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:	3/31/2010

FORM N-Q

Item 1. Schedule of Investments.

The Lazard Funds, Inc. Portfolios of Investments March 31, 2010 (unaudited)

Description	Shares	Value
Lazard U.S. Equity Value Portfolio
Common Stocks | 99.9%
Aerospace & Defense | 3.2%
General Dynamics Corp.	2,000	$	154,400
Raytheon Co.	2,970		169,646
			324,046
Agriculture | 0.5%
The Mosaic Co.	850		51,655
Alcohol & Tobacco | 2.8%
Altria Group, Inc.	5,640		115,733
Molson Coors Brewing Co., Class B	1,360		57,202
Reynolds American, Inc.	1,970		106,340
			279,275
Automotive | 0.5%
Ford Motor Co. (a)	4,200		52,794
Banking | 12.0%
Bank of America Corp.	20,800		371,280
Fifth Third Bancorp	4,450		60,475
JPMorgan Chase & Co.	8,396		375,721
KeyCorp.	9,200		71,300
Wells Fargo & Co.	10,700		332,984
			1,211,760
Cable Television | 1.7%
Comcast Corp., Class A	9,340		167,840
Chemicals | 1.4%
Air Products & Chemicals, Inc.	550		40,672
Dow Chemical Co.	3,400		100,538
			141,210
Commercial Services | 0.9%
Fidelity National Information Services, Inc.	3,750		87,900
Computer Software | 1.4%
Microsoft Corp.	2,650		77,566
Oracle Corp.	2,400		61,656
			139,222
Construction & Engineering | 1.0%
Foster Wheeler AG (a)	3,570		96,890

Description	Shares	Value
Consumer Products | 3.0%
Energizer Holdings, Inc. (a)	810	$	50,836
Kimberly-Clark Corp.	689		43,324
Mattel, Inc.	2,300		52,302
Newell Rubbermaid, Inc.	5,200		79,040
The Procter & Gamble Co.	1,255		79,404
			304,906
Electric | 3.5%
American Electric Power Co., Inc.	2,830		96,730
DPL, Inc.	2,070		56,283
Entergy Corp.	1,220		99,247
PG&E Corp.	1,360		57,691
PPL Corp.	1,610		44,613
			354,564
Energy Exploration & Production | 5.8%
Anadarko Petroleum Corp.	660		48,068
Apache Corp.	1,150		116,725
Devon Energy Corp.	1,515		97,611
EOG Resources, Inc.	500		46,470
Noble Energy, Inc.	950		69,350
Occidental Petroleum Corp.	2,390		202,051
			580,275
Energy Integrated | 10.8%
Chevron Corp.	4,831		366,335
ConocoPhillips	4,130		211,332
Exxon Mobil Corp.	5,706		382,188
Hess Corp.	1,060		66,303
Marathon Oil Corp.	2,140		67,709
			1,093,867
Energy Services | 2.1%
Halliburton Co.	4,280		128,957
Transocean, Ltd. (a)	990		85,516
			214,473
Financial Services | 4.9%
Ameriprise Financial, Inc.	1,430		64,865
Bank of New York Mellon Corp.	4,914		151,744
MasterCard, Inc., Class A	210		53,340
The Goldman Sachs Group, Inc.	1,285		219,260
			489,209

Description	Shares	Value
Lazard U.S. Equity Value Portfolio (continued)
Food & Beverages | 0.8%
PepsiCo, Inc.	1,150	$	76,084
Health Services | 1.3%
WellPoint, Inc. (a)	2,100		135,198
Insurance | 8.4%
ACE, Ltd.	2,050		107,215
Aon Corp.	1,460		62,356
Everest Re Group, Ltd.	975		78,907
Lincoln National Corp.	2,100		64,470
MetLife, Inc.	2,720		117,885
PartnerRe, Ltd.	750		59,790
Prudential Financial, Inc.	1,760		106,480
The Allstate Corp.	3,500		113,085
The Travelers Cos., Inc.	1,320		71,201
Willis Group Holdings PLC	2,220		69,464
			850,853
Leisure & Entertainment | 3.5%
Burger King Holdings, Inc.	2,580		54,851
Darden Restaurants, Inc.	1,250		55,675
McDonald’s Corp.	750		50,040
The Walt Disney Co.	1,810		63,187
Time Warner, Inc.	1,583		49,500
Viacom, Inc., Class B (a)	2,420		83,200
			356,453
Manufacturing | 4.6%
Flowserve Corp.	510		56,238
General Electric Co.	15,035		273,637
Honeywell International, Inc.	1,260		57,040
SPX Corp.	1,120		74,278
			461,193
Medical Products | 1.2%
Covidien PLC	1,220		61,342
Medtronic, Inc.	1,420		63,942
			125,284
Metal & Glass Containers | 3.3%
Ball Corp.	1,450		77,401
Owens-Illinois, Inc. (a)	4,370		155,310
Pactiv Corp. (a)	3,920		98,705
			331,416

Description	Shares	Value
Metals & Mining | 1.6%
Freeport-McMoRan Copper & Gold, Inc.	760	$	63,490
Newmont Mining Corp.	860		43,800
Nucor Corp.	1,300		58,994
			166,284
Pharmaceutical & Biotechnology | 8.5%
Amgen, Inc. (a)	810		48,406
Gilead Sciences, Inc. (a)	1,450		65,946
Johnson & Johnson	1,423		92,780
Merck & Co., Inc.	4,590		171,436
Pfizer, Inc.	25,374		435,164
Talecris Biotherapeutics Holdings Corp.	2,150		42,828
			856,560
Retail | 2.0%
CVS Caremark Corp.	2,230		81,529
The TJX Cos., Inc.	1,100		46,772
Wal-Mart Stores, Inc.	1,250		69,500
			197,801
Semiconductors & Components | 1.6%
Intel Corp.	4,820		107,293
Texas Instruments, Inc.	2,300		56,281
			163,574
Technology Hardware | 3.2%
Dell, Inc. (a)	3,500		52,535
Hewlett-Packard Co.	3,130		166,359
International Business Machines Corp.	810		103,883
			322,777
Telecommunications | 4.4%
AT&T, Inc.	13,020		336,437
Verizon Communications, Inc.	3,429		106,367
			442,804
Total Common Stocks (Identified cost $9,292,789)			10,076,167

Description	Shares	Value
Lazard U.S. Equity Value Portfolio (concluded)
Short-Term Investment | 0.4%
State Street Institutional Treasury Money Market Fund (Identified cost $41,317)	41,317	$	41,317
Total Investments | 100.3%
(Identified cost $9,334,106) (b)		$	10,117,484
Liabilities in Excess of Cash and Other Assets | (0.3)%			(26,238	)
Net Assets | 100.0%		$	10,091,246

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks | 99.8%
Aerospace & Defense | 2.9%
Raytheon Co.		39,500	$	2,256,240
Agriculture | 1.5%
The Mosaic Co.		18,800		1,142,476
Alcohol & Tobacco | 1.5%
Molson Coors Brewing Co., Class B		27,500		1,156,650
Automotive | 0.5%
Ford Motor Co. (a)		32,500		408,525
Banking | 5.7%
Bank of America Corp.		37,200		664,020
JPMorgan Chase & Co.		46,091		2,062,572
Wells Fargo & Co.		53,700		1,671,144
				4,397,736
Cable Television | 4.4%
Comcast Corp., Class A		189,600		3,407,112
Coal | 0.5%
Massey Energy Co.		7,700		402,633
Commercial Services | 1.9%
Corrections Corp. of America (a)		36,100		716,946
Republic Services, Inc.		26,400		766,128
				1,483,074
Computer Software | 6.5%
Microsoft Corp.		66,535		1,947,480
Oracle Corp.		76,500		1,965,285
Symantec Corp. (a)		66,000		1,116,720
				5,029,485
Consumer Products | 2.9%
Mattel, Inc.		58,200		1,323,468
The Procter & Gamble Co.		14,200		898,434
				2,221,902
Electric | 0.7%
American Electric Power Co., Inc.		15,300		522,954

Description	Shares	Value
Energy Exploration & Production | 2.1%
Apache Corp.	5,200	$	527,800
EOG Resources, Inc.	7,475		694,726
Occidental Petroleum Corp.	4,525		382,544
			1,605,070
Energy Integrated | 5.4%
Chevron Corp.	18,800		1,425,604
ConocoPhillips	53,200		2,722,244
			4,147,848
Energy Services | 1.5%
Halliburton Co.	16,300		491,119
Transocean, Ltd. (a)	7,400		639,212
			1,130,331
Financial Services | 5.3%
Ameriprise Financial, Inc.	29,600		1,342,656
NYSE Euronext	30,200		894,222
State Street Corp.	16,300		735,782
The Charles Schwab Corp.	31,300		584,997
The Goldman Sachs Group, Inc.	3,200		546,016
			4,103,673
Food & Beverages | 1.3%
PepsiCo, Inc.	9,500		628,520
The Coca-Cola Co.	6,900		379,500
			1,008,020
Insurance | 2.8%
PartnerRe, Ltd.	10,400		829,088
The Travelers Cos., Inc.	24,900		1,343,106
			2,172,194
Leisure & Entertainment | 1.5%
McDonald’s Corp.	17,300		1,154,256
Manufacturing | 5.7%
Caterpillar, Inc.	10,600		666,210
Dover Corp.	23,700		1,107,975
Emerson Electric Co.	15,800		795,372
Honeywell International, Inc.	23,693		1,072,582
Parker Hannifin Corp.	11,700		757,458
			4,399,597
Medical Products | 2.0%
Baxter International, Inc.	6,400		372,480

Description	Shares	Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Medtronic, Inc.	25,600	$	1,152,768
			1,525,248
Metal & Glass Containers | 2.6%
Ball Corp.	38,015		2,029,241
Metals & Mining | 1.6%
Newmont Mining Corp.	13,000		662,090
Nucor Corp.	12,200		553,636
			1,215,726
Pharmaceutical & Biotechnology | 11.9%
Amgen, Inc. (a)	13,600		812,736
Gilead Sciences, Inc. (a)	15,500		704,940
Johnson & Johnson	44,960		2,931,392
Merck & Co., Inc.	19,100		713,385
Pfizer, Inc.	201,100		3,448,865
Talecris Biotherapeutics Holdings Corp.	29,000		577,680
			9,188,998
Refining | 1.1%
Valero Energy Corp.	42,000		827,400
Retail | 11.6%
AutoZone, Inc. (a)	9,000		1,557,810
Family Dollar Stores, Inc.	29,700		1,087,317
J.C. Penney Co., Inc.	25,525		821,139
Wal-Mart Stores, Inc.	43,100		2,396,360
Walgreen Co.	83,500		3,097,015
			8,959,641
Semiconductors & Components | 1.8%
Intel Corp.	61,400		1,366,764
Technology | 3.2%
AOL, Inc. (a)	15,300		386,784
eBay, Inc. (a)	49,300		1,328,635
Google, Inc., Class A (a)	1,400		793,814
			2,509,233
Technology Hardware | 8.2%
Cisco Systems, Inc. (a)	60,255		1,568,438
EMC Corp. (a)	30,300		546,612
Hewlett-Packard Co.	36,900		1,961,235

Description	Shares	Value
International Business Machines Corp.	17,490	$	2,243,092
			6,319,377
Transportation | 1.2%
Norfolk Southern Corp.	16,900		944,541
Total Common Stocks
(Identified cost $65,819,944)			77,035,945
Short-Term Investment | 0.2%
State Street Institutional Treasury Money Market Fund (Identified cost $152,026)	152,026		152,026
Total Investments | 100.0% (Identified cost $65,971,970) (b)		$	77,187,971
Cash and Other Assets in Excess of Liabilities | 0.0%			33,699
Net Assets | 100.0%		$	77,221,670

