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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.

(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Nathan A. Paul, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

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

Date of fiscal year end:	12/31
Date of reporting period:	9/30/2010

FORM N-Q

Item 1. Schedule of Investments.

The Lazard Funds, Inc.

Portfolios of Investments

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks — 96.3%
Aerospace & Defense — 2.7%
General Dynamics Corp.		2,510	$	157,653
Raytheon Co.		3,595		164,327
				321,980
Alcohol & Tobacco — 1.3%
Altria Group, Inc.		3,445		82,749
Reynolds American, Inc.		1,185		70,377
				153,126
Banking — 10.9%
Bank of America Corp.		24,190		317,131
Fifth Third Bancorp		4,105		49,383
JPMorgan Chase & Co.		9,736		370,650
KeyCorp.		8,895		70,804
PNC Financial Services Group,
Inc.		2,750		142,753
Wells Fargo & Co.		14,865		373,557
				1,324,278
Cable Television — 1.5%
Comcast Corp., Class A		10,960		186,430
Chemicals — 1.8%
Air Products & Chemicals, Inc.		770		63,771
Dow Chemical Co.		5,725		157,209
				220,980
Computer Software — 3.8%
Microsoft Corp.		15,370		376,411
Oracle Corp.		2,915		78,268
				454,679
Construction & Engineering — 0.9%
Foster Wheeler AG (a)		4,270		104,444
Consumer Products — 5.1%
Energizer Holdings, Inc. (a)		1,260		84,710
Kimberly-Clark Corp.		1,134		73,767
Mattel, Inc.		3,650		85,629
Newell Rubbermaid, Inc.		6,770		120,573
The Procter & Gamble Co.		4,300		257,871
				622,550
Electric — 3.4%
American Electric Power Co., Inc.		2,715		98,364
DPL, Inc.		2,585		67,546
Entergy Corp.		1,415		108,290
PG&E Corp.		1,545		70,174
PPL Corp.		2,670		72,704
				417,078
Energy Exploration & Production — 4.7%
Anadarko Petroleum Corp.		775		44,214
Apache Corp.		1,735		169,614
Devon Energy Corp.		2,300		148,902
Occidental Petroleum Corp.		2,585		202,405
				565,135
Energy Integrated — 6.1%
Chevron Corp.		5,531		448,288
ConocoPhillips		3,765		216,224
Hess Corp.		1,245		73,604
				738,116
Energy Services — 0.6%
Halliburton Co.		2,280		75,400
Financial Services — 4.2%
Bank of New York Mellon Corp.		5,989		156,493
Citigroup, Inc. (a)		13,080		51,012
Franklin Resources, Inc.		670		71,623
MasterCard, Inc., Class A		370		82,880
The Goldman Sachs Group, Inc.		1,035		149,640
				511,648
Food & Beverages — 2.5%
PepsiCo, Inc.		1,785		118,595
Ralcorp Holdings, Inc. (a)		2,000		116,960
The Coca-Cola Co.		1,105		64,665
				300,220
Health Services — 2.6%
Medco Health Solutions, Inc. (a)		1,100		57,266
UnitedHealth Group, Inc.		2,410		84,615
WellPoint, Inc. (a)		3,015		170,770
				312,651
Insurance — 7.4%
ACE, Ltd.		2,190		127,567
Aon Corp.		1,765		69,029

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Everest Re Group, Ltd.		1,320	$	114,140
Lincoln National Corp.		4,155		99,388
MetLife, Inc.		2,765		106,314
Prudential Financial, Inc.		1,690		91,564
RenaissanceRe Holdings, Ltd.		1,250		74,950
The Allstate Corp.		2,750		86,763
The Travelers Cos., Inc.		1,175		61,218
Willis Group Holdings PLC		2,010		61,948
				892,881
Leisure & Entertainment — 2.3%
The Walt Disney Co.		2,220		73,504
Time Warner, Inc.		1,900		58,235
Viacom, Inc., Class B		4,235		153,265
				285,004
Manufacturing — 4.2%
Corning, Inc.		7,000		127,960
Flowserve Corp.		590		64,558
General Electric Co.		15,515		252,119
Honeywell International, Inc.		1,455		63,932
				508,569
Medical Products — 3.4%
Baxter International, Inc.		2,600		124,046
Covidien PLC		2,355		94,647
Life Technologies Corp. (a)		1,300		60,697
Medtronic, Inc.		3,925		131,802
				411,192
Metal & Glass Containers — 2.4%
Ball Corp.		1,935		113,875
Owens-Illinois, Inc. (a)		6,480		181,829
				295,704
Metals & Mining — 0.6%
Freeport-McMoRan Copper &
Gold, Inc.		910		77,705
Pharmaceutical & Biotechnology — 11.4%
Amgen, Inc. (a)		3,460		190,681
Gilead Sciences, Inc. (a)		2,325		82,793
Johnson & Johnson		3,928		243,379
King Pharmaceuticals, Inc. (a)		7,500		74,700
Merck & Co., Inc.		6,180		227,486
Pfizer, Inc.		32,644		560,497
				1,379,536
Retail — 5.2%
CVS Caremark Corp.		6,115		192,439
The Gap, Inc.		4,300		80,152
The TJX Cos., Inc.		1,945		86,805
Wal-Mart Stores, Inc.		4,950		264,924
				624,320
Semiconductors & Components — 1.3%
Intel Corp.		4,265		82,016
Texas Instruments, Inc.		2,705		73,414
				155,430
Technology Hardware — 2.3%
Hewlett-Packard Co.		3,045		128,103
International Business Machines
Corp.		1,080		144,871
				272,974
Telecommunications — 3.7%
AT&T, Inc.		15,815		452,309
Total Common Stocks
(Identified cost $11,409,128)				11,664,339
Short-Term Investment — 2.9%
State Street Institutional Treasury
Money Market Fund
(Identified cost $354,761)		354,761		354,761
Total Investments — 99.2%
(Identified cost $11,763,889) (b)			$	12,019,100
Cash and Other Assets in Excess
of Liabilities — 0.8%				98,782
Net Assets — 100.0%			$	12,117,882

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks — 98.2%
Aerospace & Defense — 2.5%
Raytheon Co.		40,600	$	1,855,826
Agriculture — 1.3%
Monsanto Co.		12,600		603,918
The Mosaic Co.		6,000		352,560
				956,478
Alcohol & Tobacco — 2.0%
Molson Coors Brewing Co., Class
B		30,900		1,459,098
Automotive — 0.5%
Ford Motor Co. (a)		32,100		392,904
Banking — 5.3%
Bank of America Corp.		53,600		702,696
JPMorgan Chase & Co.		45,391		1,728,035
Wells Fargo & Co.		59,000		1,482,670
				3,913,401
Cable Television — 4.1%
Comcast Corp., Class A		180,800		3,075,408
Coal — 0.4%
Massey Energy Co.		9,200		285,384
Commercial Services — 1.2%
Corrections Corp. of America (a)		35,800		883,544
Computer Software — 6.9%
Microsoft Corp.		87,235		2,136,385
Oracle Corp.		82,400		2,212,440
Symantec Corp. (a)		49,400		749,398
				5,098,223
Consumer Products — 5.8%
Avon Products, Inc.		35,300		1,133,483
Mattel, Inc.		47,000		1,102,620
Newell Rubbermaid, Inc.		23,000		409,630
Stanley Black & Decker, Inc.		13,800		845,664
The Procter & Gamble Co.		14,000		839,580
				4,330,977
Energy Exploration & Production — 2.8%
Apache Corp.		8,000		782,080
Devon Energy Corp.		7,800		504,972
EQT Corp.		21,100		760,866
				2,047,918
Energy Integrated — 6.9%
Chevron Corp.		14,400		1,167,120
ConocoPhillips		69,400		3,985,642
				5,152,762
Energy Services — 0.7%
Halliburton Co.		16,000		529,120
Financial Services — 6.3%
Ameriprise Financial, Inc.		31,200		1,476,696
MasterCard, Inc., Class A		3,600		806,400
NYSE Euronext		27,000		771,390
State Street Corp.		22,700		854,882
The Goldman Sachs Group, Inc.		5,400		780,732
				4,690,100
Food & Beverages — 2.3%
General Mills, Inc.		21,400		781,956
PepsiCo, Inc.		13,500		896,940
				1,678,896
Insurance — 1.7%
The Travelers Cos., Inc.		24,500		1,276,450
Leisure & Entertainment — 2.3%
Apollo Group, Inc., Class A (a)		9,300		477,555
Darden Restaurants, Inc.		12,400		530,472
McDonald’s Corp.		9,700		722,747
				1,730,774
Manufacturing — 4.4%
Caterpillar, Inc.		9,700		763,196
Dover Corp.		14,400		751,824
Emerson Electric Co.		11,600		610,856
Honeywell International, Inc.		25,893		1,137,739
				3,263,615
Medical Products — 1.2%
CareFusion Corp. (a)		900		22,356

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Medtronic, Inc.		25,200	$	846,216
				868,572
Metal & Glass Containers — 2.9%
Ball Corp.		36,315		2,137,138
Metals & Mining — 1.0%
Nucor Corp.		18,500		706,700
Pharmaceutical & Biotechnology — 11.3%
Amgen, Inc. (a)		19,200		1,058,112
Forest Laboratories, Inc. (a)		19,100		590,763
Gilead Sciences, Inc. (a)		19,700		701,517
Johnson & Johnson		22,960		1,422,602
Merck & Co., Inc.		19,100		703,071
Pfizer, Inc.		227,300		3,902,741
				8,378,806
Refining — 0.9%
Valero Energy Corp.		38,400		672,384
Retail — 10.6%
AutoZone, Inc. (a)		8,100		1,854,171
The Gap, Inc.		41,800		779,152
Wal-Mart Stores, Inc.		47,900		2,563,608
Walgreen Co.		80,600		2,700,100
				7,897,031
Semiconductors & Components — 1.6%
Intel Corp.		59,600		1,146,108
Technology — 3.6%
AOL, Inc. (a)		15,000		371,250
eBay, Inc. (a)		47,800		1,166,320
Google, Inc., Class A (a)		2,210		1,161,996
				2,699,566
Technology Hardware — 6.4%
Cisco Systems, Inc. (a)		59,355		1,299,874
EMC Corp. (a)		29,900		607,269
International Business Machines
Corp.		21,090		2,829,013
				4,736,156
Transportation — 1.3%
Norfolk Southern Corp.		16,600		987,866
Total Common Stocks
(Identified cost $65,574,874)				72,851,205
Preferred Stock — 0.6%
Automotive — 0.6%
Better Place, Inc., Series B
(Identified cost $453,501)		151,167		453,501
Short-Term Investment — 0.4%
State Street Institutional Treasury
Money Market Fund
(Identified cost $322,994)		322,994		322,994
Total Investments — 99.2%
(Identified cost $66,351,369) (b)			$	73,627,700
Cash and Other Assets in Excess
of Liabilities — 0.8%				592,669
Net Assets — 100.0%			$	74,220,369

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks — 96.6%
Alcohol & Tobacco — 2.0%
Molson Coors Brewing Co., Class
B		83,300	$	3,933,426
Automotive — 0.7%
Lear Corp. (a)		17,400		1,373,382
Banking — 4.6%
City National Corp.		84,600		4,489,722
Fifth Third Bancorp		201,000		2,418,030
KeyCorp.		264,300		2,103,828
				9,011,580
Cable Television — 1.1%
Cablevision Systems Corp.		85,500		2,239,245
Chemicals — 2.5%
Air Products & Chemicals, Inc.		20,900		1,730,938
Eastman Chemical Co.		42,700		3,159,800
				4,890,738
Coal — 1.4%
Arch Coal, Inc.		77,500		2,070,025
Massey Energy Co.		24,500		759,990
				2,830,015
Commercial Services — 2.9%
Corrections Corp. of America (a)		115,400		2,848,072
Equifax, Inc.		88,800		2,770,560
				5,618,632
Computer Software — 4.2%
BMC Software, Inc. (a)		93,900		3,801,072
Intuit, Inc. (a)		37,400		1,638,494
Symantec Corp. (a)		175,600		2,663,852
				8,103,418
Construction & Engineering — 1.1%
Foster Wheeler AG (a)		84,900		2,076,654
Consumer Products — 8.5%
Avon Products, Inc.		93,900		3,015,129
Mattel, Inc.		232,000		5,442,720
Newell Rubbermaid, Inc.		300,500		5,351,905
Stanley Black & Decker, Inc.		43,100		2,641,168
				16,450,922
Electric — 3.5%
Allegheny Energy, Inc.		88,000		2,157,760
American Electric Power Co., Inc.		126,700		4,590,341
				6,748,101
Energy Exploration & Production — 3.3%
Energen Corp.		61,800		2,825,496
EQT Corp.		45,800		1,651,548
Noble Energy, Inc.		25,900		1,944,831
				6,421,875
Energy Integrated — 1.0%
Murphy Oil Corp.		32,600		2,018,592
Energy Services — 3.6%
Rowan Cos., Inc. (a)		45,000		1,366,200
The Williams Cos., Inc.		154,600		2,954,406
Tidewater, Inc.		58,500		2,621,385
				6,941,991
Financial Services — 4.6%
Ameriprise Financial, Inc.		138,000		6,531,540
NYSE Euronext		81,600		2,331,312
				8,862,852
Food & Beverages — 4.2%
Campbell Soup Co.		78,300		2,799,225
McCormick & Co., Inc.		41,800		1,757,272
Ralcorp Holdings, Inc. (a)		60,900		3,561,432
				8,117,929
Forest & Paper Products — 1.0%
Packaging Corp. of America		80,900		1,874,453
Insurance — 1.3%
PartnerRe, Ltd.		32,100		2,573,778
Leisure & Entertainment — 1.2%
Darden Restaurants, Inc.		54,200		2,318,676
Manufacturing — 8.8%
Dover Corp.		126,000		6,578,460
Joy Global, Inc.		23,800		1,673,616
Parker Hannifin Corp.		58,300		4,084,498

