N-Q 1 c57718_nq.htm c57718_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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:      3/31/2009

FORM N-Q

Item 1. Schedule of Investments.

The Lazard Funds, Inc.
Portfolios of Investments
March 31, 2009 (unaudited)
Description   Shares     Value
Lazard U.S. Equity Value Portfolio          
Common Stocks—96.8%          
Alcohol & Tobacco—3.0%          
Altria Group, Inc.   3,400   $ 54,468
Molson Coors Brewing Co., Class B   1,400     47,992
Reynolds American, Inc.   2,000     71,680
          174,140
Automotive—0.5%          
The Goodyear Tire & Rubber Co. (a)   4,870     30,486
           
Banking—8.6%          
Bank of New York Mellon Corp.   1,874     52,941
Hudson City Bancorp, Inc.   5,200     60,788
JPMorgan Chase & Co.   9,326     247,885
PNC Financial Services Group, Inc.   1,300     38,077
Wells Fargo & Co.   7,680     109,363
          509,054
Cable Television—2.2%          
Comcast Corp., Class A   6,930     89,189
Time Warner Cable, Inc.   1,728     42,860
          132,049
Chemicals—1.3%          
Air Products & Chemicals, Inc.   500     28,125
RPM International, Inc.   3,900     49,647
          77,772
Computer Software—2.1%          
Microsoft Corp.   4,920     90,380
Oracle Corp.   2,000     36,140
          126,520
Consumer Products—2.4%          
International Flavors & Fragrances, Inc.   1,300     39,598
The Procter & Gamble Co.   2,135     100,537
          140,135
Drugs—8.8%          
Amgen, Inc. (a)   700     34,664
Merck & Co., Inc.   4,600     123,050
Pfizer, Inc.   13,894     189,236
Warner Chilcott, Ltd., Class A (a)   3,700     38,924
Wyeth   3,100     133,424
          519,298
 
Electric—3.9%          
American Electric Power Co., Inc.   1,300     32,838
CMS Energy Corp.   2,900     34,336
Entergy Corp.   570     38,811
Exelon Corp.   760     34,497
FirstEnergy Corp.   780     30,108
PG&E Corp.   800     30,576
PPL Corp.   1,000     28,710
          229,876
 
Energy Exploration & Production—4.3%          
Anadarko Petroleum Corp.   1,400     54,446
Apache Corp.   560     35,890
Devon Energy Corp.   1,355     60,555
EOG Resources, Inc.   600     32,856
Newfield Exploration Co. (a)   1,570     35,639
Occidental Petroleum Corp.   580     32,277
          251,663
 
Energy Integrated—12.7%          
Chevron Corp.   2,961     199,098
ConocoPhillips   2,650     103,774
Exxon Mobil Corp.   5,756     391,983
Marathon Oil Corp.   1,920     50,477
          745,332
 
Financial Services—2.8%          
Ameriprise Financial, Inc.   3,400     69,666
Prudential Financial, Inc.   1,800     34,236
The Goldman Sachs Group, Inc.   570     60,431
          164,333
 
Food & Beverages—1.8%          
General Mills, Inc.   700     34,916
Kraft Foods, Inc., Class A   1,804     40,211
The J.M. Smucker Co.   800     29,816
          104,943
 
Forest & Paper Products—2.6%          
Kimberly-Clark Corp.   679     31,309
Owens-Illinois, Inc. (a)   3,100     44,764
Pactiv Corp. (a)   1,800     26,262

Description   Shares     Value
Lazard U.S. Equity Value Portfolio (continued)      
Sealed Air Corp.   3,600   $ 49,680
          152,015
 
Health Services—3.5%          
Aetna, Inc.   3,600     87,588
Community Health Systems, Inc. (a)   2,000     30,680
WellPoint, Inc. (a)   2,250     85,433
          203,701
 
Insurance—4.8%          
Everest Re Group, Ltd.   550     38,940
MetLife, Inc.   3,000     68,310
The Allstate Corp.   2,380     45,577
The Travelers Cos., Inc.   2,200     89,408
Willis Group Holdings, Ltd.   1,800     39,600
          281,835
 
Leisure & Entertainment—2.8%          
The Walt Disney Co.   1,600     29,056
Time Warner, Inc.   3,833     73,983
Viacom, Inc., Class B (a)   3,400     59,092
          162,131
 
Manufacturing—7.0%          
Deere & Co.   800     26,296
General Electric Co.   8,475     85,682
Goodrich Corp.   1,400     53,046
Honeywell International, Inc.   1,300     36,218
Parker Hannifin Corp.   1,000     33,980
Raytheon Co.   1,300     50,622
Rockwell Collins, Inc.   1,100     35,904
The Boeing Co.   1,500     53,370
United Technologies Corp.   910     39,112
          414,230
 
           
Medical Products—7.5%          
AmerisourceBergen Corp.   900     29,394
Boston Scientific Corp. (a)   7,500     59,625
Covidien, Ltd.   1,100     36,564
Hospira, Inc. (a)   1,600     49,376
Johnson & Johnson   2,200     115,720
Medtronic, Inc.   2,600     76,622
Thermo Fisher Scientific, Inc. (a)   910     32,460
Zimmer Holdings, Inc. (a)   1,180     43,070
          442,831
           
Metals & Mining—1.3%          
Freeport-McMoRan Copper & Gold, Inc.   1,000     38,110
Newmont Mining Corp.   800     35,808
          73,918
           
Real Estate—0.7%          
Public Storage REIT   700     38,675
           
Retail—2.1%          
Abercrombie & Fitch Co., Class A   1,300     30,940
CVS Caremark Corp.   2,200     60,478
Phillips-Van Heusen Corp.   1,400     31,752
          123,170
           
Semiconductors & Components—0.5%          
Tyco Electronics, Ltd.   2,800     30,912
           
           
Technology Hardware—4.5%          
Brocade Communications          
 Systems, Inc. (a)   15,700     54,165
Cisco Systems, Inc. (a)   1,800     30,186
Dell, Inc. (a)   3,800     36,024
Hewlett-Packard Co.   2,100     67,326
International Business Machines Corp.   510     49,414
Motorola, Inc.   6,640     28,087
          265,202
           
Telecommunications—5.1%          
AT&T, Inc.   8,930     225,036
Verizon Communications, Inc.   2,559     77,282
          302,318
           
Total Common Stocks          
(Identified cost $8,028,996)         5,696,539
           
Short-Term Investment—3.1%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $183,850) (b)   183,850     183,850

Description         Value
Lazard U.S. Equity Value Portfolio (concluded)          
Total Investments—99.9%          
(Identified cost $8,212,846) (c)       $ 5,880,389
Cash and Other Assets in Excess of Liabilities—0.1%         7,056
Net Assets—100.0%       $ 5,887,445

Description   Shares     Value
Lazard U.S. Strategic Equity Portfolio          
Common Stocks—96.1%          
Aerospace & Defense—1.3%          
Raytheon Co.   18,400   $ 716,496
           
Alcohol & Tobacco—4.4%          
Molson Coors Brewing Co., Class B   38,400     1,316,352
Reynolds American, Inc.   32,300     1,157,632
          2,473,984
           
Banking—5.3%          
Hudson City Bancorp, Inc.   27,700     323,813
JPMorgan Chase & Co.   58,091     1,544,059
PNC Financial Services Group, Inc.   18,600     544,794
Wells Fargo & Co.   38,400     546,816
          2,959,482
Cable Television—3.1%          
Comcast Corp., Class A   134,700     1,733,589
           
Chemicals—2.1%          
Air Products & Chemicals, Inc.   20,600     1,158,750
           
Commercial Services—1.6%          
Corrections Corp. of America (a)   25,800     330,498
Republic Services, Inc.   32,700     560,805
          891,303
           
Computer Software—6.9%          
Google, Inc., Class A (a)   1,900     661,314
Microsoft Corp.   81,835     1,503,309
Oracle Corp.   54,100     977,587
Symantec Corp. (a)   50,200     749,988
          3,892,198
           
Consumer Products—1.0%          
Mattel, Inc.   49,300     568,429
           
Drugs—5.3%          
Gilead Sciences, Inc. (a)   8,900     412,248
Pfizer, Inc.   74,400     1,013,328
Wyeth   36,100     1,553,744
          2,979,320
           
Electric—1.4%          
American Electric Power Co., Inc.   32,400     818,424
           
Energy Exploration & Production—4.5%          
Apache Corp.   17,000     1,089,530
EOG Resources, Inc.   9,300     509,268
Occidental Petroleum Corp.   16,900     940,485
          2,539,283
           
Energy Integrated—6.9%          
Chevron Corp.   13,300     894,292
Exxon Mobil Corp.   25,900     1,763,790
Hess Corp.   7,200     390,240
Marathon Oil Corp.   22,600     594,154
Massey Energy Co.   25,500     258,060
          3,900,536
           
Energy Services—1.0%          
BJ Services Co.   58,570     582,771
           
Financial Services—2.9%          
Ameriprise Financial, Inc.   33,600     688,464
The Charles Schwab Corp.   30,100     466,550
The Goldman Sachs Group, Inc.   4,300     455,886
          1,610,900
           
Food & Beverages—1.6%          
The Coca-Cola Co.   20,600     905,370
           
Forest & Paper Products—1.4%          
Kimberly-Clark Corp.   17,380     801,392
           
Health Services—1.3%          
UnitedHealth Group, Inc.   36,300     759,759
           
Insurance—4.2%          
Marsh & McLennan Cos., Inc.   23,400     473,850
PartnerRe, Ltd.   10,900     676,563
The Allstate Corp.   32,400     620,460
The Travelers Cos., Inc.   14,200     577,088
          2,347,961
Leisure & Entertainment—1.2%          
Starbucks Corp. (a)   61,500     683,265
           
Manufacturing—6.2%          
Deere & Co.   19,500     640,965

Description   Shares     Value
Lazard U.S. Strategic Equity Portfolio (concluded)      
Dover Corp.   22,000   $ 580,360
Honeywell International, Inc.   39,493     1,100,275
Parker Hannifin Corp.   16,900     574,262
Pitney Bowes, Inc.   25,800     602,430
          3,498,292
           
