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THE LAZARD FUNDS, INC. Lazard Funds 2016  LAZARD LTD 2005  JP Morgan link -Lazard Information     content  Sanford "Sandy" Weill PRINCIPAL STOCKHOLDERS

The following table sets forth as of the date of this prospectus certain information regarding the beneficial ownership of our common stock.

To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially owned by them. The following table reflects the principal stockholders of Lazard Ltd immediately following this offering. Except as indicated below, the address for each listed stockholder is c/o Lazard Group LLC, 30 Rockefeller Plaza, New York, New York 10020.

Name and Address of Beneficial Owner Number of Shares of Class B

Common Stock Beneficially Owned Number of Shares of Common Stock
Beneficially Owned (a)

Percentage of Shares of Common Stock
Beneficially Owned

Percentage of Voting
Power (b)

5% Stockholders:

LAZ-MD Holdings
30 Rockefeller Plaza New York, New York
1 0 — 62.5 %(e)(f)

IXIS (c)
47, Quai d’Austerlitz 75648 Paris Cedex 13 France
2,000,000 2.00 % 2.00 %

Directors, director nominees and named executive officers:

Bruce Wasserstein (h)
11,236,145 11.24 % 11.24 %(d)

Robert Charles Clark
0 — —

Ellis Jones (h)
7,947,700 7.95 % 7.95 %

Vernon E. Jordan, Jr.
365,000 0.37 % 0.37 %

Anthony Orsatelli (c)(i)
2,000,000 2.00 % 2.00 %

Michael J. Castellano
454,986 0.45 % 0.45 %(d)

Steven J. Golub
1,718,837 1.72 % 1.72 %(d)

Scott D. Hoffman
556,094 0.56 % 0.56 %(d)

Charles G. Ward, III
1,516,621 1.51 % 1.51 %(d)



A Multinational Perspective

Lazard's roots began in the 1840s with the emigration of five French brothers and several cousins to the United States. In 1848, Alexandre, Lazare, and Simon Lazard founded Lazard Frères & Co. in New Orleans as a dry goods merchant.

By 1851, Lazard Frères had moved to San Francisco, where it would expand into banking and foreign exchange. In the same year, one of the brothers opened a New York office. In 1854, Lazard Frères opened an office in Paris. It soon began advising the French government on gold buying. In 1870, the family opened an office in London.

Alexandre, Lazare, and Simon Lazard, brothers from France, establish Lazard Frères as a dry goods business in New Orleans

Lazard Frères begins to engage in banking activities

Simon Lazard, with two other brothers, Maurice and Elie, move Lazard Frères to San Francisco. Alexandre Lazard opens an office in New York City

Alexandre Lazard moves to Paris and establishes Lazard Frères et Cie

Early Growth

A Business Based On Relationships

In the late 1800s and early 1900s, the firm evolved into three 'Houses of Lazard' in the United States, France, and England separately managed but allied. The Lazard partners advised clients on financial matters and enhanced their cross-border network of relationships in business and government.

An early cross-border success came in 1928, when the French office partnered with American investors to purchase and expand the financing arm of Citroen, the French automaker. During the Great Depression of the 1930s, Lazard mobilized its network again to help save Citroen from bankruptcy.

The Banking House of Lazard Frères is formally established as a family-run firm with a head office in Paris (Lazard Frères et Cie) and a branch in San Francisco

The bank opens a London branch office, called Lazard Brothers, and begins to establish correspondent offices around the world

The New York City branch of The Banking House of Lazard Frères is established

The 20th Century
A Culture Of Accomplishment

Some of the greatest names in 20th century finance established and enhanced Lazard's reputation in the economic recovery following World War II. They included André Meyer, widely regarded as a genius of investment banking; Michel David-Weill, who oversaw the firm's transformation into a mergers and acquisitions powerhouse; and Felix Rohatyn, whose many accomplishments include his pivotal role in saving New York City from bankruptcy in 1975.

In the latter part of the century, Lazard expanded into new markets around the world, becoming a global force in financial advisory and asset management services. As the firm grew, Lazard fostered a unique culture that encourages individual initiative and discourages bureaucracy.

U.K. restrictions on foreign ownership force Lazard to sell controlling stake of London branch. The firm effectively becomes three houses: Lazard Frères et Cie, Lazard Frères & Co. (Lazard New York), and Lazard Brothers

Lazard New York ceases commercial banking activities after enactment of the Glass-Steagall Act, and commits to financial advisory services

Lazard Investors Ltd begins asset management operations in London

Lazard Asset Management is formed

A new entity, Lazard Partners, is formed to control the three Houses of Lazard

The 21st Century

Evolving With Clients

In 2000, after more than 150 years of separate management, the Houses of Lazard formally united into a single entity to best serve our clients. In 2005, under the leadership of Bruce Wasserstein, Lazard became a public company, with nearly two-thirds of its shares owned by current and former employees. Since November 2009, Kenneth M. Jacobs has led the firm.

Lazard's history is engrained in its culture. To this day, Lazard operates as a local firm in local markets, but serves clients with multinational resources and global perspective.


The Houses of Lazard unite to form Lazard LLC


After 157 years as a private partnership, Lazard becomes a public firm, listing on the New York Stock Exchange as LAZ


Still expanding its global network of relationships, Lazard has offices in 43 cities across 27 countries

Copyright 2019 Lazard


Lazard Brothers in 1876 became a banking house, established at 409 California Street in San
Francisco in 1884 to take the name "London Paris & American Bank.
In 2012 the Banque Lazard is still active.

Alexander succeeds in business, and invites his younger
brother Simon, aged 16, to join him. We are in 1844. Simon made his fortune, became an American
citizen and returned to Paris to found, July 27, 1876, Lazard Frères & Co.. On 11 September of the
same year, Lazard Brothers bank opened its doors in San Francisco and later in New York. The small
village of Frauenberg became "a very great man in the business of money" in the words of Charles
Altschul (Charles Altschul, The house of Lazard, 1927).