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
Rockwell Collins, Inc.		81,700	$	4,759,025
				17,095,599
Medical Products — 6.9%
CareFusion Corp. (a)		144,450		3,588,138
Hospira, Inc. (a)		55,800		3,181,158
Life Technologies Corp. (a)		32,581		1,521,207
Teleflex, Inc.		37,900		2,151,962
Zimmer Holdings, Inc. (a)		56,000		2,930,480
				13,372,945
Metal & Glass Containers — 3.6%
Ball Corp.		118,700		6,985,495
Metals & Mining — 2.7%
Cliffs Natural Resources, Inc.		39,000		2,492,880
Compass Minerals International,
Inc.		37,000		2,834,940
				5,327,820
Pharmaceutical & Biotechnology — 0.9%
Warner Chilcott PLC, Class A		80,400		1,804,176
Real Estate — 4.6%
Digital Realty Trust, Inc. REIT		37,400		2,307,580
Public Storage REIT		16,900		1,639,976
The Macerich Co. REIT		70,800		3,040,860
UDR, Inc. REIT		95,200		2,010,624
				8,999,040
Refining — 1.3%
Holly Corp.		87,400		2,512,750
Retail — 4.4%
AutoZone, Inc. (a)		14,600		3,342,086
Big Lots, Inc. (a)		28,700		954,275
J. Crew Group, Inc. (a)		63,100		2,121,422
The TJX Cos., Inc.		49,900		2,227,037
				8,644,820
Semiconductors & Components — 3.5%
Analog Devices, Inc.		127,200		3,991,536
Xilinx, Inc.		107,900		2,871,219
				6,862,755
Technology — 0.7%
Teradata Corp. (a)		37,800		1,457,568
Technology Hardware — 5.6%
Ingram Micro, Inc., Class A (a)		220,300		3,714,258
Lexmark International, Inc., Class
A (a)		30,000		1,338,600
NetApp, Inc. (a)		41,500		2,066,285
Seagate Technology PLC (a)		133,000		1,566,740
Smart Technologies, Inc. Class A
(a)		48,854		661,972
Tellabs, Inc.		199,000		1,482,550
				10,830,405
Telecommunications — 0.9%
NeuStar, Inc., Class A (a)		68,200		1,695,452
Total Common Stocks
(Identified cost $167,074,665)				187,995,084
Preferred Stock — 0.7%
Automotive — 0.7%
Better Place, Inc., Series B
(Identified cost $1,307,499)		435,833		1,307,499
Short-Term Investment — 1.9%
State Street Institutional Treasury
Money Market Fund
(Identified cost $3,712,076)		3,712,076		3,712,076
Total Investments — 99.2%
(Identified cost $172,094,240) (b)			$	193,014,659
Cash and Other Assets in Excess
of Liabilities — 0.8%				1,502,268
Net Assets — 100.0%			$	194,516,927

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks — 92.6%
Automotive — 2.2%
Modine Manufacturing Co. (a)		163,300	$	2,118,001
Tenneco, Inc. (a)		63,700		1,845,389
				3,963,390
Banking — 6.7%
City National Corp.		47,200		2,504,904
Home Bancshares, Inc.		29,380		597,002
KeyCorp.		409,600		3,260,416
PacWest Bancorp		177,401		3,381,263
Wintrust Financial Corp.		77,800		2,521,498
				12,265,083
Chemicals — 1.9%
GrafTech International, Ltd. (a)		95,400		1,491,102
Rockwood Holdings, Inc. (a)		62,300		1,960,581
Solutia, Inc. (a)		8,000		127,821
				3,579,504
Commercial Services — 2.5%
Administaff, Inc.		49,050		1,320,917
Navigant Consulting, Inc. (a)		159,800		1,858,474
Team, Inc. (a)		85,100		1,464,571
				4,643,962
Computer Software — 7.5%
Akamai Technologies, Inc. (a)		45,400		2,278,172
BMC Software, Inc. (a)		63,200		2,558,336
Intuit, Inc. (a)		40,350		1,767,733
Nuance Communications, Inc. (a)		77,700		1,215,228
Quest Software, Inc. (a)		122,300		3,007,357
Red Hat, Inc. (a)		71,550		2,933,550
				13,760,376
Construction & Engineering — 1.8%
Great Lakes Dredge & Dock Co.		239,800		1,393,238
Quanta Services, Inc. (a)		102,100		1,948,068
				3,341,306
Consumer Products — 7.3%
Central Garden & Pet Co., Class A
(a)		319,400		3,308,984
Mattel, Inc.		91,400		2,144,244
Matthews International Corp.,
Class A		61,050		2,158,728
Newell Rubbermaid, Inc.		111,000		1,976,910
Tempur-Pedic International, Inc.
(a)		52,500		1,627,500
The Middleby Corp. (a)		34,250		2,171,107
				13,387,473
Electric — 1.7%
Northeast Utilities		105,950		3,132,942
Energy Integrated — 3.2%
Cimarex Energy Co.		51,700		3,421,506
James River Coal Co. (a)		137,650		2,413,004
				5,834,510
Energy Services — 2.5%
Helmerich & Payne, Inc.		54,900		2,221,254
Oceaneering International, Inc. (a)		45,600		2,456,016
				4,677,270
Financial Services — 1.8%
FTI Consulting, Inc. (a)		47,100		1,633,899
NYSE Euronext		60,400		1,725,628
				3,359,527
Food & Beverages — 1.1%
Lance, Inc.		93,700		1,995,810
Forest & Paper Products — 2.4%
Rock-Tenn Co., Class A		34,100		1,698,521
Schweitzer-Mauduit International,
Inc.		47,000		2,740,570
				4,439,091
Gas Utilities — 2.9%
New Jersey Resources Corp.		73,700		2,890,514
Piedmont Natural Gas Co., Inc.		82,100		2,380,900
				5,271,414
Health Services — 2.2%
Community Health Systems, Inc.
(a)		71,500		2,214,355
VCA Antech, Inc. (a)		87,800		1,851,702
				4,066,057
Housing — 0.8%
Trex Co., Inc. (a)		75,600		1,441,692
Insurance — 1.5%
Arch Capital Group, Ltd. (a)		33,400		2,798,920

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)
Leisure & Entertainment — 2.1%
Darden Restaurants, Inc.		47,500	$	2,032,050
Texas Roadhouse, Inc. (a)		128,800		1,810,928
				3,842,978
Manufacturing — 6.6%
Altra Holdings, Inc. (a)		123,811		1,823,736
BE Aerospace, Inc. (a)		72,400		2,194,444
Bucyrus International, Inc.		35,550		2,465,392
FLIR Systems, Inc. (a)		75,700		1,945,490
Generac Holdings, Inc.		97,145		1,325,058
Gibraltar Industries, Inc. (a)		65,150		585,047
Regal-Beloit Corp.		31,250		1,834,063
				12,173,230
Medical Products — 4.9%
CareFusion Corp. (a)		93,100		2,312,604
Haemonetics Corp. (a)		35,000		2,048,550
Hospira, Inc. (a)		57,400		3,272,374
Life Technologies Corp. (a)		27,610		1,289,111
				8,922,639
Metal & Glass Containers — 1.8%
Ball Corp.		28,800		1,694,880
Owens-Illinois, Inc. (a)		60,600		1,700,436
				3,395,316
Metals & Mining — 1.2%
Schnitzer Steel Industries, Inc.,
Class A		43,900		2,119,492
Pharmaceutical & Biotechnology — 1.1%
Warner Chilcott PLC, Class A		94,100		2,111,604
Real Estate — 7.9%
Digital Realty Trust, Inc. REIT		39,350		2,427,895
Extra Space Storage, Inc. REIT		173,200		2,778,128
Kilroy Realty Corp. REIT		91,650		3,037,281
The Macerich Co. REIT		71,277		3,061,347
UDR, Inc. REIT		155,800		3,290,496
				14,595,147
Retail — 8.2%
American Eagle Outfitters, Inc.		150,050		2,244,748
Brown Shoe Co., Inc.		194,500		2,230,915
Family Dollar Stores, Inc.		42,400		1,872,384
Iconix Brand Group, Inc. (a)		147,900		2,588,250
Liz Claiborne, Inc. (a)		319,100		1,940,128
The Gymboree Corp. (a)		50,650		2,104,001
Williams-Sonoma, Inc.		66,900		2,120,730
				15,101,156
Semiconductors & Components — 2.8%
CPI International, Inc. (a)		40,586		568,204
FARO Technologies, Inc. (a)		3,400		74,154
ON Semiconductor Corp. (a)		314,200		2,265,382
Xilinx, Inc.		84,600		2,251,206
				5,158,946
Technology — 1.1%
SS&C Technologies Holdings, Inc.
(a)		131,900		2,084,020
Technology Hardware — 2.3%
Polycom, Inc. (a)		58,950		1,608,156
Smart Technologies, Inc., Class A
(a)		62,663		849,084
Veeco Instruments, Inc. (a)		51,200		1,785,344
				4,242,584
Transportation — 2.6%
Echo Global Logistics, Inc. (a)		169,250		2,161,322
UTI Worldwide, Inc.		162,550		2,613,804
				4,775,126
Total Common Stocks
(Identified cost $158,691,225)				170,480,565
Preferred Stock — 0.2%
Automotive — 0.2%
Better Place, Inc., Series B
(Identified cost $452,901)		150,967		452,901

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

		Principal
		Amount
Description		(000)		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Repurchase Agreement — 8.2%
State Street Bank and Trust Co.,
0.01%, 10/01/10
(Dated 09/30/2010, collateralized
by $14,300,000 United States
Treasury Note, 2.50%, 04/30/15,
with a value of $15,311,010)
Proceeds of $15,006,004
(Identified cost $15,006,000)	$	15,006	$	15,006,000
Total Investments — 101.0%
(Identified cost $174,150,126) (b)			$	185,939,466
Liabilities in Excess of Cash and
Other Assets — (1.0)%				(1,878,832	)
Net Assets — 100.0%			$	184,060,634

