GLFOX

Under normal circumstances, the portfolio invests at least 80% of its assets in equity securities of Infrastructure Companies with securities listed on a national or other recognized securities exchange. It invests primarily in equity securities, principally common stocks, of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. Lazard Asset Management LLC (the “Investment Manager”) focuses on companies with a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.