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks | 113.9%
Alcohol & Tobacco | 1.9%
Molson Coors Brewing Co., Class B		89,500	$	3,764,370
Banking | 6.8%
City National Corp.		92,000		4,965,240
Fifth Third Bancorp		226,500		3,078,135
KeyCorp.		209,500		1,623,625
Northern Trust Corp.		62,900		3,475,854
				13,142,854
Cable Television | 0.8%
Cablevision Systems Corp.		67,500		1,629,450
Chemicals | 0.9%
Air Products & Chemicals, Inc.		24,900		1,841,355
Coal | 2.0%
Arch Coal, Inc.		55,200		1,261,320
Massey Energy Co.		48,900		2,556,981
				3,818,301
Commercial Services | 7.4%
Corrections Corp. of America (a)		160,900		3,195,474
Fidelity National Information Services, Inc.		136,700		3,204,248
Genuine Parts Co.		102,800		4,342,272
Republic Services, Inc.		122,200		3,546,244
The Interpublic Group of Cos., Inc. (a)		480		3,994
				14,292,232
Computer Software | 5.5%
BMC Software, Inc. (a)		75,300		2,861,400
Intuit, Inc. (a)		104,900		3,602,266
Symantec Corp. (a)		247,200		4,182,624
				10,646,290
Construction & Engineering | 0.9%
Foster Wheeler AG (a)		64,600		1,753,244
Consumer Products | 6.9%
Avon Products, Inc.		64,500		2,184,615
Mattel, Inc.		254,100		5,778,234
Newell Rubbermaid, Inc.		111,400		1,693,280

Description	Shares		Value
Stanley Black & Decker, Inc.		66,200	$	3,800,542
				13,456,671
Electric | 3.6%
Allegheny Energy, Inc.		88,900		2,044,700
American Electric Power Co., Inc.		142,700		4,877,486
				6,922,186
Energy Exploration & Production l 1.8%
Energen Corp.		73,500		3,419,955
Energy Services | 3.8%
The Williams Cos., Inc.		173,000		3,996,300
Tidewater, Inc.		69,200		3,271,084
				7,267,384
Financial Services | 4.8%
Ameriprise Financial, Inc.		141,600		6,422,976
NYSE Euronext		56,500		1,672,965
TD Ameritrade Holding Corp. (a)		63,100		1,202,686
				9,298,627
Food & Beverages | 5.3%
Campbell Soup Co.		54,600		1,930,110
McCormick & Co., Inc.		109,900		4,215,764
Ralcorp Holdings, Inc. (a)		60,700		4,114,246
				10,260,120
Forest & Paper Products | 1.1%
Packaging Corp. of America		84,600		2,082,006
Health Services | 1.0%
Omnicare, Inc.		67,200		1,901,088
Insurance | 3.0%
PartnerRe, Ltd.		28,900		2,303,908
RenaissanceRe Holdings, Ltd.		61,000		3,462,360
				5,766,268
Internet Security | 0.9%
VeriSign, Inc. (a)		66,800		1,737,468
Leisure & Entertainment | 5.3%
Apollo Group, Inc., Class A (a)		18,800		1,152,252
Burger King Holdings, Inc.		236,100		5,019,486
Viacom, Inc., Class B (a)		116,300		3,998,394
				10,170,132

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
Manufacturing | 6.3%
Dover Corp.		132,200	$	6,180,350
Parker Hannifin Corp.		67,200		4,350,528
Rockwell Collins, Inc.		26,200		1,639,858
				12,170,736
Medical Products | 7.8%
CareFusion Corp. (a)		129,950		3,434,578
Hospira, Inc. (a)		56,700		3,212,055
Life Technologies Corp. (a)		43,781		2,288,433
Teleflex, Inc.		63,700		4,081,259
Zimmer Holdings, Inc. (a)		35,200		2,083,840
				15,100,165
Metal & Glass Containers | 4.1%
Ball Corp.		147,500		7,873,550
Metals & Mining | 4.1%
Cliffs Natural Resources, Inc.		19,700		1,397,715
Compass Minerals International, Inc.		47,800		3,834,994
Nucor Corp.		60,200		2,731,876
				7,964,585
Pharmaceutical & Biotechnology l 3.6%
Talecris Biotherapeutics Holdings Corp.		198,400		3,952,128
Warner Chilcott PLC, Class A (a)		118,900		3,037,895
				6,990,023
Real Estate | 5.3%
Public Storage REIT		32,300		2,971,277
Tanger Factory Outlet Centers, Inc. REIT		33,700		1,454,492
The St. Joe Co. (a)		97,600		3,157,360
UDR, Inc. REIT		156,700		2,764,188
				10,347,317
Refining | 2.8%
Holly Corp.		141,500		3,949,265
Valero Energy Corp.		75,900		1,495,230
				5,444,495
Retail | 7.9%
American Eagle Outfitters, Inc.		129,800		2,403,896

Description	Shares		Value
AutoZone, Inc. (a)		16,800	$	2,907,912
Family Dollar Stores, Inc.		169,400		6,201,734
J.C. Penney Co., Inc.		116,700		3,754,239
				15,267,781
Semiconductors & Components l 2.2%
Analog Devices, Inc.		148,700		4,285,534
Technology Hardware | 4.9%
Ingram Micro, Inc., Class A (a)		273,200		4,794,660
Lexmark International, Inc., Class A (a)		85,500		3,084,840
NetApp, Inc. (a)		52,300		1,702,888
				9,582,388
Telecommunications | 1.2%
NeuStar, Inc., Class A (a)		93,600		2,358,720
Total Common Stocks
(Identified cost $182,676,037)				220,555,295
Short-Term Investment | 3.9%
State Street Institutional Treasury Money Market Fund (Identified cost $7,658,839)		7,658,839		7,658,839
Total Investments | 117.8%
(Identified cost $190,334,876) (b)
			$	228,214,134
Liabilities in Excess of Cash and Other Assets | (17.8)%
				(34,548,028	)
Net Assets | 100.0%			$	193,666,106

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks | 96.1%
Automotive | 1.6%
Modine Manufacturing Co. (a)		49,900	$	560,876
Tenneco, Inc. (a)		32,700		773,355
				1,334,231
Banking | 8.0%
City National Corp.		18,200		982,254
Home Bancshares, Inc.		46,800		1,237,392
KeyCorp.		141,200		1,094,300
Northwest Bancshares, Inc.		83,500		980,290
PacWest Bancorp		54,801		1,250,559
Wintrust Financial Corp.		26,000		967,460
				6,512,255
Chemicals | 2.6%
GrafTech International, Ltd. (a)		42,100		575,507
Innospec, Inc. (a)		69,984		795,018
Rockwood Holdings, Inc. (a)		27,500		732,050
				2,102,575
Commercial Services | 2.7%
Administaff, Inc.		26,600		567,644
Navigant Consulting, Inc. (a)		66,400		805,432
Team, Inc. (a)		51,000		846,090
				2,219,166
Computer Software | 5.6%
BMC Software, Inc. (a)		25,400		965,200
Intuit, Inc. (a)		22,850		784,669
Nuance Communications, Inc. (a)		44,100		733,824
Quest Software, Inc. (a)		54,200		964,218
Red Hat, Inc. (a)		40,150		1,175,190
				4,623,101
Construction & Engineering | 2.1%
Great Lakes Dredge & Dock Co.		128,100		672,525
Hill International, Inc. (a)		112,500		655,875
MasTec, Inc. (a)		33,150		418,022
				1,746,422
Consumer Products | 7.2%
Central Garden & Pet Co., Class A (a)		144,200		1,320,872
Mattel, Inc.		51,900		1,180,206
Matthews International Corp., Class A		27,350		970,925

Description	Shares		Value
Newell Rubbermaid, Inc.		44,600	$	677,920
Tempur-Pedic International, Inc. (a)		21,400		645,424
The Middleby Corp. (a)		18,750		1,079,812
				5,875,159
Electric | 1.0%
Northeast Utilities		30,050		830,582
Energy Exploration & Production l 0.7%
Cabot Oil & Gas Corp.		15,950		586,960
Energy Integrated | 2.9%
Cimarex Energy Co.		23,500		1,395,430
James River Coal Co. (a)		61,150		972,285
				2,367,715
Energy Services | 1.8%
Helmerich & Payne, Inc.		20,100		765,408
Kinder Morgan Management LLC (c)		107,325		0
Oceaneering International, Inc. (a)		11,400		723,786
				1,489,194
Financial Services | 3.7%
FTI Consulting, Inc. (a)		20,600		809,992
TD Ameritrade Holding Corp. (a)		69,500		1,324,670
Waddell & Reed Financial, Inc., Class A		25,850		931,634
				3,066,296
Food & Beverages | 2.4%
American Italian Pasta Co., Class A (a)		18,800		730,756
Lance, Inc.		53,000		1,225,890
				1,956,646
Forest & Paper Products | 1.9%
Rock-Tenn Co., Class A		15,100		688,107
Schweitzer-Mauduit International, Inc.		18,000		856,080
				1,544,187
Gas Utilities | 1.0%
AGL Resources, Inc.		21,650		836,773
Health Services | 1.5%
Tenet Healthcare Corp. (a)		209,000		1,195,480

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)
Housing | 0.7%
Trex Co., Inc. (a)		26,100	$	555,669
Leisure & Entertainment | 3.1%
Darden Restaurants, Inc.		15,300		681,462
Expedia, Inc.		43,000		1,073,280
Texas Roadhouse, Inc. (a)		57,100		793,119
				2,547,861
Manufacturing | 7.2%
A123 Systems, Inc.		34,500		474,030
Altra Holdings, Inc. (a)		51,700		709,841
Dover Corp.		17,650		825,138
DXP Enterprises, Inc. (a)		73,900		943,703
FLIR Systems, Inc. (a)		24,800		699,360
Generac Holdings, Inc.		54,307		760,841
Gibraltar Industries, Inc. (a)		66,050		832,890
Regal-Beloit Corp.		10,550		626,776
				5,872,579
Medical Products | 7.0%
CareFusion Corp. (a)		43,800		1,157,634
Haemonetics Corp. (a)		21,500		1,228,725
Hospira, Inc. (a)		20,900		1,183,985
Life Technologies Corp. (a)		21,010		1,098,193
Teleflex, Inc.		15,900		1,018,713
				5,687,250
Metal & Glass Containers | 2.2%
Ball Corp.		16,400		875,432
Owens-Illinois, Inc. (a)		26,700		948,918
				1,824,350
Metals & Mining | 1.3%
Schnitzer Steel Industries, Inc., Class A		19,500		1,024,335
Pharmaceutical & Biotechnology l 2.7%
Talecris Biotherapeutics Holdings Corp.		52,700		1,049,784
Warner Chilcott PLC, Class A (a)		43,800		1,119,090
				2,168,874
Real Estate | 7.0%
Digital Realty Trust, Inc. REIT		17,500		948,500