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks — 97.1%
Australia — 0.8%
QBE Insurance Group, Ltd.		74,600	$	1,244,525
Belgium — 2.3%
Anheuser-Busch InBev NV		59,880		3,522,396
Brazil — 3.0%
Banco do Brasil SA		129,865		2,466,054
Cielo SA		238,700		2,078,044
Total Brazil				4,544,098
Canada — 2.3%
Potash Corp. of Saskatchewan,
Inc.		9,400		1,347,464
Rogers Communications, Inc.		55,400		2,073,529
Total Canada				3,420,993
China — 1.6%
Industrial and Commercial Bank of
China, Ltd., Class H		2,026,600		1,509,727
Weichai Power Co., Ltd., Class H		82,000		871,908
Total China				2,381,635
Czech Republic — 0.7%
CEZ AS		24,500		1,097,026
Denmark — 1.2%
Novo Nordisk A/S, Class B		17,710		1,757,459
France — 9.8%
BNP Paribas SA		39,618		2,817,663
Danone SA		35,050		2,096,432
Sanofi-Aventis		59,227		3,946,227
Technip SA		18,300		1,471,652
Total SA		42,946		2,213,337
Valeo SA (a)		48,860		2,263,687
Total France				14,808,998
Germany — 4.1%
Bayerische Motoren Werke AG		24,650		1,728,596
SAP AG		30,220		1,494,848
Siemens AG		28,558		3,014,482
Total Germany				6,237,926
Hong Kong — 1.9%
Esprit Holdings, Ltd.		238,697		1,293,646
Kerry Properties, Ltd.		298,000		1,618,887
Total Hong Kong				2,912,533
India — 0.8%
Idea Cellular, Ltd. (a)		747,500		1,233,496
Ireland — 0.9%
CRH PLC		85,509		1,403,242
Israel — 1.0%
Teva Pharmaceutical Industries,
Ltd., Sponsored ADR		27,800		1,466,450
Italy — 1.7%
Atlantia SpA		84,247		1,745,716
Prysmian SpA		44,965		821,401
Total Italy				2,567,117
Japan — 18.5%
Asics Corp.		8,630		91,110
Benesse Holdings, Inc.		28,000		1,348,347
Canon, Inc.		66,200		3,088,752
Daito Trust Construction Co., Ltd.		47,600		2,845,280
eAccess, Ltd.		1,675		1,284,140
Honda Motor Co., Ltd.		72,200		2,562,633
Hoya Corp.		87,500		2,132,996
KDDI Corp.		267		1,277,749
Keyence Corp.		5,206		1,132,498
Kubota Corp.		155,000		1,418,543
Mitsubishi Corp.		60,400		1,433,306
Mitsubishi Estate Co., Ltd.		109,000		1,773,143
Nidec Corp.		16,900		1,502,132
Nintendo Co., Ltd.		4,930		1,231,910
Sumitomo Mitsui Financial Group,
Inc.		66,100		1,925,673
Yahoo! Japan Corp.		4,103		1,417,472
Yamada Denki Co., Ltd.		25,940		1,609,598
Total Japan				28,075,282
Mexico — 0.7%
Grupo Televisa SA Sponsored
ADR		52,900		1,000,868
Netherlands — 0.8%
TNT NV		47,385		1,273,219
Norway — 0.8%
Aker Solutions ASA		85,030		1,232,549

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Russia — 0.7%
OAO LUKOIL Sponsored ADR		19,750	$	1,121,730
Singapore — 1.0%
Singapore Telecommunications,
Ltd.		613,600		1,465,215
South Korea — 2.1%
Hyundai Mobis		7,277		1,640,157
Samsung Electronics Co., Ltd.
GDR (c)		4,483		1,537,669
Total South Korea				3,177,826
Spain — 2.6%
Amadeus IT Holding SA, A Shares		67,120		1,234,811
Banco Santander SA		214,228		2,720,996
Total Spain				3,955,807
Switzerland — 8.4%
Credit Suisse Group AG		30,900		1,320,714
Julius Baer Group, Ltd.		24,930		907,491
Nestle SA		45,320		2,414,392
Novartis AG		66,590		3,818,599
Roche Holding AG		11,700		1,597,863
UBS AG (a)		152,210		2,583,690
Total Switzerland				12,642,749
Turkey — 1.0%
Turkiye Garanti Bankasi AS ADR		265,600		1,527,200
United Kingdom — 28.4%
AMEC PLC		51,890		803,728
BAE Systems PLC		262,740		1,412,802
BG Group PLC		83,110		1,460,285
BHP Billiton PLC		79,000		2,513,046
British Airways PLC (a)		224,960		858,030
British American Tobacco PLC		42,249		1,575,930
GlaxoSmithKline PLC		135,850		2,677,187
HSBC Holdings PLC		282,020		2,857,512
Informa PLC		328,470		2,161,496
International Power PLC		288,430		1,758,007
Lloyds Banking Group PLC (a)		2,194,366		2,555,011
Prudential PLC		348,680		3,486,373
Royal Dutch Shell PLC, A Shares		104,750		3,152,811
Standard Chartered PLC		85,660		2,457,125
Tullow Oil PLC		80,980		1,620,674
Unilever PLC		105,150		3,040,965

Vodafone Group PLC	639,608	1,578,478
William Morrison Supermarkets
PLC	448,630	2,083,953
WPP PLC	170,740	1,889,577
Xstrata PLC	156,270	2,990,001
Total United Kingdom		42,932,991
Total Common Stocks
(Identified cost $132,552,122)		147,003,330

Description	Principal Amount (000)		Value
Repurchase Agreement — 6.3%
State Street Bank and Trust Co.,
0.01%, 10/01/10
(Dated 09/30/10, collateralized
by $8,995,000 United States
Treasury Note, 2.50%, 04/30/15,
with a value of $9,630,947)
Proceeds of $9,437,003
(Identified cost $9,437,000)	$	9,437		9,437,000
Total Investments — 103.4%
(Identified cost $141,989,122) (b)			$	156,440,330
Liabilities in Excess of Cash and
Other Assets — (3.4)%				(5,097,835	)
Net Assets — 100.0%			$	151,342,495

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks — 97.8%
Australia — 2.4%
BHP Billiton, Ltd.		3,415	$	128,433
Belgium — 2.7%
Anheuser-Busch InBev NV		2,435		143,237
Brazil — 6.4%
Banco do Brasil SA		5,940		112,797
Cielo SA		12,670		110,301
Vale SA Sponsored ADR		3,705		115,855
Total Brazil				338,953
Canada — 2.6%
Potash Corp. of Saskatchewan,
Inc.		380		54,472
Rogers Communications, Inc.		2,140		80,097
Total Canada				134,569
China — 2.1%
China Construction Bank Corp.
Class H		86,600		75,898
Weichai Power Co., Ltd., Class H		3,000		31,899
Total China				107,797
Denmark — 1.4%
Novo Nordisk A/S, Class B		735		72,938
Finland — 1.5%
Sampo Oyj, A Shares		2,956		79,830
France — 10.6%
BNP Paribas SA		1,524		108,388
Danone SA		1,145		68,486
LVMH Moet Hennessy Louis
Vuitton SA		500		73,343
Sanofi-Aventis		2,271		151,314
Technip SA		539		43,345
Total SA		2,171		111,888
Total France				556,764
Germany — 2.1%
SAP AG		2,224		110,011
Hong Kong — 2.1%
Esprit Holdings, Ltd.		6,998		37,926
Sun Hung Kai Properties, Ltd.		4,130		71,168
Total Hong Kong				109,094
Indonesia — 1.8%
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		2,315		95,586
Ireland — 0.9%
CRH PLC		3,028		49,618
Italy — 1.2%
Eni SpA		2,953		63,726
Japan — 13.9%
Canon, Inc.		2,815		131,342
Daito Trust Construction Co., Ltd.		580		34,669
Fanuc, Ltd.		825		105,052
Honda Motor Co., Ltd.		2,625		93,170
Hoya Corp.		3,860		94,096
Mitsubishi Estate Co., Ltd.		3,830		62,304
Nidec Corp.		500		44,442
Sumitomo Mitsui Financial Group,
Inc.		3,368		98,119
Yahoo! Japan Corp.		201		69,440
Total Japan				732,634
Mexico — 1.4%
Grupo Televisa SA Sponsored
ADR		3,920		74,166
Russia — 2.6%
Mobile TeleSystems Sponsored
ADR		1,395		29,616
OAO LUKOIL Sponsored ADR		915		51,972
Sberbank		19,480		54,641
Total Russia				136,229
Singapore — 1.6%
Singapore Telecommunications,
Ltd.		34,810		83,379
South Korea — 1.2%
Hyundai Mobis		287		64,687
Spain — 1.4%
Banco Santander SA		5,728		72,754
Sweden — 2.0%
Assa Abloy AB, Class B		4,265		107,569

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Switzerland — 9.2%
Credit Suisse Group AG		1,221	$	52,187
Nestle SA		1,716		91,419
Novartis AG		2,720		155,978
Roche Holding AG		619		84,537
UBS AG (a)		5,857		99,420
Total Switzerland				483,541
Taiwan — 2.5%
Taiwan Semiconductor
Manufacturing Co., Ltd.		67,435		133,827
Turkey — 1.9%
Turkcell Iletisim Hizmetleri AS		6,922		46,656
Turkiye Garanti Bankasi AS		9,239		53,650
Total Turkey				100,306
United Kingdom — 22.3%
BAE Systems PLC		8,923		47,981
BG Group PLC		3,665		64,396
British American Tobacco PLC		3,342		124,660
GlaxoSmithKline PLC		6,616		130,381
Lloyds Banking Group PLC (a)		92,520		107,726
Prudential PLC		10,777		107,757
Royal Dutch Shell PLC, A Shares		4,235		128,111
Standard Chartered PLC		3,333		95,606
Tullow Oil PLC		3,794		75,930
Unilever PLC		3,517		101,712
William Morrison Supermarkets
PLC		18,250		84,774
Xstrata PLC		5,395		103,225
Total United Kingdom				1,172,259
Total Common Stocks
(Identified cost $4,599,133)				5,151,907
Short-Term Investment — 2.1%
State Street Institutional Treasury
Money Market Fund
(Identified cost $110,068)		110,068		110,068
Total Investments — 99.9%
(Identified cost $4,709,201) (b)			$	5,261,975
Cash and Other Assets in Excess
of Liabilities — 0.1%				3,494
Net Assets — 100.0%			$	5,265,469

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks — 95.9%
Australia — 1.0%
Toll Holdings, Ltd.		624,000	$	3,980,638
Belgium — 4.9%
Anheuser-Busch InBev NV		211,230		12,425,446
Umicore NV		158,080		6,833,588
Total Belgium				19,259,034
Brazil — 2.4%
Cyrela Brazil Realty SA		389,400		5,511,897
Duratex SA		363,100		3,937,875
Total Brazil				9,449,772
China — 3.4%
Industrial and Commercial Bank of
China, Ltd., Class H		8,755,330		6,522,334
Weichai Power Co., Ltd., Class H		172,000		1,828,879
Yingde Gases Group Co.		5,237,500		4,948,011
Total China				13,299,224
Czech Republic — 1.0%
CEZ AS		90,500		4,052,280
Denmark — 2.2%
Novo Nordisk A/S, Class B		86,300		8,564,014
Egypt — 2.5%
Commercial International Bank		712,700		5,320,525
Eastern Co.		203,320		4,535,683
Total Egypt				9,856,208
Finland — 2.4%
Sampo Oyj, A Shares		354,210		9,565,791
France — 10.4%
BNP Paribas SA		116,903		8,314,231
Danone SA		79,800		4,773,046
Sanofi-Aventis		187,400		12,486,248
Societe Generale		65,566		3,776,426
Technip SA		39,800		3,200,642
Valeo SA (a)		172,460		7,990,083
Total France				40,540,676
Germany — 1.8%
Bayerische Motoren Werke AG		100,980		7,081,283
Hong Kong — 1.2%
Kerry Properties, Ltd.		845,500		4,593,184
India — 1.6%
Idea Cellular, Ltd. (a)		3,849,570		6,352,412
Ireland — 1.0%
C&C Group PLC		889,600		3,868,664
Israel — 0.8%
Teva Pharmaceutical Industries,
Ltd.		60,400		3,280,013
Italy — 2.1%
Prysmian SpA		438,481		8,009,975
Japan — 10.8%
Asics Corp.		165,290		1,684,976
Benesse Holdings, Inc.		83,500		4,020,963
Canon, Inc.		202,200		9,434,224
Don Quijote Co., Ltd.		370,700		9,205,332
eAccess, Ltd.		4,945		3,791,088
Kubota Corp.		377,800		3,457,585
Sumitomo Mitsui Financial Group,
Inc.		148,900		4,337,863
Yahoo! Japan Corp.		18,100		6,253,042
Total Japan				42,185,073
Netherlands — 2.0%
ASM International NV (a)		300,395		7,639,476
Norway — 0.9%
Aker Solutions ASA		230,470		3,340,770
Russia — 1.6%
Sberbank		2,288,914		6,420,404
South Africa — 3.1%
MTN Group, Ltd.		280,640		5,073,081
Naspers, Ltd., N Shares		144,670		7,073,424
Total South Africa				12,146,505
South Korea — 0.9%
NHN Corp. (a)		21,100		3,626,924
Spain — 1.1%
Amadeus IT Holding SA, A Shares		232,000		4,268,119
Switzerland — 5.8%
Julius Baer Group, Ltd.		168,202		6,122,816