Lazards and banking

Lazard Is MIA In Pharma Deal

Cast of Banks Advising On $68 Billion Purchase Omits a Pfizer Favorite

Updated Jan. 27, 2009 12:01 am ET

Pfizer's $68 billion acquisition of Wyeth is a gift for Wall Street banks, seven of which won the distinction of being advisers on the deal.

So great was the number of bankers that Pfizer PFE -0.99%▲ made a distinction in the news release announcing the deal between its "lead financial advisors" -- Bank of America BAC 1.69%▲ 's Bank of America Merrill Lynch, Goldman Sachs Group GS 0.53%▲ and J.P. Morgan Chase JPM 1.97%▲ -- and its plain-vanilla "financial advisors" -- Barclays and Citigroup . C 1.57%▲

They all worked with Pfizer's law firm, Cadwalader, Wickersham & Taft. Wyeth chose Morgan Stanley, as well as Evercore Partners EVR 3.02%▲ and the law firm Simpson Thacher & Bartlett. Wyeth's board took legal advice from Wachtell, Lipton, Rosen & Katz.

It is somewhat unusual for Pfizer to tap that many banks. On the $90 billion acquisition of Warner-Lambert in 2000, Pfizer had only two advisers: Merrill Lynch and Lazard. In its $60 billion acquisition of Pharmacia in 2003, it had just Bear Stearns and Lazard.

So considering that cast, there is one notable absence on the Pfizer side: Lazard.

For at least the past decade, Lazard has been a Pfizer favorite. A list of Lazard's Pfizer assignments, courtesy of Standard & Poor's database CapitalIQ, includes such deals as the $1.9 billion acquisition of Vicuron Pharmaceuticals in 2005; the acquisition of Idun Pharmaceuticals in 2005; the world-wide rights to Sanofi-Aventis' insulin drug Exubera for $1.3 billion in 2006; and 11 other deals since 2000.

A Lazard representative declined to comment.

Of course, Pfizer had $68 billion reasons to choose such big banks as Bank of America Merrill Lynch, Barclays and Citigroup, which don't have an established history with the New York drug maker. On a deal of such size, Pfizer needed to ensure getting enough banks together to finance the deal by buying and selling the debt.

Those banks wouldn't expect just financing credit, but also advisory credit.

In addition, companies sometimes dole out advisory credits for big mergers as a way to "pay back" investment bankers for the years they pitched M&A ideas to the company but received little advisory work in return.

Will that lessen the disappointment at Lazard? Probably not.

—Heidi N. Moore

Lazard Asset Management
Mandate: Lazard Global Listed Infrastructure Strategy Hired: 2014
Firm Information Investment Approach Total ARMB Mandate
Lazard Asset Management is a subsidiary of
Lazard Freres & Co., a limited liability
As of 6/30/2018, the firm’s total assets under
management were approximately $214
As of 6/30/2018, the AUM for the Global
Listed Infrastructure Strategy was $12.5
Key Executives:
Matthew Landy, Portfolio Manager
Tony Dote, Managing Director
The Lazard Global Listed Infrastructure strategy seeks long-term, defensive, lowvolatility
returns that exceed inflation by investing in a range of companies around
the world that are considered to be "Preferred Infrastructure" (monopoly-like,
explicit/implicit inflation pass-through, quality regulatory/political environment).
Lazard seeks to build a portfolio of 25 – 50 equity securities that aims to provide their
investors with returns of inflation +5% per annum over rolling five-year periods.
Benchmark: FTSE Developed Core Infrastructure 50/50 Index
Assets Under Management:

September 21, 2018
Ed Keating
Client Portfolio Manager
Tony Dote
Managing Director
This presentation and all research and materials enclosed are property of Lazard Asset Management LLC.
Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions
expressed herein are as of the date of this presentation and are subject to change.
Please refer to the Important Information section for additional information about risks.

New York
San Francisco

Hong Kong

1848 800+ 340+ 15 $214.0
Lazard Founded Employees1 Investment Personnel Countries Billion AUM1

1 As of 30 June 2018. Includes those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset
management businesses of Lazard Ltd.

John Mulquiney
18 stocks
Joined 2005
Warryn Robertson
13 stocks
Joined 2001
Bertrand Cliquet
19 stocks
Joined 2004
Matthew Landy
New York
22 stocks
Joined 2005
Anthony Rohrlach
23 stocks
Joined 2007

Edward Keating
Client Portfolio
New York

Team based In New York:
• Yvette Klevan
PM/Analyst, Fixed Income
• Jared Daniels
PM/Analyst/Trader, Fixed Income

Global Research Resources
• New York
• Frankfurt
• London
Marketing & Client Service
Professionals based in:
London, New York, Chicago, San Francisco,
Singapore, Sydney, Toronto, Montreal, Tokyo,
Hong Kong and Frankfurt
Melanie McQuire
Product Manager, Sydney
Global Trading Legal/Compliance
 Pre-trade compliance
 International compliance skills
 Established compliance program
• Seoul
• Dubai
• Tokyo
• Sydney

