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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT 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:	6/30/11

ITEM 1.   REPORTS TO STOCKHOLDERS.

June 30, 2011

Lazard Funds Semi-Annual Report

U.S. Equity

Emerging Markets

Lazard U.S. Equity Value Portfolio

Lazard Emerging Markets Equity Portfolio

Lazard U.S. Strategic Equity Portfolio

Lazard Developing Markets Equity Portfolio

Lazard U.S. Mid Cap Equity Portfolio

Lazard Emerging Markets Equity Blend Portfolio

Lazard U.S. Small-Mid Cap Equity Portfolio

Lazard Emerging Markets Multi-Strategy Portfolio

Lazard Emerging Markets Debt Portfolio

Global Equity

Lazard Global Listed Infrastructure Portfolio

U.S. Fixed Income

Lazard U.S. High Yield Portfolio

International Equity

Lazard U.S. Municipal Portfolio

Lazard International Equity Portfolio

Lazard International Equity Select Portfolio

Tactical Asset Allocation

Lazard International Strategic Equity Portfolio

Lazard Capital Allocator Opportunistic Strategies Portfolio

Lazard International Small Cap Equity Portfolio

Lazard Funds

   The Lazard Funds, Inc. Table of Contents

2	Investment Overviews
10	Performance Overviews
24	Information About Your Portfolio’s Expenses
28	Portfolio Holdings Presented by Sector
29	Portfolio Holdings Presented by Region and Credit Rating
30	Portfolios of Investments
30	Lazard U.S. Equity Value Portfolio
32	Lazard U.S. Strategic Equity Portfolio
34	Lazard U.S. Mid Cap Equity Portfolio
36	Lazard U.S. Small-Mid Cap Equity Portfolio
38	Lazard Global Listed Infrastructure Portfolio
40	Lazard International Equity Portfolio
42	Lazard International Equity Select Portfolio
44	Lazard International Strategic Equity Portfolio
46	Lazard International Small Cap Equity Portfolio
48	Lazard Emerging Markets Equity Portfolio
50	Lazard Developing Markets Equity Portfolio
52	Lazard Emerging Markets Equity Blend Portfolio
54	Lazard Emerging Markets Multi-Strategy Portfolio
62	Lazard Emerging Markets Debt Portfolio
67	Lazard U.S. High Yield Portfolio
73	Lazard U.S. Municipal Portfolio
78	Lazard Capital Allocator Opportunistic Strategies Portfolio
80	Notes to Portfolios of Investments
84	Statements of Assets and Liabilities
90	Statements of Operations
96	Statements of Changes in Net Assets
104	Financial Highlights
121	Notes to Financial Statements
134	Board of Directors and Officers Information
136	Other Information

Please consider a Portfolio’s investment objective, risks, charges and expenses carefully before investing. For more complete information about The Lazard Funds, Inc. (the “Fund”), you may obtain a prospectus or summary prospectus by calling 800-823-6300, or online, at www.LazardNet.com. Read the prospectus or each Portfolio’s summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objective, risks, charges, expenses and other information about Portfolios of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

   The Lazard Funds, Inc. Investment Overviews

U.S. Equities

In the first quarter of 2011, the U.S. market posted robust returns. During this time, the market was confronted with escalating political turmoil in the Middle East and North Africa, as well as the devastating earthquake and nuclear crisis in Japan. Although headlines were largely dominated by international events, the U.S. market did enjoy a strong earnings season as well as increased share repurchase and merger activity. Investors were further heartened by improving economic indicators such as manufacturing and jobs data, as well as housing starts.

During the second quarter of the year, the market was much less buoyant, as the market experienced elevated levels of macroeconomic uncertainty. Worries about Greece’s additional fiscal package and the country’s parliament vote shadowed the market until the last week of June when a resolution was reached. Investors were also concerned that the Chinese economy, responsible for much of global growth, may be slowing rapidly.

On the domestic front, a string of negative readings on housing, employment, and manufacturing led investors to question whether growth expectations for the U.S. economy were too high. Cyclical sectors such as energy and industrials performed well in the beginning of 2011, while traditionally defensive sectors such as health care, utilities, and consumer staples showed leadership in the latter part of the semiannual period.

International Equities: Sovereign debt concerns, front and center

A number of positive and negative factors contributed to a volatile first half of 2011 but the Morgan Stanley Capital International (MSCI^®) Europe, Australasia and Far East (EAFE^®) Index (the EAFE Index) ended the period with a return of 5.0%. Positive factors included strong corporate earnings, low developed-world interest rates and abundant liquidity. Negative factors centered around sovereign debt concerns, softening economic growth, the Japanese earthquake and its aftermath, and Middle East and North African turmoil.

Sovereign debt concerns were once again front and center in investors’ minds as Greece faced internal protests over the austerity measures required to receive the next tranche in foreign assistance. Meanwhile, the unrest in the Middle

East and North Africa continued with Syria cracking down violently on protests. European markets performed well, despite contagion concerns from the sovereign crisis. Germany contributed to the strong performance, as the nation continued to benefit from exports and low unemployment that began to spur domestic consumer spending. In Asia, markets declined on inflation concerns in the first quarter and subsequently on concerns over slowing growth prospects following weaker manufacturing numbers from China and continuing inflation fears in the region. Japan declined year-to-date as of June 30, 2011 as the market sold off in the first quarter following the earthquake. Emerging markets have underperformed developed markets year-to-date as of June 30, 2011 on the aforementioned tensions in the Middle East and North Africa and the slowing growth and inflation concerns.

Sector leadership was mixed with a defensive bias, as health care, telecommunication services, and consumer staples, three traditionally defensive sectors, were joined by energy, a traditionally cyclical sector, to lead markets higher. Among the worst performers were the materials and financials sectors. The materials sector declined, driven by falling commodity prices in the second quarter, while financials declined on sovereign debt concerns and rising regulatory capital requirements.

In currency markets, the U.S. dollar weakened relative to most major currencies. The euro gained on the dollar as investors reacted positively to European Central Bank interest rate policy, which signaled a widening yield differential between the U.S. dollar and the euro.

Emerging Markets Equities: A challenging first half of the year

Share prices managed only slight gains across the developing world for the six months ending June 30, 2011. Following two years of a powerful rebound, in which investors felt comfortable adding to their holdings based upon the higher economic growth prospects, the environment suddenly changed. The strong demand had created inflationary pressures which appeared to frighten investors from the asset class in the beginning of the year. In addition, uprisings in several Middle Eastern countries, concerns over the servicing of Portuguese and Greek debt, and worries over Chinese growth, and therefore overall global economic activity, all led to underperformance of emerging markets

2Semi-Annual Report

compared to developed markets. The MSCI Emerging Markets Index (the EM Index) gained just 0.88% over the six-month period, with shares in Eastern Europe and Asia rising, while Latin America underperformed.

South Korean shares, in particular automobile and electronics stocks, appeared to benefit from competitive opportunities following the Japanese earthquake. Indonesian equities continued to record decent returns as the economy continued to grow impressively. Malaysian stocks also rallied, helped by impressive economic performance. Worries about the current slowdown in Chinese economic activity resulted in relative underperformance in Chinese equities compared to the EM Index. High inflation and government scandals had an adverse effect on Indian shares. Taiwanese stocks, following a strong period, suffered from a collapse in technology in the second quarter.

Large Latin American markets witnessed weakness over the six months ended June 30, 2011. Colombian shares were the best performers, helped by strong copper and agricultural commodity prices. Peruvian shares were the weakest market by some distance, spurred by presidential candidate Ollanta Humala’s victory in Peru’s presidential election. Argentinean shares were also weak, hurt by concerns over corporate issues and political uncertainty. Mexican shares were relatively lackluster, despite better economic performance by its dominant trading partner, the United States.

Mixed performance was registered across most of Eastern Europe, the Middle East, and Africa. Share prices rose in Poland, Hungary, and the Czech Republic as Portugal and Greece successfully refinanced their debts and investor concerns over the euro appeared to diminish. Share prices rose sharply in Russia as crude oil prices moved decisively higher. Elsewhere, markets were weaker in Turkey and South Africa, undermined by general risk aversion in the former and weaker precious metals prices in the latter. Egyptian shares fell significantly, likely a result of investors’ impatience over potential election schedules and action against former President Hosni Mubarak.

The information technology, health care, and industrials sectors underperformed the EM Index. The consumer discretionary, consumer staples, and utilities sectors outperformed the EM Index.

High Yield Fixed Income: A strong first half

For the first half of 2011, the U.S. high yield market outperformed most other domestic fixed income sectors to include investment grade corporates, bank loans, and the ten year U.S. Treasury bond. High yield had strong performance in the first quarter but lagged in the second as economic growth slowed and mutual fund outflows in June pushed pricing lower. In the second quarter, the lower quality CCC and banking sectors posted negative returns, reversing their outperformance trend of the past few years.

High yield credit spreads were volatile during the first half of 2011 but ended the period basically unchanged at approximately 540 basis points over Treasuries. Credit upgrades continued to outstrip downgrades as companies lowered their leverage to more manageable levels. Default rates remained low and Moody’s forecasting model predicts that the U.S. default rate will decline to below 2% by the end of 2011. Approximately $155 billion in new issues were sold in the first half of 2011 although volume slowed by late June. High yield mutual fund flows were quite positive in the beginning of the year netting about $10.7 billion, but turned decidedly negative in June as approximately $5.5 billion flowed out.

Lazard U.S. Equity Value Portfolio

For the six months ended June 30, 2011, the Lazard U.S. Equity Value Portfolio’s Institutional Shares posted a total return of 4.50%, while Open Shares posted a total return of 4.37%, as compared with the 5.92% return for the Russell 1000 Value^® Index.

An overweight position in the health care sector contributed to performance. Shares of managed health care company WellPoint increased as it benefited from stronger pricing and lower-than-expected utilization rates. Stock selection and an overweight position in the consumer discretionary sector also helped returns. Shares of Comcast rose as the cable and media company continued to execute well. The company provided better customer service, experienced growth of high speed internet, digital video and voice subscribers, and its profitability per user continued to increase.

In contrast, stocks in the information technology sector detracted from performance. Shares of Lender Processing Services, a technology services provider to the mortgage industry, declined due to the combination of weak mortgage

Semi-Annual Report  3

volume and the mortgage industry’s legal and regulatory overhang. Stock selection in the materials sector also hurt returns. Shares of Owens-Illinois, one of the largest manufacturers of glass containers, decreased as the company’s margins were hurt by higher-than-expected natural gas prices, especially in Europe. The company also declined as beer volumes in North America were weaker than expected.

Lazard U.S. Strategic Equity Portfolio

For the six months ended June 30, 2011, the Lazard U.S. Strategic Equity Portfolio’s Institutional Shares posted a total return of 5.35%, while Open Shares posted a total return of 5.24%, as compared with the 6.02% return for the S&P 500^® Index.

Stock selection and an underweight position in the financials sector contributed to performance. Shares of NYSE Euronext, one of the world’s largest equities and derivatives exchanges, climbed on the news that it agreed to be acquired by German exchange operator Deutsche Borse. We exited the position as a result of this activity. Stock selection in the consumer discretionary sector also helped returns. Shares of Comcast rose as the cable and media company continued to execute well. The company provided better customer service, experienced growth of high speed internet, digital video and voice subscribers, and its profitability per user continued to increase.

In contrast, stock selection in the consumer staples sector detracted from performance. Shares of Molson Coors Brewing fell as beer volumes were weaker-than-expected. Additionally, the stock faced continued uncertainty about its capital deployment. Stock selection in the information technology sector also hurt returns. Shares of Lender Processing Services, a technology services provider to the mortgage industry, declined as weak mortgage volume combined with the mortgage industry’s legal and regulatory overhang.

Lazard U.S. Mid Cap Equity Portfolio

For the six months ended June 30, 2011, the Lazard U.S. Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 4.52%, while Open Shares posted a total return of 4.34%, as compared with the 8.08% return for the Russell Midcap^® Index.

A lack of holdings in telecom services contributed to performance, as the sector had the lowest returns in the index for the year-to-date period. Stock selection in the energy

sector also helped returns. Shares of Williams Companies rose when the company announced its plans to split into two businesses: one focused on pipelines, and one focused on exploration and production. Shares of EQT, a natural gas producer, rose after the company reported strong quarterly results, driven by increased production and improved well productivity. The stock also benefited from greater investor appetite for gas after the nuclear plant problems in Japan.

In contrast, stock selection in the health care sector detracted from performance. A lack of exposure to managed care companies, which benefited from stronger pricing and lower utilization than expected, hurt returns. A position in Hospira, a specialty pharmaceutical and medication delivery company, was another detractor in the health care sector. The stock decreased after the company reported lower-than-expected earnings, primarily due to operational issues. The position was subsequently sold from the Portfolio. Stock selection in the consumer discretionary sector also hurt returns. Shares of Newell Rubbermaid, a manufacturer and marketer of branded consumer products, declined after lowering its full-year earnings guidance.

Lazard U.S. Small-Mid Cap Equity Portfolio

For the six months ended June 30, 2011, the Lazard U.S. Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 6.19%, while Open Shares posted a total return of 5.96%, as compared with the 8.06% return for the Russell 2500^® Index.

Stock selection in the health care and consumer discretionary sectors detracted from the Portfolio, while selection in the energy and financials sectors helped performance. Pain Therapeutics, a pain management drug developer, hurt performance in the health care sector after the U.S. Food and Drug Administration in June delayed approval for the company’s painkiller, Remoxy. The position was sold following this news. VCA Antech, an operator of veterinary hospitals and laboratories, also underperformed within the sector.

In the consumer discretionary sector, Liz Claiborne, a designer of branded women’s and men’s apparel, detracted from performance. The company warned early in January that its earnings would miss consensus expectations, which led to a drop in its share price. The position in Liz Claiborne was subsequently sold from the Portfolio. Newell Rubbermaid, a manufacturer of branded consumer products; American Eagle Outfitters, a casual apparel retailer; and

4Semi-Annual Report

Brown Shoe, an operator of retail shoe stores, each declined on earnings that fell short of expectations.

Helmerich & Payne, a provider of contract drilling of oil and gas wells, helped performance in the energy sector after it announced stronger-than-expected earnings along with new contracts during the period. Key Energy Services, a provider of onshore, rig-based well services, announced better-than-expected guidance in April, which helped to lift the company’s share price. Complete Production Services, which provides oil and natural gas production servicing, also rose sharply following a strong earnings announcement.

In the financials sector, NYSE Euronext which operates an international stock exchange, also helped performance. The company was an acquisition target, pursued by Deutsche Boerse, a German exchange operator, and by two U.S. exchange operators. The bids for NYSE Euronext caused its share price to rise significantly over the period. The position was sold, as it had fulfilled our valuation expectations.

Lazard Global Listed Infrastructure Portfolio

For the six months ended June 30, 2011, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 6.22%, while Open Shares posted a total return of 5.97%. The benchmark returns for the six months ended June 30, 2011 were 1.65% for the UBS Global 50/50 Infrastructure & Utilities^® Index, and 5.29% for the MSCI World^® Index.

Red Electrica, Spain’s monopoly electricity transmission network, was the largest contributor to performance over the period. The share price benefited from a strong Spanish market (due to well-received government austerity measures), and a government proposal to increase electricity fees that would reduce the tariff deficit without resorting to regulatory change.

Italian toll road company Societa Iniziative Autostradali e Servizi also added to performance. The company benefited from the implementation of tariff increases on January 1, 2011, in accordance with its concession agreement. The company reported strong year-over-year earnings in the first quarter of the year.

East Japan Railway Company detracted from returns over the period as a result of damage and operational delays caused by the Tohoku earthquake and tsunami. While the

company revealed that most of the damages are likely recoverable under insurance, the company also suffered operational delays elsewhere on its network due to the tsunami’s impact on electricity supplies. As a result, the stock was sold during the period.

Portuguese toll road operator Brisa Auto-Estradas de Portugal (Brisa) detracted from returns as Portugal accepted a bailout package led by the European Union and the International Monetary Fund. As a purely domestic player, Brisa was impacted by concerns over the negative effect that subsequent austerity measures could have on economic activity. Brisa was eliminated from the Portfolio during the period.

Lazard International Equity Portfolio

For the six months ended June 30, 2011, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 6.66%, while Open Shares posted a total return of 6.54%, as compared with the 4.98% return for the EAFE Index.

Among the drivers of positive stock selection were the financials and consumer discretionary sectors as well as Continental Europe and Japan. Daito Trust Construction stands out within financials and Japan for its continued strong performance in the aftermath of the earthquake. The company has limited exposure to the negative effects of the crisis and may even benefit from increased housing demand. Japanese consumer discretionary companies Yamada Denki and Don Quijote also performed well as both saw encouraging sales despite the crisis in the country. Continental European consumer discretionary stocks BMW and Valeo continued to see resilient demand and margin growth.

In contrast, the Portfolio was negatively impacted by an overweight to, and stock selection in the information technology sector and by exposure to emerging markets. In the information technology sector, an overweight to a lagging sector was a drag on performance. An overweight to underperforming emerging markets hurt portfolio performance in the six months ended June 30, 2011 as did some stock specific performance in Samsung Electronics and Turkiye Garanti Bankasi.

Lazard International Equity Select Portfolio

For the six months ended June 30, 2011, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 6.38%, while Open Shares posted a total

Semi-Annual Report  5

return of 6.11%, as compared with the 3.80% return for the MSCI All Country World^® Index ex-U.S.

Stock selection was the most significant positive effect on the Portfolio, particularly in the health care and energy sectors as well as Continental Europe and Japan. Daito Trust and Yamada Denki stand out within Japan for their continued strong performance in the aftermath of the earthquake. Daito Trust has limited exposure to the negative effects of the crisis and may even benefit from increased housing demand while Yamada Denki also performed on encouraging sales despite the crisis in the country. Continental European consumer discretionary stocks BMW and Valeo continued to see resilient demand and margin growth while French pharmaceutical Sanofi and French energy services company Technip also performed strongly. Stock selection in emerging markets also benefitted the Portfolio as information technology company Cielo and automobile components company Hyundai Mobis performed well.

In contrast, the Portfolio was negatively impacted by stock selection in the telecom services and industrials sectors. Within telecom services, the main detractor was Turkcell as it declined on intensifying competition and a weak currency. Within industrials, Weichai Power detracted from relative returns as it was impacted by reduced credit availability stemming from government actions designed to slow the economy.

Lazard International Strategic Equity Portfolio

For the six months ended June 30, 2011, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of 6.21%, while Open Shares posted a total return of 6.09%, as compared with the 4.98% return for the EAFE Index.

The most positive drivers in the period were in the consumer discretionary sector. Auto stocks BMW, Hyundai Mobis and Valeo continue to see resilient demand and margin growth not reflected in single-digit valuation multiples, while in the retailing industry the Japanese companies Don Quijote and Yamada Denki both saw encouraging sales progress despite the earthquake in March. The building material supplier JS Group saw encouraging benefits from its restructuring program, and the Portfolio’s Japanese holdings overall performed particularly well in the first half of 2011. Stock selection in health care was strong with Sanofi up strongly from a low base, while in financials Daito Trust

Construction of Japan also saw resilient orders for its apartments and AIA Group and Prudential saw strong growth in sales in Asia. Sampo of Finland continued its long track record of strong financial performance, led by one of the strongest management teams in the industry.

On the negative side, the biggest drag came from the Portfolio’s exposure to two companies in Egypt, Commercial International Bank and cigarette company Eastern Co., which declined heavily after the revolution. Stocks in Brazil were also weak despite attractive valuations, falling on fears of tightening policy. Asset managers Man Group and Julius Baer Group, and financial services company IG Group, suffered from challenging market conditions. The alternative telecom companies eAccess and TalkTalk Telecom Group fell on the back of weakening revenue performance, while construction company Tecnicas Reunidas has struggled through a period of weak order flow in a competitive market.

Lazard International Small Cap Equity Portfolio

For the six months ended June 30, 2011, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 2.71%, while Open Shares posted a total return of 2.58%, as compared with the 3.84% return for the MSCI EAFE Small Cap Index.

During the period, the Portfolio benefited from strong stock selection in Norway, the energy sector, and the health care sector. Stock selection lagged in Germany, Hong Kong, Singapore, and in the financials and industrials sectors.

Kongsberg Gruppen helped the Portfolio over the period. Kongsberg provides high technology goods to both the maritime and the defense industries. In February, the company reported very strong results with record sales and operating margins. The company also benefitted from an announcement regarding new orders from, and other business with, the U.S. government.

EVA Precision Industrial was an underperformer within the industrials sector, and detracted from the Portfolio’s returns. EVA designs and fabricates metal stamping and plastic injection molds and supplies sub-assembly components to the Japanese-dominated commercial copier industry. The company’s order flow in the first half of this fiscal year suffered from supply chain disruptions in the wake of the Japanese earthquake and tsunami.

6Semi-Annual Report

Lazard Emerging Markets Equity Portfolio

For the six months ended June 30, 2011, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of -0.28%, while Open Shares posted a total return of -0.45%, as compared with the 0.88% return for the EM Index.

In the first half of the year, the Portfolio was helped by rising share prices in Cielo and Redecard, both credit card processors in Brazil, which recovered on expectations of rational pricing and strong volumes. First Quantum Minerals, a metals and mining company with operations primarily in Zambia, performed well due to strong copper prices and upgraded reserve estimates. Finally, stock selection within the information technology sector added value.

In contrast, stock selection within the telecom services sector detracted from the Portfolio’s performance. Notably, Turkcell, a Turkish telecommunications company, was weak due to margin pressure from increased competition. In addition, MediaTek, a Taiwanese developer, manufacturer and distributor of multimedia integrated circuits, disappointed investors with their margin guidance due to pricing pressure on their 2G handsets. Commercial International Bank in Egypt experienced declines due to social unrest there.

Lazard Developing Markets Equity Portfolio

For the six months ended June 30, 2011, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of -1.46%, while Open Shares posted a total return of -1.52%, as compared with the 0.88% return for the EM Index.

Stock selection within the industrials sector and in South Korea helped the Portfolio over the period. Shares of Samsung Engineering, a South Korean engineering and construction company, performed well due to expectations of strong orders and earnings growth for 2011.

Stock selection within the materials sector and in South Africa also helped the Portfolio during the six-month period. Exxaro Resources, a South African mining and coal producer, outperformed due to higher commodity prices.

An overweight position in Russia added value during the period. Shares of Uralkali, a Russian fertilizer company, rose along with strong fertilizer demand.

Conversely, stock selection within the consumer discretionary sector as well as in Brazil and Mexico detracted from performance. Corporacion GEO, a Mexican builder, underperformed on lower than expected volume growth. Cyrela Brazil Realty performed poorly during the period on concerns that issues with joint venture partners and higher labor costs would continue to drag margins lower.

Stock selection within the financials sector also hurt returns. Shares of Shriram Transport Finance, an Indian commercial vehicle financing company, underperformed as the central bank was expected to implement stricter measures on securitization.

Stock selection within the energy sector also detracted from relative performance. Shares of Pacific Rubiales Energy, a Colombian oil and gas exploration, development, and production company, declined on weaker-than-expected year-end production volumes caused by pipeline capacity constraints as well as lower reported reserve numbers.

Lazard Emerging Markets Equity Blend Portfolio

For the six months ended June 30, 2011, the Lazard Emerging Markets Equity Blend Portfolio’s Institutional Shares posted a total return of 0.80%, while Open Shares posted a total return of 0.64%, as compared with the 0.88% return for the EM Index.

The Portfolio is managed using a combination of two of the Investment Manager’s equity strategies in emerging markets, a relative value strategy and a relative growth strategy. The Investment Manager considers four broad economic contexts pertinent to allocation decisions between the relative value and growth strategies: Differentiation, Expansion, Mania, and Panic.

Changes made to the Portfolio’s allocation among these economic contexts during the first six months of 2011 reflected a consideration of many factors, including the Eurozone sovereign debt crisis; global macro data readings, particularly the Purchasing Manager’s Index (which measures economic activity) in China, the United States, the United Kingdom, and the Eurozone; investor’s flows into emerging markets; the U.S. Federal Reserve’s and the European Central Bank’s policies; U.S. housing sector data; and other data.

Semi-Annual Report  7

In the second quarter of 2011, we increased our overweight to the relative growth strategy, as we believed that capital would continue to seek higher yielding assets in emerging markets where debt levels and fiscal policies appeared to be on a more sustainable trajectory. At the beginning of June, we shifted to a modest overweight to the relative value strategy. We believed that a plateau or pullback in global manufacturing activity, together with a potential renewal of sovereign debt concerns in the Eurozone—which could dampen risk appetite, weaken the euro, and have a detrimental impact on demand from a large export destination for emerging markets products—would favor value companies relative to growth companies within emerging markets. These changes resulted in an average overweight to growth during the second quarter, which hurt performance as the value strategy outperformed the growth strategy over the period.

In the first half of the year, stock selection in industrials and materials added value, as did stock selection in Brazil and South Africa. In contrast, stock selection in telecom services and an overweight exposure to and stock selection in, information technology detracted from performance, as did stock selection in Taiwan, an overweight exposure to Egypt, and stock selection in Mexico.

Lazard U.S. High Yield Portfolio

For the six months ended June 30, 2011, the Lazard U.S. High Yield Portfolio’s Institutional Shares posted a total return of 3.79%, while Open Shares posted a total return of 3.84%, as compared with the 4.93% return for the Merrill Lynch High Yield Master II^® Index (the High Yield Index).

The Portfolio underperformed over the first six months of 2011 as lower quality and finance related securities continued to outperform. The Portfolio was very underweight to these particular sectors as we believe they are generally more volatile than better-quality industrial/utility sectors. Performance was helped by overweight positions in the gaming and energy sectors and by underweight positions in paper. Performance was hurt by very limited exposure to CCC rated and lower quality securities, and to the finance and utility sectors. The Portfolio’s shorter duration also detracted from relative performance.

While the Portfolio’s higher-quality focus and minimal exposure to financial sector securities has held back returns relative to the High Yield Index, we have maintained our

credit discipline throughout the market volatility of the past several years. As of June 30, 2011, over 56% of the holdings by market value were rated BB- or better by Standard & Poor’s and 74% were rated B+ or better.

Lazard Capital Allocator Opportunistic Strategies Portfolio

For the six months ended June 30, 2011, the Lazard Capital Allocator Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of 2.51%, while Open Shares posted a total return of 2.21%. The benchmark returns for the six months ended June 30, 2011 were 5.29% for the MSCI World Index and 4.28% for the Global Asset Allocation Blended Index.

Contrarian and discounted investments added to the Portfolio’s returns for the six-month period. Diversifying investments were generally flat versus the Global Asset Allocation Blended Index, while thematic investments detracted from performance.

Within contrarian investments, which comprised 23% of the Portfolio as of June 30, 2011, a position in health care equities helped performance, as the traditionally defensive health care sector rose amid the market uncertainty. The contrarian position in information technology, however, offset some of this positive performance.

Discounted investments—which comprised 4% of the Portfolio as of June 30, 2011 and was the best-performing segment for the period—provided strong results mainly due to discount narrowing in the China and U.S. large-cap closed-end fund investments. No holdings in this segment detracted from returns for the period.

The Portfolio’s diversifying positions, 25% of the Portfolio as of June 30, 2011, performed generally in line with the Global Asset Allocation Blended Index for the six-month period. The Portfolio’s interest rate hedge and a position in global consumer staples equities hurt returns, while exposure to U.S. consumer staples equities, gold, and high yield fixed income added to returns.

Thematic investments, 27% of the Portfolio as of June 30, 2011, underperformed and detracted from performance over the period. The largest underperformer was a Canadian small-cap position, which declined significantly in sympathy

8  Semi-Annual Report

with the sharp sell-off in commodity prices. The position was subsequently sold. Exposure to the global materials sector, Taiwan, and Brazil also hurt the Portfolio’s returns.

The Portfolio exited the global materials and Brazil positions during the period.

Notes to Investment Overviews:

All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolios may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s Investment Manager (the “Investment Manager”),or State Street Bank and Trust Company, the Fund’s Administrator (“State Street”); without such waiver/reimbursement of expenses, the Portfolios’ returns would have been lower. Past performance is not indicative, or a guarantee, of future results.

The performance data of the indices and other market data have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. These indices are unmanaged, have no fees or costs and are not available for investment.

The views of the Investment Manager and the securities described in this report are as of June 30, 2011; these views and portfolio holdings may have changed subsequent to this date. Nothing herein should be construed as a recommendation to buy, sell, or hold a particular security. There is no assurance that the securities discussed herein will remain in each Portfolio at the time you receive this report, or that securities sold will not have been repurchased. The specific securities discussed may, in aggregate, represent only a small percentage of each Portfolio’s holdings. It should not be assumed that securities identified and discussed were, or will be, profitable, or that the investment decisions made in the future will be profitable, or equal the investment performance of the securities discussed herein.

The views and opinions expressed are provided for general information only, and do not constitute specific tax, legal, or investment advice to, or recommendations for, any person. There can be no guarantee as to the accuracy of the outlooks for markets, sectors and securities as discussed herein. You should read the Fund’s prospectus or each Portfolio’s summary prospectus for a more detailed discussion of each Portfolio’s investment objective, strategies, risks and fees.

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   The Lazard Funds, Inc. Performance Overviews (unaudited)

Lazard U.S. Equity Value Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard U.S. Equity Value Portfolio and Russell 1000^® Value Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year		Five Years		Since Inception		†
Institutional Shares**		27.22%		2.40%		3.11%
Open Shares**		26.73%		2.14%		2.83%
Russell 1000 Value Index		28.94%		1.15%		2.35%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Russell 1000 Value Index measures the performance of those Russell 1000 companies (the 1,000 largest companies in the Russell 3000® Index, which consists of the 3,000 largest U.S. companies by capitalization) with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was September 30, 2005.

10  Semi-Annual Report

Lazard U.S. Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard U.S. Strategic Equity Portfolio and S&P 500^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year		Five Years		Since Inception		†
Institutional Shares**		30.94%		2.57%		3.10%
Open Shares**		30.58%		2.24%		2.81%
S&P 500 Index		30.69%		2.94%		3.42%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The S&P 500 Index is a market capitalization-weighted index of 500 common stocks, designed to measure performance of the broad domestic economy through changes in the aggregate market value of these stocks, which represent all major industries. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 30, 2004.

Semi-Annual Report  11

Lazard U.S. Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard U.S. Mid Cap Equity Portfolio and Russell Midcap^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year		Five Years		Ten Years
Institutional Shares**		31.82%		3.55%		6.67%
Open Shares**		31.53%		3.28%		6.37%
Russell Midcap Index		38.47%		5.30%		7.59%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index (which consists of the 1,000 largest U.S. companies by capitalization). The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

12  Semi-Annual Report

Lazard U.S. Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard U.S. Small-Mid Cap Equity Portfolio, Russell 2500^® Index and Russell 2000/2500 Linked Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year		Five Years		Ten Years
Institutional Shares**		34.98%		6.58%		8.06%
Open Shares**		34.55%		6.24%		7.76%
Russell 2500 Index		39.28%		5.20%		7.40%
Russell 2000/2500 Linked Index		39.28%		5.04%		6.75%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The Russell 2500 Index is comprised of the 2,500 smallest U.S. companies included in the Russell 3000 Index (which consists of the 3,000 largest U.S. companies by capitalization). The Russell 2000/2500 Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the Russell 2000® Index for all periods through August 24, 2008 and the Russell 2500 Index for all periods thereafter. The Russell 2000 Index is comprised of the 2,000 smallest U.S. companies included in the Russell 3000 Index. The indices are unmanaged, have no fees or costs and are not available for investment.
	The Portfolio was previously known as Lazard U.S. Small Cap Equity Portfolio. As of August 25, 2008, the Portfolio changed its name to Lazard U.S. Small-Mid Cap Equity Portfolio and changed its investment strategy to invest in equity securities of small-mid cap U.S. companies.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  13

Lazard Global Listed Infrastructure Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Listed Infrastructure Portfolio, UBS Global 50/50 Infrastructure & Utilities^® Index and MSCI World^® Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year		Since Inception		†
Institutional Shares**		22.91%		8.66%
Open Shares**		22.40%		8.25%
UBS Global 50/50 Infrastructure & Utilities Index		11.54%		3.82%
MSCI World Index		30.51%		11.46%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or Boston Financial Data Services, Inc., the Fund’s transfer and dividend disbursing agent (“BFDS”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The UBS Global 50/50 Infrastructure & Utilities Index tracks a 50% exposure to the global developed-market utilities sector and a 50% exposure to the global developed-market infrastructure sector. The MSCI World Index is a market capitalization-weighted index of companies representative of the market structure of 24 developed market countries in North America, Europe, and the Asia/Pacific region. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was December 31, 2009.

14  Semi-Annual Report

Lazard International Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Portfolio and EAFE Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year	Five Years	Ten Years
Institutional Shares**	30.76%	2.31%	4.81%
Open Shares**	30.35%	1.99%	4.52%
EAFE Index	30.36%	1.48%	5.66%

*	All returns reflect reinvestment of all dividends and distributions, if any.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  15

Lazard International Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Select Portfolio, MSCI All Country World Index ex-U.S. (ACWI^® ex-U.S.), EAFE/ACWI ex-U.S. Linked Index and EAFE Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year	Five Years	Ten Years
Institutional Shares**	31.85%	1.01%	4.36%
Open Shares**	31.41%	0.68%	4.06%
MSCI ACWI ex-U.S.	29.73%	3.67%	7.48%
EAFE/ACWI ex-U.S. Linked Index	29.73%	1.38%	5.61%
EAFE Index	30.36%	1.48%	5.66%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The MSCI ACWI ex-U.S. is a free floated-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The EAFE/ACWI ex-U.S. Linked Index is an index created by the Portfolio’s Investment Manager, which links the performance of the EAFE Index for all periods through June 30, 2010 and the MSCI ACWI ex-U.S. for all periods thereafter. The EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. As of July 1, 2010, The EAFE Index was replaced with the MSCI ACWI ex-U.S. The change of index reflects a change in the Investment Manager’s benchmark index across a broad range of similar strategies and products managed by the Investment Manager. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

16  Semi-Annual Report

Lazard International Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Strategic Equity Portfolio and EAFE Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	Institutional Shares				Open Shares
	One Year	Five Years	Since Inception	†	One Year	Five Years	Since Inception	†
International Strategic Equity Portfolio**	34.87%	3.45%	6.55%		34.44%	3.09%	3.78%
EAFE Index	30.36%	1.48%	4.32%		30.36%	1.48%	2.07%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EAFE Index is a broadly diversified international index comprised of equity securities of approximately 1,000 companies located in developed countries outside the United States. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was October 31, 2005 and for Open Shares was February 3, 2006.

Semi-Annual Report  17

Lazard International Small Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Small Cap Equity Portfolio and MSCI EAFE Small Cap Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year	Five Years	Ten Years
Institutional Shares**	34.98%	-0.50%	7.92%
Open Shares**	34.54%	-0.77%	7.58%
MSCI EAFE Small Cap Index	36.41%	2.32%	10.09%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The MSCI EAFE Small Cap Index is an arithmetic, market value-weighted average of the performance of securities of small cap companies listed on the stock exchanges of EAFE Index countries. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

18  Semi-Annual Report

Lazard Emerging Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Portfolio and EM Index*

Average Annual Total Returns*
Periods Ended June 30, 2011
	One Year	Five Years	Ten Years
Institutional Shares**	26.84%	12.50%	17.83%
Open Shares**	26.44%	12.11%	17.50%
EM Index	27.80%	11.42%	16.20%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report  19

Lazard Developing Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Developing Markets Equity Portfolio and EM Index*

Average Annual Total Returns*

Periods Ended June 30, 2011

	One	Since
	Year	Inception	†
Institutional Shares**	32.58%	22.08%
Open Shares**	32.20%	21.77%
EM Index	27.80%	17.27%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was September 30, 2008.

20  Semi-Annual Report

Lazard Emerging Markets Equity Blend Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Blend Portfolio and EM Index*

Average Annual Total Returns*

Periods Ended June 30, 2011

	One	Since
	Year	Inception	†
Institutional Shares**	25.79%	23.24%
Open Shares**	25.39%	22.88%
EM Index	27.80%	24.56%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The EM Index is comprised of emerging market securities in countries open to non-local investors. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Portfolio was May 28, 2010.

Semi-Annual Report  21

Lazard U.S. High Yield Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard U.S. High Yield Portfolio and Merrill Lynch High Yield Master II^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2011

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	12.23%	6.78%	5.95%
Open Shares**	11.86%	6.51%	5.68%
Merrill Lynch High Yield Master II Index	15.40%	9.20%	8.76%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the index has been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to its accuracy. The Merrill Lynch High Yield Master II Index provides a broad-based measure of the performance of the non-investment grade U.S. domestic bond market. The index is unmanaged, has no fees or costs and is not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.

22  Semi-Annual Report

Lazard Capital Allocator Opportunistic Strategies Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Capital Allocator Opportunistic Strategies Portfolio, MSCI World Index, Global Asset Allocation Blended Index and Global Market Exposure Index*

Average Annual Total Returns*

Periods Ended June 30, 2011

	Institutional Shares			Open Shares
	One	Since		One	Since
	Year	Inception	†	Year	Inception	†
Capital Allocator Opportunistic Strategies Portfolio**	22.46%	2.59%		21.86%	2.40%
MSCI World Index	30.51%	–0.22%		30.51%	–0.09%
Global Asset Allocation Blended Index	19.45%	2.94%		19.45%	3.00%
Global Market Exposure Index	19.18%	3.90%		19.18%	3.92%

*	All returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that an investor’s shares in the Portfolio, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The MSCI World Index is a market capitalization-weighted index of companies representative of the market structure of 24 developed market countries in North America, Europe, and the Asia/Pacific region. The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Portfolio’s Investment Manager that is comprised of 60% MSCI World (Net) Index and 40% Barclays Capital U.S. Aggregate Bond® Index. The Global Market Exposure Index is a blended index constructed by the Portfolio’s Investment Manager, which is comprised of 36% Barclays Capital U.S. Aggregate Bond Index, 19.5% S&P 500 Index, 15% MSCI Europe® Index, 9% MSCI Pacific® Index, 6% EM Index, 6% S&P MidCap 400® Index, 4.5% S&P SmallCap 600® Index, and 4% Three Month London Interbank Offered Rate. As of July 1, 2010, the Global Market Exposure Index was replaced with the Global Asset Allocation Blended Index. The Investment Manager believes that the Global Asset Allocation Blended Index is a more appropriate comparison for the Portfolio’s investment strategies. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares may be greater than or less than the performance of Open Shares, primarily based on the differences in fees borne by shareholders investing in different classes.
†	The inception date for the Institutional Shares was March 26, 2008 and for Open Shares was March 31, 2008.