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Novartis AG		118,500	$	6,795,375
UBS AG (a)		576,560		9,786,822
Total Switzerland				22,705,013
Turkey — 1.5%
Turkiye Garanti Bankasi AS		1,001,190		5,813,830
United Kingdom — 29.5%
AMEC PLC		569,753		8,824,943
BBA Aviation PLC		1,521,698		4,503,579
BG Group PLC		352,840		6,199,579
British American Tobacco PLC		284,418		10,609,078
Cairn Energy PLC (a)		488,810		3,483,064
GlaxoSmithKline PLC		339,900		6,698,386
IG Group Holdings PLC		1,018,950		7,958,521
Informa PLC		1,526,847		10,047,413
Lloyds Banking Group PLC (a)		10,150,082		11,818,254
Man Group PLC		1,127,710		3,881,398
Michael Page International PLC		575,570		4,166,381
Prudential PLC		972,300		9,721,809
TalkTalk Telecom Group PLC		1,814,600		4,181,763
Tullow Oil PLC		252,520		5,053,748
Unilever PLC		329,764		9,536,860
William Morrison Supermarkets
PLC		806,350		3,745,616
Xstrata PLC		256,450		4,906,800
Total United Kingdom				115,337,192
Total Common Stocks
(Identified cost $322,217,273)				375,236,474
Preferred Stock — 2.2%
Brazil — 2.2%
Banco Bradesco SA
(Identified cost $6,416,357)		441,485		8,850,574
Short-Term Investment — 2.0%
State Street Institutional Treasury
Money Market Fund
(Identified cost $7,721,252)		7,721,252		7,721,252
Total Investments — 100.1%
(Identified cost $336,354,882) (b)			$	391,808,300
Liabilities in Excess of Cash and
Other Assets — (0.1)%				(436,265	)
Net Assets — 100.0%			$	391,372,035

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks — 96.1%
Australia — 4.6%
Cabcharge Australia, Ltd.		150,267	$	803,180
Fairfax Media, Ltd.		405,759		574,553
James Hardie Industries SE (a)		158,907		860,113
Macquarie Atlas Roads Group (a)		532,568		803,015
Total Australia				3,040,861
Austria — 1.3%
Andritz AG		12,411		871,513
Belgium — 4.2%
Arseus NV		71,830		979,222
EVS Broadcast Equipment SA		12,828		786,950
Telenet Group Holding NV		31,398		1,053,390
Total Belgium				2,819,562
Finland — 2.5%
Sampo Oyj, A Shares		33,322		899,894
Vacon Oyj		15,974		763,268
Total Finland				1,663,162
France — 4.1%
Faiveley Transport SA		8,150		709,516
Valeo SA (a)		20,967		971,403
Virbac SA		7,659		1,058,313
Total France				2,739,232
Germany — 6.5%
CompuGroup Medical AG		105,358		1,340,492
CTS Eventim AG		24,822		1,285,021
Fielmann AG		9,363		873,321
Pfeiffer Vacuum Technology AG		8,540		807,966
Total Germany				4,306,800
Hong Kong — 2.3%
AAC Acoustic Technologies
Holdings, Inc.		396,000		867,654
Man Wah Holdings, Ltd.		580,400		698,678
Total Hong Kong				1,566,332
Ireland — 4.0%
C&C Group PLC		163,612		711,511
DCC PLC		38,079		1,090,547
FBD Holdings PLC		66,676		588,097
Irish Life & Permanent Group
Holdings PLC (a)		151,895		288,087
Total Ireland				2,678,242
Italy — 1.2%
MARR SpA		72,717		783,634
Japan — 27.0%
Ain Pharmaciez, Inc.		26,400		918,687
Asahi Holdings, Inc.		52,200		1,204,327
Daiseki Co., Ltd.		39,800		749,468
Daito Trust Construction Co., Ltd.		20,100		1,201,473
Don Quijote Co., Ltd.		37,300		926,245
eAccess, Ltd.		955		732,151
JAFCO Co., Ltd.		24,200		571,373
JSR Corp.		41,000		697,904
Konami Corp.		43,200		762,779
Kurita Water Industries, Ltd.		13,500		374,695
Misumi Group, Inc.		40,900		857,391
Nomura Research Institute, Ltd.		26,700		501,824
NPC, Inc.		35,000		712,746
Ohara, Inc.		47,200		662,089
Rinnai Corp.		11,500		676,390
Roland DG Corp.		55,300		764,449
Sankyo Co., Ltd.		9,900		524,173
Santen Pharmaceutical Co., Ltd.		21,390		740,758
Shinko Plantech Co., Ltd.		79,600		722,770
Suruga Bank, Ltd.		110,300		972,458
Sysmex Corp.		17,300		1,199,892
Union Tool Co.		24,800		621,782
USS Co., Ltd.		12,250		914,201
Total Japan				18,010,025
Netherlands — 8.1%
Aalberts Industries NV		41,607		685,187
ASM International NV (a)		37,592		956,018
Fugro NV		19,938		1,311,051
Imtech NV		21,230		673,910
Koninklijke Vopak NV		16,958		809,361
Unit 4 NV		36,399		992,419
Total Netherlands				5,427,946
Norway — 4.6%
Kongsberg Gruppen ASA		72,320		1,444,888
Prosafe Production Public, Ltd. (a)		298,783		756,972
TGS Nopec Geophysical Co. ASA		61,440		883,288
Total Norway				3,085,148

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore — 1.2%
Ezra Holdings, Ltd.		592,500	$	774,922
Spain — 1.0%
Tecnicas Reunidas SA		12,277		654,486
Sweden — 8.4%
Duni AB		102,440		938,478
Elekta AB, B Shares		36,000		1,303,196
Getinge AB, B Shares		42,610		995,657
Indutrade AB		31,620		874,900
Loomis AB, B Shares		64,724		777,800
ORC Software AB		34,802		686,710
Total Sweden				5,576,741
Switzerland — 3.4%
Burckhardt Compression Holding
AG		3,343		740,961
Dufry Group (a)		9,866		942,775
Swissquote Group Holding SA		13,961		559,065
Total Switzerland				2,242,801
United Kingdom — 11.7%
Abcam PLC		31,554		856,042
Chemring Group PLC		20,945		989,049
CPP Group PLC		164,576		688,989
Dignity PLC		88,365		956,418
Hampson Industries PLC		1		1
Healthcare Locums PLC		329,593		662,730
IG Group Holdings PLC		161,536		1,261,679
Intertek Group PLC		44,474		1,278,514
Jupiter Fund Management PLC (a)		158,350		645,511
Rightmove PLC		42,550		490,284
Total United Kingdom				7,829,217
Total Common Stocks
(Identified cost $53,625,548)				64,070,624
Preferred Stock — 1.6%
Germany — 1.6%
Fuchs Petrolub AG
(Identified cost $656,548)		9,092		1,053,919
Right — 0.1%
Singapore — 0.1%
Ezra Holdings, Ltd.
expiring 10/06/10
(Identified cost $0)		118,500		47,306
Short-Term Investment — 1.8%
State Street Institutional Treasury
Money Market Fund
(Identified cost $1,236,107)		1,236,107		1,236,107
Total Investments — 99.6%
(Identified cost $55,518,203) (b)			$	66,407,956
Cash and Other Assets in Excess
of Liabilities — 0.4%				253,069
Net Assets — 100.0%			$	66,661,025

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks — 100.9%
Australia — 26.8%
APA Group		223,955	$	876,678
ConnectEast Group		7,548,623		3,173,812
DUET Group		3,107,976		5,226,983
Intoll Group		2,707,772		3,899,622
Macquarie Atlas Roads Group (a)		1,796,682		2,709,068
MAp Group		315,794		891,273
SP Ausnet		2,386,784		1,983,973
Spark Infrastructure Group (c)		3,571,200		3,733,634
Transurban Group		965,376		4,637,427
Total Australia				27,132,470
Austria — 1.1%
Flughafen Wien AG		19,769		1,144,031
France — 1.5%
Aeroports de Paris		12,900		1,052,342
Societe des Autoroutes Paris-
Rhin-Rhone		6,600		487,302
Total France				1,539,644
Germany — 5.6%
Fraport AG		92,635		5,633,560
Italy — 24.4%
Atlantia SpA		234,194		4,852,829
Autostrada Torino-Milano SpA		391,562		5,471,419
Digital Multimedia Technologies
SpA (a)		58,137		1,043,792
Hera SpA		2,122,178		4,047,391
Snam Rete Gas SpA		214,347		1,085,555
Societa Iniziative Autostradali e
Servizi SpA		627,733		5,973,185
Terna SpA		511,675		2,174,584
Total Italy				24,648,755
Japan — 8.3%
East Japan Railway Co.		7,000		422,616
Osaka Gas Co., Ltd.		1,116,000		4,023,910
Tokyo Gas Co., Ltd.		654,700		2,972,344
West Japan Railway Co.		280		1,004,217
Total Japan				8,423,087
Mexico — 2.7%
Grupo Aeroportuario del Centro
Norte SAB de CV		1,081,700		1,963,114
Grupo Aeroportuario del Pacifico
SAB de CV, B Shares		165,630		572,006
Grupo Aeroportuario del Sureste
SAB de CV, B Shares		38,400		181,919
Total Mexico				2,717,039
Portugal — 0.5%
Brisa Auto-Estradas de Portugal
SA		75,000		483,613
South Korea — 2.8%
Macquarie Korea Infrastructure
Fund		676,600		2,871,953
Spain — 7.9%
Abertis Infraestructuras SA		30,500		568,387
Enagas SA		131,943		2,673,787
Red Electrica Corporacion SA		100,867		4,743,303
Total Spain				7,985,477
Switzerland — 2.1%
Flughafen Zuerich AG		5,970		2,168,921
United Kingdom — 2.8%
National Grid PLC		100,000		848,286
Pennon Group PLC		109,353		998,916
Severn Trent PLC		47,835		985,137
Total United Kingdom				2,832,339
United States — 14.4%
American Electric Power Co., Inc.		29,200		1,057,916
American States Water Co.		28,200		1,008,996
California Water Service Group		56,700		2,095,065
Consolidated Edison, Inc.		21,270		1,025,639
MGE Energy, Inc.		26,200		1,037,258
Norfolk Southern Corp.		16,700		993,817
Northeast Utilities		36,100		1,067,477
PG&E Corp.		45,400		2,062,068
SJW Corp.		3,500		86,205
Southern Co.		28,100		1,046,444
Westar Energy, Inc.		41,650		1,009,180
Wisconsin Energy Corp.		35,600		2,057,680
Total United States				14,547,745
Total Common Stocks
(Identified cost $97,895,220)				102,128,634

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio (concluded)
Right — 0.1%
Australia — 0.1%
Spark Infrastructure Group
expiring 10/21/10
(Identified cost $0)		793,600	$	80,541
Short-Term Investment — 2.6%
State Street Institutional Treasury
Money Market Fund
(Identified cost $2,633,130)		2,633,130		2,633,130
Total Investments — 103.6%
(Identified cost $100,528,350) (b)			$	104,842,305
Liabilities in Excess of Cash and
Other Assets — (3.6)%				(3,623,867	)
Net Assets — 100.0%			$	101,218,438

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Forward Currency Purchase Contract opens at September 30, 2010:

U.S. $ Cost

U.S. $

Forward Currency

Expiration

Foreign

on Origination

Current

Unrealized

Unrealized

Purchase Contract

Date

Currency

Date

Value

Appreciation

Depreciation

GBP

12/22/10

178,884

$

280,355

$

281,211

$

856

$

-

Forward Currency Sale Contracts open at September 30, 2010:

					U.S. $ Cost		U.S. $
Forward Currency	Expiration		Foreign		on Origination		Current		Unrealized		Unrealized
Sale Contracts	Date		Currency		Date		Value		Appreciation		Depreciation
AUD		12/22/10		27,845,842	$	25,717,028	$	26,582,473	$	-	$	865,445
CHF		12/22/10		1,974,862		1,958,955		2,014,991		-		56,036
CHF		12/22/10		144,530		147,004		147,467		-		463
EUR		12/22/10		29,728,696		38,246,264		40,407,813		-		2,161,549
GBP		12/22/10		2,023,757		3,146,658		3,181,397		-		34,739
JPY		12/22/10		747,554,121		8,932,365		8,956,257		-		23,892
KRW		12/30/10		3,180,291,979		2,725,653		2,778,782		-		53,129
MXN		12/22/10		2,691,417		213,133		211,626		1,507		-
MXN		12/22/10		25,669,163		1,983,584		2,018,363		-		34,779
MXN		12/22/10		4,643,531		358,427		365,120		-		6,693
Total Forward Currency Sale Contracts					$	83,429,071	$	86,664,289		1,507		3,236,725
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts									$	2,363	$	3,236,725