Medical Products—6.4%          
Johnson & Johnson   55,760     2,932,976
Medtronic, Inc.   23,200     683,704
          3,616,680
           
Metal & Glass Containers—1.8%          
Ball Corp.   23,615     1,024,891
           
Real Estate—1.4%          
Public Storage REIT   14,000     773,500
           
Retail—7.9%          
CVS Caremark Corp.   28,200     775,218
Lowe's Cos., Inc.   17,300     315,725
The Gap, Inc.   72,300     939,177
The Kroger Co.   24,700     524,134
Tiffany & Co.   18,100     390,236
Wal-Mart Stores, Inc.   10,900     567,890
Walgreen Co.   35,400     918,984
          4,431,364
           
Semiconductors & Components—3.8%          
Analog Devices, Inc.   30,400     585,808
Applied Materials, Inc.   80,900     869,675
Intel Corp.   44,800     674,240
          2,129,723
           
Technology—0.7%          
eBay, Inc. (a)   29,800     374,288
           
Technology Hardware—7.0%          
Cisco Systems, Inc. (a)   83,455     1,399,540
Hewlett-Packard Co.   27,700     888,062
International Business Machines Corp.   16,990     1,646,161
          3,933,763
           
Telecommunications—2.1%          
Verizon Communications, Inc.   39,800     1,201,960
           
Transportation—1.4%          
United Parcel Service, Inc., Class B   16,400     807,208
           
Total Common Stocks          
(Identified cost $67,973,733)         54,114,881
           
Short-Term Investment—3.5%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $1,968,018) (b)   1,968,018     1,968,018
           
Total Investments—99.6%          
(Identified cost $69,941,751) (c)       $ 56,082,899
Cash and Other Assets in Excess of Liabilities—0.4%         228,405
 
Net Assets—100.0%     $ 56,311,304

Description   Shares     Value
Lazard U.S. Mid Cap Equity Portfolio          
Common Stocks—96.5%          
Aerospace & Defense—1.6%          
Spirit AeroSystems Holdings, Inc., Class A (a)   234,800   $ 2,340,956
           
Alcohol & Tobacco—2.1%          
Molson Coors Brewing Co., Class B   88,500     3,033,780
           
Banking—3.1%          
City National Corp.   46,100     1,556,797
Hudson City Bancorp, Inc.   154,200     1,802,598
PNC Financial Services Group, Inc.   37,200     1,089,588
          4,448,983
           
Cable Television—0.9%          
DISH Network Corp., Class A (a)   120,100     1,334,311
           
Chemicals—2.9%          
Air Products & Chemicals, Inc.   44,200     2,486,250
RPM International, Inc.   133,400     1,698,182
          4,184,432
           
Commercial Services—7.2%          
Cintas Corp.   87,000     2,150,640
Corrections Corp. of America (a)   168,400     2,157,204
Monster Worldwide, Inc. (a)   161,700     1,317,855
NeuStar, Inc., Class A (a)   134,700     2,256,225
Republic Services, Inc.   148,800     2,551,920
          10,433,844
           
Computer Software—2.4%          
Symantec Corp. (a)   230,900     3,449,646
           
Construction & Engineering—1.8%          
Foster Wheeler AG (a)   151,900     2,653,693
           
Consumer Products—5.6%          
Avon Products, Inc.   85,200     1,638,396
International Flavors & Fragrances, Inc.   52,100     1,586,966
Leggett & Platt, Inc.   201,600     2,618,784
Mattel, Inc.   192,700     2,221,831
          8,065,977
           
Drugs—2.9%          
Forest Laboratories, Inc. (a)
  76,100     1,671,156
Warner Chilcott, Ltd., Class A (a)
  238,900     2,513,228
        4,184,384
           
Electric—4.0%
         
American Electric Power Co., Inc.
  110,600     2,793,756
PPL Corp.
  42,700     1,225,917
Wisconsin Energy Corp.
  42,500     1,749,725
        5,769,398
           
Energy—1.2%
         
Covanta Holding Corp. (a)
  135,400     1,772,386
           
Energy Exploration & Production—0.5%
         
Energen Corp.
  27,200     792,336
           
Energy Integrated—3.0%
         
Hess Corp.
  21,400     1,159,880
Holly Corp.
  113,900     2,414,680
Massey Energy Co.
  77,000     779,240
        4,353,800
           
Energy Services—3.8%
         
Patterson-UTI Energy, Inc.
  124,400     1,114,624
Pride International, Inc. (a)
  131,400     2,362,572
The Williams Cos., Inc.
  179,400     2,041,572
        5,518,768
           
Financial Services—4.2%
         
Ameriprise Financial, Inc.
  140,700     2,882,943
Federated Investors, Inc., Class B
  47,200     1,050,672
Waddell & Reed Financial, Inc., Class A
  122,500     2,213,575
        6,147,190
           
Food & Beverages—3.4%
         
McCormick & Co., Inc.
  85,600     2,531,192
Sara Lee Corp.
  128,900     1,041,512
The J.M. Smucker Co.
  37,700     1,405,079
        4,977,783
           
Forest & Paper Products—3.1%
         
Bemis Co., Inc.
  72,000     1,509,840
Packaging Corp. of America
  228,800     2,978,976
        4,488,816

Description   Shares     Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)      
Health Services—2.0%          
Omnicare, Inc.   120,600   $ 2,953,494
           
Insurance—5.0%          
Marsh & McLennan Cos., Inc.   136,800     2,770,200
PartnerRe, Ltd.   29,200     1,812,444
RenaissanceRe Holdings, Ltd.   54,100     2,674,704
          7,257,348
           
Leisure & Entertainment—4.6%          
Darden Restaurants, Inc.   33,000     1,130,580
Starbucks Corp. (a)   206,100     2,289,771
Viacom, Inc., Class B (a)   184,600     3,208,348
          6,628,699
           
Manufacturing—4.4%          
Dover Corp.   60,900     1,606,542
Parker Hannifin Corp.   55,700     1,892,686
Pitney Bowes, Inc.   123,200     2,876,720
          6,375,948
           
Medical Products—7.3%          
Hospira, Inc. (a)   113,200     3,493,352
Life Technologies Corp. (a)   67,881     2,204,775
Patterson Cos., Inc. (a)   117,200     2,210,392
Zimmer Holdings, Inc. (a)   74,000     2,701,000
          10,609,519
           
Metal & Glass Containers—1.8%          
Ball Corp.   60,100     2,608,340
           
Real Estate—3.4%          
Public Storage REIT   59,700     3,298,425
The St. Joe Co. (a)   97,100     1,625,454
          4,923,879
           
Retail—4.7%          
Abercrombie & Fitch Co., Class A   127,700     3,039,260
J.C. Penney Co., Inc.   106,000     2,127,420
The Gap, Inc.   125,800     1,634,142
          6,800,822
           
Semiconductors & Components—5.1%          
Agilent Technologies, Inc. (a)   156,700     2,408,479
Analog Devices, Inc.   143,500     2,765,245
Lam Research Corp. (a)   96,000     2,185,920
          7,359,644
 
Technology Hardware—4.5%          
Ingram Micro, Inc., Class A (a)   221,900     2,804,816
Juniper Networks, Inc. (a)   105,000     1,581,300
Lexmark International, Inc., Class A (a)   46,700     787,829
NetApp, Inc. (a)   90,900     1,348,956
          6,522,901
           
Total Common Stocks          
(Identified cost $184,123,854)         139,991,077
           
Short-Term Investment—3.0%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $4,402,419) (b)   4,402,419     4,402,419
           
Total Investments—99.5%          
(Identified cost $188,526,273) (c)       $ 144,393,496
Cash and Other Assets in Excess of Liabilities—0.5%         673,850
 
Net Assets—100.0%       $ 145,067,346

Description   Shares     Value
Lazard U.S. Small-Mid Cap Equity Portfolio      
Common Stocks—95.9%          
Aerospace & Defense—1.1%          
Spirit AeroSystems Holdings, Inc., Class A (a)   39,500   $ 393,815
           
Alcohol & Tobacco—1.7%          
Molson Coors Brewing Co., Class B   19,000     651,320
           
Banking—4.7%          
Bank of the Ozarks, Inc.   23,850     550,458
IBERIABANK Corp.   7,000     321,580
Prosperity Bancshares, Inc.   16,840     460,574
Wintrust Financial Corp.   36,000     442,800
          1,775,412
Chemicals—1.0%          
FMC Corp.   8,800     379,632
           
Commercial Services—5.4%          
Corrections Corp. of America (a)   51,400     658,434
DST Systems, Inc. (a)   10,400     360,048
Rollins, Inc.   22,800     391,020
Team, Inc. (a)   21,200     248,464
Waste Connections, Inc. (a)   14,875     382,288
          2,040,254
Computer Software—2.5%          
Ariba, Inc. (a)   57,700     503,721
Informatica Corp. (a)   31,300     415,038
          918,759
Construction & Engineering—2.7%          
Dycom Industries, Inc. (a)   86,900     503,151
Orion Marine Group, Inc. (a)   40,300     527,930
          1,031,081
Consumer Products—4.1%          
International Flavors & Fragrances, Inc.   12,300     374,658
Mattel, Inc.   18,700     215,611
Matthews International Corp., Class A   18,300     527,223
Polaris Industries, Inc.   20,200     433,088
          1,550,580
           