Caroline Abramo¹ Yury Dubrovsky¹ Jai Jacob¹ Mark Little Mark Panter¹ Stephen Scott
Eduardo Abreu Giles Edwards Robin Jones Ruihan Liu Hubert Parzecki¹ Victoire Spahn
David Alcaly Robert Failla Matthew Kalish Craig Lottner Michael Per¹ Ronald Temple²
Lee Ann Alexandrakis Sara Fischer Philip Karageorgevitch Edward Lund Jose Perez Sanchez¹ Kim Tilley¹
Nigel Barrett Martin Flood² Thomas Kasa Ciprian Marin Christopher Pope Christopher Torino
Michael Bennett Louis Florentin-Lee Peter Kashanek Stephen Marra¹ Michael Powers Erik Van Der Sande
Michael Bernadiner¹ Steven Fockens Edward Keating Kevin Matthews John Reinsberg Yann Vasseur
Frank Bianco¹ Michael Fry Tjeert Keijzer¹ Thomas McManus¹ Sean Reynolds¹ Kyle Waldhauer
David Bliss Gautam Garg Erianna Khusainova¹ Juan Mier¹ Giuseppe Ricotta¹ Jason Williams
Nicholas Bratt Sarah George¹ John King Neil Millar Warryn Robertson Susanne Willumsen
Terence Brennan¹ David Gibson Jessica Kittay Paul Moghtader Anthony Rohrlach Barnaby Wilson
Adrian Cheung Eduardo Gonzalez¹ Patrick Korn Jonathan Morris Mark Rooney Douglas Workman¹
William Cheung¹ Jenny Hardy Werner Kraemer¹ John Mulquiney Edward Rosenfeld Steve Wreford
Bertrand Cliquet Christopher Hartung Andrew Lacey² Sritharan Nadesan¹ Adam Rubinstein Juncheng Zhang¹
Michael Cook Rupert Hope¹ Alex Lai Dennis Neveling Patrick Ryan Ming Zhong
Kun Deng Peter Hunsberger Matthew Landy Andrew Norris Anureet Saxena
Claire Donohue Taras Ivanenko Jay Leupp Rakshit Pandey Craig Scholl
Dmitri Batsev
Christopher Blake
Daniel Breslin
Rhett Brown
Zoe Chen¹
Michael DeBernardis
Martin Flood²
Eugene Krishnan
Jason Huang
Andrew Lacey²
Jay Levy
Jerry Liu
Bret Miller
Keith Mori
Prateek Pant¹
David Pizzimenti
Kevin Pleines
Henry (Ross) Seiden
Nicholas Sordoni
Ronald Temple²
Richard Tutino
Christopher Whitney
Léopold Arminjon
Nitin Arora
Aaron Barnfather
Patricia Biggers
Jimmie Bork
Jelena Boskovic
Aron Ceccarelli
Antoine Champenier
Elias Chrysostomou
Alan Clifford
Nathan Cockrell
Alan Custis
Marina Erskine-Leacock
Beatrix Ewert
Alistair Godrich
William Parry
Daniel Rozier
Guillaume Samama
Ulrich Schweiger
Paul Selvey-Clinton
Laura Somers-Edgar
Lloyd Whitworth
Thurl Abrahams
Scott Anderson
Matthew Bills
Aaron Binsted
Neal Doying
Timothy Griffen
Philipp Hofflin
Takako Hoshino
Ario Kishida
Jake (Jaeyub) Myung
Takayuki Natsume
Yeaseul (Jacqueline) Oh
Rob Osborn
Warryn Robertson
Jason Tin
Philippe Tison
Shuichi Yoshimura
Tim Zhao
Emerging Markets
Mohamed Abdel-Hadi
Sleiman (Sam) Aboul Hosn
Fadi Al Said
David "Briggs" Barton
Jagdish Bathija
Christian Bautista
Georg Benes
Christopher Boyatt
Thomas Boyle
Rohit Chopra
Elizabeth Chung
Mitchell Clayton
Myla Cruz
Max Dimitrijevic
James Donald
Lada Emelianova
Donald Floyd
Christian Frei
Peter Gillespie
Mostafa Hassan
Dylan Heck
Robert Horton III
Alex Ingham
David Jauregui
Rugsit Kanan
Linda Liang
Mark Lien
Michelle "Xiaomeng" Liu
John Mariano
Erik McKee
Jacob (Ryan) Mims
Andrei Morosanu
Walid Mourad
Talal Noueihed
Kevin O'Hare
Paul Rogers
Stephen Russell
Timur Salikhov
Rahwa Senay
Monika Shrestha
Ashish Shrivastava
Warren Stein
Kevin Tsao
HongKun (May) Wang
Sookyum (Celine) Woo
Ben Wulfsohn

Broken Down by Company Domicile
Portfolio by Country
Stage 1
Initial Filtering
Stage 2
Qualitative Risk
Stage 3
Analysis and
Stage 4
3.6% Communications
Electricity Utilities
Gas Utilities
Water Utilities

Lazard Global Listed Infrastructure (Unhedged)
Top 10 Holdings
As of 30 June 2018.
Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. Allocations and security selection are subject
to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or
sell these securities. 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.
This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.
Company Country Sector % Equity
Terna Italy Electricity Utilities 8.3
Snam Italy Gas Utilities 8.3
Edison International United States Electricity Utilities 8.3
Atlantia Italy Tollroads 8.2
PG & E United States Diversified Utilities 8.1
National Grid United Kingdom Diversified Utilities 7.1
Red Electrica Corporacion Spain Electricity Utilities 5.8
SES France Communications Infra 5.4
Transurban Group Australia Tollroads 5.4
United Utilities Group United Kingdom Diversified Utilities 5.4

Country Contribution

Lazard Global Listed Infrastructure (Unhedged)
2018 Q2

Contribution Average Weight (%) Total Performance (%) Contribution (%)
France 12.0 16.4 1.83
United Kingdom 18.2 5.1 0.91
United States 18.1 3.1 0.54
Australia 8.6 1.5 0.12
Spain 6.6 1.1 0.03
Canada 0.0 2.8 0.01
Germany 3.5 -0.7 -0.03
Portugal 1.0 -5.1 -0.05
Italy 28.9 -5.3 -1.41
Contribution Average Weight (%) Total Performance (%) Contribution (%)
United States 17.4 2.0 0.54
France 12.7 4.5 0.44
Canada 0.0 2.8 0.01
Portugal 1.0 -1.7 -0.02
Spain 7.9 -0.8 -0.13
Germany 3.6 -11.3 -0.35
United Kingdom 16.4 -4.8 -0.36
Australia 7.8 -6.3 -0.43
Italy 29.0 -7.2 -2.02
26 Stocks as at 30 June 2018 vs. 26 Stocks as at 31 March 2018
 Complete Buys
• APA Group
• AusNet Services
 Complete Sells
• Abertis Infraestructuras
• APA Group
• Enagas