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks — 91.4%
Brazil — 17.9%
Banco do Brasil SA		35,633,210	$	676,651,913
Cielo SA		50,960,300		443,643,746
Companhia de Concessoes
Rodoviarias		5,293,500		136,561,037
Companhia Energetica de Minas
Gerais SA Sponsored ADR		12,437,354		203,848,232
Companhia Siderurgica Nacional
SA Sponsored ADR		11,958,401		211,304,946
Natura Cosmeticos SA		8,599,500		231,251,330
Redecard SA		28,004,030		434,459,685
Souza Cruz SA		4,327,101		216,252,755
Vale SA Sponsored ADR		17,641,900		551,662,213
Total Brazil				3,105,635,857
Canada — 1.4%
First Quantum Minerals, Ltd.		3,241,400		246,515,259
China — 2.2%
China Construction Bank Corp.
Class H		190,246,000		166,735,122
NetEase.com, Inc. ADR (a)		4,639,900		182,997,656
Weichai Power Co., Ltd., Class H		2,668,500		28,374,211
Total China				378,106,989
Egypt — 3.2%
Commercial International Bank		26,384,160		196,965,888
Eastern Co.		3,261,864		72,765,981
Egyptian Company for Mobile
Services		2,234,025		70,988,077
Orascom Construction Industries		4,810,893		211,102,965
Total Egypt				551,822,911
France — 0.7%
CFAO SA		2,860,152		113,853,811
Hong Kong — 0.2%
Shougang Concord International
Enterprises Co., Ltd. (a)		218,195,900		39,933,518
Hungary — 1.0%
OTP Bank Nyrt (a)		6,925,749		181,824,163
India — 4.6%
Bank of India		16,406,730		189,132,884
Infosys Technologies, Ltd.
Sponsored ADR		1,836,408		123,608,622
Jindal Steel & Power, Ltd.		8,015,688		126,385,111
Punjab National Bank, Ltd.		12,780,064		368,569,822
Total India				807,696,439
Indonesia — 5.5%
PT Bank Mandiri Tbk		191,728,850		154,672,013
PT Semen Gresik (Persero) Tbk		149,055,400		165,338,763
PT Tambang Batubara Bukit Asam
Tbk		57,529,500		125,372,412
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		8,636,080		356,583,743
PT United Tractors Tbk		69,352,051		158,907,501
Total Indonesia				960,874,432
Israel — 0.6%
Israel Chemicals, Ltd.		7,585,468		107,001,248
Malaysia — 0.6%
British American Tobacco
Malaysia Berhad		6,443,200		101,187,670
Mexico — 6.3%
America Movil SAB de CV ADR,
Series L		4,721,535		251,799,462
Desarrolladora Homex SAB de CV
ADR (a)		3,593,258		116,313,762
Fomento Economico Mexicano
SAB de CV Sponsored ADR		4,102,695		208,129,717
Grupo Mexico SAB de CV, Series
B		76,857,393		221,515,477
Grupo Televisa SA Sponsored
ADR		9,266,800		175,327,856
Kimberly-Clark de Mexico SAB de
CV, Series A		18,265,465		117,188,054
Total Mexico				1,090,274,328
Pakistan — 1.1%
Oil & Gas Development Co., Ltd.		47,012,749		79,766,663
Pakistan Petroleum, Ltd.		51,476,871		102,673,344
Total Pakistan				182,440,007
Philippines — 1.9%
Philippine Long Distance
Telephone Co. Sponsored ADR		5,590,410		334,641,943
Russia — 6.1%
Magnit OJSC Sponsored GDR (c)		5,997,367		151,133,648

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Mobile TeleSystems Sponsored
ADR		10,215,865	$	216,882,814
OAO LUKOIL Sponsored ADR		4,335,250		246,232,070
Oriflame Cosmetics SA SDR		2,560,583		164,529,809
TNK-BP Holding		56,991,652		125,381,634
Uralkali Sponsored GDR		7,025,885		154,218,176
Total Russia				1,058,378,151
South Africa — 10.8%
Kumba Iron Ore, Ltd.		5,466,117		284,612,151
Massmart Holdings, Ltd.		7,794,028		165,267,722
Murray & Roberts Holdings, Ltd.		30,108,824		193,950,891
Nedbank Group, Ltd.		7,473,217		158,132,746
Pretoria Portland Cement Co., Ltd.		34,973,380		160,359,991
Sanlam, Ltd.		66,872,307		252,321,175
Shoprite Holdings, Ltd.		10,878,859		154,436,799
Standard Bank Group, Ltd.		10,397,429		165,577,220
Tiger Brands, Ltd.		6,161,508		167,601,150
Truworths International, Ltd.		18,340,307		184,185,860
Total South Africa				1,886,445,705
South Korea — 11.1%
Hite Brewery Co., Ltd.		807,290		89,915,220
Hyundai Mobis		642,816		144,883,764
Korea Life Insurance Co., Ltd.		29,768,243		199,194,645
KT&G Corp.		5,054,970		301,458,417
NHN Corp. (a)		1,745,827		300,093,920
Samsung Electronics Co., Ltd.		438,672		298,924,047
Shinhan Financial Group Co., Ltd.		10,256,940		392,646,727
Woongjin Coway Co., Ltd.		5,368,034		209,024,959
Total South Korea				1,936,141,699
Taiwan — 6.7%
Advanced Semiconductor
Engineering, Inc.		137,851,068		111,413,968
Delta Electronics, Inc.		13,917,000		58,133,204
Hon Hai Precision Industry Co.,
Ltd.		67,192,636		252,713,049
HTC Corp.		8,416,367		191,002,487
MediaTek, Inc.		10,098,421		141,901,215
Taiwan Semiconductor
Manufacturing Co., Ltd.		203,668,284		404,187,815
Total Taiwan				1,159,351,738
Thailand — 1.9%
Banpu Public Co., Ltd.		7,099,900		168,432,554
Kasikornbank Public Co., Ltd.		41,165,100		168,186,899
Total Thailand				336,619,453
Turkey — 7.6%
Akbank TAS		36,595,839		223,893,522
Koc Holding AS		40,276,400		192,117,217
Turkcell Iletisim Hizmetleri AS		57,177,790		385,388,305
Turkiye Is Bankasi AS, C Shares		123,579,708		525,398,503
Total Turkey				1,326,797,547
Total Common Stocks
(Identified cost $12,412,142,980)				15,905,542,868
Preferred Stocks — 3.3%
Brazil — 3.3%
Eletropaulo Metropolitana SA, B
Shares		2,234,000		39,873,995
Ultrapar Participacoes SA		2,368,600		142,507,967
Usinas Siderurgicas de Minas
Gerais SA, A Shares		26,082,200		349,920,768
Vale Fertilizantes SA (a)		3,020,400		31,774,894
Total Brazil				564,077,624
Total Preferred Stocks
(Identified cost $505,724,695)				564,077,624
Short-Term Investment — 4.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $780,146,834)		780,146,834		780,146,834
Total Investments — 99.2%
(Identified cost $13,698,014,509) (b)			$	17,249,767,326
Cash and Other Assets in Excess
of Liabilities — 0.8%				147,370,162
Net Assets — 100.0%			$	17,397,137,488

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks — 92.3%
Brazil — 13.6%
Banco Bradesco SA Sponsored
ADR		81,933	$	1,669,794
Cia Hering		34,450		1,482,246
Cyrela Brazil Realty SA		113,860		1,611,671
Fibria Celulose SA Sponsored
ADR (a)		65,449		1,131,613
Itau Unibanco Holding SA ADR		68,306		1,651,639
MRV Engenharia e Participacoes
SA		189,595		1,799,584
Totvs SA		24,645		1,892,072
Ultrapar Participacoes SA
Sponsored ADR		12,849		786,359
Vale SA Sponsored ADR		37,315		1,166,840
Total Brazil				13,191,818
China — 11.6%
Agricultural Bank of China, Ltd.,
Class H (a)		3,150,500		1,636,392
China Construction Bank Corp.,
Class H		1,585,850		1,389,868
China Merchants Bank Co., Ltd.,
Class H		519,906		1,340,163
China National Materials Co., Ltd.,
Class H		1,406,890		1,171,373
China Petroleum & Chemical
Corp. ADR		13,825		1,220,471
Hidili Industry International
Development, Ltd.		1,517,900		1,494,649
NetEase.com, Inc. ADR (a)		21,155		834,353
Parkson Retail Group, Ltd.		482,950		840,308
Ping An Insurance Group Co. of
China, Ltd., Class H		128,000		1,309,060
Total China				11,236,637
Colombia — 2.5%
Pacific Rubiales Energy Corp. (a)		86,135		2,421,893
Egypt — 1.5%
Commercial International Bank
Sponsored GDR		195,726		1,489,475
Hong Kong — 4.6%
AAC Acoustic Technologies
Holdings, Inc.		685,700		1,502,400
China State Construction
International Holdings, Ltd.		3,358,450		2,025,757
Geely Automobile Holdings, Ltd.		1,856,700		921,309
Total Hong Kong				4,449,466
India — 2.9%
ICICI Bank, Ltd. Sponsored ADR		37,020		1,845,447
Shriram Transport Finance Co.,
Ltd.		54,200		932,382
Total India				2,777,829
Indonesia — 3.5%
PT Bank Rakyat Indonesia		1,249,800		1,400,336
PT Perusahaan Gas Negara		4,566,360		1,969,803
Total Indonesia				3,370,139
Kazakhstan — 3.1%
Halyk Savings Bank of
Kazakhstan JSC GDR (a)		183,092		1,572,760
KazMunaiGas Exploration
Production GDR		52,894		934,637
Zhaikmunai LP GDR (a)		67,032		536,256
Total Kazakhstan				3,043,653
Luxembourg — 1.1%
Millicom International Cellular SA		11,088		1,063,894
Malaysia — 1.5%
Genting Berhad		468,500		1,505,514
Mexico — 3.8%
Corporacion GEO SAB de CV,
Series B (a)		679,306		1,944,933
Grupo Financiero Banorte SAB de
CV		453,557		1,720,411
Total Mexico				3,665,344
Philippines — 1.5%
SM Investments Corp.		112,800		1,465,102
Qatar — 1.8%
Qatar Electricity & Water Co.		57,175		1,721,462
Russia — 12.5%
Eurasia Drilling Co., Ltd. GDR		65,512		1,523,154
Gazprom OAO Sponsored ADR		82,265		1,723,452
Rosneft Oil Co. GDR (a)		235,134		1,568,344
Sberbank		673,800		1,890,009
TMK OAO GDR (a)		58,900		1,016,025
Uralkali Sponsored GDR		61,244		1,344,306
VTB Bank OJSC GDR		311,695		1,793,804

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
X5 Retail Group NV GDR (a)		32,515	$	1,300,600
Total Russia				12,159,694
South Africa — 7.1%
Clicks Group, Ltd.		246,760		1,564,763
Exxaro Resources, Ltd.
Sponsored ADR		117,280		1,994,933
MTN Group, Ltd.		92,622		1,674,312
Standard Bank Group, Ltd.		105,075		1,673,301
Total South Africa				6,907,309
South Korea — 5.0%
LG Uplus Corp.		141,675		915,715
Samsung Electronics Co., Ltd.		2,835		1,931,853
Samsung Engineering Co., Ltd.		14,956		1,993,696
Total South Korea				4,841,264
Taiwan — 8.0%
Hon Hai Precision Industry Co.,
Ltd. GDR		91,850		705,407
RichTek Technology Corp.		127,900		949,788
Synnex Technology International
Corp.		746,989		1,731,095
Tripod Technology Corp.		419,000		1,602,692
Wistron Corp. GDR		82,571		1,506,508
Yuanta Financial Holding Co., Ltd.		2,060,000		1,252,820
Total Taiwan				7,748,310
Thailand — 1.3%
PTT Exploration & Production
Public Co., Ltd.		248,550		1,261,176
Turkey — 2.9%
Tofas Turk Otomobil Fabrikasi AS		241,396		1,251,578
Turkiye Garanti Bankasi AS ADR		277,540		1,595,855
Total Turkey				2,847,433
United Kingdom — 1.1%
Cairn Energy PLC (a)		148,251		1,056,377
United States — 1.4%
NII Holdings, Inc. (a)		33,947		1,395,222
Total Common Stocks
(Identified cost $81,700,425)				89,619,011
Preferred Stock — 1.1%
Brazil — 1.1%
Gerdau SA Sponsored ADR
(Identified cost $1,159,158)		80,150		1,090,841
Short-Term Investment — 15.9%
State Street Institutional Treasury
Money Market Fund
(Identified cost $15,383,266)		15,383,266		15,383,266
Total Investments — 109.3%
(Identified cost $98,242,849) (b)			$	106,093,118
Liabilities in Excess of Cash and
Other Assets — (9.3)%				(9,027,286	)
Net Assets — 100.0%			$	97,065,832

