A closed-end fund is typically an investment company that raises money from investors through an Initial Public Offering (IPO) and whose shares are then traded on an organized exchange. Shares of Lazard Global Total Return & Income Fund and Lazard World Dividend & Income Fund are each traded on the New York Stock Exchange as “LGI” and "LOR", respectively.

Like other publicly traded securities, the price of closed-end fund shares fluctuates and is determined by supply and demand in the marketplace. Closed-end funds often trade at a premium or a discount to their net asset value.

While open-end mutual funds continuously offer their shares to investors, typically closed-end funds have a fixed number of shares outstanding.

Following are links with more information on closed-end investment funds.

U.S. Securities and Exchange Commission
Basic information on Lazard’s closed end fund.

The Closed-End Fund Association
The Closed-End Fund Association (CEFA) is the national trade association representing the closed-end fund industry. A not-for-profit association, CEFA is committed to educating investors about the benefits of these unique investment products and to providing a resource for information about its members and their offerings.