Lazard Global Listed Infrastructure

Broken Down by Net Present Value of Underlying Company Assets
Lazard Global Listed Infrastructure
Portfolio by Country and Sector
As of 31 March 2018.
Weights are calculated ex-cash.
The allocations mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations are subject to change.
This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.”
Portfolio by Country Portfolio by Sector
France, 7.1%
Italy, 32.2%
Spain, 6.9%
Chile, 1.3%
Global Asset Diversification (Toll Roads)
 150 toll road concessions
 23,000+ kms of toll roads
 12 countries
Portfolio Summary:
 26 Companies 8 Infrastructure Sectors
 17 Countries 275+ Assets
Airports, 5.0%
Infra, 8.3%
Utilities, 6.1%
Electricity Utilities,
Gas Utilities,
Railroads, 6.6%
Toll Roads,
Water Utilities,
Satellites, 0.2%
Telecom Towers
Other, 0.2%

Portfolio Summary:
 26 Companies 8 Infrastructure Sectors
 17 Countries 275+ Assets
Global Asset Diversification (Toll Roads)
 150 toll road concessions
 23,000+ kms of toll roads
 12 countries

Global Listed Infrastructure Management Team

Portfolio Manager/Analyst
Lazard Asset Management Pacific Co. (Sydney)
John Mulquiney is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He
has been working in the investment field since 1997. Prior to joining Lazard in August 2005, John worked at Tyndall
Australia where he covered stocks in various sectors including financials, consumer discretionary, health care and materials.
John was also in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed
valuation models for airports, electricity generators, rail projects and health infrastructure. Most recently, John spent four
years at Nanyang Ventures, an early expansion venture capital fund. John holds a PhD from the Australian National
University, and a BA (Hons) from Sydney University. He is a CFA® charter holder.
Warryn Robertson
Portfolio Manager/Analyst
Lazard Asset Management Pacific Co. (Sydney)
Warryn Robertson is a Portfolio Manager/Analyst on the Global Listed Infrastructure, Global Equity Franchise and
Australian Equity teams. He has been working in the investment field since 1992. Prior to joining Lazard in April 2001,
Warryn was an Associate Director at Capital Partners. Previously, Warryn worked at PriceWaterhouseCoopers Corporate
Finance. Warryn holds an MBA from the Melbourne Business School (Melbourne University) and a BCom, University of
Bertrand Cliquet, CFA
Portfolio Manager/Analyst
Lazard Asset Management Limited (London)
Bertrand Cliquet is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams.
Before joining Lazard in 2004, Bertrand worked for Goldman Sachs International as a Research Analyst. Earlier, he worked
in the Mergers and Acquisitions group at Deutsche Bank, focusing on the utility and retail sectors. He also did an internship
at Enskilda Securities in Paris, where he worked as an analyst covering the retail sector. Bertrand has been working in the
investment field since 1999. He attained a business degree from HEC in Paris, with a major in Finance. Bertrand was
awarded the Prize of the "Club Finance International", and the Prize of the HEC Foundation for his thesis on "The
deregulation of the European electricity market and its consequences for electricity prices and the strategic positioning of energy companies". Bertrand is fluent in both French and German. He is a CFA® charter holder.

Global Listed Infrastructure Management Team
Matthew Landy
Portfolio Manager/Analyst
Lazard Asset Management LLC (New York)
Matthew Landy is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He
began working in the investment field in 1995. Prior to joining Lazard in 2005, Matt worked in the private equity industry
where he was involved in early stage venture capital in Europe and management buy-out investing in Australia. Previously he
was an Equity Analyst with Tyndall Investment Management covering stocks in the consumer staples, consumer
discretionary, financials and information technology sectors. Matt has a BCom and a BA from Monash University in
Melbourne, Australia.
Anthony Rohrlach, CFA
Research Analyst
Lazard Asset Management Pacific Co. (Sydney)
Anthony Rohrlach is a Research Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He has
been working in the investment field since 1999. Prior to joining Lazard in 2007, Anthony spent over eight years as a
research analyst with UBS where he covered infrastructure, transportation and utilities companies. Anthony holds an
Honours degree in Finance from the Australian National University. He is a CFA® charter holder.
Edward P. Keating
Client Portfolio Manager
Lazard Asset Management LLC (New York)
Edward Keating is a Client Portfolio Manager on the Discounted Assets, Global Listed Infrastructure and Global Equity
Franchise teams. He began working in the investment field in 2001, upon joining Lazard. He has a BA from Iona College.

Lazard Global Listed Infrastructure (Unhedged)
Composite Disclosure Notes

Reporting Date: 31 March 2018
Composite Inception Date: 01 August 2007
Reporting Currency: U.S. Dollar
Composite Description
The composite returns represent the total returns of all fully discretionary portfolios with a Global Listed Infrastructure (Unhedged) investment mandate and a minimum of $5 million in assets under
management. Lazard’s Global Listed Infrastructure (Unhedged) composite reflects a long-only, valuation-driven investment approach that seeks long-term, defensive, low volatility returns by investing in a
range of companies around the world that Lazard considers to be "Preferred Infrastructure." The Preferred Infrastructure approach focuses primarily on companies that own assets that meet certain preferred
criteria, such as revenue certainty, profitability, and longevity. The strategy typically invests in 25-50 equity securities of companies that fall within the Preferred Infrastructure framework, and have a
minimum market capitalization of $250 million at purchase.
Calculation of Performance Returns
Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Net returns for Lazard mutual funds included in
this composite are net of all fees. The composite returns are reported net of foreign withholding taxes on dividends, interest and capital gains. The composite returns presented represent past performance and
is not a reliable indicator of future results, which may vary.
Fee Schedule
Lazard’s standard fee schedule for Global Listed Infrastructure (Unhedged) accounts is 0.90% of the first $10 million of assets, 0.75% on the next $25 million, 0.70% on the next $40 million, 0.65% on the
next $75 million, 0.60% on the next $150 million and 0.55% on assets above $300 million. Actual account fees, inclusive of performance-based fees (if applicable) are used in the construction of composite
net of fee performance unless otherwise noted. A complete list and description of all Lazard composites is available upon request.
Benchmark Information
The Lazard Global Listed Infrastructure (Unhedged) Composite has no benchmark, as an appropriate index does not exist.
GIPS Compliance and Verification
Lazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Lazard Asset
Management has been independently verified for the period of January 1, 1993 through December 31, 2016. The verification reports are available upon request. Verification assesses whether (1) the firm has
complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in
compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Lazard Asset Management is the “Firm” to which the GIPS Standards apply (Frankfurt
office included in Firm definition as of January 1, 2003). GIPS is a registered trademark of CFA Institute. CFA Institute has not been involved in the preparation or review of this presentation. The composite
creation date is September 2011.
Calendar Annualized
QTD YTD 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Aug 07
- Dec
1 YR 3 YR 5 YR 10 YR
Lazard Rate of Return (%; Gross of
Fees) -4.24 -4.24 34.57 8.26 4.02 9.48 26.66 20.20 -0.40 13.80 32.93 -35.41 10.22 14.35 12.53 13.49 9.67 9.35
Lazard Rate of Return (%; Net of Fees) -4.39 -4.39 33.86 7.64 3.54 9.06 26.03 19.48 -0.85 13.09 31.90 -36.02 10.07 13.69 11.91 12.93 9.03 8.72 ...