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks — 72.9%
Brazil — 14.3%
Banco Bradesco SA Sponsored
ADR		6,530	$	133,081
Banco do Brasil SA		8,375		159,036
Cia Hering		2,692		115,826
Cielo SA		15,090		131,369
Companhia Energetica de Minas
Gerais SA Sponsored ADR		7,095		116,287
Companhia Siderurgica Nacional
SA Sponsored ADR		6,630		117,152
Cyrela Brazil Realty SA		9,031		127,833
Fibria Celulose SA Sponsored
ADR (a)		5,232		90,461
Itau Unibanco Holding SA ADR		5,457		131,950
MRV Engenharia e Participacoes
SA		15,078		143,116
Natura Cosmeticos SA		4,030		108,372
Redecard SA		7,900		122,562
Souza Cruz SA		2,635		131,688
Totvs SA		1,965		150,859
Ultrapar Participacoes SA
Sponsored ADR		1,019		62,363
Vale SA Sponsored ADR		9,528		274,779
Total Brazil				2,116,734
China — 6.1%
Agricultural Bank of China, Ltd.,
Class H		209,645		108,891
China Construction Bank Corp.,
Class H		248,410		217,711
China Merchants Bank Co., Ltd.,
Class H		34,770		89,627
China National Materials Co., Ltd.,
Class H		93,794		78,093
China Petroleum & Chemical
Corp. ADR		1,134		100,110
Hidili Industry International
Development, Ltd.		101,360		99,807
NetEase.com, Inc., ADR (a)		1,668		65,786
Parkson Retail Group, Ltd.		31,977		55,638
Ping An Insurance Group Co. of
China, Ltd., Class H		8,500		86,930
Total China				902,593
Colombia — 1.3%
Pacific Rubiales Energy Corp. (a)		6,843		192,407
Egypt — 1.3%
Commercial International Bank		12,893		96,250
Orascom Construction Industries		2,081		91,315
Total Egypt				187,565
Hong Kong — 2.0%
AAC Acoustic Technologies
Holdings, Inc.		45,640		100,000
China State Construction
International Holdings, Ltd.		224,087		135,165
Geely Automobile Holdings, Ltd.		122,425		60,748
Total Hong Kong				295,913
Hungary — 0.4%
OTP Bank Nyrt (a)		2,062		54,134
India — 1.0%
ICICI Bank, Ltd. Sponsored ADR		2,982		148,653
Indonesia — 3.5%
PT Bank Mandiri Tbk		124,500		100,437
PT Bank Rakyat Indonesia		83,309		93,344
PT Perusahaan Gas Negara		304,065		131,165
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		3,170		130,889
PT United Tractors Tbk		27,000		61,866
Total Indonesia				517,701
Kazakhstan — 1.2%
Halyk Savings Bank of
Kazakhstan JSC GDR (a)		12,140		104,283
KazMunaiGas Exploration
Production GDR		3,550		62,728
Zhaikmunai LP GDR (a)		1,255		10,040
Total Kazakhstan				177,051
Luxembourg — 0.5%
Millicom International Cellular SA		833		79,926
Malaysia — 0.7%
Genting Berhad		31,220		100,325
Mexico — 5.3%
America Movil SAB de CV ADR,
Series L		2,959		157,803
Corporacion GEO SAB de CV,
Series B (a)		54,057		154,772

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Fomento Economico Mexicano
SAB de CV Sponsored ADR	2,425	$	123,020
Grupo Financiero Banorte SAB de
CV	36,099		136,929
Grupo Mexico SAB de CV, Series
B	35,095		101,149
Grupo Televisa SA Sponsored
ADR	6,055		114,561
Total Mexico			788,234
Philippines — 1.6%
Philippine Long Distance
Telephone Co. Sponsored ADR	2,305		137,977
SM Investments Corp.	7,465		96,959
Total Philippines			234,936
Qatar — 0.8%
Qatar Electricity & Water Co.	3,830		115,316
Russia — 8.2%
Eurasia Drilling Co., Ltd. GDR	4,388		102,021
Gazprom OAO Sponsored ADR	5,484		114,890
Mobile TeleSystems Sponsored
ADR	7,165		152,113
OAO LUKOIL Sponsored ADR	2,445		138,631
Oriflame Cosmetics SA SDR	620		39,838
Rosneft Oil Co. GDR (a)	15,708		104,772
Sberbank	44,868		125,855
TMK OAO GDR (a)	3,930		67,793
Uralkali Sponsored GDR	7,262		159,401
VTB Bank OJSC GDR	20,684		119,036
X5 Retail Group NV GDR (a)	2,153		86,120
Total Russia			1,210,470
South Africa — 5.0%
Clicks Group, Ltd.	16,469		104,434
Exxaro Resources, Ltd.	7,977		137,790
Kumba Iron Ore, Ltd.	1,925		100,232
MTN Group, Ltd.	6,032		109,039
Standard Bank Group, Ltd.	12,885		205,191
Tiger Brands, Ltd.	3,211		87,344
Total South Africa			744,030
South Korea — 6.0%
Korea Life Insurance Co., Ltd.	15,452		103,397
KT&G Corp.	1,970		117,483
LG Uplus Corp.	9,430		60,951
NHN Corp. (a)	788		135,451
Samsung Electronics Co., Ltd.	331		225,553
Samsung Engineering Co., Ltd.	995		132,638
Shinhan Financial Group Co., Ltd.	2,990		114,460
Total South Korea			889,933
Taiwan — 6.0%
Delta Electronics, Inc.	13,000		54,303
Hon Hai Precision Industry Co.,
Ltd.	36,694		138,007
MediaTek, Inc.	3,000		42,155
RichTek Technology Corp.	9,050		67,205
Synnex Technology International
Corp.	54,190		125,582
Taiwan Semiconductor
Manufacturing Co., Ltd.	80,000		158,763
Tripod Technology Corp.	30,240		115,669
Wistron Corp.	54,110		98,724
Yuanta Financial Holding Co., Ltd.	150,000		91,225
Total Taiwan			891,633
Thailand — 1.8%
Banpu Public Co., Ltd.	3,280		77,812
Kasikornbank Public Co., Ltd.	25,200		102,959
PTT Exploration & Production
Public Co., Ltd.	16,580		84,129
Total Thailand			264,900
Turkey — 4.6%
Akbank TAS ADR	13,530		165,066
Koc Holding AS ADR	5,965		143,160
Tofas Turk Otomobil Fabrikasi AS	15,810		81,971
Turkcell Iletisim Hizmetleri AS
ADR	10,785		180,757
Turkiye Garanti Bankasi AS	18,415		106,934
Total Turkey			677,888
United Kingdom — 0.5%
Cairn Energy PLC (a)	9,858		70,244
United States — 0.8%
NII Holdings, Inc. (a)	2,711		111,422
Total Common Stocks
(Identified cost $10,074,098)			10,772,008
Preferred Stocks — 1.4%
Brazil — 1.4%
Gerdau SA Sponsored ADR	6,404		87,159

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Usinas Siderurgicas de Minas
Gerais SA, A Shares		8,360	$	112,158
Total Brazil				199,317
Total Preferred Stocks
(Identified cost $201,770)				199,317
Short-Term Investment — 20.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $3,023,572)		3,023,572		3,023,572
Total Investments — 94.8%
(Identified cost $13,299,440) (b)			$	13,994,897
Cash and Other Assets in Excess
of Liabilities — 5.2%				772,289
Net Assets — 100.0%			$	14,767,186

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds — 94.0%
Aerospace & Defense — 0.9%
BE Aerospace, Inc.,
8.50%, 07/01/18	$	525	$	572,250
Bombardier, Inc.,
8.00%, 11/15/14 (c)		550		574,063
				1,146,313
Automotive — 5.0%
ArvinMeritor, Inc.,
8.125%, 09/15/15		215		217,688
Ford Motor Credit Co.,
7.00%, 10/01/13		1,250		1,341,095
GMAC LLC,
6.75%, 12/01/14		165		171,909
Navistar International Corp.,
8.25%, 11/01/21		825		880,687
Pinafore LLC,
9.00%, 10/01/18 (c)		1,200		1,260,000
The Goodyear Tire & Rubber Co.,
10.50%, 05/15/16		950		1,075,875
TRW Automotive, Inc.,
8.875%, 12/01/17 (c)		1,000		1,095,000
				6,042,254
Building Materials — 3.3%
Legrand SA,
8.50%, 02/15/25		925		1,116,532
Masco Corp.,
6.125%, 10/03/16		900		914,958
Owens Corning, Inc.,
9.00%, 06/15/19		725		857,603
USG Corp.:
9.50%, 01/15/18		675		662,344
9.75%, 08/01/14 (c)		450		469,125
				4,020,562
Cable Television — 5.6%
Cablevision Systems Corp.,
7.75%, 04/15/18		1,000		1,057,500
Cequel Communications Holdings
LLC,
8.625%, 11/15/17 (c)		900		949,500
EchoStar DBS Corp.,
6.625%, 10/01/14		810		846,450
Insight Communications Co., Inc.,
9.375%, 07/15/18 (c)		1,000		1,062,500
Kabel Deutschland GmbH,
10.625%, 07/01/14		350		364,875
Mediacom Broadband LLC,
8.50%, 10/15/15		875		894,687
Mediacom LLC,
9.125%, 08/15/19		175		181,125
Videotron Ltee,
6.875%, 01/15/14		525		532,875
Virgin Media Finance PLC,
9.125%, 08/15/16		900		963,000
				6,852,512
Chemicals — 2.0%
LBI Escrow Corp.,
8.00%, 11/01/17 (c)		1,000		1,092,500
Momentive Performance Materials,
Inc.,
9.75%, 12/01/14		275		281,875
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28		775		901,906
PolyOne Corp.,
7.375%, 09/15/20		100		103,125
				2,379,406
Computer Services — 1.4%
SunGard Data Systems, Inc.,
10.25%, 08/15/15		564		593,610
Terremark Worldwide, Inc.,
12.00%, 06/15/17		1,000		1,142,500
				1,736,110
Diversified — 2.7%
Amsted Industries, Inc.,
8.125%, 03/15/18 (c)		1,100		1,145,375
General Cable Corp.,
7.125%, 04/01/17		489		496,335
Leucadia National Corp.,
7.00%, 08/15/13		950		1,016,500
SPX Corp.,
7.625%, 12/15/14		535		583,150
				3,241,360
Electric Generation — 4.2%
AES Corp.,
7.75%, 03/01/14		900		963,000

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

	Principal
	Amount
Description	(000)			Value
Lazard U.S. High Yield Portfolio (continued)
Calpine Corp.,
7.875%, 07/31/20 (c)	$	1,150	$	1,181,625
Edison Mission Energy,
7.50%, 06/15/13		675		629,437
GenOn Escrow Corp.:
9.50%, 10/15/18 (c)		225		216,563
9.875%, 10/15/20 (c)		475		453,625
NRG Energy, Inc.:
7.375%, 01/15/17		600		615,000
8.25%, 09/01/20 (c)		525		541,406
RRI Energy, Inc.,
6.75%, 12/15/14		525		536,813
				5,137,469
Electronics — 2.0%
Amkor Technologies, Inc.,
9.25%, 06/01/16		925		992,062
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		225		224,719
9.25%, 04/15/18 (c)		900		936,000
NXP BV,
7.875%, 10/15/14		250		258,750
				2,411,531
Energy Exploration & Production — 2.6%
ATP Oil & Gas Corp.,
11.875%, 05/01/15 (c)		675		582,188
Denbury Resources, Inc.,
9.75%, 03/01/16		590		662,275
Mariner Energy, Inc.,
11.75%, 06/30/16		500		628,750
OPTI Canada, Inc.,
8.25%, 12/15/14		325		247,000
Plains Exploration & Production
Co.,
7.75%, 06/15/15		950		996,312
				3,116,525
Energy Services — 3.1%
Citgo Petroleum Corp.,
11.50%, 07/01/17 (c)		1,025		1,135,187
Compagnie Generale de
Geophysique,
7.50%, 05/15/15		875		890,313
Expro Finance Luxembourg SCA,
8.50%, 12/15/16 (c)		700		666,750
Tesoro Corp.,
6.50%, 06/01/17		1,050		1,034,250
				3,726,500
Environmental — 0.8%
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35		775		960,282
Financial Services — 1.8%
Finance One PLC,
0.00%, 01/03/11 (a), (d)		20,000		0
Icahn Enterprises LP:
7.75%, 01/15/16		500		502,500
8.00%, 01/15/18		600		603,000
International Lease Finance Corp.:
8.625%, 09/15/15 (c)		500		535,000
8.75%, 03/15/17 (c)		500		536,250
Morgan Guarantee Trust,
0.00%, 07/31/14 (a), (d)		10,569		0
				2,176,750
Food & Beverages — 1.7%
Constellation Brands, Inc.,
7.25%, 05/15/17		700		746,375
Dean Foods Co.,
7.00%, 06/01/16		800		785,000
NBTY, Inc.,
7.125%, 10/01/15		475		492,812
				2,024,187
Forest & Paper Products — 1.0%
Georgia-Pacific Corp.,
9.50%, 12/01/11		500		537,500
Smurfit Capital Funding PLC,
7.50%, 11/20/25		750		671,250
				1,208,750
Gaming — 6.6%
Ameristar Casinos, Inc.,
9.25%, 06/01/14		990		1,056,825
Marina District Finance Co., Inc.:
9.50%, 10/15/15 (c)		500		485,000
9.875%, 08/15/18 (c)		500		482,500