Description	Shares		Value
Kilroy Realty Corp. REIT		38,950	$	1,201,218
Pebblebrook Hotel Trust		26,600		559,398
Tanger Factory Outlet Centers, Inc. REIT		19,300		832,988
The Macerich Co. REIT		25,327		970,277
UDR, Inc. REIT		70,300		1,240,092
				5,752,473
Retail | 7.4%
American Eagle Outfitters, Inc.		55,850		1,034,342
Family Dollar Stores, Inc.		26,700		977,487
Iconix Brand Group, Inc. (a)		66,600		1,022,976
Kirkland’s, Inc. (a)		54,950		1,153,950
Liz Claiborne, Inc. (a)		97,300		722,939
The Gymboree Corp. (a)		22,450		1,159,093
				6,070,787
Semiconductors & Components | 3.2%
CPI International, Inc. (a)		61,086		810,000
ON Semiconductor Corp. (a)		142,900		1,143,200
Supertex, Inc. (a)		27,200		696,048
				2,649,248
Technology | 3.3%
AOL, Inc. (a)		35,400		894,912
Citrix Systems, Inc. (a)		12,300		583,881
Solera Holdings, Inc.		17,400		672,510
SS&C Technologies Holdings, Inc.		35,100		537,126
				2,688,429
Technology Hardware | 2.1%
Polycom, Inc. (a)		18,650		570,317
Synaptics, Inc. (a)		40,450		1,116,825
				1,687,142
Transportation | 2.2%
Echo Global Logistics, Inc.		75,750		977,932
UTI Worldwide, Inc.		54,250		831,110
				1,809,042
Total Common Stocks (Identified cost $64,758,695)				78,624,781

Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Description	Principal Amount (000)		Value
Repurchase Agreement | 4.1%
State Street Bank and Trust Co., 0.00%, 04/01/10 (Dated 03/31/2010, collateralized by $3,450,000 United States Treasury Bill, 0.00%, 09/16/10, with a value of $3,446,550) Proceeds of $3,375,000 (Identified cost $3,375,000)	$	3,375	$	3,375,000
Total Investments | 100.2% (Identified cost $68,133,695) (b)			$	81,999,781
Liabilities in Excess of Cash and Other Assets | (0.2)%				(148,005	)
Net Assets | 100.0%			$	81,851,776

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 95.6%
Australia | 0.9%
QBE Insurance Group, Ltd.		74,400	$	1,422,130
Belgium | 2.0%
Anheuser-Busch InBev NV		59,400		2,992,127
Brazil | 2.8%
Banco do Brasil SA		117,400		1,970,585
Cielo SA		240,000		2,260,522
Total Brazil				4,231,107
Canada | 3.3%
Potash Corp. of Saskatchewan,
Inc.		15,200		1,815,051
Rogers Communications, Inc.		44,300		1,513,087
Telus Corp.		42,700		1,589,189
Total Canada				4,917,327
China | 1.0%
Industrial and Commercial Bank of China, Ltd., Class H		2,044,600		1,561,577
Denmark | 1.6%
DSV A/S		38,000		679,088
Novo Nordisk A/S, Class B		22,575		1,751,756
Total Denmark				2,430,844
France | 8.0%
BNP Paribas SA		39,838		3,059,478
Cap Gemini SA		21,600		1,063,978
Sanofi-Aventis		59,347		4,423,868
Total SA		43,196		2,507,569
Valeo SA (a)		28,000		999,346
Total France				12,054,239
Germany | 4.3%
Bayerische Motoren Werke AG		32,500		1,500,370
SAP AG		30,100		1,457,873
Siemens AG		34,888		3,494,059
Total Germany				6,452,302
Hong Kong | 3.2%
Esprit Holdings, Ltd.		405,397		3,200,674
Kerry Properties, Ltd.		295,500		1,585,160
Total Hong Kong				4,785,834

Description	Shares		Value
India | 0.7%
Idea Cellular, Ltd. (a)		758,100	$	1,108,570
Ireland | 1.3%
CRH PLC		75,869		1,894,717
Italy | 1.5%
Atlantia SpA		55,850		1,303,497
Prysmian SpA		45,365		891,511
Total Italy				2,195,008
Japan | 19.8%
Benesse Holdings, Inc.		25,000		1,083,004
Canon, Inc.		66,600		3,084,587
Daito Trust Construction Co., Ltd.		47,900		2,310,718
Honda Motor Co., Ltd.		61,000		2,153,171
Hoya Corp.		88,200		2,423,637
Inpex Corp.		157		1,152,016
KDDI Corp.		432		2,236,474
Keyence Corp.		6,800		1,624,901
Kubota Corp.		155,000		1,412,557
Mitsubishi Corp.		91,300		2,392,609
Mitsubishi Estate Co., Ltd.		109,000		1,783,827
Nomura Holdings, Inc.		221,700		1,633,878
Secom Co., Ltd.		15,200		664,970
Sumitomo Mitsui Financial Group, Inc.		66,800		2,207,851
Yahoo! Japan Corp.		4,660		1,697,219
Yamada Denki Co., Ltd.		25,750		1,900,471
Total Japan				29,761,890
Mexico | 1.0%
Grupo Televisa SA Sponsored ADR		69,600		1,462,992
Netherlands | 1.8%
Heineken NV		27,000		1,387,591
TNT NV		47,265		1,355,291
Total Netherlands				2,742,882
Norway | 1.2%
Aker Solutions ASA		119,400		1,868,387
Russia | 0.9%
OAO LUKOIL Sponsored ADR		24,350		1,380,645
Singapore | 0.9%
Singapore Telecommunications, Ltd.		611,600		1,385,877

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Spain | 1.3%
Banco Santander SA		151,252	$	2,010,200
Switzerland | 8.8%
Credit Suisse Group AG		41,600		2,144,310
Julius Baer Group Ltd.		25,400		921,425
Nestle SA		45,660		2,338,429
Novartis AG		66,830		3,609,606
Roche Holding AG		11,700		1,897,477
Zurich Financial Services AG		8,870		2,273,863
Total Switzerland				13,185,110
Turkey | 1.4%
Turkcell Iletisim Hizmetleri AS ADR		56,900		856,914
Turkiye Garanti Bankasi AS ADR		266,000		1,223,600
Total Turkey				2,080,514
United Kingdom | 27.9%
BAE Systems PLC		382,500		2,155,186
Barclays PLC		416,100		2,275,047
BG Group PLC		146,700		2,538,948
BHP Billiton PLC		62,700		2,150,327
BP PLC		343,498		3,249,522
British Airways PLC (a)		226,500		835,224
British American Tobacco PLC		71,760		2,473,567
GlaxoSmithKline PLC		136,600		2,623,260
HSBC Holdings PLC		176,750		1,791,696
Informa PLC		330,920		1,944,907
International Power PLC		285,900		1,383,557
Lloyds Banking Group PLC (a)		2,206,406		2,101,677
Prudential PLC		218,900		1,818,688
Standard Chartered PLC		88,000		2,400,380
Tesco PLC		298,400		1,971,812
Unilever PLC		102,400		3,006,833
Vodafone Group PLC		1,078,083		2,486,705
WPP PLC		169,000		1,751,604
Xstrata PLC		157,000		2,974,518
Total United Kingdom				41,933,458
Total Common Stocks (Identified cost $130,902,996)				143,857,737

Description	Principal Amount (000)		Value
Repurchase Agreement | 3.8%
State Street Bank and Trust Co., 0.00%, 04/01/10 (Dated 03/31/10, collateralized by $5,875,000 United States Treasury Bill, 0.00%, 09/16/10, with a value of $5,869,125) Proceeds of $5,752,000 (Identified cost $5,752,000)	$	5,752	$	5,752,000
Total Investments | 99.4% (Identified cost $136,654,996) (b)			$	149,609,737
Cash and Other Assets in Excess of Liabilities | 0.6%				847,651
Net Assets | 100.0%			$	150,457,388

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 99.4%
Australia | 1.8%
BHP Billiton, Ltd.		3,767	$	150,681
Belgium | 2.4%
Anheuser-Busch InBev NV		4,004		201,692
Brazil | 4.8%
Cielo SA		12,770		120,279
Redecard SA		10,515		194,530
Vale SA Sponsored ADR		2,800		90,132
Total Brazil				404,941
Canada | 2.0%
Barrick Gold Corp.		1,965		75,396
Rogers Communications, Inc.		2,675		91,366
Total Canada				166,762
China | 0.5%
NetEase.com, Inc. Sponsored
ADR (a)		1,040		36,889
Denmark | 1.5%
Novo Nordisk A/S, Class B		1,640		127,259
Finland | 2.0%
Nokia Corp. Sponsored ADR		5,395		83,838
Sampo Oyj, A Shares		3,235		85,814
Total Finland				169,652
France | 9.5%
BNP Paribas SA		2,123		163,042
LVMH Moet Hennessy Louis
Vuitton SA		1,281		149,730
Sanofi-Aventis		3,735		278,416
Total SA Sponsored ADR		3,570		207,131
Total France				798,319
Germany | 2.1%
SAP AG		3,615		175,090
Hong Kong | 3.4%
Esprit Holdings, Ltd.		24,703		195,034
Sun Hung Kai Properties, Ltd.		5,890		88,529
Total Hong Kong				283,563

Description	Shares		Value
Indonesia | 1.6%
PT Telekomunikasi Indonesia Tbk
Sponsored ADR	3,820	$	136,603
Ireland | 1.5%
CRH PLC	4,885		121,930
Israel | 1.0%
Israel Chemicals, Ltd.	6,059		81,973
Italy | 1.2%
Eni SpA Sponsored ADR	2,130		99,961
Japan | 13.6%
Canon, Inc. Sponsored ADR	4,550		210,255
Fanuc, Ltd.	950		100,802
Hoya Corp. Sponsored ADR	6,295		172,987
Keyence Corp.	360		86,024
Mitsubishi Estate Co., Ltd.	6,840		111,939
Nomura Holdings, Inc.	20,990		154,692
Sumitomo Mitsui Financial Group,
Inc. ADR	54,710		177,808
Yahoo! Japan Corp.	330		120,189
Total Japan			1,134,696
Mexico | 1.0%
Grupo Televisa SA Sponsored
ADR	4,060		85,341
Netherlands | 1.1%
Heineken NV ADR	3,600		92,160
Russia | 1.6%
Mobile TeleSystems Sponsored
ADR	940		52,170
OAO LUKOIL Sponsored ADR	1,500		85,050
Total Russia			137,220
Singapore | 1.6%
Singapore Telecommunications,
Ltd. ADR	5,780		130,339
Sweden | 1.0%
Assa Abloy AB, Class B	4,400		86,104
Switzerland | 12.3%
Credit Suisse Group AG	4,175		215,204
Nestle SA Sponsored ADR	2,815		144,128
Novartis AG ADR	4,465		241,556
Roche Holding AG	1,018		165,097

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
UBS AG (a)	7,355	$	119,561
Zurich Financial Services AG ADR	5,805		148,028
Total Switzerland			1,033,574
Taiwan | 2.0%
Taiwan Semiconductor
Manufacturing Co., Ltd.
Sponsored ADR	16,212		170,064
Turkey | 0.8%
Turkcell Iletisim Hizmetleri AS
ADR	4,615		69,502
United Kingdom | 29.1%
BAE Systems PLC	14,609		82,314
Barclays PLC	52,114		284,936
BG Group PLC	6,035		104,448
BP PLC Sponsored ADR	3,620		206,593
British American Tobacco PLC
Sponsored ADR	2,665		183,619
GlaxoSmithKline PLC Sponsored
ADR	6,080		234,202
Imperial Tobacco Group PLC ADR	2,005		122,325
Lloyds Banking Group PLC (a)	197,640		188,259
Prudential PLC	14,686		122,016
Standard Chartered PLC	5,473		149,287
Tesco PLC Sponsored ADR	5,360		106,396
Tullow Oil PLC	4,405		83,557
Unilever PLC Sponsored ADR	4,945		144,790
Vodafone Group PLC Sponsored
ADR	10,955		255,142
William Morrison Supermarkets
PLC	18,460		82,218
Xstrata PLC	4,600		87,151
Total United Kingdom			2,437,253
Total Common Stocks
(Identified cost $7,409,766)			8,331,568
Short-Term Investment | 0.4%
State Street Institutional Treasury
Money Market Fund
(Identified cost $33,408)	33,408		33,408