Semi-Annual Report  23

   The Lazard Funds, Inc. Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from January 1, 2011 through June 30, 2011 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each Share class of the Portfolios, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholders reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Portfolio	Beginning Account Value 1/1/11			Ending Account Value 6/30/11			Expenses Paid During Period* 1/1/11 - 6/30/11			Annualized Expense Ratio During Period 1/1/11 - 6/30/11
U.S. Equity Value Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,045.00		$	3.80		0.75	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.08		$	3.76		0.75	%
Open Shares
Actual		$	1,000.00		$	1,043.70		$	5.32		1.05	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.59		$	5.26		1.05	%
U.S. Strategic Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,053.50		$	3.82		0.75	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,021.08		$	3.76		0.75	%
Open Shares
Actual		$	1,000.00		$	1,052.40		$	5.34		1.05	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.59		$	5.26		1.05	%
U.S. Mid Cap Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,045.20		$	4.61		0.91	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.29		$	4.55		0.91	%
Open Shares
Actual		$	1,000.00		$	1,043.40		$	5.94		1.17	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.98		$	5.87		1.17	%

24  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/11			Ending Account Value 6/30/11			Expenses Paid During Period* 1/1/11 - 6/30/11			Annualized Expense Ratio During Period 1/1/11 - 6/30/11
U.S. Small-Mid Cap Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,061.90		$	4.51		0.88	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.42		$	4.42		0.88	%
Open Shares
Actual		$	1,000.00		$	1,059.60		$	6.09		1.19	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.88		$	5.97		1.19	%
Global Listed Infrastructure Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,062.20		$	5.58		1.09	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.38		$	5.47		1.09	%
Open Shares
Actual		$	1,000.00		$	1,059.70		$	8.17		1.60	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.86		$	8.00		1.60	%
International Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,066.60		$	5.29		1.03	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.67		$	5.17		1.03	%
Open Shares
Actual		$	1,000.00		$	1,065.40		$	6.80		1.33	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.21		$	6.65		1.33	%
International Equity Select Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,063.80		$	5.88		1.15	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.09		$	5.76		1.15	%
Open Shares
Actual		$	1,000.00		$	1,061.10		$	7.41		1.45	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.60		$	7.25		1.45	%
International Strategic Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,062.10		$	4.51		0.88	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.42		$	4.42		0.88	%
Open Shares
Actual		$	1,000.00		$	1,060.90		$	5.91		1.16	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.06		$	5.79		1.16	%
International Small Cap Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,027.10		$	5.68		1.13	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.19		$	5.66		1.13	%
Open Shares
Actual		$	1,000.00		$	1,025.80		$	7.18		1.43	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.70		$	7.15		1.43	%

Semi-Annual Report  25

Portfolio	Beginning Account Value 1/1/11			Ending Account Value 6/30/11			Expenses Paid During Period* 1/1/11 - 6/30/11			Annualized Expense Ratio During Period 1/1/11 - 6/30/11
Emerging Markets Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	997.20		$	5.57		1.12	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.22		$	5.63		1.12	%
Open Shares
Actual		$	1,000.00		$	995.50		$	7.12		1.44	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,017.66		$	7.20		1.44	%
Developing Markets Equity Portfolio
Institutional Shares
Actual		$	1,000.00		$	985.40		$	6.22		1.26	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.53		$	6.32		1.26	%
Open Shares
Actual		$	1,000.00		$	984.80		$	7.81		1.59	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.93		$	7.93		1.59	%
Emerging Markets Equity Blend Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,008.00		$	6.72		1.35	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.10		$	6.76		1.35	%
Open Shares
Actual		$	1,000.00		$	1,006.40		$	8.21		1.65	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,016.61		$	8.25		1.65	%
Emerging Markets Multi-Strategy Portfolio**
Institutional Shares
Actual		$	1,000.00		$	994.00		$	3.23		1.30	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,009.22		$	3.26		1.30	%
Open Shares
Actual		$	1,000.00		$	994.00		$	3.98		1.60	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,008.48		$	4.01		1.60	%
Emerging Markets Debt Portfolio†
Institutional Shares
Actual		$	1,000.00		$	1,045.50		$	3.76		1.10	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,013.04		$	3.70		1.10	%
Open Shares
Actual		$	1,000.00		$	1,044.40		$	4.78		1.40	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,012.03		$	4.71		1.40	%
U.S. High Yield Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,037.90		$	2.78		0.55	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,022.07		$	2.76		0.55	%
Open Shares
Actual		$	1,000.00		$	1,038.40		$	4.30		0.85	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,020.58		$	4.26		0.85	%

26  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/11			Ending Account Value 6/30/11			Expenses Paid During Period* 1/1/11 - 6/30/11			Annualized Expense Ratio During Period 1/1/11 - 6/30/11
U.S. Municipal Portfolio†
Institutional Shares
Actual		$	1,000.00		$	1,016.40		$	1.35		0.40	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,015.38		$	1.35		0.40	%
Open Shares
Actual		$	1,000.00		$	1,015.40		$	2.36		0.70	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,014.37		$	2.36		0.70	%
Capital Allocator Opportunistic Strategies Portfolio
Institutional Shares
Actual		$	1,000.00		$	1,025.10		$	5.12		1.02	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,019.74		$	5.11		1.02	%
Open Shares
Actual		$	1,000.00		$	1,022.10		$	6.62		1.32	%
Hypothetical (5% Return Before Expenses)		$	1,000.00		$	1,018.25		$	6.61		1.32	%

*	Expenses are equal to the annualized expense ratio of each Share class multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
**	Emerging Markets Multi-Strategy Portfolio commenced investment operations on March 31, 2011.
†	Emerging Markets Debt Portfolio and U.S. Municipal Portfolio commenced investment operations on February 28, 2011.

Semi-Annual Report  27

   The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2011 (unaudited)

Sector*	Lazard U.S. Equity Value Portfolio			Lazard U.S. Strategic Equity Portfolio			Lazard U.S. Mid Cap Equity Portfolio			Lazard U.S. Small-Mid Cap Equity Portfolio			Lazard Global Listed Infrastructure Portfolio
Consumer Discretionary		8.4	%		12.2	%		16.6	%		15.5	%		—	%
Consumer Staples		10.0			13.9			6.9			4.0			—
Energy		12.7			12.5			10.0			7.6			—
Financials		23.0			12.4			15.6			16.5			—
Health Care		16.3			12.1			10.6			8.1			—
Industrials		6.6			11.2			13.5			15.4			50.0
Information Technology		11.4			17.5			15.3			17.3			0.8
Materials		4.4			6.2			5.5			7.5			—
Telecommunication Services		3.8			—			—			—			—
Utilities		2.2			—			3.2			2.6			48.6
Short-Term Investments		1.2			2.0			2.8			5.5			0.6
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Sector*	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio			Lazard International Small Cap Equity Portfolio			Lazard Emerging Markets Equity Portfolio
Consumer Discretionary		13.8	%		11.0	%		19.5	%		17.7	%		5.5	%
Consumer Staples		10.3			12.9			11.6			6.4			12.1
Energy		8.6			8.6			8.1			6.6			5.8
Financials		23.1			24.2			22.5			5.9			22.2
Health Care		9.6			9.1			8.1			11.1			—
Industrials		8.2			9.4			8.1			29.1			8.8
Information Technology		9.4			9.6			6.5			13.5			16.7
Materials		7.8			8.1			8.6			5.4			16.3
Telecommunication Services		5.1			5.9			4.2			3.8			9.2
Utilities		0.9			—			—			—			2.2
Short-Term Investments		3.2			1.2			2.8			0.5			1.2
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Sector*	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Strategy Portfolio			Lazard Capital Allocator Opportunistic Strategies Portfolio
Consumer Discretionary		15.5	%		10.2	%		5.8	%		6.4	%
Consumer Staples		1.3			6.4			3.7			5.6
Energy		13.1			8.6			7.5			1.8
Financials		25.9			21.3			13.5			4.9
Fixed Income		—			—			24.7			18.9
Health Care		1.6			1.2			0.7			9.6
Industrials		11.8			10.1			6.1			7.7
Information Technology		11.8			15.3			8.7			8.4
Materials		9.4			11.5			8.1			7.1
Telecommunication Services		2.9			6.4			4.0			1.3
Utilities		2.4			2.7			2.0			4.7
Other		—			—			—			6.0
Short-Term Investments		4.3			6.3			15.2			17.6
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

28  Semi-Annual Report

   The Lazard Funds, Inc. Portfolio Holdings Presented by Region and Credit Rating June 30, 2011 (unaudited)

Region*	Lazard Emerging Markets Debt Portfolio
Africa	8.4	%
Asia	33.0
Europe	22.6
North America	8.3
South America	17.6
Short-Term Investment	10.1
Total Investments	100.0	%
S&P Credit Rating*	Lazard U.S. High Yield Portfolio		Lazard U.S. Municipal Portfolio
AAA	—	%	32.6	%
AA+	—		20.4
AA	—		12.8
AA-	—		4.9
A+	—		9.7
A	—		2.0
A-	—		4.3
BBB+	0.7		—
BBB	1.6		1.2
BBB-	5.1		—
BB+	8.4		—
BB	14.1		—
BB-	24.4		—
B+	17.9		—
B	12.8		—
B-	9.5		—
CCC+	0.8		—
CCC	0.8		—
CCC-	0.3		—
NR	—		5.0
NA	3.6		7.1
Total Investments	100.0	%	100.0	%

* Represents percentage of total investments.

Semi-Annual Report  29

   The Lazard Funds, Inc. Portfolios of Investments June 30, 2011 (unaudited)

Description	Shares		Value
Lazard U.S. Equity Value Portfolio
Common Stocks | 99.3%
Aerospace & Defense | 2.6%
General Dynamics Corp.		2,520	$	187,791
Raytheon Co.		3,705		184,694
				372,485
Alcohol & Tobacco | 1.3%
Altria Group, Inc.		3,165		83,588
Molson Coors Brewing Co., Class B		2,100		93,954
				177,542
Automotive | 0.6%
Ford Motor Co. (a)		6,200		86,068
Banking | 12.0%
Bank of America Corp.		30,770		337,239
BB&T Corp.		2,440		65,490
Fifth Third Bancorp		6,675		85,106
JPMorgan Chase & Co.		13,866		567,674
PNC Financial Services Group, Inc.		2,260		134,719
Wells Fargo & Co.		18,325		514,199
				1,704,427
Cable Television | 1.4%
Comcast Corp., Class A		7,920		191,902
Chemicals | 1.5%
Air Products & Chemicals, Inc.		780		74,552
The Dow Chemical Co.		3,855		138,780
				213,332
Computer Software | 2.8%
Microsoft Corp.		11,280		293,280
Oracle Corp.		3,035		99,882
				393,162
Consumer Products | 5.0%
Energizer Holdings, Inc. (a)		1,660		120,118
Mattel, Inc.		2,570		70,649
Newell Rubbermaid, Inc.		11,040		174,211
The Procter & Gamble Co.		5,520		350,906
				715,884

Description	Shares		Value
Electric | 2.2%
American Electric Power Co., Inc.		2,725	$	102,678
Entergy Corp.		1,015		69,304
PG&E Corp.		1,545		64,936
PPL Corp.		2,830		78,759
				315,677
Energy Exploration & Production | 4.7%
Anadarko Petroleum Corp.		1,925		147,763
Apache Corp.		835		103,031
Devon Energy Corp.		2,160		170,229
Occidental Petroleum Corp.		2,395		249,176
				670,199
Energy Integrated | 7.2%
Alpha Natural Resources, Inc. (a)		1,800		81,792
Chevron Corp.		5,451		560,581
ConocoPhillips		4,225		317,678
Hess Corp.		900		67,284
				1,027,335
Energy Services | 0.8%
Halliburton Co.		2,290		116,790
Financial Services | 6.6%
American Express Co.		1,600		82,720
Citigroup, Inc.		2,133		88,818
Franklin Resources, Inc.		880		115,535
Invesco, Ltd.		5,830		136,422
Lender Processing Services, Inc.		3,100		64,821
Morgan Stanley		3,740		86,057
The Bank of New York Mellon Corp.		5,309		136,017
The Goldman Sachs Group, Inc.		1,635		217,602
				927,992
Food & Beverages | 2.5%
Dr Pepper Snapple Group, Inc.		1,890		79,247
General Mills, Inc.		2,340		87,095
PepsiCo, Inc.		1,595		112,336
Ralcorp Holdings, Inc. (a)		810		70,130
				348,808
Forest & Paper Products | 0.7%
Rock-Tenn Co., Class A		1,450		96,193
Health Services | 1.6%
WellPoint, Inc.		2,875		226,464

The accompanying notes are an integral part of these financial statements.

30Semi-Annual Report

Description	Shares		Value
Lazard U.S. Equity Value Portfolio (concluded)
Insurance | 4.5%
Aflac, Inc.		2,150	$	100,362
Everest Re Group, Ltd.		980		80,115
Lincoln National Corp.		2,925		83,333
MetLife, Inc.		3,625		159,029
Prudential Financial, Inc.		3,440		218,750
				641,589
Leisure & Entertainment | 3.2%
Darden Restaurants, Inc.		1,490		74,143
International Game Technology		4,450		78,231
News Corp., Class A		4,730		83,721
The Walt Disney Co.		2,280		89,011
Viacom, Inc., Class B		2,605		132,855
				457,961
Manufacturing | 4.9%
Corning, Inc.		7,130		129,410
General Electric Co.		17,915		337,877
Honeywell International, Inc.		1,455		86,703
Illinois Tool Works, Inc.		1,290		72,872
Parker Hannifin Corp.		800		71,792
				698,654
Medical Products | 3.4%
Baxter International, Inc.		1,510		90,132
Covidien PLC		1,665		88,628
Hospira, Inc. (a)		1,350		76,491
Life Technologies Corp. (a)		1,300		67,691
Medtronic, Inc.		4,035		155,468
				478,410
Metal & Glass Containers | 1.1%
Owens-Illinois, Inc. (a)		5,970		154,086
Metals & Mining | 1.2%
Freeport-McMoRan Copper & Gold, Inc.		2,030		107,387
Newmont Mining Corp.		1,190		64,224
				171,611
Pharmaceutical & Biotechnology | 11.4%
Amgen, Inc. (a)		3,530		205,976
Gilead Sciences, Inc. (a)		3,135		129,820
Johnson & Johnson		4,538		301,868
Merck & Co., Inc.		6,950		245,266
Pfizer, Inc.		31,614		651,248
Warner Chilcott PLC, Class A		3,480		83,972
				1,618,150

Description	Shares		Value
Retail | 4.5%
CVS Caremark Corp.		3,115	$	117,062
The Gap, Inc.		4,370		79,097
The TJX Cos., Inc.		2,505		131,587
Wal-Mart Stores, Inc.		5,770		306,618
				634,364
Semiconductor & Components | 4.0%
Intel Corp.		17,445		386,581
TE Connectivity, Ltd.		3,200		117,632
Texas Instruments, Inc.		2,115		69,436
				573,649
Technology Hardware | 3.8%
Apple, Inc. (a)		200		67,134
Cisco Systems, Inc.		15,530		242,423
Hewlett-Packard Co.		2,165		78,806
International Business Machines Corp.		840		144,102
				532,465
Telecommunications | 3.8%
AT&T, Inc.		17,125		537,896
Total Common Stocks
(Identified cost $12,837,258)				14,083,095
Short-Term Investment | 1.2%
State Street Institutional Treasury
Money Market Fund
(Identified cost $170,637)		170,637		170,637
Total Investments | 100.5%
(Identified cost $13,007,895) (b)			$	14,253,732
Liabilities in Excess of Cash and
Other Assets | (0.5)%				(75,297)
Net Assets | 100.0%			$	14,178,435

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 31

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio
Common Stocks | 97.3%
Aerospace & Defense | 2.3%
Raytheon Co.		35,300	$	1,759,705
Agriculture | 1.1%
Monsanto Co.		11,700		848,718
Alcohol & Tobacco | 1.9%
Molson Coors Brewing Co., Class B		33,600		1,503,264
Automotive | 1.3%
Lear Corp.		19,300		1,032,164
Banking | 5.4%
Bank of America Corp.		66,600		729,936
BB&T Corp.		19,500		523,380
JPMorgan Chase & Co.		38,891		1,592,197
Wells Fargo & Co.		49,200		1,380,552
				4,226,065
Cable Television | 4.0%
Comcast Corp., Class A		129,800		3,145,054
Chemicals | 1.0%
The Dow Chemical Co.		21,100		759,600
Commercial Services | 2.2%
Apollo Group, Inc., Class A (a)		11,300		493,584
Corrections Corp. of America (a)		55,200		1,195,080
				1,688,664
Computer Software | 4.8%
Microsoft Corp.		60,935		1,584,310
Oracle Corp.		64,200		2,112,822
				3,697,132
Consumer Products | 3.1%
Energizer Holdings, Inc. (a)		11,400		824,904
Newell Rubbermaid, Inc.		25,500		402,390
Stanley Black & Decker, Inc.		5,400		389,070
The Procter & Gamble Co.		12,100		769,197
				2,385,561

Description	Shares		Value
Energy Exploration & Production | 3.2%
Apache Corp.		6,000	$	740,340
Devon Energy Corp.		9,800		772,338
EQT Corp.		18,500		971,620
				2,484,298
Energy Integrated | 7.8%
Chevron Corp.		12,400		1,275,216
ConocoPhillips		50,900		3,827,171
CONSOL Energy, Inc.		20,100		974,448
				6,076,835
Energy Services | 1.5%
Halliburton Co.		8,700		443,700
Noble Corp.		17,600		693,616
				1,137,316
Financial Services | 4.4%
Ameriprise Financial, Inc.		19,400		1,118,992
Janus Capital Group, Inc.		900		8,496
Lender Processing Services, Inc.		26,100		545,751
Morgan Stanley		40,700		936,507
State Street Corp.		17,200		775,548
				3,385,294
Food & Beverages | 2.3%
General Mills, Inc.		21,700		807,674
Sysco Corp.		31,600		985,288
				1,792,962
Insurance | 2.6%
American International Group, Inc. (a)		8,000		234,560
Prudential Financial, Inc.		12,700		807,593
The Travelers Cos., Inc.		16,900		986,622
				2,028,775
Leisure & Entertainment | 1.3%
Darden Restaurants, Inc.		11,400		567,264
Viacom, Inc., Class B		8,600		438,600
				1,005,864
Manufacturing | 5.5%
Dover Corp.		11,900		806,820
Emerson Electric Co.		10,100		568,125
Honeywell International, Inc.		22,393		1,334,399
Illinois Tool Works, Inc.		18,300		1,033,767
Northrop Grumman Corp.		7,600		527,060
				4,270,171
Medical Products | 2.2%
Baxter International, Inc.		14,800		883,412
Medtronic, Inc.		22,000		847,660
				1,731,072

The accompanying notes are an integral part of these financial statements.

32  Semi-Annual Report

Description	Shares		Value
Lazard U.S. Strategic Equity Portfolio (concluded)
Metal & Glass Containers | 1.9%
Ball Corp.		37,630	$	1,447,250
Metals & Mining | 2.3%
Newmont Mining Corp.		16,200		874,314
Nucor Corp.		21,200		873,864
				1,748,178
Pharmaceutical & Biotechnology | 9.8%
Amgen, Inc. (a)		16,800		980,280
Gilead Sciences, Inc. (a)		23,500		973,135
Johnson & Johnson		12,260		815,535
Merck & Co., Inc.		23,300		822,257
Pfizer, Inc.		196,600		4,049,960
				7,641,167
Retail | 11.3%
AutoZone, Inc. (a)		4,100		1,208,885
Lowe’s Cos., Inc.		37,100		864,801
The Gap, Inc.		42,200		763,820
Wal-Mart Stores, Inc.		57,100		3,034,294
Walgreen Co.		68,400		2,904,264
				8,776,064
Semiconductor & Components | 4.1%
Intel Corp.		101,000		2,238,160
Texas Instruments, Inc.		29,600		971,768
				3,209,928
Technology | 2.6%
AOL, Inc. (a)		21,100		419,046
eBay, Inc. (a)		23,000		742,210
Google, Inc., Class A (a)		1,760		891,229
				2,052,485

Description	Shares		Value
Technology Hardware | 6.0%
Cisco Systems, Inc.		62,055	$	968,679
EMC Corp. (a)		26,000		716,300
International Business Machines Corp.		16,890		2,897,479
Lexmark International, Inc., Class A (a)		2,000		58,520
				4,640,978
Transportation | 1.4%
Norfolk Southern Corp.		14,200		1,064,006
Total Common Stocks
(Identified cost $63,845,690)				75,538,570
Preferred Stock | 0.7%
Automotive | 0.7%
Better Place, Inc., Series B
(Identified cost $453,501)		151,167		554,405
Short-Term Investment | 2.0%
State Street Institutional Treasury
Money Market Fund
(Identified cost $1,533,531)		1,533,531		1,533,531
Total Investments | 100.0%
(Identified cost $65,832,722) (b)			$	77,626,506
Liabilities in Excess of Cash and
Other Assets | 0.0%				(2,224	)
Net Assets | 100.0%			$	77,624,282

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  33

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio
Common Stocks | 100.3%
Aerospace & Defense | 2.5%
Rockwell Collins, Inc.		72,000	$	4,441,680
Alcohol & Tobacco | 2.1%
Molson Coors Brewing Co., Class B		82,700		3,699,998
Automotive | 1.7%
Lear Corp.		55,100		2,946,748
Banking | 3.5%
City National Corp.		43,200		2,343,600
Comerica, Inc.		54,300		1,877,151
Fifth Third Bancorp		143,700		1,832,175
				6,052,926
Cable Television | 1.0%
Cablevision Systems Corp., Group A		51,000		1,846,710
Chemicals | 0.6%
Eastman Chemical Co.		11,100		1,132,977
Coal | 0.7%
Arch Coal, Inc.		49,500		1,319,670
Commercial Services | 5.3%
Corrections Corp. of America (a)		124,100		2,686,765
Equifax, Inc.		101,900		3,537,968
The Interpublic Group of Cos., Inc.		242,900		3,036,250
				9,260,983
Computer Software | 5.4%
BMC Software, Inc. (a)		57,000		3,117,900
Intuit, Inc. (a)		37,100		1,924,006
Quest Software, Inc. (a)		68,000		1,545,640
Symantec Corp. (a)		144,300		2,845,596
				9,433,142
Construction & Engineering | 1.0%
Foster Wheeler AG (a)		57,400		1,743,812

Description	Shares		Value
Consumer Products | 6.6%
Avon Products, Inc.		52,300	$	1,464,400
Energizer Holdings, Inc. (a)		47,800		3,458,808
Mattel, Inc.		89,900		2,471,351
Newell Rubbermaid, Inc.		169,300		2,671,554
Stanley Black & Decker, Inc.		20,100		1,448,205
				11,514,318
Education | 1.9%
DeVry, Inc.		55,600		3,287,628
Electric | 3.4%
CMS Energy Corp.		164,200		3,233,098
Wisconsin Energy Corp.		86,700		2,718,045
				5,951,143
Energy Exploration & Production | 4.7%
Energen Corp.		54,200		3,062,300
EQT Corp.		60,300		3,166,956
Noble Energy, Inc.		21,600		1,936,008
				8,165,264
Energy Services | 5.0%
Rowan Cos., Inc. (a)		77,600		3,011,656
The Williams Cos., Inc.		99,600		3,012,900
Tidewater, Inc.		50,400		2,712,024
				8,736,580
Financial Services | 6.5%
Ameriprise Financial, Inc.		76,500		4,412,520
Invesco, Ltd.		143,200		3,350,880
Lender Processing Services, Inc.		40,600		848,946
Principal Financial Group, Inc.		90,200		2,743,884
				11,356,230
Food & Beverages | 2.3%
Campbell Soup Co.		53,300		1,841,515
Ralcorp Holdings, Inc. (a)		24,600		2,129,868
				3,971,383
Health Services | 3.3%
HealthSouth Corp. (a)		85,400		2,241,750
Laboratory Corp. of America Holdings (a)		19,500		1,887,405
Quest Diagnostics, Inc.		26,900		1,589,790
				5,718,945

The accompanying notes are an integral part of these financial statements.

34  Semi-Annual Report

Description	Shares		Value
Lazard U.S. Mid Cap Equity Portfolio (concluded)
Housing | 0.8%
Owens Corning, Inc. (a)		36,300	$	1,355,805
Insurance | 1.1%
PartnerRe, Ltd.		27,400		1,886,490
Leisure & Entertainment | 3.2%
Darden Restaurants, Inc.		45,000		2,239,200
International Game Technology		188,000		3,305,040
				5,544,240
Manufacturing | 5.4%
Dover Corp.		71,700		4,861,260
Parker Hannifin Corp.		20,400		1,830,696
Thomas & Betts Corp. (a)		50,300		2,708,655
				9,400,611
Medical Products | 5.2%
CareFusion Corp. (a)		73,150		1,987,485
DENTSPLY International, Inc.		39,700		1,511,776
Life Technologies Corp. (a)		51,281		2,670,202
Zimmer Holdings, Inc. (a)		47,500		3,002,000
				9,171,463
Metal & Glass Containers | 1.6%
Ball Corp.		74,800		2,876,808
Metals & Mining | 3.4%
Cliffs Natural Resources, Inc.		19,500		1,802,775
Compass Minerals International, Inc.		31,300		2,693,991
United States Steel Corp.		32,000		1,473,280
				5,970,046
Pharmaceutical & Biotechnology | 2.5%
Medicis Pharmaceutical Corp., Class A		38,600		1,473,362
Warner Chilcott PLC, Class A		123,900		2,989,707
				4,463,069
Real Estate | 5.2%
Duke Realty Corp.		144,700		2,027,247
LaSalle Hotel Properties REIT		82,400		2,170,416
The Macerich Co. REIT		41,500		2,220,250
Weingarten Realty Investors REIT		105,600		2,656,896
				9,074,809

Description	Shares		Value
Retail | 3.9%
ANN, Inc. (a)		40,100	$	1,046,610
AutoZone, Inc. (a)		6,400		1,887,040
Ross Stores, Inc.		32,000		2,563,840
The TJX Cos., Inc.		26,000		1,365,780
				6,863,270
Semiconductor & Components | 3.2%
SanDisk Corp. (a)		29,100		1,207,650
Teradyne, Inc. (a)		104,900		1,552,520
Xilinx, Inc.		79,100		2,884,777
				5,644,947
Technology | 3.8%
Amdocs, Ltd. (a)		97,300		2,956,947
AOL, Inc. (a)		62,100		1,233,306
Teradata Corp. (a)		41,500		2,498,300
				6,688,553
Technology Hardware | 3.5%
Ingram Micro, Inc., Class A (a)		169,900		3,081,986
Motorola Mobility Holdings, Inc. (a)		59,400		1,309,176
NCR Corp. (a)		98,400		1,858,776
				6,249,938
Total Common Stocks
(Identified cost $159,887,988)				175,770,186
Preferred Stock | 0.9%
Automotive | 0.9%
Better Place, Inc., Series B
(Identified cost $1,307,499)		435,833		1,598,417
Short-Term Investment | 2.9%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,074,648)		5,074,648		5,074,648
Total Investments | 104.1%
(Identified cost $166,270,135) (b)			$	182,443,251
Liabilities in Excess of Cash and
Other Assets | (4.1)%				(7,223,204	)
Net Assets | 100.0%			$	175,220,047

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  35

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio
Common Stocks | 94.6%
Automotive | 2.1%
Modine Manufacturing Co. (a)		164,300	$	2,525,291
Tenneco, Inc. (a)		62,850		2,769,799
				5,295,090
Banking | 5.9%
City National Corp.		38,200		2,072,350
Comerica, Inc.		70,100		2,423,357
East West Bancorp, Inc.		40,300		814,463
Fulton Financial Corp.		225,600		2,416,176
PacWest Bancorp		198,201		4,076,994
Wintrust Financial Corp.		87,693		2,821,961
				14,625,301
Chemicals | 2.6%
Rockwood Holdings, Inc. (a)		59,800		3,306,342
Solutia, Inc. (a)		136,800		3,125,880
				6,432,222
Coal | 1.1%
James River Coal Co. (a)		137,850		2,870,037
Commercial Services | 3.2%
American Reprographics Co. (a)		273,443		1,933,242
Equifax, Inc.		85,700		2,975,504
Team, Inc. (a)		122,700		2,960,751
				7,869,497
Computer Software | 5.1%
BMC Software, Inc. (a)		50,800		2,778,760
Digital River, Inc. (a)		76,066		2,446,283
Quest Software, Inc. (a)		156,100		3,548,153
Red Hat, Inc. (a)		82,650		3,793,635
				12,566,831
Construction & Engineering | 2.5%
Orion Marine Group, Inc. (a)		278,269		2,618,511
Quanta Services, Inc. (a)		176,500		3,565,300
				6,183,811
Consumer Products | 7.3%
Central Garden & Pet Co., Class A (a)		370,700		3,762,605
Energizer Holdings, Inc. (a)		57,800		4,182,408
Matthews International Corp., Class A		73,450		2,949,017
Newell Rubbermaid, Inc.		155,000		2,445,900
Tempur-Pedic International, Inc. (a)		32,300		2,190,586
The Middleby Corp. (a)		26,850		2,524,974
				18,055,490

Description	Shares		Value
Energy Exploration & Production | 1.2%
Cimarex Energy Co.		33,300	$	2,994,336
Energy Services | 5.3%
Complete Production Services, Inc. (a)		102,200		3,409,392
Helmerich & Payne, Inc.		60,900		4,026,708
Key Energy Services, Inc. (a)		173,300		3,119,400
Oceaneering International, Inc.		63,200		2,559,600
				13,115,100
Financial Services | 1.4%
Lender Processing Services, Inc.		47,400		991,134
Stifel Financial Corp. (a)		66,900		2,399,034
				3,390,168
Food & Beverages | 0.8%
Ralcorp Holdings, Inc. (a)		22,250		1,926,405
Forest & Paper Products | 2.8%
Rock-Tenn Co., Class A		43,300		2,872,522
Schweitzer-Mauduit International, Inc.		71,400		4,009,110
				6,881,632
Gas Utilities | 2.6%
New Jersey Resources Corp.		92,200		4,113,042
The Laclede Group, Inc.		60,900		2,303,847
				6,416,889
Health Services | 3.2%
HealthSouth Corp. (a)		162,000		4,252,500
VCA Antech, Inc. (a)		170,900		3,623,080
				7,875,580
Housing | 1.8%
Owens Corning, Inc. (a)		56,300		2,102,805
Trex Co., Inc. (a)		92,500		2,264,400
				4,367,205
Insurance | 2.6%
Arch Capital Group, Ltd. (a)		81,400		2,598,288
Aspen Insurance Holdings, Ltd.		150,700		3,877,511
				6,475,799
Leisure & Entertainment | 5.0%
Bally Technologies, Inc. (a)		97,305		3,958,367
Darden Restaurants, Inc.		49,500		2,463,120
Texas Roadhouse, Inc.		188,900		3,312,362
WMS Industries, Inc. (a)		85,900		2,638,848
				12,372,697

The accompanying notes are an integral part of these financial statements.

36  Semi-Annual Report

Description	Shares		Value
Lazard U.S. Small-Mid Cap Equity Portfolio (concluded)
Manufacturing | 7.5%
Altra Holdings, Inc. (a)		84,311	$	2,022,621
BE Aerospace, Inc. (a)		96,400		3,934,084
FLIR Systems, Inc.		89,600		3,020,416
Harsco Corp.		120,100		3,915,260
Regal-Beloit Corp.		40,350		2,694,169
TriMas Corp. (a)		125,200		3,098,700
				18,685,250
Medical Products | 2.9%
CareFusion Corp. (a)		114,600		3,113,682
Haemonetics Corp. (a)		24,100		1,551,317
Life Technologies Corp. (a)		47,310		2,463,432
				7,128,431
Metals & Mining | 2.1%
Horsehead Holding Corp. (a)		163,040		2,171,693
Steel Dynamics, Inc.		191,400		3,110,250
				5,281,943
Pharmaceutical & Biotechnology | 2.1%
Medicis Pharmaceutical Corp., Class A		66,700		2,545,939
Warner Chilcott PLC, Class A		108,900		2,627,757
				5,173,696
Real Estate | 6.7%
Duke Realty Corp.		218,900		3,066,789
Kilroy Realty Corp. REIT		90,850		3,587,667
LaSalle Hotel Properties REIT		119,900		3,158,166
Regency Centers Corp. REIT		66,300		2,915,211
The Macerich Co. REIT		71,477		3,824,019
				16,551,852
Retail | 5.1%
American Eagle Outfitters, Inc.		208,850		2,662,838
ANN, Inc. (a)		70,600		1,842,660
Brown Shoe Co., Inc.		275,236		2,931,263
Iconix Brand Group, Inc. (a)		125,600		3,039,520
Williams-Sonoma, Inc.		58,400		2,131,016
				12,607,297
Semiconductor & Components | 6.0%
Entropic Communications, Inc. (a)		243,400		2,163,826
FARO Technologies, Inc. (a)		45,780		2,005,164
ON Semiconductor Corp. (a)		305,500		3,198,585
Teradyne, Inc. (a)		262,600		3,886,480
Xilinx, Inc.		100,900		3,679,823
				14,933,878

Description	Shares		Value
Technology | 1.4%
AOL, Inc. (a)		61,000	$	1,211,460
SS&C Technologies Holdings, Inc. (a)		117,139		2,327,552
				3,539,012
Technology Hardware | 2.2%
NCR Corp. (a)		89,900		1,698,211
Polycom, Inc. (a)		58,550		3,764,765
				5,462,976
Transportation | 2.1%
Echo Global Logistics, Inc. (a)		190,876		3,388,049
UTi Worldwide, Inc.		88,950		1,751,426
				5,139,475
Total Common Stocks
(Identified cost $208,808,989)				234,217,900
Preferred Stock | 0.2%
Automotive | 0.2%
Better Place, Inc., Series B
(Identified cost $452,901)		150,967		553,672

Description	Principal Amount (000)		Value
Repurchase Agreement | 5.5%
State Street Bank and Trust Co.,
0.01%, 07/01/11
(Dated 06/30/11, collateralized
by $13,875,000 United States
Treasury Note, 1.00%, 04/30/12,
with a value of $13,990,135)
Proceeds of $13,711,004
(Identified cost $13,711,000)	$	13,711	$	13,711,000
Total Investments | 100.3%
(Identified cost $222,972,890) (b)			$	248,482,572
Liabilities in Excess of Cash and
Other Assets | (0.3)%				(865,532	)
Net Assets | 100.0%			$	247,617,040

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  37

Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 98.0%
Australia | 25.2%
ConnectEast Group		15,671,023	$	7,731,663
DUET Group		6,361,215		11,598,632
Hastings Diversified Utilities Fund		674,799		1,143,535
Macquarie Atlas Roads Group (a)		3,526,016		6,618,203
MAp Group		1,678,694		6,013,617
SP AusNet		7,559,457		7,661,965
Spark Infrastructure Group (c)		7,765,259		10,743,936
Transurban Group		1,714,776		9,618,932
				61,130,483
Austria | 1.9%
Flughafen Wien AG		89,504		4,555,127
Canada | 1.0%
Canadian National Railway Co.		15,400		1,231,745
Canadian Pacific Railway, Ltd.		18,500		1,154,176
				2,385,921
France | 0.6%
Aeroports de Paris		12,400		1,166,483
Societe des Autoroutes Paris-Rhin-Rhone		6,600		450,315
				1,616,798
Germany | 4.6%
Fraport AG		138,733		11,155,631
Italy | 20.0%
Atlantia SpA		709,268		15,099,037
Autostrada Torino-Milano SpA		448,738		6,578,954
Digital Multimedia Technologies SpA (a)		62,925		1,906,226
Hera SpA		2,784,878		5,896,195
Snam Rete Gas SpA		412,847		2,445,050
Societa Iniziative Autostradali e
Servizi SpA		945,424		10,830,950
Terna Rete Elettrica Nazionale SpA		1,263,975		5,876,447
				48,632,859
Japan | 14.8%
Osaka Gas Co., Ltd.		4,014,000		15,207,379
Toho Gas Co., Ltd.		1,289,000		6,964,971
Tokyo Gas Co., Ltd.		2,763,700		12,461,625
West Japan Railway Co.		32,300		1,259,822
				35,893,797

Description	Shares		Value
Mexico | 3.8%
Grupo Aeroportuario del Centro Norte
SAB de CV		1,606,302	$	3,443,497
Grupo Aeroportuario del Pacifico
SAB de CV, B Shares		282,800		1,159,846
Grupo Aeroportuario del Sureste
SAB de CV, B Shares		788,200		4,638,252
				9,241,595
South Korea | 2.3%
Macquarie Korea Infrastructure Fund		1,214,774		5,552,472
Spain | 6.8%
Abertis Infraestructuras SA		192,800		4,307,066
Enagas SA		55,471		1,344,174
Red Electrica Corporacion SA		181,967		10,983,979
				16,635,219
Switzerland | 2.3%
Flughafen Zuerich AG		12,455		5,684,932
United Kingdom | 0.5%
Pennon Group PLC		104,600		1,171,788
United States | 14.2%
American States Water Co.		139,300		4,828,138
California Water Service Group		321,400		6,013,394
CSX Corp.		297,600		7,803,072
Norfolk Southern Corp.		32,800		2,457,704
PG&E Corp.		142,600		5,993,478
SJW Corp.		50,200		1,216,848
Union Pacific Corp.		11,706		1,222,106
Wisconsin Energy Corp.		155,900		4,887,465
				34,422,205
Total Common Stocks
(Identified cost $220,747,390)				238,078,827
Short-Term Investment | 0.6%
State Street Institutional Treasury
Money Market Fund
(Identified cost $1,403,721)		1,403,721		1,403,721
Total Investments | 98.6%
(Identified cost $222,151,111) (b)			$	239,482,548
Cash and Other Assets in
Excess of Liabilities | 1.4%				3,385,510
Net Assets | 100.0%			$	242,868,058

The accompanying notes are an integral part of these financial statements.

38  Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2011:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation		Unrealized Depreciation
Forward Currency Purchase Contracts
CAD	CIB	09/21/11	1,010,238	$	1,038,325	$	1,045,441	$	7,116	$	—
EUR	BRC	09/21/11	3,910,606		5,549,307		5,658,505		109,198		—
Total Forward Currency Purchase Contracts				$	6,587,632	$	6,703,946	$	116,314	$	—
Forward Currency Sale Contracts
AUD	HSB	09/21/11	57,726,264	$	61,309,683	$	60,206,185	$	—	$	1,103,498
CAD	CIB	09/21/11	3,279,727		3,394,012		3,347,343		—		46,669
CHF	CIT	09/21/11	631,379		751,345		743,324		—		8,021
CHF	CIT	09/21/11	4,141,990		4,928,994		4,921,742		—		7,252
EUR	BRC	09/21/11	59,021,288		85,401,651		84,632,395		—		769,256
GBP	CIB	09/21/11	701,334		1,124,537		1,148,432		23,895		—
JPY	HSB	09/21/11	1,296,522,166		16,111,907		16,099,866		—		12,041
JPY	MEL	09/21/11	278,219,360		3,457,438		3,450,826		—		6,612
JPY	MEL	09/21/11	1,404,145,404		17,449,343		17,451,971		2,628		—
KRW	MEL	09/28/11	6,156,832,644		5,737,141		5,698,133		—		39,008
MXN	SSB	09/21/11	102,270,670		8,674,438		8,534,824		—		139,614
Total Forward Currency Sale Contracts				$	208,340,489	$	206,235,041		26,523		2,131,971
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts								$	142,837	$	2,131,971

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  39

Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks | 96.2%
Australia | 3.7%
James Hardie Industries SE (a)		179,740	$	1,129,692
QBE Insurance Group, Ltd.		54,100		1,000,931
Telstra Corp., Ltd.		771,300		2,390,776
				4,521,399
Belgium | 2.5%
Anheuser-Busch InBev NV		53,280		3,090,559
Brazil | 3.4%
Banco do Brasil SA		93,665		1,680,467
Cielo SA		68,240		1,705,289
MRV Engenharia e Participacoes SA		96,700		803,019
				4,188,775
Canada | 2.0%
Potash Corp. of Saskatchewan, Inc.		23,800		1,359,225
Rogers Communications, Inc., Class B		26,900		1,065,178
				2,424,403
China | 0.9%
Weichai Power Co., Ltd., Class H		186,000		1,086,357
Finland | 1.0%
Sampo Oyj, A Shares		39,300		1,269,187
France | 11.5%
BNP Paribas SA		29,318		2,263,099
Danone SA		28,380		2,117,438
Sanofi SA		42,827		3,443,132
Technip SA		15,330		1,643,523
Total SA		41,446		2,396,904
Valeo SA		35,160		2,400,480
				14,264,576
Germany | 6.5%
Bayerische Motoren Werke AG		26,030		2,597,398
Merck KGaA		11,712		1,272,793
SAP AG		21,720		1,315,010
Siemens AG		20,558		2,823,213
				8,008,414
Hong Kong | 1.1%
AIA Group, Ltd.		388,400		1,347,623

Description	Shares		Value
Ireland | 0.2%
Ryanair Holdings PLC Sponsored ADR		8,800	$	258,192
Italy | 1.4%
Atlantia SpA		78,612		1,673,508
Japan | 18.9%
Asics Corp.		51,790		770,047
Canon, Inc.		47,800		2,262,195
Daito Trust Construction Co., Ltd.		35,100		2,969,145
Don Quijote Co., Ltd.		51,200		1,776,307
eAccess, Ltd.		1,283		573,728
Honda Motor Co., Ltd.		52,000		1,992,671
JS Group Corp.		82,600		2,121,816
JX Holdings, Inc.		169,800		1,136,851
Keyence Corp.		3,706		1,046,822
Mitsubishi Corp.		43,800		1,088,131
Mitsubishi Estate Co., Ltd.		78,000		1,362,251
Sumitomo Mitsui Financial Group, Inc.		46,300		1,419,395
Yahoo Japan Corp.		5,266		1,805,374
Yamada Denki Co., Ltd.		36,830		2,987,391
				23,312,124
Netherlands | 2.0%
ING Groep NV (a)		197,050		2,425,749
New Zealand | 1.3%
Telecom Corp. of New Zealand, Ltd.		779,800		1,586,087
Norway | 0.8%
Aker Solutions ASA		48,550		971,873
Russia | 1.5%
Sberbank		519,700		1,912,496
South Korea | 1.0%
Samsung Electronics Co., Ltd. GDR (c)		3,229		1,251,560
Spain | 1.3%
Amadeus IT Holding SA, A Shares		74,820		1,552,638
Sweden | 2.1%
Assa Abloy AB, Class B		38,300		1,029,375
Swedbank AB, A Shares		93,300		1,567,980
				2,597,355

The accompanying notes are an integral part of these financial statements.

