LAZARD ASSET MANAGEMENT LLC New York, New York 10112
EXHIBIT 99(d)(2)
LAZARD ASSET MANAGEMENT LLC
00 Xxxxxxxxxxx Xxxxx
New York, New York 10112
September 26, 2019
The Lazard Funds, Inc.
00 Xxxxxxxxxxx Xxxxx
New York, New York 10112
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:
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, dividend and interest expenses on securities sold short (Lazard Enhanced Opportunities Portfolio and Lazard Opportunistic Strategies Portfolio only), fees and expenses of "Acquired Funds" (as defined in Form N-1A) and extraordinary expenses,1 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 Management Agreement between XXX and the Fund, on behalf of the Portfolios (the "Management Agreement"), or XXX will bear, such excess expense.
In addition, until May 1, 2020, to the extent the "Total Annual Fund Operating Expenses" (as used in Form N-1A) of the R6 shares of a Portfolio exceed the Total Annual Fund Operating Expenses of the Portfolio's Institutional shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), XXX will bear the expenses of the R6 shares in the amount of such excess.
This Agreement may only be amended by agreement of the Fund and XXX to lower the net amounts shown and will terminate automatically in the event of termination of the Management Agreement.
LAZARD ASSET MANAGEMENT LLC
By:_________________________________
Xxxxxxx Xxxxxxxxx
Managing Director
Accepted and Agreed To:
THE LAZARD FUNDS, INC.,
on behalf of each of the Portfolios set forth on Schedule A hereto
| By: | ||
| Xxxxxxxxxxx Xxxxxxx | ||
| Chief Financial Officer |
1 Including, for purposes of this letter agreement only, fees and expenses related to filing foreign tax reclaims.
SCHEDULE A
|
Maximum Total Portfolio Operating Expenses (as a percentage of average daily net assets) | |||
| Name of Portfolio | Institutional Shares | Open Shares | R6 Shares |
| Until October 31, 2019 | |||
| Lazard US Equity Focus Portfolio2 | 0.75% | 1.00% | 0.75% |
| Until May 1, 2020 | |||
| Lazard Developing Markets Equity Portfolio | 1.25% | 1.50% | 1.20% |
| Lazard Emerging Markets Core Equity Portfolio | 1.25% | 1.50% | 1.20% |
| Lazard Emerging Markets Debt Portfolio | 0.95% | 1.15% | 0.90% |
| Lazard Emerging Markets Equity Advantage Portfolio | 1.10% | 1.35% | 1.05% |
| Lazard Emerging Markets Equity Blend Portfolio | 1.25% | 1.50% | 1.20% |
| Lazard Emerging Markets Equity Portfolio | 1.20% | 1.45% | 1.15% |
| Lazard Emerging Markets Income Portfolio | 0.80% | 0.95% | 0.75% |
| Lazard Enhanced Opportunities Portfolio | 1.25% | 1.50% | 1.20% |
| Lazard Equity Franchise Portfolio | 0.95% | 1.20% | 0.90% |
| Lazard Explorer Total Return Portfolio | 1.00% | 1.25% | 0.95% |
| Lazard Global Dynamic Multi-Asset Portfolio | 0.90% | 1.15% | 0.90% |
| Lazard Global Equity Select Portfolio | 0.90% | 1.15% | 0.85% |
| Lazard Global Fixed Income Portfolio | 0.70% | 0.95% | 0.65% |
| Lazard Global Strategic Equity Portfolio | 1.00% | 1.25% | 0.95% |
| Lazard International Equity Advantage Portfolio | 0.90% | 1.15% | 0.85% |
| Lazard International Equity Concentrated Portfolio | 0.95% | 1.20% | 0.90% |
| Lazard International Equity Portfolio | 0.85% | 1.10% | 0.80% |
| Lazard International Equity Select Portfolio | 0.90% | 1.15% | 0.85% |
| Lazard International Small Cap Equity Portfolio | 1.13% | 1.38% | 1.08% |
| Lazard International Strategic Equity Portfolio | 1.05% | 1.30% | 1.00% |
| Lazard Managed Equity Volatility Portfolio | 0.75% | 1.00% | 0.70% |
| Lazard Opportunistic Strategies Portfolio | 1.02% | 1.27% | 1.02% |
| Lazard Real Assets and Pricing Opportunities Portfolio | 0.90% | 1.15% | 0.85% |
| Lazard US Corporate Income Portfolio | 0.55% | 0.80% | 0.55% |
| Lazard US Equity Concentrated Portfolio | 0.90% | 1.15% | 0.85% |
| Lazard US Equity Focus Portfolio | 0.70% | 0.95% | 0.70% |
| Lazard US Short Duration Fixed Income Portfolio | 0.40% | 0.65% | 0.35% |
| Lazard US Small-Mid Cap Equity Portfolio | 1.15% | 1.40% | 1.10% |
| 2 | Portfolio name effective October 31, 2019. Prior to October 31, 2019, the name of the Portfolio is Lazard US Equity Select Portfolio. |
|
Maximum Total Portfolio Operating Expenses (as a percentage of average daily net assets) | |||
| Name of Portfolio | Institutional Shares | Open Shares | R6 Shares |
| Until October 31, 2020 | |||
| Lazard International Equity Value Portfolio | 0.95% | 1.20% | 0.90% |
| Until December 31, 2020 | |||
| Lazard International Quality Growth Portfolio | 0.85% | 1.10% | 0.80% |
| Through May 1, 2029 | |||
| Lazard Global Listed Infrastructure Portfolio | 1.20% | 1.45% | 1.15% |
| Lazard US Realty Equity Portfolio | 1.00% | 1.25% | 0.95% |
| From May 1, 2020 through May 1, 2029 | |||
| Lazard Emerging Markets Debt Portfolio | 1.10% | 1.35% | 1.05% |
| Lazard International Equity Select Portfolio | 1.15% | 1.40% | 1.10% |
| Lazard US Equity Concentrated Portfolio | 1.10% | 1.35% | 1.05% |
