Lazard U.S. High Yield Portfolio, respectively, and are considered to be liquid.
(d)	Date shown is the expiration date.
(e)	Issue in default.
(f)	Bankrupt issuer; security valued at zero; principal amount denominated in respective country’s currency.
(g)	Security designated as collateral for held option(s).

Security Abbreviations:
ADR – American Depositary Receipt
ETF – Exchange-Traded Fund
EUR – Euro
GDR – Global Depositary Receipt
REIT – Real Estate Investment Trust
SDR – Swedish Depositary Receipt The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

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

	Lazard								Lazard		Lazard		Lazard
	Global		Lazard		Lazard		Lazard		International		Emerging		Developing
	Equity		International		International		International		Small Cap		Markets		Markets
	Income		Equity		Equity Select		Strategic Equity		Equity		Equity		Equity
Industry	Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio		Portfolio
Agriculture	1.0	%	–	%	–	%	–	%	–	%	1.7	%	–	%
Alcohol & Tobacco	6.4		8.1		10.6		9.1		–		5.0		1.6
Automotive	1.8		0.8		–		–		0.9		3.1		–
Banking	8.6		8.5		7.4		4.1		5.4		13.4		12.1
Building Materials	0.7		–		–		–		–		1.6		–
Cable Television	–		–		–		–		–		0.8		1.6
Chemicals	5.6		–		–		1.4		9.9		–		1.6
Commercial Services	–		1.0		0.1		0.8		11.2		0.5		1.0
Computer Software	–		–		–		–		–		–		–
Construction & Engineering	–		–		–		–		1.6		3.1		1.9
Consumer Products	1.5		1.8		1.3		1.4		1.7		4.8		–
Drugs	3.4		11.3		10.7		8.2		3.1		–		0.8
Electric	0.7		4.1		4.5		7.5		–		1.2		–
Energy	–		–		–		–		1.2		–		–
Energy Exploration & Production	–		1.1		1.3		2.3		–		3.7		3.3
Energy Integrated	8.8		10.2		12.7		6.7		1.4		4.9		4.2
Energy Services	3.2		0.9		–		0.9		5.5		2.6		4.9
Financial Services	9.0		2.1		–		4.8		6.2		5.5		1.9
Food & Beverages	–		6.1		8.7		4.4		1.1		0.2		–
Forest & Paper Products	2.7		–		–		–		0.9		2.6		2.1
Gas Utilities	–		3.4		3.3		3.1		–		–		–
Health Services	–		–		–		–		1.5		–		–
Housing	3.2		2.9		–		6.1		2.3		2.3		2.7
Insurance	3.9		6.5		7.1		8.4		2.6		–		–
Leisure & Entertainment	4.5		1.3		–		4.0		1.2		0.9		2.9
Manufacturing	1.0		4.7		5.2		9.9		20.9		3.2		7.5
Medical Products	0.6		–		–		–		6.1		–		2.8
Metals & Mining	1.5		–		1.3		0.5		–		8.1		10.2
Real Estate	–		–		–		–		–		0.4		3.7
Retail.	–		2.5		2.9		2.1		2.8		3.4		1.7
Semiconductors & Components	4.0		1.8		4.6		–		1.4		5.1		2.3
Technology	0.7		1.4		–		1.2		3.0		1.5		1.7
Technology Hardware	0.5		3.7		4.3		–		2.0		1.8		2.0
Telecommunications	9.7		10.2		13.8		8.8		–		12.1		10.4
Transportation	2.3		2.6		–		0.9		3.5		3.1		1.0
Subtotal	85.3		97.0		99.8		96.6		97.4		96.6		85.9
Repurchase Agreements	9.9		2.9		–		2.3		4.6		4.5		–
Total Investments	95.2	%	99.9	%	99.8	%	98.9	%	102.0	%	101.1	%	85.9	%

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 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. Options on stock and stock indices traded on national securities exchanges are valued as of the close of options trading on such exchanges (which is normally 4:10 p.m., Eastern time). Forward currency contracts are valued at the current cost of offsetting the contracts. 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)
September 30, 2008 (unaudited)