Drugs—3.4%          
Forest Laboratories, Inc. (a)   20,500     450,180
United Therapeutics Corp. (a)   5,850     386,627
Warner Chilcott, Ltd., Class A (a)   43,100     453,412
          1,290,219
Energy Exploration & Production—1.8%          
Cabot Oil & Gas Corp.   12,300     289,911
Petrohawk Energy Corp. (a)   20,100     386,523
          676,434
Energy Services—2.4%          
Helmerich & Payne, Inc.   14,500     330,165
Kinder Morgan Management LLC (a), (e)   107,325     0
Pride International, Inc. (a)   13,200     237,336
The Williams Cos., Inc.   28,100     319,778
          887,279
Financial Services—6.6%          
Duff & Phelps Corp., Class A (a)   43,900     691,425
FTI Consulting, Inc. (a)   3,500     173,180
Jefferies Group, Inc.   36,400     502,320
Piper Jaffray Cos., Inc. (a)   20,900     539,011
Waddell & Reed Financial, Inc., Class A   32,550     588,178
          2,494,114
Food & Beverages—2.7%          
American Italian Pasta Co., Class A (a)   10,400     362,024
McCormick & Co., Inc.   21,600     638,712
          1,000,736
Forest & Paper Products—1.5%          
Bemis Co., Inc.   10,300     215,991
Rock-Tenn Co., Class A   12,500     338,125
          554,116
Gas Utilities—2.5%          
Northwest Natural Gas Co.   9,000     390,780
South Jersey Industries, Inc.   15,500     542,500
          933,280
Health Services—2.6%          
Magellan Health Services, Inc. (a)   16,000     583,040

Description   Shares     Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)  
Varian, Inc. (a)   16,100   $ 382,214
          965,254
 
Housing—2.8%          
Beacon Roofing Supply, Inc. (a)   18,900     253,071
Lennar Corp., Class A   49,000     367,990
Trex Co., Inc. (a)   55,500     423,465
          1,044,526
 
Insurance—1.4%          
Max Capital Group, Ltd.   29,474     508,132
 
Leisure & Entertainment—3.3%          
Darden Restaurants, Inc.   10,300     352,878
Texas Roadhouse, Inc., Class A (a)   51,500     490,795
Viacom, Inc., Class B (a)   21,600     375,408
          1,219,081
 
Manufacturing—7.8%          
Axsys Technologies, Inc. (a)   16,700     702,068
Dover Corp.   13,200     348,216
Kaman Corp.   26,000     326,040
Knoll, Inc.   32,450     198,918
Regal-Beloit Corp.   21,200     649,568
The Middleby Corp. (a)   21,700     703,731
          2,928,541
 
Medical Products—8.2%          
American Medical Systems Holdings, Inc. (a)   36,500     406,975
Boston Scientific Corp. (a)   62,100     493,695
Hospira, Inc. (a)   24,600     759,156
Intuitive Surgical, Inc. (a)   6,850     653,216
Life Technologies Corp. (a)   12,200     396,256
Wright Medical Group, Inc. (a)   28,100     366,143
          3,075,441
 
Metals & Mining—2.2%          
Freeport-McMoRan Copper & Gold, Inc.   4,800     182,928
Intrepid Potash, Inc. (a)   21,200     391,140
Reliance Steel & Aluminum Co.   10,200     268,566
          842,634
           
Real Estate—5.7%          
Alexandria Real Estate Equities, Inc. REIT   17,000     618,800
Digital Realty Trust, Inc. REIT   15,900     527,562
LaSalle Hotel Properties REIT   33,200     193,888
Simon Property Group, Inc.   11,300     391,432
Tanger Factory Outlet Centers, Inc. REIT   6,185     190,869
The Macerich Co. REIT   34,200     214,092
          2,136,643
 
Retail—6.7%          
American Eagle Outfitters, Inc.   50,700     620,568
Iconix Brand Group, Inc. (a)   74,500     659,325
The Children's Place Retail Stores, Inc. (a)   20,100     439,989
The Gap, Inc.   24,800     322,152
The Gymboree Corp. (a)   22,700     484,645
          2,526,679
 
Semiconductors & Components—4.0%          
Analog Devices, Inc.   21,200     408,524
Applied Materials, Inc.   35,800     384,850
ON Semiconductor Corp. (a)   111,600     435,240
Plexus Corp. (a)   19,900     275,018
          1,503,632
 
Technology Hardware—4.6%          
Blue Coat Systems, Inc. (a)   22,000     264,220
Brocade Communications Systems, Inc. (a)   71,700     247,365
Ingram Micro, Inc., Class A (a)   46,000     581,440
Polycom, Inc. (a)   40,300     620,217
          1,713,242
 
Telecommunications—0.7%          
Starent Networks Corp. (a)   15,900     251,379
 
Transportation—1.8%          
Continental Airlines, Inc., Class B (a)   33,500     295,135
Tidewater, Inc.   9,900     367,587
          662,722
Total Common Stocks          
(Identified cost $43,017,043)         35,954,937

Description   Shares     Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)      
Short-Term Investment—2.6%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $992,915) (b)   992,915   $ 992,915
Total Investments—98.5%          
(Identified cost $44,009,958) (c)       $ 36,947,852
Cash and Other Assets in Excess of Liabilities—1.5%         562,205
 
Net Assets—100.0%       $ 37,510,057

Description   Shares     Value
Lazard International Equity Portfolio          
Common Stocks—95.3%          
Belgium—1.4%          
Anheuser-Busch InBev NV   57,700   $ 1,593,292
           
Brazil—2.1%          
Banco do Brasil SA   199,600     1,451,558
Companhia Vale do Rio Doce ADR   65,500     871,150
Total Brazil         2,322,708
           
Canada—2.4%          
Telus Corp.   96,200     2,646,110
           
China—1.2%          
Industrial and Commercial Bank of China, Ltd., Class H   2,598,300     1,344,863
           
Finland—2.5%          
Nokia Oyj   239,220     2,800,603
           
France—13.5%          
BNP Paribas   47,080     1,940,476
Bouygues SA   34,900     1,245,111
Carrefour SA (a)   31,500     1,227,616
GDF Suez   68,400     2,351,744
Groupe Danone   22,200     1,083,650
Sanofi-Aventis   58,347     3,274,301
Total SA   78,196     3,878,198
Total France         15,001,096
           
Germany—9.5%          
Adidas AG   35,291     1,177,092
Allianz SE   30,000     2,527,297
Daimler AG   37,400     950,687
E.ON AG   87,240     2,428,352
Merck KGaA   13,200     1,165,027
Siemens AG   41,788     2,393,075
Total Germany         10,641,530
           
Greece—1.3%          
OPAP SA   54,925     1,451,439
           
Ireland—1.3%          
CRH PLC   65,821     1,415,732
           
Italy—3.0%          
Atlantia SpA   53,800     813,627
Eni SpA   134,420     2,588,049
Total Italy         3,401,676
 
Japan—16.1%          
Canon, Inc.   82,800     2,415,250
Daito Trust Construction Co., Ltd.   53,800     1,803,441
Hoya Corp.   80,600     1,595,469
Inpex Corp.   176     1,211,686
Japan Tobacco, Inc.   740     1,976,263
KDDI Corp.   359     1,694,047
Mitsubishi Corp.   97,600     1,298,605
Mitsubishi Estate Co., Ltd.   79,000     901,787
Olympus Corp.   58,900     963,278
Secom Co., Ltd.   49,500     1,832,340
T&D Holdings, Inc.   25,950     621,605
Tokio Marine Holdings, Inc.   24,400     602,408
Toyota Motor Corp.   33,500     1,074,438
Total Japan         17,990,617
 
Netherlands—1.0%          
TNT NV   62,600     1,070,900
 
Russia—1.1%          
LUKOIL Sponsored ADR   33,200     1,247,215
 
Singapore—2.0%          
Singapore Telecommunications, Ltd.   1,308,600     2,178,278
 
Spain—1.0%          
Banco Santander SA   168,662     1,159,663
 
Sweden—1.7%          
Telefonaktiebolaget LM Ericsson, B Shares   227,040     1,844,974
 
Switzerland—10.9%          
Nestle SA   68,060     2,303,796
Novartis AG   78,730     2,971,569
Roche Holding AG   26,400     3,624,574
Swisscom AG   2,522     707,586
UBS AG (a)   126,600     1,202,676
Zurich Financial Services AG   8,770     1,383,968
Total Switzerland         12,194,169
 
Turkey—1.5%          
Turkcell Iletisim Hizmetleri AS ADR   133,200     1,637,028

Description   Shares     Value
Lazard International Equity Portfolio (concluded)      
United Kingdom— 21.8%          
BAE Systems PLC   387,600   $ 1,859,762
BG Group PLC   76,700     1,162,557
BP PLC   379,498     2,539,786
British American Tobacco PLC   50,960     1,179,984
Diageo PLC   1     11
GlaxoSmithKline PLC   123,450     1,922,190
HSBC Holdings PLC   295,300     1,671,696
Imperial Tobacco Group PLC   110,660     2,485,254
National Grid PLC   121,627     935,105
Prudential PLC   378,100     1,821,930
Reckitt Benckiser Group PLC   30,800     1,159,158
Tesco PLC   333,700     1,597,080
Unilever PLC   115,600     2,190,993
Vodafone Group PLC   2,171,383     3,793,412
Total United Kingdom         24,318,918
           
Total Common Stocks          
(Identified cost $158,021,705)         106,260,811
Rights—0.5%          
Ireland—0.4%          
CRH PLC, 04/08/09 (a), (d)   19,348     421,574
 
United Kingdom—0.1%          
HSBC Holdings PLC, 04/03/09 (a), (d)   68,250     138,079
Total Rights          
(Identified cost $210,817)         559,653
Short-Term Investments—3.9%          
Money Market Fund—3.3%          
SSGA U.S. Treasury Money Market Fund, 0.00% (b)   3,668,686     3,668,686
           
    Principal      
    Amount      
Description   (000)     Value
Time Deposit—0.6%          
State Street Euro Dollar Time          
 Deposit,          
 0.01%, 04/01/09 $ 608     608,246
Total Short-Term Investments          
(Identified cost $4,276,931)         4,276,932
Total Investments—99.7%          
(Identified cost $162,509,453) (c)       $ 111,097,396
Cash and Other Assets in Excess of Liabilities—0.3%         381,389
 
Net Assets—100.0%       $ 111,478,785

Description   Shares     Value
Lazard International Equity Select Portfolio      
Common Stocks—99.6%          
Belgium—1.7%          
Anheuser-Busch InBev NV   4,615   $ 127,436
           