40  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Switzerland | 5.6%
Julius Baer Group, Ltd.		25,630	$	1,058,733
Novartis AG		63,890		3,913,571
UBS AG (a)		109,710		2,000,422
				6,972,726
Turkey | 0.7%
Turkiye Garanti Bankasi AS ADR		192,800		886,880
United Kingdom | 26.8%
BG Group PLC		36,210		821,750
BHP Billiton PLC		73,500		2,892,475
British American Tobacco PLC		49,149		2,154,260
Diageo PLC		63,200		1,291,241
GlaxoSmithKline PLC		145,250		3,109,809
Informa PLC		288,591		2,001,377
International Power PLC		209,330		1,080,797
Prudential PLC		251,580		2,907,170
Rexam PLC		272,821		1,676,145
Royal Dutch Shell PLC, A Shares		75,650		2,692,974
Standard Chartered PLC		87,633		2,303,792
Tullow Oil PLC		46,630		928,002
Unilever PLC		77,650		2,499,966
Vodafone Group PLC		459,308		1,218,537
Wm Morrison Supermarkets PLC		322,430		1,540,551

Description	Shares		Value
WPP PLC		122,740	$	1,536,535
Xstrata PLC		113,870		2,506,495
				33,161,876
Total Common Stocks
(Identified cost $98,832,205)				118,764,357
Description	Principal Amount (000)		Value
Repurchase Agreement | 3.1%
State Street Bank and Trust Co., 0.01%, 07/01/11 (Dated 06/30/11, collateralized by $3,945,000 United States Treasury Note, 1.00%, 04/30/12, with a value of $3,977,736) Proceeds of $3,898,000 (Identified cost $3,898,000)	$	3,898	$	3,898,000
Total Investments | 99.3%
(Identified cost $102,730,205) (b)			$	122,662,357
Cash and Other Assets in Excess of Liabilities | 0.7%				828,374
Net Assets | 100.0%			$	123,490,731

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 41

Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks | 98.1%
Australia | 4.8%
BHP Billiton, Ltd.		4,068	$	191,106
Telstra Corp., Ltd.		46,123		142,966
				334,072
Belgium | 2.8%
Anheuser-Busch InBev NV		3,401		197,278
Brazil | 6.9%
Banco do Brasil SA		7,033		126,181
Cielo SA		6,030		150,687
MRV Engenharia e Participacoes SA		8,100		67,264
Vale SA Sponsored ADR		4,408		140,836
				484,968
Canada | 1.0%
Rogers Communications, Inc., Class B		1,749		69,256
China | 1.2%
Weichai Power Co., Ltd., Class H		14,957		87,358
Finland | 1.6%
Sampo Oyj, A Shares		3,527		113,904
France | 11.8%
BNP Paribas SA		1,007		77,732
Danone SA		1,846		137,731
LVMH Moet Hennessy Louis Vuitton SA		596		107,258
Sanofi SA		2,273		182,741
Technip SA		947		101,528
Total SA		2,664		154,064
Valeo SA		883		60,285
				821,339
Germany | 6.5%
Bayerische Motoren Werke AG		1,392		138,901
Merck KGaA		724		78,680
SAP AG		2,643		160,017
Siemens AG		550		75,531
				453,129
Hong Kong | 1.2%
AIA Group, Ltd.		23,600		81,884

Description	Shares		Value
Indonesia | 1.4%
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		2,781	$	95,945
Ireland | 0.0%
Ryanair Holdings PLC Sponsored ADR		100		2,950
Italy | 1.5%
Atlantia SpA		4,913		104,589
Japan | 15.6%
Canon, Inc.		2,292		108,472
Daito Trust Construction Co., Ltd.		1,465		123,926
Fanuc Corp.		886		147,254
Honda Motor Co., Ltd.		3,725		142,744
JS Group Corp.		3,900		100,183
Mitsubishi Estate Co., Ltd.		4,990		87,149
Sumitomo Mitsui Financial Group, Inc.		3,176		97,365
Yahoo Japan Corp.		342		117,250
Yamada Denki Co., Ltd.		2,020		163,848
				1,088,191
Netherlands | 2.2%
ING Groep NV (a)		12,446		153,214
Russia | 2.4%
Mobile TeleSystems OJSC Sponsored ADR		3,034		57,707
Sberbank		30,028		110,503
				168,210
South Africa | 0.9%
Standard Bank Group, Ltd.		4,314		63,781
South Korea | 1.8%
KT&G Corp.		1,994		124,012
Sweden | 3.2%
Assa Abloy AB, Class B		5,074		136,372
Swedbank AB, A Shares		5,383		90,466
				226,838
Switzerland | 4.7%
Novartis AG		3,243		198,649
UBS AG (a)		6,973		127,144
				325,793

The accompanying notes are an integral part of these financial statements.

42  Semi-Annual Report

Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Taiwan | 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		51,341	$	129,052
Turkey | 1.4%
Turkcell Iletisim Hizmetleri AS (a)		8,256		44,358
Turkiye Garanti Bankasi AS		11,094		50,309
				94,667
United Kingdom | 23.4%
BG Group PLC		4,365		99,059
British American Tobacco PLC		3,972		174,098
GlaxoSmithKline PLC		7,887		168,860
Informa PLC		12,381		85,862
Lloyds Banking Group PLC (a)		110,267		86,717
Petrofac, Ltd.		2,844		69,106
Prudential PLC		12,930		149,415
Rexam PLC		14,525		89,238
Royal Dutch Shell PLC, A Shares		2,872		101,955
Standard Chartered PLC		5,437		142,934

Description	Shares		Value
Tullow Oil PLC		3,434	$	68,340
Unilever PLC		4,183		134,673
Wm Morrison Supermarkets PLC		26,417		126,219
Xstrata PLC		6,422		141,360
				1,637,836
Total Common Stocks
(Identified cost $6,047,156)				6,858,266
Short-Term Investment | 1.2%
State Street Institutional Treasury Money Market Fund (Identified cost $84,775)		84,775		84,775
Total Investments | 99.3%
(Identified cost $6,131,931) (b)			$	6,943,041
Cash and Other Assets in Excess of Liabilities | 0.7%				46,251
Net Assets | 100.0%			$	6,989,292

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  43

Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks | 96.5%
Australia | 3.6%
James Hardie Industries SE (a)		719,200	$	4,520,277
Telstra Corp., Ltd.		2,319,700		7,190,307
Toll Holdings, Ltd.		1,013,230		5,270,691
				16,981,275
Belgium | 1.9%
Anheuser-Busch InBev NV		157,030		9,108,680
Brazil | 1.1%
Duratex SA		591,480		5,006,536
China | 1.9%
Weichai Power Co., Ltd., Class H		659,000		3,848,973
Yingde Gases Group Co.		5,290,500		4,874,627
				8,723,600
Egypt | 1.5%
Commercial International Bank Egypt SAE		713,565		3,584,264
Eastern Co. SAE		191,620		3,374,258
				6,958,522
Finland | 2.6%
Sampo Oyj, A Shares		377,510		12,191,622
France | 11.9%
BNP Paribas SA		113,233		8,740,621
Christian Dior SA		64,040		10,076,133
Danone SA		79,300		5,916,589
Sanofi SA		173,400		13,940,718
Technip SA		44,600		4,781,546
Valeo SA		178,460		12,184,008
				55,639,615
Germany | 5.2%
Bayerische Motoren Werke AG		101,640		10,142,127
GEA Group AG		193,587		6,929,823
Sky Deutschland AG (a)		513,660		2,774,692
Symrise AG		146,113		4,657,248
				24,503,890
Hong Kong | 1.6%
AIA Group, Ltd.		2,196,800		7,622,190

Description	Shares		Value
Italy | 3.0%
Intesa Sanpaolo		2,771,224	$	7,378,314
Prysmian SpA		329,101		6,619,398
				13,997,712
Japan | 13.8%
Asics Corp.		545,950		8,117,535
Canon, Inc.		195,000		9,228,619
Daito Trust Construction Co., Ltd.		102,700		8,687,498
Don Quijote Co., Ltd.		379,400		13,162,713
JS Group Corp.		354,800		9,114,048
Yahoo Japan Corp.		20,100		6,891,000
Yamada Denki Co., Ltd.		117,360		9,519,419
				64,720,832
Netherlands | 2.7%
ASM International NV		140,065		5,525,750
ING Groep NV (a)		591,380		7,280,077
				12,805,827
Norway | 1.3%
Aker Solutions ASA		297,050		5,946,341
Poland | 0.9%
Powszechna Kasa Oszczednosci Bank Polski SA		263,800		4,039,522
Russia | 1.7%
Sberbank		2,214,534		8,149,485
South Africa | 4.8%
Aquarius Platinum, Ltd.		898,240		4,584,387
Aspen Pharmacare Holdings, Ltd. (a)		394,730		4,903,623
MTN Group, Ltd.		287,640		6,121,358
Naspers, Ltd., N Shares		122,780		6,935,405
				22,544,773
South Korea | 1.3%
Hyundai Mobis		15,580		5,837,119
Spain | 3.1%
Amadeus IT Holding SA, A Shares		429,020		8,902,869
Tecnicas Reunidas SA		105,890		5,432,824
				14,335,693
Switzerland | 5.2%
Julius Baer Group, Ltd.		130,942		5,408,999
Novartis AG		162,740		9,968,611
UBS AG (a)		477,810		8,712,254
				24,089,864

The accompanying notes are an integral part of these financial statements.

44  Semi-Annual Report

Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
United Kingdom | 27.4 %
AMEC PLC		255,653	$	4,464,179
Associated British Foods PLC		386,740		6,722,167
BBA Aviation PLC		1,841,478		6,428,173
BG Group PLC		390,340		8,858,378
British American Tobacco PLC		348,758		15,286,485
Cairn Energy PLC (a)		620,730		4,132,409
GlaxoSmithKline PLC		432,920		9,268,837
IG Group Holdings PLC		776,300		5,437,210
Informa PLC		1,867,847		12,953,506
Prudential PLC		1,114,750		12,881,657
Rexam PLC		1,322,548		8,125,407
TalkTalk Telecom Group PLC		2,752,893		6,318,109
Tullow Oil PLC		224,620		4,470,251
Unilever PLC		212,574		6,843,887
Wm Morrison Supermarkets PLC		1,479,180		7,067,432
Xstrata PLC		395,180		8,698,664
				127,956,751
Total Common Stocks
(Identified cost $382,611,159)				451,159,849

Description	Shares		Value
Preferred Stock | 1.2%
Brazil | 1.2%
Banco Bradesco SA
(Identified cost $4,587,616)		266,372	$	5,410,561
Short-Term Investment | 2.8%
State Street Institutional Treasury Money Market Fund (Identified cost $13,221,643)		13,221,643		13,221,643
Total Investments | 100.5%
(Identified cost $400,420,418) (b)			$	469,792,053
Liabilities in Excess of Cash and Other Assets | (0.5)%				(2,341,458	)
Net Assets | 100.0%			$	467,450,595

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report 45

Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 97.6%
Australia | 4.9%
Cabcharge Australia, Ltd.		141,158	$	779,705
Fairfax Media, Ltd.		381,161		400,638
Industrea, Ltd.		223,020		322,920
James Hardie Industries SE (a)		149,274		938,209
Macquarie Atlas Roads Group (a)		532,568		999,611
				3,441,083
Austria | 3.7%
Andritz AG		10,731		1,104,871
Kapsch TrafficCom AG		9,806		878,664
Lenzing AG		4,600		600,362
				2,583,897
Belgium | 5.3%
Arseus NV		70,735		1,164,241
EVS Broadcast Equipment SA		12,050		815,701
Kinepolis Group NV		7,585		564,159
Telenet Group Holding NV (a)		24,446		1,163,126
				3,707,227
Finland | 1.0%
Vacon Oyj		11,451		719,856
France | 6.1%
Faiveley Transport SA		7,655		782,613
Ingenico SA		20,187		984,198
Valeo SA		18,938		1,292,955
Virbac SA		7,194		1,229,977
				4,289,743
Germany | 6.6%
Asian Bamboo AG		19,241		725,461
CompuGroup Medical AG		76,046		1,168,948
CTS Eventim AG		19,683		1,360,088
Fielmann AG		1		111
NORMA Group		13,000		381,752
Pfeiffer Vacuum Technology AG		8,022		1,005,914
				4,642,274
Hong Kong | 3.0%
AAC Technologies Holdings, Inc.		372,000		868,129
EVA Precision Industrial Holdings, Ltd.		1,356,000		414,727
Man Wah Holdings, Ltd.		783,600		816,659
				2,099,515

Description	Shares		Value
Ireland | 2.5%
C&C Group PLC		144,951	$	754,200
DCC PLC		35,771		1,019,292
				1,773,492
Italy | 2.4%
DiaSorin SpA		16,226		778,847
MARR SpA		68,309		879,638
				1,658,485
Japan | 24.9%
Ain Pharmaciez, Inc.		28,400		1,164,151
Asahi Holdings, Inc.		55,400		1,127,200
Benesse Holdings, Inc.		16,300		699,540
Daiseki Co., Ltd.		37,400		754,922
Don Quijote Co., Ltd.		35,000		1,214,272
Dr. Ci:Labo Co., Ltd.		186		949,581
eAccess, Ltd.		1,724		770,933
JAFCO Co., Ltd.		22,800		568,690
JSR Corp.		38,500		742,215
Konami Corp.		44,700		1,052,745
Kurita Water Industries, Ltd.		23,600		701,214
Misumi Group, Inc.		38,500		993,286
Nomura Research Institute, Ltd.		25,000		544,997
NPC, Inc.		33,600		680,723
Rinnai Corp.		10,800		778,088
Sankyo Co., Ltd.		9,300		478,834
Santen Pharmaceutical Co., Ltd.		20,090		813,532
Shinko Plantech Co., Ltd.		78,800		847,659
Suruga Bank, Ltd.		104,300		905,605
Sysmex Corp.		20,900		784,026
USS Co., Ltd.		11,520		891,492
				17,463,705
Netherlands | 4.8%
Aalberts Industries NV		41,275		964,861
Imtech NV		22,424		793,118
Interxion Holding NV		48,400		732,776
Unit 4 NV		24,802		896,648
				3,387,403
New Zealand | 1.1%
Telecom Corp. of New Zealand, Ltd.		384,945		782,965
Norway | 6.1%
Aker Drilling ASA (a)		126,120		392,726
BW Offshore, Ltd.		336,539		767,250
Kongsberg Gruppen ASA		67,920		1,926,130
TGS Nopec Geophysical Co. ASA		42,560		1,193,540
				4,279,646

The accompanying notes are an integral part of these financial statements.

46  Semi-Annual Report

Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Singapore | 1.2%
Ezra Holdings, Ltd.		667,000	$	809,110
South Africa | 0.9%
Aquarius Platinum, Ltd.		118,983		607,259
Spain | 0.9%
Tecnicas Reunidas SA		11,533		591,715
Sweden | 6.3%
Duni AB		71,740		691,858
Elekta AB, B Shares		22,800		1,079,947
Getinge AB, B Shares		40,010		1,074,069
Indutrade AB		23,000		736,340
Loomis AB, B Shares		60,800		848,289
				4,430,503
Switzerland | 2.7%
Dufry Group (a)		9,268		1,167,388
Swissquote Group Holding SA		13,114		701,909
				1,869,297
United Kingdom | 13.2%
Abcam PLC		118,975		795,780
Chemring Group PLC		98,372		1,010,446
CPP Group PLC		157,513		350,129
Dignity PLC		71,150		902,119
Hampson Industries PLC		1		0
IG Group Holdings PLC		157,909		1,105,996

Description	Shares		Value
Intertek Group PLC		28,199	$	892,941
Jupiter Fund Management PLC		194,230		788,364
Melrose PLC		174,685		1,014,906
Rightmove PLC		54,239		1,037,647
TalkTalk Telecom Group PLC		308,082		707,073
XP Power, Ltd.		23,979		605,756
				9,211,157
Total Common Stocks
(Identified cost $52,718,704)				68,348,332
Preferred Stock | 1.2%
Germany | 1.2%
Fuchs Petrolub AG (Identified cost $364,202)		14,775		822,543
Short-Term Investment | 0.5%
State Street Institutional Treasury Money Market Fund (Identified cost $361,320)		361,320		361,320
Total Investments | 99.3%
(Identified cost $53,444,226) (b)			$	69,532,195
Cash and Other Assets in Excess of Liabilities | 0.7%				490,656
Net Assets | 100.0%			$	70,022,851

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  47

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 94.4%
Argentina | 1.5%
YPF Sociedad Anonima Sponsored ADR		6,067,697	$	273,349,750
Brazil | 19.3%
Banco do Brasil SA		39,481,610		708,349,137
CCR SA		5,129,600		152,673,514
Cielo SA		25,155,120		628,616,077
Companhia Siderurgica Nacional SA
Sponsored ADR		21,379,024		266,382,639
Natura Cosmeticos SA		10,844,600		271,002,083
Redecard SA		40,398,320		608,828,684
Souza Cruz SA		16,956,825		215,783,516
Vale SA Sponsored ADR		17,267,700		551,703,015
				3,403,338,665
Canada | 1.9%
First Quantum Minerals, Ltd.		2,338,800		341,004,776
China | 2.4%
China Construction Bank Corp.,
Class H		197,851,220		164,246,743
NetEase.com, Inc. Sponsored ADR (a)		2,270,256		102,365,843
Weichai Power Co., Ltd., Class H		25,738,500		150,328,955
				416,941,541
Egypt | 2.7%
Commercial International Bank
Egypt SAE		29,075,818		146,048,927
Eastern Co. SAE		3,616,448		63,682,447
Egyptian Co. for Mobile Services		2,469,675		52,981,015
Orascom Construction Industries		4,722,869		212,226,433
				474,938,822
France | 0.7%
CFAO SA		2,887,914		125,134,676
Hong Kong | 0.7%
Huabao International Holdings, Ltd.		137,686,000		125,447,362
Hungary | 1.0%
OTP Bank PLC		5,657,312		184,127,800

Description	Shares		Value
India | 6.7%
Bank of India		18,061,860	$	167,194,176
Bharat Heavy Electricals, Ltd.		7,266,092		333,181,263
Infosys, Ltd. Sponsored ADR		1,836,408		119,788,894
Jindal Steel & Power, Ltd.		13,465,717		194,940,747
Punjab National Bank, Ltd.		15,090,569		366,271,850
				1,181,376,930
Indonesia | 6.5%
PT Bank Mandiri Tbk		209,390,930		175,804,874
PT Perusahaan Gas Negara
(Persero) Tbk		282,003,500		132,361,272
PT Semen Gresik (Persero) Tbk		147,058,800		164,627,658
PT Tambang Batubara Bukit Asam Tbk		55,364,500		134,287,400
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		10,288,349		354,948,040
PT United Tractors Tbk		63,576,484		184,602,000
				1,146,631,244
Malaysia | 0.6%
British American Tobacco
Malaysia Berhad		6,541,700		101,174,827
Mexico | 5.4%
America Movil SAB de CV ADR,
Series L		4,671,435		251,696,918
Desarrolladora Homex SAB
de CV ADR (a)		3,121,968		78,767,253
Grupo Mexico SAB de CV, Series B		95,630,593		315,760,236
Grupo Televisa SA Sponsored ADR		7,240,900		178,126,140
Kimberly-Clark de Mexico SAB de CV,
Series A		18,666,165		122,756,519
				947,107,066
Pakistan | 1.2%
Oil & Gas Development Co., Ltd.		54,371,349		96,764,178
Pakistan Petroleum, Ltd.		50,129,971		120,849,558
				217,613,736
Philippines | 1.9%
Philippine Long Distance Telephone Co.
Sponsored ADR		6,223,850		336,336,854

The accompanying notes are an integral part of these financial statements.

48  Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Russia | 5.2%
Magnit OJSC Sponsored GDR (c)		4,482,165	$	120,739,216
Mobile TeleSystems OJSC
Sponsored ADR		16,932,343		322,053,164
Oriflame Cosmetics SA SDR		2,843,429		139,941,732
TNK-BP Holding		43,566,694		132,878,417
Uralkali Sponsored GDR (c)		4,327,005		194,715,225
				910,327,754
South Africa | 10.8%
Bidvest Group, Ltd.		10,821,615		240,860,874
Kumba Iron Ore, Ltd.		3,378,632		241,837,660
Massmart Holdings, Ltd.		3,904,481		80,725,021
Murray & Roberts Holdings, Ltd.		29,475,355		130,772,967
Nedbank Group, Ltd.		7,964,146		172,549,822
Pretoria Portland Cement Co., Ltd.		34,057,933		134,986,631
Sanlam, Ltd.		39,521,706		161,084,063
Shoprite Holdings, Ltd.		14,386,220		216,586,885
Standard Bank Group, Ltd.		10,038,329		148,411,924
Tiger Brands, Ltd.		5,967,508		174,300,161
Truworths International, Ltd.		19,395,781		210,227,571
				1,912,343,579
South Korea | 12.4%
Hite Brewery Co., Ltd.		807,290		84,687,379
Hyundai Mobis		519,727		194,718,119
KB Financial Group, Inc.		2,861,670		135,357,406
Korea Life Insurance Co., Ltd.		34,438,343		249,663,068
KT&G Corp.		4,932,170		306,744,802
NHN Corp. (a)		1,323,132		234,226,524
Samsung Electronics Co., Ltd.		386,929		299,352,179
Shinhan Financial Group Co., Ltd.		10,417,414		496,648,127
Woongjin Coway Co., Ltd.		5,333,984		189,848,164
				2,191,245,768
Taiwan | 5.3%
Delta Electronics, Inc.		31,793,000		116,774,122
Hon Hai Precision Industry Co., Ltd.		65,585,636		224,909,400
HTC Corp.		3,891,367		130,870,560
MediaTek, Inc.		20,276,421		220,246,256
Taiwan Semiconductor
Manufacturing Co., Ltd.		99,929,284		251,184,372
				943,984,710

Description	Shares		Value
Thailand | 2.7%
Banpu Public Co. Ltd.		9,188,600	$	214,126,529
Kasikornbank Public Co. Ltd.		29,821,900		121,325,875
PTT Exploration & Production
Public Co. Ltd.		1,945,560		10,764,693
Siam Cement Public Co. Ltd.		10,423,400		138,413,253
				484,630,350
Turkey | 5.5%
Akbank TAS		33,941,183		156,844,653
Koc Holding AS		33,736,569		145,090,112
Turkcell Iletisim Hizmetleri AS (a)		55,484,159		298,103,430
Turkiye Is Bankasi AS, C Shares		121,408,308		372,528,265
				972,566,460
Total Common Stocks
(Identified cost $13,950,623,166)				16,689,622,670
Preferred Stocks | 4.2%
Brazil | 4.2%
Companhia de Bebidas das Americas
SA Sponsored ADR		7,235,648		244,058,407
Companhia Energetica de Minas Gerais
SA Sponsored ADR		12,425,254		256,457,242
Ultrapar Participacoes SA		1,902,800		33,711,864
Usinas Siderurgicas de Minas Gerais
SA, A Shares		20,692,700		181,648,666
Vale Fertilizantes SA		1,465,600		22,172,054
				738,048,233
Total Preferred Stocks
(Identified cost $705,389,849)				738,048,233
Short-Term Investment | 1.1%
State Street Institutional Treasury
Money Market Fund
(Identified cost $204,607,039)		204,607,039		204,607,039
Total Investments | 99.7%
(Identified cost $14,860,620,054) (b)			$	17,632,277,942
Cash and Other Assets in Excess
of Liabilities | 0.3%				50,864,545
Net Assets | 100.0%			$	17,683,142,487

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  49

Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 89.7%
Brazil | 10.9%
Cia Hering SA		220,934	$	5,082,197
Cyrela Brazil Realty SA Empreendimentos
e Participacoes		587,860		5,601,178
Diagnosticos da America SA		333,900		4,492,936
Localiza Rent a Car SA		25,300		452,292
MRV Engenharia e Participacoes SA		628,695		5,220,829
Totvs SA		229,600		4,237,004
Vale SA Sponsored ADR		148,715		4,751,444
				29,837,880
China | 13.7%
Agricultural Bank of China, Ltd.,
Class H		7,392,500		3,894,940
Changsha Zoomlion Heavy Industry
Science and Technology Development
Co., Ltd., Class H		2,839,200		5,399,869
China Construction Bank Corp.,
Class H		3,935,849		3,267,356
China Merchants Bank Co., Ltd.,
Class H		1,219,406		2,952,261
China National Materials Co., Ltd.,
Class H		5,844,890		4,792,063
China Petroleum & Chemical Corp. ADR		28,535		2,894,590
Hidili Industry International
Development, Ltd.		6,150,900		5,295,890
NetEase.com, Inc. Sponsored ADR (a)		61,785		2,785,886
Parkson Retail Group, Ltd.		1,098,450		1,609,202
Ping An Insurance Group Co. of
China, Ltd., Class H		457,500		4,726,859
				37,618,916
Colombia | 2.2%
Pacific Rubiales Energy Corp.		222,035		5,951,169
Hong Kong | 5.5%
AAC Technologies Holdings, Inc.		1,949,700		4,549,977
China State Construction International
Holdings, Ltd.		5,534,940		5,619,084
Geely Automobile Holdings, Ltd.		8,401,700		3,282,209
Man Wah Holdings, Ltd.		1,600,000		1,667,502
				15,118,772

Description	Shares		Value
India | 4.1%
HDFC Bank, Ltd. Sponsored ADR		12,600	$	2,222,514
ICICI Bank, Ltd. Sponsored ADR		85,730		4,226,489
Shriram Transport Finance Co., Ltd.		344,171		4,750,372
				11,199,375
Indonesia | 2.1%
PT Bank Rakyat Indonesia (Persero) Tbk		4,749,600		3,600,070
PT Perusahaan Gas Negara (Persero) Tbk		4,754,560		2,231,602
				5,831,672
Kazakhstan | 3.3%
Halyk Savings Bank of Kazakhstan
JSC GDR (a), (c)		571,350		5,113,583
KazMunaiGas Exploration
Production GDR (c)		87,020		1,731,698
Zhaikmunai LP GDR (a), (c)		231,329		2,290,157
				9,135,438
Malaysia | 1.1%
Genting Berhad		825,600		3,067,803
Mexico | 3.2%
Corporacion GEO SAB de CV,
Series B (a)		2,149,206		4,956,105
Grupo Financiero Banorte SAB de CV,
Class O		854,557		3,879,938
				8,836,043
Philippines | 1.0%
SM Investments Corp.		209,857		2,588,406
Qatar | 1.6%
Qatar Electricity & Water Co.		107,281		4,248,227
Russia | 17.9%
Alliance Oil Co., Ltd. SDR (a)		295,902		5,131,925
Eurasia Drilling Co., Ltd. GDR (c)		88,438		2,608,921
Gazprom OAO Sponsored ADR		329,530		4,794,662
Globaltrans Investment PLC
Sponsored GDR (c)		311,684		5,766,154
Rosneft Oil Co. OJSC GDR (c)		404,505		3,405,932
Sberbank		1,968,786		7,245,132
TMK OAO GDR (c)		270,610		5,046,876
Uralkali Sponsored GDR (c)		135,816		6,111,720
VTB Bank OJSC GDR (c)		905,218		5,580,669
X5 Retail Group NV GDR (a), (c)		87,329		3,414,564
				49,106,555

The accompanying notes are an integral part of these financial statements.

50  Semi-Annual Report

Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
South Africa | 8.1%
Clicks Group, Ltd.		442,575	$	2,765,358
Exxaro Resources, Ltd. Sponsored ADR		274,880		7,339,296
Mr Price Group, Ltd.		112,701		1,134,470
MTN Group, Ltd.		248,966		5,298,324
Standard Bank Group, Ltd.		389,359		5,756,488
				22,293,936
South Korea | 4.5%
Hyundai Mobis		8,516		3,190,559
Samsung Electronics Co., Ltd.		7,010		5,423,369
Samsung Engineering Co., Ltd.		16,047		3,832,702
				12,446,630
Taiwan | 6.5%
Synnex Technology International Corp.		2,298,989		5,578,691
Tripod Technology Corp.		1,257,000		5,207,687
Wistron Corp.		2,398,160		4,258,052
Yuanta Financial Holding Co., Ltd.		4,008,000		2,776,793
				17,821,223
Thailand | 0.7%
PTT Exploration & Production
Public Co. Ltd. (k)		335,250		1,865,834
Turkey | 2.4%
Tofas Turk Otomobil Fabrikasi AS		900,096		4,103,950
Turkiye Garanti Bankasi AS ADR		545,840		2,510,864
				6,614,814
United States | 0.9%
NII Holdings, Inc. (a)		58,477		2,478,255
Total Common Stocks
(Identified cost $241,877,959)				246,060,948

Description	Shares		Value
Preferred Stocks | 5.1%
Brazil | 3.2%
Banco Bradesco SA Sponsored ADR		132,033	$	2,705,356
Gerdau SA Sponsored ADR		188,950		1,987,754
Marcopolo SA		927,000		4,157,883
				8,850,993
Colombia | 1.9%
Bancolombia SA Sponsored ADR		78,200		5,218,286
Total Preferred Stocks
(Identified cost $13,820,665)				14,069,279
Short-Term Investment | 4.3%
State Street Institutional Treasury
Money Market Fund
(Identified cost $11,764,053)		11,764,053		11,764,053
Total Investments | 99.1%
(Identified cost $267,462,677) (b)			$	271,894,280
Cash and Other Assets in Excess
of Liabilities | 0.9%				2,569,848
Net Assets | 100.0%			$	274,464,128

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  51

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks | 86.5%
Argentina | 1.4%
YPF Sociedad Anonima Sponsored ADR		37,715	$	1,699,061
Brazil | 13.6%
Banco do Brasil SA		100,637		1,805,553
Cia Hering SA		76,127		1,751,167
Cielo SA Sponsored ADR		64,180		1,652,635
Companhia Siderurgica Nacional SA
Sponsored ADR		92,385		1,151,117
Diagnosticos da America SA		102,500		1,379,233
Localiza Rent a Car SA		18,000		321,789
MRV Engenharia e Participacoes SA		168,300		1,397,602
Natura Cosmeticos SA		40,340		1,008,080
Redecard SA		126,110		1,900,559
Souza Cruz SA		82,475		1,049,533
Totvs SA		79,475		1,466,620
Vale SA Sponsored ADR		46,400		1,482,480
				16,366,368
Canada | 0.9%
First Quantum Minerals, Ltd.		7,305		1,065,093
China | 5.9%
Agricultural Bank of China, Ltd., Class H		3,377,000		1,779,264
Changsha Zoomlion Heavy Industry
Science and Technology Development
Co., Ltd., Class H		684,640		1,302,116
China Construction Bank Corp., Class H		1,187,461		985,774
Hidili Industry International
Development, Ltd.		1,623,360		1,397,704
Ping An Insurance Group Co. of
China, Ltd., Class H		161,500		1,668,607
				7,133,465
Colombia | 1.2%
Pacific Rubiales Energy Corp.		56,800		1,522,401
Egypt | 2.6%
Commercial International Bank Egypt SAE		347,225		1,744,124
Orascom Construction Industries		30,258		1,359,671
				3,103,795

Description	Shares		Value
Hong Kong | 2.4%
AAC Technologies Holdings, Inc.		471,640	$	1,100,657
China State Construction International
Holdings, Ltd.		1,748,504		1,775,085
				2,875,742
Hungary | 1.0%
OTP Bank PLC		35,623		1,159,417
India | 1.4%
ICICI Bank, Ltd. Sponsored ADR		33,490		1,651,057
Indonesia | 3.8%
PT Bank Rakyat Indonesia (Persero) Tbk		1,895,118		1,436,449
PT Telekomunikasi Indonesia Tbk
Sponsored ADR		47,940		1,653,930
PT United Tractors Tbk		496,015		1,440,239
				4,530,618
Kazakhstan | 1.2%
Halyk Savings Bank of Kazakhstan
JSC GDR (a), (c)		160,998		1,440,932
Malaysia | 1.1%
Genting Berhad		354,920		1,318,828
Mexico | 5.3%
America Movil SAB de CV ADR, Series L		23,724		1,278,249
Grupo Financiero Banorte SAB de CV,
Class O		272,100		1,235,413
Grupo Mexico SAB de CV, Series B		444,390		1,467,320
Grupo Televisa SA Sponsored ADR		50,693		1,247,048
Kimberly-Clark de Mexico SAB de CV,
Series A		171,290		1,126,475
				6,354,505
Philippines | 2.4%
Philippine Long Distance Telephone Co.
Sponsored ADR		33,465		1,808,448
SM Investments Corp.		87,178		1,075,266
				2,883,714
Qatar | 1.3%
Qatar Electricity & Water Co.		40,504		1,603,921

The accompanying notes are an integral part of these financial statements.

52Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Russia | 11.7%
Alliance Oil Co., Ltd. SDR (a)		85,636	$	1,485,213
Eurasia Drilling Co., Ltd. GDR (c)		37,491		1,105,984
Gazprom OAO Sponsored ADR		99,700		1,450,635
Globaltrans Investment PLC
Sponsored GDR (c)		87,746		1,623,301
Mobile TeleSystems OJSC Sponsored ADR		74,390		1,414,898
Oriflame Cosmetics SA SDR		21,580		1,062,078
Sberbank		480,057		1,766,610
TMK OAO GDR (c)		78,450		1,463,093
Uralkali Sponsored GDR (c)		60,998		2,744,910
				14,116,722
South Africa | 7.9%
Clicks Group, Ltd.		185,515		1,159,160
Exxaro Resources, Ltd.		67,959		1,793,700
Kumba Iron Ore, Ltd.		8,614		616,578
Standard Bank Group, Ltd.		173,469		2,564,657
Tiger Brands, Ltd.		55,558		1,622,749
Truworths International, Ltd.		166,282		1,802,302
				9,559,146
South Korea | 9.6%
Hyundai Mobis		4,997		1,872,149
Korea Life Insurance Co., Ltd.		179,102		1,298,412
KT&G Corp.		26,200		1,629,448
NHN Corp. (a)		10,028		1,775,200
Samsung Electronics Co., Ltd.		3,314		2,563,915
Samsung Engineering Co., Ltd.		4,985		1,190,629
Shinhan Financial Group Co., Ltd.		27,414		1,306,957
				11,636,710
Taiwan | 6.3%
Delta Electronics, Inc.		359,000		1,318,589
Hon Hai Precision Industry Co., Ltd.		487,256		1,670,922
MediaTek, Inc.		72,000		782,077
Synnex Technology International Corp.		580,190		1,407,880
Taiwan Semiconductor
Manufacturing Co., Ltd.		460,000		1,156,266
Tripod Technology Corp.		319,240		1,322,595
				7,658,329

Description	Shares		Value
Thailand | 1.2%
Banpu Public Co. Ltd.		62,530	$	1,457,168
Turkey | 4.3%
Koc Holding AS ADR		49,261		1,057,634
Tofas Turk Otomobil Fabrikasi AS		246,789		1,125,224
Turkcell Iletisim Hizmetleri AS ADR (a)		100,275		1,358,726
Turkiye Is Bankasi AS, C Shares		555,242		1,703,700
				5,245,284
Total Common Stocks
(Identified cost $102,678,977)				104,382,276
Preferred Stocks | 5.2%
Brazil | 3.9%
Companhia Energetica de Minas Gerais
SA Sponsored ADR		78,635		1,623,026
Marcopolo SA		256,800		1,151,828
Vale SA Sponsored ADR		65,950		1,909,912
				4,684,766
Colombia | 1.3%
Bancolombia SA Sponsored ADR		23,320		1,556,144
Total Preferred Stocks
(Identified cost $5,807,033)				6,240,910
Short-Term Investment | 6.2%
State Street Institutional Treasury
Money Market Fund
(Identified cost $7,489,731)		7,489,731		7,489,731
Total Investments | 97.9%
(Identified cost $115,975,741) (b)			$	118,112,917
Cash and Other Assets in Excess
of Liabilities | 2.1%				2,485,596
Net Assets | 100.0%			$	120,598,513

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  53

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio
Common Stocks | 50.4%
Argentina | 0.8%
YPF Sociedad Anonima Sponsored ADR (j)		6,997	$	315,215
Brazil | 7.9%
Banco do Brasil SA		19,000		340,670
Cia Hering SA		14,200		326,646
Cielo SA Sponsored ADR (j)		12,220		314,665
Companhia Siderurgica Nacional SA
Sponsored ADR		20,010		249,325
Diagnosticos da America SA		19,000		255,663
Localiza Rent a Car SA		3,300		58,995
MRV Engenharia e Participacoes SA		31,300		259,922
Natura Cosmeticos SA		7,760		193,919
Redecard SA (c), (j)		11,693		350,285
Souza Cruz SA		15,680		199,535
Totvs SA		14,800		273,117
Vale SA Sponsored ADR (j)		8,600		274,770
				3,097,512
Canada | 0.5%
First Quantum Minerals, Ltd.		1,350		196,835
China | 3.4%
Agricultural Bank of China, Ltd., Class H		629,000		331,406
Changsha Zoomlion Heavy Industry
Science and Technology Development
Co., Ltd., Class H		129,780		246,828
China Construction Bank Corp., Class H		229,000		190,105
Hidili Industry International
Development, Ltd.		302,000		260,020
Ping An Insurance Group Co. of
China, Ltd., Class H		30,000		309,958
				1,338,317
Colombia | 0.7%
Pacific Rubiales Energy Corp.		10,600		284,110
Egypt | 1.5%
Commercial International Bank Egypt SAE		65,120		327,100
Orascom Construction Industries		5,855		263,100
				590,200

Description	Shares		Value
Hong Kong | 1.4%
AAC Technologies Holdings, Inc.		88,000	$	205,364
China State Construction International
Holdings, Ltd.		325,600		330,550
				535,914
Hungary | 0.6%
OTP Bank PLC		6,881		223,955
India | 0.8%
ICICI Bank, Ltd. Sponsored ADR (j)		6,200		305,660
Indonesia | 2.2%
PT Bank Rakyat Indonesia (Persero) Tbk		353,000		267,565
PT Telekomunikasi Indonesia Tbk
Sponsored ADR (j)		9,070		312,915
PT United Tractors Tbk		95,015		275,887
				856,367
Kazakhstan | 0.7%
Halyk Savings Bank of Kazakhstan
JSC GDR (a), (c), (j)		29,982		268,339
Malaysia | 0.6%
Genting Berhad		66,100		245,617
Mexico | 3.2%
America Movil SAB de CV ADR, Series L		4,530		244,076
Grupo Financiero Banorte SAB de CV,
Class O		50,700		230,193
Grupo Mexico SAB de CV, Series B		85,028		280,752
Grupo Televisa SA Sponsored ADR		9,712		238,915
Kimberly-Clark de Mexico SAB de CV,
Series A		36,985		243,229
				1,237,165
Philippines | 1.4%
Philippine Long Distance Telephone Co.
Sponsored ADR (j)		6,197		334,886
SM Investments Corp.		16,540		204,006
				538,892
Qatar | 0.8%
Qatar Electricity & Water Co.		7,543		298,696

The accompanying notes are an integral part of these financial statements.