Fair Value Measurements:

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), effective January 1, 2008. In accordance with SFAS 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. SFAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is 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 tables summarize the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2008:

		U.S Equity Value		U.S. Strategic Equity
		Portfolio		Portfolio
		Investments		Investments
Level		in Securities		in Securities
Level 1	$	8,333,794	$	75,919,667
Level 2		298,000		–
Level 3		–		–
Total	$	8,631,794	$	75,919,667
		U.S. Mid Cap		U.S. Small-Mid Cap
		Equity Portfolio		Equity Portfolio
		Investments		Investments
Level		in Securities		in Securities
Level 1	$	229,971,873	$	66,311,295
Level 2		5,525,000		2,614,000
Level 3		–		–
Total	$	235,496,873	$	68,925,295
		U.S. Small Cap		Global Equity
		Equity Value		Income
		Portfolio		Portfolio
		Investments		Investments
Level		in Securities		in Securities
Level 1	$	15,795,169	$	3,214,584
Level 2		731,000		372,000
Level 3		–		–
Total	$	16,526,169	$	3,586,584

The Lazard Funds, Inc.
Portfolios of Investments(continued)
September 30, 2008 (unaudited)

	International		International Equity
	Equity Portfolio		Select Portfolio
	Investments		Investments
Level	in Securities		in Securities
Level 1	$	158,847,623	$	13,293,868
Level 2	$4,674,000
Level 3	–		–
Total	$	163,521,623	$	13,293,868
	International
	Strategic Equity		International Small
	Portfolio		Cap Equity Portfolio
	Investments		Investments
Level	in Securities		in Securities
Level 1	$	308,986,139	$	136,529,039
Level 2	7,454,000		6,487,000
Level 3	–		$	–
Total	$	316,440,139		143,016,039
	Emerging Markets		Developing Markets
	Equity Portfolio		Equity Portfolio
	Investments		Investments
Level	in Securities		in Securities
Level 1	$	5,989,411,183	$	5,491,265
Level 2	279,566,000		–
Level 3	–		–
Total	$	6,268,977,183	$	5,491,265
			Capital Allocator
	U.S. High Yield		Opportunistic Strategies
	Portfolio		Portfolio
						Other
	Investments		Investments			Financial
Level	in Securities		in Securities			Instruments*
Level 1	$	–	$	152,793,001	$	–
Level 2	44,075,794		6,347,000			969,348
Level 3	550		$	–		–
Total	$	44,076,344	$	159,140,001	$	969,348

*Other financial instruments are derivative instruments such as forward contracts which are valued at the unrealized appreciation/depreciation on the instrument.

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

The Lazard Funds, Inc.
Portfolios of Investments(concluded)
September 30, 2008 (unaudited)

		U.S. High Yield
		Portfolio
		Investments
		In Securities
Balance as of 12/31/07	$	294
Accrued discounts/premiums		-
Realized gain (loss)		-
Change in unrealized
appreciation/depreciation		(1,295	)
Net purchases (sales)		1,551
Net transfers in and/or out of
Level 3		–
Balance as of 9/30/08	$	550
Net change in unrealized
appreciation/depreciation from
investments still held as of
9/30/08	$	(1,295	)

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, 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: November 28, 2008

By:   /s/ Stephen St. Clair
Stephen St. Clair
Chief Financial Officer

Date: November 28, 2008

EX-99.CERT

[EX-99.CERT]
Exhibit

Rule 30a-2(a) CERTIFICATIONS

I, Charles Carroll, certify that:

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

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

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

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

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

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

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

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

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

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

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

By:     /s/ Charles Carroll
           Charles Carroll
           Chief Executive Officer
Date:  November 28, 2008

Rule 30a-2(a) CERTIFICATIONS

I, Stephen St. Clair, certify that:

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

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

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

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

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

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

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

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

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

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

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

By:     /s/ Stephen St. Clair
           Stephen St. Clair
           Chief Financial Officer
Date:  November 28, 2008