REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Board of Directors of The Lazard Funds, Inc. and
the Shareholders of the Portfolios:
In planning and performing our audits of the financial
statements (consolidated, where applicable) of The
Lazard Funds, Inc. (the "Fund"), including the Lazard
Developing Markets Equity Portfolio, Lazard Emerging
Markets Core Equity Portfolio, Lazard Emerging
Markets Equity Advantage Portfolio, Lazard Emerging
Markets Equity Blend Portfolio,  Lazard Emerging
Markets Equity Portfolio, Lazard Equity Franchise
Portfolio,  Lazard Global Equity Select Portfolio, Lazard
Global Listed Infrastructure Portfolio, Lazard Global
Realty Equity Portfolio, Lazard Global Strategic Equity
Portfolio, Lazard International Compounders Portfolio,
Lazard International Equity Advantage Portfolio, Lazard
International Equity Concentrated Portfolio, Lazard
International Equity Portfolio, Lazard International
Equity Select Portfolio, Lazard International Equity
Value Portfolio, Lazard International Small Cap Equity
Portfolio, Lazard International Strategic Equity
Portfolio, Lazard Managed Equity Volatility Portfolio,
Lazard US Equity Concentrated Portfolio, Lazard US
Equity Select Portfolio, Lazard US Realty Equity
Portfolio, Lazard US Small-Mid Cap Equity Portfolio,
Lazard Emerging Markets Debt Portfolio, Lazard Global
Fixed Income Portfolio, Lazard US Corporate Income
Portfolio, Lazard US Short Duration Fixed Income
Portfolio, Lazard Emerging Markets Income Portfolio,
Lazard Enhanced Opportunities Portfolio, Lazard
Explorer Total Return Portfolio, Lazard Global Dynamic
Multi-Asset Portfolio, Lazard Opportunistic Strategies
Portfolio, and Lazard Real Assets and Pricing
Opportunities Portfolio (collectively, the "Portfolios"),
as of and for the respective year or period ended
December 31, 2018, in accordance with the standards of
the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Fund's
internal control over financial reporting, including
controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such
opinion.
The management of the Fund is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
A fund's internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes
in accordance with generally accepted accounting
principles. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
is being made only in accordance with authorizations of
management and directors of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition
of a fund's assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the fund's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the Fund's
internal control over financial reporting and its
operation, including controls for safeguarding securities,
that we consider to be a material weakness, as defined
above, as of December 31, 2018.
This report is intended solely for the information and use
of management and the Board of Directors of The
Lazard Funds, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.
/s/ DELOITTE & TOUCHE LLP
New York, New York
February 26, 2019