Brazil—2.0%          
Petroleo Brasileiro SA ADR   2,130     64,901
Redecard SA   7,100     85,852
Total Brazil         150,753
           
Canada—4.3%          
Barrick Gold Corp.   3,995     129,312
Telus Corp.   7,400     193,745
Total Canada         323,057
           
Finland—4.4%          
Nokia Corp. Sponsored ADR   21,655     252,714
Sampo Oyj, A Shares   5,235     77,426
Total Finland         330,140
           
France—11.9%          
BNP Paribas   3,430     141,373
GDF Suez Sponsored ADR   6,190     211,389
Sanofi-Aventis   5,565     312,295
Total SA Sponsored ADR   4,570     224,204
Total France         889,261
           
Germany—7.4%          
Adidas AG Sponsored ADR   4,005     66,323
Allianz SE ADR   30,350     253,726
E.ON AG   5,415     150,728
Merck KGaA   910     80,316
Total Germany         551,093
           
Indonesia—1.7%          
PT Telekomunikasi Indonesia Tbk Sponsored ADR   4,855     124,773
           
Italy—1.6%          
Eni SpA Sponsored ADR   3,070     117,642
           
Japan—7.1%          
Canon, Inc. Sponsored ADR   10,180     295,525
Hoya Corp. Sponsored ADR   8,045     158,567
Sumitomo Mitsui Financial Group, Inc. ADR   23,045     80,197
Total Japan         534,289
 
Netherlands—2.0%          
Heineken NV ADR   7,985     112,988
Royal Dutch Shell PLC, A Shares   1,614     36,304
Total Netherlands         149,292
 
Russia—1.5%          
LUKOIL Sponsored ADR   1,010     37,942
Mobile TeleSystems Sponsored ADR   2,375     71,060
Total Russia         109,002
 
Singapore—3.0%          
Singapore Telecommunications, Ltd. ADR   13,495     224,692
 
Sweden—1.5%          
Telefonaktiebolaget LM Ericsson Sponsored ADR   14,260     115,363
 
Switzerland—14.9%          
Nestle SA Sponsored ADR   4,845     162,550
Novartis AG ADR   7,785     294,506
Roche Holding AG   2,855     391,976
Zurich Financial Services AG ADR   16,745     265,241
Total Switzerland         1,114,273
 
Turkey—1.7%          
Turkcell Iletisim Hizmetleri AS ADR   10,505     129,106
 
United Kingdom—32.9%          
BAE Systems PLC   53,437     256,399
Barclays PLC   35,100     74,878
BG Group PLC   7,525     114,058
BP PLC Sponsored ADR   4,645     186,265
British American Tobacco PLC Sponsored ADR   5,395     248,170
GlaxoSmithKline PLC Sponsored ADR   6,915     214,849
Imperial Tobacco Group PLC ADR   6,135     275,462
Prudential PLC   62,510     301,213
Reckitt Benckiser Group PLC   3,815     143,578
Tesco PLC Sponsored ADR   6,950     98,829
Unilever PLC Sponsored ADR   13,895     263,032

Description   Shares     Value  
Lazard International Equity Select Portfolio (concluded)        
Vodafone Group PLC Sponsored ADR   16,570   $ 288,649  
Total United Kingdom         2,465,382  
Total Common Stocks            
(Identified cost $10,509,215)         7,455,554  
Short-Term Investment—1.3%            
SSGA U.S. Treasury Money Market Fund, 0.00%            
(Identified cost $99,468) (b)   99,469     99,469  
Total Investments—100.9%            
(Identified cost $10,608,683) (c)       $ 7,555,023  
Liabilities in Excess of Cash and Other Assets—(0.9)%         (66,501 )
 
Net Assets—100.0%       $ 7,488,522  

Description   Shares     Value
Lazard International Strategic Equity Portfolio      
Common Stocks—97.7%          
Belgium—1.1%          
Anheuser-Busch InBev NV   82,700   $ 2,283,626
           
Canada—2.2%          
Telus Corp.   174,600     4,802,608
           
China—3.8%          
Hengan International Group Co., Ltd.   1,178,200     4,735,857
Industrial and Commercial Bank of China, Ltd., Class H   6,938,400     3,591,271
Total China         8,327,128
           
Egypt—3.9%          
Eastern Tobacco   97,410     2,507,442
Egyptian Company for Mobile Services   226,710     5,935,869
Total Egypt         8,443,311
           
Finland—5.6%          
Nokia Oyj   444,840     5,207,844
Sampo Oyj, A Shares   474,880     7,023,504
Total Finland         12,231,348
           
France—14.2%          
BNP Paribas   66,400     2,736,781
Bouygues SA   118,240     4,218,393
GDF Suez   164,850     5,667,910
Sanofi-Aventis   113,000     6,341,302
Total SA   158,603     7,866,052
Vivendi   153,450     4,054,554
Total France         30,884,992
           
Germany—9.5%          
Allianz SE   85,980     7,243,233
Daimler AG   137,900     3,505,342
E.ON AG   250,360     6,968,848
Wincor Nixdorf AG   62,580     2,840,192
Total Germany         20,557,615
           
Greece—2.6%          
OPAP SA   210,230     5,555,503
           
India—1.4%          
Idea Cellular, Ltd. (a)   3,117,000     3,114,330
 
Italy—3.2%          
Prysmian SpA   252,380     2,512,972
Terna SpA   1,454,130     4,529,871
Total Italy         7,042,843
 
Japan—12.5%          
Canon, Inc.   160,600     4,684,651
Daito Trust Construction Co., Ltd.   124,500     4,173,391
Inpex Corp.   554     3,814,057
Japan Tobacco, Inc.   1,508     4,027,304
Jupiter Telecommunications Co., Ltd.   4,080     2,714,889
Mitsubishi Estate Co., Ltd.   293,000     3,344,601
Secom Co., Ltd.   121,700     4,504,966
Total Japan         27,263,859
 
Russia—0.7%          
Gazprom OAO Sponsored ADR   105,213     1,545,648
 
Singapore—2.5%          
DBS Group Holdings, Ltd.   534,000     2,994,278
Olam International, Ltd.   2,518,000     2,420,790
Total Singapore         5,415,068
 
Switzerland—9.7%          
Julius Baer Holding AG   81,432     1,997,689
Nestle SA   137,720     4,661,751
Novartis AG   184,877     6,977,961
Roche Holding AG   41,100     5,642,803
UBS AG (a)   196,990     1,871,368
Total Switzerland         21,151,572
 
United Kingdom—24.8%          
BAE Systems PLC   955,715     4,585,661
British American Tobacco PLC   228,928     5,300,850
British Land Co. PLC   525,400     2,713,747
Cairn Energy PLC (a)   109,615     3,392,881
IG Group Holdings PLC   1,201,600     3,022,340
Imperial Tobacco Group PLC   198,064     4,448,214
Man Group PLC   1,234,350     3,874,562
Pearson PLC   325,510     3,268,224
Prudential PLC   417,700     2,012,748
Qinetiq Group PLC   1,901,360     3,602,377
Taylor Wimpey PLC   884,746     263,865
Tesco PLC   926,446     4,433,947
Unilever PLC   223,370     4,233,583
Vodafone Group PLC   4,179,275     7,301,206

Description   Shares     Value
Lazard International Strategic Equity Portfolio (concluded)
WPP PLC   277,370   $ 1,559,677
Total United Kingdom         54,013,882
Total Common Stocks          
(Identified cost $297,340,490)         212,633,333
Short-Term Investment—0.3%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $530,247) (b)   530,247     530,247
Total Investments—98.0%          
(Identified cost $297,870,737) (c)       $ 213,163,580
Cash and Other Assets in Excess of Liabilities—2.0%         4,380,739
 
Net Assets—100.0%       $ 217,544,319

Description   Shares     Value
Lazard International Small Cap Equity Portfolio      
Common Stocks—95.9%          
Australia—2.7%          
ABC Learning Centres, Ltd. (a), (h)   766,737   $ 0
Fairfax Media, Ltd.   627,644     439,712
James Hardie Industries NV   234,800     688,544
Macquarie Infrastructure Group   586,518     601,518
Total Australia         1,729,774
           
Austria—1.6%          
Andritz AG   31,990     983,928
           
Belgium—2.5%          
Arseus NV   124,562     928,120
EVS Broadcast Equipment SA   20,804     683,099
Total Belgium         1,611,219
           
Finland—4.2%          
KCI Konecranes Oyj   35,493     592,717
Sampo Oyj, A Shares   77,760     1,150,075
Vacon Oyj   37,340     893,285
Total Finland         2,636,077
           
France—5.2%          
Neopost SA   17,337     1,343,435
Sechilienne-Sidec SA   29,782     944,437
Virbac SA   14,456     1,022,658
Total France         3,310,530
           
Germany—10.4%          
Compugroup Holding AG (a)   234,109     1,396,293
CTS Eventim AG   42,199     1,229,386
Fielmann AG   16,089     991,709
Gerresheimer AG   28,619     523,219
Pfeiffer Vacuum Technology AG   12,603     745,524
SGL Carbon SE (a)   25,927     619,390
Wincor Nixdorf AG   22,965     1,042,266
Total Germany         6,547,787
           
Hong Kong—1.6%          
Esprit Holdings, Ltd.   190,565     983,748
           
Ireland—2.8%          
DCC PLC   83,320     1,262,359
Irish Life & Permanent PLC   336,562     494,433
Total Ireland         1,756,792
 
Isle Of Man—1.5%          
Hansard Global PLC   412,452     958,345
 
Italy—3.4%          
Ansaldo STS SpA   74,783     1,188,564
MARR SpA   143,990     974,334
Total Italy         2,162,898
 