Certain information included herein is derived by Lazard in part from an MSCI index or indices (the “Index Data”). However, MSCI has not reviewed this product or report, and
does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or the author or source of any such information or
analysis. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any Index Data or data derived there from. The
MSCI Index Data may not be further redistributed or used as a basis for other indices or any securities or financial products.
Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International
Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or
omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid,
more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a
country’s specific tax laws, changes in government administration, and economic and monetary policy.
This document is provided by Lazard Asset Management LLC or its affiliates (“Lazard”) for informational purposes only. Nothing herein constitutes investment advice or a
recommendation relating to any security, commodity, derivative, investment management service or investment product. Investments in securities, derivatives and commodities
involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high
degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can
affect investment performance. Past performance does not guarantee future results.
This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations.
The Lazard entities that have issued this document are listed below, along with important limitations on their authorized activities.
Australia: Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed
by the Australian Securities and Investments Commission to carry on a financial services business. This document is intended for wholesale investors only. Canada: Issued by
Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY 10112 and 130 King Street West, Suite 1800, Toronto, Ontario M5X 1E3, a registered portfolio
manager providing services to non-individual permitted clients. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre,
PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai. International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to
deal with Professional Clients only. EU Member States: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. Hong
Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), One Harbour View Street, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is
a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities only
on behalf of “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation.
Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, 100-768. People’s Republic of China: Issued by Lazard
Asset Management. Lazard Asset Management does not carry out business in the P.R.C and is not a licensed investment adviser with the China Securities Regulatory Commission
or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this document does not constitute any
specific investment advice on China capital markets or an offer of securities or investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply
for any product or service of Lazard Asset Management. Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #15-02 One Raffles Place Tower 1,
Singapore 048616. Company Registration Number 201135005W, which provides services only to “institutional investors” or “accredited investors” as defined under the Securities
and Futures Act, Chapter 289 of Singapore. United Kingdom: Issued or approved by Lazard Asset Management Ltd., 50 Stratton Street, London W1J 8LL. Registered in England
Number 525667. Authorised and regulated by the Financial Conduct Authority (FCA), providing services only to persons classified as eligible counterparties or professional clients
under the rules of the FCA. United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112.
Important Information

State Street Global Advisors

Mandate: MSCI ACWI ex-US IMI Fund Hired: 2009
Firm Information Investment Approach Total Mandate

State Street Global Advisors Trust Company is a
wholly owned subsidiary of State Street Bank and
Trust Company, which is in turn a wholly owned
subsidiary of State Street Corporation. State Street
Corporation is a publicly traded bank holding
company whose shares are traded on the New York
Stock Exchange under the symbol “STT.”
As of June 30, 2018 State Street Global Advisors had
$2,723.44 billion in AUM*
* AUM reflects approximately $32.9 billion (as of June 30, 2018),
with respect to which State Street Global Advisors Funds
Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and
State Street Global Advisors are affiliated.
Key Executives:
Cyrus Taraporevala, President & CEO
Rick Lacaille, Global CIO
Lynn Blake, CIO, Global Equity Beta Solutions
Sonya Park, Senior Relationship Manager

As an index manger, SSGA strives to deliver performance that closely
aligns with the performance of a strategy’s respective index. SSGA
generally fully replicates the index but when prudent will employ an
optimization technique using historical data and correlations to create a
portfolio that has the same risk and return characteristics of the respective
Benchmark: MSCI ACWI ex-US IMI
Assets Under Management:
03/31/2018: $1,023,164,456

State of Alaska
2222846.1.1.NA.INST 1
Kimberly Cook
Craig DeGiacomo
Karl A. Schneider, CAIA

September 21, 2018
This material is solely for the private use of SSGA clients and prospects and is not intended for public dissemination. For Plan Sponsor Use Only.
CAIA® and Chartered Alternative Investment Analyst® are registered trademarks of the Chartered Alternative Investment Analyst Association.
CFA® and Chartered Financial Analyst® are trademarks of the CFA Institute.

