EX-99.(D)(2) 4 c65751_ex99-d2.htm

Exhibit (d)(2)

LAZARD ASSET MANAGEMENT LLC
30 Rockefeller Plaza
New York, New York 10112

 

 

 

August 3, 2011

The Lazard Funds, Inc.
30 Rockefeller Plaza
New York, New York 10112

Re:           Letter of Agreement

Ladies and Gentlemen:

Lazard Asset Management LLC (“LAM”), intending to be legally bound, hereby confirms its agreement as follows in respect of each of the portfolios (each, a “Portfolio”) of The Lazard Funds, Inc. (the “Fund”) set forth on Schedule A hereto:

 

 

 

For the respective periods set forth on Schedule A hereto, if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, and excluding shareholder redemption fees or other transaction fees, but including the management fee stated in the Investment Management Agreement between LAM and the Fund, on behalf of the Portfolios (the “Investment Management Agreement”), exceed the percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name on Schedule A hereto, the Fund, on behalf of the Portfolio, may deduct from the payment to be made to LAM under the Investment Management Agreement, or LAM will bear, such excess expense.

This Agreement is effective immediately. This Agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors, and LAM to lower the net amounts shown and will terminate automatically in the event of termination of the Investment Management Agreement.

 

 

 

 

 

 

LAZARD ASSET MANAGEMENT LLC

 

 

 

 

 

 

By:

 

 

 

 

 

 

 

Gerald Mazzari,

 

 

 

Managing Director

Accepted and Agreed To:

 

 

 

 

 

 

THE LAZARD FUNDS, INC.,

 

 

   on behalf of each of the Portfolios

 

 

   set forth on Schedule A hereto

 

 

 

 

 

 

By:

 

 

 

 

 

 

 

Stephen St. Clair,

 

 

 

Treasurer

 

 

SCHEDULE A

 

 

 

 

 

 

 

Maximum Total Portfolio
Operating Expenses
(as a percentage of
average daily net assets)

 

 

 

 

 

 

 

Name of Portfolio

 

Institutional Shares

 

Open Shares

 

 

 

From March 31, 2011 through April 30, 2012

 

 

 

 

 

 

 

 

 

Lazard U.S. Equity Value Portfolio

 

0.75%

 

1.05%

Lazard U.S. Strategic Equity Portfolio

 

0.75%

 

1.05%

Lazard U.S. Mid Cap Equity Portfolio

 

1.05%

 

1.35%

Lazard U.S. Small-Mid Cap Equity Portfolio

 

1.15%

 

1.45%

Lazard International Equity Portfolio

 

1.05%

 

1.35%

Lazard International Strategic Equity Portfolio

 

1.15%

 

1.45%

Lazard International Small Cap Equity Portfolio

 

1.13%

 

1.43%

Lazard Emerging Markets Equity Portfolio

 

1.30%

 

1.60%

Lazard Developing Markets Equity Portfolio

 

1.30%

 

1.60%

Lazard Emerging Markets Equity Blend Portfolio

 

1.35%

 

1.65%

Lazard Emerging Markets Multi-Strategy Portfolio

 

1.30%

 

1.60%

Lazard U.S. High Yield Portfolio

 

0.55%

 

0.85%

Lazard Capital Allocator Opportunistic Strategies Portfolio

 

1.02%

 

1.32%

Lazard Emerging Markets Debt Portfolio

 

1.10%

 

1.40%

Lazard U.S. Municipal Portfolio

 

0.40%

 

0.70%

 

 

 

 

 

From May 1, 2012 through April 30, 2021

 

 

 

 

 

 

 

 

 

Lazard U.S. Equity Value Portfolio

 

1.10%

 

1.40%

 

 

 

 

 

From March 31, 2011 through April 30, 2021

 

 

 

 

 

 

 

 

 

Lazard International Equity Select Portfolio

 

1.15%

 

1.45%

Lazard Global Listed Infrastructure Portfolio

 

1.30%

 

1.60%

 

 

 

 

 

For three years after the closing of the Portfolio’s Reorganization1

 

 

 

 

 

 

 

 

 

Lazard U.S. Realty Income Portfolio

 

1.15%

 

1.45%

Lazard U.S. Realty Equity Portfolio

 

1.20%

 

1.50%

Lazard International Realty Equity Portfolio

 

1.30%

 

1.60%

 

 

 

1 As defined in the Registration Statement on Form N-14 applicable to the Portfolios.