N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.

(Exact name of Registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Nathan A. Paul, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

Registrant’s telephone number, including area code:		(212) 632-6000
Date of fiscal year end:	12/31
Date of reporting period:	3/31/2011

Item 1. Schedule of Investments.

The Lazard Funds, Inc.

Portfolios of Investments

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks — 98.4%
Aerospace & Defense — 2.7%
General Dynamics Corp.		2,520	$	192,931
Raytheon Co.		3,555		180,843
				373,774
Alcohol & Tobacco — 1.4%
Altria Group, Inc.		3,965		103,209
Molson Coors Brewing Co., Class B		2,000		93,780
				196,989
Banking — 12.0%
Bank of America Corp.		30,270		403,499
BB&T Corp.		2,390		65,606
Fifth Third Bancorp		3,975		55,173
JPMorgan Chase & Co.		12,066		556,243
PNC Financial Services Group, Inc.		2,260		142,357
Wells Fargo & Co.		14,675		465,197
				1,688,075
Cable Television — 1.4%
Comcast Corp., Class A		8,720		202,478
Chemicals — 1.5%
Air Products & Chemicals, Inc.		780		70,340
The Dow Chemical Co.		3,805		143,639
				213,979
Commercial Services — 0.5%
Lender Processing Services, Inc.		2,000		64,380
Computer Software — 3.1%
Microsoft Corp.		13,230		335,513
Oracle Corp.		2,935		97,941
				433,454
Consumer Products — 4.7%
Energizer Holdings, Inc. (a)		1,660		118,126
Mattel, Inc.		2,570		64,070
Newell Rubbermaid, Inc.		7,840		149,979
The Procter & Gamble Co.		5,370		330,792
				662,967
Electric — 2.6%
American Electric Power Co., Inc.		2,725		95,757
DPL, Inc.		2,595		71,129
Entergy Corp.		1,015		68,218
PG&E Corp.		1,545		68,258
PPL Corp.		2,680		67,804
				371,166
Energy Exploration & Production — 6.0%
Anadarko Petroleum Corp.		1,275		104,448
Apache Corp.		1,435		187,870
Devon Energy Corp.		2,110		193,635
Occidental Petroleum Corp.		2,695		281,600
Petrohawk Energy Corp. (a)		3,300		80,982
				848,535
Energy Integrated — 6.7%
Alpha Natural Resources, Inc. (a)		1,200		71,244
Chevron Corp.		5,401		580,229
ConocoPhillips		3,725		297,479
				948,952
Energy Services — 0.8%
Halliburton Co.		2,290		114,134
Financial Services — 5.7%
American Express Co.		1,500		67,800
Citigroup, Inc.		12,830		56,709
Franklin Resources, Inc.		830		103,816
Invesco, Ltd.		4,830		123,455
MasterCard, Inc., Class A		270		67,964

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (continued)
Morgan Stanley		2,490	$	68,027
The Bank of New York Mellon
Corp.		5,159		154,099
The Goldman Sachs Group, Inc.		1,035		164,017
				805,887
Food & Beverages — 4.2%
Dr Pepper Snapple Group, Inc.		3,190		118,540
General Mills, Inc.		2,290		83,700
Kraft Foods, Inc., Class A		1,990		62,406
PepsiCo, Inc.		2,295		147,821
Ralcorp Holdings, Inc. (a)		1,610		110,172
The Coca-Cola Co.		1,105		73,317
				595,956
Forest & Paper Products — 0.7%
Rock-Tenn Co., Class A		1,400		97,090
Health Services — 1.7%
WellPoint, Inc.		3,475		242,520
Insurance — 3.8%
Everest Re Group, Ltd.		930		82,007
Lincoln National Corp.		4,025		120,911
MetLife, Inc.		3,575		159,910
Prudential Financial, Inc.		2,890		177,966
				540,794
Leisure & Entertainment — 3.4%
Darden Restaurants, Inc.		1,390		68,291
International Game Technology		4,300		69,789
News Corp., Class A		4,530		79,547
The Walt Disney Co.		2,230		96,091
Viacom, Inc., Class B		3,605		167,704
				481,422
Manufacturing — 4.5%
Corning, Inc.		5,480		113,052
General Electric Co.		15,215		305,061
Honeywell International, Inc.		1,455		86,878
Illinois Tool Works, Inc.		1,190		63,927
Parker Hannifin Corp.		750		71,010
				639,928
Medical Products — 3.3%
Baxter International, Inc.		1,510		81,193
Covidien PLC		1,665		86,480
Hospira, Inc. (a)		1,300		71,760
Life Technologies Corp. (a)		1,300		68,146
Medtronic, Inc.		3,885		152,875
				460,454
Metal & Glass Containers — 1.5%
Ball Corp.		2,090		74,927
Owens-Illinois, Inc. (a)		4,570		137,968
				212,895
Metals & Mining — 1.4%
Freeport-McMoRan Copper &
Gold, Inc.		2,430		134,987
Newmont Mining Corp.		1,090		59,492
				194,479
Pharmaceutical & Biotechnology — 10.9%
Amgen, Inc. (a)		3,430		183,334
Gilead Sciences, Inc. (a)		3,035		128,805
Johnson & Johnson		4,288		254,064
Merck & Co., Inc.		6,650		219,517
Pfizer, Inc.		32,814		666,452
Warner Chilcott PLC, Class A		3,430		79,850
				1,532,022
Retail — 5.0%
CVS Caremark Corp.		3,715		127,499
Phillips-Van Heusen Corp.		1,160		75,435
The Gap, Inc.		4,170		94,492
The TJX Cos., Inc.		2,455		122,087

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Wal-Mart Stores, Inc.		5,620	$	292,521
				712,034
Semiconductor & Components — 2.4%
Intel Corp.		13,245		267,152
Texas Instruments, Inc.		2,115		73,094
				340,246
Technology Hardware — 2.4%
Cisco Systems, Inc.		5,930		101,699
Hewlett-Packard Co.		2,165		88,700
International Business Machines
Corp.		940		153,286
				343,685
Telecommunications — 3.6%
AT&T, Inc.		16,425		502,605
Transportation — 0.5%
Union Pacific Corp.		700		68,831
Total Common Stocks
(Identified cost $12,181,962)				13,889,731
Short-Term Investment — 1.8%
State Street Institutional Treasury
Money Market Fund
(Identified cost $255,484)		255,484		255,484
Total Investments — 100.2%
(Identified cost $12,437,446) (b)			$	14,145,215
Liabilities in Excess of Cash and
Other Assets — (0.2)%				(35,179	)
Net Assets — 100.0%			$	14,110,036

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks — 98.4%
Aerospace & Defense — 2.3%
Raytheon Co.		34,800	$	1,770,276
Agriculture — 1.1%
Monsanto Co.		11,500		830,990
Alcohol & Tobacco — 2.0%
Molson Coors Brewing Co., Class B		33,100		1,552,059
Banking — 6.1%
Bank of America Corp.		59,300		790,469
BB&T Corp.		19,200		527,040
JPMorgan Chase & Co.		38,291		1,765,215
Wells Fargo & Co.		48,400		1,534,280
				4,617,004
Cable Television — 3.9%
Comcast Corp., Class A		127,800		2,967,516
Chemicals — 1.0%
The Dow Chemical Co.		20,800		785,200
Commercial Services — 2.8%
Apollo Group, Inc., Class A (a)		9,400		392,074
Corrections Corp. of America (a)		41,000		1,000,400
Lender Processing Services, Inc.		23,000		740,370
				2,132,844
Computer Software — 5.7%
Microsoft Corp.		69,935		1,773,552
Oracle Corp.		57,300		1,912,101
Symantec Corp. (a)		37,000		685,980
				4,371,633
Consumer Products — 3.3%
Avon Products, Inc.		13,600		367,744
Energizer Holdings, Inc. (a)		300		21,348
Newell Rubbermaid, Inc.		28,700		549,031
Stanley Black & Decker, Inc.		10,500		804,300
The Procter & Gamble Co.		11,900		733,040
				2,475,463
Energy Exploration & Production — 3.0%
Apache Corp.		5,900		772,428
Devon Energy Corp.		6,700		614,859
EQT Corp.		18,200		908,180
				2,295,467
Energy Integrated — 8.3%
Chevron Corp.		12,200		1,310,646
ConocoPhillips		50,900		4,064,874
CONSOL Energy, Inc.		17,200		922,436
				6,297,956
Energy Services — 1.4%
Halliburton Co.		8,600		428,624
Noble Corp.		13,200		602,184
				1,030,808
Financial Services — 4.8%
Ameriprise Financial, Inc.		19,100		1,166,628
MasterCard, Inc., Class A		2,200		553,784
Morgan Stanley		40,100		1,095,532
State Street Corp.		19,300		867,342
				3,683,286
Food & Beverages — 2.4%
General Mills, Inc.		21,400		782,170
PepsiCo, Inc.		7,900		508,839
Sysco Corp.		19,600		542,920
				1,833,929
Insurance — 2.2%
Prudential Financial, Inc.		11,700		720,486
The Travelers Cos., Inc.		16,600		987,368
				1,707,854

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Leisure & Entertainment — 1.8%
Darden Restaurants, Inc.		11,200	$	550,256
Sirius XM Radio, Inc. (a)		231,100		383,626
Viacom, Inc., Class B		8,500		395,420
				1,329,302
Manufacturing — 4.8%
Dover Corp.		12,000		788,880
Emerson Electric Co.		9,900		578,457
Honeywell International, Inc.		22,093		1,319,173
Illinois Tool Works, Inc.		18,000		966,960
				3,653,470
Medical Products — 2.2%
Baxter International, Inc.		14,600		785,042
Medtronic, Inc.		21,700		853,895
				1,638,937
Metal & Glass Containers — 2.2%
Ball Corp.		45,630		1,635,835
Metals & Mining — 2.4%
Newmont Mining Corp.		16,000		873,280
Nucor Corp.		20,900		961,818
				1,835,098
Pharmaceutical & Biotechnology — 9.6%
Amgen, Inc. (a)		16,500		881,925
Gilead Sciences, Inc. (a)		23,100		980,364
Johnson & Johnson		12,860		761,955
Merck & Co., Inc.		22,900		755,929
Pfizer, Inc.		192,000		3,899,520
				7,279,693
Refining — 0.6%
Valero Energy Corp.		16,200		483,084
Retail — 11.3%
AutoZone, Inc. (a)		5,500		1,504,580
Lowe’s Cos., Inc.		24,500		647,535
The Gap, Inc.		47,100		1,067,286
Wal-Mart Stores, Inc.		52,100		2,711,805
Walgreen Co.		67,400		2,705,436
				8,636,642
Semiconductor & Components — 3.4%
Intel Corp.		90,500		1,825,385
Texas Instruments, Inc.		21,600		746,496
				2,571,881
Technology — 2.9%
AOL, Inc. (a)		18,300		357,399
eBay, Inc. (a)		28,400		881,536
Google, Inc., Class A (a)		1,710		1,002,419
				2,241,354
Technology Hardware — 5.8%
Cisco Systems, Inc.		51,055		875,593
EMC Corp. (a)		25,600		679,680
International Business Machines
Corp.		17,490		2,852,095
				4,407,368
Transportation — 1.1%
Norfolk Southern Corp.		11,900		824,313
Total Common Stocks
(Identified cost $61,242,540)				74,889,262
Preferred Stock — 0.6%
Automotive — 0.6%
Better Place, Inc., Series B
(Identified cost $453,501)		151,167		453,501
Short-Term Investment — 0.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $377,121)		377,121		377,121
Total Investments — 99.5%
(Identified cost $62,073,162) (b)			$	75,719,884
Cash and Other Assets in Excess
of Liabilities — 0.5%				401,966
Net Assets — 100.0%			$	76,121,850

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks — 96.1%
Alcohol & Tobacco — 2.6%
Molson Coors Brewing Co., Class B		115,500	$	5,415,795
Automotive — 1.4%
Lear Corp.		60,800		2,971,296
Banking — 3.2%
City National Corp.		52,200		2,978,010
Fifth Third Bancorp		158,600		2,201,368
KeyCorp.		157,300		1,396,824
				6,576,202
Cable Television — 1.1%
Cablevision Systems Corp., Group A		67,100		2,322,331
Chemicals — 1.0%
Eastman Chemical Co.		20,900		2,075,788
Coal — 1.0%
Arch Coal, Inc.		54,600		1,967,784
Commercial Services — 4.6%
Corrections Corp. of America (a)		114,700		2,798,680
Equifax, Inc.		107,400		4,172,490
Lender Processing Services, Inc.		44,800		1,442,112
The Interpublic Group of Cos., Inc.		95,700		1,202,949
				9,616,231
Computer Software — 5.1%
BMC Software, Inc. (a)		73,700		3,665,838
Intuit, Inc. (a)		41,000		2,177,100
Quest Software, Inc. (a)		66,200		1,680,818
Symantec Corp. (a)		159,300		2,953,422
				10,477,178
Construction & Engineering — 0.9%
Foster Wheeler AG (a)		51,900		1,952,478
Consumer Products — 5.5%
Avon Products, Inc.		57,700		1,560,208
Energizer Holdings, Inc. (a)		900		64,044
Mattel, Inc.		99,200		2,473,056
Newell Rubbermaid, Inc.		264,900		5,067,537
Stanley Black & Decker, Inc.		30,300		2,320,980
				11,485,825
Education — 1.7%
DeVry, Inc.		63,200		3,480,424
Electric — 2.0%
CMS Energy Corp.		107,400		2,109,336
Wisconsin Energy Corp.		68,200		2,080,100
				4,189,436
Energy Exploration & Production — 4.8%
Energen Corp.		66,600		4,203,792
EQT Corp.		75,900		3,787,410
Noble Energy, Inc.		20,600		1,990,990
				9,982,192
Energy Services — 5.0%
Rowan Cos., Inc. (a)		82,000		3,622,760
The Williams Cos., Inc.		109,900		3,426,682
Tidewater, Inc.		55,600		3,327,660
				10,377,102
Financial Services — 6.4%
Ameriprise Financial, Inc.		84,400		5,155,152
Invesco, Ltd.		158,100		4,041,036
NYSE Euronext		29,200		1,026,964
Principal Financial Group, Inc.		93,300		2,995,863
				13,219,015
Food & Beverages — 3.3%
Campbell Soup Co.		71,000		2,350,810
Ralcorp Holdings, Inc. (a)		64,300		4,400,049
				6,750,859