Global Equity Beta Solutions

65 Portfolio Managers = average 19 years experienc

Lynn Blake, CFA®
Global CIO, Global Equity Beta Solutions
Global Trading — 31 Global Traders
Operations — 150+ Dedicated Professionals
Data Group — 13 Dedicated Professionals
Relationship with State Street Corporation
Susan Darroch
APAC ex-Japan Sydney
Andrew Howson
Alexander King, CFA
Lillian Poon, CFA
Mark Hui, CFA
Hong Kong
Michelle Ip
SaiSai Lin
Kwok-Shing Yip, CPA
Nobuya Endo, CFA
Shunsuke Ichinose, CMA
Masaki Ishikawa, CFA, CMA
Hitomi Miwa, CMA
TJ Blackburn, PhD*
Todd Bridges, PhD*
Jashu Krishna*
Mohamed Rehan*
Xiaole Sun, CFA*
Taie Wang, CFA*
Shayne White*
Temitayo Akinsanya*
Dan Smith*
Theresa Holland*
Executive Assistant
Portfolio Strategists
Heather Apperson*
Ana Harris, CFA*
Johnnie Yung*
Natalie Waller
Christopher Flood,
Mark Davey, CFA
Nina Doneva
James Fielding
Gwennael Freydt, CFA
Richard Hamilton
Ross James, CFA
Dominic Klee
Matt McCarthy, CFA
Matt Moffat
Zehra Sayeed
Ozan Vechi
Jeannine Doyle Anne Muir
Maria Cummings
Susann Curtis
Joseph Lima
Margaret Miggins
Bernice Stacy
Lee Williams
Kathleen Yacano*
Scott Roy Sabine Cappa
Julian Harding, ASIP,
Core Research
Rohit Nagori*
Mitesh Tank, CFA, FRM
Scott Pittsley, CFA*
Nicholas Trager*
Bejay Ugale*
Xianhang Wu*
Portfolio Specialists
Karl Schneider, CAIA
Deputy Head, Americas
Rakhi Kumar*
ESG Investments and
Asset Stewardship
Matthew DiGuiseppe*
Stefano Maffina*
Caitlin McSherry*
Paul Moore*
Michael Younis*
Philip Vernardis*
Robert Walker*
Christopher McKnett*
ESG Strategist
Andrew Collins*
Mahesh Jaya

Developed Markets Equities
Dwayne Hancock, CFA
Juan Acevedo
Lisa Hobart
John Law, CFA
Eric Viliott, CFA, CFP®
Olga Winner, CFA
Emerging Markets Equities
Tom Coleman, CFA
Melissa Kapitulik
Mark Krivitsky
Chuck LeVine
Kate Morgan, CFA
Kala O’Donnell

Alternative Asset Equities
Amy Cheng
David Chin
Ray Donofrio
Mike Finocchi
Payal Gupta
Ted Janowsky, CFA
Keith Richardson
Amy Scofield
David Swallow, CFA
Dan TenPas, CFA
Teddy Wong
Smart Beta/ESG Equities
Emiliano Rabinovich, CFA

Ted Janowsky, CFA
Company Stock Portfolio Management
David Arrighini, CFA
Jennifer Bender, PhD*
Lynn Blake, CFA®
Global CIO, Global Equity Beta Solutions
Global Trading — 31 Global Traders
Operations — 150+ Dedicated Professionals
Data Group — 13 Dedicated Professionals
Relationship with State Street Corporation
Susan Darroch
APAC ex-Japan Sydney
Andrew Howson
Alexander King, CFA
Lillian Poon, CFA
Mark Hui, CFA
Hong Kong
Michelle Ip
SaiSai Lin
Kwok-Shing Yip, CPA
Nobuya Endo, CFA
Shunsuke Ichinose, CMA
Masaki Ishikawa, CFA, CMA
Hitomi Miwa, CMA
TJ Blackburn, PhD*
Todd Bridges, PhD*
Jashu Krishna*
Mohamed Rehan*
Xiaole Sun, CFA*
Taie Wang, CFA*
Shayne White*
Temitayo Akinsanya*
Dan Smith*
Theresa Holland*
Executive Assistant
Portfolio Strategists
Heather Apperson*
Ana Harris, CFA*
Johnnie Yung*
Natalie Waller
Christopher Flood,
Mark Davey, CFA
Nina Doneva
James Fielding
Gwennael Freydt, CFA
Richard Hamilton
Ross James, CFA
Dominic Klee
Matt McCarthy, CFA
Matt Moffat
Zehra Sayeed
Ozan Vechi
Jeannine Doyle Anne Muir
Maria Cummings
Susann Curtis
Joseph Lima
Margaret Miggins
Bernice Stacy
Lee Williams
Kathleen Yacano

Our Trading Team
As of March 31, 2018
* Does not include the Heads of Regional Trading Desks.
Asset classes include equity, fixed income, futures and currency. Figures are in USD.
2020615.3.1.GBL.INST 6
San Francisco
Boston &
Hong Kong
Trading and Investment Hubs
Investment Hub
7 Equity, Futures and Currency traders*
US, Canada, Central and Latin America
Nat Evarts Graham Sorrell
8 Equity, Futures, Currency and Fixed Income traders*
55 Markets throughout Europe, Africa, and the Middle East
David Rogers
4 Equities, Futures and Currency traders
Australia, Japan and 13 other markets throughout Asia
The global trading team at SSGA differentiates our firm from the competition

Important Risk Disclosure
FOR INSTITUTIONAL USE ONLY, Not for Use with the Public.
Past performance is not an indicator of future results. Diversification does not ensure a profit or guarantee against loss.
Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
Indexing strategies are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. As a result, indexing strategies
may hold constituent securities of the Index regardless of the current or projected performance of a specific security, which could cause their return to be lower than if they
employed an active strategy. While the strategy seeks to track the performance of the Index as closely as possible, its return may not match or achieve a high degree of
correlation with the return of the Index due to operating expenses, transaction costs, cash flows and operational inefficiencies.
Foreign investments involve greater risks than US investments, including political and economic risks and the risk of currency fluctuations all of which may be magnified in
emerging markets. Investing in foreign domiciled securities may involve risk of capital loss from unfavourable fluctuation in currency values, withholding taxes, from differences in
generally accepted accounting principles or from economic or political instability in other nations. Investments in emerging or developing markets may be more volatile and less
liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less
stability than those of more developed countries.
Currency Risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across
national borders, they face currency risk if their positions are not hedged.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind
relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
Investing in futures is highly risky. Futures positions are considered highly leveraged because the initial margins are significantly smaller than the cash value of the contracts.
There are a number of risks associated with futures investing including but not limited to counterparty credit risk, basis risk, currency risk, derivatives risk, foreign issuer exposure
risk, sector concentration risk, leveraging and liquidity risks.
Derivative investments may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.