Japan—25.8%          
Amano Corp.   91,900     733,536
Asahi Pretec Corp.   76,800     1,156,054
Daito Trust Construction Co., Ltd.   33,000     1,106,200
Don Quijote Co., Ltd.   53,700     691,746
Hisamitsu Pharmaceutical Co., Inc.   18,100     559,051
JAFCO Co., Ltd.   41,300     746,216
JSR Corp.   63,300     746,349
Konami Corp.   71,100     1,068,292
Megane Top Co., Ltd.   84,240     856,558
Misumi Group, Inc.   62,500     755,649
Nomura Research Institute, Ltd.   40,000     626,405
Ohara, Inc.   72,300     642,356
Roland DG Corp.   62,100     753,717
Sankyo Co., Ltd.   15,300     662,249
Suruga Bank, Ltd.   129,300     1,064,837
Sysmex Corp.   41,900     1,335,762
T. Hasegawa Co., Ltd.   58,500     636,403
Unicharm Petcare Corp.   24,000     608,662
Union Tool Co.   32,900     696,533
USS Co., Ltd.   18,760     825,238
Total Japan         16,271,813
 
Netherlands—3.6%          
Fugro NV   36,949     1,173,297
Koninklijke Ten Cate NV   29,090     502,238
SBM Offshore NV   44,661     593,902
Total Netherlands         2,269,437
 
Norway—3.7%          
Kongsberg Gruppen ASA   25,180     975,032
ODIM ASA   154,180     665,897
TGS Nopec Geophysical Co. ASA (a)   92,000     718,576
Total Norway         2,359,505
 
Singapore—0.9%          
Ezra Holdings, Ltd.   1,241,100     551,639

Description   Shares     Value
Lazard International Small Cap Equity Portfolio (concluded)
Spain—1.8%          
Indra Sistemas SA   59,401   $ 1,145,128
 
Sweden—5.8%          
Duni AB   187,260     657,264
Elekta AB, B Shares   91,680     921,629
Getinge AB, B Shares   60,310     584,027
Indutrade AB   88,720     909,708
Loomis AB, B Shares   80,540     621,083
Total Sweden         3,693,711
 
Switzerland—6.7%          
Acino Holding AG   5,840     785,117
Bank Sarasin & Cie AG, B Shares   41,720     878,287
Burckhardt Compression Holding AG   6,763     629,612
Swissquote Group Holding SA   37,288     1,343,606
Tecan AG   21,700     580,201
Total Switzerland         4,216,823
 
United Kingdom—11.7%          
Charter International PLC   130,210     852,628
Chemring Group PLC   39,400     1,068,694
Dignity PLC   120,157     924,303
Hampson Industries PLC   713,223     925,669
Healthcare Locums PLC   387,542     709,998
IG Group Holdings PLC   301,458     758,246
Intertek Group PLC   81,201     1,031,476
Sepura, Ltd.   1,036,634     475,482
Victrex PLC   84,885     616,469
Total United Kingdom         7,362,965
Total Common Stocks          
(Identified cost $98,960,512)         60,552,119
           
Preferred Stock—1.1%          
Germany—1.1%          
Fuchs Petrolub AG          
(Identified cost $1,279,228)   18,047     655,195
Short-Term Investment—2.2%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $1,384,943) (b)   1,384,943     1,384,943
Total Investments—99.2%          
(Identified cost $101,624,683) (c)       $ 62,592,257
Cash and Other Assets in Excess of Liabilities—0.8%         529,080
 
Net Assets—100.0%       $ 63,121,337

Description   Shares     Value
Lazard Emerging Markets Equity Portfolio      
Common Stocks—88.2%          
Argentina—1.6%          
Tenaris SA ADR   3,810,500   $ 76,857,785
           
Brazil—9.8%          
Banco do Brasil SA   18,859,700     137,154,064
Companhia de Concessoes Rodoviarias   7,096,100     63,780,013
Empresa Brasileira de Aeronautica SA ADR   2,812,708     37,324,635
Iochpe Maxion SA   585,033     2,335,340
JHSF Participacoes SA   13,319,700     8,612,803
Redecard SA   10,946,630     132,364,682
Souza Cruz SA   4,280,065     80,721,131
Total Brazil         462,292,668
           
China—0.7%          
Shougang Concord International Enterprises Co., Ltd.   327,693,900     33,837,040
           
Egypt—3.1%          
Eastern Tobacco   985,709     25,373,251
Egyptian Company for Mobile Services   1,827,579     47,850,860
Orascom Construction Industries   2,924,608     70,090,066
Total Egypt         143,314,177
           
Hungary—0.3%          
OTP Bank Nyrt (a)   1,429,625     12,022,060
           
India—5.4%          
Hero Honda Motors, Ltd.   1,777,355     37,687,782
Oil and Natural Gas Corp., Ltd.   10,594,633     163,399,650
Punjab National Bank, Ltd.   6,595,116     53,812,311
Total India         254,899,743
           
Indonesia—8.9%          
PT Astra International Tbk   47,570,200     59,190,339
PT Bank Mandiri Tbk   657,162,100     124,907,025
PT Telekomunikasi Indonesia Tbk Sponsored ADR   7,102,323     182,529,701
PT United Tractors Tbk   91,535,951     53,549,209
Total Indonesia         420,176,274
           
Israel—3.7%          
Bank Hapoalim BM (a)   27,364,346     50,001,123
Delek Automotive Systems, Ltd.   5,229,931     33,073,197
Israel Chemicals, Ltd.   10,963,811     90,072,485
Total Israel         173,146,805
 
Malaysia—1.3%          
British American Tobacco Malaysia Berhad   2,507,000     31,341,255
PLUS Expressways Berhad   36,404,500     29,397,819
Total Malaysia         60,739,074
 
Mexico—6.2%          
America Movil SAB de CV ADR, Series L   3,301,700     89,410,036
Desarrolladora Homex SA de CV ADR (a)   2,734,016     36,198,372
Fomento Economico Mexicano SAB de CV Sponsored ADR   3,204,365     80,782,041
Grupo Televisa SA Sponsored ADR   3,921,500     53,489,260
Kimberly-Clark de Mexico SAB de CV, Series A   10,355,065     33,612,841
Total Mexico         293,492,550
 
Pakistan—0.7%          
Pakistan Petroleum, Ltd.   15,393,378     32,815,034
 
Philippines—3.4%          
Philippine Long Distance          
 Telephone Co. Sponsored ADR   3,604,137     159,050,566
 
Russia—10.6%          
Evraz Group SA GDR   395,858     3,269,787
LUKOIL Sponsored ADR   5,316,350     199,717,789
Mobile TeleSystems Sponsored ADR   4,909,052     146,878,836
Oriflame Cosmetics SA SDR   3,045,721     95,060,250
TNK-BP Holding   61,887,722     51,366,809
Vsmpo-Avisma Corp.   165,208     3,593,274
Total Russia         499,886,745
 
Singapore—0.5%          
Cosco Corp. (Singapore), Ltd. ADR   8,976,786     23,070,340
 
South Africa—10.1%          
Aquarius Platinum, Ltd.   41,889     123,212
Kumba Iron Ore, Ltd.   5,678,863     98,639,490
Massmart Holdings, Ltd.   4,233,225     31,148,771
Murray & Roberts Holdings, Ltd.   14,094,000     60,519,341
Nedbank Group, Ltd.   7,438,098     66,931,363

Description   Shares     Value
Lazard Emerging Markets Equity Portfolio (concluded)  
Pretoria Portland Cement Co., Ltd.   20,518,467   $ 68,171,283
Sanlam, Ltd.   45,168,926     80,547,074
Steinhoff International Holdings, Ltd.   17,958,316     19,137,640
Truworths International, Ltd.   15,142,840     51,435,938
Total South Africa         476,654,112
 
South Korea—9.4%          
Amorepacific Corp.   85,175     37,599,146
Hite Brewery Co., Ltd.   624,594     62,035,557
KB Financial Group, Inc.   3,390,559     81,838,742
NHN Corp. (a)   361,250     39,700,724
Samsung Electronics Co., Ltd.   193,325     79,845,399
Shinhan Financial Group Co., Ltd.   3,248,526     58,315,163
Woongjin Coway Co., Ltd.   3,703,160     80,331,584
Total South Korea         439,666,315
 
Taiwan—4.9%          
Advanced Semiconductor          
 Engineering, Inc.   91,392,361     44,554,843
Advantech Co., Ltd.   1     1
Hon Hai Precision Industry Co., Ltd.   25,191,793     57,149,833
HTC Corp.   5,066,000     62,716,898
Taiwan Semiconductor Manufacturing Co., Ltd.   42,542,754     64,780,141
Total Taiwan         229,201,716
 
Thailand—0.7%          
Banpu Public Co., Ltd.   5,111,000     31,227,147
 
Turkey—6.9%          
Akbank TAS   19,450,328     57,217,888
Ford Otomotiv Sanayi AS   8,076,986     22,140,511
Turkcell Iletisim Hizmetleri AS   33,653,183     164,739,571
Turkiye Is Bankasi AS, C Shares   34,770,072     78,412,028
Total Turkey         322,509,998
Total Common Stocks          
(Identified cost $6,223,985,552)         4,144,860,149
           
Preferred Stocks—4.4%          
Brazil—4.4%          
AES Tiete SA   5,747,402     43,605,680
Companhia Vale do Rio Doce, A Shares   5,621,812     64,827,447
Eletropaulo Metropolitana SA, B Shares   2,134,000     30,035,607
Klabin SA   10,373,730     12,744,964
Suzano Papel e Celulose SA   6,546,305     29,630,866
Tam SA Sponsored ADR   3,900,480     21,452,640
Usinas Siderurgicas de Minas Gerais SA, A Shares   302,800     3,850,674
Total Brazil         206,147,878
Total Preferred Stocks          
(Identified cost $409,925,497)         206,147,878
Short-Term Investments—6.0%          
Money Market Fund—3.8%          
SSGA U.S. Treasury Money Market Fund, 0.00% (b)   180,001,797     180,001,797
           
    Principal      
    Amount      
Description   (000)      Value
 
Time Deposit—2.2%          
State Street Euro Dollar Time Deposit,          
  0.01%, 04/01/09 $ 101,085     101,085,285
Total Short-Term Investments          
(Identified cost $281,087,081)         281,087,082
Total Investments—98.6%          
(Identified cost $6,914,998,130) (c)       $ 4,632,095,109
Cash and Other Assets in Excess of Liabilities—1.4%         65,614,148
 
