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Global Balanced Fiduciary Services Lazard Asset Management

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Global Balanced Fiduciary Services Lazard Asset Management Global Balanced Fiduciary Services Lazard Asset Management LLC Style: Global Multi Asset Year Founded: 1970 Sub-Style: Balanced Value-Oriented GIMA Status: Approved 30 Rockefeller Plaza Firm AUM: $183.9 billion^ Firm Ownership: Lazard Freres & Co. LLC New York, New York 10112 Firm Strategy AUM: $149.4 million^ Professional-Staff: 262^^^ PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS * Lazard Asset Management LLC's Global Balanced investment strategy Number of stock holdings: 40 to 60 ---------------03/16------ 09/15 seeks to invest in a high quality portfolio of global equity and fixed ---------- Average dividend yield: Similar to/Above the S&P 500 Lazard Index*** Lazard income securities. The global equity portion of the portfolio consists of 64 — 73 U.S. equities and foreign investments in the form of American Depository P/E ratio: Similar to the S&P 500 Number of stock holdings Receipts (ADRs). Lazard's value-oriented equity investment approach Cash level over market cycle: 0 to 10% Wtd avg dividend yield 1.9% — 1.9% emphasizes bottom-up stock selection that strives to identify inexpensively priced companies worldwide that are financially Risk (standard deviation): Similar to the 1040 SEC Yield —— — productive, with high returns on equity or assets. Country weightings are Average turnover rate: 0 to 30% Wtd avg P/E ratio —— 18.80x typically a fallout of stock picking. Lazard's process may, at times, result ¹ in portfolios that will be over/underweighted in particular Number of bond holdings: 1 to 10 Wtd avg portfolio beta —— — sectors/countries/regions versus the S&P 500 Index and MSCI World Average maturity: 1.0 to 5.0 years 0.0% 0.0% 0.0% Index. The fixed income portion of the investment strategy has a Mega capitalization ⁺ bottom-up orientation with a focus on credit quality. The fixed income Average credit quality: — Large capitalization ⁺ 0.0% 0.0% 0.0% portfolio consists of U.S. and foreign securities, which may include ETF's Use ADRs: 70 to 90% and Closed-End Funds. Medium capitalization ⁺ 0.0% 0.0% 0.0% Mega, Large and Medium Capitalization: Small capitalization 0.0% 0.0% 0.0% companies ⁺ Emerging markets exposure: No Micro capitalization ⁺ 0.0% 0.0% 0.0% Number of bond holdings —— — PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺⁺⁺ * Avg maturity —— — --------------- 03/16 --------- 09/15 Sector Lazard Index*** Lazard Avg credit quality —— — 3.20 0.00 3.60 Energy PORTFOLIO'S TOP FIVE EQUITY HOLDINGS * % Materials 2.60 0.00 2.50 Apple Inc. 3.5 Industrials 11.70 0.00 8.50 Honeywell International Inc. 3.0 2.7 Consumer Discretionary 9.20 0.00 11.20 Anheuser -Busch InBev SA Alphabet Inc. Class A 2.6 Consumer Staples 17.20 0.00 15.80 Reynolds American Inc. 2.5 Health Care 15.10 0.00 13.70 Financials 13.80 0.00 21.20 % PROCESS BASED ON Information Technology 21.40 0.00 17.70 0 Asset allocation 0 Industry or sector weighting Telecomm Services 1.80 0.00 3.10 90 Stock Selection Utilities 0.00 0.00 0.00 MANAGER'S INVESTMENT STRATEGY 0 Duration Management Cash/Cash Equivalents 4.00 0.00 2.70 0 Yield Curve Management £ Top-down / portfolio structures based on economic trends 0 Sector Selection X Bottom-up / portfolio structure based on individual securities 10 Bond Selection ^As of 09/30/2015. Information as of 03/31/2016 is n ot yet available. ¹The P/E used here is calculated by the harmonic mea n. Total may not equal 100% due to rounding. ^^^ As of 03/31/2015. Information as of 03/31/2016 is not yet ⁺ available. *As represented by Lazard Asset Management LLC. Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2016, unless otherwise noted. All data are subject to change. Page 1 of 6 Global Balanced Fiduciary Services MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺⁺⁺ * • Identify value universe through proprietary screening process Investing in securities entails risks, including: Equity portfolios 03/16 12/15 09/15 06/15 • Fundamental analysis of stocks including accounting validation are subject to the basic stock market risk that a particular U.S. Stocks 0 0 35 37 security, or securities in general, may decrease in value. Fixed • Select stocks with low price/book, low price/cash flow, high return on ADRs/Non -U.S. Stocks 0 0 22 23 Income securities may be sensitive to changes in prevailing equity and assets SPDR Barclays Shrt 0 0 18 17 interest rates. When rates rise the value generally declines. Term Corporate Bond • Select high quality bonds through systematic valuation of yield curves, There is no assurance that the private guarantors or insurers will sectors and individual securities ETF meet their obligations. International investing should be iShares Barclays MBS 0 0 21 21 • Lazard will sell securities when they believe they have become fairly considered one component of a complete and diversified Bond Fund valued, fundamentals change, or more attractive opportunities exist investment program. Investing in foreign markets entails greater Cash/Cash Equivalents 0 0 4 3 risks than those normally associated with domestic markets such as foreign political, currency, economic and market risks. Equity securities' prices may fluctuate in response to specific situations for each company, industry, market conditions and general economic environment. Companies paying dividends can reduce or cut payouts at any time. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. FIXED INCOME SECTOR DISTRIBUTION (%) ⁺⁺⁺ * 03/16 12/15 09/15 06/15 ishares Barclays MBS 0.00 0.00 55.00 55.00 Fixed-Rate Bond Fund SPDR Barclays Short Term 0.00 0.00 45.00 45.00 Corporate Bond ETF ^As of 09/30/2015. Information as of 03/31/2016 is n ot yet available. ¹The P/E used here is calculated by the harmonic mea n. Total may not equal 100% due to rounding. ^^^ As of 03/31/2015. Information as of 03/31/2016 is not yet ⁺ available. *As represented by Lazard Asset Management LLC. Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2016, unless otherwise noted. All data are subject to change. Page 2 of 6 Global Balanced Fiduciary Services RISK/RETURN ANALYSIS - 5 YEARS ENDING 03/31/16 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 03/31/16 R R a a t t e e o o f f R R e e t t u u r r n n s s Standard Deviation (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 03/31/16 Lazard (Gross) 7.54 6.07 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Annual Std. Dev. 7.51 2.97 Lazard (Gross) 16.07 9.93 -18.58 16.74 8.68 0.81 12.66 14.55 3.90 1.51 5.68 9.28 Lazard (Net) 60% MSCI World/40% BCGCI Index 7.64 5.68 Lazard (Net) 12.75 6.74 -21.12 13.40 5.52 -2.11 9.36 11.29 0.80 -1.46 2.59 9.27 0.02 0.06 13.82 8.83 -24.43 20.59 10.29 -0.48 11.54 15.36 4.62 0.47 5.00 10.63 90-Day T-Bills 60% MSCI World/40% BCGCI Index RISK VOLATALITY (%) PORTFOLIO'S RISK STATISTICS - PERIODS PORTFOLIO'S QUARTERLY RETURNS (%) ENDING 03/31/16 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net Standard Deviation 5.29% 7.54% t 2006 4.48 3.73 0.19 -0.56 4.44 3.69 6.17 5.42 e 5.47% 7.64% 2007 1.10 0.35 4.55 3.80 3.30 2.55 0.68 -0.07 Standard Deviation of Primary Benchmark o 2008 -2.72 -3.47 -1.83 -2.58 -6.83 -7.58 -8.49 -9.24 0.99 0.80 f 2009 -5.53 -6.28 9.22 8.47 10.74 9.99 2.16 1.41 Sharpe Ratio 2010 2.44 1.69 -6.64 -7.39 8.90 8.15 4.36 3.61 Sharpe Ratio of Primary 0.96 0.74 R Benchmark e 2011 2.61 1.86 1.79 1.04 -8.00 -8.69 4.92 4.18 t 2012 8.83 8.05 -2.76 -3.50 5.03 4.25 1.37 0.61 Alpha 0.28% 0.55% u 2013 4.02 3.26 -0.37 -1.11 4.94 4.17 5.34 4.61 Beta 0.93 0.97 r 2014 -0.24 -1.01 3.18 2.41 -1.13 -1.88 2.09 1.34 1.04% 0.92% n Downside Risk s 2015 2.12 1.35 -0.23 -0.98 -3.60 -4.31 3.36 2.62 R-Squared 0.93 0.96 2016 0.41 -0.36 Tracking Error 1.42% 1.52% Related Fiduciary Services Information Ratio -0.04 0.25 *04/01/11-12/31/11 **01/01/16-03/31/16 Number Of Up Qtrs.
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