Important Risk Disclosure
Investing involves risk including the risk of loss of principal.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA's express written consent.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security.
It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy,
reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones
Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State
Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third
party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto,
including for any errors, omissions, or interruptions of any index.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind
relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
©2018 State Street Corporation - All Rights Reserved
Tracking Number: 2222846.1.1.NA.INST
Expiration Date: July 31, 2019

Kim is an Assistant Vice President of State
Street Global Advisors and a Senior Client
Service Manager in the Institutional Client
Group. She is responsible for managing client
relationships with a focus on institutional
clients located in the Western region of the
United States, based in the San Francisco office.
Previously at SSGA, Kim managed institutional
client relationships in the Mid-Atlantic region
based in the Boston office. Prior to joining the
Institutional Client Group, Kim worked in the
firms Portfolio Administration Group
responsible for the operations of funds
managed by both the Global Beta Equity
Solutions and Tax Efficient Market Capture
Portfolio Management teams. Prior to joining
SSGA, Kim worked in client service at Acadian
Asset Management following her role at State
Street Bank and Trust as a Portfolio Accountant.
Kim received her Bachelors of Science in
Business Administration with a concentration in
Finance and minor in Economics from the
University of New Hampshire. Kim holds the
FINRA 7 and 63 registrations.
Craig is a Managing Director and the Head of
Public Funds & Taft-Hartley at SSGA within the
Americas Institutional Client Group. Craig has
returned to State Street where he first began his
career, and spent 17 years, serving initially as a
portfolio strategist for our active international
equity strategies. From there Craig later became
a senior relationship manager and then Head of
New Business Development for Public Fund and
Taft-Hartley clients until his departure in 2011.
In 2011, Craig joined Pioneer Investments where
he initially was responsible for sales and
consultant coverage across client segments.
Subsequently he became Head of Relationship
Management, leading a team responsible for all
aspects of managing Pioneer's institutional
client base.
Craig holds a MBA from Boston College and BA
from Providence College.

Karl Schneider, CAIA, is a Managing Director of
SSGA and Deputy Head of Global Equity Beta
Solutions (GEBS) in the Americas. He also
serves as a senior portfolio manager for a
number of the group's passive equity portfolios.
Previously within GEBS, he served as a portfolio
manager and product specialist for US equity
strategies and synthetic beta strategies,
including commodities, buy/write, and hedge
fund replication. He is also a member of the S&P
Dow Jones US Equities Index Advisory Panel.
Prior to joining the GEBS team, Mr. Schneider
worked as a portfolio manager in SSGA's
Currency Management Group, managing both
active currency selection and traditional passive
hedging overlay portfolios. He joined SSGA in
Mr. Schneider holds a BS in Finance and
Investments from Babson College and also an
MS in Finance from Boston College. He has
earned the Chartered Alternative Investment
Analyst designation and is a member of the
CAIA Association.
2222846.1.1.NA.INST 23

Global provider of investment management and retirement
solutions. Groupwide managed assets of $1.3 trillion1
• Founded in 1836
• Fifth largest institutional asset manager in the world2
• Over 8,000 employees worldwide

Representative LGIMA client list
Corporate clients
• 3M Employee Retirement Income Plan Trust
• Ameren Master Retirement Trust
• American Air Liquide Holdings, Inc. Retirement
• A.O. Smith Pension Trust
• Aon Pension Plan Trust
• BASF Corporation Pension Plan
• Bell Atlantic Master Trust - (Verizon)
• Bemis Retirement Plan
• Boehringer Ingelheim USA Corp Master Trust
• Boeing Pension Master Trust
• Caleres, Inc. Retirement Plan
• Cargill, Inc. and Associated Companies
• CBS Master Trust
• Celanese Americas Retirement Pension Plan
• CenterPoint Energy Retirement Plan and Trust
• CH2M Hill Defined Benefit Master Trust
• DTE Energy Corporate Services, LLC
• Duke Energy Corporation Master
Retirement Trust
• Dynegy Inc. Master Retirement Trust
• Ericsson Inc. Retirement Plan
• Exelon Corporation Pension Master Trust
• FCA US LLC Master Retirement Trust
• First Horizon National Corporation Pension Plan
• FirstEnergy System Master Retirement Trust
• Ford Motor Company Defined Benefit
Master Trust
• General Motors Employees Pension Trust
• GOCO Pension Plan
• Goodyear Tire & Rubber Company
Common Trust
• Hormel Foods Defined Benefit Master Trust
• Integrys Energy Group Master Retirement Trust
• Kellogg Company Master Trust
• Law Companies Group, Inc. Pension Plan
• Legacy Pension Plan (Barrick)
• Mercer Group Trust
• Michelin North America, Inc. Master
Retirement Trust
• Mondelez Global LLC Defined Benefit Trust
• Nestlé in the USA Pension Trust
• PG&E Retirement Master Trust
• Pinnacle West Capital Corporation Retirement
• Pitney Bowes Pension Plan
• Reynolds American Master Trust
• Rio Tinto America Master Retirement Trust
• Rolls-Royce North American Pension Plan
• Roseburg Forest Products Co. and Carpenters
Industrial Council Master Pension Trust
• Sempra Energy Defined Benefit Master Trust
• SPX Corporation Master Pension Trust
• TECO Energy Group Retirement Plan
• The Milliken Pension Trust
• TRW Master Trust
• US Bank Pension Plan
• Vulcan Materials Company
• Woods Hole Oceanographic Institution
Retirement Trust
Non-corporate clients
• Arizona State Retirement System
• Beaumont Health; Southfield, MI.
• Blue Cross Blue Shield Association
• Care New England Pension Plan
• City of Austin Employees' Retirement System
• Employees' Retirement System of the State of
• Horizon Healthcare Services, Inc
• John S. and James L. Knight Foundation
• Novant Health, Inc.
• Ohio Bureau of Workers' Compensation
• OhioHealth Cash Balance Retirement Plan Trust
• Piedmont Healthcare, Inc. Retirement Plan
• Premier Health Partners Employees Retirement
• SantaFe Healthcare Inc. Pension Plan
• St. Clair Hospital Retirement Plan
• The American Jewish Joint Distribution
Committee, Inc. Employees Retirement Plan
• The University of Arkansas Foundation, Inc.
• University Hospitals Health System Inc.
Retirement Plan
As of June 20, 2018
The clients listed above are believed to be generally representative of the types of clients serviced by LGIMA, but were selected in part on the basis of the name
recognition of their organizations. Investment returns realized by these clients were not considered when selecting them. It is not known whether the listed clients
approve or disapprove of LGIMA or the advisory services provided. Client names may be abbreviated for simplicity in presentation. This list also contains investors
in our LGIMA Pooled Funds or Legal & General CIT.