54Semi-Annual Report

Description	Shares		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Russia | 6.7%
Alliance Oil Co., Ltd. SDR (a)		15,870	$	275,238
Eurasia Drilling Co., Ltd. GDR (c), (j)		6,982		205,969
Gazprom OAO Sponsored ADR (j)		18,375		267,356
Globaltrans Investment PLC
Sponsored GDR (c)		16,340		302,290
Mobile TeleSystems OJSC
Sponsored ADR (j)		14,190		269,894
Oriflame Cosmetics SA SDR		4,112		202,375
Sberbank		89,398		328,985
TMK OAO GDR (c)		14,611		272,495
Uralkali Sponsored GDR (c), (j)		11,342		510,390
				2,634,992
South Africa | 4.6%
Clicks Group, Ltd.		34,547		215,861
Exxaro Resources, Ltd.		12,663		334,226
Kumba Iron Ore, Ltd.		1,610		115,242
Standard Bank Group, Ltd.		32,378		478,693
Tiger Brands, Ltd.		10,604		309,724
Truworths International, Ltd.		31,871		345,444
				1,799,190
South Korea | 5.7%
Hyundai Mobis		975		365,288
Korea Life Insurance Co., Ltd.		34,380		249,240
KT&G Corp. (c), (j)		10,009		311,243
NHN Corp. (a)		1,921		340,064
Samsung Electronics Co., Ltd.		325		251,440
Samsung Electronics Co., Ltd. GDR (c)		619		239,925
Samsung Engineering Co., Ltd.		918		219,257
Shinhan Financial Group Co., Ltd.		2,678		256,954
				2,233,411
Taiwan | 3.6%
Delta Electronics, Inc.		13,802		253,471
Hon Hai Precision Industry Co.,
Ltd. GDR (c), (j)		44,576		304,454
MediaTek, Inc.		13,000		141,209
Synnex Technology International Corp.		108,000		262,071
Taiwan Semiconductor Manufacturing Co.,
Ltd. Sponsored ADR		15,956		201,205
Tripod Technology Corp.		59,000		244,434
				1,406,844
Thailand | 0.7%
Banpu Public Co. Ltd.		11,900		277,312

Description	Shares		Value
Turkey | 2.6%
Koc Holding AS ADR		9,290	$	199,456
Tofas Turk Otomobil Fabrikasi AS		45,958		209,544
Turkcell Iletisim Hizmetleri AS ADR (a)		19,250		260,837
Turkiye Is Bankasi AS, C Shares		105,622		324,090
				993,927
Total Common Stocks
(Identified cost $19,889,962)				19,678,470
Preferred Stocks | 3.0%
Brazil | 2.3%
Companhia Energetica de Minas Gerais
SA Sponsored ADR		14,681		303,016
Marcopolo SA		47,800		214,398
Vale SA Sponsored ADR (j)		12,510		362,289
				879,703
Colombia | 0.7%
Bancolombia SA Sponsored ADR		4,380		292,278
Total Preferred Stocks
(Identified cost $1,128,755)				1,171,981
Description	Principal Amount (000) (d)		Value
Corporate Bonds | 4.1%
Argentina | 0.4%
Aeropuertos Argentina 2000 SA,
10.75%, 12/01/20 (c)	$	98	$	105,480
Pan American Energy LLC,
7.875%, 05/07/21		50		53,312
				158,792
China | 0.3%
Lumena Resources Corp.,
12.00%, 10/27/14 (c)		100		99,200
India | 0.3%
Vedanta Resources PLC,
9.50%, 07/18/18 (c)		100		109,550

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  55

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Indonesia | 1.1%
Altus Capital Pte., Ltd.,
12.875%, 02/10/15 (c)	$	100	$	110,375
Berau Capital Resources Pte. Ltd.,
12.50%, 07/08/15 (c)		100		116,192
Bumi Investment Pte., Ltd.,
10.75%, 10/06/17 (c)		100		113,620
GT 2005 Bonds BV,
5.00%, 07/21/14 (f)		85		76,500
				416,687
Kazakhstan | 0.3%
Halyk Savings Bank of Kazakhstan JSC,
7.25%, 05/03/17 (c)		125		126,250
Russia | 1.1%
Alfa-Bank,
7.875%, 09/25/17 (c)		100		105,000
Alliance Oil Co., Ltd.,
9.875%, 03/11/15 (c)		100		109,500
MTS International Funding, Ltd.,
8.625%, 06/22/20 (c)		100		114,125
Vnesheconombank,
6.80%, 11/22/25 (c)		100		101,500
				430,125
Ukraine | 0.6%
DTEK Finance BV,
9.50%, 04/28/15 (c)		100		105,500
Metinvest BV,
10.25%, 05/20/15 (c)		125		136,406
				241,906
Total Corporate Bonds
(Identified cost $1,650,121)				1,582,510
Foreign Government Obligations | 13.4%
Argentina | 0.3%
Republic of Argentina,
8.28%, 12/31/33		143		126,290
Colombia | 0.4%
Republic of Colombia,
7.75%, 04/14/21 (e)		220,000		141,215

Description	Principal Amount (000) (d)		Value
Croatia | 0.3%
Croatia Government Bond,
6.75%, 11/05/19 (c)	$	100	$	108,000
Dominican Republic | 0.2%
Dominican Republic,
9.04%, 01/23/18 (c)		71		79,924
Ghana | 0.3%
Republic of Ghana,
8.50%, 10/04/17 (c)		100		113,250
Indonesia | 0.6%
Indonesia Government,
7.375%, 09/15/16 (e)		2,000,000		238,000
Iraq | 0.6%
Republic of Iraq,
5.80%, 01/15/28 (c)		250		225,625
Ivory Coast | 0.3%
Ivory Coast,
2.50%, 12/31/32 (c), (f), (g)		225		118,688
Lithuania | 0.3%
Republic of Lithuania,
5.125%, 09/14/17 (c)		100		102,875
Malaysia | 1.1%
Bank Negara Monetary Notes:
0.00%, 07/14/11 (e)		1,000		330,800
0.00%, 08/09/11 (e)		330		108,935
				439,735
Mexico | 2.6%
Mexican Bonos:
7.50%, 06/21/12 (e)		800		70,106
9.00%, 06/20/13 (e)		2,750		251,187
8.00%, 12/17/15 (e)		700		64,109
Mexican Cetes,
0.00%, 12/15/11 (e)		75,200		628,973
				1,014,375
Peru | 0.3%
Republic of Peru,
6.55%, 03/14/37		100		111,550

The accompanying notes are an integral part of these financial statements.

56Semi-Annual Report

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
Poland | 0.5%
Poland Government Bonds:
0.00%, 07/25/12 (e)	$	505	$	175,339
3.00%, 08/24/16 (e)		98		36,796
				212,135
Romania | 1.1%
Romania Treasury Bills:
0.00%, 09/19/11 (e)		390		131,847
0.00%, 12/28/11 (e)		580		193,016
0.00%, 06/06/12 (e)		360		116,164
				441,027
Russia | 0.5%
Russian Eurobond,
7.85%, 03/10/18 (c), (e)		5,000		187,766
Serbia | 0.3%
Republic of Serbia,
6.75%, 11/01/24 (c)		135		135,675
South Africa | 0.4%
Republic of South Africa:
8.25%, 09/15/17 (e)		436		64,744
8.00%, 12/21/18 (e)		550		79,794
				144,538
Turkey | 1.5%
Turkey Government Bonds:
0.00%, 08/03/11 (e)		312		190,885
0.00%, 11/16/11 (e)		292		174,401
4.50%, 02/11/15 (e)		138		91,067
4.00%, 04/29/15 (e)		177		115,690
				572,043
Ukraine | 0.5%
Ukraine Government,
6.25%, 06/17/16 (c)		200		199,500
Uruguay | 0.5%
Uruguayan Monetary Regulation Bills:
0.00%, 07/13/11 (e)		1,510		81,870
0.00%, 09/29/11 (e)		930		49,475
0.00%, 10/21/11 (e)		1,880		77,924
				209,269

Description	Principal Amount (000) (d)		Value
Venezuela | 0.8%
Republic of Venezuela:
7.75%, 10/13/19 (c)	$	75	$	54,188
12.75%, 08/23/22 (c)		125		111,875
7.00%, 03/31/38 (c)		225		130,500
				296,563
Total Foreign Government Obligations
(Identified cost $5,233,564)				5,218,043
Quasi Bonds | 2.3%
Colombia | 0.1%
Empresas Public de Medellin,
8.375%, 02/01/21 (c), (e)		100,000		59,005
Kazakhstan | 0.6%
KazMunayGas National Co.,
7.00%, 05/05/20 (c)		200		220,280
Russia | 0.5%
Gaz Capital SA,
6.51%, 03/07/22 (c)		100		106,000
Russia Standard Bank,
7.73%, 12/16/15		100		101,500
				207,500
Ukraine | 0.3%
Naftogaz Ukraine,
9.50%, 09/30/14		95		104,144
Venezuela | 0.8%
Petroleos de Venezuela SA:
4.90%, 10/28/14		75		57,938
8.50%, 11/02/17 (c)		225		166,837
12.75%, 02/17/22 (c)		120		98,400
				323,175
Total Quasi Bonds
(Identified cost $836,637)				914,104
Supranationals | 0.2%
Indonesia | 0.2%
European Bank for Reconstruction &
Development,
7.20%, 06/08/16
(Identified cost $65,382) (h)		560,000		65,394

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  57

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Multi-Strategy Portfolio (continued)
U.S. Treasury Obligations | 11.0%
U.S. Treasury Bills:
0.00%, 08/18/11	$	4,000	$	3,999,589
0.00%, 09/22/11		300		299,973
Total U.S. Treasury Obligations
(Identified cost $4,299,562)				4,299,562

Description	Shares		Value
Short-Term Investment | 15.1%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,911,279)		5,911,279	$	5,911,279
Total Investments | 99.5%
(Identified cost $39,015,262) (b)				38,841,343

Description	Number of Contracts		Value
Purchased Options | 0.1%
USD vs PLN July 11 2.78 Call,
Expires 07/08/11		2,000	$	920
USD vs CNY August 11 6.464 Put,
Expires 08/29/11		5,000		2,100
USD vs INR July 11 44.88 Put,
Expires 07/05/11		6,000		3,660
USD vs KRW July 11 1088 Put,
Expires 07/07/11		2,800		5,460
USD vs ZAR August 11 6.75 Put,
Expires 08/03/11		2,500		3,737
Total Purchased Options
(Identified cost $23,326)				15,877
Total Investments and Purchased
Options | 99.6%
(Identified cost $39,038,588)			$	38,857,220
Cash and Other Assets in
Excess of Liabilities | 0.4%				174,711
Net Assets | 100.0%			$	39,031,931

The accompanying notes are an integral part of these financial statements.

58  Semi-Annual Report

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2011:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts
ARS	CIT	08/31/11		1,897,947		$	454,000	$	456,616		$	2,616		$	—
BRL	HSB	07/05/11		364,360			223,000		233,467			10,467			—
BRL	JPM	07/05/11		148,410			90,000		95,095			5,095			—
BRL	HSB	08/02/11		242,423			149,000		154,312			5,312			—
BRL	JPM	08/02/11		486,073			303,000		309,405			6,405			—
CLP	BNP	07/15/11		16,718,100			35,000		35,727			727			—
CLP	BNP	07/18/11		192,472,800			403,846		411,157			7,311			—
CLP	JPM	08/01/11		47,320,000			100,000		100,904			904			—
CLP	BNP	02/13/12		11,563,200			24,000		24,113			113			—
CNY	JPM	06/13/12		1,188,540			186,000		186,319			319			—
COP	BNP	07/22/11		159,577,000			89,000		90,166			1,166			—
COP	CIT	08/18/11		167,164,000			92,000		94,341			2,341			—
CZK	ING	07/07/11		608,388			35,642		36,276			634			—
CZK	ING	07/07/11		1,420,327			83,113		84,689			1,576			—
CZK	ING	07/25/11		1,585,724			92,916		94,542			1,626			—
EUR	CIT	07/05/11		46,006			66,389		66,716			327			—
EUR	CIT	07/05/11		60,437			86,000		87,643			1,643			—
EUR	ING	07/05/11		113,088			161,807		163,995			2,188			—
EUR	JPM	07/05/11		228,251			327,848		330,998			3,150			—
EUR	ING	07/07/11		24,000			34,402		34,802			400			—
EUR	BRC	07/18/11		17,923			25,809		25,982			173			—
EUR	CIT	07/18/11		27,109			40,000		39,297			—			703
EUR	CIT	07/18/11		51,000			73,597		73,931			334			—
EUR	CIT	07/18/11		106,543			151,000		154,447			3,447			—
EUR	ING	07/18/11		78,660			113,511		114,028			517			—
IDR	JPM	11/18/11		763,752,000			87,286		87,123			—			163
ILS	CIT	07/18/11		359,069			105,000		105,470			470			—
ILS	JPM	07/18/11		607,864			178,510		178,548			38			—
INR	SCB	07/21/11		14,677,200			324,000		327,494			3,494			—
INR	JPM	07/29/11		4,517,000			100,000		100,652			652			—
INR	SCB	10/13/11		910,400			20,000		20,004			4			—
INR	BRC	11/14/11		5,100,450			111,000		111,459			459			—
INR	JPM	05/25/12		1,908,000			40,000		40,581			581			—
INR	UBS	05/25/12		4,263,990			89,000		90,690			1,690			—
KRW	SCB	08/11/11		506,106,000			465,000		472,959			7,959			—
MXN	JPM	07/11/11		6,270,000			528,000		535,230			7,230			—
MYR	BRC	07/29/11		1,645,343			541,000		543,923			2,923			—
PHP	JPM	07/25/11		4,353,000			100,000		100,267			267			—
PHP	BRC	07/27/11		6,879,320			158,000		158,430			430			—
PHP	JPM	07/29/11		4,375,000			100,000		100,737			737			—
PHP	BRC	08/19/11		911,400			21,000		20,948			—			52

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  59

Lazard Emerging Markets Multi-Strategy Portfolio (continued)

Forward Currency Contracts open at June 30, 2011 (continued):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts (concluded)
PLN	BOA	07/05/11		400,345		$	142,629	$	145,962		$	3,333		$	—
PLN	CIT	07/05/11		134,528			50,628		49,048			—			1,580
PLN	ING	07/05/11		314,964			114,076		114,833			757			—
PLN	JPM	07/05/11		912,091			335,753		332,540			—			3,213
PLN	JPM	07/18/11		912,091			326,785		332,090			5,305			—
RON	CIT	07/05/11		194,514			67,488		66,609			—			879
RON	CIT	07/12/11		261,000			89,301		89,300			—			1
RON	ING	07/15/11		249,000			86,899		85,163			—			1,736
RUB	JPM	07/29/11		2,107,500			75,000		75,287			287			—
RUB	HSB	08/24/11		2,556,720			90,000		91,098			1,098			—
SGD	SCB	07/28/11		102,414			83,000		83,379			379			—
SGD	HSB	08/29/11		118,896			96,000		96,802			802			—
THB	SCB	08/09/11		7,622,540			254,000		247,526			—			6,474
THB	HSB	11/14/11		3,507,840			116,000		113,123			—			2,877
ZAR	CIT	09/14/11		567,399			82,743		83,052			309			—
Total Forward Currency Purchase Contracts						$	8,418,978	$	8,499,295		$	97,995		$	17,678
Forward Currency Sale Contracts
ARS	BNP	07/25/11		904,251		$	219,215	$	219,000		$	—		$	215
BRL	JPM	07/05/11		512,770			328,562		321,890			—			6,672
CLP	BNP	07/15/11		39,312,000			84,010		84,000			—			10
CLP	BNP	07/18/11		49,915,500			106,628		107,000			372			—
COP	JPM	07/18/11		371,259,200			209,795		208,000			—			1,795
CZK	ING	07/07/11		579,696			34,565		34,401			—			164
CZK	JPM	07/07/11		2,615,858			155,975		155,000			—			975
EUR	CIT	07/05/11		34,000			49,305		50,628			1,323			—
EUR	CIT	07/05/11		47,000			68,157		67,488			—			669
EUR	CIT	07/05/11		60,437			87,643		87,247			—			396
EUR	ING	07/05/11		78,741			114,186		114,076			—			110
EUR	JPM	07/05/11		230,186			333,805		335,754			1,949			—
EUR	ING	07/07/11		25,000			36,252		35,642			—			610
EUR	ING	07/07/11		58,000			84,104		83,113			—			991
EUR	CIT	07/12/11		61,730			89,500		89,301			—			199
EUR	ING	07/15/11		59,714			86,570		86,899			329			—
EUR	CIT	07/18/11		159,000			230,490		229,406			—			1,084
EUR	JPM	07/18/11		228,034			330,564		326,785			—			3,779
EUR	ING	07/25/11		65,000			94,207		92,916			—			1,291
EUR	BNP	07/27/11		34,000			49,275		48,125			—			1,150
EUR	HSB	09/07/11		233,710			338,307		339,432			1,125			—
EUR	ING	09/28/11		428,388			619,737		605,527			—			14,210
JPY	JPM	08/31/11		20,294,125			252,160		250,000			—			2,160
JPY	SCB	09/21/11		6,964,263			86,545		87,000			455			—

The accompanying notes are an integral part of these financial statements.

60  Semi-Annual Report

Lazard Emerging Markets Multi-Strategy Portfolio (concluded)

Forward Currency Contracts open at June 30, 2011 (concluded):

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date			U.S. $ Current Value		Unrealized Appreciation			Unrealized Depreciation
Forward Currency Sale Contracts (concluded)
KRW	SCB	08/11/11	116,373,200		$	108,751	$	107,000		$	—		$	1,751
MXN	JPM	07/11/11	572,592			48,879		48,000			—			879
MXN	JPM	07/11/11	5,697,408			486,351		479,338			—			7,013
MXN	HSB	07/28/11	1,835,770			156,477		157,001			524			—
PLN	BOA	07/05/11	400,345			145,962		142,715			—			3,247
PLN	ING	07/05/11	449,492			163,881		161,807			—			2,074
PLN	JPM	07/05/11	912,091			332,540		327,848			—			4,692
PLN	ING	07/18/11	314,964			114,678		113,511			—			1,167
RON	CIT	07/05/11	194,514			66,609		66,389			—			220
RON	BRC	07/18/11	73,690			25,194		25,809			615			—
TWD	JPM	07/27/11	2,320,000			80,788		80,332			—			456
ZAR	JPM	09/14/11	1,101,052			161,169		160,667			—			502
Total Forward Currency Sale Contracts					$	5,980,836	$	5,929,047			6,692			58,481
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts										$	104,687		$	76,159

Written Options open at June 30, 2011:

Description	Number of Contracts	Strike Price		Expiration Date	Value
USD vs CLP Call	130,000		466.00	07/01/11	$	1,131
USD vs SGD Call	130,000		1.23	07/01/11		65
USD vs PLN Call	200,000		2.88	07/08/11		120
USD vs SGD Call	200,000		1.23	07/14/11		760
USD vs SGD Call	122,000		1.24	07/26/11		525
USD vs SGD Call	600,000		1.24	07/27/11		1,920
USD vs ZAR Put	250,000		6.55	08/03/11		1,087
USD vs CLP Call	100,000		470.25	08/03/11		1,070
Total Written Options					$	6,678

Credit Default Swap Agreement open at June 30, 2011:

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Receive (Pay) Rate		Value		Upfront Premiums Paid (Received)			Net Unrealized Depreciation
Republic of Korea,
4.875%, 09/22/14	JPM	1,000,000	09/20/16	(1.00	)%	$	193		$	985		$	792

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  61

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 13.4%
Argentina | 1.0%
Aeropuertos Argentina 2000 SA,
10.75%, 12/01/20 (c)	$	131	$	141,344
Pan American Energy LLC,
7.875%, 05/07/21 (c)		60		63,975
				205,319
China | 0.5%
Lumena Resources Corp.,
12.00%, 10/27/14 (c)		100		99,200
India | 0.7%
Vedanta Resources PLC,
9.50%, 07/18/18 (c)		125		136,937
Indonesia | 3.7%
Altus Capital Pte., Ltd.,
12.875%, 02/10/15 (c)		125		137,969
Berau Capital Resources Pte., Ltd.,
12.50%, 07/08/15 (c)		140		162,669
Bumi Investment Pte., Ltd.,
10.75%, 10/06/17 (c)		145		164,749
GT 2005 Bonds BV,
5.00%, 07/21/14 (f)		105		94,500
PT Pertamina (Persero) Tbk,
5.25%, 05/23/21 (c)		200		201,400
				761,287
Kazakhstan | 0.5%
Halyk Savings Bank of Kazakhstan JSC,
7.25%, 05/03/17 (c)		100		101,000
Russia | 4.8%
Alfa-Bank,
7.875%, 09/25/17 (c)		100		105,000
Alliance Oil Co., Ltd.,
9.875%, 03/11/15 (c)		100		109,500
MTS International Funding, Ltd.,
8.625%, 06/22/20 (c)		125		142,656
Russian Agricultural Bank OJSC,
7.50%, 03/25/13 (e)		6,500		237,241
VimpelCom Holdings BV,
7.504%, 03/01/22 (c)		200		199,904
Vnesheconombank,
6.80%, 11/22/25 (c)		200		203,000
				997,301

Description	Principal Amount (000) (d)			Value
Ukraine | 2.2%
DTEK Finance BV,
9.50%, 04/28/15 (c)	$	100	$	105,500
Ferrexpo Finance PLC,
7.875%, 04/07/16 (c)		200		206,730
Metinvest BV,
10.25%, 05/20/15 (c)		125		136,087
				448,317
Total Corporate Bonds
(Identified cost $2,752,434)				2,749,361
Foreign Government Obligations | 62.8%
Argentina | 1.1%
Republic of Argentina:
8.28%, 12/31/33		150		132,030
2.50%, 12/31/38 (f), (j)		225		97,875
				229,905
Colombia | 2.7%
Republic of Colombia:
12.00%, 10/22/15 (e)		115,000		82,470
11.75%, 02/25/20		40		61,880
7.75%, 04/14/21 (e)		235,000		150,844
8.125%, 05/21/24		105		138,547
9.85%, 06/28/27 (e)		160,000		115,790
				549,531
Croatia | 0.8%
Croatia Government Bond,
6.75%, 11/05/19 (c)		150		162,000
Dominican Republic | 0.7%
Dominican Republic,
9.04%, 01/23/18 (c)		131		147,552
El Salvador | 0.3%
Republic of El Salvador,
7.65%, 06/15/35 (c)		65		67,275
Ghana | 0.6%
Republic of Ghana,
8.50%, 10/04/17 (c)		100		113,250

The accompanying notes are an integral part of these financial statements.

62  Semi-Annual Report

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Hungary | 1.8%
Hungary Government Bonds:
7.25%, 06/12/12 (e)	$	9,000	$	49,718
6.00%, 10/24/12 (e)		23,000		125,435
6.75%, 08/22/14 (e)		24,000		130,951
Republic of Hungary,
7.625%, 03/29/41		64		69,040
				375,144
Indonesia | 5.2%
Indonesia Government:
7.375%, 09/15/16 (e)		2,000,000		238,000
8.375%, 09/15/26 (e)		5,450,000		645,909
Indonesia Treasury Bill,
0.00%, 07/06/11 (e)		700,000		81,573
Republic of Indonesia,
6.625%, 02/17/37 (c)		100		110,209
				1,075,691
Iraq | 1.1%
Republic of Iraq,
5.80%, 01/15/28 (c), (j)		250		225,625
Ivory Coast | 1.2%
Ivory Coast,
2.50%, 12/31/32 (c), (f), (g), (j)		475		250,562
Lithuania | 1.0%
Republic of Lithuania,
5.125%, 09/14/17 (c)		200		205,750
Malaysia | 7.7%
Bank Negara Monetary Notes:
0.00%, 07/14/11 (e)		1,500		496,200
0.00%, 07/28/11 (e)		1,700		560,548
0.00%, 08/09/11 (e)		500		165,054
Malaysia Government:
3.702%, 02/25/13 (e)		300		100,388
3.434%, 08/15/14 (e)		760		252,811
				1,575,001

Description	Principal Amount (000) (d)		Value
Mexico | 6.6%
Mexican Bonos:
9.00%, 06/20/13 (e)	$	6,800	$	621,118
8.00%, 12/19/13 (e)		1,000		90,419
8.00%, 12/17/15 (e)		4,100		375,493
6.50%, 06/10/21 (e)		1,000		82,087
8.50%, 05/31/29 (e)		900		82,469
10.00%, 11/20/36 (e)		1,020		105,355
				1,356,941
Nigeria | 1.0%
Republic of Nigeria,
6.75%, 01/28/21 (c), (j)		200		209,500
Panama | 1.5%
Republic of Panama,
5.20%, 01/30/20 (j)		275		301,675
Peru | 2.8%
Republic of Peru:
7.125%, 03/30/19		135		162,405
8.20%, 08/12/26 (c), (e)		270		109,067
6.55%, 03/14/37		100		111,550
5.625%, 11/18/50		195		183,788
				566,810
Philippines | 0.6%
Republic of Philippines,
4.95%, 01/15/21 (e)		5,000		115,092
Poland | 3.1%
Poland Government Bonds:
4.75%, 04/25/12 (e)		15		5,470
0.00%, 10/25/12 (e)		900		308,722
5.50%, 04/25/15 (e)		400		147,765
5.25%, 10/25/17 (e)		225		81,301
5.50%, 10/25/19 (e)		277		99,487
				642,745
Russia | 2.7%
Russian Eurobonds,
7.85%, 03/10/18 (c), (e)		5,000		187,766
7.85%, 03/10/18 (e)		10,000		375,531
				563,297
Serbia | 1.1%
Republic of Serbia,
6.75%, 11/01/24 (c), (j)		225		226,125

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  63

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
South Africa | 5.3%
Republic of South Africa:
13.50%, 09/15/15 (e)	$	850	$	152,142
8.25%, 09/15/17 (e)		4,440		659,322
10.50%, 12/21/26 (e)		1,685		288,293
				1,099,757
Sri Lanka | 0.5%
Republic of Sri Lanka,
6.25%, 10/04/20 (c)		100		100,000
Thailand | 3.1%
Bank of Thailand:
0.00%, 07/14/11 (e)		3,000		97,453
0.00%, 05/03/12 (e)		13,000		410,669
Thailand Government Bond,
4.25%, 03/13/13 (e)		4,000		131,345
				639,467
Turkey | 4.7%
Turkey Government Bonds:
0.00%, 01/25/12 (e)		150		88,290
0.00%, 04/25/12 (e)		400		229,730
0.00%, 11/07/12 (e)		570		311,684
0.00%, 02/20/13 (e)		545		290,573
6.875%, 03/17/36		35		38,500
				958,777
Ukraine | 1.1%
Ukraine Government,
6.58%, 11/21/16 (c)		175		176,243
7.75%, 09/23/20 (c)		40		41,500
				217,743
Uruguay | 1.5%
Uruguayan Monetary Regulation Bills:
0.00%, 07/08/11 (e)		1,000		54,274
0.00%, 07/13/11 (e)		2,160		117,113
0.00%, 09/29/11 (e)		1,710		91,033
0.00%, 10/21/11 (e)		1,060		56,190
				318,610

Description	Principal Amount (000) (d)		Value
Venezuela | 3.0%
Republic of Venezuela:
7.75%, 10/13/19 (c)	$	335	$	242,037
12.75%, 08/23/22 (c)		55		49,225
9.00%, 05/07/23 (c)		30		21,675
8.25%, 10/13/24 (c)		310		210,800
7.00%, 03/31/38 (c)		175		101,500
				625,237
Total Foreign Government Obligations
(Identified cost $12,812,237)				12,919,062
Quasi Bonds | 9.6%
Colombia | 1.3%
Emgesa SA,
8.75%, 01/25/21 (c), (e)		150,000		91,187
Empresas Publicas de Medellin,
8.375%, 02/01/21 (c), (e)		310,000		182,916
				274,103
Indonesia | 1.2%
Majapahit Holding BV:
8.00%, 08/07/19 (c)		100		118,250
7.75%, 01/20/20 (c)		100		117,000
				235,250
Kazakhstan | 1.7%
Development Bank of Kazakhstan JSC,
5.50%, 12/20/15 (c)		200		206,000
KazMunayGas National Co.,
7.00%, 05/05/20 (c)		125		137,675
				343,675
Russia | 1.7%
Gas Capital SA:
9.25%, 04/23/19 (c)		100		124,875
6.51%, 03/07/22 (c)		100		106,000
Russian Standard Bank,
7.73%, 12/16/15		125		126,875
				357,750
Ukraine | 1.2%
Naftogaz Ukraine,
9.50%, 09/30/14 (j)		220		241,175

The accompanying notes are an integral part of these financial statements.

64  Semi-Annual Report

Description	Principal Amount (000) (d)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Venezuela | 2.5%
Petroleos de Venezuela SA:
4.90%, 10/28/14	$	170	$	131,325
5.25%, 04/12/17		90		56,475
8.50%, 11/02/17 (c), (j)		335		248,402
12.75%, 02/17/22 (c)		65		53,300
5.50%, 04/12/37 (c)		55		27,225
				516,727
Total Quasi Bonds
(Identified cost $1,930,566)				1,968,680
Supranationals | 1.2%
Indonesia | 1.2%
European Bank for Reconstruction
& Development,
7.20%, 06/08/16 (h)		1,500,000		175,162
Export-Import Bank of Korea,
6.60%, 11/04/13 (c), (h)		700,000		80,436
Total Supranationals
(Identified cost $253,776)				255,598

Description	Shares		Value
Short-Term Investment | 9.8%
State Street Institutional Treasury
Money Market Fund
(Identified cost $2,008,095)		2,008,095	$	2,008,095
Total Investments | 96.8%
(Identified cost $19,757,108) (b)				19,900,796

Description	Number of Contracts		Value
Purchased Options | 0.2%
USD vs PLN July 11 2.78 Call,
Expires 07/08/11		2,500	$	1,150
USD vs CNY August 11 6.464 Put,
Expires 08/29/11		15,000		6,300
USD vs INR July 11 44.88 Put,
Expires 07/05/11		15,000		9,150
USD vs KRW July 11 1088 Put,
Expires 07/07/11		6,000		11,700
USD vs ZAR August 11 6.75 Put,
Expires 08/03/11		4,000		5,980
Total Purchased Options
(Identified cost $50,671)				34,280
Total Investments and Purchased
Options | 97.0%
(Identified cost $19,807,779)			$	19,935,076
Cash and Other Assets in Excess
of Liabilities | 3.0%				625,634
Net Assets | 100.0%			$	20,560,710

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  65

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at June 30, 2011:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contracts
BRL	BRC	07/05/11	358,380		$	220,000		$	229,635		$	9,635		$	—
BRL	BRC	07/05/11	1,225,455			770,000			785,221			15,221			—
BRL	BRC	08/02/11	1,504,910			952,897			957,936			5,039			—
CLP	JPM	07/05/11	93,150,000			200,000			199,315			—			685
INR	JPM	07/29/11	6,323,800			140,000			140,912			912			—
INR	JPM	08/05/11	3,378,000			75,000			75,182			182			—
PHP	JPM	07/25/11	4,353,000			100,000			100,267			267			—
PHP	JPM	07/29/11	8,750,000			200,000			201,474			1,474			—
PLN	BOA	07/05/11	600,000			213,759			218,755			4,996			—
RUB	JPM	07/29/11	2,248,000			80,000			80,307			307			—
ZAR	BRC	07/01/11	1,230,714			180,602			182,010			1,408			—
Total Forward Currency Purchase Contracts					$	3,132,258		$	3,171,014		$	39,441		$	685
Forward Currency Sale Contracts
BRL	BRC	07/05/11	78,925		$	50,572		$	50,000		$	—		$	572
BRL	BRC	07/05/11	1,504,910			964,284			959,458			—			4,826
COP	JPM	07/18/11	455,149,500			257,201			255,001			—			2,200
PLN	BOA	07/05/11	1,104,400			402,654			393,697			—			8,957
ZAR	BRC	07/01/11	1,230,714			182,010			181,835			—			175
ZAR	BRC	07/08/11	1,230,714			181,932			180,421			—			1,511
Total Forward Currency Sale Contracts					$	2,038,653		$	2,020,412			—			18,241
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	39,441		$	18,926

Written Options open at June 30, 2011:

Description	Number of Contracts	Strike Price	Expiration Date	Value
USD vs SGD Call	400,000	1.23	07/01/11	$	200
USD vs PLN Call	250,000	2.88	07/08/11		150
USD vs SGD Call	300,000	1.23	07/11/11		870
USD vs SGD Call	200,000	1.24	07/27/11		640
USD vs ZAR Put	400,000	6.55	08/03/11		1,740
USD vs CLP Call	190,000	470.25	08/03/11		2,033
Total Written Options				$	5,633

The accompanying notes are an integral part of these financial statements.

66  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio
Corporate Bonds | 96.0%
Aerospace & Defense | 1.3%
BE Aerospace, Inc.,
8.50%, 07/01/18	$	525	$	572,906
Huntington Ingalls Industries, Inc.,
6.875%, 03/15/18 (c)		1,500		1,537,500
				2,110,406
Apparel & Textiles | 0.8%
Levi Strauss & Co.,
7.625%, 05/15/20		1,300		1,300,000
Automotive | 4.7%
ArvinMeritor, Inc.,
8.125%, 09/15/15		215		224,137
Dana Holding Corp.,
6.50%, 02/15/19		1,500		1,485,000
Ford Motor Credit Co. LLC,
7.00%, 10/01/13		1,250		1,335,846
GMAC LLC,
6.75%, 12/01/14		165		170,363
Navistar International Corp.,
8.25%, 11/01/21		825		882,750
Pinafore LLC,
9.00%, 10/01/18 (c)		1,450		1,562,375
The Goodyear Tire & Rubber Co.,
10.50%, 05/15/16		618		695,250
TRW Automotive, Inc.,
8.875%, 12/01/17 (c)		1,000		1,120,000
				7,475,721
Building & Materials | 4.0%
Legrand France SA,
8.50%, 02/15/25		925		1,159,941
Masco Corp.,
6.125%, 10/03/16		1,500		1,540,871
Owens Corning, Inc.,
9.00%, 06/15/19		725		865,936

Description	Principal Amount (000)		Value
USG Corp.:
9.75%, 08/01/14 (c)	$	450	$	477,000
9.75%, 01/15/18		675		664,875
Vulcan Materials Co.,
6.50%, 12/01/16		1,600		1,602,000
				6,310,623
Cable Television | 6.0%
Cablevision Systems Corp.,
7.75%, 04/15/18		1,000		1,066,250
Cequel Communications Holdings I, LLC,
8.625%, 11/15/17 (c)		1,550		1,612,000
EchoStar DBS Corp.:
6.625%, 10/01/14		810		852,525
7.125%, 02/01/16		775		817,625
Insight Communications Co., Inc.,
9.375%, 07/15/18 (c)		1,100		1,207,250
Mediacom Broadband LLC,
8.50%, 10/15/15		875		896,875
Mediacom LLC,
9.125%, 08/15/19		175		184,625
Unitymedia Hessen GmbH & Co. KG,
8.125%, 12/01/17 (c)		1,325		1,407,813
Videotron Ltee,
6.875%, 01/15/14		525		530,906
Virgin Media Finance PLC,
9.125%, 08/15/16		900		947,250
				9,523,119
Chemicals | 1.1%
Lyondell Chemical Co.,
8.00%, 11/01/17 (c)		808		898,900
Mosaic Global Holdings, Inc.,
7.30%, 01/15/28		775		903,938
				1,802,838
Computer Services | 2.2%
First Data Corp.,
8.875%, 08/15/20 (c)		850		907,375
iGATE Corp.,
9.00%, 05/01/16 (c)		1,200		1,212,000
SunGard Data Systems, Inc.:
10.25%, 08/15/15		564		583,740
7.375%, 11/15/18		750		750,000
				3,453,115

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  67

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Diversified | 2.1%
Amsted Industries, Inc.,
8.125%, 03/15/18 (c)	$	1,100	$	1,155,000
General Cable Corp.,
7.125%, 04/01/17		489		500,003
Leucadia National Corp.,
7.00%, 08/15/13		950		1,026,000
SPX Corp.,
7.625%, 12/15/14		535		591,175
				3,272,178
Electric Generation | 3.5%
AES Corp.,
7.75%, 03/01/14		900		972,000
Calpine Corp.,
7.875%, 07/31/20 (c)		1,150		1,201,750
Edison Mission Energy,
7.75%, 06/15/16		1,175		1,057,500
GenOn Energy, Inc.:
9.50%, 10/15/18		650		676,000
9.875%, 10/15/20		475		496,375
NRG Energy, Inc.:
7.375%, 01/15/17		600		628,500
8.25%, 09/01/20		525		535,500
				5,567,625
Electronics | 1.5%
Freescale Semiconductor, Inc.:
8.875%, 12/15/14		225		234,563
9.25%, 04/15/18 (c)		900		969,750
MEMC Electronic Materials, Inc.,
7.75%, 04/01/19 (c)		1,250		1,234,375
				2,438,688
Energy Exploration & Production | 2.8%
ATP Oil & Gas Corp.,
11.875%, 05/01/15		1,225		1,243,375
Chesapeake Energy Corp.,
9.50%, 02/15/15		1,325		1,537,000
Denbury Resources, Inc.,
9.75%, 03/01/16		590		659,325
Plains Exploration & Production Co.,
7.75%, 06/15/15		950		984,437
				4,424,137

Description	Principal Amount (000)		Value
Energy Services | 4.0%
Citgo Petroleum Corp.,
11.50%, 07/01/17 (c)	$	1,250	$	1,450,000
Compagnie Generale de Geophysique-
Veritas,
7.75%, 05/15/17		815		839,450
Expro Finance Luxembourg SCA,
8.50%, 12/15/16 (c)		700		675,500
Frac Tech Services LLC,
7.125%, 11/15/18 (c)		1,000		1,015,000
Offshore Group Investments, Ltd.:
11.50%, 08/01/15		825		897,187
11.50%, 08/01/15 (c)		175		187,972
Tesoro Corp.,
6.50%, 06/01/17		1,300		1,326,000
				6,391,109
Financial Services | 2.0%
Finance One PLC,
0.00%, 01/03/12 (a), (i)		20,000		0
Icahn Enterprises LP:
7.75%, 01/15/16		500		513,125
8.00%, 01/15/18		1,100		1,116,500
International Lease Finance Corp.:
8.625%, 09/15/15		500		541,875
5.75%, 05/15/16		500		492,500
8.75%, 03/15/17		500		546,875
Morgan Guarantee Trust,
0.00%, 07/31/14 (a), (i)		10,569		0
				3,210,875
Food & Beverages | 1.9%
Blue Merger Sub, Inc.,
7.625%, 02/15/19 (c)		1,500		1,515,000
Constellation Brands, Inc.,
7.25%, 05/15/17		700		761,250
Dean Foods Co.,
7.00%, 06/01/16		800		792,000
				3,068,250
Forest & Paper Products | 1.3%
ABI Escrow Corp.,
10.25%, 10/15/18 (c)		790		855,175
Georgia-Pacific Corp.,
9.50%, 12/01/11		500		514,293
Smurfit Capital Funding PLC,
7.50%, 11/20/25		750		723,750
				2,093,218

The accompanying notes are an integral part of these financial statements.

