GLFOX Fees and Costs — Lazard Global Listed Infrastructure Portfolio, Open Shares
Data updated: 2026-08-21
The net expense ratio is 1.21%: a 0.90% management fee, a 0.25% 12b-1 fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $6.0M in broker commissions, 0.0600% of average net assets, and portfolio turnover was 43%.
GLFOX Fees and Expenses
Annual operating expenses and sales charges of GLFOX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.21% |
| Fee waiver | — |
| Net expense ratio | 1.21% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GLFOX Costs Over Time
On $10,000 invested in GLFOX, assuming 5% a year before costs, total costs come to $790 over 5 years, cutting the return by 1.33% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.21%) | $127 | $395 | $684 |
| Trading costs (broker commissions) | $6 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $133 | $435 | $790 |
| Value after costs | $10,367 | $11,141 | $11,973 |
| Impact on return, per year | 1.33% | 1.33% | 1.33% |
GLFOX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0600%
- Total broker commissions: $6.0M
- Bought from dealers (principal trades, not a cost): $101.1B
- Portfolio turnover (prospectus): 43%
- Securities lending: none during the year
GLFOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $1.1M | 23.28% |
| UBS Securities LLC | $661K | 13.70% |
| Barclays Capital Inc. | $496K | 10.29% |
| BofA Securities, Inc. | $487K | 10.09% |
| Goldman Sachs & Co. LLC | $470K | 9.75% |
| Morgan Stanley & Co. LLC | $454K | 9.42% |
| Jefferies LLC | $339K | 7.03% |
| J.P. Morgan Securities LLC | $292K | 6.05% |
| BMO Capital Markets Corp. | $267K | 5.54% |
| Virtu Americas LLC | $234K | 4.85% |
GLFOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $101.1B | 100.00% |
Lazard Global Listed Infrastructure Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GLIFX | Institutional Shares | 0.96% | — |
| RLGLX | C000134196 | 0.96% | — |
| GLFOX | Open Shares | 1.21% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.