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
MGM Resorts International,
10.375%, 05/15/14	$	900	$	1,001,250
Mohegan Tribal Gaming Authority,
7.125%, 08/15/14		300		175,500
Peninsula Gaming LLC:
8.375%, 08/15/15		625		650,000
10.75%, 08/15/17		225		237,656
Penn National Gaming, Inc.,
8.75%, 08/15/19		825		876,563
Pinnacle Entertainment, Inc.,
8.625%, 08/01/17		800		849,000
Scientific Games Corp.:
7.875%, 06/15/16 (c)		525		532,875
8.125%, 09/15/18 (c)		350		357,000
9.25%, 06/15/19		250		265,625
Wynn Las Vegas LLC,
7.75%, 08/15/20 (c)		1,000		1,055,000
				8,024,794
Gas Distribution — 4.7%
Copano Energy LLC,
7.75%, 06/01/18		1,200		1,212,000
El Paso Corp.,
7.00%, 06/15/17		650		690,213
Ferrellgas Partners LP,
8.625%, 06/15/20		800		858,000
Inergy LP,
8.75%, 03/01/15		525		566,344
MarkWest Energy Partners LP,
8.50%, 07/15/16		1,000		1,055,000
Niska Gas Storage US LLC,
8.875%, 03/15/18 (c)		750		802,500
The Williams Cos., Inc.,
8.75%, 03/15/32		407		510,016
				5,694,073
Health Services — 8.4%
Apria Healthcare Group, Inc.,
11.25%, 11/01/14		550		605,000
Biomet, Inc.,
10.00%, 10/15/17		925		1,020,969
Community Health Systems, Inc.,
8.875%, 07/15/15		920		977,500
Fresenius US Finance II, Inc.,
9.00%, 07/15/15 (c)		525		598,500
HCA, Inc.,
9.25%, 11/15/16		925		1,001,312
Health Management Associates,
Inc.,
6.125%, 04/15/16		1,000		1,010,000
HealthSouth Corp.,
10.75%, 06/15/16		515		564,569
Lantheus Medical Imaging, Inc.,
9.75%, 05/15/17 (c)		375		386,250
Service Corp. International,
6.75%, 04/01/16		750		773,438
Tenet Healthcare Corp.,
8.875%, 07/01/19		1,000		1,103,750
The Cooper Cos., Inc.,
7.125%, 02/15/15		525		530,250
Vanguard Health Holding LLC,
8.00%, 02/01/18		1,000		1,015,000
Ventas Realty LP,
6.50%, 06/01/16		650		678,378
				10,264,916
Hotels — 1.5%
Host Hotels & Resorts, Inc.,
7.125%, 11/01/13		707		719,373
Wyndham Worldwide Corp.,
6.00%, 12/01/16		1,000		1,043,224
				1,762,597
Leisure & Entertainment — 2.0%
AMC Entertainment, Inc.:
8.00%, 03/01/14		497		501,349
8.75%, 06/01/19		200		210,750
Live Nation Entertainment, Inc.,
8.125%, 05/15/18 (c)		135		136,350
Royal Caribbean Cruises, Ltd.,
7.25%, 06/15/16		330		343,200
Speedway Motorsports, Inc.,
6.75%, 06/01/13		875		883,750
Ticketmaster Entertainment, Inc.,
10.75%, 08/01/16		350		383,250
				2,458,649
Machinery — 0.7%
Case New Holland, Inc.,
7.75%, 09/01/13		200		217,250

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Terex Corp.,
10.875%, 06/01/16	$	550	$	627,688
				844,938
Media — 3.5%
Clear Channel Worldwide
Holdings, Inc.,
9.25%, 12/15/17		1,100		1,174,250
Lamar Media Corp.,
7.875%, 04/15/18		1,000		1,050,000
LIN Television Corp.,
8.375%, 04/15/18 (c)		1,000		1,056,250
WMG Acquisition Corp.,
9.50%, 06/15/16		945		1,011,150
				4,291,650
Metals & Mining — 2.5%
Alcoa, Inc.,
5.72%, 02/23/19		650		660,766
Arch Western Finance LLC,
6.75%, 07/01/13		367		371,129
Century Aluminum Co.,
8.00%, 05/15/14		202		199,475
Freeport-McMoRan Copper &
Gold, Inc.:
8.25%, 04/01/15		650		695,500
8.375%, 04/01/17		100		111,625
Massey Energy Co.,
6.875%, 12/15/13		1,000		1,025,000
				3,063,495
Packaging — 0.8%
Reynolds Group,
7.75%, 10/15/16 (c)		1,000		1,017,500
Pharmaceutical & Biotechnology — 0.9%
Mylan, Inc.:
7.625%, 07/15/17 (c)		400		425,500
7.875%, 07/15/20 (c)		650		696,313
				1,121,813
Printing & Publishing — 1.5%
Deluxe Corp.,
7.375%, 06/01/15		1,005		1,035,150
The McClatchy Co.,
11.50%, 02/15/17		750		797,812
				1,832,962
Real Estate — 2.2%
CB Richard Ellis Services, Inc.,
11.625%, 06/15/17		975		1,128,562
DuPont Fabros Technology LP,
8.50%, 12/15/17		1,000		1,072,500
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		453,625
				2,654,687
Restaurants — 1.7%
Landry’s Restaurants, Inc.,
11.625%, 12/01/15		1,075		1,134,125
Wendy’s/Arby’s Restaurants LLC,
10.00%, 07/15/16		825		877,594
				2,011,719
Retail — 3.9%
AutoNation, Inc.,
6.75%, 04/15/18		175		179,375
Ingles Markets, Inc.,
8.875%, 05/15/17		1,025		1,104,437
QVC, Inc.,
7.50%, 10/01/19 (c)		1,000		1,045,000
Saks, Inc.,
9.875%, 10/01/11		585		617,175
Stater Brothers Holdings, Inc.,
8.125%, 06/15/12		775		775,969
SuperValu, Inc.,
8.00%, 05/01/16		1,000		1,007,500
				4,729,456
Steel-Producers — 1.9%
AK Steel Corp.,
7.625%, 05/15/20		1,000		1,012,500
Steel Dynamics, Inc.:
7.375%, 11/01/12		540		577,125
7.75%, 04/15/16		264		274,560
United States Steel Corp.,
6.05%, 06/01/17		475		470,844
				2,335,029

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Support Services — 3.9%
ARAMARK Corp.,
8.50%, 02/01/15	$	600	$	624,000
Avis Budget Car Rental LLC:
7.625%, 05/15/14		640		649,600
7.75%, 05/15/16		410		402,825
Expedia, Inc.,
8.50%, 07/01/16		375		407,813
Hertz Corp.,
8.875%, 01/01/14		650		667,062
United Rentals North America,
Inc.,
9.25%, 12/15/19		1,000		1,082,500
West Corp.,
11.00%, 10/15/16		850		903,125
				4,736,925
Telecommunications — 8.0%
Cincinnati Bell, Inc.,
8.25%, 10/15/17		850		858,500
Citizens Communications Co.,
6.25%, 01/15/13		1,000		1,047,500
Cricket Communications, Inc.,
7.75%, 05/15/16		750		795,937
Equinix, Inc.,
8.125%, 03/01/18		1,000		1,067,500
GCI, Inc.,
8.625%, 11/15/19		1,000		1,067,500
Intelsat Jackson Holdings, Ltd.,
11.25%, 06/15/16		350		380,625
Level 3 Financing, Inc.,
9.25%, 11/01/14		650		611,000
Qwest Corp.,
7.875%, 09/01/11		800		847,000
Sprint Capital Corp.,
6.90%, 05/01/19		1,225		1,231,125
Wind Acquisition Finance SA,
11.75%, 07/15/17 (c)		800		896,500
Windstream Corp.,
8.625%, 08/01/16		900		951,750
				9,754,937
Transportation — 1.2%
Kansas City Southern Railway
Co.,
13.00%, 12/15/13		325		393,655
Teekay Corp.,
8.50%, 01/15/20		1,000		1,088,750
				1,482,405
Total Corporate Bonds
(Identified cost $108,008,912)				114,263,056

Description	Shares		Value
Warrant — 0.0%
Cable Television — 0.0%
Ono Finance PLC, 03/16/11
(Identified cost $64,841) (a), (c)		470		5
Short-Term Investment — 4.9%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,888,582)		5,888,582		5,888,582
Total Investments — 98.9%
(Identified cost $113,962,335) (b)			$	120,151,643
Cash and Other Assets in Excess
of Liabilities — 1.1%				1,391,139
Net Assets — 100.0%			$	121,542,782

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds — 89.0%
Industrial Select Sector SPDR
Fund		139,200	$	4,354,176
IQ ARB Merger Arbitrage ETF		96,200		2,481,191
IQ Canada Small Cap ETF (a)		63,500		1,742,440
iShares FTSE/Xinhua China 25
Index Fund		102,000		4,367,640
iShares JPMorgan USD Emerging
Markets Bond Fund		74,815		8,330,650
iShares MSCI Brazil Index Fund		141,900		10,916,367
iShares MSCI Taiwan Index Fund		320,000		4,341,600
iShares S&P Global Consumer
Staples Index Fund		143,300		8,626,660
iShares S&P Global Materials
Index Fund		165,000		10,439,550
Market Vectors Agribusiness ETF		162,000		7,427,700
PowerShares DB G10 Currency
Harvest Fund (a)		257,700		5,988,948
PowerShares DB Oil Fund (a)		321,700		8,139,010
PowerShares Dynamic Oil & Gas
Services Portfolio		446,500		7,804,820
PowerShares Global Listed
Private Equity Portfolio		701,000		6,855,780
PowerShares Global Water
Portfolio		587,100		10,538,445
Rydex S&P Equal Weight
Industrial ETF		144,800		6,998,184
SPDR Barclays Capital
Convertible Securities ETF		331,500		12,885,405
SPDR Barclays Capital High Yield
Bond ETF		273,726		10,951,777
SPDR Gold Trust (a)		84,500		10,808,395
Vanguard Information Technology
Index ETF		303,400		16,869,040
Vanguard Short-Term Corporate
Bond ETF		189,500		14,843,535
WisdomTree Dreyfus Emerging
Currency Fund (a)		646,000		14,806,320
Total Exchange-Traded Funds
(Identified cost $173,406,618)				190,517,633
Closed-End Management Investment Companies — 6.7%
China Fund, Inc.		163,000		5,361,070
Royce Value Trust, Inc. (a)		735,000		8,922,900
Total Closed-End
Management Investment
Companies
(Identified cost $12,874,407)				14,283,970
Short-Term Investment — 1.7%
State Street Institutional Treasury
Money Market Fund
(Identified cost $3,666,677)		3,666,677		3,666,677
Total Investments — 97.4%
(Identified cost $189,947,702) (b)			$	208,468,280
Cash and Other Assets in Excess
of Liabilities — 2.6%				5,589,246
Net Assets — 100.0%			$	214,057,526

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Swap Agreement opens at September 30, 2010:

Currency	Notional Amount	Expiration	Counterparty	Pay	Receive		Net Unrealized Appreciation
USD	4,231,308	3/2/2011	Goldman Sachs International	1 Month USD LIBOR plus 0.2573%	Appreciation, and dividends paid, on securities in the Equity Basket	$	81,170

Written Option opens at September 30, 2010:

Description	Number of Contracts	Strike Price		Expiration Date		Value
Call- Market Vectors Agribusiness	500	$	46	11/20/10	$	75,000

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

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

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation
U.S. Equity Value	$	11,763,889	$	677,166	$	421,955	$	255,211
U.S. Strategic Equity		66,351,369		9,051,326		1,774,995		7,276,331
U.S. Mid Cap Equity		172,094,240		23,591,377		2,670,958		20,920,419
U.S. Small-Mid Cap
Equity		174,150,126		13,168,342		1,379,002		11,789,340
International Equity		141,989,122		20,276,918		5,825,710		14,451,208
International
Equity Select		4,709,201		716,791		164,017		552,774
International
Strategic Equity		336,354,882		60,663,140		5,209,722		55,453,418
International
Small Cap Equity		55,518,203		12,765,672		1,875,919		10,889,753
Global Listed
Infrastructure		100,528,350		6,924,358		2,610,403		4,313,955
Emerging Markets
Equity		13,698,014,509		3,653,128,206		101,375,389		3,551,752,817
Developing Markets
Equity		98,242,849		8,602,762		752,493		7,850,269
Emerging Markets
Equity Blend		13,299,440		720,529		25,072		695,457
U.S. High Yield		113,962,335		7,563,866		1,374,558		6,189,308
Capital Allocator
Opportunistic
Strategies		189,947,702		18,693,619		173,041		18,520,578

(c)

Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At September 30, 2010, these securities amounted to 1.0%, 2.9%, 0.9%, and 20.1% of net assets of Lazard International Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Emerging Markets Equity Portfolio and Lazard U.S. High Yield Portfolio, respectively, and are considered to be liquid.