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (continued)
Forest & Paper Products — 1.2%
Rock-Tenn Co., Class A		35,700	$	2,475,795
Health Services — 1.5%
HealthSouth Corp. (a)		56,300		1,406,374
Laboratory Corp. of America Holdings (a)		19,100		1,759,683
				3,166,057
Insurance — 1.3%
PartnerRe, Ltd.		35,100		2,781,324
Leisure & Entertainment — 4.1%
Darden Restaurants, Inc.		63,000		3,095,190
DreamWorks Animation SKG, Inc., Class A (a)		56,100		1,566,873
International Game Technology		189,200		3,070,716
Sirius XM Radio, Inc. (a)		490,700		814,562
				8,547,341
Manufacturing — 10.2%
Dover Corp.		110,300		7,251,122
Joy Global, Inc.		19,900		1,966,319
Parker Hannifin Corp.		47,500		4,497,300
Rockwell Collins, Inc.		79,500		5,153,985
Thomas & Betts Corp. (a)		40,100		2,384,747
				21,253,473
Medical Products — 5.8%
CareFusion Corp. (a)		94,350		2,660,670
DENTSPLY International, Inc.		38,900		1,438,911
Hospira, Inc. (a)		42,500		2,346,000
Life Technologies Corp. (a)		50,881		2,667,182
Zimmer Holdings, Inc. (a)		47,000		2,844,910
				11,957,673
Metal & Glass Containers — 2.2%
Ball Corp.		129,200		4,631,820
Metals & Mining — 3.7%
Cliffs Natural Resources, Inc.		25,300		2,486,484
Compass Minerals International, Inc.		34,600		3,236,138
United States Steel Corp.		35,300		1,904,082
				7,626,704
Pharmaceutical & Biotechnology — 1.8%
Medicis Pharmaceutical Corp., Class A		32,100		1,028,484
Warner Chilcott PLC, Class A		116,200		2,705,136
				3,733,620
Real Estate — 2.5%
The Macerich Co. REIT		45,800		2,268,474
Weingarten Realty Investors REIT		116,600		2,921,996
				5,190,470
Retail — 3.1%
AutoZone, Inc. (a)		13,200		3,610,992
Ross Stores, Inc.		20,800		1,479,296
The TJX Cos., Inc.		28,700		1,427,251
				6,517,539
Semiconductor & Components — 2.6%
Analog Devices, Inc.		64,500		2,540,010
Xilinx, Inc.		87,300		2,863,440
				5,403,450
Technology — 2.7%
Amdocs, Ltd. (a)		84,400		2,434,940
AOL, Inc. (a)		50,400		984,312
Teradata Corp. (a)		42,500		2,154,750
				5,574,002
Technology Hardware — 3.8%
Ingram Micro, Inc., Class A (a)		199,900		4,203,897
Motorola Mobility Holdings, Inc. (a)		53,700		1,310,280

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
Teradyne, Inc. (a)		138,700	$	2,470,247
				7,984,424
Total Common Stocks (Identified cost $169,004,990)				199,703,628
Preferred Stock — 0.6%
Automotive — 0.6%
Better Place, Inc., Series B
(Identified cost $1,307,499)		435,833		1,307,499
Short-Term Investment — 3.1%
State Street Institutional Treasury Money Market Fund (Identified cost $6,345,971)		6,345,971		6,345,971
Total Investments — 99.8% (Identified cost $176,658,460) (b)			$	207,357,098
Cash and Other Assets in Excess of Liabilities — 0.2%				350,243
Net Assets — 100.0%			$	207,707,341

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks — 95.8%
Automotive — 2.7%
Dorman Products, Inc. (a)		48,357	$	2,035,346
Modine Manufacturing Co. (a)		186,000		3,002,040
Tenneco, Inc. (a)		39,150		1,661,918
				6,699,304
Banking — 6.3%
BankUnited, Inc.		101,000		2,899,710
City National Corp.		37,500		2,139,375
Fulton Financial Corp.		221,600		2,461,976
PacWest Bancorp		194,701		4,234,747
Wintrust Financial Corp.		106,693		3,920,968
				15,656,776
Chemicals — 3.2%
Kronos Worldwide, Inc.		31,835		1,860,756
Rockwood Holdings, Inc. (a)		58,400		2,874,448
Solutia, Inc. (a)		130,300		3,309,620
				8,044,824
Commercial Services — 3.2%
Equifax, Inc.		66,700		2,591,295
Lender Processing Services, Inc.		79,200		2,549,448
Team, Inc. (a)		105,200		2,762,552
				7,903,295
Computer Software — 5.6%
Akamai Technologies, Inc. (a)		30,600		1,162,800
BMC Software, Inc. (a)		71,700		3,566,358
Digital River, Inc. (a)		57,566		2,154,695
Quest Software, Inc. (a)		139,200		3,534,288
Red Hat, Inc. (a)		81,150		3,683,399
				14,101,540
Construction & Engineering — 2.4%
Orion Marine Group, Inc. (a)		273,369		2,935,983
Quanta Services, Inc. (a)		141,500		3,173,845
				6,109,828
Consumer Products — 7.3%
Central Garden & Pet Co., Class A (a)		364,200		3,354,282
Energizer Holdings, Inc. (a)		35,700		2,540,412
Mattel, Inc.		89,800		2,238,714
Matthews International Corp., Class A		73,450		2,831,497
Newell Rubbermaid, Inc.		125,200		2,395,076
Tempur-Pedic International, Inc. (a)		49,100		2,487,406
The Middleby Corp. (a)		26,350		2,456,347
				18,303,734
Energy Integrated — 2.4%
Cimarex Energy Co.		26,900		3,099,956
James River Coal Co. (a)		116,650		2,819,431
				5,919,387
Energy Services — 5.7%
Complete Production Services, Inc. (a)		128,100		4,074,861
Helmerich & Payne, Inc.		58,100		3,990,889
Key Energy Services, Inc. (a)		222,900		3,466,095
Oceaneering International, Inc.		31,000		2,772,950
				14,304,795
Financial Services — 1.9%
NYSE Euronext		41,000		1,441,970
Stifel Financial Corp. (a)		44,600		3,201,834
				4,643,804
Food & Beverages — 2.2%
Ralcorp Holdings, Inc. (a)		53,300		3,647,319
Snyders-Lance, Inc.		86,800		1,722,980
				5,370,299
Forest & Paper Products — 2.4%
Rock-Tenn Co., Class A		52,100		3,613,135

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (continued)
Schweitzer-Mauduit International, Inc.		49,100	$	2,484,951
				6,098,086
Gas Utilities — 2.5%
New Jersey Resources Corp.		90,600		3,891,270
The Laclede Group, Inc.		59,800		2,278,380
				6,169,650
Health Services — 2.6%
HealthSouth Corp. (a)		128,900		3,219,922
VCA Antech, Inc. (a)		131,700		3,316,206
				6,536,128
Housing — 1.0%
Trex Co., Inc. (a)		74,700		2,436,714
Insurance — 2.8%
Arch Capital Group, Ltd. (a)		32,700		3,243,513
Aspen Insurance Holdings, Ltd.		133,500		3,679,260
				6,922,773
Leisure & Entertainment — 4.6%
Bally Technologies, Inc. (a)		95,605		3,618,649
Darden Restaurants, Inc.		55,600		2,731,628
DreamWorks Animation SKG, Inc., Class A (a)		90,100		2,516,493
Texas Roadhouse, Inc.		154,200		2,619,858
				11,486,628
Manufacturing — 7.9%
Altra Holdings, Inc. (a)		141,611		3,344,852
BE Aerospace, Inc. (a)		94,700		3,364,691
FLIR Systems, Inc.		75,400		2,609,594
Generac Holdings, Inc. (a)		90,336		1,832,917
Harsco Corp.		118,000		4,164,220
Regal-Beloit Corp.		30,350		2,240,741
TriMas Corp. (a)		100,000		2,150,000
				19,707,015
Medical Products — 4.3%
CareFusion Corp. (a)		112,600		3,175,320
Haemonetics Corp. (a)		23,700		1,553,298
Hospira, Inc. (a)		65,100		3,593,520
Life Technologies Corp. (a)		46,510		2,438,054
				10,760,192
Metals & Mining — 1.5%
Horsehead Holding Corp. (a)		61,040		1,040,732
Steel Dynamics, Inc.		147,200		2,762,944
				3,803,676
Pharmaceutical & Biotechnology — 2.4%
DepoMed, Inc. (a)		157,400		1,580,296
Medicis Pharmaceutical Corp., Class A		61,900		1,983,276
Warner Chilcott PLC, Class A		107,000		2,490,960
				6,054,532
Real Estate — 5.1%
Kilroy Realty Corp. REIT		62,950		2,444,348
LaSalle Hotel Properties REIT		117,800		3,180,600
Regency Centers Corp. REIT		85,700		3,726,236
The Macerich Co. REIT		70,177		3,475,867
				12,827,051
Retail — 4.3%
American Eagle Outfitters, Inc.		140,050		2,225,394
Brown Shoe Co., Inc.		215,936		2,638,738
Iconix Brand Group, Inc. (a)		146,700		3,151,116
Williams-Sonoma, Inc.		64,800		2,624,400
				10,639,648
Semiconductor & Components — 3.8%
FARO Technologies, Inc. (a)		57,780		2,311,200
ON Semiconductor Corp. (a)		390,000		3,849,300
Xilinx, Inc.		99,100		3,250,480
				9,410,980

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Technology — 1.4%
AOL, Inc. (a)		59,900	$	1,169,847
SS&C Technologies Holdings, Inc. (a)		115,039		2,349,096
				3,518,943
Technology Hardware — 4.2%
Ingram Micro, Inc., Class A (a)		135,100		2,841,153
Polycom, Inc. (a)		57,550		2,983,968
Teradyne, Inc. (a)		258,000		4,594,980
				10,420,101
Transportation — 2.1%
Echo Global Logistics, Inc. (a)		258,541		3,394,643
UTi Worldwide, Inc.		87,350		1,767,964
				5,162,607
Total Common Stocks (Identified cost $204,112,771)				239,012,310
Preferred Stock — 0.2%
Automotive — 0.2%
Better Place, Inc., Series B
(Identified cost $452,901)		150,967		452,901
Description	Principal Amount (000)		Value
Repurchase Agreement — 3.6%
State Street Bank and Trust Co. 0.01%, 04/01/11 (Dated 03/31/11, collateralized by $9,120,000 United States Treasury Note, 1.00%, 04/30/12, with a value of $9,221,811) Proceeds of $9,037,003 (Identified cost $9,037,000)	$	9,037	$	9,037,000
Total Investments — 99.6% (Identified cost $213,602,672) (b)			$	248,502,211
Cash and Other Assets in Excess of Liabilities — 0.4%				1,076,444
Net Assets — 100.0%			$	249,578,655

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks — 94.2%
Australia — 22.8%
ConnectEast Group		10,344,323	$	4,868,340
DUET Group		4,468,209		7,741,332
Macquarie Atlas Roads Group (a)		2,023,995		4,009,088
MAp Group		1,021,694		3,212,638
SP AusNet		5,321,760		4,844,014
Spark Infrastructure Group (c)		5,496,400		6,367,424
Transurban Group		1,158,176		6,433,040
Total Australia				37,475,876
Austria — 1.7%
Flughafen Wien AG		43,685		2,770,488
France — 0.7%
Aeroports de Paris		6,900		635,614
Societe des Autoroutes Paris- Rhin-Rhone		6,600		477,590
Total France				1,113,204
Germany — 4.6%
Fraport AG		104,433		7,653,203
Italy — 20.7%
Atlantia SpA		450,794		10,330,447
Autostrada Torino-Milano SpA		391,562		5,943,209
Digital Multimedia Technologies SpA (a)		58,137		1,798,611
Hera SpA		1,671,878		4,001,890
Snam Rete Gas SpA		621,347		3,492,351
Societa Iniziative Autostradali e Servizi SpA		624,733		7,308,740
Terna Rete Elettrica Nazionale SpA		259,775		1,243,621
Total Italy				34,118,869
Japan — 14.1%
East Japan Railway Co.		38,900		2,162,930
Osaka Gas Co., Ltd.		2,237,000		8,928,637
Toho Gas Co., Ltd.		164,000		845,828
Tokyo Gas Co., Ltd.		1,902,700		8,692,306
West Japan Railway Co.		655		2,527,711
Total Japan				23,157,412
Mexico — 1.8%
Grupo Aeroportuario del Centro Norte SAB de CV		1,230,100		2,337,246
Grupo Aeroportuario del Sureste SAB de CV, B Shares		101,000		594,310
Total Mexico				2,931,556
Portugal — 2.3%
Brisa Auto-Estradas de Portugal SA		561,600		3,798,827
South Korea — 1.9%
Macquarie Korea Infrastructure Fund		676,600		3,207,366
Spain — 8.2%
Abertis Infraestructuras SA		161,100		3,500,005
Enagas SA		28,443		641,726
Red Electrica Corporacion SA		165,067		9,380,707
Total Spain				13,522,438
Switzerland — 1.9%
Flughafen Zuerich AG		7,484		3,116,636
United States — 13.5%
American Electric Power Co., Inc.		44,900		1,577,786
American States Water Co.		75,300		2,700,258
California Water Service Group		76,840		2,856,143
CSX Corp.		46,400		3,647,040
Norfolk Southern Corp.		45,300		3,137,931
PG&E Corp.		71,500		3,158,870
SJW Corp.		7,600		175,940
Union Pacific Corp.		18,600		1,828,938

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio (continued)
Wisconsin Energy Corp.		104,700	$	3,193,350
Total United States				22,276,256
Total Common Stocks
(Identified cost $140,086,174)				155,142,131
Short-Term Investment — 21.0%
State Street Institutional Treasury Money Market Fund
(Identified cost $34,532,868)		34,532,868		34,532,868
Total Investments — 115.2%
(Identified cost $174,619,042) (b)			$	189,674,999
Liabilities in Excess of Cash and
Other Assets — (15.2)%				(25,027,841	)
Net Assets — 100.0%			$	164,647,158

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at March 31, 2011:

						U.S. $ Cost		U.S. $
Forward Currency		Expiration		Foreign		on Origination		Current		Unrealized		Unrealized
Contracts	Counterparty	Date		Currency		Date		Value		Appreciation		Depreciation
Forward Currency Purchase Contracts
CHF	CIT		06/22/11		217,124	$	237,577	$	236,519	$	-	$	1,058
EUR	BRC		06/22/11		3,313,932		4,612,794		4,689,219		76,425		-
Total Forward Currency Purchase Contracts						$	4,850,371	$	4,925,738	$	76,425	$	1,058
Forward Currency Sale Contracts
AUD	HSB		06/22/11		27,263,543	$	27,925,338	$	27,143,039	$	-	$	782,299
AUD	HSB		06/22/11		6,256,723		6,408,599		6,383,484		-		25,115
CHF	CIT		06/22/11		1,800,010		1,960,798		1,928,514		-		32,284
CHF	CIT		06/22/11		1,276,043		1,390,027		1,385,618		-		4,409
EUR	BRC		06/22/11		9,735,722		13,776,063		13,695,046		-		81,017
EUR	BRC		06/22/11		37,349,789		52,850,015		51,545,697		-		1,304,318
JPY	HSB		06/22/11		141,085,459		1,696,995		1,744,121		47,126		-
JPY	HSB		06/22/11		347,233,386		4,176,571		4,182,074		5,503		-
JPY	MEL		06/22/11		1,404,145,404		16,889,253		17,161,606		272,353		-
KRW	MEL		06/28/11		3,430,345,144		3,110,331		3,051,094		-		59,237
MXN	SSB		06/22/11		34,413,465		2,872,733		2,863,904		-		8,829
Total Forward Currency Sale Contracts						$	133,056,723	$	131,084,197		324,982		2,297,508
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	401,407	$	2,298,566

