Lazard Global Listed Infrastructure Portfolio

The fund invests at least 80% of assets in equity securities of infrastructure companies—those deriving at least 50% of revenues or assets from energy production and distribution, water treatment, communications, or ownership and operation of physical infrastructure assets such as pipelines, toll roads, airports, and ports. The manager screens for companies with minimum market capitalization of $250 million that it believes are undervalued, and allocates at least 30% to 40% of the portfolio to infrastructure companies organized, located, or doing substantial business outside the U.S. across at least three countries. Because the fund concentrates its investments in infrastructure industries and may hold a smaller number of issuers than more diversified portfolios, performance depends on the selection and weightings of those holdings.