(d)

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

Currency Abbreviations:

AUD — Australian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound Sterling

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican New Peso

USD — US Dollar

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

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			LazardGlobal ListedInfrastructurePortfolio			LazardEmergingMarketsEquityPortfolio			LazardDevelopingMarketsEquityPortfolio			LazardEmergingMarketsEquity BlendPortfolio
Agriculture		0.9	%		1.0	%		-	%		-	%		-	%		1.7	%		1.4	%		1.1	%
Airport Development & Maintenance		-			-			-			-			13.5			-			-			-
Alcohol & Tobacco		3.4			5.1			8.0			1.1			-			4.5			-			1.7
Apparel & Textiles		-			-			-			-			-			-			1.5			0.8
Automotive		4.3			1.8			3.8			1.5			-			-			2.2			1.0
Banking		13.5			13.7			14.2			1.5			-			18.3			23.3			16.2
Building Materials		-			-			-			-			-			0.9			-			-
Cable Television		-			-			1.8			-			-			-			-			-
Chemicals		-			-			1.3			2.0			-			-			-			-
Commercial Services		4.4			2.1			3.3			15.4			-			3.2			-			0.9
Computer Software		1.0			2.1			0.9			2.5			-			2.8			2.8			2.4
Construction & Engineering		0.5			-			2.2			3.1			-			2.3			4.1			2.4
Consumer Products		0.8			-			-			4.0			-			3.5			-			1.0
Diversified		-			-			-			-			-			1.1			-			1.0
Electric		1.9			-			1.0			-			32.8			1.4			1.8			1.6
Energy Exploration & Production		1.1			1.4			2.2			-			-			1.0			6.4			2.8
Energy Integrated		5.2			8.0			1.6			1.6			-			3.8			7.0			4.7
Energy Services		1.8			0.8			1.7			4.4			4.6			-			2.6			1.1
Financial Services		3.4			3.9			8.5			4.2			-			6.2			2.3			2.2
Food & Beverages		5.0			5.0			3.7			1.2			-			2.2			-			1.4
Forest & Paper Products		-			-			-			1.4			-			0.7			1.2			0.6
Gas Utilities		-			-			-			-			6.9			0.8			2.0			0.9
Health Services		-			-			-			3.4			-			-			-			-
Housing		2.8			1.6			1.0			3.1			-			1.6			-			-
Insurance		3.1			3.6			4.9			2.2			-			1.2			1.3			1.3
Leisure & Entertainment		3.0			1.4			3.6			0.9			-			1.0			1.6			1.5
Manufacturing		6.8			6.8			3.4			13.9			-			2.1			1.2			0.9
Medical Products		-			-			-			6.7			-			-			-			-
Metals & Mining		3.6			6.6			3.0			-			-			11.4			4.4			6.3
Pharmaceutical & Biotechnology		10.1			11.3			9.7			4.0			-			-			-			-
Real Estate		2.2			2.5			2.6			-			-			-			5.5			2.9
Retail		3.4			3.7			3.7			5.5			-			3.8			5.3			2.3
Semiconductors & Components		4.5			6.8			2.4			4.6			-			5.8			6.2			5.2
Technology		1.9			2.2			1.6			0.7			-			0.7			-			-
Technology Hardware		-			-			2.0			2.6			1.0			2.6			5.0			2.9
Telecommunications		5.9			6.4			5.0			2.7			-			9.3			4.3			7.2
Transportation		2.6			-			1.0			3.6			37.1			0.8			-			-
Water		-			-			-			-			5.1			-			-			-
Subtotal		97.1			97.8			98.1			97.8			101.0			94.7			93.4			74.3
Short-Term Investments		-			2.1			2.0			1.8			2.6			4.5			15.9			20.5
Repurchase Agreement		6.3			-			-			-			-			-			-			-
Total Investments		103.4	%		99.9	%		100.1	%		99.6	%		103.6	%		99.2	%		109.3	%		94.8	%

The Lazard Funds, Inc.

Portfolios of Investments (continued)

September 30, 2010 (unaudited)

Valuation of Investments:

Market values for securities listed on the New York Stock Exchange (“NYSE”), NASDAQ national market or other U.S. exchanges or markets are generally based on the last reported sales price on the principal exchange or market on which the security is traded, generally as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each valuation date; securities not traded on the valuation date are valued at the closing bid price. The Lazard Funds, Inc. (the “Fund”) values NASDAQ-traded securities at the NASDAQ Official Closing Price, which may not be the last reported sales price in certain instances. Any securities not listed, for which current over-the-counter market quotations or bids are readily available, are valued at the last quoted bid price or, if available, the mean of two such prices. 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. 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). Swap agreements on equity assets 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.

The Lazard Funds, Inc.

Portfolios of Investments (concluded)

September 30, 2010 (unaudited)

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. The 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 September 30, 2010:

	Unadjusted
	Quoted Prices in			Significant
	Active Markets			Other			Significant
	for Identical			Observable			Unobservable
	Investments			Inputs			Inputs		Balance as of
Description	(Level 1)			(Level 2)			(Level 3)		September 30, 2010
U.S. Equity Value Portfolio
Common Stocks	$	11,664,339		$	—		$	—	$	11,664,339
Short-Term Investment		—			354,761			—		354,761
Total	$	11,664,339		$	354,761		$	—	$	12,019,100
U.S. Strategic Equity Portfolio
Common Stocks	$	72,851,205		$	—		$	—	$	72,851,205
Preferred Stock		—			—			453,501		453,501
Short-Term Investment		—			322,994			—		322,994
Total	$	72,851,205		$	322,994		$	453,501	$	73,627,700
U.S. Mid Cap Equity Portfolio
Common Stocks	$	187,995,084		$	—		$	—	$	187,995,084
Preferred Stock		—			—			1,307,499		1,307,499
Short-Term Investment		—			3,712,076			—		3,712,076
Total	$	187,995,084		$	3,712,076		$	1,307,499	$	193,014,659
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	170,480,565		$	—		$	—	$	170,480,565
Preferred Stock		—			—			452,901		452,901
Repurchase Agreement		—			15,006,000			—		15,006,000
Total	$	170,480,565		$	15,006,000		$	452,901	$	185,939,466
International Equity Portfolio
Common Stocks	$	147,003,330		$	—		$	—	$	147,003,330
Repurchase Agreement		—			9,437,000			—		9,437,000
Total	$	147,003,330		$	9,437,000		$	—	$	156,440,330
International Equity Select Portfolio
Common Stocks	$	5,151,907		$	—		$	—	$	5,151,907
Short-Term Investment		—			110,068			—		110,068
Total	$	5,151,907		$	110,068		$	—	$	5,261,975
International Strategic Equity Portfolio
Common Stocks	$	375,236,474		$	—		$	—	$	375,236,474
Preferred Stock		8,850,574			—			—		8,850,574
Short-Term Investment		—			7,721,252			—		7,721,252
Total	$	384,087,048		$	7,721,252		$	—	$	391,808,300
International Small Cap Equity Portfolio
Common Stocks	$	64,070,624		$	—		$	—	$	64,070,624
Preferred Stock		1,053,919			—			—		1,053,919
Right		47,306			—			—		47,306
Short-Term Investment		—			1,236,107			—		1,236,107
Total	$	65,171,849		$	1,236,107		$	—	$	66,407,956
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	102,128,634		$	—		$	—	$	102,128,634
Right		80,541			—			—		80,541
Short-Term Investment		—			2,633,130			—		2,633,130
Other Financial Instruments *
Forward Currency Contracts		—			2,363			—		2,363
Total	$	102,209,175		$	2,635,493		$	—	$	104,844,668
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—		$	(3,236,725	)	$	—	$	(3,236,725	)
Emerging Markets Equity Portfolio
Common Stocks	$	15,905,542,868		$	—		$	—	$	15,905,542,868
Preferred Stocks		564,077,624			—			—		564,077,624
Short-Term Investment		—			780,146,834			—		780,146,834
Total	$	16,469,620,492		$	780,146,834		$	—	$	17,249,767,326
Developing Markets Equity Portfolio
Common Stocks	$	89,619,011		$	—		$	—	$	89,619,011
Preferred Stock		1,090,841			—			—		1,090,841
Short-Term Investment		—			15,383,266			—		15,383,266
Total	$	90,709,852		$	15,383,266		$	—	$	106,093,118
Emerging Markets Equity Blend Portfolio
Common Stocks	$	10,772,008		$	—		$	—	$	10,772,008
Preferred Stocks		199,317			—			—		199,317
Short-Term Investment		—			3,023,572			—		3,023,572
Total	$	10,971,325		$	3,023,572		$	—	$	13,994,897
U.S. High Yield Portfolio
Corporate Bonds	$	—		$	114,263,056		$	—	$	114,263,056
Warrant		—			—			5		5
Short-Term Investment		—			5,888,582			—		5,888,582
Total	$	—		$	120,151,638		$	5	$	120,151,643
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	190,517,633		$	—		$	—	$	190,517,633
Closed-End Management Investment Companies		14,283,970			—			—		14,283,970
Short-Term Investment		—			3,666,677			—		3,666,677
Other Financial Instruments*
Equity Swap Contract		—			4,312,478			—		4,312,478
Total	$	204,801,603		$	7,979,155		$	—	$	212,780,758
Liabilities:
Other Financial Instruments*
Options	$	(75,000	)	$	—		$	—	$	(75,000	)
Equity Swap Contract		—			(4,231,308	)		—		(4,231,308	)
Total	$	(75,000	)	$	(4,231,308	)	$	—	$	(4,306,308	)

* Other financial instruments are derivative instruments which are valued at the unrealized appreciation/depreciation on the instruments.

For the period ended September 30, 2010, as a result of the fair value pricing procedures for international equities utilized by the Portfolios, certain securities have transferred in and out of Level 1 and Level 2 measurements during the period.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended September 30, 2010:

																			Net Change in
																			Unrealized
													Net		Net				Appreciation
	Balance as of						Change in						Transfers		Transfers		Balance as of		from Investments
	December 31,		Accrued		Realized		Unrealized						Into		Out		September		Still Held at
Description	2009		Discounts		Loss		Appreciation		Purchases		Sales		Level 3		of Level 3		30, 2010		September 30, 2010
U.S. Strategic Equity
Preferred Stock	$	-	$	-	$	-	$	-	$	453,501	$	-	$	-	$	-	$	453,501	$	-
Total	$	-	$	-	$	-	$	-	$	453,501	$	-	$	-	$	-	$	453,501	$	-
U.S. Mid Cap Equity
Preferred Stock	$	-	$	-	$	-	$	-	$	1,307,499	$	-	$	-	$	-	$	1,307,499	$	-
Total	$	-	$	-	$	-	$	-	$	1,307,499	$	-	$	-	$	-	$	1,307,499	$	-
U.S. Small-Mid Cap Equity
Preferred Stock	$	-	$	-	$	-	$	-	$	452,901	$	-	$	-	$	-	$	452,901	$	-
Total	$	-	$	-	$	-	$	-	$	452,901	$	-	$	-	$	-	$	452,901	$	-
U.S. High Yield Portfolio
Warrant	$	5	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5	$	-
Total	$	5	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5	$	-

Effective March 31, 2010, the Portfolios 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. Additionally, the ASU amends disclosures about providing purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The ASU guidance is effective for fiscal years beginning after December 15, 2009, and for interim periods within those fiscal years, except for the requirement to provide the Level 3 activity of purchases, sales, issuances, and settlements on a gross basis, which will be effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. There were no significant transfers into and out of Levels 1, 2, and 3 during the period ended September 30, 2010.

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:	November 29, 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:	November 29, 2010
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	November 29, 2010