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks — 94.6%
Australia — 2.7%
QBE Insurance Group, Ltd.		53,600	$	979,645
Telstra Corp., Ltd.		763,900		2,228,194
Total Australia				3,207,839
Belgium — 2.1%
Anheuser-Busch InBev NV		42,780		2,436,934
Brazil — 2.6%
Banco do Brasil SA		92,765		1,678,992
Cielo SA		170,600		1,446,179
Total Brazil				3,125,171
Canada — 2.0%
Potash Corp. of Saskatchewan, Inc.		23,600		1,392,144
Rogers Communications, Inc., Class B		26,600		966,874
Total Canada				2,359,018
China — 1.0%
Weichai Power Co., Ltd., Class H		186,000		1,132,229
Denmark — 1.3%
Novo Nordisk A/S, Class B		12,510		1,571,716
Finland — 1.0%
Sampo Oyj, A Shares		38,900		1,240,955
France — 11.2%
BNP Paribas SA		29,018		2,122,425
Danone SA		28,080		1,834,349
Sanofi-Aventis SA		42,427		2,974,809
Technip SA		17,700		1,887,603
Total SA		41,046		2,498,708
Valeo SA		34,860		2,033,204
Total France				13,351,098
Germany — 4.9%
Bayerische Motoren Werke AG		20,150		1,677,698
SAP AG		21,520		1,317,519
Siemens AG		20,358		2,790,214
Total Germany				5,785,431
Hong Kong — 1.9%
AIA Group, Ltd.		384,600		1,184,176
Kerry Properties, Ltd.		214,200		1,073,953
Total Hong Kong				2,258,129
India — 0.9%
Idea Cellular, Ltd. (a)		669,200		1,016,668
Italy — 1.4%
Atlantia SpA		74,169		1,699,665
Japan — 20.0%
Asics Corp.		51,790		692,360
Canon, Inc.		47,300		2,058,500
Daito Trust Construction Co., Ltd.		34,800		2,397,259
Don Quijote Co., Ltd.		50,700		1,602,432
eAccess, Ltd.		1,271		698,301
Honda Motor Co., Ltd.		51,500		1,934,810
Hoya Corp.		62,400		1,423,842
JS Group Corp.		81,800		2,124,164
JX Holdings, Inc.		124,900		840,875
Keyence Corp.		3,706		948,554
Mitsubishi Corp.		43,400		1,204,744
Mitsubishi Estate Co., Ltd.		77,000		1,302,465
Sumitomo Mitsui Financial Group, Inc.		74,000		2,300,601
Yahoo Japan Corp.		5,216		1,866,172
Yamada Denki Co., Ltd.		36,430		2,456,988
Total Japan				23,852,067
Netherlands — 2.1%
ING Groep NV (a)		195,150		2,470,015

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Norway — 1.2%
Aker Solutions ASA		61,130	$	1,404,932
Russia — 1.0%
Sberbank		318,700		1,197,675
South Korea — 2.2%
Hyundai Mobis		4,277		1,276,920
Samsung Electronics Co., Ltd.
GDR (c)		3,199		1,363,094
Total South Korea				2,640,014
Spain — 1.2%
Amadeus IT Holding SA, A Shares		74,120		1,418,078
Sweden — 0.9%
Assa Abloy AB, Class B		37,900		1,089,822
Switzerland — 5.4%
Julius Baer Group, Ltd.		25,430		1,103,582
Novartis AG		63,290		3,432,888
UBS AG (a)		108,710		1,950,507
Total Switzerland				6,486,977
United Kingdom — 27.6%
BG Group PLC		59,210		1,473,212
BHP Billiton PLC		72,800		2,872,928
British American Tobacco PLC		48,649		1,952,628
Diageo PLC		62,600		1,190,011
GlaxoSmithKline PLC		111,650		2,130,500
Informa PLC		285,791		1,910,426
International Power PLC		207,330		1,024,404
Lloyds Banking Group PLC (a)		1,563,566		1,457,055
Prudential PLC		249,180		2,824,123
Rexam PLC		176,554		1,029,250
Royal Dutch Shell PLC, A Shares		74,950		2,722,114
Standard Chartered PLC		68,667		1,781,215
Tullow Oil PLC		57,580		1,337,514
Unilever PLC		76,950		2,345,419
Vodafone Group PLC		454,908		1,288,032
WM Morrison Supermarkets PLC		319,330		1,413,862
WPP PLC		121,540		1,498,378
Xstrata PLC		112,770		2,635,794
Total United Kingdom				32,886,865
Total Common Stocks
(Identified cost $94,517,341)				112,631,298
	Principal
	Amount
Description	(000)		Value
Repurchase Agreement — 4.8%
State Street Bank and Trust Co., 0.01%, 04/01/11
(Dated 03/31/11, collateralized
by $5,825,000 United States
Treasury Note, 1.00%, 04/30/12, with a value of $5,890,027) Proceeds of $5,772,002
(Identified cost $5,772,000)	$	5,772	$	5,772,000
Total Investments — 99.4%
(Identified cost $100,289,341) (b)			$	118,403,298
Cash and Other Assets in Excess
of Liabilities — 0.6%				717,548
Net Assets — 100.0%			$	119,120,846

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks — 96.4%
Australia — 4.8%
BHP Billiton, Ltd.		4,078	$	196,394
Telstra Corp., Ltd.		46,321		135,112
Total Australia				331,506
Belgium — 2.4%
Anheuser-Busch InBev NV		2,899		165,140
Brazil — 5.9%
Banco do Brasil SA		7,033		127,293
Cielo SA		15,075		127,791
Vale SA Sponsored ADR		4,408		147,007
Total Brazil				402,091
Canada — 2.0%
Potash Corp. of Saskatchewan,
Inc.		1,209		71,318
Rogers Communications, Inc.,
Class B		1,749		63,574
Total Canada				134,892
China — 2.5%
China Construction Bank Corp.,
Class H		110,002		103,093
Weichai Power Co., Ltd., Class H		10,957		66,698
Total China				169,791
Denmark — 1.3%
Novo Nordisk A/S, Class B		696		87,443
Finland — 1.6%
Sampo Oyj, A Shares		3,525		112,451
France — 11.7%
BNP Paribas SA		1,003		73,361
Danone SA		1,850		120,853
LVMH Moet Hennessy Louis
Vuitton SA		596		94,347
Sanofi-Aventis SA		2,709		189,944
Technip SA		1,239		132,132
Total SA		3,176		193,342
Total France				803,979
Germany — 4.8%
Bayerische Motoren Werke AG		1,099		91,503
SAP AG		2,652		162,363
Siemens AG		550		75,382
Total Germany				329,248
Hong Kong — 2.1%
AIA Group, Ltd.		23,600		72,664
Sun Hung Kai Properties, Ltd.		4,396		69,626
Total Hong Kong				142,290
Indonesia — 1.3%
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		2,781		93,386
Italy — 1.6%
Atlantia SpA		4,701		107,729
Japan — 15.7%
Canon, Inc.		2,292		99,748
Daito Trust Construction Co., Ltd.		1,465		100,919
Fanuc Corp.		886		134,104
Honda Motor Co., Ltd.		3,725		139,945
Hoya Corp.		2,618		59,737
JS Group Corp.		3,900		101,274
Mitsubishi Estate Co., Ltd.		4,990		84,406
Sumitomo Mitsui Financial Group,
Inc.		3,976		123,611
Yahoo Japan Corp.		343		122,718
Yamada Denki Co., Ltd.		1,670		112,632
Total Japan				1,079,094
Netherlands — 1.8%
ING Groep NV (a)		9,682		122,545

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Russia — 2.2%
Mobile TeleSystems OJSC
Sponsored ADR		3,034	$	64,412
Sberbank		22,690		85,269
Total Russia				149,681
South Africa — 1.0%
Standard Bank Group, Ltd.		4,294		66,013
South Korea — 2.2%
Hyundai Mobis		297		88,671
KT&G Corp.		1,154		60,069
Total South Korea				148,740
Sweden — 2.1%
Assa Abloy AB, Class B		5,074		145,904
Switzerland — 4.4%
Novartis AG		3,240		175,740
UBS AG (a)		6,998		125,560
Total Switzerland				301,300
Taiwan — 1.8%
Taiwan Semiconductor
Manufacturing Co., Ltd.		51,341		123,261
Turkey — 0.7%
Turkcell Iletisim Hizmetleri AS		8,246		48,812
United Kingdom — 22.5%
BG Group PLC		4,365		108,606
British American Tobacco PLC		3,980		159,745
GlaxoSmithKline PLC		7,875		150,270
Informa PLC		12,394		82,850
Lloyds Banking Group PLC (a)		110,043		102,547
Prudential PLC		12,910		146,318
Rexam PLC		11,823		68,924
Royal Dutch Shell PLC, A Shares		2,879		104,635
Standard Chartered PLC		4,465		115,822
Tullow Oil PLC		4,521		105,017
Unilever PLC		4,195		127,863
WM Morrison Supermarkets PLC		26,544		117,526
Xstrata PLC		6,444		150,617
Total United Kingdom				1,540,740
Total Common Stocks
(Identified cost $5,838,251)				6,606,036
Short-Term Investment — 2.7%
State Street Institutional Treasury
Money Market Fund
(Identified cost $181,042)		181,042		181,042
Total Investments — 99.1%
(Identified cost $6,019,293) (b)			$	6,787,078
Cash and Other Assets in Excess
of Liabilities — 0.9%				63,755
Net Assets — 100.0%			$	6,850,833

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks — 94.3%
Australia — 3.0%
Telstra Corp., Ltd.		2,265,500	$	6,608,160
Toll Holdings, Ltd.		994,530		6,100,143
Total Australia				12,708,303
Belgium — 2.7%
Anheuser-Busch InBev NV		206,930		11,787,629
Brazil — 1.2%
Duratex SA		468,400		4,948,948
China — 3.6%
Industrial and Commercial Bank of
China, Ltd., Class H		8,667,264		7,198,067
Weichai Power Co., Ltd., Class H		658,000		4,005,412
Yingde Gases Group Co.		5,030,000		4,203,226
Total China				15,406,705
Egypt — 1.7%
Commercial International Bank
Egypt SAE		712,465		3,940,406
Eastern Co.		187,220		3,309,925
Total Egypt				7,250,331
Finland — 2.5%
Sampo Oyj, A Shares		336,010		10,719,108
France — 11.1%
BNP Paribas SA		111,433		8,150,395
Christian Dior SA		44,860		6,314,961
Danone SA		73,700		4,814,512
Sanofi-Aventis SA		159,700		11,197,516
Technip SA		69,500		7,411,776
Valeo SA		168,960		9,854,565
Total France				47,743,725
Germany — 2.2%
Bayerische Motoren Werke AG		78,980		6,575,912
Symrise AG		96,753		2,836,977
Total Germany				9,412,889
Hong Kong — 1.5%
AIA Group, Ltd.		2,143,800		6,600,717
Italy — 2.1%
Prysmian SpA		415,581		8,916,872
Japan — 14.2%
Asics Corp.		532,950		7,124,794
Canon, Inc.		191,700		8,342,799
Daito Trust Construction Co., Ltd.		101,100		6,964,451
Don Quijote Co., Ltd.		359,300		11,356,092
eAccess, Ltd.		7,835		4,304,634
JS Group Corp.		349,100		9,065,352
Yahoo Japan Corp.		17,700		6,332,676
Yamada Denki Co., Ltd.		114,360		7,712,907
Total Japan				61,203,705
Netherlands — 2.6%
ASM International NV		137,465		5,396,384
ING Groep NV (a)		473,480		5,992,840
Total Netherlands				11,389,224
Norway — 1.6%
Aker Solutions ASA		290,950		6,686,813
Russia — 1.6%
Sberbank		1,888,714		7,097,787
South Africa — 4.3%
Aquarius Platinum, Ltd.		884,140		4,901,771
Aspen Pharmacare Holdings, Ltd.
(a)		374,930		4,378,340
MTN Group, Ltd.		268,140		5,413,138
Naspers, Ltd., N Shares		74,050		3,984,361
Total South Africa				18,677,610
South Korea — 1.5%
Hyundai Mobis		21,930		6,547,313

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Spain — 3.3%
Amadeus IT Holding SA, A Shares		422,420	$	8,081,821
Tecnicas Reunidas SA		102,790		6,179,488
Total Spain				14,261,309
Switzerland — 4.7%
Julius Baer Group, Ltd.		128,542		5,578,317
Novartis AG		115,800		6,281,063
UBS AG (a)		469,910		8,431,265
Total Switzerland				20,290,645
United Kingdom — 28.9%
AMEC PLC		365,353		6,992,161
BBA Aviation PLC		1,805,278		5,884,724
BG Group PLC		345,640		8,599,913
British American Tobacco PLC		324,458		13,022,791
Cairn Energy PLC (a)		447,710		3,318,876
GlaxoSmithKline PLC		425,720		8,123,567
IG Group Holdings PLC		739,600		5,417,402
Informa PLC		1,723,147		11,518,717
Lloyds Banking Group PLC (a)		8,727,392		8,132,876
Prudential PLC		1,027,250		11,642,510
Rexam PLC		1,082,090		6,308,217
TalkTalk Telecom Group PLC		2,695,793		5,959,283
Tullow Oil PLC		232,820		5,408,130
Unilever PLC		275,274		8,390,292
WM Morrison Supermarkets PLC		1,444,980		6,397,779
Xstrata PLC		388,680		9,084,688
Total United Kingdom				124,201,926
Total Common Stocks
(Identified cost $348,256,623)				405,851,559
Preferred Stock — 1.2%
Brazil — 1.2%
Banco Bradesco SA
(Identified cost $4,503,793)		262,072		5,353,322
Short-Term Investment — 4.0%
State Street Institutional Treasury
Money Market Fund
(Identified cost $17,162,833)		17,162,833		17,162,833
Total Investments — 99.5%
(Identified cost $369,923,249) (b)			$	428,367,714
Cash and Other Assets in Excess
of Liabilities — 0.5%				2,118,873
Net Assets — 100.0%			$	430,486,587