Total Investments | 99.8%
(Identified cost $7,443,174) (b)	$	8,364,976
Cash and Other Assets in Excess
of Liabilities | 0.2%		15,429
Net Assets | 100.0%	$	8,380,405

Description	Shares	Value
Lazard International Strategic Equity Portfolio
Common Stocks | 95.9%
Australia | 1.4%
QBE Insurance Group, Ltd.	279,800	$	5,348,279
Belgium | 4.8%
Anheuser-Busch InBev NV	199,530		10,050,827
Umicore NV	219,430		7,662,730
Total Belgium			17,713,557
China | 4.1%
China Overseas Land &
Investment, Ltd.	1,432,000		3,231,302
Industrial and Commercial Bank of
China, Ltd., Class H	7,977,800		6,093,100
Yingde Gases Group Co.	5,110,000		5,646,882
Total China			14,971,284
Czech Republic | 1.2%
CEZ AS	93,200		4,402,588
Denmark | 1.7%
Novo Nordisk A/S, Class B	80,800		6,269,850
Egypt | 2.3%
Commercial International Bank	330,600		3,902,833
Eastern Tobacco	209,220		4,749,819
Total Egypt			8,652,652
Finland | 2.5%
Sampo Oyj, A Shares	347,510		9,218,320
France | 9.6%
BNP Paribas SA	59,183		4,545,135
Cap Gemini SA	94,340		4,647,021
Sanofi-Aventis	180,900		13,484,720
Societe Generale	106,770		6,715,090
Valeo SA (a)	167,660		5,983,943
Total France			35,375,909
Germany | 1.7%
Bayerische Motoren Werke AG	135,380		6,249,849
Hong Kong | 3.6%
Esprit Holdings, Ltd.	1,007,903		7,957,556
Kerry Properties, Ltd.	998,000		5,353,601
Total Hong Kong			13,311,157

Description	Shares	Value
India | 1.6%
Idea Cellular, Ltd. (a)	3,925,370	$	5,740,072
Ireland | 2.2%
C&C Group PLC	773,000		3,502,797
CRH PLC	180,200		4,497,796
Total Ireland			8,000,593
Italy | 2.1%
Prysmian SpA	387,991		7,624,785
Japan | 11.5%
Benesse Holdings, Inc.	85,400		3,699,540
Canon, Inc.	242,500		11,231,415
Don Quijote Co., Ltd.	283,600		7,080,141
eAccess, Ltd.	3,926		2,863,977
Kubota Corp.	387,000		3,526,837
Secom Co., Ltd.	67,100		2,935,491
Sumitomo Mitsui Financial Group, Inc.	137,400		4,541,299
Yahoo! Japan Corp.	18,400		6,701,465
Total Japan			42,580,165
Netherlands | 1.5%
ASM International NV (a)	206,183		5,513,927
Norway | 3.3%
Aker Solutions ASA	779,900		12,203,981
Russia | 3.2%
Gazprom OAO Sponsored ADR	202,413		4,722,295
Sberbank	2,373,470		6,954,267
Total Russia			11,676,562
South Africa | 3.8%
MTN Group, Ltd.	351,640		5,407,061
Naspers, Ltd., N Shares	198,980		8,646,256
Total South Africa			14,053,317
Switzerland | 5.9%
Credit Suisse Group AG	72,550		3,739,655
Julius Baer Group Ltd.	155,102		5,626,566
Novartis AG	120,800		6,524,621
UBS AG (a)	352,220		5,725,580
Total Switzerland			21,616,422
Turkey | 1.7%
Turkiye Garanti Bankasi AS	1,359,500		6,359,710

Description	Shares	Value
Lazard International Strategic Equity Portfolio (concluded)
United Kingdom | 26.2%
Barclays PLC	1,142,450	$	6,246,402
BBA Aviation PLC	1,272,064		3,758,403
BG Group PLC	326,140		5,644,530
British Airways PLC (a)	1,926,920		7,105,561
British American Tobacco PLC	360,028		12,410,162
Cairn Energy PLC (a)	635,750		4,023,008
GlaxoSmithKline PLC	346,300		6,650,328
IG Group Holdings PLC	945,350		5,769,831
Informa PLC	1,427,747		8,391,260
Lloyds Banking Group PLC (a)	11,304,582		10,768,000
Man Group PLC	839,380		3,076,127
Michael Page International PLC	813,350		4,937,031
Prudential PLC	565,200		4,695,855
Unilever PLC	335,264		9,844,560
Xstrata PLC	167,900		3,181,029
Total United Kingdom			96,502,087
Total Common Stocks
(Identified cost $315,337,593)			353,385,066
Preferred Stock | 1.3%
Brazil | 1.3%
Banco Bradesco SA
(Identified cost $3,612,243)	254,650		4,696,781
Short-Term Investment | 2.6%
State Street Institutional Treasury
Money Market Fund
(Identified cost $9,669,395)	9,669,395		9,669,395
Total Investments | 99.8%
(Identified cost $328,619,231) (b)		$	367,751,242
Cash and Other Assets in Excess
of Liabilities | 0.2%			856,925
Net Assets | 100.0%		$	368,608,167

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 96.1%
Australia | 4.7%
ABC Learning Centres, Ltd. (a), (d)		766,737	$	0
Cabcharge Australia, Ltd.		156,267		823,107
Fairfax Media, Ltd.		421,959		696,979
Intoll Group		524,489		539,053
James Hardie Industries SE (a)		165,207		1,100,632
Macquarie Atlas Roads Group (a)		104,898		90,484
Total Australia				3,250,255
Austria | 1.1%
Andritz AG		12,911		764,667
Belgium | 3.7%
Arseus NV		74,730		913,454
EVS Broadcast Equipment SA		13,328		756,782
Telenet Group Holding NV		29,167		881,450
Total Belgium				2,551,686
Finland | 3.4%
KCI Konecranes Oyj		22,390		661,372
Sampo Oyj, A Shares		38,046		1,009,238
Vacon Oyj		16,574		673,809
Total Finland				2,344,419
France | 3.3%
Neopost SA		8,414		672,430
Valeo SA (a)		21,767		776,885
Virbac SA		7,959		842,786
Total France				2,292,101
Germany | 8.0%
Brenntag AG (a)		5,700		423,429
Compugroup Holding AG		115,391		1,350,154
CTS Eventim AG		26,902		1,366,203
Fielmann AG		11,183		900,369
Pfeiffer Vacuum Technology AG		8,837		674,367
Wincor Nixdorf AG		11,972		810,925
Total Germany				5,525,447
Hong Kong | 2.0%
AAC Acoustic Technologies Holdings, Inc.		412,000		688,767
Esprit Holdings, Ltd.		86,150		680,168
Total Hong Kong				1,368,935

Description	Shares		Value
Ireland | 4.1%
C&C Group PLC		156,094	$	707,330
DCC PLC		30,399		788,322
FBD Holdings PLC		69,376		685,810
Irish Life & Permanent PLC (a)		157,995		629,518
Total Ireland				2,810,980
Italy | 2.0%
Ansaldo STS SpA		33,068		676,649
MARR SpA		75,617		698,073
Total Italy				1,374,722
Japan | 26.2%
Ain Pharmaciez, Inc.		27,500		803,321
Asahi Holdings, Inc.		54,200		935,122
Daiseki Co., Ltd.		41,800		870,517
Daito Trust Construction Co., Ltd.		22,700		1,095,058
Don Quijote Co., Ltd.		42,000		1,048,540
eAccess, Ltd.		884		644,869
JAFCO Co., Ltd.		25,200		661,739
JSR Corp.		43,000		898,267
Konami Corp.		45,200		871,704
Kurita Water Industries, Ltd.		14,000		396,085
Misumi Group, Inc.		42,900		880,118
Nomura Research Institute, Ltd.		27,700		631,094
Ohara, Inc.		49,200		905,166
Roland DG Corp.		57,300		1,018,027
Sankyo Co., Ltd.		10,300		509,546
Santen Pharmaceutical Co., Ltd.		22,290		669,010
Shinko Plantech Co., Ltd.		82,600		731,552
Suruga Bank, Ltd.		114,300		1,022,086
Sysmex Corp.		21,200		1,242,657
Unicharm Petcare Corp.		23,200		736,276
Union Tool Co.		22,300		623,751
USS Co., Ltd.		12,750		866,002
Total Japan				18,060,507
Netherlands | 5.8%
ASM International NV (a)		39,092		1,045,433
Fugro NV		19,998		1,307,029
Koninklijke Vopak NV		8,829		695,340
Unit 4 Agresso NV (a)		37,899		968,994
Total Netherlands				4,016,796
Norway | 5.1%
Kongsberg Gruppen ASA		75,220		1,379,556
Prosafe Production Public, Ltd. (a)		310,683		771,062

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
TGS Nopec Geophysical Co. ASA		63,840	$	1,354,527
Total Norway				3,505,145
Singapore | 1.5%
Ezra Holdings, Ltd.		615,500		1,038,336
Spain | 2.1%
Indra Sistemas SA		33,716		691,275
Tecnicas Reunidas SA		11,901		748,249
Total Spain				1,439,524
Sweden | 7.9%
Duni AB		82,840		745,728
Elekta AB, B Shares		48,300		1,351,217
Getinge AB, B Shares		44,310		1,062,247
Indutrade AB		32,920		752,264
Loomis AB, B Shares		67,324		867,121
ORC Software AB		29,282		683,325
Total Sweden				5,461,902
Switzerland | 4.2%
Burckhardt Compression Holding AG		3,443		679,196
Dufry Group (a)		9,485		761,931
Swissquote Group Holding SA		15,493		675,174
Tecan AG		9,712		745,624
Total Switzerland				2,861,925
United Kingdom | 11.0%
Abcam PLC		45,408		867,534
Chemring Group PLC		25,749		1,293,743
CPP Group PLC		171,176		681,868
Dignity PLC		91,865		861,523
Hampson Industries PLC		566,233		519,851
Healthcare Locums PLC		272,547		744,462
IG Group Holdings PLC		209,869		1,280,911
Intertek Group PLC		60,968		1,348,925
Total United Kingdom				7,598,817
Total Common Stocks
(Identified cost $62,353,739)				66,266,164
Preferred Stock | 1.2%
Germany | 1.2%
Fuchs Petrolub AG (Identified cost $636,176)		8,885		856,838

Description	Shares		Value
Short-Term Investment | 1.8%
State Street Institutional Treasury Money Market Fund (Identified cost $1,217,028)		1,217,028	$	1,217,028
Total Investments | 99.1%
(Identified cost $64,206,943) (b)			$	68,340,030
Cash and Other Assets in Excess of Liabilities | 0.9%				630,781
Net Assets | 100.0%			$	68,970,811