Net Assets—100.0%       $ 4,697,709,257

Description   Shares     Value
Lazard Developing Markets Equity Portfolio      
Common Stocks—94.3%          
 
Brazil—15.3%          
Banco Bradesco SA Sponsored ADR   13,201   $ 130,690
Companhia Vale do Rio Doce ADR   8,440     112,252
Cyrela Brazil Realty SA   28,250     111,794
Empresa Brasileira de Aeronautica SA ADR   7,424     98,516
Itau Unibanco Banco Multiplo SA Sponsored ADR   9,430     103,636
Lojas Renner SA   15,000     92,144
Net Servicos de Comunicacao SA ADR   18,210     132,022
Ultrapar Participacoes SA Sponsored ADR   5,809     136,860
Votorantim Celulose e Papel SA Sponsored ADR (a)   14,110     61,802
Total Brazil         979,716
 
Chile—1.4%          
Lan Airlines SA Sponsored ADR   10,372     86,710
 
China—11.1%          
Anta Sports Products, Ltd.   238,000     156,631
China Construction Bank Corp.   219,700     124,767
China Medical Technologies, Inc. Sponsored ADR   8,667     119,345
China Merchants Bank Co., Ltd., Class H   98,000     170,531
China Mobile, Ltd. Sponsored ADR   1,727     75,159
Suntech Power Holdings Co., Ltd. ADR (a)   5,376     62,845
Total China         709,278
 
Columbia—1.7%          
Bancolombia SA Sponsored ADR   5,565     108,351
 
Egypt—1.4%          
Commercial International Bank Sponsored GDR   15,873     88,889
 
Hong Kong—3.6%          
AAC Acoustic Technologies Holdings, Inc.   250,000     117,710
China State Construction International Holdings, Ltd.   654,000     112,931
Total Hong Kong         230,641
           
India—5.0%          
HDFC Bank, Ltd. ADR   2,135   $ 130,086
Infosys Technologies, Ltd. Sponsored ADR   1,742     46,389
Larsen & Toubro, Ltd. GDR   4,856     63,171
Rolta India, Ltd. Sponsored GDR   71,100     80,651
Total India         320,297
           
Indonesia—3.3%          
PT Bank Rakyat Indonesia   308,400     112,220
PT Perusahaan Gas Negara   538,200     100,971
Total Indonesia         213,191
           
Kazakhstan—1.9%          
KazMunaiGas Exploration Production GDR   6,344     94,403
Zhaikmunai LP GDR (a)   15,357     30,714
Total Kazakhstan         125,117
           
Luxembourg—1.8%          
Millicom International Cellular SA   3,153     116,787
           
Mexico—3.8%          
Corporacion GEO SAB de CV Series B (a)   128,826     130,054
Grupo Financiero Banorte SAB de CV   83,552     110,832
Total Mexico         240,886
           
Netherlands—0.7%          
Efes Breweries International NV GDR (a)   9,672     45,942
           
Pakistan—3.1%          
Oil & Gas Development Co., Ltd.   224,180     198,321
           
Peru—2.3%          
Credicorp, Ltd.   3,105     145,438
           
Philippines—0.9%          
SM Investments Corp.   13,350     54,902
           
Russia—14.1%          
Eurasia Drilling Co., Ltd. GDR (f)   18,559     65,884
Gazprom OAO Sponsored ADR   8,060     119,691
NovaTek OAO Sponsored GDR   5,780     132,262
OAO TMK GDR   11,219     53,622
Rosneft Oil Co. GDR   28,675     123,016

Description   Shares     Value
Lazard Developing Markets Equity Portfolio (concluded)  
Sberbank   61,910   $ 38,727
Uralkali Sponsored GDR   11,435     133,209
Vimpel-Communications Sponsored ADR   15,726     102,848
X5 Retail Group NV GDR (a)   13,460     134,896
Total Russia         904,155
           
South Africa—9.9%          
Barloworld, Ltd.   15,000     50,714
Exxaro Resources, Ltd. Sponsored ADR   12,190     88,743
Gold Fields, Ltd. Sponsored ADR   5,029     57,029
MTN Group, Ltd. Sponsored ADR   9,955     114,482
Murray & Roberts Holdings, Ltd.   22,505     96,636
Sasol, Ltd. Sponsored ADR   3,042     88,066
Standard Bank Group, Ltd.   16,185     136,348
Total South Africa         632,018
           
South Korea—3.3%          
Hyundai Development Co.   3,850     94,429
Samsung Engineering Co., Ltd.   2,800     117,856
Total South Korea         212,285
           
Taiwan—1.7%          
Wistron Corp. GDR   10,275     110,743
           
Thailand—0.9%          
PTT Exploration & Production PCL   22,000     59,397
           
Turkey—3.6%          
BIM Birlesik Magazalar AS   4,850     103,371
Turkiye Garanti Bankasi AS ADR   87,900     124,760
Total Turkey         228,131
           
United Kingdom—2.2%          
Cairn Energy PLC (a)   4,610     142,692
           
United States—1.3%          
NII Holdings, Inc. (a)   5,722     85,830
           
Total Common Stocks          
(Identified cost $7,486,860)         6,039,717
           
Preferred Stock—1.2%          
Brazil—1.2%          
Gerdau SA Sponsored ADR          
(Identified cost $117,651)   14,020     76,689
Short-Term Investment—2.6%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $169,457) (b)   169,457   $ 169,457
Total Investments—98.1%          
(Identified cost $7,773,968) (c)       $ 6,285,863
Cash and Other Assets in Excess of Liabilities—1.9%         122,643
 
Net Assets—100.0%       $ 6,408,506

    Principal      
    Amount      
Description   (000)     Value
Lazard U.S. High Yield Portfolio          
Corporate Bonds—91.5%          
 
Aerospace & Defense—2.6%          
BE Aerospace, Inc.,          
  8.50%, 07/01/18 $ 525   $ 437,719
Bombardier, Inc.,          
  8.00%, 11/15/14 (f)   550     402,875
L-3 Communications Corp.,          
  7.625%, 06/15/12   600     602,250
          1,442,844
 
Automotive—0.8%          
ArvinMeritor, Inc.,          
  8.125%, 09/15/15   215     70,950
Ford Motor Credit Co.,          
  7.00%, 10/01/13   400     267,465
GMAC LLC,          
  6.75%, 12/01/14 (f)   165     95,888
Venture Holdings Co. LLC,          
  12.00%, 06/01/09 (a), (g)   2,840     284
          434,587
 
Building Materials—2.4%          
General Cable Corp.,          
  7.125%, 04/01/17   439     359,980
Legrand SA,          
  8.50%, 02/15/25   925     778,994
USG Corp.,          
  9.25%, 01/15/18   325     198,250
          1,337,224
 
Cable Television—7.0%          
Cablevision Systems Corp.,          
  8.00%, 04/15/12   725     705,062
DirecTV Holdings LLC:          
  6.375%, 06/15/15   400     377,000
  8.375%, 03/15/13   450     455,063
EchoStar DBS Corp.,          
  6.625%, 10/01/14   810     724,950
Kabel Deutschland GmbH,          
  10.625%, 07/01/14   350     353,500
Mediacom Broadband LLC,          
  8.50%, 10/15/15   475     427,500
Videotron Ltee,          
  6.875%, 01/15/14   525     496,125
Virgin Media Finance PLC,          
  9.125%, 08/15/16   425     395,250
          3,934,450
 
Chemicals—2.5%          
Momentive Performance Materials, Inc.,          
  9.75%, 12/01/14   275     81,125
Mosaic Global Holdings, Inc.,          
  7.30%, 01/15/28   775     581,250
Nalco Co.,          
  7.75%, 11/15/11   525     517,125
NOVA Chemicals Corp.,          
  6.50%, 01/15/12   262     227,940
          1,407,440
 
Computer Services—0.7%          
SunGard Data Systems, Inc.,          
  10.25%, 08/15/15   524     366,800
 
Diversified—3.1%          
Leucadia National Corp.,          
  7.00%, 08/15/13   950     779,000
SPX Corp.,          
  7.625%, 12/15/14   535     513,600
Tyco International Finance SA,          
  6.875%, 01/15/21   575     480,799
          1,773,399
 
Drugs—0.7%          
Elan Finance PLC,          
  7.75%, 11/15/11   500     420,000
 
Electric Generation—3.6%          
AES Corp.,          
  7.75%, 03/01/14   500     447,500
Edison Mission Energy,          
  7.50%, 06/15/13   675     533,250
NRG Energy, Inc.,          
  7.375%, 01/15/17   600     558,000
Reliant Energy, Inc.,          
  6.75%, 12/15/14   525     483,000
          2,021,750

    Principal      
    Amount      
Description   (000)     Value
Lazard U.S. High Yield Portfolio (continued)      
Electric Integrated—1.2%          
CMS Energy Corp.,          
  8.50%, 04/15/11 $ 525   $ 527,790
Texas Competitive Electric Holdings Co. LLC,          
  10.25%, 11/01/15   350     175,000
          702,790
 
Electronics—0.2%          
Freescale Semiconductor, Inc.,          
  8.875%, 12/15/14   225     47,250
NXP BV,          
  7.875%, 10/15/14   250     58,125
          105,375
 
Energy Exploration & Production—5.4%          
Chesapeake Energy Corp.,          
  6.375%, 06/15/15   550     463,375
Compagnie Generale de Geophysique,          
  7.50%, 05/15/15   750     592,500
Nabors Industries, Inc.,          
  9.25%, 01/15/19 (f)   600     568,937
OPTI Canada, Inc.,          
  8.25%, 12/15/14   325     145,438
PetroHawk Energy Corp.,          
  9.125%, 07/15/13   600     576,000
Plains Exploration & Production Co.,          
  7.75%, 06/15/15   575     494,500
Seitel, Inc.,          
  9.75%, 02/15/14   525     232,312
          3,073,062
 