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks — 96.3%
Australia — 4.7%
Cabcharge Australia, Ltd.		144,269	$	823,720
Fairfax Media, Ltd.		389,562		519,797
James Hardie Industries SE (a)		152,564		962,607
Macquarie Atlas Roads Group (a)		532,568		1,054,900
Total Australia				3,361,024
Austria — 2.6%
Andritz AG		11,915		1,110,925
Kapsch TrafficCom AG		8,143		721,266
Total Austria				1,832,191
Belgium — 5.4%
Arseus NV		74,780		1,277,037
EVS Broadcast Equipment SA		12,316		783,695
Kinepolis Group NV		7,752		620,716
Telenet Group Holding NV (a)		24,985		1,170,790
Total Belgium				3,852,238
Finland — 1.0%
Vacon PLC		11,703		721,469
France — 5.7%
Faiveley Transport SA		7,824		774,065
Ingenico SA		20,632		923,827
Valeo SA		20,130		1,174,079
Virbac SA		7,353		1,225,783
Total France				4,097,754
Germany — 6.3%
Asian Bamboo AG		13,453		661,576
CompuGroup Medical AG		77,722		1,266,697
CTS Eventim AG		22,571		1,456,236
Fielmann AG		1		94
Pfeiffer Vacuum Technology AG		8,199		1,150,110
Total Germany				4,534,713
Hong Kong — 3.1%
AAC Acoustic Technologies
Holdings, Inc.		380,000		1,025,898
EVA Precision Industrial Holdings,
Ltd.		692,000		507,087
Man Wah Holdings, Ltd.		557,200		720,627
Total Hong Kong				2,253,612
Ireland — 2.5%
C&C Group PLC		148,146		665,759
DCC PLC		36,559		1,164,157
Total Ireland				1,829,916
Italy — 2.2%
DiaSorin SpA		16,584		729,763
MARR SpA		69,814		858,802
Total Italy				1,588,565
Japan — 24.1%
Ain Pharmaciez, Inc.		29,000		1,014,547
Asahi Holdings, Inc.		56,600		1,151,325
Daiseki Co., Ltd.		38,200		745,814
Don Quijote Co., Ltd.		35,800		1,131,500
Dr. Ci:Labo Co., Ltd.		190		703,535
eAccess, Ltd.		1,762		968,062
JAFCO Co., Ltd.		23,300		599,447
JSR Corp.		39,300		788,551
Konami Corp.		45,700		846,093
Kurita Water Industries, Ltd.		24,100		712,454
Misumi Group, Inc.		39,300		975,649
Nomura Research Institute, Ltd.		25,600		565,059
NPC, Inc.		34,300		889,870
Rinnai Corp.		11,000		729,983
Roland DG Corp.		9,600		138,495
Sankyo Co., Ltd.		9,500		487,106
Santen Pharmaceutical Co., Ltd.		20,490		816,595
Shinko Plantech Co., Ltd.		80,500		931,973
Suruga Bank, Ltd.		106,300		943,128
Sysmex Corp.		21,400		756,898

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Union Tool Co.		23,800	$	564,241
USS Co., Ltd.		11,770		915,507
Total Japan				17,375,832
Netherlands — 6.5%
Aalberts Industries NV		41,470		984,125
Fugro NV		15,523		1,367,909
Imtech NV		22,918		850,635
Interxion Holding NV		49,500		643,500
Unit 4 NV		25,349		862,190
Total Netherlands				4,708,359
New Zealand — 0.8%
Telecom Corp. of New Zealand, Ltd.		393,429		603,375
Norway — 6.2%
Aker Drilling ASA		128,900		461,502
BW Offshore, Ltd. (a)		344,039		920,714
Kongsberg Gruppen ASA		69,420		1,926,851
TGS Nopec Geophysical Co. ASA		43,500		1,167,289
Total Norway				4,476,356
Singapore — 1.3%
Ezra Holdings, Ltd.		682,000		952,257
South Africa — 0.9%
Aquarius Platinum, Ltd.		121,605		674,192
Spain — 1.0%
Tecnicas Reunidas SA		11,787		708,606
Sweden — 6.8%
Duni AB		98,240		1,101,171
Elekta AB, B Shares		23,400		935,718
Getinge AB, B Shares		40,810		1,007,335
Indutrade AB		25,600		841,585
Loomis AB, B Shares		62,140		984,490
Total Sweden				4,870,299
Switzerland — 2.6%
Dufry Group (a)		9,472		1,090,028
Swissquote Group Holding SA		13,403		804,034
Total Switzerland				1,894,062
United Kingdom — 12.6%
Abcam PLC		121,597		735,398
Chemring Group PLC		100,540		1,115,294
CPP Group PLC		160,985		397,708
Dignity PLC		72,718		811,913
Hampson Industries PLC		1		0
IG Group Holdings PLC		161,417		1,182,343
Intertek Group PLC		28,820		940,380
Jupiter Fund Management PLC		152,050		701,022
Melrose PLC		178,535		939,124
Rightmove PLC		55,434		844,808
TalkTalk Telecom Group PLC		314,872		696,052
XP Power, Ltd.		24,507		687,997
Total United Kingdom				9,052,039
Total Common Stocks
(Identified cost $52,871,641)				69,386,859
Preferred Stock — 1.4%
Germany — 1.4%
Fuchs Petrolub AG
(Identified cost $471,807)		6,724		1,000,571
Short-Term Investment — 0.5%
United States — 0.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $366,212)		366,212		366,212
Total Investments — 98.2%
(Identified cost $53,709,660) (b)			$	70,753,642
Cash and Other Assets in Excess
of Liabilities — 1.8%				1,299,616
Net Assets — 100.0%			$	72,053,258

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks — 93.5%
Argentina — 1.5%
YPF Sociedad Anonima SA Sponsored ADR		6,177,297	$	275,136,808
Brazil — 17.9%
Banco do Brasil SA		36,038,210		652,270,300
Cielo SA		62,887,800		533,100,880
CCR SA		5,293,500		153,683,827
Companhia Siderurgica Nacional SA Sponsored ADR		16,658,688		277,533,742
Natura Cosmeticos SA		8,959,000		252,420,298
Redecard SA		40,398,320		595,093,618
Souza Cruz SA		16,956,825		176,563,272
Vale SA Sponsored ADR		17,432,400		581,370,540
Total Brazil				3,222,036,477
Canada — 1.7%
First Quantum Minerals, Ltd.		2,396,300		309,998,913
China — 2.5%
China Construction Bank Corp., Class H		203,563,220		190,777,957
NetEase.com, Inc. Sponsored ADR (a)		2,800,075		138,631,713
Weichai Power Co., Ltd., Class H		21,368,500		130,075,461
Total China				459,485,131
Egypt — 2.6%
Commercial International Bank Egypt SAE		26,347,584		145,719,669
Eastern Co.		3,616,448		63,936,398
Egyptian Co. for Mobile Services		2,469,675		66,305,562
Orascom Construction Industries		4,810,893		196,165,282
Total Egypt				472,126,911
France — 0.6%
CFAO SA		2,887,914		108,396,485
Hong Kong — 0.9%
Huabao International Holdings, Ltd.		99,599,000		153,651,773
Hungary — 1.0%
OTP Bank PLC		5,821,212		172,257,846
India — 6.8%
Bank of India		18,705,460		199,113,844
Bharat Heavy Electricals, Ltd.		5,017,779		231,788,872
Infosys Technologies, Ltd. Sponsored ADR		1,836,408		131,670,453
Jindal Steel & Power, Ltd.		14,722,517		229,545,152
Punjab National Bank, Ltd.		15,684,269		428,710,387
Total India				1,220,828,708
Indonesia — 5.5%
PT Bank Mandiri Tbk		215,781,930		168,511,872
PT Perusahaan Gas Negara (Persero) Tbk		45,105,000		20,202,067
PT Semen Gresik (Persero) Tbk		153,453,800		160,370,896
PT Tambang Batubara Bukit Asam Tbk		57,529,500		138,744,703
PT Telekomunikasi Indonesia Tbk Sponsored ADR		10,729,249		360,288,181
PT United Tractors Tbk		56,703,351		141,310,677
Total Indonesia				989,428,396
Malaysia — 0.6%
British American Tobacco Malaysia Berhad		6,763,800		107,327,521
Mexico — 6.1%
America Movil SAB de CV ADR, Series L		4,769,635		277,115,793
Desarrolladora Homex SAB de CV ADR (a)		3,121,968		85,073,628
Fomento Economico Mexicano SAB de CV Sponsored ADR		2,301,917		135,122,528
Grupo Mexico SAB de CV, Series B		76,857,393		288,188,166

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (continued)
Grupo Televisa SA Sponsored
ADR (a)		7,666,600	$	188,061,698
Kimberly-Clark de Mexico SAB de
CV, Series A		18,633,665		115,911,612
Total Mexico				1,089,473,425
Pakistan — 1.2%
Oil & Gas Development Co., Ltd.		54,371,349		86,211,058
Pakistan Petroleum, Ltd.		52,306,871		129,297,195
Total Pakistan				215,508,253
Philippines — 1.9%
Philippine Long Distance
Telephone Co. Sponsored ADR		6,365,350		340,546,225
Russia — 5.9%
Magnit OJSC Sponsored GDR (c)		4,750,995		144,002,659
Mobile TeleSystems OJSC
Sponsored ADR		17,722,343		376,245,342
OAO LUKOIL Sponsored ADR		606,550		43,446,334
Oriflame Cosmetics SA SDR		2,955,129		152,908,812
TNK-BP Holding		44,542,141		133,626,423
Uralkali Sponsored GDR		5,090,763		211,113,941
Total Russia				1,061,343,511
South Africa — 10.8%
Bidvest Group, Ltd.		8,100,562		178,008,802
Kumba Iron Ore, Ltd.		3,703,225		261,661,722
Massmart Holdings, Ltd.		7,794,028		161,548,944
Murray & Roberts Holdings, Ltd.		29,475,355		115,635,761
Nedbank Group, Ltd.		8,512,546		178,102,847
Pretoria Portland Cement Co., Ltd.		35,401,233		125,591,958
Sanlam, Ltd.		45,968,129		187,541,812
Shoprite Holdings, Ltd.		14,168,127		217,328,387
Standard Bank Group, Ltd.		10,397,429		159,842,220
Tiger Brands, Ltd.		6,161,508		159,397,711
Truworths International, Ltd.		19,789,624		206,233,332
Total South Africa				1,950,893,496
South Korea — 12.1%
Hite Brewery Co., Ltd.		807,290		79,849,551
Hyundai Mobis		872,995		260,637,096
KB Financial Group, Inc.		2,965,570		155,449,451
Korea Life Insurance Co., Ltd. (a)		34,438,343		237,971,320
KT&G Corp.		5,054,970		263,128,481
NHN Corp. (a)		1,388,732		242,437,830
Samsung Electronics Co., Ltd.		401,929		341,490,340
Shinhan Financial Group Co., Ltd.		8,984,337		408,285,883
Woongjin Coway Co., Ltd.		5,333,984		184,047,855
Total South Korea				2,173,297,807
Taiwan — 5.5%
Delta Electronics, Inc.		31,793,000		125,954,619
Hon Hai Precision Industry Co.,
Ltd.		67,192,636		235,350,739
HTC Corp.		3,891,367		152,179,690
MediaTek, Inc.		20,884,421		240,046,735
Taiwan Semiconductor
Manufacturing Co., Ltd.		100,360,284		240,947,955
Total Taiwan				994,479,738
Thailand — 2.2%
Banpu Public Co., Ltd.		9,410,500		238,957,315
Kasikornbank Public Co., Ltd.		31,113,200		135,274,783
Siam Cement Public Co., Ltd.		1,776,900		22,266,328
Total Thailand				396,498,426
Turkey — 6.2%
Akbank TAS		46,852,421		227,578,872
Koc Holding AS		32,323,872		150,309,511
Turkcell Iletisim Hizmetleri AS		56,454,159		334,180,249
Turkiye Is Bankasi AS, C Shares		123,579,708		395,378,231
Total Turkey				1,107,446,863
Total Common Stocks
(Identified cost $13,639,646,448)				16,820,162,713

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Preferred Stocks — 4.5%
Brazil — 4.5%
Companhia de Bebidas das
Americas SA Sponsored ADR		7,206,786	$	204,024,112
Companhia Energetica de Minas
Gerais SA Sponsored ADR		12,709,754		244,916,960
Ultrapar Participacoes SA		6,286,300		104,075,392
Usinas Siderurgicas de Minas
Gerais SA, A Shares		20,791,200		251,509,019
Vale Fertilizantes SA		1,465,600		14,219,278
Total Brazil				818,744,761
Total Preferred Stocks
(Identified cost $758,395,646)				818,744,761
Short-Term Investment — 1.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $225,854,780)		225,854,780		225,854,780
Total Investments — 99.3%
(Identified cost $14,623,896,874) (b)			$	17,864,762,254
Cash and Other Assets in Excess
of Liabilities — 0.7%				129,735,563
Net Assets — 100.0%			$	17,994,497,817

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks — 87.9%
Brazil — 9.6%
Cia Hering SA		204,834	$	3,763,832
Cyrela Brazil Realty SA Empreendimentos e Participacoes		344,260		3,264,107
Diagnosticos da America SA		226,900		2,918,507
MRV Engenharia e Participacoes SA		546,195		4,369,159
Totvs SA		205,200		3,940,232
Vale SA Sponsored ADR		162,215		5,409,870
Total Brazil				23,665,707
China — 12.3%
Agricultural Bank of China, Ltd., Class H		6,423,500		3,633,505
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd., Class H		1,173,400		3,010,981
China Construction Bank Corp., Class H		3,419,849		3,205,058
China Merchants Bank Co., Ltd., Class H		1,059,906		2,936,405
China National Materials Co., Ltd., Class H		2,863,890		2,577,245
China Petroleum & Chemical Corp. ADR		31,035		3,121,500
Hidili Industry International Development, Ltd.		5,344,900		4,741,219
NetEase.com, Inc. Sponsored ADR (a)		33,285		1,647,940
Parkson Retail Group, Ltd.		981,450		1,350,061
Ping An Insurance Group Co. of China, Ltd., Class H		398,000		4,037,025
Total China				30,260,939
Colombia — 1.9%
Pacific Rubiales Energy Corp.		169,635		4,706,737
Hong Kong — 4.4%
AAC Acoustic Technologies Holdings, Inc.		1,119,700		3,022,890
China State Construction International Holdings, Ltd.		4,242,450		3,872,366
Geely Automobile Holdings, Ltd.		7,306,700		2,714,691
Man Wah Holdings, Ltd.		1,060,400		1,371,416
Total Hong Kong				10,981,363
India — 6.4%
HDFC Bank, Ltd. Sponsored ADR		18,300		3,109,902
ICICI Bank, Ltd. Sponsored ADR		99,930		4,979,512
Shriram Transport Finance Co., Ltd.		426,579		7,662,065
Total India				15,751,479
Indonesia — 2.5%
PT Bank Rakyat Indonesia (Persero) Tbk		6,021,600		3,976,365
PT Perusahaan Gas Negara (Persero) Tbk		4,812,860		2,155,631
Total Indonesia				6,131,996
Kazakhstan — 3.7%
Halyk Savings Bank of Kazakhstan JSC GDR (a)		496,464		4,999,393
KazMunaiGas Exploration Production GDR		75,567		1,700,257
Zhaikmunai LP GDR (a)		206,658		2,552,226
Total Kazakhstan				9,251,876
Luxembourg — 1.0%
Millicom International Cellular SA		25,208		2,424,253
Malaysia — 1.1%
Genting Berhad		717,300		2,614,607
Mexico — 2.3%
Corporacion GEO SAB de CV, Series B (a)		513,806		1,441,056