68  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Gaming | 4.7%
Marina District Finance Co., Inc.:
9.50%, 10/15/15	$	500	$	520,000
9.875%, 08/15/18		500		518,750
MGM Resorts International,
10.375%, 05/15/14		900		1,021,500
Peninsula Gaming LLC:
8.375%, 08/15/15		625		656,250
10.75%, 08/15/17		225		245,813
Penn National Gaming, Inc.,
8.75%, 08/15/19		825		897,187
Pinnacle Entertainment, Inc.,
8.625%, 08/01/17		800		859,000
Scientific Games Corp.,
8.125%, 09/15/18		350		363,125
Scientific Games International, Inc.:
7.875%, 06/15/16 (c)		525		548,625
9.25%, 06/15/19		250		269,687
Wynn Las Vegas LLC:
7.875%, 11/01/17		500		544,375
7.75%, 08/15/20		1,000		1,086,250
				7,530,562
Gas Distribution | 4.6%
Copano Energy LLC,
7.75%, 06/01/18		1,200		1,236,000
El Paso Corp.,
7.00%, 06/15/17		650		735,394
Energy Transfer Equity LP,
7.50%, 10/15/20		1,250		1,325,000
Ferrellgas Partners LP:
8.625%, 06/15/20		520		548,600
6.50%, 05/01/21 (c)		500		472,500
Inergy LP,
7.00%, 10/01/18		1,575		1,590,750
Niska Gas Storage Partners LLC,
8.875%, 03/15/18		750		787,500
The Williams Cos., Inc.,
8.75%, 03/15/32		407		517,509
				7,213,253

Description	Principal Amount (000)		Value
Health Services | 6.2%
Apria Healthcare Group, Inc.,
11.25%, 11/01/14	$	550	$	569,250
Biomet, Inc.,
10.00%, 10/15/17		925		1,008,250
Community Health Systems, Inc.,
8.875%, 07/15/15		520		535,600
Fresenius US Finance II, Inc.,
9.00%, 07/15/15 (c)		525		593,906
Giant Funding Corp.,
8.25%, 02/01/18 (c)		1,525		1,589,813
HCA, Inc.,
9.25%, 11/15/16		925		981,656
Health Management Associates, Inc.,
6.125%, 04/15/16		1,000		1,037,500
HealthSouth Corp.,
10.75%, 06/15/16		170		179,350
Lantheus Medical Imaging, Inc.,
9.75%, 05/15/17		375		384,375
Service Corp. International,
6.75%, 04/01/16		750		808,125
Tenet Healthcare Corp.,
8.875%, 07/01/19		1,000		1,103,750
Vanguard Health Holding Co. I, LLC,
8.00%, 02/01/18		1,000		1,032,500
				9,824,075
Leisure & Entertainment | 2.1%
AMC Entertainment, Inc.:
8.00%, 03/01/14		497		498,243
8.75%, 06/01/19		200		211,000
Cedar Fair LP,
9.125%, 08/01/18		225		240,188
Live Nation Entertainment, Inc.,
8.125%, 05/15/18 (c)		135		136,350
Royal Caribbean Cruises, Ltd.,
7.25%, 06/15/16		330		354,750
Speedway Motorsports, Inc.,
8.75%, 06/01/16		826		891,047
Ticketmaster Entertainment LLC,
10.75%, 08/01/16		850		926,500
				3,258,078

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  69

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Machinery | 1.2%
Case New Holland, Inc.,
7.75%, 09/01/13	$	200	$	216,500
Terex Corp.,
10.875%, 06/01/16		550		633,875
The Manitowoc Co., Inc.,
8.50%, 11/01/20		1,000		1,067,500
				1,917,875
Media | 4.2%
Citadel Broadcasting Corp.,
7.75%, 12/15/18 (c)		1,400		1,487,500
Clear Channel Worldwide Holdings, Inc.,
9.25%, 12/15/17		1,475		1,607,750
Lamar Media Corp.,
7.875%, 04/15/18		1,000		1,047,500
LIN Television Corp.,
8.375%, 04/15/18		1,400		1,473,500
WMG Acquisition Corp.,
9.50%, 06/15/16		945		996,975
				6,613,225
Metals & Mining | 2.3%
Alcoa, Inc.,
5.72%, 02/23/19		650		676,083
Aleris International, Inc.,
7.625%, 02/15/18 (c)		1,175		1,172,062
Arch Western Finance LLC,
6.75%, 07/01/13		367		367,459
Century Aluminum Co.,
8.00%, 05/15/14		202		208,818
FMG Resources (August 2006)
Property, Ltd.,
7.00%, 11/01/15 (c)		1,050		1,071,000
Freeport-McMoRan Copper & Gold, Inc.,
8.375%, 04/01/17		100		109,250
				3,604,672
Packaging | 1.0%
Reynolds Group Issuer, Inc.,
8.50%, 10/15/16 (c)		1,500		1,563,750
Pharmaceutical & Biotechnology | 2.7%
Mylan, Inc.:
7.625%, 07/15/17 (c)		400		436,000
7.875%, 07/15/20 (c)		650		713,375

Description	Principal Amount (000)		Value
Valeant Pharmaceuticals International, Inc.,
6.50%, 07/15/16 (c)	$	1,500	$	1,483,125
Warner Chilcott Co. LLC,
7.75%, 09/15/18 (c)		1,575		1,588,781
				4,221,281
Printing & Publishing | 2.3%
Deluxe Corp.,
7.375%, 06/01/15		1,005		1,032,637
Gannett Co., Inc.,
7.125%, 09/01/18 (c)		1,676		1,682,285
The McClatchy Co.,
11.50%, 02/15/17		900		956,250
				3,671,172
Real Estate | 3.0%
CB Richard Ellis Services, Inc.,
11.625%, 06/15/17		975		1,129,781
CNL Lifestyle Properties, Inc.,
7.25%, 04/15/19 (c)		1,600		1,448,000
DuPont Fabros Technology LP,
8.50%, 12/15/17		1,000		1,092,500
Forest City Enterprises, Inc.,
7.625%, 06/01/15		475		465,500
Ventas Realty LP,
6.50%, 06/01/16		650		671,452
				4,807,233
Restaurants | 1.3%
Landry’s Restaurants, Inc.,
11.625%, 12/01/15		1,075		1,150,250
Wendy’s/Arby’s Restaurants LLC,
10.00%, 07/15/16		825		913,688
				2,063,938
Retail | 4.5%
AutoNation, Inc.,
6.75%, 04/15/18		175		182,438
Ingles Markets, Inc.,
8.875%, 05/15/17		1,025		1,096,750
QVC, Inc.,
7.50%, 10/01/19 (c)		1,000		1,060,000
Saks, Inc.,
9.875%, 10/01/11		585		594,956
Sears Holdings Corp.,
6.625%, 10/15/18 (c)		1,525		1,414,437
Stater Brothers Holdings, Inc.,
7.375%, 11/15/18 (c)		1,400		1,452,500
SuperValu, Inc.,
8.00%, 05/01/16		1,375		1,402,500
				7,203,581

The accompanying notes are an integral part of these financial statements.

70Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard U.S. High Yield Portfolio (continued)
Steel-Producers | 1.7%
AK Steel Corp.,
7.625%, 05/15/20	$	1,400	$	1,435,000
Steel Dynamics, Inc.:
7.375%, 11/01/12		540		569,700
7.75%, 04/15/16		264		277,200
United States Steel Corp.,
6.05%, 06/01/17		475		471,437
				2,753,337
Support Services | 5.0%
ARAMARK Corp.,
8.50%, 02/01/15		600		623,250
Avis Budget Car Rental LLC:
7.625%, 05/15/14		341		346,115
7.75%, 05/15/16		410		417,175
Expedia, Inc.,
8.50%, 07/01/16		375		408,750
Hertz Corp.:
8.875%, 01/01/14		60		61,500
7.50%, 10/15/18 (c)		1,000		1,030,000
Iron Mountain, Inc.,
8.00%, 06/15/20		1,600		1,656,000
The GEO Group, Inc.,
7.75%, 10/15/17		1,375		1,457,500
United Rentals North America, Inc.,
9.25%, 12/15/19		1,000		1,085,000
West Corp.,
11.00%, 10/15/16		850		901,000
				7,986,290
Technology Hardware | 0.8%
Seagate HDD Cayman,
7.75%, 12/15/18 (c)		1,175		1,233,750

Description	Principal Amount (000)		Value
Telecommunications | 6.9%
Cincinnati Bell, Inc.,
8.25%, 10/15/17	$	850	$	854,250
Citizens Communications Corp.,
6.25%, 01/15/13		1,000		1,043,750
Cricket Communications, Inc.,
7.75%, 05/15/16		750		795,000
Equinix, Inc.,
8.125%, 03/01/18		1,182		1,286,902
GCI, Inc.,
8.625%, 11/15/19		1,000		1,095,000
Intelsat Jackson Holdings, Ltd.:
11.25%, 06/15/16		350		371,000
7.25%, 04/01/19 (c)		1,300		1,290,250
Level 3 Financing, Inc.,
9.25%, 11/01/14		420		432,075
Sprint Capital Corp.,
6.90%, 05/01/19		1,225		1,261,750
Wind Acquisition Finance SA,
11.75%, 07/15/17 (c)		800		906,000
Windstream Corp.,
8.125%, 09/01/18		1,575		1,669,500
				11,005,477
Transportation | 2.3%
Hapag-Lloyd AG,
9.75%, 10/15/17 (c)		1,000		1,005,000
Kansas City Southern Railway Co.,
13.00%, 12/15/13		325		377,812
Overseas Shipholding Group, Inc.,
8.125%, 03/30/18		1,300		1,275,625
Teekay Corp.,
8.50%, 01/15/20		1,000		1,032,500
				3,690,937
Total Corporate Bonds
(Identified cost $147,109,966)				152,604,388

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  71

Description	Shares		Value
Lazard U.S. High Yield Portfolio (concluded)
Warrant | 0.0%
Cable Television | 0.0%
Ono Finance PLC,
(Identified cost $64,841) (a), (c)		470	$	5
Short-Term Investment | 3.6%
State Street Institutional Treasury
Money Market Fund
(Identified cost $5,753,294)		5,753,294		5,753,294

Description	Value
Total Investments | 99.6%
(Identified cost $152,928,101) (b)	$	158,357,687
Cash and Other Assets in Excess
of Liabilities | 0.4%		621,315
Net Assets | 100.0%	$	158,979,002

The accompanying notes are an integral part of these financial statements.

72  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio
Municipal Bonds | 97.4%
Alaska | 0.9%
Anchorage Alaska Series A,
5.00%, 06/01/21 (Pre-Refunded to
06/01/12 @ $100) (l)	$	100	$	104,290
Arizona | 0.9%
Arizona School Facilities Board Revenue
State School Improvement,
5.00%, 07/01/11		100		100,000
California | 6.3%
California State:
5.75%, 03/01/17		150		163,401
5.00%, 03/01/18		250		283,652
California State Department of Water
Resources Revenue Water System Series Y:
Prerefunded,
5.25%, 12/01/12 (Escrowed to Maturity) (l)		5		5,351
Unrefunded,
5.25%, 12/01/12		45		48,083
Los Angeles California Unified School
District Election of 1997 Series E,
5.125%, 07/01/21 (Pre-Refunded to
07/01/12 @ $100) (l)		50		52,420
Tulare California Joint Union High School
District Election of 2004 Series A,
5.00%, 08/01/13		50		53,193
University of California Revenue Series C,
4.75%, 05/15/14		50		54,333
Val Verde California Unified School District
School Construction,
5.00%, 01/01/22 (Pre-Refunded to
01/01/15 @ $100) (l)		50		56,817
				717,250
Colorado | 0.5%
Denver Colorado City & County Airport
Revenue Series B,
5.50%, 11/15/33 (Pre-Refunded to
11/15/13 @ $100) (l)		50		55,929

Description	Principal Amount (000)		Value
Connecticut | 3.9%
Connecticut State:
Series C,
5.00%, 06/01/14	$	25	$	27,991
Series D,
5.00%, 12/01/13		25		27,614
Connecticut State Clean Water Funding
Revenue,
5.05%, 10/01/21 (Pre-Refunded to
10/01/11 @ $100) (l)		25		25,288
Connecticut State Health & Educational
Facility Authority Revenue:
Connecticut College Issue Series E,
5.00%, 07/01/11		25		25,000
Connecticut State University System
Series E,
5.00%, 11/01/15 (Pre-Refunded to
11/01/12 @ $100) (l)		50		53,099
Connecticut State Refunded Revolving
Funding Series B,
5.00%, 10/01/13		25		27,481
Connecticut State Special Tax Obligation
Revenue 2nd Lien Transportation
Information Series 1,
5.00%, 02/01/15		50		56,469
Glastonbury Connecticut,
5.00%, 08/01/14		25		28,194
Greenwich Connecticut,
5.00%, 06/01/17		50		59,290
Hartford County Connecticut Metropolitan
District,
5.00%, 05/01/13		25		27,045
Stamford Connecticut,
5.00%, 08/15/18 (Pre-Refunded to
08/15/12 @ $100) (l)		25		26,331
University of Connecticut Series A:
5.375%, 04/01/14 (Pre-Refunded to
04/01/12 @ $100) (l)		25		25,947
5.00%, 02/15/15		25		28,401
				438,150
Florida | 4.8%
Collier County Florida Industrial Development
Authority Health Care Facilities Revenue
NCH Healthcare System Project,
3.00%, 10/01/12		500		510,075
JEA Florida Electric Systems
Revenue Series G,
5.00%, 10/01/19		25		28,138
				538,213

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  73

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Georgia | 2.6%
Georgia State Series I,
5.00%, 07/01/18	$	200	$	237,790
Georgia State Road & Tollway Authority
Revenue Federal Highway Grant
Anticipation Bonds Series A,
5.00%, 06/01/19		50		58,678
				296,468
Illinois | 4.6%
Illinois State,
5.375%, 07/01/18		75		76,688
Illinois State Toll Highway Authority Revenue
Senior Priority Series A,
5.00%, 01/01/16		400		440,588
				517,276
Indiana | 2.2%
Brownsburg Indiana 1999 School Building Corp.
Refunded & Improvement,
5.375%, 02/01/23 (Pre-Refunded to
02/01/12 @ $100) (l)		50		51,466
Decatur Township Marion County Multi-School
Building Corp.,
5.00%, 07/15/17 (Pre-Refunded to
07/15/13 @ $100) (l)		100		109,183
Indianapolis Indiana Local Public Improvement
Broad Series A-1,
5.00%, 01/15/20		25		28,255
Purdue University Indiana University Revenue
Student Fee Series U,
5.00%, 07/01/15		50		57,394
				246,298
Maryland | 5.6%
Baltimore County Maryland Construction
Public Improvement,
5.00%, 02/01/12		50		51,368
Carroll County Maryland,
5.00%, 11/01/17		100		118,768
Maryland State & Local Facilities Loan
Series C:
5.00%, 03/01/16		250		292,367
5.00%, 11/01/18		100		119,578
Maryland State Department of Transportation,
5.00%, 03/01/15		50		56,962
				639,043

Description	Principal Amount (000)		Value
Massachusetts | 11.6%
Lowell Massachusetts,
5.00%, 10/15/15	$	300	$	322,203
Massachusetts Bay Transportation Authority
Revenue Assessment Series A,
5.00%, 07/01/21		300		327,570
Massachusetts State:
Series A,
5.00%, 09/01/14		150		169,072
Series E,
5.00%, 11/01/24 (Pre-Refunded to
11/01/16 @ $100) (l)		50		59,450
Southampton Massachusetts,
5.50%, 05/01/12		435		441,673
				1,319,968
Michigan | 2.2%
Michigan State Building Authority Revenue
Facilities Program Series I,
5.50%, 10/15/15		250		252,790
Minnesota | 4.2%
Minnesota State,
5.00%, 11/01/16		400		474,240
Missouri | 0.2%
St. Louis Missouri Parking Facilities Revenue
Downtown Parking Facilities Series A,
6.00%, 02/01/28 (Pre-Refunded to
02/01/12 @ $100) (l)		25		25,807
New Jersey | 9.6%
Berkeley Township New Jersey Board of
Education,
4.50%, 10/01/19		50		57,601
Bridgewater & Raritan New Jersey Regional
School District,
5.125%, 07/15/22 (Pre-Refunded to
07/15/11 @ $100) (l)		25		25,031
Burlington County New Jersey Bridge
Commission Pooled Loan Revenue County
Guaranteed Governmental Loan Program,
5.00%, 08/15/15		25		28,473

The accompanying notes are an integral part of these financial statements.

74  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Essex County New Jersey Improvement
Authority:
Guaranteed Lease County Correctional
Series A,
5.00%, 10/01/28 (Pre-Refunded to
10/01/13 @ $100) (l)	$	50	$	55,067
Project Revenue Series 2006,
5.25%, 12/15/19		25		28,173
Jackson Township New Jersey
School District,
5.00%, 06/15/14		25		27,707
Matawan-Aberdeen New Jersey Regional
School District,
4.00%, 09/15/11		25		25,180
Middlesex County New Jersey,
5.00%, 01/15/14		50		55,172
New Jersey Economic Development Authority
Revenue School Facilities Construction
Series C,
5.00%, 06/15/18 (Pre-Refunded to
06/15/12 @ $100) (l)		25		26,131
New Jersey Environmental Infrastructure Trust:
Series A,
5.00%, 09/01/17		25		29,735
Series C,
5.00%, 09/01/14		25		28,063
New Jersey State:
5.00%, 08/01/15		25		28,473
5.00%, 08/01/22 (Pre-Refunded to
08/01/12 @ $100) (l)		50		52,541
New Jersey State Educational Facilities
Authority Revenue:
Princeton University Series E,
5.00%, 07/01/20 (Pre-Refunded to
07/01/13 @ $100) (l)		50		54,556
Rowan University Series C,
5.125%, 07/01/28 (Pre-Refunded to
07/01/14 @ $100) (l)		50		56,289

Description	Principal Amount (000)		Value
New Jersey State Transportation Trust Funding
Authority Transportation System:
Series A,
5.625%, 06/15/14 (Escrowed to Maturity) (l)	$	75	$	85,854
Series C,
5.25%, 06/15/14 (Escrowed to Maturity) (l)		50		56,690
5.50%, 06/15/24 (Pre-Refunded to
06/15/13 @ $100) (l)		50		54,938
Series D,
5.00%, 06/15/16 (Pre-Refunded to
06/15/15 @ $100) (l)		25		28,908
5.00%, 06/15/17 (Pre-Refunded to
06/15/15 @ $100) (l)		25		28,908
New Jersey State Turnpike Authority Revenue
Series A:
Prerefunded,
6.00%, 01/01/14 (Escrowed to Maturity) (l)		50		56,586
Refunded,
6.00%, 01/01/14 (Escrowed to Maturity) (l)		50		56,586
Newark New Jersey Housing Authority/Port
Authority Newark Marine Terminal,
5.00%, 01/01/37 (Pre-Refunded to
01/01/14 @ $100) (l)		25		27,678
Tobacco Settlement Financing Corp.
New Jersey:
5.00%, 06/01/13 (Escrowed to Maturity) (l)		25		27,158
6.25%, 06/01/43 (Pre-Refunded to
06/01/13 @ $100) (l)		50		55,498
Watchung Hills New Jersey Regional High
School District,
4.25%, 01/15/13		25		26,442
				1,083,438
New Mexico | 2.1%
New Mexico Finance Authority State
Transportation Revenue Sub Lien Series A-2,
5.00%, 12/15/17		200		235,036
New York | 12.0%
Long Island Power Authority New York
Electric Systems Revenue Series A:
5.00%, 04/01/15		25		28,070
5.00%, 09/01/19 (Pre-Refunded to
09/01/11 @ $100) (l)		50		50,370

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  75

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (continued)
Metropolitan Transportation Authority New York:
Commuter Facilities Revenue Series A,
5.125%, 07/01/17 (Pre-Refunded to
07/01/11 @ $100) (l)	$	50	$	50,000
Dedicated Tax Funding:
Series A,
5.00%, 11/15/13		75		81,551
4.75%, 04/01/28 (Pre-Refunded to
10/01/15 @ $100) (l)		50		57,870
Series C,
5.00%, 11/15/11		50		50,850
Series F,
5.00%, 11/15/13		80		86,988
New York City New York Series A,
5.00%, 08/01/14		25		27,999
New York State Dormitory Authority Revenue:
City University Series A,
5.25%, 07/01/31 (Pre-Refunded to
07/01/11 @ $100) (l)		50		50,000
Columbia University,
5.00%, 07/01/13		50		54,546
5.00%, 07/01/16		100		117,279
Insured Student Housing Corp.,
5.00%, 07/01/23 (Pre-Refunded to
07/01/14 @ $100) (l)		50		56,422
Lease Revenue State University Dormitory
Facilities MBIA-IBC,
5.00%, 07/01/32 (Pre-Refunded to
07/01/12 @ $100) (l)		50		52,358
Mental Health Services Facilities Improvement
Series C,
5.00%, 08/15/11		75		75,377
State Income Tax Revenue Education
Series A,
5.00%, 03/15/17		100		114,042
New York State Environmental Facilities Corp.
State Income Tax Revenue Series A,
5.00%, 12/15/14		25		28,475
New York State Local Government Assistance
Corp. Series C,
5.00%, 04/01/16		50		57,995

Description	Principal Amount (000)		Value
New York State Thruway Authority Highway &
Bridge Trust Fund:
Series A,
5.00%, 04/01/15	$	25	$	28,362
Series B,
5.00%, 04/01/16		50		56,846
New York State Urban Development Corp.
Revenue State Income Tax Series B-1,
5.00%, 03/15/12		25		25,827
Onondaga County New York Public
Improvement Series C,
5.00%, 05/01/12		25		25,976
Triborough Bridge & Tunnel Authority New York
Revenue General Purpose Series A,
5.00%, 01/01/32 (Pre-Refunded to
01/01/12 @ $100) (l)		50		51,168
TSASC Inc. New York Tobacco Settlement
Asset-Backed Series 1,
5.75%, 07/15/32 (Pre-Refunded to
07/15/12 @ $100) (l)		50		52,862
Valley Stream New York Central High
School District,
5.00%, 02/15/14		50		54,823
West Islip New York Union Free School District,
5.00%, 10/01/15		25		28,501
				1,364,557
North Carolina | 2.3%
North Carolina State Series C,
5.00%, 05/01/21		25		29,811
Wake County North Carolina Public
Improvement,
5.00%, 04/01/17		200		235,800
				265,611
Pennsylvania | 4.9%
Pennsylvania State Higher Educational Facilities
Authority Revenue Temple University,
5.00%, 04/01/15		400		445,884
Pennsylvania State Public School Building
Authority School Revenue Lease
Philadelphia School District Project,
5.00%, 06/01/33 (Pre-Refunded to
06/01/13 @ $100) (l)		100		108,631
				554,515

The accompanying notes are an integral part of these financial statements.

76  Semi-Annual Report

Description	Principal Amount (000)		Value
Lazard U.S. Municipal Portfolio (concluded)
Tennessee | 2.1%
Metropolitan Government Nashville &
Davidson County Tennessee Health &
Educational Facilities Board Vanderbilt
University Series B,
5.00%, 10/01/18	$	200	$	235,072
Texas | 6.5%
Dallas Texas Refunded & Improvement
Series A,
5.00%, 02/15/20		300		350,919
Decatur Texas Independent School District
School Building,
5.25%, 08/15/25		100		108,695
Plano Texas Independent School District
School Building:
5.00%, 02/15/14 (Pre-Refunded to
02/15/13 @ $100) (l)		20		21,497
Unrefunded,
5.00%, 02/15/14		30		32,004
Texas State Transportation Commission
Revenue,
5.00%, 04/01/20		200		227,886
				741,001
Utah | 1.0%
Clearfield Utah Sales Tax Revenue,
5.00%, 07/01/20 (Pre-Refunded to
07/01/13 @ $100) (l)		100		109,007
Washington | 6.4%
Energy Northwest Washington Electric
Revenue Project No.3 Series A,
5.50%, 07/01/17		250		270,880
Washington State Series R-A,
5.00%, 01/01/15		400		453,356
				724,236
Total Municipal Bonds
(Identified cost $10,875,438)				11,038,195

Description	Shares		Value
Short-Term Investment | 0.8%
State Street Institutional Treasury
Money Market Fund
(Identified cost $93,404)		93,404	$	93,404
Total Investments | 98.2%
(Identified cost $10,968,842) (b)			$	11,131,599
Cash and Other Assets in Excess
of Liabilities | 1.8%				204,142
Net Assets | 100.0%			$	11,335,741

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  77

Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 77.3%
Consumer Discretionary Select Sector
SPDR Fund		193,400	$	7,776,614
Consumer Staples Select Sector
SPDR Fund		285,600		8,919,288
Health Care Select Sector SPDR Fund		617,300		21,926,496
Industrial Select Sector SPDR Fund		168,200		6,263,768
iShares FTSE China 25 Index Fund		198,200		8,512,690
iShares MSCI Chile Investable Market
Index Fund		139,000		10,476,430
iShares MSCI Japan Index Fund		1,477,000		15,405,110
iShares MSCI Taiwan Index Fund		473,100		7,181,658
Market Vectors Agribusiness ETF		72,600		3,905,154
Market Vectors Gold Miners ETF		95,800		5,229,722
Materials Select Sector SPDR Fund		148,000		5,828,240
PowerShares Water Resources Portfolio		205,100		3,970,736
SPDR Barclays Capital High Yield
Bond ETF		325,000		13,071,500
SPDR Gold Trust (a)		119,400		17,430,012
SPDR Russell/Nomura Small Cap
Japan ETF		273,000		11,965,590
Vanguard Information Technology
Index ETF		195,900		12,410,265
Vanguard Short-Term Corporate Bond ETF		438,300		34,340,805
Vanguard Utilities ETF		123,400		8,884,788
Total Exchange-Traded Funds
(Identified cost $195,986,003)				203,498,866
Closed-End Management Investment
Companies | 4.2%
China Fund, Inc.		22,700		709,375
Tri-Continental Corp.		685,000		10,227,050
Total Closed-End Management
Investment Companies
(Identified cost $10,251,189)				10,936,425

Description	Shares		Value
Short-Term Investment | 17.4%
State Street Institutional Treasury
Money Market Fund
(Identified cost $45,791,554)		45,791,554	$	45,791,554
Total Investments | 98.9%
(Identified cost $252,028,746) (b)				260,226,845

Description	Number of Contracts		Value
Purchased Option | 0.9%
Put - iShares Barclays 20+ Year Treasury
Bond Fund,
Expires 01/21/12
(Identified cost $4,317,455)		7,084	$	2,408,560
Total Investments and Purchased
Option | 99.8%
(Identified cost $256,346,201)			$	262,635,405
Cash and Other Assets in Excess
of Liabilities l 0.2%				592,794
Net Assets | 100.0%			$	263,228,199

The accompanying notes are an integral part of these financial statements.

78  Semi-Annual Report

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

Forward Currency Contracts open at June 30, 2011:

Forward Currency Contracts	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation			Unrealized Depreciation
Forward Currency Purchase Contract
EUR	SSB	09/08/11	5,000,000		$	7,249,400		$	7,237,531		$	—		$	11,869
Forward Currency Sale Contracts
EUR	SSB	09/08/11	5,000,000		$	7,237,531		$	7,187,650		$	—		$	49,881
JPY	SSB	09/08/11	833,718,600			10,359,685			10,352,251			—			7,434
Total Forward Currency Sale Contracts					$	17,597,216		$	17,539,901			—			57,315
Gross unrealized appreciation/depreciation on Forward Currency Purchase and Sale Contracts											$	—		$	69,184

Total Return Swap Agreements open at June 30, 2011:
Currency	Counterparty	Notional Amount	Expiration Date	Pay	Receive	Net Unrealized Appreciation
USD	Goldman Sachs International	7,325,087	07/06/12	1 Month USD LIBOR plus 0.1858%	Appreciation, and dividends paid, on securities in the Equity Basket		$	—
USD	Goldman Sachs International	10,334,870	06/13/12	1 Month USD LIBOR plus 0.1858%	Appreciation, and dividends paid, on securities in the Equity Basket			318,570
Total net unrealized appreciation on Total Return Swap Agreements							$	318,570

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  79

  The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 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 (depreciation) are as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
U.S. Equity Value Portfolio	$	13,007,895	$	1,583,842		$	338,005	$	1,245,837
U.S. Strategic Equity Portfolio		65,832,722		13,241,065			1,447,281		11,793,784
U.S. Mid Cap Equity Portfolio		166,270,135		20,004,689			3,831,573		16,173,116
U.S. Small-Mid Cap Equity Portfolio		222,972,890		30,394,202			4,884,520		25,509,682
Global Listed Infrastructure Portfolio		222,151,111		19,107,773			1,776,336		17,331,437
International Equity Portfolio		102,730,205		21,153,022			1,220,870		19,932,152
International Equity Select Portfolio		6,131,931		889,451			78,341		811,110
International Strategic Equity Portfolio		400,420,418		76,841,670			7,470,035		69,371,635
International Small Cap Equity Portfolio		53,444,226		18,318,685			2,230,716		16,087,969
Emerging Markets Equity Portfolio		14,860,620,054		3,325,964,122			554,306,234		2,771,657,888
Developing Markets Equity Portfolio		267,462,677		14,577,618			10,146,015		4,431,603
Emerging Markets Equity Blend Portfolio		115,975,741		6,208,390			4,071,214		2,137,176
Emerging Markets Multi-Strategy Portfolio		39,015,262		638,289			812,208		(173,919	)
Emerging Markets Debt Portfolio		19,757,108		238,035			94,347		143,688
U.S. High Yield Portfolio		152,928,101		7,164,771			1,735,185		5,429,586
U.S. Municipal Portfolio		10,968,842		199,683			36,926		162,757
Capital Allocator Opportunistic Strategies Portfolio		252,028,746		8,501,713			303,614		8,198,099

(c)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2011, these securities amounted to 4.4%, 1.0%, 1.8%, 15.0%, 6.9%, 16.5%, 33.4%, and 29.9% of net assets of Lazard Global Listed Infrastructure Portfolio, Lazard International Equity Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi-Strategy 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 June 30, 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.
(j)	Segregated security for forward currency contracts.
(k)	Categorized based on Level 2 input. (Note 9)
(l)	Security collateralized by an amount sufficient to pay principal and interest.

The accompanying notes are an integral part of these financial statements.

80  Semi-Annual Report

Security Abbreviations:		Currency Abbreviations:		Counterparty Abbreviations:
ADR	— American Depositary Receipt	AUD	— Australian Dollar	BNP	— BNP Paribas SA
ETF	— Exchange-Traded Fund	ARS	— Argentine Peso	BOA	— Bank of America NA
GDR	— Global Depositary Receipt	BRL	— Brazilian Real	BRC	— Barclays Bank PLC
REIT	— Real Estate Investment Trust	CAD	— Canadian Dollar	CIB	— Crédit Agricole
SDR	— Swedish Depositary Receipt	CHF	— Swiss Franc	CIT	— Citibank NA
		CLP	— Chilean Peso	HSB	— HSBC Bank USA
		CNY	— Chinese Renminbi	ING	— ING Bank NV
		COP	— Colombian Peso	JPM	— JPMorgan Chase Bank
		CZK	— Czech Koruna	MEL	— Mellon Bank NA
		EUR	— Euro	SCB	— Standard Chartered Bank
		GBP	— British Pound Sterling	SSB	— State Street Bank and Trust Co.
		IDR	— Indonesian Rupiah	UBS	— UBS AG
		ILS	— Israeli Shekel
		INR	— Indian Rupee
		JPY	— Japanese Yen
		KRW	— South Korean Won
		MXN	— Mexican New Peso
		MYR	— Malaysian Ringgit
		PHP	— Philippine Peso
		PLN	— Polish Zloty
		RON	— New Romanian Leu
		RUB	— Russian Ruble
		SGD	— Singapore Dollar
		THB	— Thai Baht
		TWD	— Taiwan Dollar
		USD	— United States Dollar
		ZAR	— South African Rand

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  81

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

Industry	Lazard Global Listed Infrastructure Portfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio		Lazard International Strategic Equity Portfolio		Lazard International Small Cap Equity Portfolio		Lazard Emerging Markets Equity Portfolio		Lazard Developing Markets Equity Portfolio		Lazard Emerging Markets Equity Blend Portfolio		Lazard Emerging Markets Multi-Strategy Portfolio		Lazard Emerging Markets Debt Portfolio
Agriculture	—	%	1.1	%	—	%	—	%	—	%	1.2	%	2.2	%	2.3	%	1.3	%	—	%
Airport Development & Maintenance	15.6		—		—		—		—		—		—		—		—		—
Alcohol & Tobacco	—		5.3		7.1		5.9		1.1		5.8		—		2.2		1.3		—
Apparel & Textiles	—		—		—		—		—		—		1.9		1.4		0.8		—
Automotive	—		5.7		4.9		4.8		1.8		—		2.9		1.2		0.7		—
Banking	—		10.6		10.9		9.1		1.3		17.1		21.2		17.3		11.1		4.7
Building Materials	—		—		—		—		—		0.8		—		—		—		—
Cable Television	—		—		—		2.1		—		—		—		—		—		—
Chemicals	—		—		—		2.0		1.9		—		—		—		0.3		0.5
Coal Producer & Power Generator	—		—		—		—		—		—		—		—		0.3		0.5
Commercial Services	—		4.8		2.1		3.3		15.2		4.7		—		1.4		0.8		—
Computer Software	—		1.1		2.3		—		1.3		1.9		2.6		2.7		1.6		—
Construction & Engineering	—		—		—		1.2		3.2		1.9		3.4		3.6		2.1		—
Consumer Products	—		—		—		2.2		5.8		4.1		0.6		1.7		1.0		—
Diversified	—		—		—		—		—		2.2		—		0.9		0.5		—
Electric	26.2		0.9		—		—		—		1.5		1.6		2.7		1.7		2.5
Energy Exploration & Production	—		0.7		1.0		1.8		—		1.3		6.2		2.5		2.7		3.7
Energy Integrated	—		5.7		5.1		1.9		1.2		4.3		6.0		5.0		4.0		3.6
Energy Services	2.0		2.1		2.4		3.2		4.5		—		2.8		2.1		1.2		—
Financial Services	—		3.6		5.2		4.6		3.5		7.2		2.7		2.7		1.5		—
Food & Beverages	—		3.7		3.9		4.2		1.3		1.0		—		1.3		0.8		—
Forest & Paper Products	—		1.4		1.3		1.7		2.0		0.7		—		0.9		0.6		—
Gas Utilities	14.3		—		—		—		—		0.9		0.8		—		0.3		0.7
Health Services	—		—		—		—		3.0		—		1.6		1.1		0.7		—
Housing	—		5.7		4.2		5.8		1.3		2.1		—		—		—		—
Insurance	—		5.3		4.9		7.0		—		1.4		1.7		2.5		1.4		—
Leisure & Entertainment	—		1.6		1.2		2.8		2.4		1.0		1.1		2.1		1.2		—
Manufacturing	—		4.8		6.4		5.0		15.9		4.9		6.4		4.8		2.8		—
Medical Products	—		—		—		1.1		7.0		—		—		—		—		—
Metals & Mining	—		4.4		6.8		2.8		0.9		11.8		5.1		7.9		5.9		3.9
Pharmaceutical & Biotechnology	—		9.5		9.0		7.1		4.0		—		—		—		—		—
Real Estate	—		1.1		1.2		—		—		—		5.8		1.2		0.7		—
Retail	—		5.7		5.7		8.1		5.1		3.1		4.2		3.3		2.0		—
Semiconductors & Components	—		2.8		3.4		2.0		7.0		5.0		5.5		6.8		3.9		—
Special Purpose Entity	—		—		—		—		—		—		—		—		0.2		0.5
Technology	—		1.5		1.7		1.5		1.8		0.7		—		—		—		—
Technology Hardware	0.8		—		—		1.2		—		2.0		3.6		2.6		1.4		—
Telecommunications	—		5.5		5.9		4.2		4.9		9.1		2.8		6.2		3.9		1.7
Transportation	33.7		1.6		1.5		1.1		1.4		0.9		2.1		1.3		1.1		0.7
Water	5.4		—		—		—		—		—		—		—		—		—
Subtotal	98.0		96.2		98.1		97.7		98.8		98.6		94.8		91.7		59.8		23.0

The accompanying notes are an integral part of these financial statements.

82  Semi-Annual Report

Industry	Lazard Global Listed Infrastructure Portfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio		Lazard International Strategic Equity Portfolio		Lazard International Small Cap Equity Portfolio		Lazard Emerging Markets Equity Portfolio		Lazard Developing Markets Equity Portfolio		Lazard Emerging Markets Equity Blend Portfolio		Lazard Emerging Markets Multi-Strategy Portfolio		Lazard Emerging Markets Debt Portfolio
Foreign Government Obligations	—		—		—		—		—		—		—		—		13.4		62.8
Supranationals	—		—		—		—		—		—		—		—		0.2		1.2
U.S. Treasury Bills	—		—		—		—		—		—		—		—		11.0		—
Short-Term Investments	0.6		—		1.2		2.8		0.5		1.1		4.3		6.2		15.1		9.8
Repurchase Agreement	—		3.1		—		—		—		—		—		—		—		—
Total Investments	98.6	%	99.3	%	99.3	%	100.5	%	99.3	%	99.7	%	99.1	%	97.9	%	99.5	%	96.8	%

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  83

   The Lazard Funds, Inc. Statements of Assets and Liabilities (unaudited)

June 30, 2011	Lazard U.S. Equity Value Portfolio			Lazard U.S. Strategic Equity Portfolio
ASSETS
Investments in securities, at value	$	14,253,732		$	77,626,506
Cash		—			—
Foreign currency		—			—
Receivables for:
Dividends and interest		16,192			46,089
Capital stock sold		—			70
Investments sold		121,452			105,663
Amount due from Investment Manager (Note 3)		9,232			—
Gross unrealized appreciation on forward currency contracts		—			—
Total assets		14,400,608			77,778,328
LIABILITIES
Payables for:
Management fees		—			26,494
Accrued distribution fees		69			2,055
Accrued directors’ fees		91			579
Investments purchased		171,552			28,000
Capital stock redeemed		—			40,191
Gross unrealized depreciation on forward currency contracts		—			—
Other accrued expenses and payables		50,461			56,727
Total liabilities		222,173			154,046
Net assets	$	14,178,435		$	77,624,282
NET ASSETS
Paid in capital	$	15,070,448		$	83,733,849
Undistributed (distributions in excess of) net investment income (loss)		79,101			1,068,412
Accumulated net realized gain (loss)		(2,216,951	)		(18,971,763	)
Net unrealized appreciation (depreciation) on:
Investments		1,245,837			11,793,784
Foreign currency and forward currency contracts		—			—
Net assets	$	14,178,435		$	77,624,282
Institutional Shares
Net assets	$	13,828,607		$	67,463,883
Shares of capital stock outstanding*		1,383,918			7,142,548
Net asset value, offering and redemption price per share	$	9.99		$	9.45
Open Shares
Net assets	$	349,828		$	10,160,399
Shares of capital stock outstanding*		34,869			1,076,880
Net asset value, offering and redemption price per share	$	10.03		$	9.44
Cost of investments in securities	$	13,007,895		$	65,832,722
Cost of foreign currency	$	—		$	—

* $0.001 par value 2,350,000,000 shares authorized for the Portfolios in total.

The accompanying notes are an integral part of these financial statements.

84  Semi-Annual Report

Lazard U.S. Mid Cap Equity Portfolio			Lazard U.S. Small-Mid Cap Equity Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard International Equity Portfolio
$	182,443,251		$	248,482,572		$	239,482,548		$	122,662,357
	—			390			69,040			345
	—			—			152,365			933,468
	55,185			189,979			1,233,887			432,259
	169,325			103,888			1,126,121			8,307
	935,257			2,516,858			3,320,643			73
	—			—			—			—
	—			—			142,837			—
	183,603,018			251,293,687			245,527,441			124,036,809
	110,624			147,840			175,776			74,309
	12,774			4,895			581			6,203
	1,381			1,843			819			888
	686,805			3,439,193			45,166			334,550
	7,499,105			9,882			243,965			57,629
	—			—			2,131,971			—
	72,282			72,994			61,105			72,499
	8,382,971			3,676,647			2,659,383			546,078
$	175,220,047		$	247,617,040		$	242,868,058		$	123,490,731
$	226,016,073		$	198,879,898		$	231,977,892		$	138,808,108
	213,378			(12,552	)		2,107,005			4,140,876
	(67,182,520	)		23,240,012			(6,580,829	)		(39,422,581	)
	16,173,116			25,509,682			17,331,437			19,932,102
	—			—			(1,967,447	)		32,226
$	175,220,047		$	247,617,040		$	242,868,058		$	123,490,731
$	112,014,280		$	222,474,016		$	238,451,279		$	92,025,450
	8,501,333			14,402,958			21,963,145			6,247,271
$	13.18		$	15.45		$	10.86		$	14.73
$	63,205,767		$	25,143,024		$	4,416,779		$	31,465,281
	4,866,206			1,663,863			405,924			2,122,955
$	12.99		$	15.11		$	10.88		$	14.82
$	166,270,135		$	222,972,890		$	222,151,111		$	102,730,205
$	—		$	—		$	151,921		$	932,793

Semi-Annual Report  85

June 30, 2011	Lazard International Equity Select Portfolio			Lazard International Strategic Equity Portfolio
ASSETS
Investments in securities, at value	$	6,943,041		$	469,792,053
Cash		—			—
Foreign currency		14,249			487,679
Receivables for:
Dividends and interest		37,708			1,165,508
Capital stock sold		78			184,144
Investments sold		29,728			343,308
Amount due from Investment Manager (Note 3)		18,333			—
Total assets		7,043,137			471,972,692
LIABILITIES
Payables for:
Management fees		—			280,755
Accrued distribution fees		592			11,829
Accrued directors’ fees		46			2,816
Investments purchased		7,263			4,075,388
Capital stock redeemed		5,106			44,422
Other accrued expenses and payables		40,838			106,887
Total liabilities		53,845			4,522,097
Net assets	$	6,989,292		$	467,450,595
NET ASSETS
Paid in capital	$	10,397,469		$	460,692,894
Undistributed net investment income		214,877			6,016,137
Accumulated net realized gain (loss)		(4,435,091	)		(68,665,339	)
Net unrealized appreciation on:
Investments		811,110			69,371,635
Foreign currency		927			35,268
Net assets	$	6,989,292		$	467,450,595
Institutional Shares
Net assets	$	3,934,741		$	406,058,338
Shares of capital stock outstanding*		462,722			35,962,930
Net asset value, offering and redemption price per share	$	8.50		$	11.29
Open Shares
Net assets	$	3,054,551		$	61,392,257
Shares of capital stock outstanding*		358,759			5,418,919
Net asset value, offering and redemption price per share	$	8.51		$	11.33
Cost of investments in securities	$	6,131,931		$	400,420,418
Cost of foreign currency	$	14,188		$	486,914

* $0.001 par value 2,350,000,000 shares authorized for the Portfolios in total.

