LAZARD ASSET MANAGEMENT LLC
Exhibit 99(d)(2)
LAZARD ASSET MANAGEMENT LLC
00 Xxxxxxxxxxx Xxxxx
New York, New York 10112
September 30, 2014
The Lazard Funds, Inc.
00 Xxxxxxxxxxx Xxxxx
New York, New York 10112
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:
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 Fundamental Long/Short Portfolio, Lazard Master Alternatives Portfolio and Lazard Capital Allocator Opportunistic Strategies Portfolio only), 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 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 Investment Management Agreement.
| LAZARD ASSET MANAGEMENT LLC | |||
| By: | |||
| Xxxxxx Xxxxxxx | |||
| Managing Director | |||
Accepted and Agreed To:
| THE LAZARD FUNDS, INC., | ||
| on behalf of each of the Portfolios | ||
| set forth on Schedule A hereto |
| By: | ||
| Xxxxxxx Xx. Xxxxx | ||
| Treasurer |
SCHEDULE A
| Maximum Total Portfolio | |
| Operating Expenses | |
| (as a percentage of | |
| average daily net assets) |
| Name of Portfolio | Institutional Shares | Open Shares | R6 Shares | |||
| Through April 30, 2015 | ||||||
| Lazard US Equity Concentrated Portfolio | 0.95% | 1.25% | 0.90% | |||
| Lazard US Strategic Equity Portfolio | 0.75% | 1.05% | 0.70% | |||
| Lazard US Mid Cap Equity Portfolio | 1.05% | 1.35% | 1.00% | |||
| Lazard US Small-Mid Cap Equity Portfolio | 1.15% | 1.45% | 1.10% | |||
| Lazard International Equity Portfolio | 1.05% | 1.35% | 1.00% | |||
| Lazard International Strategic Equity Portfolio | 1.15% | 1.45% | 1.10% | |||
| Lazard International Small Cap Equity Portfolio | 1.13% | 1.43% | 1.08% | |||
| Lazard Emerging Markets Equity Portfolio | 1.30% | 1.60% | 1.25% | |||
| Lazard Developing Markets Equity Portfolio | 1.30% | 1.60% | 1.25% | |||
| Lazard Emerging Markets Equity Blend Portfolio | 1.30% | 1.60% | 1.25% | |||
| Lazard Emerging Markets Debt Portfolio | 1.00% | 1.30% | 0.95% | |||
| Lazard Explorer Total Return Portfolio | 1.20% | 1.50% | 1.15% | |||
| Lazard US Corporate Income Portfolio | 0.55% | 0.85% | 0.50% | |||
| Lazard US Short Duration Fixed Income Portfolio | 0.40% | 0.70% | 0.35% | |||
| Lazard Global Fixed Income Portfolio | 0.80% | 1.10% | 0.75% | |||
| Lazard Capital Allocator Opportunistic Strategies Portfolio | 1.02% | 1.32% | 0.97% | |||
| Lazard Global Dynamic Multi Asset Portfolio | 0.90% | 1.20% | 0.85% | |||
| Through October 31, 2015 | ||||||
| Lazard Emerging Markets Core Equity Portfolio | 1.30% | 1.60% | 1.25% | |||
| Through December 31, 2015 | ||||||
| Lazard Global Equity Select Portfolio | 1.10% | 1.40% | 1.05% | |||
| Through April 30, 2016 | ||||||
| Lazard US Realty Income Portfolio | 1.00% | 1.30% | 0.95% | |||
| Lazard Global Realty Equity Portfolio | 1.10% | 1.40% | 1.05% | |||
| Lazard Emerging Markets Income Portfolio | 0.90% | 1.20% | 0.85% | |||
| Lazard Fundamental Long/Short Portfolio | 1.70% | 1.95% | 1.65% | |||
| Through August 29, 2016 | ||||||
| Lazard International Equity Concentrated Portfolio | 1.15% | 1.45% | 1.10% | |||
| Lazard Global Strategic Equity Portfolio | 1.10% | 1.40% | 1.05% |
| Through September 30, 2016 | |||
| Lazard Master Alternatives Portfolio | 1.70% | 1.95% | 1.65% |
| Lazard US Small Cap Equity Growth Portfolio | 1.10% | 1.40% | 1.05% |
| Through April 30, 2024 | |||
| Lazard Global Listed Infrastructure Portfolio | 1.30% | 1.60% | 1.25% |
| Lazard International Equity Select Portfolio | 1.15% | 1.45% | 1.10% |
| Lazard Emerging Markets Multi Asset Portfolio | 1.30% | 1.60% | 1.25% |
| Lazard US Realty Equity Portfolio | 1.05% | 1.35% | 1.00% |
| From May 1, 2015 through April 30, 2024 | |||
| Lazard US Equity Concentrated Portfolio | 1.10% | 1.40% | 1.05% |
| Lazard Emerging Markets Debt Portfolio | 1.10% | 1.40% | 1.05% |