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 96.5%
Australia | 27.4%
APA Group	297,773	$	972,775
ConnectEast Group	7,003,310		2,891,965
DUET Group	2,580,000		4,237,892
Envestra, Ltd.	1,971,832		922,820
Intoll Group	5,464,530		5,616,269
Macquarie Atlas Roads Group (a)	1,167,226		1,006,839
MAp Group	335,094		950,172
SP Ausnet	2,836,589		2,355,711
Spark Infrastructure Group (e)	2,949,500		3,261,464
Transurban Group	804,860		3,729,828
Total Australia			25,945,735
Austria | 1.0%
Flughafen Wien AG	19,769		983,131
Germany | 5.1%
Fraport AG	91,535		4,819,785
Italy | 23.0%
Atlantia SpA	159,057		3,712,269
Autostrada Torino-Milano SpA	343,862		4,830,149
Digital Multimedia Technologies SpA (a)	43,237		932,033
Hera SpA	1,416,778		3,331,529
Snam Rete Gas SpA	189,447		960,177
Societa Iniziative Autostradali e Servizi SpA	561,833		5,186,671
Terna SpA	648,675		2,805,817
Total Italy			21,758,645
Japan | 9.3%
East Japan Railway Co.	5,222		363,066
Osaka Gas Co., Ltd.	1,049,000		3,758,851
Tokyo Gas Co., Ltd.	852,000		3,754,669
West Japan Railway Co.	280		964,381
Total Japan			8,840,967
Mexico | 2.3%
Grupo Aeroportuario del Centro Norte SAB de CV	981,000		1,856,670
Grupo Aeroportuario del Pacifico SAB de CV, B Shares	83,130		308,819
Total Mexico			2,165,489

Description	Shares		Value
South Korea | 3.0%
Macquarie Korea Infrastructure Fund		676,600	$	2,867,380
Spain | 7.6%
Enagas SA		87,343		1,914,061
Red Electrica Corporacion SA		98,467		5,284,537
Total Spain				7,198,598
Switzerland | 3.2%
Flughafen Zuerich AG		8,507		3,025,536
United Kingdom | 3.1%
Northumbrian Water Group PLC		230,213		989,004
Pennon Group PLC		121,553		963,786
Severn Trent PLC		53,084		962,631
Total United Kingdom				2,915,421
United States | 11.5%
American Electric Power Co., Inc.		27,200		929,696
California Water Service Group		25,200		947,772
Consolidated Edison, Inc.		21,070		938,458
MGE Energy, Inc.		26,700		944,112
Northeast Utilities		34,300		948,052
PG&E Corp.		43,200		1,832,544
Southern Co.		28,000		928,480
Westar Energy, Inc.		32,050		714,715
Wisconsin Energy Corp.		37,100		1,833,111
Xcel Energy, Inc.		43,900		930,680
Total United States				10,947,620
Total Common Stocks
(Identified cost $92,114,819)				91,468,307
Short-Term Investment | 3.6%
State Street Institutional Treasury Money Market Fund (Identified cost $3,372,444)		3,372,444		3,372,444
Total Investments | 100.1%
(Identified cost $95,487,263) (b)			$	94,840,751
Liabilities in Excess of Cash and
Other Assets | (0.1)%				(61,795	)
Net Assets | 100.0%			$	94,778,956

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Purchase Contracts open at March 31, 2010:

Forward Currency Purchase Contracts	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
AUD	06/16/10	33,735	$	30,512	$	30,680	$	168	$	-
GBP	06/16/10	207,146		309,787		314,366		4,579		-
KRW	06/22/10	295,191,000		260,482		260,133		-		349
KRW	06/22/10	296,088,000		260,698		260,923		225		-
MXN	06/16/10	1,476,501		116,913		119,121		2,208		-
MXN	06/16/10	2,434,534		192,740		196,413		3,673		-
Total Forward Currency Purchase Contracts			$	1,171,132	$	1,181,636	$	10,853	$	349
Forward Currency Sale Contracts open at March 31, 2010:
Forward Currency Sale Contracts	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
AUD	06/16/10	23,312,932	$	21,137,369	$	21,201,548	$	-	$	64,179
AUD	06/16/10	4,484,948		4,019,635		4,078,759		-		59,124
CHF	06/16/10	2,435,107		2,278,612		2,314,141		-		35,529
CHF	06/16/10	366,603		343,091		348,392		-		5,301
CHF	06/16/10	191,040		180,192		181,550		-		1,358
CHF	06/16/10	69,093		64,573		65,660		-		1,087
EUR	06/16/10	3,585,401		4,786,761		4,849,442		-		62,681
EUR	06/16/10	801,728		1,069,305		1,084,379		-		15,074
EUR	06/16/10	1,394,159		1,909,161		1,885,673		23,488		-
EUR	06/16/10	19,713,106		26,944,858		26,663,005		281,853		-
GBP	06/16/10	426,445		632,619		647,175		-		14,556
GBP	06/16/10	1,670,120		2,525,222		2,534,580		-		9,358
JPY	06/16/10	141,945,466		1,529,435		1,520,355		9,080		-
JPY	06/16/10	670,969,961		7,420,674		7,186,650		234,024		-
KRW	06/22/10	343,778,250		301,296		302,950		-		1,654
KRW	06/22/10	296,462,550		261,546		261,253		293		-
KRW	06/22/10	3,131,330,178		2,764,361		2,759,439		4,922		-
MXN	06/16/10	27,676,479		2,180,968		2,232,874		-		51,906
MXN	06/16/10	1,394,183		109,575		112,479		-		2,904
MXN	06/16/10	1,498,127		118,166		120,865		-		2,699
Total Forward Currency Sale Contracts			$	80,577,419	$	80,351,169		553,660		327,410
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts							$	564,513	$	327,759

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 92.1%
Brazil | 16.2%
Banco do Brasil SA		26,350,200	$	442,293,964
Cielo SA		44,510,200		419,234,599
Companhia de Concessoes Rodoviarias		6,215,900		138,030,135
Companhia Energetica de Minas Gerais SA Sponsored ADR		7,429,999		123,635,183
Companhia Siderurgica Nacional SA Sponsored ADR		2,676,044		106,854,437
Natura Cosmeticos SA		7,388,700		149,988,512
Redecard SA		24,472,030		452,739,780
Souza Cruz SA		6,486,165		226,132,218
Vale SA Sponsored ADR		5,565,800		179,163,102
Total Brazil				2,238,071,930
Canada | 1.3%
First Quantum Minerals, Ltd.		2,164,600		178,108,228
China | 1.3%
NetEase.com, Inc. Sponsored ADR (a)		5,138,700		182,269,689
Egypt | 3.7%
Commercial International Bank		11,524,460		136,049,746
Eastern Tobacco		2,971,848		67,468,398
Egyptian Company for Mobile
Services		1,930,175		75,019,515
Orascom Construction Industries		4,768,733		228,909,577
Total Egypt				507,447,236
France | 0.7%
CFAO SA (a)		2,498,514		93,105,742
Hong Kong | 0.7%
Shougang Concord International
Enterprises Co., Ltd.		425,006,900		89,771,880
India | 4.5%
Bank of India		14,237,430		107,506,153
Infosys Technologies, Ltd.
Sponsored ADR		1,577,608		92,842,231
Jindal Steel & Power, Ltd.		7,652,183		119,908,915
Punjab National Bank, Ltd.		13,319,461		299,409,735
Total India				619,667,034
Indonesia | 5.7%
PT Bank Mandiri Tbk		330,097,350		194,078,886

Description	Shares		Value
PT Indofood Sukses Makmur Tbk		125,927,700	$	52,242,109
PT Semen Gresik Persero Tbk		131,436,500		101,475,564
PT Tambang Batubara Bukit Asam Tbk		48,834,500		93,380,988
PT Telekomunikasi Indonesia Tbk Sponsored ADR		6,274,711		224,383,665
PT United Tractors Tbk		59,490,051		119,967,299
Total Indonesia				785,528,511
Israel | 2.2%
Cellcom Israel, Ltd.		1,101,719		37,645,738
Delek Automotive Systems, Ltd.		2,232,541		27,787,834
Israel Chemicals, Ltd.		17,855,655		241,570,114
Total Israel				307,003,686
Malaysia | 0.6%
British American Tobacco
Malaysia Berhad		5,623,000		76,088,050
Mexico | 6.7%
America Movil SAB de CV ADR, Series L		5,128,600		258,173,724
Desarrolladora Homex SA de CV ADR (a)		3,160,658		89,383,408
Fomento Economico Mexicano
SAB de CV Sponsored ADR		3,823,845		181,747,353
Grupo Mexico SAB de CV, Series B		47,845,293		128,129,221
Grupo Televisa SA Sponsored ADR		8,627,100		181,341,642
Kimberly-Clark de Mexico SAB de CV, Series A		15,959,665		90,229,953
Total Mexico				929,005,301
Pakistan | 0.8%
Oil & Gas Development Co., Ltd.		14,517,449		22,400,078
Pakistan Petroleum, Ltd.		37,015,593		85,995,155
Total Pakistan				108,395,233
Philippines | 1.8%
Philippine Long Distance
Telephone Co. Sponsored ADR		4,778,810		254,614,997
Russia | 6.9%
Magnit OJSC Sponsored GDR (e)		6,169,065		114,251,084
Mobile TeleSystems Sponsored ADR		3,554,026		197,248,443
OAO LUKOIL Sponsored ADR		5,681,650		322,149,555
Oriflame Cosmetics SA SDR		1,558,221		97,110,967

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
TNK-BP Holding		45,430,352	$	95,403,739
Uralkali Sponsored GDR		5,902,685		123,897,358
Total Russia				950,061,146
South Africa | 14.4%
Kumba Iron Ore, Ltd.		4,695,077		227,477,971
Massmart Holdings, Ltd.		7,766,406		115,700,390
Murray & Roberts Holdings, Ltd.		29,776,029		176,969,871
Nedbank Group, Ltd.		15,852,428		304,697,432
Pretoria Portland Cement Co., Ltd.		31,064,133		145,858,019
Sanlam, Ltd.		96,624,863		329,920,761
Shoprite Holdings, Ltd.		9,249,559		92,320,980
Standard Bank Group, Ltd.		16,744,244		263,448,136
Tiger Brands, Ltd.		8,649,164		217,780,220
Truworths International, Ltd.		15,776,907		113,283,987
Total South Africa				1,987,457,767
South Korea | 10.8%
Hite Brewery Co., Ltd.		718,590		90,502,519
Korea Life Insurance Co., Ltd.		13,152,200		101,827,984
KT&G Corp.		4,436,670		245,468,684
NHN Corp. (a)		1,521,527		242,056,529
Samsung Electronics Co., Ltd.		383,172		277,020,368
Shinhan Financial Group Co., Ltd.		8,978,340		352,721,917
Woongjin Coway Co., Ltd.		5,565,987		172,422,859
Total South Korea				1,482,020,860
Taiwan | 5.0%
Advanced Semiconductor
Engineering, Inc.		107,431,361		98,101,564
Hon Hai Precision Industry Co., Ltd.		52,359,711		226,697,533
HTC Corp.		12,540,350		146,497,571
Taiwan Semiconductor Manufacturing Co., Ltd.		109,175,284		211,420,114
Total Taiwan				682,716,782
Thailand | 1.8%
Banpu Public Co., Ltd.		7,138,800		136,439,722
Kasikornbank Public Co., Ltd.		35,390,000		112,731,405
Total Thailand				249,171,127
Turkey | 7.0%
Akbank TAS		38,534,399		248,813,777
Koc Holding AS		48,344,200		165,633,233
Turkcell Iletisim Hizmetleri AS		23,867,789		145,463,382
Turkiye Is Bankasi AS		39,267,100		123,150,319

