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Global Balanced Select UMA Lazard Asset Management

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Global Balanced Select UMA Lazard Asset Management Global Balanced Select UMA Lazard Asset Management LLC Style: Global Multi Asset Year Founded: 1970 Sub-Style: Balanced Value-Oriented GIMA Status: Approved 30 Rockefeller Plaza Firm AUM: $245.1 billion Firm Ownership: Lazard Freres & Co. LLC New York, New York 10112 Firm Strategy AUM: $175.5 million Professional-Staff: 869 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Lazard Asset Management LLC's Global Balanced investment strategy Number of stock holdings: 40 to 60 ---------------06/21------ 12/20 seeks to invest in a high quality portfolio of global equity and fixed ---------- P/E ratio: Similar to the S&P 500 Lazard Index*** Lazard income securities. The global equity portion of the portfolio consists of Number of stock holdings 60 — 60 U.S. equities and foreign investments in the form of American Depository Cash level over market cycle: 0 to 10% Receipts (ADRs). Lazard's value-oriented equity investment approach Risk (standard deviation): Similar to the 60% MSCI World Dividend Yield 1.3% — 1.4% emphasizes bottom-up stock selection that strives to identify Net /30% BCIGC/10% T-Bills inexpensively priced companies worldwide that are financially Distribution Rate — — — Average turnover rate: 0 to 30% productive, with high returns on equity or assets. Country weightings are 30.30x — 29.60x typically a fallout of stock picking. Lazard's process may, at times, result Number of bond holdings: 1 to 10 Wtd avg P/E ratio ¹ in portfolios that will be over/underweighted in particular 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 Use ADRs: 70 to 90% Mega capitalization ⁺ bottom-up orientation with a focus on credit quality. The fixed income Large capitalization ⁺ 0.0% 0.0% 0.0% portfolio consists of U.S. and foreign securities, which may include ETF's Capitalization: Mega, Large and Medium companies and Closed-End Funds. Medium capitalization ⁺ 0.0% 0.0% 0.0% Emerging markets exposure: No Small capitalization ⁺ 0.0% 0.0% 0.0% Micro capitalization ⁺ 0.0% 0.0% 0.0% Number of bond holdings — — — PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ Avg maturity 3.74 yrs. — 4.33 yrs. ---------------06/21--------- 12/20 Sector Lazard------- Index*** Lazard Materials 1.00 0.00 1.99 PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Industrials 12.48 0.00 14.20 Microsoft Corporation 3.4 Consumer Discretionary 15.72 0.00 11.78 Alphabet Inc. Class A 3.4 3.0 Consumer Staples 12.03 0.00 14.30 Thermo Fisher Scientific Inc. IQVIA Holdings Inc 2.9 Health Care 14.02 0.00 13.89 Wolters Kluwer NV 2.6 Financials 13.87 0.00 12.69 Information Technology 18.02 0.00 19.18 % PROCESS BASED ON Communication 7.37 0.00 7.17 0 Asset allocation Services 0 Industry or sector weighting Utilities 1.15 0.00 1.65 90 Stock Selection 0 Duration Management MANAGER'S INVESTMENT STRATEGY Cash/Cash Equivalents 4.35 0.00 3.14 0 Yield Curve Management Top-down / portfolio structures based on economic trends 0 Sector Selection Bottom-up / portfolio structure based on individual securities 10 Bond Selection ¹High Grade Corporates ***Index : 60% MSCI World/40% BCGCI Index ²The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 7 Global Balanced Select UMA 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 06/21 03/21 12/20 09/20 • Fundamental analysis of stocks including accounting validation are subject to the basic stock market risk that a particular U.S. Stocks 0 30 52 54 security, or securities in general, may decrease in value. Fixed • Select stocks with low price/book, low price/cash flow, high return on ADRs 0 25 45 43 Income securities may be sensitive to changes in