Legal & General passive assets under management

As of February 6, 2018
1The Legal & General groupwide Global Index team is comprised of members of LGIM, LGIMA, LGIM Asia and LGIMI, working independently or collaboratively
through service level agreements or sub-advisory agreements.
2LGIM employee.
3LGIM Asia employee.
*Some team members are double counted because they have both equity and fixed income responsibilities.

Passive Options: 6/30/18
(i) – Indexed scoring method used. Green: manager & index differ by less than +/- 10 percentiles; Yellow: manager and index differ by +/- 20 percentiles;
Red: manager & index differ by more than 20 percentiles.
Last Last 3 5 7 5 5 Year 5 Year 3 Year 5 Year
Quarter Year Year Year Year Year Risk Excess Tracking Sharpe
Investment Manager Return Return Return Return Return Risk Quadrant Rtn Ratio Error Ratio
Index Funds
SSgA S&P 500 Index Fund (i)
Callan S&P 500 Index MFs
S&P 500 Index
3.4 24
3.4 11
14.4 14
14.4 8
11.9 7
11.9 5
13.4 6
13.4 1
13.2 6
13.2 6
7.0 22
7.0 45
-0.9 5 0.0 83 1.8 9
1.9 1
BlackRock S&P 500 Index Fund (i)
Callan S&P 500 Index MFs
S&P 500 Index
3.4 14
3.4 11
14.4 11
14.4 8
11.9 12
11.9 5
13.4 5
13.4 1
13.2 6
13.2 6
7.0 22
7.0 45
-1.1 6 0.0 98 1.8 9
1.9 1
SSgA Russell 3000 Index Fund (i)
CAI Mut Fd: Large Cap Broad Style (Net)
Russell 3000 Index
3.8 41
3.9 41
14.7 52
14.8 52
11.6 41
11.6 41
13.3 48
13.3 48
13.0 41
13.0 41
7.2 90
7.2 90
0.0 47 0.1 100 1.8 15
1.8 16
SSgA World Equity ex-US Index Fund (i)
CAI MF: Non-U.S. Equity Style
MSCI ACWI x U.S. Index (Net)
-2.9 71
-2.6 68
7.5 34
7.3 43
5.2 41
5.1 45
6.1 62
6.0 63
3.9 81
3.8 82
10.5 61
10.6 61
0.2 47 0.8 99 0.5 59
0.5 62
SSgA Long US Treasury Bond (i)
CAI Mut Fd: Extended Mat Fixed Income
Blmbg Long Treasury Index
0.3 39
0.3 39
-0.2 28
-0.1 27
3.4 76
3.4 77
4.5 76
4.5 76
6.1 72
6.1 72
10.6 34
10.5 38
-0.1 75 0.1 96 0.4 61
0.4 61
Blmbg U.S. TIPS Index
0.8 38
0.8 37
2.1 44
2.1 41
1.8 45
1.9 29
1.6 34
1.7 22
2.0 31
2.1 23
3.6 59
3.6 58
-3.3 96 0.0 99 0.3 31
0.3 24
SSgA World Gov't Bond ex-US (i)
CAI Mut Fd: Global Fixed Income Style
Citi WGBI Non-U.S. Index
-5.2 94
-5.1 94
3.2 1
3.2 1
3.7 20
3.7 19
0.9 86
1.0 86
-0.1 92
-0.1 92
9.1 2
9.0 2
-1.2 99 0.1 100 0.1 89
0.1 88
SSgA US REIT Index Fund (i)
CAI Mut Fd: Real Estate Database
DJ US Select REIT Index
9.9 5
10.0 5
4.2 44
4.2 39
7.5 41
7.7 37
8.1 46
8.3 40
8.7 44
8.9 31
12.3 11
12.3 6
-2.6 99 0.1 100 0.6 59
0.6 54
BlackRock Govt/Credit (i)
CAI Mut Fd: Core Bond Style
Blmbg Gov t/Credit Bd
-0.3 77
-0.3 76
-0.7 69
-0.6 68
1.8 42
1.8 41
2.2 70
2.3 45
2.7 63
2.8 41
3.3 1
3.3 1
-1.3 100 0.0 100 0.5 87
0.6 86
BlackRock Intermediate Gov't

Bankruptcy filings by older Americans are increasing significantly due to higher health care costs
and expenses that exceed some individual’s income.
● From February 2013 to November 2016, there were 3.6 bankruptcy filers per 1,000 people
between the ages of 65 and 74. In 1991, the incidence rate was one-third the current level: 1.2.

● See:

Click on link to read FULL DOCUMENT:

EX-21.1 3 d435993dex211.htm EX-21.1
Exhibit 21.1




Lazard Group LLC

Lazard International Holdings, Inc.

Lazard Frères & Co. LLC

Lazard Asset Management LLC

Lazard Funding Limited LLC

Lazard & Co., Holdings Limited
United Kingdom

Lazard & Co., Limited
United Kingdom

Compagnie Financière Lazard Frères SAS

Lazard Frères Gestion SAS

Lazard Frères Banque SA

Maison Lazard SAS