The accompanying notes are an integral part of these financial statements.

86  Semi-Annual Report

Lazard International Small Cap Equity Portfolio			Lazard Emerging Markets Equity Portfolio		Lazard Developing Markets Equity Portfolio		Lazard Emerging Markets Equity Blend Portfolio
$	69,532,195		$	17,632,277,942	$	271,894,280	$	118,112,917
	—			4,506,918		—		—
	54,300			10,915,187		899,095		255,094
	183,776			83,912,673		789,925		432,561
	42,299			18,280,215		1,942,554		547,838
	343,438			11,119,592		2,751,006		2,511,150
	—			—		—		—
	70,156,008			17,761,012,527		278,276,860		121,859,560
	39,573			14,307,981		221,348		67,433
	4,750			765,595		19,168		3,273
	478			115,695		1,198		437
	—			36,814,320		3,257,000		855,330
	13,712			21,367,214		204,937		213,731
	74,644			4,499,235		109,081		120,843
	133,157			77,870,040		3,812,732		1,261,047
$	70,022,851		$	17,683,142,487	$	274,464,128	$	120,598,513
$	135,611,093		$	14,358,825,297	$	260,182,096	$	116,089,003
	1,401,837			204,017,453		203,095		689,441
	(83,087,108	)		348,588,245		9,646,927		1,682,254
	16,087,969			2,771,356,964		4,431,603		2,137,176
	9,060			354,528		407		639
$	70,022,851		$	17,683,142,487	$	274,464,128	$	120,598,513
$	46,316,258		$	13,843,802,994	$	182,680,664	$	102,941,833
	5,551,038			637,281,998		12,256,800		8,202,324
$	8.34		$	21.72	$	14.90	$	12.55
$	23,706,593		$	3,839,339,493	$	91,783,464	$	17,656,680
	2,839,682			173,788,181		6,149,666		1,411,540
$	8.35		$	22.09	$	14.92	$	12.51
$	53,444,226		$	14,860,620,054	$	267,462,677	$	115,975,741
$	54,026		$	10,808,169	$	895,412	$	254,185

Semi-Annual Report  87

June 30, 2011	Lazard Emerging Markets Multi-Strategy Portfolio			Lazard Emerging Markets Debt Portfolio
ASSETS
Investments in securities and purchased options, at value	$	38,857,220		$	19,935,076
Cash		4,020			4,649
Foreign currency		160,004			66,312
Receivables for:
Dividends and interest		175,663			255,315
Capital stock sold		27,267			930,000
Investments sold		677,527			10,147
Amount due from Investment Manager (Note 3)		9,988			16,143
Gross unrealized appreciation on:
Forward currency contracts		104,687			39,441
Swap agreements		—			—
Premium for swap agreements purchased		984			—
Deferred offering expenses		38,357			29,458
Total assets		40,055,717			21,286,541
LIABILITIES
Payables for:
Management fees		—			—
Accrued distribution fees		7			22
Accrued directors’ fees		290			34
Investments purchased		845,365			653,630
Capital stock redeemed		2,654			802
Dividends		—			5,869
Premium for written swap agreement		306			—
Gross unrealized depreciation on:
Forward currency contracts		76,159			18,926
Swap agreements		792			—
Written options, at value		6,678			5,633
Other accrued expenses and payables		91,535			40,915
Total liabilities		1,023,786			725,831
Net assets	$	39,031,931		$	20,560,710
NET ASSETS
Paid in capital	$	39,175,237		$	20,349,457
Undistributed (distributions in excess of) net investment income		114,194			396
Accumulated net realized gain (loss)		(110,882	)		47,786
Net unrealized appreciation (depreciation) on:
Investments		(181,368	)		127,297
Swap agreements		(792	)		—
Written options		6,336			7,001
Foreign currency and forward currency contracts		29,206			28,773
Net assets	$	39,031,931		$	20,560,710
Institutional Shares
Net assets	$	38,987,978		$	20,445,726
Shares of capital stock outstanding*		3,921,217			1,981,371
Net asset value, offering and redemption price per share	$	9.94		$	10.32
Open Shares
Net assets	$	43,953		$	114,984
Shares of capital stock outstanding*		4,421			11,146
Net asset value, offering and redemption price per share	$	9.94		$	10.32
Cost of investments in securities and purchased options	$	39,038,588		$	19,807,779
Cost of foreign currency	$	159,031		$	66,271
* $0.001 par value 2,350,000,000 shares authorized for the Portfolios in total.

The accompanying notes are an integral part of these financial statements.

88  Semi-Annual Report

Lazard U.S. High Yield Portfolio			Lazard U.S. Municipal Portfolio			Lazard Capital Allocator Opportunistic Strategies Portfolio
$	158,357,687		$	11,131,599		$	262,635,405
	116,884			—			530,000
	—			—			—
	2,868,109			154,389			65,366
	142,223			—			185,331
	—			—			135,338
	—			19,878			—
	—			—			—
	—			—			318,570
	—			—			55,333
	—			56,781			—
	161,484,903			11,362,647			263,925,343
	46,757			—			189,632
	5,321			21			1,311
	978			32			1,597
	2,104,210			—			142,242
	92,675			3,050			248,696
	191,858			1,225			—
	—			—			—
	—			—			69,184
	—			—			—
	—			—			—
	64,102			22,578			44,482
	2,505,901			26,906			697,144
$	158,979,002		$	11,335,741		$	263,228,199
$	160,635,332		$	11,250,912		$	254,479,709
	(182,322	)		102			14,459
	(6,903,594	)		(78,030	)		2,195,441
	5,429,586			162,757			6,289,204
	—			—			318,570
	—			—			—
	—			—			(69,184	)
$	158,979,002		$	11,335,741		$	263,228,199
$	132,396,690		$	11,235,214		$	256,592,455
	27,048,290			1,113,510			25,122,081
$	4.89		$	10.09		$	10.21
$	26,582,312		$	100,527		$	6,635,744
	5,403,794			9,963			651,067
$	4.92		$	10.09		$	10.19
$	152,928,101		$	10,968,842		$	256,346,201
$	—		$	—		$	—

Semi-Annual Report  89

The Lazard Funds, Inc. Statements of Operations (unaudited)

For the Six Months Ended June 30, 2011	Lazard U.S. Equity Value Portfolio			Lazard U.S. Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends	$	148,507		$	746,306
Interest		12			139
Total investment income*		148,519			746,445
Expenses
Management fees (Note 3)		48,465			278,174
Custodian fees		28,742			30,384
Distribution fees (Open Shares)		419			12,541
Shareholders’ services		12,481			13,264
Shareholders’ reports		2,030			2,904
Administration fees		26,257			32,743
Registration fees		16,611			16,646
Professional services		25,574			26,323
Directors’ fees and expenses		202			1,243
Other		1,840			2,654
Total gross expenses		162,621			416,876
Management fees waived and expenses reimbursed		(100,816	)		(103,784	)
Administration fees waived		(9,375	)		—
Expense reductions (Note 2(j))		—			—
Total net expenses		52,430			313,092
Net investment income (loss)		96,089			433,353
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Forward Currency Contracts
Net realized gain on:
Investments**		599,580			5,549,923
Foreign currency and forward currency contracts		—			—
Net change in unrealized appreciation (depreciation) on:
Investments†		(85,446	)		(1,608,757	)
Foreign currency and forward currency contracts		—			—
Net realized and unrealized gain on investments, foreign currency and forward currency contracts		514,134			3,941,166
Net increase in net assets resulting from operations	$	610,223		$	4,374,519
* Net of foreign withholding taxes of	$	—		$	—
** Net of foreign capital gains taxes of	$	—		$	—
† Includes net change in unrealized foreign capital gains taxes of	$	—		$	—

The accompanying notes are an integral part of these financial statements.

90  Semi-Annual Report

Lazard U.S. Mid Cap Equity Portfolio			Lazard U.S. Small-Mid Cap Equity Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard International Equity Portfolio
$	1,194,314		$	1,116,922		$	4,225,813		$	2,555,124
	779			436			2,861			253
	1,195,093			1,117,358			4,228,674			2,555,377
	740,726			958,108			724,423			480,845
	41,750			47,842			52,380			80,289
	79,802			29,361			2,086			37,189
	15,166			15,313			14,018			14,922
	7,765			8,123			2,214			5,922
	44,548			50,345			40,894			37,618
	17,605			18,303			19,339			16,964
	27,559			28,315			26,720			26,997
	2,976			4,006			1,795			2,003
	3,818			4,565			2,908			3,216
	981,715			1,164,281			886,777			705,965
	—			—			(3,978	)		—
	—			—			—			—
	—			(3	)		—			(11	)
	981,715			1,164,278			882,799			705,954
	213,378			(46,920	)		3,345,875			1,849,423
	22,136,590			23,885,089			2,590,821			11,232,902
	—			—			(9,584,350	)		20,930
	(13,381,948	)		(8,455,084	)		12,016,723			(4,116,369	)
	—			—			535,690			17,256
	8,754,642			15,430,005			5,558,884			7,154,719
$	8,968,020		$	15,383,085		$	8,904,759		$	9,004,142
$	—		$	—		$	769,170		$	204,249
$	—		$	—		$	—		$	218,413
$	—		$	—		$	—		$	(50	)

Semi-Annual Report  91

For the Six Months Ended June 30, 2011	Lazard International Equity Select Portfolio				Lazard International Strategic Equity Portfolio
Investment Income
Income
Dividends		$	128,182			$	6,585,519
Interest			18				1,805
Total investment income*			128,200				6,587,324
Expenses
Management fees (Note 3)			29,258				1,616,853
Custodian fees			51,701				136,685
Distribution fees (Open Shares)			3,700				66,956
Shareholders’ services			12,557				14,561
Shareholders’ reports			2,465				7,958
Administration fees			25,484				67,911
Registration fees			16,324				21,722
Professional services			25,502				29,905
Directors’ fees and expenses			103				6,210
Amortization of offering expenses			—				—
Other			1,778				6,305
Total gross expenses			168,872				1,975,066
Management fees waived and expenses reimbursed			(124,847	)			—
Expense reductions (Note 2(j))			—				(11	)
Total net expenses			44,025				1,975,055
Net investment income			84,175				4,612,269
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Net realized gain (loss) on:
Investments**			417,811				19,331,752
Foreign currency			64				(109,339	)
Net change in unrealized appreciation (depreciation) on:
Investments†			(74,845	)			2,203,340
Foreign currency			(276	)			22,239
Net realized and unrealized gain (loss) on investments and foreign currency			342,754				21,447,992
Net increase (decrease) in net assets resulting from operations		$	426,929			$	26,060,261
* Net of foreign withholding taxes of		$	13,749			$	608,121
** Net of foreign capital gains taxes of		$	—			$	—
† Includes net change in unrealized foreign capital gains taxes of		$	—			$	653

The accompanying notes are an integral part of these financial statements.

92Semi-Annual Report

Lazard International Small Cap Equity Portfolio				Lazard Emerging Markets Equity Portfolio				Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Equity Blend Portfolio
	$	924,965			$	363,419,804			$	2,341,421			$	1,503,488
		104				28,847				1,100				1,092
		925,069				363,448,651				2,342,521				1,504,580
		264,255				88,057,357				1,161,245				489,536
		60,176				7,347,644				186,627				223,523
		30,935				4,878,063				125,333				16,884
		14,167				1,752,384				44,718				14,107
		8,157				1,195,614				5,198				1,906
		31,842				954,958				48,020				29,595
		17,252				323,134				23,530				17,517
		26,198				220,006				27,410				26,145
		1,061				258,509				2,780				1,037
		—				—				—				17,143
		2,454				192,059				3,742				6,875
		456,497				105,179,728				1,628,603				844,268
		(21,232	)			—				—				(194,566	)
		—				—				(87	)			(38	)
		435,265				105,179,728				1,628,516				649,664
		489,804				258,268,923				714,005				854,916
		2,235,693				994,887,080				8,248,601				1,212,170
		(2,736	)			(3,780,767	)			(67,533	)			(38,365	)
		(793,361	)			(1,326,924,698	)			(12,173,684	)			(207,093	)
		1,719				514,019				(11,900	)			(339	)
		1,441,315				(335,304,366	)			(4,004,516	)			966,373
	$	1,931,119			$	(77,035,443	)		$	(3,290,511	)		$	1,821,289
	$	115,534			$	32,601,949			$	219,953			$	139,033
	$	—			$	—			$	7,738			$	7,854
	$	—			$	(141,433	)		$	16,776			$	5,337

Semi-Annual Report  93

For the Six Months Ended June 30, 2011	Lazard Emerging Markets Multi-Strategy Portfolio (a)				Lazard Emerging Markets Debt Portfolio (b)
Investment Income
Income
Dividends		$	168,133			$	—
Interest			48,582				234,697
Total investment income*			216,715				234,697
Expenses
Management fees (Note 3)			78,847				35,036
Custodian fees			97,490				64,903
Distribution fees (Open Shares)			16				86
Shareholders’ services			10,037				14,812
Shareholders’ reports			3,236				2,952
Administration fees			15,136				17,841
Registration fees			721				857
Professional services			19,131				37,315
Directors’ fees and expenses			290				71
Amortization of offering expenses			12,739				14,790
Other			1,320				2,120
Total gross expenses			238,963				190,783
Management fees waived and expenses reimbursed			(128,861	)			(126,090	)
Administration and shareholders’ services fees waived			(7,581	)			(16,415	)
Expense reductions (Note 2(j))			—				—
Total net expenses			102,521				48,278
Net investment income			114,194				186,419
Net Realized and Unrealized Gain (Loss) on Investments, Options, Swap Agreements, Foreign Currency and Forward Currency Contracts
Net realized gain (loss) on:
Investments			(172,311	)			(20,380	)
Options			2,745				4,893
Swap agreements			2,533				—
Foreign currency and forward currency contracts			56,151				63,273
Net change in unrealized appreciation (depreciation) on:
Investments			(181,368	)			127,297
Options			6,336				7,001
Swap agreements			(792	)			—
Foreign currency and forward currency contracts			29,206				28,773
Net realized and unrealized gain (loss) on investments, options, swap agreements,
foreign currency and forward currency contracts			(257,500	)			210,857
Net increase (decrease) in net assets resulting from operations		$	(143,306	)		$	397,276
* Net of foreign withholding taxes of		$	17,509			$	8,105
(a) From Portfolio’s commencement of operations on March 31, 2011.
(b) From Portfolio’s commencement of operations on February 28, 2011.

The accompanying notes are an integral part of these financial statements.

94Semi-Annual Report

Lazard U.S. High Yield Portfolio			Lazard U.S. Municipal Portfolio (b)			Lazard Capital Allocator Opportunistic Strategies Portfolio
$	—		$	—		$	1,434,242
	5,772,960			78,959			1,643
	5,772,960			78,959			1,435,885
	415,442			7,678			1,271,792
	37,982			18,530			27,979
	32,630			84			9,320
	18,596			14,635			14,281
	4,042			3,020			4,928
	39,902			17,579			50,231
	20,258			857			20,799
	26,942			39,156			29,126
	2,132			83			3,632
	—			14,473			—
	3,220			3,119			4,270
	601,146			119,214			1,436,358
	(146,439	)		(90,596	)		(127,068	)
	—			(16,234	)		—
	(109	)		—			(878	)
	454,598			12,384			1,308,412
	5,318,362			66,575			127,473
	977,453			(78,030	)		26,504,421
	—			—			926,350
	—			—			711,460
	—			—			(527,531	)
	(739,904	)		162,757			(18,907,365	)
	—			—			(2,355,194	)
	—			—			230,560
	—			—			(260,258	)
	237,549			84,727			6,322,443
$	5,555,911		$	151,302		$	6,449,916
$	—		$	—		$	345,238

Semi-Annual Report  95

The Lazard Funds, Inc. Statements of Changes in Net Assets

	Lazard U.S. Equity Value Portfolio
	Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	96,089			$	130,397
Net realized gain on investments			599,580				440,071
Net change in unrealized appreciation (depreciation) on investments			(85,446	)			840,376
Net increase in net assets resulting from operations			610,223				1,410,844
Distributions to shareholders
From net investment income
Institutional Shares			—				(126,683	)
Open Shares			—				(2,060	)
Net decrease in net assets resulting from distributions			—				(128,743	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			645,290				3,643,690
Open Shares			65,844				39,967
Net proceeds from reinvestment of distributions
Institutional Shares			—				125,251
Open Shares			—				1,859
Cost of shares redeemed
Institutional Shares			(480,682	)			(416,674	)
Open Shares			(23,307	)			(81,181	)
Net increase (decrease) in net assets from capital stock transactions			207,145				3,312,912
Redemption fees (Note 2(k))
Institutional Shares			791				1,143
Open Shares			24				—
Net increase in net assets from redemption fees			815				1,143
Total increase (decrease) in net assets			818,183				4,596,156
Net assets at beginning of period			13,360,252				8,764,096
Net assets at end of period*		$	14,178,435			$	13,360,252
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	79,101			$	(16,988	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			1,367,217				982,317
Shares sold			64,750				417,278
Shares issued to shareholders from reinvestment of distributions			—				13,102
Shares redeemed			(48,049	)			(45,480	)
Net increase (decrease)			16,701				384,900
Shares outstanding at end of period			1,383,918				1,367,217
Open Shares
Shares outstanding at beginning of period			30,610				34,649
Shares sold			6,605				4,605
Shares issued to shareholders from reinvestment of distributions			—				193
Shares redeemed			(2,346	)			(8,837	)
Net increase (decrease)			4,259				(4,039	)
Shares outstanding at end of period			34,869				30,610

The accompanying notes are an integral part of these financial statements.

96  Semi-Annual Report

Lazard U.S. Strategic Equity Portfolio							Lazard U.S. Mid Cap Equity Portfolio							Lazard U.S. Small-Mid Cap Equity Portfolio
Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010			Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010			Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010
	$	433,353		$	635,045			$	213,378		$	1,629,460			$	(46,920	)	$	751,418
		5,549,923			4,650,912				22,136,590			37,964,019				23,885,089			21,787,222
		(1,608,757	)		4,195,742				(13,381,948	)		2,333,458				(8,455,084	)		17,969,577
		4,374,519			9,481,699				8,968,020			41,926,937				15,383,085			40,508,217
		—			(724,232	)			—			(1,096,389	)			—			(716,032	)
		—			(77,713	)			—			(483,080	)			—			—
		—			(801,945	)			—			(1,579,469	)			—			(716,032	)
		5,282,801			4,048,153				24,841,585			43,741,530				9,417,623			169,823,469
		1,514,590			3,578,373				8,822,684			15,303,321				7,676,533			7,423,916
		—			712,514				—			854,552				—			705,067
		—			70,284				—			453,217				—			—
		(12,879,484	)		(7,261,909	)			(45,657,740	)		(87,725,369	)			(39,952,778	)		(22,913,323	)
		(1,899,083	)		(3,693,636	)			(17,932,356	)		(29,807,859	)			(5,429,013	)		(9,883,866	)
		(7,981,176	)		(2,546,221	)			(29,925,827	)		(57,180,608	)			(28,287,635	)		145,155,263
		3			8				1,113			1,535				138			468
		—			92				637			3,431				533			114
		3			100				1,750			4,966				671			582
		(3,606,654	)		6,133,633				(20,956,057	)		(16,828,174	)			(12,903,879	)		184,948,030
		81,230,936			75,097,303				196,176,104			213,004,278				260,520,919			75,572,889
	$	77,624,282		$	81,230,936			$	175,220,047		$	196,176,104			$	247,617,040		$	260,520,919
	$	1,068,412		$	635,059			$	213,378		$	—			$	(12,552	)	$	34,368
		7,940,671			8,247,044				10,039,112			13,891,697				16,413,981			4,750,537
		558,977			501,965				1,886,842			3,862,950				619,042			13,342,989
		—			90,306				—			68,201				—			48,325
		(1,357,100	)		(898,644	)			(3,424,621	)		(7,783,736	)			(2,630,065	)		(1,727,870	)
		(798,123	)		(306,373	)			(1,537,779	)		(3,852,585	)			(2,011,023	)		11,663,444
		7,142,548			7,940,671				8,501,333			10,039,112				14,402,958			16,413,981
		1,117,356			1,114,686				5,586,393			6,852,067				1,516,112			1,689,218
		161,961			450,158				678,775			1,387,657				511,497			609,491
		—			8,897				—			36,432				—			—
		(202,437	)		(456,385	)			(1,398,962	)		(2,689,763	)			(363,746	)		(782,597	)
		(40,476	)		2,670				(720,187	)		(1,265,674	)			147,751			(173,106	)
		1,076,880			1,117,356				4,866,206			5,586,393				1,663,863			1,516,112

Semi-Annual Report  97

	Lazard Global Listed Infrastructure Portfolio
	Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income		$	3,345,875			$	2,744,722
Net realized gain (loss) on investments, foreign currency and forward currency contracts			(6,993,529	)			1,703,424
Net change in unrealized appreciation (depreciation) on investments, foreign currency
and forward currency contracts			12,552,413				2,811,577
Net increase in net assets resulting from operations			8,904,759				7,259,723
Distributions to shareholders
From net investment income
Institutional Shares			(1,809,807	)			(2,358,069	)
Open Shares			(19,971	)			(1,520	)
From net realized gains
Institutional Shares			—				(1,083,838	)
Open Shares			—				(1,111	)
Net decrease in net assets resulting from distributions			(1,829,778	)			(3,444,538	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			144,080,316				138,755,505
Open Shares			4,200,431				115,519
Net proceeds from reinvestment of distributions
Institutional Shares			1,714,493				3,374,194
Open Shares			19,601				2,631
Cost of shares redeemed
Institutional Shares			(30,011,297	)			(30,332,490	)
Open Shares			(9,473	)			(56,269	)
Net increase (decrease) in net assets from capital stock transactions			119,994,071				111,859,090
Redemption fees (Note 2(k))
Institutional Shares			750				86
Open Shares			—				—
Net increase in net assets from redemption fees			750				86
Total increase (decrease) in net assets			127,069,802				115,674,361
Net assets at beginning of period			115,798,256				123,895
Net assets at end of period*		$	242,868,058			$	115,798,256
*Includes undistributed net investment income of		$	2,107,005			$	590,908
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			11,214,996				7,390
Shares sold			13,392,770				13,916,801
Shares issued to shareholders from reinvestment of distributions			160,372				334,745
Shares redeemed			(2,804,993	)			(3,043,940	)
Net increase (decrease)			10,748,149				11,207,606
Shares outstanding at end of period			21,963,145				11,214,996
Open Shares
Shares outstanding at beginning of period			11,448				5,000
Shares sold			393,517				11,565
Shares issued to shareholders from reinvestment of distributions			1,829				259
Shares redeemed			(870	)			(5,376	)
Net increase (decrease)			394,476				6,448
Shares outstanding at end of period			405,924				11,448

The accompanying notes are an integral part of these financial statements.

98Semi-Annual Report

Lazard International Equity Portfolio							Lazard International Equity Select Portfolio							Lazard International Strategic Equity Portfolio
Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010			Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010			Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010
	$	1,849,423		$	2,323,165			$	84,175		$	108,846			$	4,612,269		$	4,622,267
		11,253,832			(5,428,371	)			417,875			25,249				19,222,413			11,133,378
		(4,099,113	)		14,260,871				(75,121	)		168,525				2,225,579			35,502,431
		9,004,142			11,155,665				426,929			302,620				26,060,261			51,258,076
		—			(3,382,382	)			—			(103,546	)			—			(4,610,208	)
		—			(478,939	)			—			(130,875	)			—			(293,349	)
		—			—				—			—				—			—
		—			—				—			—				—			—
		—			(3,861,321	)			—			(234,421	)			—			(4,903,557	)
		2,379,527			3,881,399				677,776			1,434,641				32,676,292			36,021,689
		5,418,677			12,170,804				406,476			582,214				19,448,017			30,431,569
		—			2,585,130				—			79,878				—			3,625,597
		—			343,043				—			125,444				—			291,220
		(44,859,208	)		(23,987,029	)			(595,755	)		(1,882,800	)			(5,644,908	)		(37,270,773	)
		(4,606,966	)		(4,723,671	)			(596,253	)		(2,193,350	)			(7,238,956	)		(8,322,274	)
		(41,667,970	)		(9,730,324	)			(107,756	)		(1,853,973	)			39,240,445			24,777,028
		23			91				—			—				145			118
		267			513				—			335				553			671
		290			604				—			335				698			789
		(32,663,538	)		(2,435,376	)			319,173			(1,785,439	)			65,301,404			71,132,336
		156,154,269			158,589,645				6,670,119			8,455,558				402,149,191			331,016,855
	$	123,490,731		$	156,154,269			$	6,989,292		$	6,670,119			$	467,450,595		$	402,149,191
	$	4,140,876		$	2,291,453			$	214,877		$	130,072			$	6,016,137		$	1,403,868
		9,233,358			10,584,664				452,165			509,472				33,503,311			33,103,967
		167,038			303,754				82,578			184,363				2,974,049			3,706,732
		—			201,963				—			10,838				—			353,917
		(3,153,125	)		(1,857,023	)			(72,021	)		(252,508	)			(514,430	)		(3,661,305	)
		(2,986,087	)		(1,351,306	)			10,557			(57,307	)			2,459,619			399,344
		6,247,271			9,233,358				462,722			452,165				35,962,930			33,503,311
		2,060,873			1,474,744				381,274			586,579				4,312,256			2,061,818
		381,729			923,563				48,850			74,636				1,766,462			3,092,002
		—			26,572				—			16,975				—			28,007
		(319,647	)		(364,006	)			(71,365	)		(296,916	)			(659,799	)		(869,571	)
		62,082			586,129				(22,515	)		(205,305	)			1,106,663			2,250,438
		2,122,955			2,060,873				358,759			381,274				5,418,919			4,312,256

Semi-Annual Report  99

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	489,804			$	858,678
Net realized gain (loss) on investments and foreign currency			2,232,957				(2,101,516	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency			(791,642	)			15,090,812
Net increase (decrease) in net assets resulting from operations			1,931,119				13,847,974
Distributions to shareholders
From net investment income
Institutional Shares			—				(672,354	)
Open Shares			—				(321,023	)
From net realized gains
Institutional Shares			—				—
Open Shares			—				—
Net decrease in net assets resulting from distributions			—				(993,377	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			854,339				9,124,250
Open Shares			2,252,403				2,084,060
Net proceeds from reinvestment of distributions
Institutional Shares			—				284,490
Open Shares			—				306,999
Cost of shares redeemed
Institutional Shares			(2,928,148	)			(10,727,998	)
Open Shares			(4,204,563	)			(9,971,982	)
Net increase (decrease) in net assets from capital stock transactions			(4,025,969	)			(8,900,181	)
Redemption fees (Note 2(k))
Institutional Shares			26				20
Open Shares			48				5
Net increase in net assets from redemption fees			74				25
Total increase (decrease) in net assets			(2,094,776	)			3,954,441
Net assets at beginning of period			72,117,627				68,163,186
Net assets at end of period*		$	70,022,851			$	72,117,627
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	1,401,837			$	912,033
† Portfolio commenced operations on May 28, 2010.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			5,804,978				6,021,391
Shares sold			104,473				1,302,865
Shares issued to shareholders from reinvestment of distributions			—				40,758
Shares redeemed			(358,413	)			(1,560,036	)
Net increase (decrease)			(253,940	)			(216,413	)
Shares outstanding at end of period			5,551,038				5,804,978
Open Shares
Shares outstanding at beginning of period			3,070,770				4,168,917
Shares sold			279,997				297,751
Shares issued to shareholders from reinvestment of distributions			—				43,795
Shares redeemed			(511,085	)			(1,439,693	)
Net increase (decrease)			(231,088	)			(1,098,147	)
Shares outstanding at end of period			2,839,682				3,070,770

The accompanying notes are an integral part of these financial statements.

100  Semi-Annual Report

Lazard Emerging Markets Equity Portfolio								Lazard Developing Markets Equity Portfolio								Lazard Emerging Markets Equity Blend Portfolio
Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010				Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010				Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010†
	$	258,268,923			$	283,104,469			$	714,005			$	(93,680	)		$	854,916			$	(23,618	)
		991,106,313				964,312,486				8,181,068				13,355,744				1,173,805				448,609
		(1,326,410,679	)			2,041,977,043				(12,185,584	)			8,697,741				(207,432	)			2,345,247
		(77,035,443	)			3,289,393,998				(3,290,511	)			21,959,805				1,821,289				2,770,238
		—				(208,037,965	)			—				(312,586	)			—				—
		—				(34,958,144	)			—				(40,615	)			—				—
		—				—				—				(6,060,192	)			—				(70,487	)
		—				—				—				(7,936,710	)			—				(11,530	)
		—				(242,996,109	)			—				(14,350,103	)			—				(82,017	)
		1,372,597,163				5,722,036,545				143,804,804				66,318,354				54,064,733				55,245,382
		358,213,672				1,821,564,885				53,573,467				97,342,330				9,893,591				9,040,801
		3,320				179,495,263				—				5,794,490				—				65,828
		—				31,783,216				—				7,451,122				—				8,599
		(2,040,374,043	)			(2,071,983,700	)			(33,007,078	)			(22,612,052	)			(7,576,076	)			(2,993,369	)
		(678,666,703	)			(1,957,308,170	)			(61,011,667	)			(50,508,821	)			(1,553,342	)			(109,745	)
		(988,226,591	)			3,725,588,039				103,359,526				103,785,423				54,828,906				61,257,496
		82,220				134,946				9,239				1,866				687				931
		30,377				176,436				3,848				7,416				676				307
		112,597				311,382				13,087				9,282				1,363				1,238
		(1,065,149,437	)			6,772,297,310				100,082,102				111,404,407				56,651,558				63,946,955
		18,748,291,924				11,975,994,614				174,382,026				62,977,619				63,946,955				—
	$	17,683,142,487			$	18,748,291,924			$	274,464,128			$	174,382,026			$	120,598,513			$	63,946,955
	$	204,017,453			$	(54,251,470	)		$	203,095			$	(510,910	)		$	689,441			$	(165,475	)
		668,512,736				471,812,807				4,815,473				1,517,818				4,402,117				—
		64,906,451				296,372,547				9,673,192				4,360,301				4,414,035				4,641,041
		156				8,561,139				—				395,696				—				5,378
		(96,137,345	)			(108,233,757	)			(2,231,865	)			(1,458,342	)			(613,828	)			(244,302	)
		(31,230,738	)			196,699,929				7,441,327				3,297,655				3,800,207				4,402,117
		637,281,998				668,512,736				12,256,800				4,815,473				8,202,324				4,402,117
		188,734,763				190,254,536				6,698,626				3,258,336				733,742				—
		16,540,058				93,690,753				3,568,749				6,618,781				802,458				742,112
		—				1,465,197				—				505,715				—				704
		(31,486,640	)			(96,675,723	)			(4,117,709	)			(3,684,206	)			(124,660	)			(9,074	)
		(14,946,582	)			(1,519,773	)			(548,960	)			3,440,290				677,798				733,742
		173,788,181				188,734,763				6,149,666				6,698,626				1,411,540				733,742

Semi-Annual Report  101

	Lazard Emerging Markets Multi-Strategy Portfolio				Lazard Emerging Markets Debt Portfolio
	Period Ended June 30, 2011 (unaudited) (a)				Period Ended June 30, 2011 (unaudited) (b)
Increase in Net Assets
Operations
Net investment income		$	114,194			$	186,419
Net realized gain (loss) on investments, options, swap agreements, foreign currency and forward currency contracts			(110,882	)			47,786
Net change in unrealized appreciation (depreciation) on investments, options, swap agreements, foreign currency and forward currency contracts			(146,618	)			163,071
Net increase (decrease) in net assets resulting from operations			(143,306	)			397,276
Distributions to shareholders
From net investment income
Institutional Shares			—				(184,768	)
Open Shares			—				(1,255	)
Net decrease in net assets resulting from distributions			—				(186,023	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			39,988,343				25,120,278
Open Shares			54,000				110,508
Net proceeds from reinvestment of distributions
Institutional Shares			—				163,764
Open Shares			—				1,255
Cost of shares redeemed
Institutional Shares			(857,250	)			(5,046,348	)
Open Shares			(10,000	)			—
Net increase in net assets from capital stock transactions			39,175,093				20,349,457
Redemption fees (Note 2(k))
Institutional Shares			144				—
Open Shares			—				—
Net increase in net assets from redemption fees			144				—
Total increase in net assets			39,031,931				20,560,710
Net assets at beginning of period			—				—
Net assets at end of period*		$	39,031,931			$	20,560,710
*Includes undistributed (distributions in excess of) net investment income of		$	114,194			$	396
(a) Portfolio commenced operations on March 31, 2011.
(b) Portfolios commenced operations on February 28, 2011.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			—				—
Shares sold			4,007,146				2,458,307
Shares issued to shareholders from reinvestment of distributions			—				15,870
Shares redeemed			(85,929	)			(492,806	)
Net increase			3,921,217				1,981,371
Shares outstanding at end of period			3,921,217				1,981,371
Open Shares
Shares outstanding at beginning of period			—				—
Shares sold			5,428				11,024
Shares issued to shareholders from reinvestment of distributions			—				122
Shares redeemed			(1,007	)			—
Net increase			4,421				11,146
Shares outstanding at end of period			4,421				11,146

The accompanying notes are an integral part of these financial statements.