Energy Integrated—0.4%          
Verasun Energy Corp.,          
  9.875%, 12/15/12 (g)   250     240,000
 
Energy Services—1.6%          
Pride International, Inc.,          
  7.375%, 07/15/14   525     517,125
Tesoro Corp.,          
  6.50%, 06/01/17   525     396,375
          913,500
 
Environmental—1.2%          
Browning-Ferris Industries, Inc.,          
  7.40%, 09/15/35   775     679,913
 
Financial Services—0.0%          
Finance One PLC,          
  0.00%, 01/03/10 (a), (g), (h)   20,000     0
Morgan Guarantee Trust,          
  0.00%, 07/31/09 (a), (g), (h)   10,569     0
          0
 
Food & Beverages—3.8%          
Constellation Brands, Inc.,          
  7.25%, 05/15/17   500     475,000
Dean Foods Co.,          
  7.00%, 06/01/16   800     760,000
NBTY, Inc.,          
  7.125%, 10/01/15   475     387,125
Stater Brothers Holdings, Inc.,          
  8.125%, 06/15/12   525     517,125
          2,139,250
 
Forest & Paper Products—2.7%          
Georgia-Pacific Corp.:          
  8.125%, 05/15/11   300     298,125
  9.50%, 12/01/11   500     499,375
International Paper Co.,          
  7.40%, 06/15/14   400     329,978
Smurfit Capital Funding PLC,          
  7.50%, 11/20/25   750     423,750
          1,551,228
 
Gaming—1.3%          
Mandalay Resorts Group,          
  9.375%, 02/15/10   835     154,475
Mohegan Tribal Gaming Authority,          
  7.125%, 08/15/14   300     84,000
Wynn Las Vegas LLC,          
  6.625%, 12/01/14   635     479,425
          717,900

    Principal      
    Amount      
Description   (000)     Value
Lazard U.S. High Yield Portfolio (continued)      
Gas Distribution—5.5%          
Copano Energy LLC,          
  7.75%, 06/01/18 (f) $ 700   $ 556,500
El Paso Corp.,          
  7.00%, 06/15/17   650     553,593
Ferrellgas Partners LP,          
  8.75%, 06/15/12   684     574,560
Inergy LP,          
  8.75%, 03/01/15 (f)   525     506,625
Kinder Morgan, Inc.,          
  6.50%, 09/01/12   425     396,312
The Williams Cos., Inc.,          
  8.75%, 03/15/32   550     499,125
          3,086,715
 
Health Services—9.0%          
Biomet, Inc.,          
  10.00%, 10/15/17   425     420,750
Community Health Systems, Inc.,          
  8.875%, 07/15/15   600     567,000
DaVita, Inc.,          
  6.625%, 03/15/13   575     557,750
Fresenius US Finance II, Inc.,          
  9.00%, 07/15/15 (f)   525     546,000
HCA, Inc.,          
  9.25%, 11/15/16   675     614,250
Health Management Associates, Inc.,          
  6.125%, 04/15/16   500     408,750
HealthSouth Corp.,          
  10.75%, 06/15/16   515     504,700
Senior Housing Properties Trust,          
  7.875%, 04/15/15   179     146,780
Service Corp. International,          
  6.75%, 04/01/16   500     435,000
Tenet Healthcare Corp.,          
  7.375%, 02/01/13   500     397,500
The Cooper Cos., Inc.,          
  7.125%, 02/15/15   525     473,813
          5,072,293
 
Hotels—1.8%          
Felcor Lodging LP,          
  9.00%, 06/01/11   575     345,000
Host Hotels & Resorts, Inc.,          
  7.125%, 11/01/13   850     686,375
          1,031,375
 
Leisure & Entertainment—1.9%          
AMC Entertainment, Inc.,          
  8.00%, 03/01/14   172     141,040
Royal Caribbean Cruises, Ltd.:          
  7.25%, 06/15/16   300     141,000
  8.00%, 05/15/10   400     340,000
Speedway Motorsports, Inc.,          
  6.75%, 06/01/13   525     439,688
          1,061,728
 
Machinery—0.8%          
Case New Holland, Inc.,          
  7.125%, 03/01/14   650     477,750
 
Media—2.3%          
Interpublic Group of Cos., Inc.,          
  6.25%, 11/15/14   600     378,000
ION Media Networks, Inc.,          
  11.00%, 07/31/13 (a)   25     12
Lamar Media Corp.,          
  7.25%, 01/01/13   600     516,750
Viacom, Inc.,          
  6.25%, 04/30/16   450     395,074
          1,289,836
 
Metals & Mining—4.0%          
Arch Western Finance LLC,          
  6.75%, 07/01/13   525     480,375
Century Aluminum Co.,          
  7.50%, 08/15/14   225     96,750
Freeport-McMoRan Copper & Gold, Inc.:          
  8.25%, 04/01/15   650     622,375
  8.375%, 04/01/17   100     93,500
Massey Energy Co.,          
   6.875%, 12/15/13   550     478,500
Peabody Energy Corp.,          
   6.875%, 03/15/13   500     487,500
          2,259,000

    Principal      
    Amount      
Description   (000)      Value
Lazard U.S. High Yield Portfolio (continued)          
Packaging—0.8%          
Owens-Brockway Glass Container, Inc.,          
  8.25%, 05/15/13 $ 425   $ 427,125
 
Printing & Publishing—0.7%          
Deluxe Corp.,          
  7.375%, 06/01/15   525     388,500
 
Real Estate—1.6%          
AMR Real Estate Partners LP:          
  7.125%, 02/15/13   500     397,500
  8.125%, 06/01/12   350     297,500
Forest City Enterprises, Inc.,          
  7.625%, 06/01/15   475     204,250
          899,250
 
Retail—1.8%          
AutoNation, Inc.,          
  7.00%, 04/15/14   650     575,250
Saks, Inc.,          
  9.875%, 10/01/11   585     427,050
          1,002,300
 
Steel-Producers—2.1%          
AK Steel Corp.,          
  7.75%, 06/15/12   625     490,625
Steel Dynamics, Inc.,          
  7.375%, 11/01/12   540     421,200
United States Steel Corp.,          
  6.05%, 06/01/17   475     293,894
          1,205,719
 
Support Services—6.1%          
ARAMARK Corp.,          
  8.50%, 02/01/15   600     552,000
Avis Budget Car Rental LLC:          
  7.625%, 05/15/14   640     160,000
  7.75%, 05/15/16   110     27,500
Corrections Corp. of America,          
  6.25%, 03/15/13   425     406,937
Expedia, Inc.,          
  8.50%, 07/01/16 (f)   375     318,750
Hertz Corp.,          
  8.875%, 01/01/14   650     394,063
Iron Mountain, Inc.,          
  8.625%, 04/01/13   600     600,000
Ticketmaster Entertainment, Inc.,          
  10.75%, 07/28/16 (f)   350     238,000
United Rentals North America, Inc.,          
  6.50%, 02/15/12   625     500,000
West Corp.,          
  11.00%, 10/15/16   350     232,750
          3,430,000
 
Telecommunications—9.7%          
American Tower Corp.,          
  7.125%, 10/15/12   400     402,000
Citizens Communications Co.,          
  6.25%, 01/15/13   1,000     906,250
Crown Castle International Corp.,          
  9.00%, 01/15/15   575     576,437
Intelsat Bermuda, Ltd.,          
  11.25%, 06/15/16   350     339,500
Intelsat Corp.,          
  9.25%, 08/15/14 (f)   125     117,500
Level 3 Financing, Inc.,          
  9.25%, 11/01/14   650     448,500
Qwest Corp.,          
  7.875%, 09/01/11   800     788,000
Rogers Wireless Communications, Inc.,          
  9.625%, 05/01/11   1,000     1,041,280
Sprint Capital Corp.,          
  6.90%, 05/01/19   575     405,375
Windstream Corp.,          
  8.625%, 08/01/16   475     466,688
          5,491,530
 
Transportation—2.2%          
Kansas City Southern Railway,          
  13.00%, 12/15/13   500     510,000
Stena AB,          
  7.50%, 11/01/13   975     731,250
          1,241,250
 
Total Corporate Bonds          
(Identified cost $63,487,746)         51,625,883

Description   Shares     Value
Lazard U.S. High Yield Portfolio (concluded)      
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), (d), (f)   500     5
  03/16/11 (a), (d), (f)   470     5
          10
Total Warrants          
(Identified cost $64,841)         10
Short-Term Investment—5.2%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $2,921,931) (b)   2,921,931     2,921,931
Total Investments—96.7%          
(Identified cost $66,476,069) (c)       $ 54,548,080
Cash and Other Assets in Excess of Liabilities—3.3%         1,879,352
Net Assets—100.0%       $ 56,427,432

Description   Shares     Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds—83.7%          
First Trust ISE-Revere Natural Gas Index Fund   408,700   $ 4,066,565
iShares iBoxx $ High Yield Corporate Bond Fund   85,000     5,763,000
iShares iBoxx $ Investment Grade Corporate Bond Fund   96,000     9,035,520
iShares MSCI All Country Asia ex-Japan Index Fund   124,500     4,143,360
iShares MSCI Brazil Index Fund   93,400     3,518,378
iShares S&P Global Consumer Staples Index Fund   82,900     3,457,759
iShares S&P Global Healthcare Sector Index Fund   90,600     3,606,786
iShares S&P Global Materials Index Fund   105,300     3,922,425
iShares S&P National Municipal Bond Fund   82,300     8,204,487
Market Vectors Agribusiness ETF   138,000     3,906,780
Market Vectors Global Alternative Energy ETF   189,000     3,485,160
Market Vectors Steel Index Fund   151,700     4,164,165
PowerShares Dynamic Oil & Gas Services Portfolio   491,800     5,075,376
PowerShares Global Nuclear Energy Portfolio   237,500     3,203,875
PowerShares Water Resources Portfolio   349,000     4,163,570
SPDR Barclays Capital Aggregate Bond ETF   166,000     9,076,880
SPDR Gold Trust (a)   47,500     4,288,300
Vanguard Information Technology Index ETF   196,500     6,922,695
Vanguard Pacific ETF   68,000     2,557,480
Total Exchange-Traded Funds          
(Identified cost $116,612,732)         92,562,561
 