prevailing equity and assets ISHARES TR 0 21 0 0 interest rates. When rates rise the value generally declines. BARCLYS 1-3 YR • 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 ISHARES TR 0 12 0 0 meet their obligations. International investing should be BARCLYS 7-10 • Lazard will sell securities when they believe they have become fairly considered one component of a complete and diversified Invesco Fundamental 0 2 0 0 valued, fundamentals change, or more attractive opportunities exist investment program. Investing in foreign markets entails greater High Yield Bond ETF risks than those normally associated with domestic markets ISHARES 0 8 0 0 such as foreign political, currency, economic and market risks. SHORT-TERM Equity securities' prices may fluctuate in response to specific CORPORATE BOND situations for each company, industry, market conditions and ETF general economic environment. Companies paying dividends Cash/Cash Equivalents 0 2 3 3 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 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. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of FIXED INCOME SECTOR DISTRIBUTION (%) ⁺ securities, it should be noted that a decline in the value of these 03/21 12/20 09/20 investments would cause the portfolio’s overall value to decline 06/21 to a greater degree than that of a less concentrated U.S. Treasury 39.90 39.95 49.96 49.63 portfolio.The returns on a portfolio consisting primarily of EM 0.18 1.64 39.20 39.39 sustainable investments may be lower or higher than a portfolio 9.57 that is more diversified or where decisions are based solely on High Yield Corporates 10.23 9.18 9.91 investment considerations. Because sustainability criteria Cash/Cash Equivalents 0.79 0.16 0.00 1.07 exclude some investments, investors may not be able to take Financials 48.90 49.08 0.00 0.00 advantage of the same opportunities or market trends as investors that do not use such criteria. ¹High Grade Corporates ***Index : 60% MSCI World/40% BCGCI Index ²The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 2 of 7 Global Balanced Select UMA RISK/RETURN ANALYSIS - 5 YEARS ENDING 06/30/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/21 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 06/30/21 Lazard (Gross) 9.68 10.05 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Lazard (Net) 9.64 7.49 Lazard (Gross) 0.81 12.66 14.55 3.90 1.51 3.08 17.27 -3.80 18.02 12.40 8.02 8.62 60% MSCI World/40% BCGCI Index 10.61 10.44 Lazard (Net) -1.75 10.05 11.93 1.44 -0.84 0.65 14.56 -6.06 15.29 9.82 5.51 8.59 90-Day T-Bills 0.44 1.14 60% MSCI World/40% -0.48 11.54 15.36 4.62 0.47 5.85 14.28 -4.43 19.55 13.21 8.05 9.20 BCGCI Index RISK VOLATALITY (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS PORTFOLIO'S QUARTERLY RETURNS (%) ENDING 06/30/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net t Standard Deviation 12.05% 9.68% 2011 2.61 1.89 1.79 1.07 -8.00 -8.55 4.92 4.33 e 13.60% 10.61% 2012 8.83 8.21 -2.76 -3.34 5.03 4.41 1.37 0.77 Standard Deviation of Primary Benchmark o 2013 4.02 3.42 -0.37 -0.95 4.94 4.33 5.34 4.73 0.78 0.92 f 2014 -0.24 -0.85 3.18 2.57 -1.13 -1.72 2.09 1.50 Sharpe Ratio 2015 2.12 1.51 -0.23 -0.82 -3.60 -4.16 3.36 2.77 Sharpe Ratio of Primary 0.75 0.88 R Benchmark e 2016 0.41 -0.20 1.63 1.03 3.28 2.68 -2.19 -2.78 t 2017 5.08 4.47 3.93 3.33 3.41 2.80 3.84 3.23 Alpha 0.36% 0.56% u 2018 -0.13 -0.71 0.44 -0.15 2.95 2.36 -6.85 -7.43 Beta 0.88 0.89 r 2019 9.06 8.45 3.93 3.33 0.48 -0.12 3.62 3.01 2.07% 1.99% n Downside Risk s 2020 -10.32 -10.84 10.20 9.59 5.91 5.31 7.38 6.73 R-Squared 0.98 0.96 2021 2.51 1.90 4.14 3.54 Tracking Error 2.37% 2.33% Related Select UMA Information Ratio -0.34 -0.17 *07/01/16-12/31/16 **01/01/21-06/30/21 Number Of Up Qtrs.
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