102  Semi-Annual Report

Lazard U.S. High Yield Portfolio							Lazard U.S. Municipal Portfolio				Lazard Capital Allocator Opportunistic Strategies Portfolio
Six Months Ended June 30, 2011 (unaudited)			Year Ended December 31, 2010				Period Ended June 30, 2011 (unaudited) (b)				Six Months Ended June 30, 2011 (unaudited)				Year Ended December 31, 2010
$	5,318,362			$	8,037,397			$	66,575			$	127,473			$	2,861,801
	977,453				1,545,110				(78,030	)			27,614,700				13,319,211
	(739,904	)			2,454,171				162,757				(21,292,257	)			13,009,902
	5,555,911				12,036,678				151,302				6,449,916				29,190,914
	(4,432,913	)			(6,590,797	)			(65,846	)			—				(2,908,206	)
	(885,471	)			(1,446,983	)			(627	)			—				(65,569	)
	(5,318,384	)			(8,037,780	)			(66,473	)			—				(2,973,775	)
	26,518,752				42,673,187				11,095,242				54,324,561				62,446,688
	6,983,019				26,839,805				99,000				2,776,705				4,930,645
	3,345,362				4,407,235				62,800				—				1,420,474
	844,066				1,367,239				627				—				54,295
	(10,045,030	)			(25,372,482	)			(6,760	)			(43,389,046	)			(46,165,900	)
	(7,598,337	)			(8,917,586	)			—				(3,500,841	)			(15,133,445	)
	20,047,832				40,997,398				11,250,909				10,211,379				7,552,757
	14				1,941				3				749				767
	440				862				—				352				84
	454				2,803				3				1,101				851
	20,285,813				44,999,099				11,335,741				16,662,396				33,770,747
	138,693,189				93,694,090				—				246,565,803				212,795,056
$	158,979,002			$	138,693,189			$	11,335,741			$	263,228,199			$	246,565,803
$	(182,322	)		$	(182,300	)		$	102			$	14,459			$	(113,014	)
	23,045,185				18,619,657				—				24,035,924				22,278,416
	5,364,221				8,879,105				1,107,934				5,343,799				6,796,364
	676,558				919,525				6,246				—				143,914
	(2,037,674	)			(5,373,102	)			(670	)			(4,257,642	)			(5,182,770	)
	4,003,105				4,425,528				1,113,510				1,086,157				1,757,508
	27,048,290				23,045,185				1,113,510				25,122,081				24,035,924
	5,357,420				1,295,343				—				718,711				1,914,353
	1,404,851				5,635,385				9,900				274,005				535,756
	169,789				283,468				63				—				5,484
	(1,528,266	)			(1,856,776	)			—				(341,649	)			(1,736,882	)
	46,374				4,062,077				9,963				(67,644	)			(1,195,642	)
	5,403,794				5,357,420				9,963				651,067				718,711

Semi-Annual Report  103

   The Lazard Funds, Inc. Financial Highlights

LAZARD U.S. EQUITY VALUE PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	9.56			$	8.62			$	7.00			$	11.25			$	11.73			$	10.02
Income (loss) from investment operations:
Net investment income (a)			0.07				0.10				0.12				0.18				0.17				0.18
Net realized and unrealized gain (loss)			0.36				0.93				1.62				(4.26	)			0.05				2.33
Total from investment operations			0.43				1.03				1.74				(4.08	)			0.22				2.51
Less distributions from:
Net investment income			—				(0.09	)			(0.12	)			(0.17	)			(0.15	)			(0.62	)
Net realized gains			—				—				—				—				(0.55	)			(0.18	)
Total distributions			—				(0.09	)			(0.12	)			(0.17	)			(0.70	)			(0.80	)
Redemption fees			—	(c)			—	(c)			—				—				—	(c)			—
Net asset value, end of period		$	9.99			$	9.56			$	8.62			$	7.00			$	11.25			$	11.73
Total Return (b)			4.50	%			12.00	%			24.81	%			–36.18	%			1.65	%			25.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	13,828			$	13,066			$	8,464			$	6,554			$	8,488			$	390
Ratios to average net assets:
Net expenses (d)			0.75	%			0.97	%			1.00	%			1.00	%			1.00	%			1.00	%
Gross expenses (d)			2.25	%			2.76	%			3.44	%			3.21	%			3.56	%			112.90	%
Net investment income (d)			1.39	%			1.19	%			1.60	%			1.90	%			1.40	%			1.57	%
Portfolio turnover rate			24	%			53	%			62	%			97	%			83	%			95	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	9.61			$	8.67			$	7.04			$	11.31			$	11.77			$	10.02
Income (loss) from investment operations:
Net investment income (a)			0.05				0.08				0.09				0.15				0.13				0.12
Net realized and unrealized gain (loss)			0.37				0.93				1.64				(4.28	)			0.06				2.37
Total from investment operations			0.42				1.01				1.73				(4.13	)			0.19				2.49
Less distributions from:
Net investment income			—				(0.07	)			(0.10	)			(0.14	)			(0.11	)			(0.56	)
Net realized gains			—				—				—				—				(0.55	)			(0.18	)
Total distributions			—				(0.07	)			(0.10	)			(0.14	)			(0.66	)			(0.74	)
Redemption fees			—	(c)			—				—	(c)			—				0.01				—
Net asset value, end of period		$	10.03			$	9.61			$	8.67			$	7.04			$	11.31			$	11.77
Total Return (b)			4.37	%			11.62	%			24.49	%			–36.43	%			1.59	%			24.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	350			$	294			$	300			$	134			$	341			$	240
Ratios to average net assets:
Net expenses (d)			1.05	%			1.27	%			1.30	%			1.30	%			1.30	%			1.30	%
Gross expenses (d)			6.10	%			7.28	%			5.52	%			12.10	%			9.40	%			138.32	%
Net investment income (d)			1.09	%			0.88	%			1.15	%			1.56	%			1.02	%			1.05	%
Portfolio turnover rate			24	%			53	%			62	%			97	%			83	%			95	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

104  Semi-Annual Report

LAZARD U.S. STRATEGIC EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	8.97			$	8.02			$	6.26			$	10.03			$	11.81			$	10.38
Income (loss) from investment operations:
Net investment income (a)			0.05				0.07				0.08				0.12				0.11				0.08
Net realized and unrealized gain (loss)			0.43				0.97				1.68				(3.65	)			(0.04	)			1.73
Total from investment operations			0.48				1.04				1.76				(3.53	)			0.07				1.81
Less distributions from:
Net investment income			—				(0.09	)			—				(0.12	)			(0.12	)			(0.07	)
Net realized gains			—				—				—				(0.12	)			(1.73	)			(0.31	)
Total distributions			—				(0.09	)			—				(0.24	)			(1.85	)			(0.38	)
Redemption fees			—	(c)			—	(c)			—				—				—				—	(c)
Net asset value, end of period		$	9.45			$	8.97			$	8.02			$	6.26			$	10.03			$	11.81
Total Return (b)			5.35	%			13.13	%			28.12	%			–35.43	%			0.33	%			17.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	67,464			$	71,207			$	66,153			$	54,749			$	88,242			$	117,194
Ratios to average net assets:
Net expenses (d)			0.75	%			1.01	%			1.05	%			1.05	%			0.98	%			1.05	%
Gross expenses (d)			1.00	%			1.06	%			1.09	%			1.06	%			0.98	%			1.35	%
Net investment income (d)			1.13	%			0.88	%			1.26	%			1.45	%			0.86	%			0.71	%
Portfolio turnover rate			21	%			49	%			76	%			82	%			58	%			82	%

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	8.97			$	8.02			$	6.28			$	10.05			$	11.83			$	10.39
Income (loss) from investment operations:
Net investment income (a)			0.04				0.05				0.07				0.10				0.06				—	(c)
Net realized and unrealized gain (loss)			0.43				0.97				1.67				(3.65	)			(0.03	)			1.79
Total from investment operations			0.47				1.02				1.74				(3.55	)			0.03				1.79
Less distributions from:
Net investment income			—				(0.07	)			—				(0.10	)			(0.08	)			(0.04	)
Net realized gains			—				—				—				(0.12	)			(1.73	)			(0.31	)
Total distributions			—				(0.07	)			—				(0.22	)			(1.81	)			(0.35	)
Redemption fees			—				—	(c)			—				—				—	(c)			—
Net asset value, end of period		$	9.44			$	8.97			$	8.02			$	6.28			$	10.05			$	11.83
Total Return (b)			5.24	%			12.79	%			27.71	%			–35.63	%			–0.07	%			17.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	10,160			$	10,024			$	8,945			$	7,218			$	11,558			$	11,836
Ratios to average net assets:
Net expenses (d)			1.05	%			1.31	%			1.35	%			1.35	%			1.35	%			1.35	%
Gross expenses (d)			1.36	%			1.44	%			1.39	%			1.51	%			1.40	%			7.38	%
Net investment income (d)			0.81	%			0.59	%			0.96	%			1.15	%			0.50	%			0.03	%
Portfolio turnover rate			21	%			49	%			76	%			82	%			58	%			82	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  105

LAZARD U.S. MID CAP EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	12.61			$	10.31			$	7.50			$	12.46			$	14.41			$	13.23
Income (loss) from investment operations:
Net investment income (a)			0.02				0.10				0.08				0.15				0.12				0.09
Net realized and unrealized gain (loss)			0.55				2.31				2.81				(4.93	)			(0.51	)			1.88
Total from investment operations			0.57				2.41				2.89				(4.78	)			(0.39	)			1.97
Less distributions from:
Net investment income			—				(0.11	)			(0.08	)			(0.18	)			(0.11	)			(0.08	)
Net realized gains			—				—				—				—				(1.45	)			(0.71	)
Total distributions			—				(0.11	)			(0.08	)			(0.18	)			(1.56	)			(0.79	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	13.18			$	12.61			$	10.31			$	7.50			$	12.46			$	14.41
Total Return (b)			4.52	%			23.43	%			38.49	%			–38.33	%			–2.93	%			14.85	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	112,014			$	126,626			$	143,267			$	103,650			$	277,953			$	235,367
Ratios to average net assets:
Net expenses (d)			0.91	%			0.91	%			0.91	%			0.89	%			0.87	%			0.89	%
Gross expenses (d)			0.91	%			0.91	%			0.91	%			0.89	%			0.87	%			0.89	%
Net investment income (d)			0.31	%			0.90	%			0.90	%			1.41	%			0.81	%			0.66	%
Portfolio turnover rate			43	%			75	%			77	%			81	%			100	%			76	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	12.45			$	10.18			$	7.40			$	12.29			$	14.23			$	13.07
Income (loss) from investment operations:
Net investment income (a)			—	(c)			0.07				0.05				0.13				0.09				0.05
Net realized and unrealized gain (loss)			0.54				2.28				2.78				(4.87	)			(0.51	)			1.86
Total from investment operations			0.54				2.35				2.83				(4.74	)			(0.42	)			1.91
Less distributions from:
Net investment income			—				(0.08	)			(0.05	)			(0.15	)			(0.07	)			(0.04	)
Net realized gains			—				—				—				—				(1.45	)			(0.71	)
Total distributions			—				(0.08	)			(0.05	)			(0.15	)			(1.52	)			(0.75	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	12.99			$	12.45			$	10.18			$	7.40			$	12.29			$	14.23
Total Return (b)			4.34	%			23.09	%			38.26	%			–38.53	%			–3.17	%			14.57	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	63,206			$	69,551			$	69,737			$	64,372			$	158,062			$	80,410
Ratios to average net assets:
Net expenses (d)			1.17	%			1.17	%			1.17	%			1.15	%			1.13	%			1.18	%
Gross expenses (d)			1.17	%			1.17	%			1.17	%			1.15	%			1.13	%			1.18	%
Net investment income (d)			0.03	%			0.66	%			0.64	%			1.17	%			0.58	%			0.37	%
Portfolio turnover rate			43	%			75	%			77	%			81	%			100	%			76	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

106 Semi-Annual Report

LAZARD U.S. SMALL-MID CAP EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	14.55			$	11.80			$	7.59			$	11.58			$	14.44			$	15.40
Income (loss) from investment operations:
Net investment income (loss) (a)			—	(c)			0.09				(0.01	)			0.01				0.04				0.02
Net realized and unrealized gain (loss)			0.90				2.70				4.22				(4.00	)			(0.87	)			2.60
Total from investment operations			0.90				2.79				4.21				(3.99	)			(0.83	)			2.62
Less distributions from:
Net investment income			—				(0.04	)			—				—				(0.04	)			(0.01	)
Net realized gains			—				—				—				—				(1.99	)			(3.57	)
Total distributions			—				(0.04	)			—				—				(2.03	)			(3.58	)
Redemption fees			—	(c)			—	(c)			—				—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	15.45			$	14.55			$	11.80			$	7.59			$	11.58			$	14.44
Total Return (b)			6.19	%			23.67	%			55.47	%			–34.46	%			–6.38	%			17.11	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	222,474			$	238,901			$	56,042			$	36,934			$	109,853			$	196,483
Ratios to average net assets:
Net expenses (d)			0.88	%			1.00	%			1.22	%			1.13	%			0.93	%			0.91	%
Gross expenses (d)			0.88	%			1.00	%			1.23	%			1.13	%			0.93	%			0.91	%
Net investment income (loss) (d)			–0.01	%			0.68	%			–0.12	%			0.08	%			0.24	%			0.10	%
Portfolio turnover rate			43	%			114	%			195	%			138	%			98	%			86	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/11†				12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	14.26			$	11.56			$	7.46			$	11.43			$	14.27			$	15.29
Income (loss) from investment operations:
Net investment income (loss) (a)			(0.02	)			0.03				(0.04	)			(0.03	)			(0.01	)			(0.03	)
Net realized and unrealized gain (loss)			0.87				2.67				4.14				(3.94	)			(0.84	)			2.58
Total from investment operations			0.85				2.70				4.10				(3.97	)			(0.85	)			2.55
Less distributions from:
Net realized gains			—				—				—				—				(1.99	)			(3.57	)
Total distributions			—				—				—				—				(1.99	)			(3.57	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	15.11			$	14.26			$	11.56			$	7.46			$	11.43			$	14.27
Total Return (b)			5.96	%			23.36	%			54.96	%			–34.73	%			–6.60	%			16.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	25,143			$	21,620			$	19,531			$	10,500			$	25,203			$	35,627
Ratios to average net assets:
Net expenses (d)			1.19	%			1.34	%			1.51	%			1.49	%			1.25	%			1.23	%
Gross expenses (d)			1.19	%			1.34	%			1.52	%			1.49	%			1.25	%			1.23	%
Net investment income (loss) (d)			–0.32	%			0.21	%			–0.40	%			–0.26	%			–0.07	%			–0.21	%
Portfolio turnover rate			43	%			114	%			195	%			138	%			98	%			86	%

†	Unaudited.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  107

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†				Year Ended 12/31/10				Period Ended 12/31/09*
Institutional Shares
Net asset value, beginning of period		$	10.31			$	10.00			$	10.00
Income from investment operations:
Net investment income (loss) (a)			0.22				0.30				—	(c)
Net realized and unrealized gain			0.43				0.34				—
Total from investment operations			0.65				0.64				—	(c)
Less distributions from:
Net investment income			(0.10	)			(0.23	)			—
Net realized gains			—				(0.10	)			—
Total distributions			(0.10	)			(0.33	)			—
Redemption fees			—	(c)			—	(c)			—
Net asset value, end of period		$	10.86			$	10.31			$	10.00
Total Return (b)			6.22	%			6.63	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	238,451			$	115,680			$	74
Ratios to average net assets:
Net expenses (d)			1.09	%			1.30	%			1.30	%
Gross expenses (d)			1.09	%			1.35	%			1,825.00	%(e)
Net investment income (loss) (d)			4.12	%			3.01	%			–1.30	%
Portfolio turnover rate			23	%			46	%			0	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†				Year Ended 12/31/10				Period Ended 12/31/09*
Open Shares
Net asset value, beginning of period		$	10.34			$	10.00			$	10.00
Income from investment operations:
Net investment income (loss) (a)			0.22				0.24				—	(c)
Net realized and unrealized gain			0.40				0.38				—
Total from investment operations			0.62				0.62				—	(c)
Less distributions from:
Net investment income			(0.08	)			(0.18	)			—
Net realized gains			—				(0.10	)			—
Total distributions			(0.08	)			(0.28	)			—
Net asset value, end of period		$	10.88			$	10.34			$	10.00
Total Return (b)			5.97	%			6.28	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,417			$	118			$	50
Ratios to average net assets:
Net expenses (d)			1.60	%			1.60	%			1.60	%
Gross expenses (d)			2.08	%			18.06	%			1,825.00	%(e)
Net investment income (loss) (d)			4.15	%			2.37	%			–1.60	%
Portfolio turnover rate			23	%			46	%			0	%

†	Unaudited.
*	Portfolio commenced operations on December 31, 2009.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.
(e)	Gross expense ratio was the result of the Portfolio being in existence for one day during the period ended 12/31/09.

The accompanying notes are an integral part of these financial statements.

108  Semi-Annual Report

LAZARD INTERNATIONAL EQUITY PORTFOLIO
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	13.81			$	13.14			$	10.50			$	17.55			$	16.31			$	14.00
Income (loss) from investment operations:
Net investment income (a)			0.21				0.21				0.26				0.36				0.36				0.33
Net realized and unrealized gain (loss)			0.71				0.82				2.38				(7.00	)			1.42				2.83
Total from investment operations			0.92				1.03				2.64				(6.64	)			1.78				3.16
Less distributions from:
Net investment income			—				(0.36	)			—	(c)			(0.41	)			(0.54	)			(0.85	)
Total distributions			—				(0.36	)			—	(c)			(0.41	)			(0.54	)			(0.85	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	14.73			$	13.81			$	13.14			$	10.50			$	17.55			$	16.31
Total Return (b)			6.66	%			8.04	%			25.19	%			–37.75	%			10.96	%			22.92	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	92,025			$	127,485			$	139,070			$	119,870			$	335,323			$	701,145
Ratios to average net assets:
Net expenses (d)			1.03	%			0.98	%			0.99	%			0.93	%			0.89	%			0.84	%
Gross expenses (d)			1.03	%			0.98	%			0.99	%			0.93	%			0.89	%			0.84	%
Net investment income (d)			2.94	%			1.63	%			2.33	%			2.47	%			2.08	%			2.14	%
Portfolio turnover rate			21	%			53	%			66	%			44	%			50	%			68	%
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	13.91			$	13.24			$	10.60			$	17.69			$	16.40			$	14.03
Income (loss) from investment operations:
Net investment income (a)			0.20				0.16				0.22				0.31				0.32				0.25
Net realized and unrealized gain (loss)			0.71				0.83				2.42				(7.04	)			1.41				2.87
Total from investment operations			0.91				0.99				2.64				(6.73	)			1.73				3.12
Less distributions from:
Net investment income			—				(0.32	)			—				(0.36	)			(0.44	)			(0.75	)
Total distributions			—				(0.32	)			—				(0.36	)			(0.44	)			(0.75	)
Redemption fees			—	(c)			—	(c)			—				—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	14.82			$	13.91			$	13.24			$	10.60			$	17.69			$	16.40
Total Return (b)			6.54	%			7.65	%			24.91	%			–37.98	%			10.57	%			22.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	31,465			$	28,670			$	19,520			$	14,829			$	32,449			$	49,657
Ratios to average net assets:
Net expenses (d)			1.33	%			1.29	%			1.27	%			1.28	%			1.19	%			1.15	%
Gross expenses (d)			1.33	%			1.29	%			1.27	%			1.28	%			1.19	%			1.15	%
Net investment income (d)			2.74	%			1.25	%			1.98	%			2.16	%			1.89	%			1.63	%
Portfolio turnover rate			21	%			53	%			66	%			44	%			50	%			68	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  109

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	7.99			$	7.70			$	6.39			$	11.78			$	13.07			$	11.73
Income (loss) from investment operations:
Net investment income (a)			0.11				0.14				0.17				0.30				0.22				0.25
Net realized and unrealized gain (loss)			0.40				0.49				1.16				(4.73	)			0.97				2.43
Total from investment operations			0.51				0.63				1.33				(4.43	)			1.19				2.68
Less distributions from:
Net investment income			—				(0.34	)			(0.02	)			(0.33	)			(0.25	)			(0.23	)
Net realized gains			—				—				—				(0.63	)			(2.23	)			(1.11	)
Total distributions			—				(0.34	)			(0.02	)			(0.96	)			(2.48	)			(1.34	)
Redemption fees			—				—				—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	8.50			$	7.99			$	7.70			$	6.39			$	11.78			$	13.07
Total Return (b)			6.38	%			8.49	%			20.86	%			–38.74	%			9.25	%			23.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,935			$	3,614			$	3,925			$	3,860			$	12,103			$	16,677
Ratios to average net assets:
Net expenses (d)			1.15	%			1.15	%			1.15	%			1.15	%			1.15	%			1.15	%
Gross expenses (d)			4.76	%			5.08	%			3.46	%			2.24	%			1.67	%			1.85	%
Net investment income (d)			2.59	%			1.80	%			2.52	%			3.06	%			1.58	%			1.90	%
Portfolio turnover rate			34	%			75	%			67	%			52	%			50	%			40	%
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	8.02			$	7.72			$	6.41			$	11.81			$	13.10			$	11.75
Income (loss) from investment operations:
Net investment income (a)			0.09				0.12				0.14				0.26				0.16				0.21
Net realized and unrealized gain (loss)			0.40				0.49				1.17				(4.73	)			0.99				2.44
Total from investment operations			0.49				0.61				1.31				(4.47	)			1.15				2.65
Less distributions from:
Net investment income			—				(0.31	)			—	(c)			(0.30	)			(0.21	)			(0.19	)
Net realized gains			—				—				—				(0.63	)			(2.23	)			(1.11	)
Total distributions			—				(0.31	)			—	(c)			(0.93	)			(2.44	)			(1.30	)
Redemption fees			—				—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	8.51			$	8.02			$	7.72			$	6.41			$	11.81			$	13.10
Total Return (b)			6.11	%			8.29	%			20.49	%			–39.00	%			8.92	%			22.72	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,055			$	3,056			$	4,530			$	5,853			$	13,916			$	12,545
Ratios to average net assets:
Net expenses (d)			1.45	%			1.45	%			1.45	%			1.45	%			1.45	%			1.45	%
Gross expenses (d)			5.10	%			5.31	%			3.62	%			2.47	%			1.95	%			2.13	%
Net investment income (d)			2.25	%			1.56	%			2.11	%			2.67	%			1.21	%			1.65	%
Portfolio turnover rate			34	%			75	%			67	%			52	%			50	%			40	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

110  Semi-Annual Report

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	10.63			$	9.41			$	7.51			$	12.92			$	12.66			$	10.79
Income (loss) from investment operations:
Net investment income (a)			0.12				0.13				0.20				0.26				0.23				0.19
Net realized and unrealized gain (loss)			0.54				1.22				1.88				(5.43	)			1.36				2.64
Total from investment operations			0.66				1.35				2.08				(5.17	)			1.59				2.83
Less distributions from:
Net investment income			—				(0.13	)			(0.18	)			(0.22	)			(0.25	)			(0.15	)
Net realized gains			—				—				—				(0.02	)			(1.08	)			(0.81	)
Total distributions			—				(0.13	)			(0.18	)			(0.24	)			(1.33	)			(0.96	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	11.29			$	10.63			$	9.41			$	7.51			$	12.92			$	12.66
Total Return (b)			6.21	%			14.43	%			27.76	%			–39.98	%			12.88	%			26.22	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	406,058			$	356,098			$	311,570			$	245,604			$	418,584			$	343,931
Ratios to average net assets:
Net expenses (d)			0.88	%			0.90	%			0.91	%			0.90	%			0.88	%			0.94	%
Gross expenses (d)			0.88	%			0.90	%			0.91	%			0.90	%			0.88	%			0.94	%
Net investment income (d)			2.16	%			1.30	%			2.42	%			2.48	%			1.70	%			1.57	%
Portfolio turnover rate			24	%			55	%			129	%			72	%			84	%			68	%
	Six Months Ended 6/30/11†																				For the Period 2/3/06* to 12/31/06
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07
Open Shares
Net asset value, beginning of period		$	10.68			$	9.43			$	7.51			$	12.90			$	12.64			$	11.49
Income (loss) from investment operations:
Net investment income (a)			0.11				0.09				0.16				0.23				0.17				0.12
Net realized and unrealized gain (loss)			0.54				1.24				1.90				(5.42	)			1.37				1.93
Total from investment operations			0.65				1.33				2.06				(5.19	)			1.54				2.05
Less distributions from:
Net investment income			—				(0.08	)			(0.14	)			(0.18	)			(0.20	)			(0.09	)
Net realized gains			—				—				—				(0.02	)			(1.08	)			(0.81	)
Total distributions			—				(0.08	)			(0.14	)			(0.20	)			(1.28	)			(0.90	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—				—	(c)
Net asset value, end of period		$	11.33			$	10.68			$	9.43			$	7.51			$	12.90			$	12.64
Total Return (b)			6.09	%			14.09	%			27.38	%			–40.18	%			12.37	%			17.90	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	61,392			$	46,051			$	19,446			$	13,627			$	16,342			$	10,669
Ratios to average net assets:
Net expenses (d)			1.16	%			1.20	%			1.21	%			1.24	%			1.28	%			1.45	%
Gross expenses (d)			1.16	%			1.20	%			1.21	%			1.24	%			1.28	%			1.63	%
Net investment income (d)			1.95	%			0.89	%			1.98	%			2.23	%			1.29	%			1.10	%
Portfolio turnover rate			24	%			55	%			129	%			72	%			84	%			68	%

†	Unaudited.
*	The inception date for Open Shares was February 3, 2006.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  111

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Institutional Shares
Net asset value, beginning of period		$	8.12			$	6.68			$	4.80			$	10.49			$	17.80			$	17.10
Income (loss) from investment operations:
Net investment income (a)			0.06				0.10				0.08				0.15				0.27				0.22
Net realized and unrealized gain (loss)			0.16				1.45				1.80				(5.19	)			(1.20	)			4.16
Total from investment operations			0.22				1.55				1.88				(5.04	)			(0.93	)			4.38
Less distributions from:
Net investment income			—				(0.11	)			—				(0.14	)			(0.63	)			(0.25	)
Net realized gains			—				—				—				(0.51	)			(5.75	)			(3.43	)
Total distributions			—				(0.11	)			—				(0.65	)			(6.38	)			(3.68	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	8.34			$	8.12			$	6.68			$	4.80			$	10.49			$	17.80
Total Return (b)			2.71	%			23.55	%			39.17	%			–49.84	%			–4.61	%			26.31	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	46,316			$	47,134			$	40,243			$	74,640			$	129,725			$	698,166
Ratios to average net assets:
Net expenses (d)			1.13	%			1.13	%			1.17	%			0.98	%			0.91	%			0.86	%
Gross expenses (d)			1.20	%			1.21	%			1.21	%			0.98	%			0.91	%			0.86	%
Net investment income (d)			1.51	%			1.39	%			1.55	%			1.81	%			1.48	%			1.20	%
Portfolio turnover rate			11	%			41	%			51	%			61	%			59	%			49	%
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10				12/31/09				12/31/08				12/31/07				12/31/06
Open Shares
Net asset value, beginning of period		$	8.14			$	6.70			$	4.82			$	10.51			$	17.77			$	17.09
Income (loss) from investment operations:
Net investment income (a)			0.05				0.08				0.07				0.13				0.21				0.17
Net realized and unrealized gain (loss)			0.16				1.45				1.81				(5.20	)			(1.17	)			4.13
Total from investment operations			0.21				1.53				1.88				(5.07	)			(0.96	)			4.30
Less distributions from:
Net investment income			—				(0.09	)			—				(0.11	)			(0.55	)			(0.19	)
Net realized gains			—				—				—				(0.51	)			(5.75	)			(3.43	)
Total distributions			—				(0.09	)			—				(0.62	)			(6.30	)			(3.62	)
Redemption fees			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)			—	(c)
Net asset value, end of period		$	8.35			$	8.14			$	6.70			$	4.82			$	10.51			$	17.77
Total Return (b)			2.58	%			23.13	%			39.00	%			–50.02	%			–4.79	%			25.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	23,707			$	24,984			$	27,920			$	30,052			$	89,779			$	137,358
Ratios to average net assets:
Net expenses (d)			1.43	%			1.43	%			1.43	%			1.31	%			1.20	%			1.19	%
Gross expenses (d)			1.48	%			1.49	%			1.48	%			1.31	%			1.20	%			1.19	%
Net investment income (d)			1.17	%			1.09	%			1.28	%			1.56	%			1.17	%			0.89	%
Portfolio turnover rate			11	%			41	%			51	%			61	%			59	%			49	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager;without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

112  Semi-Annual Report

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

	Six Months Ended 6/30/11†			Year Ended
Selected data for a share of capital stock outstanding throughout each period				12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
Institutional Shares
Net asset value, beginning of period	$	21.78		$	18.01		$	10.88		$	23.88		$	20.60		$	17.84
Income (loss) from investment operations:
Net investment income (a)		0.32			0.38			0.35			0.61			0.36			0.33
Net realized and unrealized gain (loss)		(0.38	)		3.71			7.24			(11.78	)		6.41			4.98
Total from investment operations		(0.06	)		4.09			7.59			(11.17	)		6.77			5.31
Less distributions from:
Net investment income		—			(0.32	)		(0.46	)		(0.49	)		(0.29	)		(0.27	)
Net realized gains		—			—			—			(1.34	)		(3.20	)		(2.28	)
Total distributions		—			(0.32	)		(0.46	)		(1.83	)		(3.49	)		(2.55	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	21.72		$	21.78		$	18.01		$	10.88		$	23.88		$	20.60
Total Return (b)		–0.28	%		22.81	%		69.82	%		–47.88	%		33.05	%		30.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	13,843,803		$	14,561,085		$	8,497,341		$	3,295,983		$	5,270,497		$	2,744,753
Ratios to average net assets:
Net expenses (d)		1.12	%		1.14	%		1.15	%		1.17	%		1.20	%		1.20	%
Gross expenses (d)		1.12	%		1.14	%		1.15	%		1.17	%		1.20	%		1.20	%
Net investment income (d)		3.01	%		1.96	%		2.40	%		3.16	%		1.51	%		1.67	%
Portfolio turnover rate		14	%		23	%		49	%		43	%		53	%		46	%
	Six Months Ended 6/30/11†
Selected data for a share of capital stock outstanding throughout each period				Year Ended
				12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
Open Shares
Net asset value, beginning of period	$	22.19		$	18.28		$	11.05		$	24.17		$	20.82		$	17.99
Income (loss) from investment operations:
Net investment income (a)		0.29			0.34			0.29			0.52			0.29			0.26
Net realized and unrealized gain (loss)		(0.39	)		3.76			7.35			(11.87	)		6.47			5.03
Total from investment operations		(0.10	)		4.10			7.64			(11.35	)		6.76			5.29
Less distributions from:
Net investment income		—			(0.19	)		(0.41	)		(0.43	)		(0.22	)		(0.18	)
Net realized gains		—			—			—			(1.34	)		(3.20	)		(2.28	)
Total distributions		—			(0.19	)		(0.41	)		(1.77	)		(3.42	)		(2.46	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		0.01			—	(c)
Net asset value, end of period	$	22.09		$	22.19		$	18.28		$	11.05		$	24.17		$	20.82
Total Return (b)		–0.45	%		22.43	%		69.14	%		–48.09	%		32.71	%		29.93	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,839,339		$	4,187,207		$	3,478,654		$	1,135,042		$	1,467,458		$	441,673
Ratios to average net assets:
Net expenses (d)		1.44	%		1.49	%		1.55	%		1.53	%(e)		1.47	%(e)		1.54	%
Gross expenses (d)		1.44	%		1.49	%		1.55	%		1.54	%		1.48	%		1.54	%
Net investment income (d)		2.68	%		1.73	%		1.94	%		2.72	%		1.19	%		1.30	%
Portfolio turnover rate		14	%		23	%		49	%		43	%		53	%		46	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.
(e)	The Portfolio’s excess cash in demand deposit accounts may receive credits that are available to offset custody expenses. As a result of these credits, the net expenses were reduced by 0.01%.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  113

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

	Six Months Ended 6/30/11†											For the Period 9/30/08* to 12/31/08
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10			12/31/09
Institutional Shares
Net asset value, beginning of period		$	15.12		$	13.18			$	6.54			$	10.00
Income (loss) from investment operations:
Net investment income (a)			0.06			0.02				0.01				0.01
Net realized and unrealized gain (loss)			(0.28	)		3.63				7.09				(3.46	)
Total from investment operations			(0.22	)		3.65				7.10				(3.45	)
Less distributions from:
Net investment income			—			(0.09	)			(0.04	)			(0.01	)
Net realized gains			—			(1.62	)			(0.42	)			—
Total distributions			—			(1.71	)			(0.46	)			(0.01	)
Redemption fees			—	(c)		—	(c)			—	(c)			—
Net asset value, end of period		$	14.90		$	15.12			$	13.18			$	6.54
Total Return (b)			–1.46	%		28.62	%			108.53	%			–34.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	182,681		$	72,798			$	20,002			$	6,539
Ratios to average net assets:
Net expenses (d)			1.26	%		1.30	%			1.30	%			1.30	%
Gross expenses (d)			1.26	%		1.67	%			2.81	%			11.98	%
Net investment income (d)			0.84	%		0.15	%			0.07	%			0.34	%
Portfolio turnover rate			33	%		112	%			96	%			72	%

	Six Months Ended 6/30/11†											For the Period 9/30/08* to 12/31/08
Selected data for a share of capital stock outstanding throughout each period					Year Ended
					12/31/10			12/31/09
Open Shares
Net asset value, beginning of period		$	15.16		$	13.19			$	6.55			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.02			(0.05	)			(0.08	)			—	(c)
Net realized and unrealized gain (loss)			(0.26	)		3.65				7.13				(3.45	)
Total from investment operations			(0.24	)		3.60				7.05				(3.45	)
Less distributions from:
Net investment income			—			(0.01	)			—(c	)			—
Net realized gains			—			(1.62	)			(0.42	)			—
Total distributions			—			(1.63	)			(0.42	)			—
Redemption fees			—	(c)		—	(c)			0.01				—
Net asset value, end of period		$	14.92		$	15.16			$	13.19			$	6.55
Total Return (b)			–1.52	%		28.13	%			108.17	%			–34.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	91,783		$	101,584			$	42,975			$	357
Ratios to average net assets:
Net expenses (d)			1.59	%		1.60	%			1.60	%			1.60	%
Gross expenses (d)			1.59	%		1.85	%			2.54	%			28.95	%
Net investment income (loss) (d)			0.31	%		–0.33	%			–0.63	%			–0.09	%
Portfolio turnover rate			33	%		112	%			96	%			72	%

†	Unaudited.
*	Portfolio commenced operations on September 30, 2008
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager or State Street;without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

114  Semi-Annual Report

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†			For the Period 5/28/10* to 12/31/10
Institutional Shares
Net asset value, beginning of period	$	12.45		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			(0.01	)
Net realized and unrealized gain (loss)		(0.01	)		2.48
Total from investment operations		0.10			2.47
Less distributions from:
Net realized gains		—			(0.02	)
Total distributions		—			(0.02	)
Redemption fees		—	(c)		—	(c)
Net asset value, end of period	$	12.55		$	12.45
Total Return (b)		0.80	%		24.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	102,942		$	58,826
Ratios to average net assets:
Net expenses (d)		1.35	%		1.35	%
Gross expenses (d)		1.76	%		6.24	%
Net investment income (loss) (d)		1.87	%		–0.16	%
Portfolio turnover rate		27	%		62	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†			For the Period 5/28/10* to 12/31/10
Open Shares
Net asset value, beginning of period	$	12.43		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.09			(0.05	)
Net realized and unrealized gain (loss)		(0.01	)		2.50
Total from investment operations		0.08			2.45
Less distributions from:
Net realized gains		—			(0.02	)
Total distributions		—			(0.02	)
Redemption fees		—	(c)		—	(c)
Net asset value, end of period	$	12.51		$	12.43
Total Return (b)		0.64	%		24.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	17,657		$	9,121
Ratios to average net assets:
Net expenses (d)		1.65	%		1.65	%
Gross expenses (d)		2.11	%		6.06	%
Net investment income (loss) (d)		1.55	%		–0.70	%
Portfolio turnover rate		27	%		62	%

†	Unaudited.
*	Portfolio commenced operations on May 28, 2010.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  115

LAZARD EMERGING MARKETS MULTI-STRATEGY PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 3/31/11* to 6/30/11†
Institutional Shares
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.04
Net realized and unrealized loss		(0.10	)
Total from investment operations		(0.06	)
Redemption fees		—	(c)
Net asset value, end of period	$	9.94
Total Return (b)		–0.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	38,988
Ratios to average net assets:
Net expenses (d)		1.30	%
Gross expenses (d)		2.97	%
Net investment income (d)		1.44	%
Portfolio turnover rate		30	%
Selected data for a share of capital stock outstanding throughout the period	For the Period 3/31/11* to 6/30/11†
Open Shares
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.03
Net realized and unrealized loss		(0.09	)
Total from investment operations		(0.06	)
Net asset value, end of period	$	9.94
Total Return (b)		–0.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	44
Ratios to average net assets:
Net expenses (d)		1.60	%
Gross expenses (d)		84.09	%
Net investment income (d)		1.21	%
Portfolio turnover rate		30	%

†	Unaudited.
*	Portfolio commenced operations on March 31, 2011.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

116  Semi-Annual Report

LAZARD EMERGING MARKETS DEBT PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 2/28/11* to 6/30/11†
Institutional Shares
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (a)		0.14
Net realized and unrealized gain		0.31
Total from investment operations		0.45
Less distributions from:
Net investment income		(0.13	)
Total distributions		(0.13	)
Net asset value, end of period	$	10.32
Total Return (b)		4.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	20,446
Ratios to average net assets:
Net expenses (c)		1.10	%
Gross expenses (c)		4.18	%
Net investment income (c)		4.20	%
Portfolio turnover rate		56	%
Selected data for a share of capital stock outstanding throughout the period	For the Period 2/28/11* to 6/30/11†
Open Shares
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (a)		0.12
Net realized and unrealized gain		0.32
Total from investment operations		0.44
Less distributions from:
Net investment income		(0.12	)
Total distributions		(0.12	)
Net asset value, end of period	$	10.32
Total Return (b)		4.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	115
Ratios to average net assets:
Net expenses (c)		1.40	%
Gross expenses (c)		26.80	%
Net investment income (c)		3.63	%
Portfolio turnover rate		56	%

†	Unaudited.
*	Portfolio commenced operations on February 28, 2011.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  117

LAZARD U.S. HIGH YIELD PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†			Year Ended
				12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
Institutional Shares
Net asset value, beginning of period	$	4.88		$	4.70		$	3.78		$	5.15		$	5.36		$	5.27
Income (loss) from investment operations:
Net investment income (a)		0.17			0.35			0.34			0.38			0.40			0.40
Net realized and unrealized gain (loss)		0.01			0.18			0.92			(1.37	)		(0.21	)		0.09
Total from investment operations		0.18			0.53			1.26			(0.99	)		0.19			0.49
Less distributions from:
Net investment income		(0.17	)		(0.35	)		(0.34	)		(0.38	)		(0.40	)		(0.40	)
Total distributions		(0.17	)		(0.35	)		(0.34	)		(0.38	)		(0.40	)		(0.40	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—
Net asset value, end of period	$	4.89		$	4.88		$	4.70		$	3.78		$	5.15		$	5.36
Total Return (b)		3.79	%		11.78	%		34.66	%		–20.24	%		3.63	%		9.71	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	132,397		$	112,427		$	87,568		$	34,262		$	56,278		$	68,452
Ratios to average net assets:
Net expenses (d)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses (d)		0.74	%		0.80	%		0.89	%		1.00	%		0.90	%		0.90	%
Net investment income (d)		7.09	%		7.38	%		7.96	%		8.10	%		7.56	%		7.61	%
Portfolio turnover rate		13	%		25	%		17	%		33	%		20	%		29	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†			Year Ended
				12/31/10			12/31/09			12/31/08			12/31/07			12/31/06
Open Shares
Net asset value, beginning of period	$	4.90		$	4.73		$	3.79		$	5.17		$	5.37		$	5.29
Income (loss) from investment operations:
Net investment income (a)		0.17			0.34			0.33			0.37			0.39			0.39
Net realized and unrealized gain (loss)		0.02			0.17			0.94			(1.38	)		(0.21	)		0.08
Total from investment operations		0.19			0.51			1.27			(1.01	)		0.18			0.47
Less distributions from:
Net investment income		(0.17	)		(0.34	)		(0.33	)		(0.37	)		(0.39	)		(0.39	)
Total distributions		(0.17	)		(0.34	)		(0.33	)		(0.37	)		(0.39	)		(0.39	)
Redemption fees		—	(c)		—(c	)		—(c	)		—(c	)		0.01			—
Net asset value, end of period	$	4.92		$	4.90		$	4.73		$	3.79		$	5.17		$	5.37
Total Return (b)		3.84	%		11.19	%		34.40	%		–20.35	%		3.53	%		9.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	26,582		$	26,266		$	6,126		$	5,220		$	1,776		$	2,179
Ratios to average net assets:
Net expenses (d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses (d)		1.07	%		1.13	%		1.21	%		1.74	%		2.14	%		2.12	%
Net investment income (d)		6.78	%		7.05	%		7.74	%		7.89	%		7.24	%		7.29	%
Portfolio turnover rate		13	%		25	%		17	%		33	%		20	%		29	%

†	Unaudited.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distribution, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

118  Semi-Annual Report

LAZARD U.S. MUNICIPAL PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 2/28/11* to 6/30/11†
Institutional Shares
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (a)		0.07
Net realized and unrealized gain		0.09
Total from investment operations		0.16
Less distributions from:
Net investment income		(0.07	)
Total distributions		(0.07	)
Redemption fees		—	(c)
Net asset value, end of period	$	10.09
Total Return (b)		1.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	11,235
Ratios to average net assets:
Net expenses (d)		0.40	%
Gross expenses (d)		3.64	%
Net investment income (d)		2.15	%
Portfolio turnover rate		25	%
Selected data for a share of capital stock outstanding throughout the period	For the Period 2/28/11* to 6/30/11†
Open Shares
Net asset value, beginning of period	$	10.00
Income from investment operations:
Net investment income (a)		0.06
Net realized and unrealized gain		0.09
Total from investment operations		0.15
Less distributions from:
Net investment income		(0.06	)
Total distributions		(0.06	)
Net asset value, end of period	$	10.09
Total Return (b)		1.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	101
Ratios to average net assets:
Net expenses (d)		0.70	%
Gross expenses (d)		26.08	%
Net investment income (d)		1.89	%
Portfolio turnover rate		25	%

†	Unaudited.
*	Portfolio commenced operations on February 28, 2011.
(a)	Net investment income has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager, State Street or BFDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

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LAZARD CAPITAL ALLOCATOR OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†									For the Period 3/26/08* to 12/31/08
				Year Ended
				12/31/10			12/31/09
Institutional Shares
Net asset value, beginning of period	$	9.96		$	8.80		$	7.36		$	10.00
Income (loss) from investment operations:
Net investment income (a)		0.01			0.12			0.14			0.21
Net realized and unrealized gain (loss)		0.24			1.16			1.42			(2.59	)
Total from investment operations		0.25			1.28			1.56			(2.38	)
Less distributions from:
Net investment income		—			(0.12	)		(0.12	)		(0.26	)
Total distributions		—			(0.12	)		(0.12	)		(0.26	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	10.21		$	9.96		$	8.80		$	7.36
Total Return (b)		2.51	%		14.58	%		21.21	%		–23.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	256,592		$	239,403		$	195,939		$	110,757
Ratios to average net assets:
Net expenses (d)		1.02	%		1.02	%		1.02	%		1.02	%
Gross expenses (d)		1.12	%		1.13	%		1.16	%		1.27	%
Net investment income (d)		0.11	%		1.36	%		1.72	%		3.01	%
Portfolio turnover rate		93	%		117	%		113	%		94	%
Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/11†									For the Period 3/31/08* to 12/31/08
				Year Ended
				12/31/10			12/31/09
Open Shares
Net asset value, beginning of period	$	9.97		$	8.80		$	7.37		$	9.95
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.01	)		0.06			0.12			0.30
Net realized and unrealized gain (loss)		0.23			1.20			1.41			(2.64	)
Total from investment operations		0.22			1.26			1.53			(2.34	)
Less distributions from:
Net investment income		—			(0.09	)		(0.10	)		(0.24	)
Total distributions		—			(0.09	)		(0.10	)		(0.24	)
Redemption fees		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of period	$	10.19		$	9.97		$	8.80		$	7.37
Total Return (b)		2.21	%		14.35	%		20.71	%		–23.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,636		$	7,163		$	16,856		$	9,319
Ratios to average net assets:
Net expenses (d)		1.32	%		1.32	%		1.32	%		1.32	%
Gross expenses (d)		1.54	%		1.52	%		1.44	%		1.93	%
Net investment income (loss) (d)		–0.21	%		0.66	%		1.44	%		4.68	%
Portfolio turnover rate		93	%		117	%		113	%		94	%

†	Unaudited.
*	Institutional Shares and Open Shares commenced operations on March 26, 2008 and March 31, 2008, respectively.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio have been waived or reimbursed by the Portfolio’s Investment Manager; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. A period of less than one year is not annualized.
(c)	Amount is less than $0.01 per share.
(d)	Annualized for a period of less than one year.

The accompanying notes are an integral part of these financial statements.