Closed-End Management Investment Companies—6.6%
Eaton Vance Limited Duration Income Fund   237,520     2,496,336
MFS Intermediate Income Trust   160,000     1,006,400
MFS Multimarket Income Trust   746,500     3,822,080
Total Closed-End Management          
Investment Companies          
(Identified cost $8,307,471)         7,324,816
 
Short-Term Investment—2.8%          
SSGA U.S. Treasury Money Market Fund, 0.00%          
(Identified cost $3,087,059) (b)   3,087,059     3,087,059
Total Investments—93.1%          
(Identified cost $128,007,262) (c)       $ 102,974,436
Cash and Other Assets in Excess of Liabilities—6.9%         7,688,374
 
Net Assets—100.0%       $ 110,662,810

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)
Written Options open at March 31, 2009:

    Number                
Description   of Contracts     Strike Price   Expiration Date     Value
 
Call- iShares MSCI Brazil Index Fund   470   $ 45.00   06/20/09   $ 68,150
Call- Market Vectors Agribusiness ETF   690     30.00   05/16/09     72,450
Call- Market Vectors Steel Index Fund   350     30.00   06/20/09     88,900
Put- Market Vectors Agribusiness ETF   690     24.00   05/16/09     41,400
Put- Market Vectors Steel Index Fund   350     20.00   06/20/09     31,500
Put- SPDR KBW Regional Banking ETF   793     17.50   06/20/09     134,810
Total Written Options                 $ 437,210

(a)     

Non-income producing security.
 
(b)     

Rate shown reflects 7 day yield as of March 31, 2009.
 
(c)     

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 Gross     Aggregate Gross        
      Aggregate     Unrealized     Unrealized     Net Unrealized  
Portfolio     Cost     Appreciation     Depreciation     Depreciation  
U.S. Equity Value   $ 8,212,846   $ 57,664   $ 2,390,121   $ (2,332,457 )
U.S. Strategic Equity     69,941,751     566,841     14,425,693     (13,858,852 )
U.S. Mid Cap Equity     188,526,273     3,688,339     47,821,116     (44,132,777 )
U.S. Small-Mid Cap Equity     44,009,958     1,883,874     8,945,980     (7,062,106 )
International Equity     162,509,453     1,569,615     52,981,672     (51,412,057 )
International Equity Select     10,608,683     64,102     3,117,762     (3,053,660 )
International Strategic Equity     297,870,737     3,601,291     88,308,448     (84,707,157 )
International Small Cap Equity     101,624,683     553,308     39,585,734     (39,032,426 )
Emerging Markets Equity     6,914,998,130     39,357,856     2,322,260,877     (2,282,903,021 )
Developing Markets Equity     7,773,968     234,107     1,722,212     (1,488,105 )
U.S. High Yield     66,476,069     536,071     12,464,060     (11,927,989 )
Capital Allocator Opportunistic Strategies     128,007,262     1,221,506     26,254,332     (25,032,826 )

(d)     

Date shown is the expiration date.
 
(e)     

Received from in-kind subscriptions; security valued at zero.
 
(f)     

Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2009, these securities amounted to 0.1% and 5.9% of net assets of Lazard Developing Markets Equity Portfolio and Lazard U.S. High Yield Portfolio, respectively, and are considered to be liquid.
 
(g)     

Issue in default.
 
(h)     

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
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt

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

          Lazard   Lazard   Lazard   Lazard   Lazard
    Lazard   International   International   International   Emerging   Developing
    International   Equity   Strategic   Small Cap   Markets   Markets
    Equity   Select   Equity   Equity   Equity   Equity
Industry   Portfolio   Portfolio   Portfolio   Portfolio   Portfolio   Portfolio
Agriculture   – %   – %   – %   – %   1.9 %   2.1 %
Alcohol & Tobacco   6.5     10.2     8.5     –     4.3     0.7  
Automotive   1.8     –     1.6     –     2.5     –  
Banking   6.9     4.0     4.3     3.1     14.1     23.8  
Building Materials   –     –     –     –     1.5     –  
Cable Television   –     –     1.2     –     –     2.1  
Chemicals   –     –     –     5.2     –     1.4  
Commercial Services   2.8     –     2.8     13.4     0.7     –  
Computer Software   –     –     –     –     0.8     –  
Construction & Engineering   1.1     –     1.9     1.9     2.8     4.8  
Consumer Products   1.0     1.9     2.2     3.5     4.9     –  
Drugs   11.6     17.3     8.7     2.5     –     –  
Electric   3.0     2.0     5.3     –     1.6     –  
Energy   –     –     –     1.5     –     –  
Energy Exploration & Production   1.1     –     3.3     –     4.2     8.2  
Energy Integrated   10.2     10.5     4.3     1.0     6.0     8.0  
Energy Services   –     –     –     3.9     1.6     1.8  
Financial Services   1.1     1.1     5.0     3.2     5.8     –  
Food & Beverages   5.0     5.7     5.2     2.5     1.7     –  
Forest & Paper Products   –     –     –     1.0     1.6     1.0  
Gas Utilities   2.1     2.8     2.6     –     –     1.6  
Health Services   –     –     –     3.7     –     –  
Housing   3.3     –     2.0     2.8     0.8     –  
Insurance   6.2     12.0     7.5     3.3     –     –  
Leisure & Entertainment   1.3     –     5.9     0.7     1.1     –  
Manufacturing   3.8     3.4     4.9     19.7     3.2     4.3  
Medical Products   0.9     –     –     7.7     –     1.9  
Metals & Mining   0.8     1.7     –     –     3.7     5.2  
Real Estate   0.8     –     2.8     –     0.2     5.5  
Retail   3.6     2.2     2.1     5.6     1.8     8.5  
Semiconductors & Components   3.6     6.1     2.2     1.4     4.0     3.1  
Technology   –     –     1.3     4.5     –     0.7  
Technology Hardware   4.2     4.9     2.4     2.0     2.6     1.7  
Telecommunications   11.4     13.8     9.7     –     16.8     7.7  
Transportation   1.7     –     –     2.9     2.4     1.4  
     Subtotal   95.8     99.6     97.7     97.0     92.6     95.5  
Short-Term Investments   3.9     1.3     0.3     2.2     6.0     2.6  
     Total Investments   99.7 %   100.9 %   98.0 %   99.2 %   98.6 %   98.1 %

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. 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).

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 current 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.

Fair Value Measurements:

The Fund adopted Financial Accounting Standards Board (“FASB”) 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-level 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 inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

The following tables summarize the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2009:

  Investments in Securities  
  U.S     U.S.     U.S.  
  Equity Value     Strategic Equity     Mid Cap Equity  
Level   Portfolio     Portfolio     Portfolio  
Level 1 $ 5,696,539     $ 54,114,881     $ 139,991,077  
Level 2   183,850       1,968,018       4,402,419  
Level 3   -       -       -  
Total $ 5,880,389     $ 56,082,899     $ 144,393,496  
 
  Investments in Securities  
  U.S. Small-Mid     International     International  
  Cap Equity     Equity     Equity Select  
Level   Portfolio*     Portfolio     Portfolio  
Level 1 $ 35,954,937     $ 5,713,942     $ 5,283,879  
Level 2   992,915     105,383,454 **     2,271,144 **
Level 3   -       -       -  
Total $ 36,947,852     $ 111,097,396     $ 7,555,023  
 
  Investments in Securities  
  International     International     Emerging  
  Strategic Equity     Small Cap Equity     Markets Equity  
Level   Portfolio     Portfolio+     Portfolio  
Level 1 $ 22,251,208     $ -     $ 998,886,923  
Level 2   190,912,372 **   62,592,257 **     3,633,208,186 **
Level 3   -       -       -  
Total $ 213,163,580     $ 62,592,257     $ 4,632,095,109  

                Capital Allocator  
                Opportunistic Strategies  
  Investments in Securities   Portfolio  
  Developing     U.S.         Other  
  Markets Equity     High Yield   Investments   Financial  
Level   Portfolio     Portfolio   in Securities   Instruments++  
Level 1 $ 3,319,254     $ -   $ 99,887,377   $ (437,210 )
Level 2   2,966,609 **     54,547,530     3,087,059     -  
Level 3   -       550     -     -  
Total $ 6,285,863     $ 54,548,080   $ 102,974,436   $ (437,210 )

*There was one security characterized as level 3 which was valued at zero from January 1, 2009 to March 31, 2009.

**Includes certain foreign securities whose fair value was determined, on March 31, 2009, with the assistance of a pricing service, in accordance with procedures approved by the Board of Directors.

+There was one security characterized as level 3 which was valued at zero from January 27, 2009 to March 31, 2009.

++Other financial instruments are derivative instruments such as written options contracts.

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

  Investments in Securities
  International        
  Small Cap     U.S.
  Equity     High Yield
  Portfolio     Portfolio
Balance as of 12/31/08 $ 288,667     $ 550
Accrued discounts/premiums   -       -
Realized gain (loss)   -       -
Change in unrealized            
   appreciation/depreciation   (288,667 )     -
Net purchases (sales)   -       -
Net transfers in and/or out of            
   Level 3   -       -
Balance as of 3/31/09 $ -     $ 550
Net change in unrealized            
   appreciation/depreciation            
   from investments still held as            
   of 3/31/09 $ (288,667 )   $ -

Accounting Pronouncement:

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133 ("SFAS 161"), which is effective for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. SFAS 161 is intended to improve financial reporting for derivative instruments and hedging activities by requiring enhanced disclosure that enables investors to better understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivatives affect an entity's results of operations and financial position. Management has evaluated the application of SFAS 161 to the Fund and has determined that there is no material impact resulting from the adoption of SFAS 161 on the Fund’s financial statements and related disclosures.

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 29, 2009

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 29, 2009
 
By: /s/ Stephen St. Clair
Stephen St. Clair  
  Chief Financial Officer
 
Date: May 29, 2009