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Grupo Financiero Banorte SAB de CV, Class O	924,957	$	4,354,770
Total Mexico			5,795,826
Philippines — 1.3%
SM Investments Corp.	266,597		3,188,107
Qatar — 1.5%
Qatar Electricity & Water Co.	99,445		3,766,090
Russia — 15.8%
Alliance Oil Co., Ltd. (a)	92,200		1,755,801
Eurasia Drilling Co., Ltd. GDR	89,912		3,057,008
Gazprom OAO Sponsored ADR	177,265		5,732,750
Globaltrans Investment PLC Sponsored GDR	270,833		4,980,619
Rosneft Oil Co. OJSC GDR	237,798		2,172,285
Sberbank	1,372,924		5,159,448
TMK OAO GDR (a)	185,460		3,911,352
Uralkali Sponsored GDR	103,463		4,290,610
VTB Bank OJSC GDR	786,529		5,505,703
X5 Retail Group NV GDR (a)	60,364		2,544,343
Total Russia			39,109,919
South Africa — 7.1%
Clicks Group, Ltd.	537,589		3,382,082
Exxaro Resources, Ltd. Sponsored ADR	238,880		5,878,837
MTN Group, Ltd.	188,505		3,805,488
Standard Bank Group, Ltd.	294,677		4,530,142
Total South Africa			17,596,549
South Korea — 6.1%
Hyundai Mobis	16,682		4,980,496
Samsung Electronics Co., Ltd.	6,063		5,151,298
Samsung Engineering Co., Ltd.	26,312		5,013,180
Total South Korea			15,144,974
Taiwan — 6.5%
Synnex Technology International
Corp.	1,841,989		4,297,024
Tripod Technology Corp.	861,000		3,791,662
Wistron Corp.	2,812,160		4,456,384
Yuanta Financial Holding Co., Ltd.	4,768,000		3,429,283
Total Taiwan			15,974,353
Thailand — 1.1%
PTT Exploration & Production
Public Co., Ltd.	449,350		2,674,260
Turkey — 2.4%
Tofas Turk Otomobil Fabrikasi AS	642,365		3,627,747
Turkiye Garanti Bankasi AS ADR	474,240		2,195,731
Total Turkey			5,823,478
United States — 0.9%
NII Holdings, Inc. (a)	50,677		2,111,710
Total Common Stocks
(Identified cost $201,280,968)			216,974,223
Preferred Stocks — 4.4%
Brazil — 3.2%
Banco Bradesco SA Sponsored ADR	114,733		2,380,710
Gerdau SA Sponsored ADR	257,850		3,223,125
Marcopolo SA	532,100		2,229,237
Total Brazil			7,833,072
Colombia — 1.2%
Bancolombia SA Sponsored ADR	47,700		2,988,882
Total Preferred Stocks
(Identified cost $10,764,969)			10,821,954
Short-Term Investment — 5.5%
State Street Institutional Treasury
Money Market Fund
(Identified cost $13,614,457)	13,614,457		13,614,457
Total Investments — 97.8%
(Identified cost $225,660,394) (b)		$	241,410,634
Cash and Other Assets in Excess
of Liabilities — 2.2%			5,319,583
Net Assets — 100.0%		$	246,730,217

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks — 89.0%
Argentina — 1.4%
YPF Sociedad Anonima
Sponsored ADR		32,615	$	1,452,672
Brazil — 12.0%
Banco do Brasil SA		73,670		1,333,383
Cia Hering SA		70,727		1,299,611
Companhia Siderurgica Nacional
SA Sponsored ADR		67,035		1,116,803
Diagnosticos da America SA		81,100		1,043,151
MRV Engenharia e Participacoes
SA		156,800		1,254,285
Natura Cosmeticos SA		31,310		882,161
Redecard SA		109,310		1,610,208
Souza Cruz SA		71,575		745,276
Totvs SA		73,775		1,416,621
Vale SA Sponsored ADR		43,200		1,440,720
Total Brazil				12,142,219
Canada — 0.8%
First Quantum Minerals, Ltd.		6,405		828,587
China — 6.5%
Agricultural Bank of China, Ltd.,
Class H		3,140,000		1,776,167
China Construction Bank Corp.,
Class H		1,029,461		964,803
China Petroleum & Chemical Corp.
ADR		9,970		1,002,783
Hidili Industry International
Development, Ltd.		1,510,360		1,339,772
Ping An Insurance Group Co. of
China, Ltd., Class H		150,500		1,526,563
Total China				6,610,088
Colombia — 1.2%
Pacific Rubiales Energy Corp.		42,600		1,181,991
Egypt — 2.1%
Commercial International Bank
Egypt SAE		180,599		998,833
Orascom Construction Industries		26,253		1,070,472
Total Egypt				2,069,305
Hong Kong — 2.2%
AAC Acoustic Technologies
Holdings, Inc.		357,640		965,532
China State Construction
International Holdings, Ltd.		1,386,087		1,265,174
Total Hong Kong				2,230,706
Hungary — 0.9%
OTP Bank PLC		30,911		914,700
India — 1.6%
ICICI Bank, Ltd. Sponsored ADR		32,990		1,643,892
Indonesia — 4.6%
PT Bank Rakyat Indonesia
(Persero) Tbk		1,870,118		1,234,933
PT Perusahaan Gas Negara
(Persero) Tbk		2,817,565		1,261,959
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		41,540		1,394,913
PT United Tractors Tbk		318,500		793,735
Total Indonesia				4,685,540
Kazakhstan — 1.5%
Halyk Savings Bank of Kazakhstan
JSC GDR (a)		149,656		1,507,036
Malaysia — 1.2%
Genting Berhad		330,520		1,204,768
Mexico — 4.4%
America Movil SAB de CV ADR,
Series L		17,124		994,905
Grupo Financiero Banorte SAB de
CV, Class O		252,800		1,190,202
Grupo Mexico SAB de CV, Series B		237,190		889,379

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Grupo Televisa SA Sponsored
ADR (a)		28,376	$	696,063
Kimberly-Clark de Mexico SAB de
CV, Series A		106,925		665,132
Total Mexico				4,435,681
Philippines — 2.8%
Philippine Long Distance
Telephone Co. Sponsored ADR		28,965		1,549,627
SM Investments Corp.		102,528		1,226,084
Total Philippines				2,775,711
Qatar — 1.4%
Qatar Electricity & Water Co.		37,630		1,425,089
Russia — 11.1%
Eurasia Drilling Co., Ltd. GDR		34,923		1,187,382
Gazprom OAO Sponsored ADR		46,700		1,510,278
Globaltrans Investment PLC
Sponsored GDR		81,581		1,500,275
Mobile TeleSystems OJSC
Sponsored ADR		56,190		1,192,914
OAO LUKOIL Sponsored ADR		10,415		743,527
Oriflame Cosmetics SA SDR		18,748		970,088
Rosneft Oil Co. OJSC GDR		94,573		863,924
Sberbank		395,834		1,487,544
Uralkali Sponsored GDR		22,164		919,141
X5 Retail Group NV GDR (a)		20,229		852,652
Total Russia				11,227,725
South Africa — 8.1%
Clicks Group, Ltd.		172,837		1,087,353
Exxaro Resources, Ltd.		79,017		1,932,617
Kumba Iron Ore, Ltd.		9,382		662,911
Standard Bank Group, Ltd.		123,516		1,898,842
Tiger Brands, Ltd.		43,485		1,124,953
Truworths International, Ltd.		144,159		1,502,322
Total South Africa				8,208,998
South Korea — 9.5%
Hyundai Mobis		8,832		2,636,838
Korea Life Insurance Co., Ltd. (a)		127,552		881,393
KT&G Corp.		22,680		1,180,572
NHN Corp. (a)		7,538		1,315,946
Samsung Electronics Co., Ltd.		1,336		1,135,104
Samsung Engineering Co., Ltd.		8,847		1,685,604
Shinhan Financial Group Co., Ltd.		16,914		768,643
Total South Korea				9,604,100
Taiwan — 7.8%
Delta Electronics, Inc.		311,000		1,232,091
Hon Hai Precision Industry Co.,
Ltd.		363,256		1,272,350
MediaTek, Inc.		63,000		724,126
Synnex Technology International
Corp.		539,190		1,257,832
Taiwan Semiconductor
Manufacturing Co., Ltd.		399,000		957,931
Tripod Technology Corp.		296,240		1,304,578
Wistron Corp.		700,110		1,109,453
Total Taiwan				7,858,361
Thailand — 1.3%
Banpu Public Co., Ltd.		49,330		1,252,618
Turkey — 5.7%
Koc Holding AS ADR		35,261		824,050
Tofas Turk Otomobil Fabrikasi AS		229,221		1,294,522
Turkcell Iletisim Hizmetleri AS
ADR		86,975		1,307,234
Turkiye Garanti Bankasi AS		250,018		1,169,088
Turkiye Is Bankasi AS, C Shares		373,923		1,196,321
Total Turkey				5,791,215
United States — 0.9%
NII Holdings, Inc. (a)		21,790		907,989
Total Common Stocks
(Identified cost $86,910,451)				89,958,991

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Preferred Stocks — 3.2%
Brazil — 3.2%
Companhia Energetica de Minas
Gerais SA Sponsored ADR		68,135	$	1,312,961
Marcopolo SA		99,500		416,856
Vale SA Sponsored ADR		52,550		1,551,276
Total Brazil				3,281,093
Total Preferred Stocks
(Identified cost $3,069,583)				3,281,093
Short-Term Investment — 6.2%
State Street Institutional Treasury
Money Market Fund
(Identified cost $6,299,757)		6,299,757		6,299,757
Total Investments — 98.4%
(Identified cost $96,279,791) (b)			$	99,539,841
Cash and Other Assets in Excess
of Liabilities — 1.6%				1,573,949
Net Assets — 100.0%			$	101,113,790

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000) (d)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds — 14.1%
Argentina — 0.9%
Aeropuertos Argentina 2000 SA,
10.75%, 12/01/20 (c)	$	44	$	47,045
Brazil — 0.9%
BR Malls International Finance,
8.50%, 01/21/16 (c)		50		52,250
Columbia — 3.0%
Emgesa SA,
8.75%, 01/25/21 (c), (e)		150,000		84,470
Empresas Publicas de Medellin,
8.375%, 02/01/21 (c), (e)		150,000		82,810
Total Columbia				167,280
Kazakhstan — 3.1%
BTA Bank JSC,
10.75%, 07/01/18 (c), (f)		50		53,125
KazMunayGas National Co.,
9.125%, 07/02/18 (c)		100		120,700
Total Kazakhstan				173,825
Netherlands — 1.0%
GT 2005 Bonds BV,
5.00%, 07/21/14 (f)		60		55,428
Russia — 2.2%
Russian Agricultural Bank OJSC,
7.50%, 03/25/13 (e)		3,500		124,947
South Korea — 1.0%
Export-Import Bank of Korea,
6.60%, 11/04/13 (c), (h)		500,000		55,479
Venezuela — 2.0%
Petroleos de Venezuela SA:
4.90%, 10/28/14		45		33,075
5.25%, 04/12/17		90		54,360
5.50%, 04/12/37 (c)		55		25,108
Total Venezuela				112,543
Total Corporate Bonds
(Identified cost $778,405)				788,797
Foreign Government Obligations — 67.8%
Argentina — 1.2%
Republic of Argentina:
8.28%, 12/31/33		46		40,593
2.50%, 12/31/38 (f)		65		28,047
Total Argentina				68,640
Columbia — 1.1%
Republic of Colombia,
11.75%, 02/25/20		40		60,160
Dominican Republic — 1.3%
Dominican Republic,
9.04%, 01/23/18 (c)		66		72,462
El Salvador — 1.2%
Republic of El Salvador,
7.65%, 06/15/35 (c)		65		64,772
Hungary — 3.5%
Hungary Government Bond,
6.75%, 08/22/14 (e)		24,000		128,481
Republic of Hungary:
6.25%, 01/29/20		30		30,525
7.625%, 03/29/41		34		34,034
Total Hungary				193,040
Indonesia — 7.1%
Indonesia Government:
7.375%, 09/15/16 (e)		2,000,000		225,940
8.375%, 09/15/26 (e)		600,000		65,568
Republic of Indonesia,
6.625%, 02/17/37 (c)		100		106,996
Total Indonesia				398,504

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Ivory Coast — 1.2%
Ivory Coast,
2.50%, 12/31/32 (c), (g)	$	150	$	69,375
Malaysia — 6.3%
Malaysia Government:
3.702%, 02/25/13 (e)		300		100,043
3.434%, 08/15/14 (e)		760		250,796
Total Malaysia				350,839
Mexico — 6.4%
Mexican Bonos,
10.00%, 11/20/36 (e)		620		60,314
Mexican Udibonos,
5.00%, 06/16/16 (e)		600		253,005
United Mexican States,
5.125%, 01/15/20		44		46,024
Total Mexico				359,343
Pakistan — 1.5%
Islamic Republic of Pakistan,
6.875%, 06/01/17 (c)		100		81,750
Panama — 0.8%
Republic of Panama,
8.875%, 09/30/27		35		47,250
Peru — 1.8%
Republic of Peru,
7.125%, 03/30/19		85		100,300
Philippines — 4.1%
Republic of Philippines:
4.95%, 01/15/21 (e)		5,000		112,938
7.50%, 09/25/24		100		118,875
Total Philippines				231,813
Poland — 2.5%
Poland Government Bond,
5.50%, 04/25/15 (e)		400		139,981
Russia — 6.2%
Russian Eurobonds:
7.85%, 03/10/18 (c), (e)		5,000		179,727
7.50%, 03/31/30 (c), (f)		143		166,365
Total Russia				346,092
South Africa — 6.4%
Republic of South Africa:
13.50%, 09/15/15 (e)		850		151,937
10.50%, 12/21/26 (e)		600		99,823
6.25%, 03/08/41		100		103,062
Total South Africa				354,822
Thailand — 2.4%
Thailand Government Bond,
4.25%, 03/13/13 (e)		4,000		135,174
Turkey — 6.6%
Turkey Government Bonds:
0.00%, 04/25/12 (e)		400		236,651
0.00%, 11/07/12 (e)		230		129,786
Total Turkey				366,437
Ukraine — 1.8%
Ukraine Government,
6.58%, 11/21/16 (c)		100		101,400
Uruguay — 1.8%
Republic of Uruguay,
8.00%, 11/18/22		40		49,800
Uruguay Treasury Bill,
0.00%, 07/08/11 (e)		1,000		50,965
Total Uruguay				100,765
Venezuela — 2.6%
Bolivarian Republic of Venezuela,
9.00%, 05/07/23 (c)		30		20,550

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Republic of Venezuela,
7.75%, 10/13/19 (c)	$	185	$	127,002
Total Venezuela				147,552
Total Foreign Government
Obligations
(Identified cost $3,730,779)				3,790,471
Description	Shares		Value
Short-Term Investment — 19.0%
State Street Institutional Treasury
Money Market Fund
(Identified cost $1,059,798)		1,059,798	$	1,059,798
Total Investments — 100.9%
(Identified cost $5,568,982) (b)			$	5,639,066
Liabilities in Excess of Cash and
Other Assets — (0.9)%				(52,326	)
Net Assets — 100.0%			$	5,586,740

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at March 31, 2011:

				U.S. $ Cost		U.S. $
Forward Currency		Expiration	Foreign	on Origination		Current		Unrealized		Unrealized
Contracts	Counterparty	Date	Currency	Date		Value		Appreciation		Depreciation
Forward Currency Purchase Contracts
BRL	BRC	05/03/11	216,190	$	130,000	$	131,688	$	1,688	$	-
BRL	BRC	05/03/11	417,090		250,866		254,062		3,196		-
BRL	JPM	04/04/11	99,840		60,000		61,152		1,152		-
BRL	JPM	04/04/11	417,250		250,000		255,566		5,566		-
KRW	JPM	04/07/11	111,850,000		100,000		101,946		1,946		-
RUB	JPM	04/14/11	2,865,000		100,000		100,685		685		-
Total Forward Currency Purchase Contracts				$	890,866	$	905,099	$	14,233	$	-
Forward Currency Sale Contracts
BRL	BRC	04/04/11	417,090	$	255,468	$	252,247	$	-	$	3,221
BRL	JPM	04/04/11	100,000		61,250		59,612		-		1,638
Total Forward Currency Sale Contracts				$	316,718	$	311,859		-		4,859
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	14,233	$	4,859

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds — 94.6%
Aerospace & Defense — 1.3%
BE Aerospace, Inc.,
8.50%, 07/01/18	$	525	$	581,438
Huntington Ingalls Industries, Inc.,
6.875%, 03/15/18 (c)		1,500		1,565,625
				2,147,063
Apparel & Textiles — 0.8%
Levi Strauss & Co.,
7.625%, 05/15/20		1,300		1,303,250
Automotive — 4.8%
ArvinMeritor, Inc.,
8.125%, 09/15/15		215		223,600
Dana Holding Corp.,
6.50%, 02/15/19		1,500		1,492,500
Ford Motor Credit Co. LLC,
7.00%, 10/01/13		1,250		1,349,335
GMAC LLC,
6.75%, 12/01/14		165		173,869
Navistar International Corp.,
8.25%, 11/01/21		825		914,718
Pinafore LLC,
9.00%, 10/01/18 (c)		1,200		1,302,000
The Goodyear Tire & Rubber Co.,
10.50%, 05/15/16		950		1,064,000
TRW Automotive, Inc.,
8.875%, 12/01/17 (c)		1,000		1,120,000
				7,640,022
Building & Materials — 3.0%
Legrand France SA,
8.50%, 02/15/25		925		1,096,538
Masco Corp.,
6.125%, 10/03/16		1,500		1,538,502
Owens Corning, Inc.,
9.00%, 06/15/19		725		856,849
USG Corp.:
9.75%, 08/01/14 (c)		450		492,750
9.50 01/15/18		675		707,063
				4,691,702
Cable Television — 5.1%
Cablevision Systems Corp.,
7.75%, 04/15/18		1,000		1,080,000
Cequel Communications Holdings
I, LLC,
8.625%, 11/15/17 (c)		900		938,250
EchoStar DBS Corp.,
6.625%, 10/01/14		810		857,588
Insight Communications Co., Inc.,
9.375%, 07/15/18 (c)		1,100		1,221,000
Mediacom Broadband LLC,
8.50%, 10/15/15		875		907,812
Mediacom LLC,
9.125%, 08/15/19		175		187,250
Unitymedia Hessen GmbH & Co.
KG,
8.125%, 12/01/17 (c)		1,325		1,394,562
Videotron Ltee,
6.875%, 01/15/14		525		532,219
Virgin Media Finance PLC,
9.125%, 08/15/16		900		954,000
				8,072,681
Chemicals — 1.2%
Lyondell Chemical Co.,
8.00%, 11/01/17 (c)		899		991,148
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28		775		875,321
PolyOne Corp.,
7.375%, 09/15/20		100		105,250
				1,971,719
Computer Services — 2.2%
First Data Corp.,
8.875%, 08/15/20 (c)		850		932,875

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
SunGard Data Systems, Inc.:
10.25%, 08/15/15	$	564	$	592,200
7.375%, 11/15/18 (c)		750		766,875
Terremark Worldwide, Inc.,
12.00%, 06/15/17		1,000		1,237,500
				3,529,450
Diversified — 2.1%
Amsted Industries, Inc.,
8.125%, 03/15/18 (c)		1,100		1,172,875
General Cable Corp.,
7.125%, 04/01/17		489		504,281
Leucadia National Corp.,
7.00%, 08/15/13		950		1,016,500
SPX Corp.,
7.625%, 12/15/14		535		589,169
				3,282,825
Electric Generation — 3.5%
AES Corp.,
7.75%, 03/01/14		900		972,000
Calpine Corp.,
7.875%, 07/31/20 (c)		1,150		1,221,875
Edison Mission Energy,
7.75%, 06/15/16		1,175		998,750
GenOn Escrow Corp.:
9.50%, 10/15/18 (c)		650		676,000
9.875%, 10/15/20 (c)		475		496,375
NRG Energy, Inc.:
7.375%, 01/15/17		600		625,500
8.25%, 09/01/20 (c)		525		546,000
				5,536,500
Electronics — 2.3%
Amkor Technologies, Inc.,
9.25%, 06/01/16		925		970,094
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		225		233,156
9.25%, 04/15/18 (c)		900		985,500
MEMC Electronic Materials, Inc.,
7.75%, 04/01/19 (c)		1,250		1,279,687
NXP BV,
7.875%, 10/15/14		250		259,688
				3,728,125
Energy Exploration & Production — 2.9%
ATP Oil & Gas Corp.,
11.875%, 05/01/15		1,225		1,286,250
Chesapeake Energy Corp.,
9.50%, 02/15/15		1,325		1,643,000
Denbury Resources, Inc.,
9.75%, 03/01/16		590		665,225
Plains Exploration & Production
Co.,
7.75%, 06/15/15		950		991,563
				4,586,038
Energy Services — 4.6%
Calfrac Holdings LP,
7.50%, 12/01/20 (c)		1,000		1,035,000
Citgo Petroleum Corp.,
11.50%, 07/01/17 (c)		1,125		1,310,625
Compagnie Generale de
Geophysique-Veritas:
7.50%, 05/15/15		113		116,108
7.75%, 05/15/17		765		804,206
Expro Finance Luxembourg SCA,
8.50%, 12/15/16 (c)		700		693,000
Frac Tech Services LLC,
7.125%, 11/15/18 (c)		1,000		1,025,000
Offshore Group Investments, Ltd.,
11.50%, 08/01/15		825		915,750
Tesoro Corp.,
6.50%, 06/01/17		1,300		1,339,000
				7,238,689
Environmental — 0.6%
Browning-Ferris Industries, Inc.,
7.40%, 09/15/35		775		916,748

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
Financial Services — 1.4%
Finance One PLC,
0.00%, 01/03/12 (a), (i)	$	20,000	$	0
Icahn Enterprises LP:
7.75%, 01/15/16		500		513,750
8.00%, 01/15/18		600		616,500
International Lease Finance Corp.:
8.625%, 09/15/15 (c)		500		550,000
8.75%, 03/15/17 (c)		500		562,500
Morgan Guarantee Trust,
0.00%, 07/31/14 (a), (i)		10,569		0
				2,242,750
Food & Beverages — 1.9%
Blue Merger Sub, Inc.,
7.625%, 02/15/19 (c)		1,500		1,520,625
Constellation Brands, Inc.,
7.25%, 05/15/17		700		759,500
Dean Foods Co.,
7.00%, 06/01/16		800		763,000
				3,043,125
Forest & Paper Products — 1.5%
ABI Escrow Corp.
10.25%, 10/15/18 (c)		1,000		1,105,000
Georgia-Pacific Corp.,
9.50%, 12/01/11		500		525,625
Smurfit Capital Funding PLC,
7.50%, 11/20/25		750		716,250
				2,346,875
Gaming — 5.5%
Ameristar Casinos, Inc.,
9.25%, 06/01/14		990		1,087,762
Marina District Finance Co., Inc.:
9.50%, 10/15/15 (c)		500		523,125
9.875%, 08/15/18 (c)		500		523,125
MGM Resorts International,
10.375%, 05/15/14		900		1,030,500
Peninsula Gaming LLC:
8.375%, 08/15/15		625		667,187
10.75%, 08/15/17		225		246,938
Penn National Gaming, Inc.,
8.75%, 08/15/19		825		910,594
Pinnacle Entertainment, Inc.,
8.625%, 08/01/17		800		872,000
Scientific Games International, Inc.:
7.875%, 06/15/16 (c)		525		553,875
8.125%, 09/15/18 (c)		350		369,250
9.25%, 06/15/19		250		274,375
Wynn Las Vegas LLC:
7.875%, 11/01/17		500		536,250
7.75%, 08/15/20		1,000		1,060,000
				8,654,981
Gas Utilities — 4.6%
Copano Energy LLC,
7.75%, 06/01/18		1,200		1,254,000
El Paso Corp.,
7.00%, 06/15/17		650		727,481
Energy Transfer Equity LP,
7.50%, 10/15/20		1,250		1,359,375
Ferrellgas Partners LP:
8.625%, 06/15/20		520		564,200
6.50%, 05/01/21 (c)		500		485,000
Inergy LP,
7.00%, 10/01/18 (c)		1,575		1,638,000
Niska Gas Storage US LLC,
8.875%, 03/15/18		750		815,625
The Williams Cos., Inc.,
8.75%, 03/15/32		407		526,740
				7,370,421
Health Services — 7.0%
Apria Healthcare Group, Inc.,
11.25%, 11/01/14		550		592,625

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
Biomet, Inc.,
10.00%, 10/15/17	$	925	$	1,014,031
Community Health Systems, Inc.,
8.875%, 07/15/15		920		970,600
Fresenius US Finance II, Inc.,
9.00%, 07/15/15 (c)		525		601,781
Giant Funding Corp.,
8.25%, 02/01/18 (c)		1,300		1,334,125
HCA, Inc.,
9.25%, 11/15/16		925		995,531
Health Management Associates,
Inc.,
6.125%, 04/15/16		1,000		1,032,500
HealthSouth Corp.,
10.75%, 06/15/16		515		548,475
Lantheus Medical Imaging, Inc.,
9.75%, 05/15/17		375		390,938
Service Corp. International,
6.75%, 04/01/16		750		798,750
Tenet Healthcare Corp.,
8.875%, 07/01/19		1,000		1,140,000
Vanguard Health Holding Co. I,
LLC,
8.00%, 02/01/18		1,000		1,023,750
Ventas Realty LP,
6.50%, 06/01/16		650		671,978
				11,115,084
Hotels — 0.9%
Host Hotels & Resorts LP,
7.125%, 11/01/13		353		358,295
Wyndham Worldwide Corp.,
6.00%, 12/01/16		1,000		1,059,640
				1,417,935
Leisure & Entertainment — 1.9%
AMC Entertainment, Inc.:
8.00%, 03/01/14		497		502,591
8.75%, 06/01/19		200		217,000
Live Nation Entertainment, Inc.,
8.125%, 05/15/18 (c)		135		138,713
Royal Caribbean Cruises, Ltd.,
7.25%, 06/15/16		330		353,513
Speedway Motorsports, Inc.,
8.75%, 06/01/16		826		905,502
Ticketmaster Entertainment LLC,
10.75%, 08/01/16		850		928,625
				3,045,944
Machinery — 1.2%
Case New Holland, Inc.,
7.75%, 09/01/13		200		217,750
Terex Corp.,
10.875%, 06/01/16		550		639,375
The Manitowoc Co., Inc,
8.50%, 11/01/20		1,000		1,072,500
				1,929,625
Media — 4.0%
Citadel Broadcasting Corp.,
7.75%, 12/15/18 (c)		1,400		1,517,250
Clear Channel Worldwide
Holdings, Inc.,
9.25%, 12/15/17		1,100		1,205,875
Lamar Media Corp.,
7.875%, 04/15/18		1,000		1,072,500
LIN Television Corp.,
8.375%, 04/15/18		1,400		1,522,500
WMG Acquisition Corp.,
9.50%, 06/15/16		945		999,337
				6,317,462
Metals & Mining — 3.4%
Alcoa, Inc.,
5.72%, 02/23/19		650		675,947
Aleris International, Inc.,
7.625%, 02/15/18 (c)		1,175		1,177,937
Arch Western Finance LLC,
6.75%, 07/01/13		367		370,670
Century Aluminum Co.,
8.00%, 05/15/14		202		209,575

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (continued)
FMG Resources (August 2006)
Property, Ltd.,
7.00%, 11/01/15 (c)	$	1,050	$	1,089,375
Freeport-McMoRan Copper &
Gold, Inc.:
8.25%, 04/01/15		650		677,625
8.375%, 04/01/17		100		110,250
Massey Energy Co.,
6.875%, 12/15/13		1,000		1,020,000
				5,331,379
Packaging — 0.7%
Reynolds Group Issuer, Inc.,
7.75%, 10/15/16 (c)		1,000		1,057,500
Pharmaceutical & Biotechnology — 2.5%
Mylan, Inc.:
7.625%, 07/15/17 (c)		400		430,500
7.875%, 07/15/20 (c)		650		706,875
Valeant Pharmaceuticals
International, Inc.,
6.50%, 07/15/16 (c)		1,500		1,481,250
Warner Chilcott Co. LLC,
7.75%, 09/15/18 (c)		1,250		1,309,375
				3,928,000
Printing & Publishing — 1.3%
Deluxe Corp.,
7.375%, 06/01/15		1,005		1,041,431
The McClatchy Co.,
11.50%, 02/15/17		900		1,012,500
				2,053,931
Real Estate — 2.5%
CB Richard Ellis Services, Inc.,
11.625%, 06/15/17		975		1,150,500
CNL Lifestyle Properties, Inc.,
7.25%, 04/15/19 (c)		1,200		1,190,988
DuPont Fabros Technology LP,
8.50%, 12/15/17		1,000		1,101,250
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		458,375
				3,901,113
Restaurants — 1.3%
Landry’s Restaurants, Inc.,
11.625%, 12/01/15		1,075		1,158,313
Wendy’s/Arby’s Restaurants LLC,
10.00%, 07/15/16		825		907,500
				2,065,813
Retail — 4.6%
AutoNation, Inc.,
6.75%, 04/15/18		175		183,094
Ingles Markets, Inc.,
8.875%, 05/15/17		1,025		1,100,594
QVC, Inc.,
7.50%, 10/01/19 (c)		1,000		1,050,000
Saks, Inc.,
9.875%, 10/01/11		585		601,087
Sears Holdings Corp.,
6.625%, 10/15/18 (c)		1,525		1,479,250
Stater Brothers Holdings, Inc.,
7.375%, 11/15/18 (c)		1,400		1,452,500
SuperValu, Inc.,
8.00%, 05/01/16		1,375		1,375,000
				7,241,525
Steel-Producers — 1.7%
AK Steel Corp.,
7.625%, 05/15/20		1,400		1,428,000
Steel Dynamics, Inc.:
7.375%, 11/01/12		540		575,100
7.75%, 04/15/16		264		281,160
United States Steel Corp.,
6.05%, 06/01/17		475		489,844
				2,774,104
Support Services — 4.1%
ARAMARK Corp.,
8.50%, 02/01/15		600		625,500

