State of Connecticut Retirement & Trust Funds, Hartford, terminated emerging bond market managers Grantham, Mayo, Van Otterloo and Lazard Asset Management for underperformance and style issues, said Howard Rifkin, deputy treasurer. Grantham was managing $73 million and Lazard was running $108 million for the $18.5 billion fund. The funds will be temporarily reallocated to other bond managers, which will be identified next week. The system is in the process of conducting an asset allocation study, which should be complete in July. Grantham officials declined comment; Lazard didnt return phone calls by press time.