Description	Shares		Value
Turkiye Is Bankasi AS, C Shares		86,856,392	$	282,701,747
Total Turkey				965,762,458
Total Common Stocks (Identified cost $10,141,122,731)				12,686,267,657
Preferred Stocks | 3.8%
Brazil | 3.8%
AES Tiete SA		1,151,602		12,498,056
Eletropaulo Metropolitana SA, B Shares		3,722,200		81,608,557
Fertilizantes Fosfatados SA (a)		3,060,500		29,239,405
Usinas Siderurgicas de Minas Gerais SA, A Shares		11,531,100		395,014,824
Total Brazil (Identified cost $376,915,518)				518,360,842
Short-Term Investment | 2.3%
State Street Institutional Treasury Money Market Fund (Identified cost $312,786,603)		312,786,603		312,786,603
Total Investments | 98.2%
(Identified cost $10,830,824,852) (b)			$	13,517,415,102
Cash and Other Assets in Excess of Liabilities | 1.8%				253,684,748
Net Assets | 100.0%			$	13,771,099,850

Description	Shares	Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 97.1%
Brazil | 17.9%
Banco Bradesco SA Sponsored ADR	72,715	$	1,340,137
Cia Hering	71,150		1,400,315
Cyrela Brazil Realty SA	91,600		1,084,767
Fibria Celulose SA Sponsored
ADR (a)	41,874		916,203
Itau Unibanco Holding SA ADR	39,341		865,109
M Dias Branco SA	19,200		476,127
MRV Engenharia e Participacoes
SA	121,830		850,176
Net Servicos de Comunicacao SA
ADR (a)	50,240		650,608
Petroleo Brasileiro SA Sponsored
ADR	16,135		638,785
Tivit Terceirizacao de Tecnologia
e Servicos SA	71,730		717,966
Totvs SA	18,950		1,193,359
Ultrapar Participacoes SA
Sponsored ADR	21,929		1,062,021
Vale SA Sponsored ADR	45,900		1,477,521
Total Brazil			12,673,094
Canada | 2.0%
Pacific Rubiales Energy Corp. (a)	72,900		1,416,154
China | 9.9%
China Construction Bank Corp.	1,777,100		1,453,403
China Merchants Bank Co., Ltd.,
Class H	610,206		1,650,427
China National Materials Co., Ltd.,
Class H	1,725,740		1,149,122
China Petroleum & Chemical
Corp. ADR	10,930		898,883
NetEase.com, Inc. Sponsored
ADR (a)	38,270		1,357,437
Parkson Retail Group, Ltd.	304,700		522,730
Total China			7,032,002
Egypt | 1.4%
Commercial International Bank
Sponsored GDR	82,753		968,210
Hong Kong | 2.9%
AAC Acoustic Technologies
Holdings, Inc.	598,200		1,000,050

Description	Shares	Value
China State Construction
International Holdings, Ltd.	2,732,600	$	1,066,397
Total Hong Kong			2,066,447
Hungary | 1.0%
MOL Hungarian Oil and Gas Nyrt. (a)	6,700		685,480
India | 2.7%
HDFC Bank, Ltd. ADR	5,130		715,071
ICICI Bank, Ltd. Sponsored ADR	28,110		1,200,297
Total India			1,915,368
Indonesia | 3.9%
PT Bank Rakyat Indonesia	1,450,200		1,314,814
PT Perusahaan Gas Negara	3,090,210		1,443,309
Total Indonesia			2,758,123
Kazakhstan | 3.8%
Halyk Savings Bank of
Kazakhstan JSC GDR (a)	85,302		929,792
KazMunaiGas Exploration
Production GDR	29,104		717,334
Zhaikmunai LP GDR (a)	116,417		1,018,649
Total Kazakhstan			2,665,775
Luxembourg | 0.7%
Millicom International Cellular SA	5,963		531,601
Malaysia | 1.5%
Genting Berhad	531,200		1,074,776
Mexico | 3.0%
Corporacion GEO SAB de CV,
Series B (a)	403,836		1,224,859
Grupo Financiero Banorte SAB de
CV	200,502		889,336
Total Mexico			2,114,195
Pakistan | 1.5%
Oil & Gas Development Co., Ltd.	672,840		1,038,176
Peru | 1.2%
Credicorp, Ltd.	10,075		888,414
Philippines | 1.7%
SM Investments Corp.	146,350		1,198,263

Description	Shares	Value
Lazard Developing Markets Equity Portfolio (concluded)
Qatar | 1.5%
Qatar Electricity & Water Co.	38,153	$	1,079,308
Russia | 10.2%
Eurasia Drilling Co., Ltd. GDR	59,449		1,111,696
Gazprom OAO Sponsored ADR	50,660		1,188,990
Rosneft Oil Co. GDR (a)	158,184		1,254,399
Sberbank	286,090		838,244
Uralkali Sponsored GDR	34,009		713,849
VTB Bank OJSC GDR	260,210		1,441,564
X5 Retail Group NV GDR (a)	19,090		664,332
Total Russia			7,213,074
South Africa | 7.0%
Exxaro Resources, Ltd.
Sponsored ADR	53,300		914,095
Gold Fields, Ltd. Sponsored ADR	68,679		866,729
MTN Group, Ltd.	60,667		932,858
Murray & Roberts Holdings, Ltd.	143,428		852,445
Standard Bank Group, Ltd.	88,751		1,396,378
Total South Africa			4,962,505
South Korea | 3.8%
LG Telecom, Ltd.	104,075		710,114
Samsung Electronics Co., Ltd.	1,670		1,207,353
Samsung Engineering Co., Ltd.	7,370		762,111
Total South Korea			2,679,578
Taiwan | 11.3%
Cathay Financial Holding Co., Ltd.	677,000		1,129,825
Hon Hai Precision Industry Co.,
Ltd. GDR	152,723		1,400,470
RichTek Technology Corp.	96,000		1,027,772
Synnex Technology International
Corp.	471,000		1,038,164
Tripod Technology Corp.	425,000		1,438,614
Wistron Corp. GDR	64,764		1,176,697
Yuanta Financial Holding Co., Ltd.	1,379,000		827,192
Total Taiwan			8,038,734
Thailand | 0.8%
PTT Exploration & Production
Public Co., Ltd.	131,990		606,170
Turkey | 4.9%
BIM Birlesik Magazalar AS	13,230		688,631
Tofas Turk Otomobil Fabrikasi AS	296,631		1,114,016

Description	Shares	Value
Turkiye Garanti Bankasi AS ADR	360,860	$	1,688,103
Total Turkey			3,490,750
United Kingdom | 1.2%
Cairn Energy PLC (a)	137,666		871,146
United States | 1.3%
NII Holdings, Inc. (a)	21,392		891,191
Total Common Stocks
(Identified cost $61,429,593)			68,858,534
Short-Term Investment | 1.0%
State Street Institutional Treasury
Money Market Fund
(Identified cost $717,809)	717,809		717,809
Total Investments | 98.1%
(Identified cost $62,147,402) (b)		$	69,576,343
Cash and Other Assets in Excess
of Liabilities | 1.9%			1,352,078
Net Assets | 100.0%		$	70,928,421

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds | 96.1%
Aerospace & Defense | 1.2%
BE Aerospace, Inc.,
8.50%, 07/01/18	$	525	$	560,438
Bombardier, Inc.,
8.00%, 11/15/14 (e)		550		576,125
				1,136,563
Apparel & Textiles | 0.6%
Levi Strauss & Co.,
9.75%, 01/15/15		550		576,125
Automotive | 3.7%
ArvinMeritor, Inc.,
8.125%, 09/15/15		215		207,475
Ford Motor Credit Co.,
7.00%, 10/01/13		1,250		1,293,420
GMAC LLC,,
6.75%, 12/01/14		165		164,175
Navistar International Corp.,
8.25%, 11/01/21		825		841,500
The Goodyear Tire & Rubber Co.,
10.50%, 05/15/16		950		1,026,000
				3,532,570
Building Materials | 3.7%
Legrand SA,
8.50%, 02/15/25		925		1,071,729
Masco Corp.,
6.125%, 10/03/16		900		897,450
Owens Corning, Inc.,
9.00%, 06/15/19		725		854,345
USG Corp.,
9.50%, 01/15/18		675		682,594
				3,506,118
Cable Television | 5.7%
Cablevision Systems Corp.,
8.00%, 04/15/12		725		774,844
Cequel Communications Holdings
LLC,
8.625%, 11/15/17 (e)		900		924,750
EchoStar DBS Corp.,
6.625%, 10/01/14		810		816,075
Kabel Deutschland GmbH,
10.625%, 07/01/14		350		367,062

Description		Principal Amount (000)		Value
Mediacom Broadband LLC,
8.50%, 10/15/15	$	875	$	894,687
Mediacom LLC,
9.125%, 08/15/19 (e)		175		180,469
Videotron Ltee,
6.875%, 01/15/14		525		532,875
Virgin Media Finance PLC,
9.125%, 08/15/16		900		956,250
				5,447,012
Chemicals | 1.5%
Momentive Performance Materials,
Inc.,
9.75%, 12/01/14		275		275,000
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28		775		829,900
Terra Capital, Inc.,
7.75%, 11/01/19 (e)		275		332,063
				1,436,963
Computer Services | 0.6%
SunGard Data Systems, Inc.,
10.25%, 08/15/15		564		592,905
Diversified | 2.1%
General Cable Corp.,
7.125%, 04/01/17		439		435,159
Leucadia National Corp.,
7.00%, 08/15/13		950		985,625
SPX Corp.,
7.625%, 12/15/14		535		559,743
				1,980,527
Electric Generation | 2.7%
AES Corp.,
7.75%, 03/01/14		900		920,250
Edison Mission Energy,
7.50%, 06/15/13		675		585,562
NRG Energy, Inc.,
7.375%, 01/15/17		600		594,000
RRI Energy, Inc.,
6.75%, 12/15/14		525		523,688
				2,623,500
Electronics | 1.5%
Amkor Technologies, Inc.,
9.25%, 06/01/16		925		975,875

Description		Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Freescale Semiconductor, Inc.,
8.875%, 12/15/14	$	225	$	214,875
NXP BV,
7.875%, 10/15/14		250		243,750
				1,434,500
Energy Exploration & Production | 4.4%
Chesapeake Energy Corp.,
6.375%, 06/15/15		800		786,000
Denbury Resources, Inc.,
9.75%, 03/01/16		590		649,000
Mariner Energy, Inc.,
11.75%, 06/30/16		500		561,250
OPTI Canada, Inc.,
8.25%, 12/15/14		325		305,500
PetroHawk Energy Corp.,
9.125%, 07/15/13		900		939,375
Plains Exploration & Production
Co.,
7.75%, 06/15/15		950		963,062
				4,204,187
Energy Services | 2.7%
Compagnie Generale de
Geophysique,
7.50%, 05/15/15		875		877,187
Expro Finance Luxembourg SCA,
8.50%, 12/15/16 (e)		700		707,000
Tesoro Corp.,
6.50%, 06/01/17		1,050		966,000
				2,550,187
Environmental | 0.9%
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35		775		859,418
Financial Services | 0.0%
Finance One PLC,
0.00%, 04/01/10 (a), (d)		20,000		0
Morgan Guarantee Trust,
0.00%, 04/01/10 (a), (d)		10,569		0
				0