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. High Yield Portfolio (concluded)
Avis Budget Car Rental LLC:
7.625%, 05/15/14	$	341	$	348,673
7.75%, 05/15/16		410		422,812
Expedia, Inc.,
8.50%, 07/01/16		375		407,812
Hertz Corp.:
8.875%, 01/01/14		239		244,975
7.50%, 10/15/18 (c)		1,000		1,035,000
The Geo Group, Inc.,
7.75%, 10/15/17		1,375		1,466,094
United Rentals North America,
Inc.,
9.25%, 12/15/19		1,000		1,112,500
West Corp.,
11.00%, 10/15/16		850		913,750
				6,577,116
Technology Hardware — 0.8%
Seagate HDD Cayman,
7.75%, 12/15/18 (c)		1,175		1,216,125
Telecommunications — 5.8%
Cincinnati Bell, Inc.,
8.25%, 10/15/17		850		856,375
Citizens Communications Corp.,
6.25%, 01/15/13		1,000		1,055,000
Cricket Communications, Inc.,
7.75%, 05/15/16		750		796,875
Equinix, Inc.,
8.125%, 03/01/18		1,182		1,279,515
GCI, Inc.,
8.625%, 11/15/19		1,000		1,097,500
Intelsat Jackson Holdings, Ltd.,
11.25%, 06/15/16		350		373,188
Level 3 Financing, Inc.,
9.25%, 11/01/14		650		664,625
Qwest Corp.,
7.875%, 09/01/11		800		822,000
Sprint Capital Corp.,
6.90%, 05/01/19		1,225		1,264,812
Wind Acquisition Finance SA,
11.75%, 07/15/17 (c)		800		920,000
				9,129,890
Transportation — 1.6%
Hapag-Lloyd AG,
9.75%, 10/15/17 (c)		1,000		1,072,500
Kansas City Southern Railway Co.,
13.00%, 12/15/13		325		387,563
Teekay Corp.,
8.50%, 01/15/20		1,000		1,083,750
				2,543,813
Total Corporate Bonds
(Identified cost $142,066,978)				149,949,323
Description	Shares		Value
Warrant — 0.0%
Cable Television — 0.0%
Ono Finance PLC,
(Identified cost $64,841) (a), (c)		470	$	5
Short-Term Investment — 3.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,256,263)		5,256,263		5,256,263
Total Investments — 97.9%
(Identified cost $147,388,082) (b)			$	155,205,591
Cash and Other Assets in Excess
of Liabilities — 2.1%				3,371,674
Net Assets — 100.0%			$	158,577,265

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. Municipal Portfolio
Municipal Bonds — 91.9%
Alaska —1.4%
Anchorage Alaska Series A,
5.00%, 06/01/21	$	100	$	105,262
Arizona — 1.4%
Arizona School Facilities Board
Revenue,
5.00%, 07/01/11		100		101,082
California — 9.7%
California State:
5.75%, 03/01/17		150		158,515
5.00%, 03/01/18		250		275,235
California State Department of
Water Resources Revenue:
Prerefunded,
5.25%, 12/01/12		5		5,396
Unrefunded,
5.25%, 12/01/12		45		48,496
Los Angeles California Unified
School District,
5.125%, 07/01/21		50		52,930
Tulare California Union High
School District,
5.00%, 08/01/13		50		53,304
University of California Revenue,
4.75%, 05/15/14		50		53,718
Val Verde California Unified
School District,
5.00%, 01/01/22		50		56,338
Total California				703,932
Colorado — 0.8%
Denver Colorado City & County
Airport Revenue,
5.50%, 11/15/33		50		56,157
Connecticut — 6.4%
Connecticut State:
5.00%, 10/01/13		25		27,484
5.00%, 12/01/13		25		27,586
5.00%, 06/01/14		25		27,875
Connecticut State Clean Water
Fund Revenue,
5.05%, 10/01/21		25		25,590
Connecticut State Health & Educational
Facility Authority Revenue:
5.00%, 07/01/11		25		25,215
5.00%, 11/01/15		50		53,576
Connecticut State Special
Obligation Rate Reduction,
5.00%, 06/30/11		25		25,282
Connecticut State Special Tax
Obligation Revenue,
5.00%, 02/01/15		50		55,804
Glastonbury Connecticut,
5.00%, 08/01/14		25		28,163
Greenwich Connecticut,
5.00%, 06/01/17		50		58,111
Hartford County Connecticut
Metropolitan District,
5.00%, 05/01/13		25		27,175
Stamford Connecticut,
5.00%, 08/15/18		25		26,566
University of Connecticut:
5.375%, 04/01/14		25		26,242
5.00%, 02/15/15		25		27,941
Total Connecticut				462,610
Florida — 0.7%
Florida State Board of Education,
5.00%, 06/01/11		25		25,182
JEA Florida Electric Systems
Revenue,
5.00%, 10/01/19		25		27,521
Total Florida				52,703
Georgia — 4.0%
Georgia State Road & Tollway
Authority Revenue,
5.00%, 06/01/19		50		56,721

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. Municipal Portfolio (continued)
Georgia State Series I,
5.00%, 07/01/18	$	200	$	232,770
Total Georgia				289,491
Illinois — 2.4%
Illinois State:
3.00%, 04/15/11		100		100,064
5.375%, 07/01/18		75		75,831
Total Illinois				175,895
Indiana — 3.4%
Brownsburg Indiana 1999 School
Building Corp.,
5.375%, 02/01/23		50		52,044
Decatur Township Marion County
Multi-School Building Corp.,
5.00%, 07/15/17		100		109,627
Indianapolis Indiana Local Public
Improvement Broad,
5.00%, 01/15/20		25		27,712
Purdue University Indiana
University Revenue,
5.00%, 07/01/15		50		56,873
Total Indiana				246,256
Maryland — 4.7%
Baltimore County Maryland,
5.00%, 02/01/12		50		51,924
Carroll County Maryland,
5.00%, 11/01/17		100		116,579
Maryland State & Local Facilities
Loan,
5.00%, 11/01/18		100		116,323
Maryland State Department of
Transportation,
5.00%, 03/01/15		50		56,390
Total Maryland				341,216
Massachusetts — 3.1%
Commonwealth of Massachusetts:
5.00%, 09/01/14		150		168,588
5.00%, 11/01/24		50		58,504
Total Massachusetts				227,092
Michigan — 0.7%
Michigan State Building Authority
Revenue,
0.00%, 10/15/18		75		53,532
Missouri — 0.4%
St. Louis Missouri Parking Facilities
Revenue,
6.00%, 02/01/28		25		26,065
New Jersey — 14.9%
Berkeley Township New Jersey
Board of Education,
4.50%, 10/01/19		50		55,981
Bridgewater & Raritan New
Jersey School District,
5.125%, 07/15/22		25		25,340
Burlington County New Jersey
Bridge Commission Pooled
Loan Revenue,
5.00%, 08/15/15		25		28,251
Essex County New Jersey
Improvement Authority:
Lease County Correctional,
5.00%, 10/01/28		50		55,256
Project Revenue Series 2006,
5.25%, 12/15/19		25		27,448
Jackson Township New Jersey
School District,
5.00%, 06/15/14		25		27,661
Matawan-Aberdeen New Jersey Regional
School District,
4.00%, 09/15/11		25		25,400
Middlesex County New Jersey,
5.00%, 01/15/14		50		55,291
New Jersey Economic
Development Authority
Revenue,
5.00%, 06/15/18		25		26,375

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. Municipal Portfolio (continued)
New Jersey Environmental Infrastructure
Trust:
5.00%, 09/01/14	$	25	$	28,000
5.00%, 09/01/17		25		28,934
New Jersey State:
5.00%, 08/01/15		25		27,870
5.00%, 08/01/22		50		53,009
New Jersey State Educational
Facilities Authority Revenue:
Princeton University,
5.00%, 07/01/20		50		54,791
Rowan University,
5.125%, 07/01/28		50		56,215
New Jersey State Transportation Trust
Fund Authority:
5.25%, 06/15/14		50		56,664
5.625%, 06/15/14		75		85,877
5.00%, 06/15/16		25		28,632
5.00%, 06/15/17		25		28,632
5.50%, 06/15/24		50		55,240
New Jersey State Turnpike
Authority Revenue:
Prerefunded,
6.00%, 01/01/14		50		56,766
Refunded Balance,
6.00%, 01/01/14		50		56,766
Newark New Jersey Housing
Authority Port Authority Newark
Marine Terminal,
5.00%, 01/01/37		25		27,709
Tobacco Settlement Financing Corp.
New Jersey:
5.00%, 06/01/13		25		27,279
6.25%, 06/01/43		50		55,891
Watchung Hills New Jersey
Regional High School District,
4.25%, 01/15/13		25		26,556
Total New Jersey				1,081,834
New Mexico — 3.1%
New Mexico Finance Authority
State Transportation Revenue,
5.00%, 12/15/17		200		228,518
New York — 19.8%
Erie County New York Industrial
Development Agency School
Facilities Revenue,
5.00%, 05/01/14		25		27,388
Fayetteville-Manlius New York
Central School District,
5.10%, 06/15/11		50		50,471
Long Island Power Authority New York
Electric Systems Revenue:
5.00%, 04/01/15		25		27,589
5.00%, 09/01/19		50		50,973
Metropolitan Transportation
Authority New York:
Commuter Facilities Revenue,
5.125%, 07/01/17		50		50,582
Dedicated Tax Fund:
5.00%, 11/15/11		50		51,409
4.75%, 04/01/28		50		57,216
Series A,
5.00%, 11/15/13		75		81,334
Series F,
5.00%, 11/15/13		80		86,756
New York City New York Series A,
5.00%, 08/01/14		25		27,834
New York State Dormitory
Authority Revenue:
City University,
5.25%, 07/01/31		50		50,597
Columbia University:
5.00%, 07/01/13		50		54,955
5.00%, 07/01/16		100		115,063

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. Municipal Portfolio (continued)
Income Tax Revenue Education,
5.00%, 03/15/17	$	100	$	111,706
Lease Revenue,
5.00%, 07/01/32		50		52,852
Mental Health Services Facilities
Improvement,
5.00%, 08/15/11		75		76,030
Student Housing Corp.,
5.00%, 07/01/23		50		56,357
New York State Environmental
Facilities Corp. Income Tax
Revenue,
5.00%, 12/15/14		25		28,047
New York State Local
Government Assistance Corp.,
5.00%, 04/01/16		50		56,986
New York State Thruway Authority
Highway & Bridge Trust Fund:
5.00%, 04/01/15		25		27,994
5.00%, 04/01/16		50		55,749
New York State Urban
Development Corp. Revenue,
5.00%, 03/15/12		25		26,059
Onondaga County New York,
5.00%, 05/01/12		25		26,229
Triborough Bridge & Tunnel
Authority New York Revenue,
5.00%, 01/01/32		50		51,736
TSASC Inc. New York,
5.75%, 07/15/32		50		53,452
Valley Stream New York Central
High School District,
5.00%, 02/15/14		50		54,852
West Islip New York Union Free
School District,
5.00%, 10/01/15		25		28,170
Total New York				1,438,386
North Carolina — 3.6%
North Carolina State,
5.00%, 05/01/21		25		28,778
Wake County North Carolina,
5.00%, 04/01/17		200		231,992
Total North Carolina				260,770
Pennsylvania — 1.5%
Pennsylvania State Public School
Building Authority School
Revenue Lease,
5.00%, 06/01/33		100		109,115
Tennessee — 3.1%
Metropolitan Government
Nashville & Davidson County
Tennessee Health &
Educational Facilities Broad,
5.00%, 10/01/18		200		229,248
Texas — 5.3%
Decatur Texas Independent
School District,
5.25%, 08/15/25		100		106,129
Plano Texas Independent
School District:
Prerefunded,
5.00%, 02/15/14		20		21,622
Unrefunded Balance,
5.00%, 02/15/14		30		32,138
Texas State Transportation
Commission,
5.00%, 04/01/20		200		222,914
Total Texas				382,803
Utah — 1.5%
Clearfield Utah Sales Tax
Revenue,
5.00%, 07/01/20		100		109,464
Total Municipal Bonds (Identified cost $6,623,839)				6,681,431

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

	Principal
	Amount
Description	(000)		Value
Lazard U.S. Municipal Portfolio (concluded)
U.S. Treasury Obligations — 6.7%
U.S. Treasury Notes:
0.625%, 02/28/13	$	250	$	249,385
2.625%, 11/15/20		250		233,281
Total U.S. Treasury Obligations (Identified cost $484,082)				482,666
Total Investments — 98.6% (Identified cost $7,107,921) (b)			$	7,164,097
Cash and Other Assets in Excess of Liabilities — 1.4%				103,817
Net Assets — 100.0%			$	7,267,914

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds — 84.1%
Consumer Staples Select Sector
SPDR Fund		570,100	$	17,068,794
ETFS White Metals Basket Trust
(a)		128,400		7,894,032
Industrial Select Sector SPDR
Fund		546,000		20,573,280
IQ Canada Small Cap ETF		285,400		10,037,518
iShares FTSE China 25 Index
Fund		98,600		4,433,056
iShares MSCI Japan Index Fund		960,000		9,897,600
iShares MSCI Taiwan Index Fund		518,000		7,702,660
Market Vectors Agribusiness ETF		215,600		12,082,224
Materials Select Sector SPDR
Fund		295,300		11,820,859
PowerShares DB Oil Fund (a)		227,000		7,323,020
PowerShares Dynamic Oil & Gas
Services Portfolio		231,000		6,093,780
PowerShares Global Listed Private
Equity Portfolio		657,200		7,616,948
PowerShares Water Resources
Portfolio		590,600		12,012,804
SPDR Barclays Capital High Yield
Bond ETF		264,700		10,717,703
SPDR Gold Trust (a)		81,800		11,437,276
Vanguard Information Technology
Index ETF		363,600		23,354,028
Vanguard Short-Term Corporate
Bond ETF		438,300		33,937,569
Total Exchange-Traded Funds
(Identified cost $193,420,008)				214,003,151
Closed-End Management Investment Companies — 4.3%
Royce Value Trust, Inc.		55,291		850,928
Tri-Continental Corp.		685,000		10,014,700
Total Closed-End Management
Investment Companies
(Identified cost $10,311,668)				10,865,628
Short-Term Investment — 8.6%
State Street Institutional Treasury
Money Market Fund
(Identified cost $22,030,024)		22,030,024		22,030,024
Total Investments — 97.0%
(Identified cost $225,761,700) (b)				246,898,803
Description	Contracts		Value
Purchased Option — 1.7%
Put - iShares Barclays 20+ Year
Treasury Bond Fund,
Expires 01/21/12
(Identified cost $4,583,948)		7,500	$	4,312,500
Total Investments and Purchased
Option — 98.7%
(Identified cost $230,345,648)			$	251,211,303
Cash and Other Assets in Excess
of Liabilities — 1.3%				3,384,915
Net Assets — 100.0%			$	254,596,218

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Sale Contract open at March 31, 2011:

Forward Currency Sale Contract	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
EUR	SSB	06/15/11		5,000,000	$	7,076,119	$	6,934,150	$	-	$	141,969

Swap Agreements open at March 31, 2011:

Currency	Counterparty	Notional Amount	Expiration Date	Pay	Receive	Net Unrealized Appreciation/ Depreciation
USD	Goldman Sachs International	6,119,051	03/12/12	1 Month USD LIBOR plus/minus 0.2535%	Appreciation, and dividends paid, on securities in the Equity Basket	$	85,012
USD	Goldman Sachs International	6,144,487	03/12/12	Appreciation, and dividends paid, on securities in the Equity Basket	1 Month USD LIBOR plus/minus 0.2535%		(144,407	)
Net unrealized depreciation on Swap Agreements						$	(59,395	)

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (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	$	12,437,446	$	1,835,500	$	127,731	$	1,707,769
U.S. Strategic Equity		62,073,162		14,507,872		861,150		13,646,722
U.S. Mid Cap Equity		176,658,460		32,137,980		1,439,342		30,698,638
U.S. Small-Mid Cap Equity		213,602,672		37,517,573		2,618,034		34,899,539
Global Listed Infrastructure		174,619,042		15,492,106		436,149		15,055,957
International Equity		100,289,341		19,726,201		1,612,244		18,113,957
International Equity Select		6,019,293		827,225		59,440		767,785
International Strategic Equity		369,923,249		65,931,520		7,487,055		58,444,465
International Small Cap Equity		53,709,660		19,076,537		2,032,555		17,043,982
Emerging Markets Equity		14,623,896,874		3,616,170,826		375,305,446		3,240,865,380
Developing Markets Equity		225,660,394		21,065,918		5,315,678		15,750,240
Emerging Markets Equity Blend		96,279,791		5,192,703		1,932,653		3,260,050
Emerging Markets Debt		5,568,982		70,084		—		70,084
U.S. High Yield		147,388,082		9,012,132		1,194,623		7,817,509
U.S. Municipal		7,107,921		106,890		50,714		56,176
Capital Allocator Opportunistic Strategies		230,345,648		21,369,505		503,850		20,865,655

(c)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At March 31, 2011, these securities amounted to 3.9%, 1.1%, 0.8%, 27.1% and 31.1% of net assets of Lazard Global Listed Infrastructure Portfolio, Lazard International Equity Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Debt Portfolio and Lazard U.S. High Yield Portfolio, respectively, and are considered to be liquid.
(d)	Principal amount denominated in USD unless otherwise specified.
(e)	Principal amount denominated in respective country’s currency.
(f)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at March 31, 2011, which may step up at a future date.
(g)	Issue in default.
(h)	Principal amount denominated in Indonesian Rupiah.
(i)	Bankrupt issuer; security valued at zero; principal amount denominated in respective country’s currency.

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

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

BRL — Brazilian Real

CHF — Swiss Franc

EUR — Euro

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican New Peso

RUB — Russian Ruble

USD — US Dollar

Counterparty Abbreviations:

BRC —Barclays Bank PLC

CIT — Citigroup NA

HSB — HSBC Bank USA

MEL — Mellon Bank NA

SSB — State Street Bank and Trust Co.

JPM — JP Morgan Chase Bank

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

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

Industry	LazardGlobal ListedInfrastructurePortfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio		Lazard International Strategic Equity Portfolio		Lazard International Small Cap Equity Portfolio		LazardEmergingMarketsEquityPortfolio		LazardDevelopingMarketsEquityPortfolio		LazardEmergingMarketsEquity BlendPortfolio		LazardEmergingMarketsDebtPortfolio
Agriculture	-	%	1.2	%	1.1	%	6.5	%	-	%	1.3	%	1.7	%	0.9	%	-	%
Airport Development & Maintenance	12.3		-		-		-		-		-		-		-		-
Alcohol & Tobacco	-		4.7		5.6		-		0.9		5.0		-		1.9		-
Apparel & Textiles	-		-		-		-		-		-		1.5		1.3		-
Automotive	-		4.7		3.4		3.8		1.6		-		2.6		1.3		-
Banking	-		8.5		10.1		8.7		1.3		17.8		21.9		17.1		4.2
Building Materials	-		-		-		-		-		0.7		-		-		-
Cable Television	-		-		-		0.9		-		-		-		-		-
Chemicals	-		-		-		1.6		1.1		-		-		-		-
Commercial Services	-		4.7		1.9		3.2		14.9		3.6		-		-		-
Computer Software	-		1.1		2.4		-		1.2		2.1		2.3		2.7		-
Construction & Engineering	-		-		-		3.1		3.5		1.7		3.6		4.0		-
Consumer Products	-		-		-		1.5		4.8		4.1		0.5		1.8		-
Diversified	-		-		-		-		-		1.8		-		0.8		-
Electric	25.2		0.9		-		-		-		1.4		1.5		2.7		3.0
Energy Exploration & Production	-		1.1		1.5		2.0		-		1.2		5.4		1.2		2.2
Energy Integrated	-		6.3		5.9		2.0		1.4		4.6		6.4		8.1		2.0
Energy Services	2.5		2.8		1.9		3.3		5.4		-		2.8		1.2		-
Financial Services	-		4.9		5.1		6.5		3.5		6.6		4.5		2.3		-
Food & Beverages	-		3.5		3.6		3.1		1.2		1.6		-		1.1		-
Foreign Government Obligations	-		-		-		-		-		-		-		-		67.8
Forest & Paper Products	-		0.9		1.0		1.5		2.4		0.6		-		0.7		-
Gas Utilities	11.2		-		-		-		-		0.7		0.9		1.2		-
Health Services	-		-		-		-		2.9		-		1.2		1.0		-
Housing	-		3.8		3.0		4.9		1.3		1.5		1.8		1.2		-
Insurance	-		5.2		4.8		6.7		-		1.3		1.6		2.4		-
Leisure & Entertainment	-		1.6		1.2		2.7		1.6		1.0		1.1		1.9		-
Manufacturing	-		6.1		7.5		4.5		16.3		4.2		5.2		3.8		-
Medical Products	-		-		-		1.0		6.5		-		-		-		-
Metals & Mining	-		4.6		7.2		3.2		0.9		12.2		5.9		8.3		-
Pharmaceutical & Biotechnology	-		8.5		8.8		5.9		3.9		-		-		-		-
Real Estate	-		2.0		2.3		-		-		-		1.9		-		0.9
Retail	-		5.2		4.7		7.6		4.5		4.1		4.2		4.6		-
Semiconductors & Components	-		4.1		4.1		1.9		7.1		5.3		4.9		6.3		-
Special Purpose Entity	-		-		-		-		-		-		-		-		1.0
Technology	-		1.6		1.8		1.5		1.7		0.7		-		-		-
Technology Hardware	1.1		-		-		1.3		0.2		2.2		3.5		3.6		-
Telecommunications	-		5.2		5.9		5.2		4.8		9.8		3.4		7.3		-
Transportation	38.4		1.4		1.6		1.4		2.8		0.9		2.0		1.5		0.8
Water	3.5		-		-		-		-		-		-		-		-
Subtotal	94.2		94.6		96.4		95.5		97.7		98.0		92.3		92.2		81.9
Short-Term Investments	21.0		-		2.7		4.0		0.5		1.3		5.5		6.2		19.0
Repurchase Agreement	-		4.8		-		-		-		-		-		-		-
Total Investments	115.2	%	99.4	%	99.1	%	99.5	%	98.2	%	99.3	%	97.8	%	98.4	%	100.9	%

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (unaudited)

The distribution of municipal bonds by revenue source (as percentage of net assets) is as follows:

Revenue Source	Lazard U.S. Municipal Portfolio
Education	9.0	%
Electric Utilities	1.8
General Obligations	37.4
Health Care	1.0
Lease	6.4
Miscellaneous	14.4
Tax	8.2
Tobacco	1.9
Transportation	10.3
Water & Sewer	1.5
Total	91.9

The Lazard Funds, Inc.

Portfolios of Investments (continued)

March 31, 2011 (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 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. Investments in money market funds are valued at the fund’s net asset value. Repurchase agreements are valued at their principal amounts plus accrued interest.

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 (including restricted or other illiquid securities such as derivative instruments), 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 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. The Fair Value Measurements and Disclosures provisions of accounting principles generally accepted in the United States of America 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 Lazard Funds, Inc.
Portfolios of Investments (concluded)
March 31, 2011 (unaudited)
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, 2011:

	Unadjusted
	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical		Observable			Unobservable
	Investments		Inputs			Inputs		Balance as of
Description	(Level 1)		(Level 2)			(Level 3)		March 31, 2011
U.S. Equity Value Portfolio
Common Stocks	$	13,889,731	$	—		$	—	$	13,889,731
Short-Term Investment		—		255,484			—		255,484
Total	$	13,889,731	$	255,484		$	—	$	14,145,215
U.S. Strategic Equity Portfolio
Common Stocks	$	74,889,262	$	—		$	—	$	74,889,262
Preferred Stock		—		—			453,501		453,501
Short-Term Investment		—		377,121			—		377,121
Total	$	74,889,262	$	377,121		$	453,501	$	75,719,884
U.S. Mid Cap Equity Portfolio
Common Stocks	$	199,703,628	$	—		$	—	$	199,703,628
Preferred Stock		—		—			1,307,499		1,307,499
Short-Term Investment		—		6,345,971			—		6,345,971
Total	$	199,703,628	$	6,345,971		$	1,307,499	$	207,357,098
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	239,012,310	$	—		$	—	$	239,012,310
Preferred Stock		—		—			452,901		452,901
Repurchase Agreement		—		9,037,000			—		9,037,000
Total	$	239,012,310	$	9,037,000		$	452,901	$	248,502,211
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	155,142,131	$	—		$	—	$	155,142,131
Short-Term Investment		—		34,532,868			—		34,532,868
Other Financial Instruments*
Forward Currency Contracts		—		401,407			—		401,407
Total	$	155,142,131	$	34,934,275		$	—	$	190,076,406
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(2,298,566	)	$	—	$	(2,298,566	)
International Equity Portfolio
Common Stocks	$	112,631,298	$	—		$	—	$	112,631,298
Repurchase Agreement		—		5,772,000			—		5,772,000
Total	$	112,631,298	$	5,772,000		$	—	$	118,403,298
International Equity Select Portfolio
Common Stocks	$	6,606,036	$	—		$	—	$	6,606,036
Short-Term Investment		—		181,042			—		181,042
Total	$	6,606,036	$	181,042		$	—	$	6,787,078
International Strategic Equity Portfolio
Common Stocks	$	405,851,559	$	—		$	—	$	405,851,559
Preferred Stock		5,353,322		—			—		5,353,322
Short-Term Investment		—		17,162,833			—		17,162,833
Total	$	411,204,881	$	17,162,833		$	—	$	428,367,714
International Small Cap Equity Portfolio
Common Stocks	$	69,386,859	$	—		$	—	$	69,386,859
Preferred Stock		1,000,571		—			—		1,000,571
Short-Term Investment		—		366,212			—		366,212
Total	$	70,387,430	$	366,212		$	—	$	70,753,642
Emerging Markets Equity Portfolio
Common Stocks	$	16,676,160,055	$	144,002,658		$	—	$	16,820,162,713
Preferred Stocks		818,744,761		—			—		818,744,761
Short-Term Investment		—		225,854,780			—		225,854,780
Total	$	17,494,904,816	$	369,857,438		$	—	$	17,864,762,254
Developing Markets Equity Portfolio
Common Stocks	$	214,299,963	$	2,674,260		$	—	$	216,974,223
Preferred Stock		10,821,954		—			—		10,821,954
Short-Term Investment		—		13,614,457			—		13,614,457
Total	$	225,121,917	$	16,288,717		$	—	$	241,410,634
Emerging Markets Equity Blend Portfolio
Common Stocks	$	89,958,991	$	—		$	—	$	89,958,991
Preferred Stock		3,281,093		—			—		3,281,093
Short-Term Investment		—		6,299,757			—		6,299,757
Total	$	93,240,084	$	6,299,757		$	—	$	99,539,841
Emerging Markets Debt Portfolio
Coporate Bonds	$	—	$	788,797		$	—	$	788,797
Foreign Government Obligations		—		3,790,471			—		3,790,471
Short-Term Investments		—		1,059,798			—		1,059,798
Other Financial Instruments*
Forward Currency Contracts		—		14,233			—		14,233
Total	$	—	$	5,653,299		$	—	$	5,653,299
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(4,859	)	$	—	$	(4,859	)
U.S. High Yield Portfolio
Corporate Bonds	$	—	$	149,949,323		$	—	$	149,949,323
Warrant		—		—			5		5
Short-Term Investment		—		5,256,263			—		5,256,263
Total	$	—	$	155,205,586		$	5	$	155,205,591
U.S. Municipal Portfolio
Municipal Bonds	$	—	$	6,681,431		$	—	$	6,681,431
U.S. Treasury Obligations		—		482,666			—		482,666
Total	$	—	$	7,164,097		$	—	$	7,164,097
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	214,003,151	$	—		$	—	$	214,003,151
Closed-End Management Investment Companies		10,865,628		—			—		10,865,628
Purchased Option		4,312,500		—			—		4,312,500
Short-Term Investment		—		22,030,024			—		22,030,024
Other Financial Instruments*
Equity Swap Contract		—		85,012			—		85,012
Total	$	229,181,279	$	22,115,036		$	—	$	251,296,315
Liabilities:
Other Financial Instruments*
Equity Swap Contract	$	—	$	(144,407	)	$	—	$	(144,407	)
Forward Currency Contract		—		(141,969	)		—		(141,969	)
Total	$	—	$	(286,376	)	$	—	$	(286,376	)

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

The common stocks included in Level 2 were valued based on reference to similar securities from the same issuers which were trading on active markets. The bonds and other fixed-income securities included in Level 2 were valued based on the last bid price for those securities. The forward currency contracts included in Level 2 were valued based on forward exchange rates as provided by quotation services. The swap agreements included in Level 2 were valued based on the value of the underlying assets in the security basket adjusted for any accrued interest income or expense. The preferred stock included in Level 3 was valued by reference to comparable entities and evaluation of fundamental data relating to the issuer. There were no significant transfers into or out of Levels 1, 2 and 3 as of March 31, 2011.

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, 2011:

																			Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2011
							Change in Unrealized
	Balance as of		Accrued Discounts		Realized		Appreciation						Net Transfers		Net Transfers		Balance as of
Description	December 31, 2010		(Premiums)		Gain (Loss)		(Depreciation)		Purchases		Sales		Into Level 3		Out of Level 3		March 31, 2011
U.S. Strategic
Equity Portfolio
Preferred Stock	$	453,501	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	453,501	$	-
U.S. Mid Cap
Equity Portfolio
Preferred Stock	$	1,307,499	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	1,307,499	$	-
U.S. Small-Mid
Cap Equity
Portfolio
Preferred Stock	$	452,901	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	452,901	$	-
U.S. High Yield
Portfolio
Warrant	$	5	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5	$	-

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 31, 2011

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 31, 2011
By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 31, 2011

EX-99.CERT

[EX-99.CERT]
Exhibit

Rule 30a-2(a) CERTIFICATIONS

I, Charles L. Carroll, certify that:

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

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

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

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

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

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

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

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

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

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

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

By:	/s/ Charles L. Carroll
	Charles L. Carroll
	Chief Executive Officer
Date:	May 31, 2011

Rule 30a-2(a) CERTIFICATIONS

I, Stephen St. Clair, certify that:

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

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

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

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

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

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

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

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

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

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

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

By:	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date:	May 31, 2011