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   The Lazard Funds, Inc. Notes to Financial Statements June 30, 2011 (unaudited)

1. Organization

The Lazard Funds, Inc. (the “Fund”) was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Fund is comprised of seventeen active no-load portfolios (each referred to as a “Portfolio”), as follows: Lazard U.S. Equity Value Portfolio, Lazard U.S. Strategic Equity Portfolio, Lazard U.S. Mid Cap Equity Portfolio, Lazard U.S. Small-Mid Cap Equity Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Strategic Equity Portfolio, Lazard International Small Cap Equity Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Blend Portfolio, Lazard Emerging Markets Multi-Strategy Portfolio (commenced investment operations on March 31, 2011), Lazard Emerging Markets Debt Portfolio (commenced investment operations on February 28, 2011), Lazard U.S. High Yield Portfolio, Lazard U.S. Municipal Portfolio (commenced investment operations on February 28, 2011) and Lazard Capital Allocator Opportunistic Strategies Portfolio. The Fund offers two different classes of shares of the Portfolios - Institutional Shares and Open Shares. Institutional Shares and Open Shares are identical, except as to minimum investment requirements and the services offered to and expenses borne by each class of shares. All Portfolios, other than the Emerging Markets Debt Portfolio, are operated as “diversified” funds, as defined in the Act.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The following is a summary of significant accounting policies:

(a) Valuation of Investments—Market values for securities listed on the New York Stock Exchange (“NYSE”), NAS-DAQ 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 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 the 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 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 also will be considered. The fair value of foreign

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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 from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ net asset values. Foreign securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date and interest income is accrued daily. The Portfolios amortize premiums and accrete discounts on fixed-income securities using the effective yield method. For the period ended June 30, 2011, Emerging Markets Multi-Strategy Portfolio, Emerging Markets Debt Portfolio, U.S. High Yield Portfolio, and U.S. Municipal Portfolio traded in fixed income securities.

The Portfolios may be subject to taxes imposed by foreign countries in which they invest. Such taxes are generally based upon income earned or capital gains (realized or unrealized). The Portfolios accrue and apply such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income or capital gains (realized and unrealized) from the applicable portfolio securities.

(c) Repurchase Agreements—In connection with transactions in repurchase agreements, the Fund’s custodian takes possession of the underlying collateral securities, the fair value of which, at all times, is required to be at least equal to the principal amount, plus accrued interest, of the repurchase transaction. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by a Portfolio may be delayed or limited.

(d) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Portfolios are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments. Net realized gain (loss) on foreign currency transactions represents net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on a Portfolio’s accounting records and the U.S. dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

The U.S. dollar value of forward currency contracts is determined using forward exchange rates provided by quotation services. Daily fluctuations in the value of such contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolios records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.

(e) Options Transactions—For hedging and investment purposes, certain Portfolios may purchase and write (sell) put and call options that are traded on U.S. and foreign securities exchanges and over-the-counter markets.

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The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of any change in market value should the counterparty not perform under the contract. The risk involved in writing an option is that, if the option is exercised, the underlying security or other assets could then be purchased or sold by the Portfolios at a disadvantageous price. Put and call options purchased are accounted for in the same manner as portfolio securities and other assets. When the Portfolios write an option, the premium received by the Portfolios is recorded as a liability and is subsequently adjusted to the current market value of the option written.

During the period ended June 30, 2011, transactions in options purchased and written were as follows:

Emerging Markets Multi-Strategy Portfolio
Purchased Options	Number of Contracts			Amount
Options outstanding at beginning
of the period		0		$	0
Options purchased		3,730			32,790
Options sold		(1,400	)		(9,464	)
Options outstanding at end of period		2,330		$	23,326
Written Options	Number of Contracts			Premiums
Options outstanding at beginning
of the period		0		$	0
Options written		3,322			25,994
Options repurchased		(700	)		(5,011	)
Options exercised		(690	)		(6,529	)
Options expired		(200	)		(1,440	)
Options outstanding at end of period		1,732		$	13,014
Emerging Markets Debt Portfolio
Purchased Options	Number of Contracts			Amount
Options outstanding at beginning
of the period		0		$	0
Options purchased		98,500			77,995
Options exercised		(41,000	)		(27,324	)
Options outstanding at end of period		57,500		$	50,671

Written Options	Number of Contracts			Premiums
Options outstanding at beginning
of the period		0		$	0
Options written		54,850			46,516
Options repurchased		(15,000	)		(10,448	)
Options exercised		(11,900	)		(10,200	)
Options expired		(10,550	)		(13,234	)
Options outstanding at end of period		17,400		$	12,634
Capital Allocator Opportunistic Strategies Portfolio
Purchased Options	Number of Contracts			Amount
Options outstanding at beginning
of the period		4,200		$	2,430,701
Options purchased		14,134			8,968,027
Options sold		(11,250	)		(7,081,273	)
Options outstanding at end of period		7,084		$	4,317,455

None of the other Portfolios in the Fund traded in options during the period ended June 30, 2011.

(f) Swap Agreements—Swap agreements on equity assets involve commitments to pay interest in exchange for an equity basket return. The counterparty pays out the total return of the basket of equity securities and, in return, receives a regular stream of payments, based on an agreed-upon interest rate. To the extent the total return of the equity basket underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, the Portfolios will receive a payment from (or make a payment to) the counterparty.

Swap agreements are marked to market daily based upon the aggregate equity basket price, and the change in value, if any, is recorded as an unrealized appreciation (depreciation) on swap agreements in the Portfolios’ accompanying Statements of Assets and Liabilities.

For the period ended June 30, 2011, Emerging Market Multi-Strategy Portfolio and Capital Allocator Opportunistic Strategies Portfolio traded in swap agreements.

(g) Federal Income Taxes—The Fund’s policy is to continue to have each Portfolio qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

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At December 31, 2010, the following Portfolios had available, for federal income tax purposes, unused realized capital losses which can be used to offset future realized capital gains as follows:

Portfolio	Expiring 2011
International Equity	$	11,175,692
U.S. High Yield		944,017

Portfolio	Expiring 2016		Expiring 2017
U.S. Equity Value	$	993,822	$	1,691,984
U.S. Strategic Equity		9,727,449		14,362,392
U.S. Mid Cap Equity		48,056,883		40,427,588
U.S. Small-Mid Cap Equity		—		368,331
International Equity		1,141,203		30,343,230
International Equity Select		876,488		2,653,216
International Strategic Equity		25,909,181		60,710,573
International Small Cap Equity		27,930,381		50,821,243
Emerging Markets Equity		—		537,763,761
U.S. High Yield		1,590,672		5,346,358
Capital Allocator Opportunistic
Strategies		—		25,116,831

Portfolio	Expiring 2018
International Equity	$	5,103,235
International Equity Select		1,173,332
International Small Cap Equity		4,306,478

Under current tax law, certain capital and net foreign currency losses realized after October 31 within the taxable year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2010, the following Portfolios elected to defer net capital and foreign currency losses arising between November 1, 2010 and December 31, 2010 as follows:

Portfolio	Amount
International Equity	$	2,115,081
International Equity Select		82,296
Developing Markets Equity		110,678
Emerging Markets Equity Blend		116,406

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “RIC Modernization Act”) was signed into law. The RIC Modernization Act includes numerous provisions that generally become effective for taxable years beginning after the date of enactment. Among the new provisions, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses

were carried forward for eight years and treated as short-term losses. The RIC Modernization Act also requires that post-enactment net capital losses be used before pre-enactment net capital losses. As a result, pre-enactment capital loss carryforwards may now expire unused.

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2007-2009), or expected to be taken in the Portfolios’ 2010 tax returns.

(h) Dividends and Distributions—The Fund intends to declare dividends from net investment income daily on shares of Emerging Markets Debt, U.S. High Yield and U.S. Municipal Portfolios and to pay such dividends monthly. Dividends from net investment income, if any, on shares of the other Portfolios will be declared and paid annually, except that Global Listed Infrastructure Portfolio’s dividends from net investment income (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolio, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders; however, to avoid taxation, a second distribution may be required.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, wash sales, and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(i) Allocation of Expenses—Expenses not directly chargeable to a specific Portfolio are allocated among the Portfolios primarily on the basis of relative net assets. A Portfolio accrues distribution and service (12b-1) fees to its Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

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(j) Expense Reductions—The Portfolios’ excess cash in demand deposit accounts may receive credits that are available to offset custody expenses. The Statements of Operations report gross custody expenses, and report the amount of such credits separately as an expense reduction.

(k) Redemption Fee—Each Portfolio may impose a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees are retained by each Portfolio and are included as paid in capital on its Statement of Assets and Liabilities. The fees are also shown on its Statement of Changes in Net Assets.

(l) Estimates—The preparation of financial statements in conformity with GAAP requires the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

3. Investment Management, Administration, Distribution and Transfer Agency Agreements

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager regularly provides each Portfolio with investment research, advice and supervision and furnishes continuously an investment program for each Portfolio consistent with its investment objective and policies, including the purchase, retention and disposition of securities. For its services provided to the Fund, the Investment Manager earns a management fee, accrued daily and payable by each Portfolio monthly, at the annual rate set forth below as a percentage of its average daily net assets:

Portfolio	Annual Rate
U.S. Equity Value		0.70	%
U.S. Strategic Equity		0.70
U.S. Mid Cap Equity		0.75
U.S. Small-Mid Cap Equity		0.75
Global Listed Infrastructure		0.90
International Equity		0.75
International Equity Select		0.85
International Strategic Equity		0.75
International Small Cap Equity		0.75

Portfolio	Annual Rate
Emerging Markets Equity		1.00	%
Developing Markets Equity		1.00
Emerging Markets Equity Blend		1.05
Emerging Markets Multi-Strategy		1.00
Emerging Markets Debt		0.80
U.S. High Yield		0.55
U.S. Municipal		0.25
Capital Allocator Opportunistic Strategies		1.00

The Investment Manager has voluntarily agreed to reduce its fees and, if necessary, reimburse the Portfolios if annualized operating expenses exceed the following percentages of average daily net assets for the respective Shares:

Portfolio	Institutional Shares			Open Shares
U.S. Equity Value		0.75	%		1.05	%
U.S. Strategic Equity		0.75			1.05
U.S. Mid Cap Equity		1.05			1.35
U.S. Small-Mid Cap Equity		1.15			1.45
Global Listed Infrastructure		1.30			1.60
International Equity		1.05			1.35
International Equity Select		1.15			1.45
International Strategic Equity		1.15			1.45
International Small Cap Equity		1.13			1.43
Emerging Markets Equity		1.30			1.60
Developing Markets Equity		1.30			1.60
Emerging Markets Equity Blend		1.35			1.65
Emerging Markets Multi-Strategy		1.30			1.60
Emerging Markets Debt		1.10			1.40
U.S. High Yield		0.55			0.85
U.S. Municipal		0.40			0.70
Capital Allocator Opportunistic Strategies		1.02			1.32

During the period ended June 30, 2011, the Investment Manager waived its management fees and, if necessary, reimbursed the following Portfolios for other expenses as follows:

Portfolio	Institutional Shares			Open Shares
U.S. Equity Value		$	92,551		$	8,265
U.S. Strategic Equity			88,002			15,782
Global Listed Infrastructure			—			3,978
International Equity Select			70,844			54,003
International Small Cap Equity			15,543			5,689
Emerging Markets Equity Blend			163,784			30,782
Emerging Markets Multi-Strategy			126,762			2,099
Emerging Markets Debt			122,467			3,623
U.S. High Yield			118,269			28,170
U.S. Municipal			87,330			3,266
Capital Allocator Opportunistic Strategies			118,926			8,142

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The Fund has entered into an administration agreement with State Street to provide certain administrative services to the Portfolios. Each Portfolio bears the cost of such services at a fixed annual rate of $42,500, plus $7,500 per additional class, and 0.02% of average daily net assets up to $1 billion and 0.01% of average daily net assets over $1 billion. State Street has agreed to waive $18,750 of the $42,500 annual fee for the following Portfolios until each Portfolio’s net assets reach $25 million. During the period ended June 30, 2011, State Street waived its fees as follows:

Portfolio	Amount
U.S. Equity Value	$	9,375
Emerging Markets Multi-Strategy		1,563
Emerging Markets Debt		6,250
U.S. Municipal		6,250

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears the cost of printing and mailing prospectuses to poten tial investors and certain expenses in connection with the offering of Portfolio shares.

Under a Distribution and Servicing Plan in accordance with Rule 12b-1 under the Act, each Portfolio pays a monthly fee to the Distributor, at an annual rate of 0.25% of the average daily net assets of its Open Shares, for distribution and servicing of accounts. The Distributor may make payments to certain financial institutions, securities dealers and other industry professionals for providing these services.

BFDS is the Fund’s transfer and dividend disbursing agent. For its services, BFDS receives a monthly fee computed on the basis of the number of shareholder accounts it maintains for the Fund during the month, subject to a minimum fee amount per share class in each Portfolio, and is reimbursed for certain out-of-pocket expenses. BFDS has agreed to waive the monthly minimum fee for six months after a new Portfolio has commenced operations. During the period ended June 30, 2011, BFDS waived its fees as follows:

Portfolio	Amount
Emerging Markets Multi-Strategy	$	6,018
Emerging Markets Debt		10,165
U.S. Municipal		9,984

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Each Director who is not an affiliated person of the Investment Manager or any of its affiliates is paid by the Fund, Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (collectively with the Fund, the “Lazard Funds”), each a registered management investment company advised by the Investment Manager: (1) an annual retainer of $80,000, (2) a per meeting in person regular or special meeting fee of $5,000 ($1,500 for telephonic participation), including Board, committee, subcommittee or other special meetings specifically authorized by the Board and held in connection with delegated Fund business, and (3) a telephone Audit Committee or special Board meeting fee of $1,500, with an additional annual fee for the Audit Committee Chairman of $5,000. The Independent Directors are also reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings. No additional compensation is provided in respect of committee meetings held in conjunction with a meeting of the Board. Compensation is divided among the Lazard Funds based on relative net assets. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2011 were as follows:

Portfolio	Purchases		Sales
U.S. Equity Value	$	3,710,771	$	3,348,327
U.S. Strategic Equity		17,011,198		25,338,568
U.S. Mid Cap Equity		83,230,332		102,722,327
U.S. Small-Mid Cap Equity		106,830,618		143,519,884
Global Listed Infrastructure		146,459,466		39,381,286
International Equity		26,038,557		66,553,824
International Equity Select		2,334,548		2,343,918
International Strategic Equity		139,532,053		100,224,716
International Small Cap Equity		7,939,790		11,220,972
Emerging Markets Equity		2,499,136,387		2,729,805,580
Developing Markets Equity		172,126,484		73,495,262
Emerging Markets Equity Blend		73,357,214		24,419,239
Emerging Markets Multi-Strategy		35,880,087		7,047,003
Emerging Markets Debt		23,249,693		6,293,110
U.S. High Yield		39,192,051		18,725,479
U.S. Municipal		13,375,896		2,245,817
Capital Allocator Opportunistic
Strategies		205,194,160		217,765,596

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For the period ended June 30, 2011, no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings was payable at the Federal Funds rate plus 1.25%, on an annualized basis. Under the Agreement, the Fund has also agreed to pay a 0.15% per annum fee on the unused portion of the commitment, payable quarterly in arrears. During the period ended June 30, 2011, the Fund had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings Were Outstanding
U.S. Strategic Equity	$	8,400,000	$	8,400,000		1.42	%	1
U.S. Mid Cap Equity		8,250,000		14,500,000		1.39		2
International Equity		1,128,571		2,600,000		1.45		7
International Equity Select		128,000		140,000		1.43		5
International Small Cap Equity		150,000		150,000		1.41		4
Developing Markets Equity		1,000,000		1,000,000		1.46		2

* For days borrowings were outstanding.

7. Foreign Securities Investment Risks

Certain Portfolios invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. A Portfolio’s investments in emerging market countries are exposed to additional risks. A Portfolio’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. 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 GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. Each investment’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below.

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

• Level 2 – other significant observable inputs (including unadjusted quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

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The following tables summarize the valuation of the Portfolios’ investments by each fair value hierarchy level as of June 30, 2011:

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2011
U.S. Equity Value Portfolio
Common Stocks	$	14,083,095	$	—		$	—	$	14,083,095
Short-Term Investment		—		170,637			—		170,637
Total	$	14,083,095	$	170,637		$	—	$	14,253,732
U.S. Strategic Equity Portfolio
Common Stocks	$	75,538,570	$	—		$	—	$	75,538,570
Preferred Stock		—		—			554,405		554,405
Short-Term Investment		—		1,533,531			—		1,533,531
Total	$	75,538,570	$	1,533,531		$	554,405	$	77,626,506
U.S. Mid Cap Equity Portfolio
Common Stocks	$	175,770,186	$	—		$	—	$	175,770,186
Preferred Stock		—		—			1,598,417		1,598,417
Short-Term Investment		—		5,074,648			—		5,074,648
Total	$	175,770,186	$	5,074,648		$	1,598,417	$	182,443,251
U.S. Small-Mid Cap Equity Portfolio
Common Stocks	$	234,217,900	$	—		$	—	$	234,217,900
Preferred Stock		—		—			553,672		553,672
Repurchase Agreement		—		13,711,000			—		13,711,000
Total	$	234,217,900	$	13,711,000		$	553,672	$	248,482,572
Global Listed Infrastructure Portfolio
Assets:
Common Stocks	$	238,078,827	$	—		$	—	$	238,078,827
Short-Term Investment		—		1,403,721			—		1,403,721
Other Financial Instruments*
Forward Currency Contracts		—		142,837			—		142,837
Total	$	238,078,827	$	1,546,558		$	—	$	239,625,385
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(2,131,971	)	$	—	$	(2,131,971	)
International Equity Portfolio
Common Stocks	$	118,764,357	$	—		$	—	$	118,764,357
Repurchase Agreement		—		3,898,000			—		3,898,000
Total	$	118,764,357	$	3,898,000		$	—	$	122,662,357
International Equity Select Portfolio
Common Stocks	$	6,858,266	$	—		$	—	$	6,858,266
Short-Term Investment		—		84,775			—		84,775
Total	$	6,858,266	$	84,775		$	—	$	6,943,041
International Strategic Equity Portfolio
Common Stocks	$	451,159,849	$	—		$	—	$	451,159,849
Preferred Stock		5,410,561		—			—		5,410,561
Short-Term Investment		—		13,221,643			—		13,221,643
Total	$	456,570,410	$	13,221,643		$	—	$	469,792,053

128  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2011
International Small Cap Equity Portfolio
Common Stocks	$	68,348,332	$	—		$	—	$	68,348,332
Preferred Stock		822,543		—			—		822,543
Short-Term Investment		—		361,320			—		361,320
Total	$	69,170,875	$	361,320		$	—	$	69,532,195
Emerging Markets Equity Portfolio
Common Stocks	$	16,689,622,670	$	—		$	—	$	16,689,622,670
Preferred Stocks		738,048,233		—			—		738,048,233
Short-Term Investment		—		204,607,039			—		204,607,039
Total	$	17,427,670,903	$	204,607,039		$	—	$	17,632,277,942
Developing Markets Equity Portfolio
Common Stocks	$	244,195,114	$	1,865,834		$	—	$	246,060,948
Preferred Stocks		14,069,279		—			—		14,069,279
Short-Term Investment		—		11,764,053			—		11,764,053
Total	$	258,264,393	$	13,629,887		$	—	$	271,894,280
Emerging Markets Equity Blend Portfolio
Common Stocks	$	104,382,276	$	—		$	—	$	104,382,276
Preferred Stocks		6,240,910		—			—		6,240,910
Short-Term Investment		—		7,489,731			—		7,489,731
Total	$	110,623,186	$	7,489,731		$	—	$	118,112,917
Emerging Markets Multi-Strategy Portfolio
Assets:
Common Stocks	$	19,678,470	$	—		$	—	$	19,678,470
Preferred Stocks		1,171,981		—			—		1,171,981
Corporate Bonds		—		1,582,510			—		1,582,510
Foreign Government Obligations		—		5,218,043			—		5,218,043
Quasi Bonds		—		914,104			—		914,104
Supranationals		—		65,394			—		65,394
U.S. Treasury Obligations		—		4,299,562			—		4,299,562
Short-Term Investment		—		5,911,279			—		5,911,279
Other Financial Instruments*
Purchased Options		—		15,877			—		15,877
Forward Currency Contracts		—		104,687			—		104,687
Total	$	20,850,451	$	18,111,456		$	—	$	38,961,907
Liabilities:
Other Financial Instruments*
Written Options	$	—	$	(6,678	)	$	—	$	(6,678	)
Swap Agreement		—		(792	)		—		(792	)
Forward Currency Contracts		—		(76,159	)		—		(76,159	)
Total	$	—	$	(83,629	)	$	—	$	(83,629	)
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds	$	—	$	2,749,361		$	—	$	2,749,361
Foreign Government Obligations		—		12,919,062			—		12,919,062
Quasi Bonds		—		1,968,680			—		1,968,680
Supranationals		—		255,598			—		255,598
Short-Term Investment		—		2,008,095			—		2,008,095
Other Financial Instruments*
Purchased Options		—		34,280			—		34,280
Forward Currency Contracts		—		39,441			—		39,441
Total	$	—	$	19,974,517		$	—	$	19,974,517

Semi-Annual Report  129

Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Balance as of June 30, 2011
Emerging Markets Debt Portfolio (continued)
Liabilities:
Other Financial Instruments*
Written Options	$	—	$	(5,633	)		$	—	$	(5,633	)
Forward Currency Contracts		—		(18,926	)			—		(18,926	)
Total	$	—	$	(24,559	)		$	—	$	(24,559	)
U.S. High Yield Portfolio
Corporate Bonds	$	—	$	152,604,388			$	—	$	152,604,388
Warrant		—		—				5		5
Short-Term Investment		—		5,753,294				—		5,753,294
Total	$	—	$	158,357,682			$	5	$	158,357,687
U.S. Municipal Portfolio
Municipal Bonds	$	—	$	11,038,195			$	—	$	11,038,195
Short-Term Investment		—		93,404				—		93,404
Total	$	—	$	11,038,195			$	—	$	11,131,599
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	203,498,866	$	—			$	—	$	203,498,866
Closed-End Management Investment Companies		10,936,425		—				—		10,936,425
Short-Term Investment		—		45,791,554				—		45,791,554
Other Financial Instruments*
Purchased Options		2,408,560		—				—		2,408,560
Swap Agreements		—		318,570				—		318,570
Total	$	216,843,851	$	46,110,124			$	—	$	262,953,975
Liabilities:
Other Financial Instruments*
Forward Currency Contracts	$	—	$	(69,184	)		$	—	$	(69,184	)

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

The common stock included in Level 2 was valued based on reference to a similar security from the same issuer which was trading on an active market. The 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 options included in Level 2 were valued based on values provided by an independent pricing vendors model, designed to produce prices that very closely reflect those quoted by global interbank brokers. The swap agreements included in Level 2 were valued based on the value of the underlying assets in the equity 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. The short-term investment included in Level 2 was valued at the fund’s net

asset value. The repurchase agreements included in Level 2 were valued at the principal amounts plus accrued interest.

In connection with the periodic implementation of fair value pricing procedures with respect to foreign securities (see Note 2(a)), certain securities in the Global Listed Infrastructure, International Equity, International Equity Select, International Strategic Equity, International Small Cap Equity, Emerging Market Equity, Developing Markets Equity, Emerging Markets Equity Blend and Emerging Markets Multi-Strategy Portfolios are transferred from Level 1 to Level 2 and revert to Level 1 when the fair value pricing procedure triggers are no longer met. There were no significant transfers into and out of Levels 1, 2, or 3 as of June 30, 2011.

For further information regarding security characteristics see the Portfolios of Investments.

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Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value during the period ended June 30, 2011:

Description	Balance as of December 31, 2010			Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation			Purchases			Sales			Net Transfers Into Level 3			Net Transfers Out of Level 3			Balance as of June 30, 2011			Net Change in Unrealized Appreciation from Investments Still Held at June 30, 2011
U.S. Strategic Equity
Preferred Stock		$	453,501		$	—		$	—		$	100,904		$	—		$	—		$	—		$	—		$	554,405		$	100,904
U.S. Mid Cap Equity
Preferred Stock		$	1,307,499		$	—		$	—		$	290,918		$	—		$	—		$	—		$	—		$	1,598,417		$	290,918
U.S. Small-Mid Cap Equity
Preferred Stock		$	452,901		$	—		$	—		$	100,771		$	—		$	—		$	—		$	—		$	553,672		$	100,771
U.S. High Yield*
Warrant		$	5		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	5		$	—

* U.S. High Yield Portfolio held two other Level 3 securities as of June 30, 2011 that have been excluded from this table as they have no market value.

10. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts or swap agreements. Forward currency contracts may be used for hedging purposes or to seek to increase returns.

The principal reason for a Portfolio’s writing or purchasing of covered call and put options is to realize, through the receipt of premiums and changes in market value, a greater return than would be realized on the underlying securities alone.

A Portfolio enters into swap agreements in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to the Portfolio than if the Portfolio had invested directly in the asset that yielded the desired return.

Global Listed Infrastructure Portfolio

During the period ended June 30, 2011, the cost of purchases and the proceeds from sales of forward currency contracts were $201,053,876 and $213,100,146, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2011:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	142,837
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	2,131,971

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2011 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized loss on forward currency contracts	$	(9,584,350	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	526,498

Semi-Annual Report  131

Emerging Markets Multi-Strategy Portfolio

During the period ended June 30, 2011, the cost of purchases and the proceeds from sales of forward currency contracts were $7,003,414 and $7,787,302, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2011:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	104,687
Gross unrealized appreciation on written options	$	6,336
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	76,159
Gross unrealized depreciation on purchased options	$	7,449
Equity Risk:
Gross unrealized depreciation on swap agreement	$	792

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2011 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	56,151
Net realized gain on options	$	2,745
Equity Risk:
Net realized gain on swap agreements	$	2,533
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	28,528
Net change in unrealized depreciation on options	$	(1,113	)
Equity Risk:
Net change in unrealized depreciation on swap agreement	$	(792	)

Emerging Markets Debt Portfolio

During the period ended June 30, 2011, the cost of purchases and the proceeds from sales of forward currency contracts were $3,891,335 and $4,940,422, respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2011:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	39,441
Gross unrealized appreciation on written options	$	7,001
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	18,926
Gross unrealized depreciation on purchased options	$	16,391

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2011 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized gain on forward currency contracts	$	63,273
Net realized gain on options	$	4,893
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized appreciation on forward currency contracts	$	20,515
Net change in unrealized depreciation on options	$	(9,390	)

132  Semi-Annual Report

Capital Allocator Opportunistic Strategies Portfolio

During the period ended June 30, 2011, the cost of purchases and the proceeds from sales of forward currency contracts were $7,249,400 and $17,533,902 respectively.

The following table summarizes the fair value of derivative instruments on its Statement of Assets and Liabilities as of June 30, 2011:

	Fair Value
Asset Derivatives
Equity Risk:
Gross unrealized appreciation on swap agreements	$	318,570
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	69,184
Equity Risk:
Gross unrealized depreciation on purchased option	$	1,908,895

The effect of derivative instruments on its Statement of Operations for the period ended June 30, 2011 was:

	Amount
Realized Gain (Loss) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net realized loss on forward currency contracts	$	(527,531	)
Equity Risk:
Net realized gain on options	$	926,350
Net realized gain on swap agreements	$	711,460
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange Risk:
Net change in unrealized depreciation on forward currency contracts	$	(260,258	)
Equity Risk:
Net change in unrealized depreciation on options	$	(2,355,194	)
Net change in unrealized appreciation on swap agreements	$	230,560

None of the other Portfolios in the Fund traded in derivatives during the period ended June 30, 2011.

See Notes 2(e) and 2(f) and the Portfolios of Investments for additional disclosures about derivative instruments.

11. Subsequent Events

Management has evaluated the possibility of subsequent events affecting the Fund’s financial statements and has determined that there are no such subsequent events that would require disclosure.

Semi-Annual Report  133

    The Lazard Funds, Inc. Board of Directors and Officers Information (unaudited)

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Non-Interested Directors:
Kenneth S. Davidson (66)(3)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Aquiline Holdings LLC, an investment manager, Partner (2006 – present)
Nancy A. Eckl (48)	Director (April 2007)	American Beacon Advisors, Inc. (“American Beacon”) and certain funds advised by American Beacon, Vice President (1990 – 2006)
		College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (51 funds) and TIAA-CREF Life Funds (10 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Lester Z. Lieberman (81)	Director (October 1991)	Private Investor
Leon M. Pollack (70)	Director (August 2006)	Private Investor
Richard Reiss, Jr. (67)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – present)
Robert M. Solmson (63)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)
Interested Directors(4):
Charles L. Carroll (50)	Chief Executive Officer, President and Director (June 2004)	Investment Manager, Deputy Chairman and Head of Global Marketing (2004 – present)
Ashish Bhutani (51)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present) Lazard Ltd, Vice Chairman and Director (2010 – present)

(1)	The address of each Director is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director also serves as a Director for each of the Lazard Funds (comprised of, as of July 31, 2011, 23 active investment portfolios). Each Director serves for an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other Lazard Funds. All of the Independent Directors, except Mr. Lieberman, are also board members of Lazard Alternative Strategies Fund, L.L.C., a privately-offered fund registered under the Act and advised by an affiliate of the Investment Manager.
(3)	It is possible that Mr. Davidson could be deemed to be an affiliate of a company that has an indirect ownership interest in a broker-dealer that the Investment Manager may use to execute portfolio transactions for clients other than the Portfolios, and thus an “interested person” (as defined in the Act) of the Fund. However, due to the structure of Mr. Davidson’s relationship with the company and the remote nature of any deemed affiliation with the broker-dealer, Mr. Davidson is not identified as an “interested person” (as defined in the Act) of the Fund. Mr. Davidson participates in Fund Board meetings as if his status were that of an “interested person” (as defined in the Act).
(4)	Messrs. Bhutani and Carroll are “interested persons” (as defined in the Act) of the Fund because of their positions with the Investment Manager.

The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300.

134  Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Nathan A. Paul (38)	Vice President and Secretary (April 2002)	Managing Director and General Counsel of the Investment Manager
Stephen St. Clair (52)	Treasurer (May 2003)	Vice President of the Investment Manager
Brian D. Simon (49)	Chief Compliance Officer (January 2009) and Assistant Secretary (November 2002)	Managing Director (since February 2011, previously Director) of the Investment Manager and Chief Compliance Officer (since January 2009) of the Investment Manager and the Fund
Tamar Goldstein (36)	Assistant Secretary (February 2009)	Vice President (since March 2009) and previously Counsel (November 2006 to February 2009) of the Investment Manager; Associate at Schulte Roth & Zabel LLP, a law firm, from May 2004 to October 2006
Cesar A. Trelles (36)	Assistant Treasurer (December 2004)	Vice President (since February 2011, previously Fund Administration Manager) of the Investment Manager

(1)	The address of each officer is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other Lazard Funds.
(3)	In addition to Charles L. Carroll, President, whose information is included in the Interested Directors section.

Semi-Annual Report  135

   The Lazard Funds, Inc. Other Information (unaudited)

Proxy Voting
A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at http://www.sec.gov.

The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at http://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Form N-Q
The Fund files a complete schedule of each Portfolio’s holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Board Consideration of Management Agreements

At the meeting of the Fund’s Board held on May 31 and June 1, 2011, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of its Portfolios (except the Emerging Markets Multi-Strategy, Emerging Markets Debt and U.S. Municipal Portfolios, which had commenced operations in 2011 and for which the Management Agreement was not up for approval until 2012), and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Investment Manager.

Services Provided
Representatives of the Investment Manager discussed with the Board the Investment Manager’s written presentation provided in advance of the meeting addressing, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the Lazard Funds complex of 23 active funds comprises approximately $21.7 billion of the nearly $145 billion of total assets under the management of the Investment Manager and its

global affiliates as of March 31, 2011). The representatives of the Investment Manager noted that the Investment Manager believes that the Fund continues to benefit significantly from the infrastructure and services provided by the Investment Manager’s global investment management platform, technology, operational and legal and compliance support and significant marketing infrastructure across broad distribution channels. The Directors also considered information provided by the Investment Manager regarding its personnel, resources, financial condition and experience. The representatives of the Investment Manager reviewed the Fund’s distribution channels, the relationships with various intermediaries, marketing activities on behalf of the Portfolios and Portfolio asset flows and the growth or decline in asset levels.

The Directors considered the various services provided by the Investment Manager including the Investment Manager’s research and portfolio management capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements. The Directors also considered the Investment Manager’s infrastructure and agreed that the Fund benefits from the services and infrastructure provided by the Investment Manager. The Directors accepted management’s assertion that such services and infrastructure are greater than those typically provided to a $21.7 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Management Fee, Expense Ratio and Performance Information
The Directors reviewed comparative management fee, expense ratio and performance (through March 31, 2011) information prepared by Lipper, Inc. (“Lipper”), noting the limitations of certain Lipper comparison groups (each, a “Group”). Lipper’s materials stated that Lipper’s reports are specifically designed to provide boards of directors the necessary fee, expense and investment performance information to help fulfill their advisory contract renewal responsibilities under Section 15(c) of the Act.

Management Fees and Expense Ratios. The Directors discussed the management fees and expense ratios for each Portfolio. They noted the methodology and assumptions used by Lipper, including that management fee comparisons include administrative fees (which, for the Portfolios, are paid to the

136  Semi-Annual Report

Fund’s third party administrator that is not affiliated with the Investment Manager) and that the quintile rankings used therein (referred to below) did not include fixed dollar amounts paid to administrators. It was noted that such fixed fees were not material relative to the Portfolios’ management fees, but could affect management fee quintile rankings if included in Lipper’s analysis.

In reviewing Lipper’s analysis, it was noted that, for at least one share class of each Portfolio, contractual management fees are in the first or second quintiles of the relevant Group (lower than median), except for the Global Listed Infrastructure, Emerging Markets Equity and Capital Allocator Opportunistic Strategies Portfolios (for which, for each Portfolio, for one share class the contractual management fee was at or near the median), and that, except for the Global Listed Infrastructure Portfolio, for at least one share class of all Portfolios, expense ratios were within the range of those of the funds in the relevant Group. For the Global Listed Infrastructure Portfolio and Capital Allocator Opportunistic Strategies Portfolio, it was noted that the relevant Group and/or Lipper universe (“Universe”) may not provide the most appropriate comparison given the specialty nature of the Portfolios. The Directors considered that the Investment Manager continues to voluntarily enter into fee waiver and expense reimbursement agreements for all of the Portfolios and that for certain of the Portfolios the Investment Manager was waiving management fees and, if necessary, reimbursing expenses.

The Directors also considered management fees paid to the Investment Manager by funds advised or sub-advised by the Investment Manager utilizing the same investment strategies as the Portfolios, as well as the Investment Manager’s separately managed accounts with similar investment objectives, policies and strategies (for each Portfolio, collectively with such funds, “Similar Accounts”). The Directors discussed the fees paid to the Investment Manager by the Fund’s Portfolios compared to the fees paid to the Investment Manager by Similar Accounts. Representatives of the Investment Manager discussed the nature of the Similar Accounts and the differences, from the Investment Manager’s perspective, in services provided to the different types of Similar Accounts as compared to the services provided to the Portfolios. The Directors considered the relevance of the fee information provided for Similar Accounts managed by the Investment Manager, in light of

the differences in services provided, to evaluate the appropriateness and reasonableness of the Portfolios’ management fees.

Performance. The Directors noted that, as discussed below, the Portfolios’ investment returns were variously above, at or below the median ranges of the relevant Group and/or Universe over measurement periods up to ten years through March 31, 2011.

The performance of U.S. Equity Value, U.S. Strategic Equity, U.S. Mid Cap Equity and Capital Allocator Opportunistic Strategies Portfolios was better than the Group median for most periods; U.S. Small-Mid Cap Equity Portfolio and Developing Markets Equity Portfolio, both classes, were in the first or second quintile of the Group and Universe for all periods; International Equity Portfolio, International Equity Select Portfolio, International Strategic Equity Portfolio and Emerging Markets Equity Portfolio, both classes, was variously above, at or below the Group and Universe medians for all periods; International Small Cap Equity Portfolio, both classes, was variously below or at the Group and Universe medians for all periods; Emerging Markets Equity Blend Portfolio, both classes, was competitive with the Group and Universe medians; and Global Listed Infrastructure and High Yield Portfolios, both classes, were below the Group and Universe medians for all periods.

The Directors had received and would continue to receive regular updates on the Investment Manager’s efforts in respect of underperforming Portfolios.

Investment Manager Profitability and Economies of Scale
The Directors reviewed information prepared by the Investment Manager for each Portfolio concerning profits realized by the Investment Manager and its affiliates resulting from the Management Agreement, calculated using the actual revenues received for the calendar year ended December 31, 2010 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s expenses. The representatives of the Investment Manager stated that neither the Investment Manager nor its affiliates receive any significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. The Investment Manager’s representatives stated that the broker-dealer that is treated as an affiliate of the Investment Manager did not effect trades for the Portfolios in the period

Semi-Annual Report  137

under review, and the Investment Manager did not benefit from money flow (float) in connection with transactions in the Portfolios’ shares. The Investment Manager’s representatives reviewed with the Board information provided on the Investment Manager’s brokerage practices and the Portfolios’ brokerage allocation, commission payments and soft dollar commissions and benefits. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.

The profitability percentages were within ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. Representatives of the Investment Manager stated that the Investment Manager believed the profits are not unreasonable in light of the services provided and other factors. The Directors considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of whether the Portfolio’s fee under the Management Agreement bears a reasonable relationship to the mix of services provided by the Investment Manager, including the nature, extent and quality of such services, and evaluated profitability in light of the relevant circumstances for each Portfolio, including the size of each Portfolio and the trend in asset growth or decline. Representatives of the Investment Manager and the Directors discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of money back into its business, waiving or reimbursing Portfolio expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting relatively low

management fees from inception. It was noted that, for Portfolios with declining or stable assets, the extent to which the Investment Manager may have realized any economies of scale would be reduced.

At the conclusion of these discussions, each of the Directors expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Management Agreement. Based on its discussions and considerations as described above, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of advisory and research services and other services and infrastructure (as discussed above) associated with a nearly $145 billion global asset management business.

• The Board was generally satisfied with the overall performance of the Portfolios, but would continue to monitor performance of the Portfolios with performance that was not generally above or competitive with Group or Universe medians.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager was reasonable in light of the considerations discussed above.

• The Board recognized that economies of scale may be realized as the assets of the Portfolios increase and determined that they would continue to consider potential material economies of scale.

The Board considered these conclusions and determinations in their totality and, without any one factor being dispositive, determined that approval of the Management Agreement for the Fund, on behalf of each Portfolio, was in the best interests of the Portfolio and its shareholders.

138  Semi-Annual Report

NOTES

NOTES

NOTES

NOTES

NOTES

NOTES

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

http://www.LazardNet.com

Investment Manager

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

Distributor

Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Custodian

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

Transfer Agent and Dividend Disbursing Agent

Boston Financial Data Services, Inc.

P.O. Box 8514

Boston, Massachusetts 02266-8514

Telephone: 800-986-3455

Independent Registered Public Accounting Firm

Anchin, Block & Anchin LLP

1375 Broadway

New York, New York 10018

http://www.anchin.com

Legal Counsel

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, New York 10038-4982

http://www.stroock.com

Performance information as of the most recent month end is available online at www.LazardNet.com.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, NY 10112-6300

800-823-6300

www.LazardNet.com

© 2011 Lazard Asset Management LLC

6/11 LZDPS013

Lazard Funds

ITEM 2.   CODE OF ETHICS.

          Not applicable.

ITEM 3.   AUDIT COMMITTEE FINANCIAL EXPERT.

          Not applicable.

ITEM 4.   PRINCIPAL ACCOUNTANT FEES AND SERVICES.

          Not applicable.

ITEM 5.   AUDIT COMMITTEE OF LISTED REGISTRANTS.

          Not applicable.

ITEM 6.   INVESTMENTS

          Not applicable.

ITEM 7.   DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

          Not applicable.

ITEM 8.   PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

          Not applicable.

ITEM 9.   PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

          Not applicable.

ITEM 10.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

          There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors during the period covered by this report.

ITEM 11.   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-CSR 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-CSR 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 second 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 12. EXHIBITS.

(a)(1)  Not applicable.

(a)(2)  Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3)  Not applicable.

(b)     Certifications of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

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	September 2, 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	September 2, 2011

By	/s/ Stephen St. Clair
	Stephen St. Clair
	Chief Financial Officer
Date	September 2, 2011