Description		Principal Amount (000)		Value
Food & Beverages | 2.1%
Constellation Brands, Inc.,
7.25%, 05/15/17	$	700	$	717,500
Dean Foods Co.,
7.00%, 06/01/16		800		784,000
NBTY, Inc.,
7.125%, 10/01/15		475		478,563
				1,980,063
Forest & Paper Products | 1.3%
Georgia-Pacific Corp.,
9.50%, 12/01/11		500		547,500
Smurfit Capital Funding PLC,
7.50%, 11/20/25		750		656,250
				1,203,750
Gaming | 6.8%
Ameristar Casinos, Inc.,
9.25%, 06/01/14		990		1,037,025
MGM Mirage, Inc.,
10.375%, 05/15/14 (e)		900		992,250
Mohegan Tribal Gaming Authority,
7.125%, 08/15/14		300		232,500
Peninsula Gaming LLC:
8.375%, 08/15/15 (e)		625		623,437
10.75%, 08/15/17 (e)		225		214,875
Penn National Gaming, Inc.,
8.75%, 08/15/19 (e)		825		837,375
Pinnacle Entertainment, Inc.,
8.625%, 08/01/17 (e)		800		782,000
Scientific Games Corp.:
7.875%, 06/15/16 (e)		525		531,563
9.25%, 06/15/19		250		264,375
Wynn Las Vegas LLC,
6.625%, 12/01/14		1,010		1,007,475
				6,522,875
Gas Distribution | 5.4%
Copano Energy LLC,
7.75%, 06/01/18		700		698,250
El Paso Corp.,
7.00%, 06/15/17		650		663,383
Ferrellgas Partners LP:
8.625%, 06/15/20		800		800,000
8.75%, 06/15/12		684		692,550

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Inergy LP,
8.75%, 03/01/15	$	525	$	549,281
MarkWest Energy Partners LP,
8.50%, 07/15/16		500		508,125
Niska Gas Storage US LLC,
8.875%, 03/15/18 (e)		750		766,875
The Williams Cos., Inc.,
8.75%, 03/15/32		407		495,864
				5,174,328
Health Services | 8.7%
Apria Healthcare Group, Inc.,
11.25%, 11/01/14 (e)		550		598,125
Biomet, Inc.,
10.00%, 10/15/17		425		468,562
Community Health Systems, Inc.,
8.875%, 07/15/15		920		952,200
Fresenius US Finance II, Inc.,
9.00%, 07/15/15 (e)		525		585,375
HCA, Inc.,
9.25%, 11/15/16		925		983,391
Health Management Associates, Inc.,
6.125%, 04/15/16		1,000		952,500
HealthSouth Corp.,
10.75%, 06/15/16		515		556,844
Senior Housing Properties Trust,
7.875%, 04/15/15		179		180,342
Service Corp. International,
6.75%, 04/01/16		750		735,000
Tenet Healthcare Corp.,
8.875%, 07/01/19 (e)		1,000		1,082,500
The Cooper Cos., Inc.,
7.125%, 02/15/15		525		521,719
Ventas Realty LP,
6.50%, 06/01/16		650		664,225
				8,280,783
Hotels | 1.9%
Host Hotels & Resorts, Inc.,
7.125%, 11/01/13		850		864,875
Wyndham Worldwide Corp.,
6.00%, 12/01/16		1,000		990,644
				1,855,519

Description	Principal Amount (000)		Value
Leisure & Entertainment | 2.4%
AMC Entertainment, Inc.:
8.00%, 03/01/14	$	497	$	500,106
8.75%, 06/01/19		200		210,000
Royal Caribbean Cruises, Ltd.:
7.25%, 06/15/16		330		325,875
8.00%, 05/15/10		400		402,500
Speedway Motorsports, Inc.,
6.75%, 06/01/13		875		875,000
				2,313,481
Machinery | 1.5%
Case New Holland, Inc.:
7.125%, 03/01/14		650		658,125
7.75%, 09/01/13 (e)		200		207,500
Terex Corp.,
10.875%, 06/01/16		550		609,125
				1,474,750
Media | 2.2%
Clear Channel Worldwide
Holdings, Inc.,
9.25%, 12/15/17 (e)		1,000		1,045,000
WMG Acquisition Corp.,
9.50%, 06/15/16 (e)		945		1,009,969
				2,054,969
Metals & Mining | 2.5%
Alcoa, Inc.,
5.72%, 02/23/19		650		631,905
Arch Western Finance LLC,
6.75%, 07/01/13		775		777,906
Century Aluminum Co.,
8.00%, 05/15/14		202		200,485
Freeport-McMoRan Copper & Gold, Inc.:
8.25%, 04/01/15		650		707,688
8.375%, 04/01/17		100		111,250
				2,429,234
Packaging | 1.1%
Reynolds Group DL Escrow, Inc.,
7.75%, 10/15/16 (e)		1,000		1,027,500

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Printing & Publishing | 1.9%
Deluxe Corp.,
7.375%, 06/01/15	$	1,005	$	1,005,000
The McClatchy Co.,
11.50%, 02/15/17 (e)		750		765,938
				1,770,938
Real Estate | 3.3%
CB Richard Ellis Services, Inc.,
11.625%, 06/15/17		600		672,000
DuPont Fabros Technology LP,
8.50%, 12/15/17 (e)		1,000		1,030,000
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		441,750
Icahn Enterprises LP:
7.75%, 01/15/16 (e)		500		481,250
8.00%, 01/15/18 (e)		500		481,875
				3,106,875
Restaurants | 1.3%
Landry’s Restaurants, Inc.,
11.625%, 12/01/15 (e)		575		618,125
Wendy’s/Arby’s Restaurants LLC,
10.00%, 07/15/16		600		645,000
				1,263,125
Retail | 4.2%
AutoNation, Inc.,
7.00%, 04/15/14		650		672,750
Ingles Markets, Inc.,
8.875%, 05/15/17		925		966,625
QVC, Inc.,
7.50%, 10/01/19 (e)		1,000		1,020,000
Saks, Inc.,
9.875%, 10/01/11		585		615,712
Stater Brothers Holdings, Inc.,
8.125%, 06/15/12		775		778,875
				4,053,962
Steel-Producers | 2.0%
AK Steel Corp.,
7.75%, 06/15/12		625		628,125
Steel Dynamics, Inc.:
7.375%, 11/01/12		540		561,600
7.75%, 04/15/16		264		275,880

Description	Principal Amount (000)		Value
United States Steel Corp.,
6.05%, 06/01/17	$	475	$	457,188
				1,922,793
Support Services | 3.7%
ARAMARK Corp.,
8.50%, 02/01/15		600		613,500
Avis Budget Car Rental LLC:
7.625%, 05/15/14		640		633,600
7.75%, 05/15/16		410		401,800
Expedia, Inc.,
8.50%, 07/01/16		375		416,250
Hertz Corp.,
8.875%, 01/01/14		650		667,875
Ticketmaster Entertainment, Inc.,
10.75%, 08/01/16		350		390,250
West Corp.,
11.00%, 10/15/16		350		371,000
				3,494,275
Telecommunications | 9.7%
Cincinnati Bell, Inc.,
8.25%, 10/15/17		850		860,625
Citizens Communications Co.,
6.25%, 01/15/13		1,000		1,010,000
Cricket Communications, Inc.,
7.75%, 05/15/16		750		778,125
Equinix, Inc.,
8.125%, 03/01/18		325		336,375
Intelsat Corp.,
9.25%, 08/15/14		375		384,375
Intelsat Jackson Holdings, Ltd.,
11.25%, 06/15/16		350		378,875
Level 3 Financing, Inc.,
9.25%, 11/01/14		650		633,750
Qwest Corp.,
7.875%, 09/01/11		800		848,000
Rogers Wireless Communications, Inc.,
9.625%, 05/01/11		1,000		1,083,903
Sprint Capital Corp.,
6.90%, 05/01/19		1,225		1,120,875
Wind Acquisition Finance SA,
11.75%, 07/15/17 (e)		800		884,000
Windstream Corp.,
8.625%, 08/01/16		900		920,250
				9,239,153

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Transportation | 2.8%
Kansas City Southern Railway Co.,
13.00%, 12/15/13	$	500	$	595,000
Stena AB,
7.50%, 11/01/13		975		999,375
Teekay Corp.,
8.50%, 01/15/20		1,000		1,045,000
				2,639,375
Total Corporate Bonds
(Identified cost $87,685,899)				91,688,323
Description	Shares		Value
Warrant | 0.0%
Cable Television | 0.0%
Ono Finance PLC,
03/16/11
(Identified cost $64,841) (a), (e)		470		5
Short-Term Investment | 2.2%
State Street Institutional Treasury
Money Market Fund
(Identified cost $2,082,238)		2,082,238		2,082,238
Total Investments | 98.3%
(Identified cost $89,832,978) (b)			$	93,770,566
Cash and Other Assets in Excess
of Liabilities | 1.7%				1,599,068
Net Assets | 100.0%			$	95,369,634

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 91.5%
iPath S&P 500 VIX Short-Term
Futures ETN (a)		113,500	$	2,384,635
IQ ARB Merger Arbitrage ETF		96,200		2,504,086
iShares Barclays MBS Bond Fund		159,900		17,117,295
iShares Dow Jones US Broker-
Dealers Index Fund		153,300		4,335,324
iShares iBoxx $ Investment Grade
Corporate Bond Fund		121,500		12,846,195
iShares JPMorgan USD Emerging
Markets Bond Fund		63,200		6,585,440
iShares MSCI Brazil Index Fund		115,200		8,485,632
iShares S&P Global Consumer
Staples Index Fund		215,200		12,666,672
iShares S&P Global Healthcare
Sector Index Fund		233,000		12,227,840
iShares S&P Global Materials
Index Fund		165,000		10,492,350
iShares S&P Global Utilities Index
Fund		49,000		2,238,810
Market Vectors Agribusiness ETF		160,200		7,239,438
PowerShares Dynamic Oil & Gas
Services Portfolio		302,400		5,037,984
PowerShares Global Listed
Private Equity Portfolio		461,000		4,563,900
PowerShares Global Water
Portfolio		587,100		10,573,671
Rydex S&P Equal Weight
Industrial ETF		96,700		4,616,458
SPDR Barclays Capital
Convertible Securities ETF		182,000		7,125,300
SPDR Barclays Capital High Yield
Bond ETF		178,000		7,082,620
SPDR Gold Trust (a)		153,300		16,702,035
SPDR S&P Biotech ETF		167,500		10,041,625
Vanguard Information Technology
Index ETF		321,300		18,050,634
Vanguard Pacific ETF		87,900		4,797,582
Vanguard Short-Term Corporate
Bond ETF		114,500		8,730,625
WisdomTree Dreyfus Emerging
Currency Fund (a)		254,700		5,661,981
Total Exchange-Traded Funds
(Identified cost $184,611,160)				202,108,132
Closed-End Management Investment Companies | 5.8%
MFS Multimarket Income Trust		1,265,000		8,412,250

Description	Shares		Value
Royce Value Trust, Inc. (a)		380,000	$	4,499,200
Total Closed-End
Management Investment
Companies
(Identified cost $11,866,193)				12,911,450
Short-Term Investment | 2.4%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,246,681)		5,246,681		5,246,681
Total Investments | 99.7%
(Identified cost $201,724,034) (b)			$	220,266,263
Cash and Other Assets in Excess
of Liabilities | 0.3%				557,363
Net Assets | 100.0%			$	220,823,626

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Equity Swap Contract open at March 31, 2010:

Currency	Notional	Expiration	Counterparty	Pay	Receive	Unrealized Appreciation
USD	4,171,763	03/02/11	Goldman Sachs International	1 Month USD LIBOR plus 0.2356%	Equity Basket	$	62,805

