LAZARD ASSET MANAGEMENT LLC 30 Rockefeller Plaza New York, New York 10112
Exhibit (d)(2)
LAZARD ASSET MANAGEMENT LLC
00 Xxxxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
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August 3, 2011 |
The Lazard
Funds, Inc.
00 Xxxxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Letter of Agreement
Ladies and Gentlemen:
Lazard Asset Management LLC (“XXX”), 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:
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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 XXX 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 XXX under the Investment Management Agreement, or XXX 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 XXX to lower the net amounts shown and will terminate automatically in the event of termination of the Investment Management Agreement.
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LAZARD ASSET MANAGEMENT LLC |
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By: |
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Xxxxxx Xxxxxxx, |
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Managing Director |
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Accepted and Agreed To: |
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THE LAZARD FUNDS, INC., |
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on behalf of each of the Portfolios |
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set forth on Schedule A hereto |
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By: |
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Xxxxxxx St. Clair, |
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Treasurer |
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SCHEDULE A
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Maximum
Total Portfolio |
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Name of Portfolio |
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Institutional Shares |
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Open Shares |
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From March 31, 2011 through April 30, 2012 |
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Lazard U.S. Equity Value Portfolio |
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0.75% |
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1.05% |
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Lazard U.S. Strategic Equity Portfolio |
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0.75% |
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1.05% |
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Lazard U.S. Mid Cap Equity Portfolio |
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1.05% |
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1.35% |
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Lazard U.S. Small-Mid Cap Equity Portfolio |
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1.15% |
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1.45% |
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Lazard International Equity Portfolio |
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1.05% |
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1.35% |
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Lazard International Strategic Equity Portfolio |
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1.15% |
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1.45% |
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Lazard International Small Cap Equity Portfolio |
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1.13% |
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1.43% |
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Lazard Emerging Markets Equity Portfolio |
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1.30% |
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1.60% |
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Lazard Developing Markets Equity Portfolio |
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1.30% |
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1.60% |
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Lazard Emerging Markets Equity Blend Portfolio |
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1.35% |
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1.65% |
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Lazard Emerging Markets Multi-Strategy Portfolio |
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1.30% |
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1.60% |
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Lazard U.S. High Yield Portfolio |
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0.55% |
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0.85% |
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Lazard Capital Allocator Opportunistic Strategies Portfolio |
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1.02% |
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1.32% |
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Lazard Emerging Markets Debt Portfolio |
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1.10% |
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1.40% |
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Lazard U.S. Municipal Portfolio |
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0.40% |
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0.70% |
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From May 1, 2012 through April 30, 2021 |
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Lazard U.S. Equity Value Portfolio |
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1.10% |
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1.40% |
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From March 31, 2011 through April 30, 2021 |
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Lazard International Equity Select Portfolio |
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1.15% |
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1.45% |
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Lazard Global Listed Infrastructure Portfolio |
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1.30% |
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1.60% |
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For three years after the closing of the Portfolio’s Reorganization1 |
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Lazard U.S. Realty Income Portfolio |
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1.15% |
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1.45% |
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Lazard U.S. Realty Equity Portfolio |
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1.20% |
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1.50% |
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Lazard International Realty Equity Portfolio |
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1.30% |
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1.60% |
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1 As defined in the Registration Statement on Form N-14 applicable to the Portfolios.
