Institutional Open Lazard Global Listed Ticker GLIFX GLFOX Benchmark 1 Global Listed Infrastructure Index (USD Hedged)1 Infrastructure Portfolio Benchmark 2 MSCI World Index 3Q 2017
The Lazard Global Listed Infrastructure Portfolio presents a unique diversification opportunity by investing in high-quality preferred infrastructure companies. The Portfolio seeks long-term, low-volatility returns that exceed inflation and may be a powerful complement to real assets, private equity infrastructure, and global equity allocations.
Access to Preferred Inflation Protection Consistent Return Infrastructure Preferred infrastructure Profile Selects companies with benefits from regulated Valuation-driven process monopoly-like characteris- pass-through mechanisms selects companies with tics that provide essential and potentially offers more predictable earnings services stronger protection and attractive dividend than do real estate and payout ratios 1 2 commodity investments 3 Historically Favorable Risk-Adjusted Performance Return (%) 18 Lazard Global Listed Infrastructure 12 Infrastructure Index Global Equities Real Estate 6 Global Bonds 0
-6 Commodities -12 0 5 10 15 20 Standard Deviation (%) As of September 30, 2017, based on monthly data from the inception of the Portfolio, December 31, 2009. The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. An investor may obtain performance data current to the most recent month-end online at www.lazardassetmanagement.com. The investment return and principal value of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost. Indices are unmanaged and have no fees. It is impossible to invest directly in an index. Global Bonds = Bloomberg Barclays Global Aggregate (USD Hedged); Infrastructure Index = Global Listed Infrastructure Index (USD Hedged); Global Equities = MSCI World Index (Hedged USD); Real Estate = FTSE EPRA/NAREIT Global TR (unhedged); Commodities = S&P GSCI Total Return Source: Lazard, Bloomberg Barclays, FTSE Russell, MSCI, UBS Benchmark 1
L L Global ListedL Infrastructure Index 1 M M (USD Hedged)M 2 Morningstar Category MorningstarS S Benchmark 2 S 2 Infrastructure V B StyleG V B G MSCI WorldV B G Index
Performance Review (%; net of fees. As of September 30, 2017) L L L 24 M M M 2 S S S Morningstar Rating
V B G V B G V B G 16 êêêêê (Overall Rank out of 74 Funds) 3-Year Rank: 5 Stars, out of 74 Funds 5-Year Rank: 5 Stars, out of 48 Funds 8
L L L Minimum Initial Investment Institutional: $100,000 0 M M M Open: $2,500 S SAnnualized S R6: (see prospectus for details) V B G V B G SinceV B InceptionG Net Assets 3 Months 1 Year 3 Years 5 Years 12/31/2009 Institutional: $4.6 billion Institutional 3.94 23.82 14.46 17.46 13.48 Open: $0.7 billion R6: $0.0 billion Open 3.93 23.55 14.19 17.14 13.14 Total: $5.4 billion Benchmark 1 1.18 10.70 9.69 13.16 9.95 Total Expense Ratio Institutional: 0.97% Benchmark 2 4.84 18.17 7.69 10.99 9.42 Open: 1.23% R6: 0.97% The performance quoted represents past performance. Past performance does not guarantee future results. The current performance may be lower or higher than the performance data quoted. An investor may obtain perfor- mance data current to the most recent month-end online at www.lazardassetmanagement.com. The investment return and principal value of the Portfolio will fluctuate; an investor’s shares, when redeemed, may be worth more or less than their original cost.
Characteristics Geographic Allocationa Lazard Benchmark 1 Lazard (%) Number of Holdings 26 150 Italy 26.1 Weighted Average Market Cap ($B) 22.5 30.0 France 18.6 United States 13.8 Price-to-Book 2.5 2.2 United Kingdom 9.5 Beta Institutional 0.81 N/A Spain 8.7 (3-year) Open 0.81 Australia 8.4 Standard Deviation Institutional 8.74 8.69 Germany 4.0 (%; 3-year) Open 8.76 Portugal 1.0 30-day SEC Yield Institutional 2.19/2.19 Cash & Equivalents 9.9 N/A Subsidized/Unsubsidized (%)³ Open 1.93/1.93 Institutional 6.08 Sector Allocationa Distribution Yield (%) N/A Open 6.06
Toll Roads 27.6 Dividend Distribution Quarterly N/A Electricity Utilities 14.2 Turnover Rate (%; 1-year) 28.3 N/A Diversified Utilities 11.1 Source: Lazard, FactSet, FTSE Russell, UBS Railroads 10.3 Beta is a relative measure of the sensitivity of a fund’s return to changes in the Communications Infrastructure 9.1 benchmark’s return. The beta of the fund versus its benchmark is the amount (and Gas Utilities 8.8 direction) the fund has historically moved when the benchmark moved by one unit. Airports 5.7 Standard deviation measures the dispersion or “spread” of individual observations around their mean. Standard deviation of returns measures a fund’s historical vola- Water Utilities 3.4 tility, where a higher number is evidence of greater volatility (i.e., higher risk). Cash & Equivalents 9.9 Distribution Yield is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund’s monthly distribution yield may consist of ordi- nary income, net realized capital gains, and returns of capital. a Allocations and security selection are subject to change. The information provided in this list should not be considered a recommendation or solicitation to purchase or sell any particular security. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the Portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire Portfolio.
2 Lazard Global Listed Infrastructure Portfolio
Growth of $100 Top Ten Holdingsa Lazard (%) Sector Country La ard Institutional Terna 7.9 Electricity Utilities Italy enc ar VINCI 7.9 Toll Roads France Atlantia 7.8 Toll Roads Italy Eutelsat Communications 4.9 Communications France Infrastructure Abertis Infraestructuras 4.9 Toll Roads Spain