(a)	Non-income producing security.
(b)	For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
U.S. Equity Value	$	9,334,106	$	1,206,950	$	423,572	$	783,378
U.S. Strategic Equity		65,971,970		11,446,457		230,456		11,216,001
U.S. Mid Cap Equity		190,334,876		39,938,693		2,059,435		37,879,258
U.S. Small-Mid Cap Equity		68,133,695		14,822,912		956,826		13,866,086
International Equity		136,654,996		18,433,483		5,478,742		12,954,741
International Equity Select		7,443,174		1,151,188		229,386		921,802
International Strategic Equity		328,619,231		48,634,327		9,502,316		39,132,011
International Small Cap Equity		64,206,943		10,578,401		6,445,314		4,133,087
Global Listed Infrastructure		95,487,263		1,604,958		2,251,470		(646,512	)
Emerging Markets Equity		10,830,824,852		2,812,296,262		125,706,012		2,686,590,250
Developing Markets Equity		62,147,402		8,346,101		917,160		7,428,941
U.S. High Yield		89,832,978		5,189,527		1,251,939		3,937,588
Capital Allocator Opportunistic Strategies		201,724,034		20,800,842		2,258,613		18,542,229

(c)	Received from in-kind subscription; security valued at zero.
(d)	Bankrupt issuer; security valued at zero; principal amount denominated in respective country’s currency.
(e)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2010, these securities amounted to 3.4%, 0.8% and 19.2% of net assets of Lazard Global Listed Infrastructure Portfolio, Lazard Emerging Markets Equity Portfolio and Lazard U.S. High Yield Portfolio, respectively, and are considered to be liquid. .
Security Abbreviations:
ADR — American Depositary Receipt
ETF — Exchange-Traded Fund
ETN — Exchange-Traded Note
GDR — Global Depositary Receipt
LIBOR — London Interbank Offered Rate
REIT — Real Estate Investment Trust
SDR — Swedish Depositary Receipt

Currency Abbreviations:
AUD — Australian Dollar	JPY — Japanese Yen
CHF — Swiss Franc	KRW — South Korean Won
EUR — Euro	MXN — Mexican New Peso
GBP — British Pound	USD — United States Dollar

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

Industry	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Emerging Markets Equity Portfolio			Lazard Developing Markets Equity Portfolio
Agriculture		1.2	%		1.0	%		-	%		-	%		-	%		2.9	%		1.0	%
Airport Development & Maintenance		-			-			-			-			12.6			-			-
Alcohol & Tobacco		4.6			7.2			8.3			1.0			-			5.1			-
Apparel & Textiles		-			-			-			-			-			-			2.0
Automotive		3.1			-			3.3			1.1			-			-			1.6
Banking		14.3			11.8			16.1			1.5			-			18.3			24.8
Building Materials		-			-			-			-			-			1.1			-
Cable Television		-			-			2.4			-			-			-			0.9
Chemicals		-			-			1.5			2.6			-			-			-
Commercial Services		4.7			1.4			3.2			15.2			-			3.9			-
Computer Software		1.0			2.5						2.4			-			3.1			3.6
Construction & Engineering		1.2			-			3.3			3.1			-			2.9			3.8
Consumer Products		-			-			-			2.0			-			3.0			-
Diversified		-			-			-			-			-			1.2			-
Electric		0.9			-			1.2			-			32.9			1.6			1.5
Energy Exploration & Production		0.8			1.0			1.1			-			-			0.8			8.0
Energy Integrated		6.4			8.4			2.8			1.2			-			4.7			8.1
Energy Services		-			-			-			5.0			4.1			-			1.5
Financial Services		2.5			7.8			6.9			3.7			-			8.2			1.2
Food & Beverages		3.5			3.4			2.7			2.1			-			3.3			0.7
Forest & Paper Products		-			-			-			1.1			-			0.6			1.3
Gas Utilities		-			-			-			-			8.9			-			2.0
Health Services		-			-			-			3.2			-			-			-
Housing		2.8			1.5			1.2			3.2			-			1.4			-
Insurance		3.7			4.2			5.2			2.5			-			0.7			1.6
Leisure & Entertainment		3.0			1.0			3.3			1.0			-			1.3			1.5
Manufacturing		6.4			4.3			3.0			12.4			-			1.5			1.6
Medical Products		-			-			-			7.7			-			-			-
Metals & Mining		3.4			4.8			3.0			-			-			9.7			4.6
Pharmaceutical & Biotechnology		9.5			12.5			9.0			3.5			-			-			-
Real Estate		2.2			2.4			2.3			-			-			-			4.5
Retail		4.7			6.4			4.1			6.1			-			3.2			4.3
Semiconductors & Components		3.7			6.6			3.0			4.0			-			4.3			6.6
Technology		1.8			1.4			3.1			3.1			-			0.7			1.0
Technology Hardware		-			1.0			1.5			3.0			1.0			2.7			6.1
Telecommunications		7.4			8.8			3.8			2.2			-			8.7			3.3
Transportation		2.8			-			1.9			3.4			32.9			1.0			-
Water		-			-			-			-			4.1			-			-
Subtotal		95.6			99.4			97.2			97.3			96.5			95.9			97.1
Short-Term Investments		-			0.4			2.6			1.8			3.6			2.3			1.0
Repurchase Agreement		3.8			-			-			-			-			-			-
Total Investments		99.4	%		99.8	%		99.8	%		99.1	%		100.1	%		98.2	%		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. Except as described below, securities listed on foreign exchanges are valued at the last reported sales price; securities listed on foreign exchanges that are not traded on the valuation date are valued at the last quoted bid price. Equity swap contracts are valued at the Equity Basket price as of the close of regular trading on the NYSE on each valuation date. Forward currency contracts are valued at the current cost of offsetting the contracts.

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 by, or in accordance with procedures approved by, the Board of Directors (the “Board”).

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. The Valuation Committee of Lazard Asset Management LLC (the “Investment Manager”) 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. The fair value of foreign securities may be determined with the assistance of a pricing service, using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. The effect of using fair value pricing is that the net asset value of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board, 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 than 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:

Fair value is defined as the price that a Portfolio 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. Fair Value Measurements and Disclosures provisions of accounting principles generally accepted in the United States of America (“GAAP”) also establish 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’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below.

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including unadjusted 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 Portfolios’ investments by each fair value hierarchy level as of March 31, 2010:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2010
U.S. Equity Value Portfolio
Common Stocks	$	10,076,167	$	—	$	—	$	10,076,167
Short-Term Investment		—		41,317		—		41,317
Total	$	10,076,167	$	41,317	$	—	$	10,117,484
U.S. Strategic Equity Portfolio
Common Stocks	$	77,035,945	$	—	$	—	$	77,035,945
Short-Term Investment		—		152,026		—		152,026
Total	$	77,035,945	$	152,026	$	—	$	77,187,971
U.S. Mid Cap Equity Portfolio
Common Stocks	$	220,555,295	$	—	$	—	$	220,555,295
Short-Term Investment		—		7,658,839		—		7,658,839
Total	$	220,555,295	$	7,658,839	$	—	$	228,214,134
U.S. Small-Mid Cap Equity Portfolio
Common Stocks*	$	78,624,781	$	—	$	—	$	78,624,781
Repurchase Agreement		—		3,375,000		—		3,375,000
Total	$	78,624,781	$	3,375,000	$	—	$	81,999,781
International Equity Portfolio
Common Stocks	$	143,857,737	$	—	$	—	$	143,857,737
Repurchase Agreement		—		5,752,000		—		5,752,000
Total	$	143,857,737	$	5,752,000	$	—	$	149,609,737
International Equity Select Portfolio
Common Stocks	$	8,331,568	$	—	$	—	$	8,331,568
Short-Term Investment		—		33,408		—		33,408
Total	$	8,331,568	$	33,408	$	—	$	8,364,976
International Strategic Equity Portfolio
Common Stocks	$	353,385,066	$	—	$	—	$	353,385,066
Preferred Stock		4,696,781		—		—		4,696,781
Short-Term Investment		—		9,669,395		—		9,669,395
Total	$	358,081,847	$	9,669,395	$	—	$	367,751,242
International Small Cap Equity Portfolio
Common Stocks**	$	66,266,164	$	—	$	—	$	66,266,164
Preferred Stock		856,838		—		—		856,838
Short-Term Investment		—		1,217,028		—		1,217,028
Total	$	67,123,002	$	1,217,028	$	—	$	68,340,030
Global Listed Infrastructure Portfolio
Common Stocks	$	91,468,307	$	—	$	—	$	91,468,307
Short-Term Investment		—		3,372,444		—		3,372,444
Other Financial Instruments† Forward Currency Contracts		—		236,754		—		236,754
Total	$	91,468,307	$	3,609,198	$	—	$	95,077,505
Emerging Markets Equity Portfolio
Common Stocks	$	12,686,267,657	$	—	$	—	$	12,686,267,657
Preferred Stocks		518,360,842		—		—		518,360,842
Short-Term Investment		—		312,786,603		—		312,786,603
Total	$	13,204,628,499	$	312,786,603	$	—	$	13,517,415,102
Developing Markets Equity Portfolio
Common Stocks	$	68,858,534	$	—	$	—	$	68,858,534
Short-Term Investment		—		717,809		—		717,809
Total	$	68,858,534	$	717,809	$	—	$	69,576,343
U.S. High Yield Portfolio
Corporate Bonds††	$	—	$	91,688,323	$	—	$	91,688,323
Warrant		—		—		5		5
Short-Term Investment		—		2,082,238		—		2,082,238
Total	$	—	$	93,770,561	$	5	$	93,770,566
Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds	$	202,108,132	$	—	$	—	$	202,108,132
Closed-End Management Investment Companies		12,911,450		—		—		12,911,450
Short-Term Investment		—		5,246,681		—		5,246,681
Other Financial Instruments†
Equity Swap Contract		—		62,805		—		62,805
Total	$	215,019,582	$	5,309,486	$	—	$	220,329,068

*	There was one security characterized as Level 3 which was valued at zero from January 1, 2010 to March 31, 2010. The security was received from in-kind subscriptions with a value of zero.
**	There was one security characterized as Level 3 which was valued at zero from January 1, 2010 to March 31, 2010.
†	Other financial instruments are derivative instruments which are valued at the unrealized appreciation/depreciation on the instruments.
††	There were two securities characterized as Level 3 which were valued at zero from January 1, 2010 to March 31, 2010.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended March 31, 2010:

Description	Balance as of December 31, 2009		Accrued Discounts (Premiums)		Realized Loss			Change in Unrealized Appreciation		Purchases		Sales		Net Transfers into Level 3		Net Transfers out of Level 3		Balance as of March 31, 2010		Net Change in Unrealized Appreciation from Investments Still Held at March 31, 2010
U.S. High Yield Portfolio
Preferred Stock	$	-	$	-	$	(1,551	)	$	1,551	$	-	$	-	$	-	$	-	$	-	$	-
Warrants		5		-		-			-		-		-		-		-		5		-
Total	$	5	$	-	$	(1,551	)	$	1,551	$	-	$	-	$	-	$	-	$	5	$	-

Effective March 31, 2010, the Fund adopted Financial Accounting Standards Board Accounting Standards Update (ASU) 2010-06, Fair Value Measurements and Disclosures (Topic 820). The ASU amends GAAP to add new requirements for disclosures about transfers into and out of Levels 1 and 2 of the fair value hierarchy. It also clarifies existing fair value disclosure about the level of disaggregation and about inputs and valuation techniques used to measure fair value for investments that fall in either Levels 2 or 3 fair value hierarchy.

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 of the period covered by this report 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 L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 28, 2010
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 L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 28, 2010
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 28, 2010