ABC Corp May 27, 2001

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Elijah May
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1 Portfolio Review May 27, /31/ :30:45:amc2085:apowarm:04/01/2000:04/30/2000:i9999:9999

2 The Lazard International Equity Portfolio outperformed during April as global equity markets continued to experience a dramatic rotation. The highly valued software industry fell 17.5% and the telecom sector dropped 14.8% to push the MSCI EAFE Index 5.4% lower for the month. In contrast, many groups with attractive valuation characteristics that had been languishing (such as industrials, healthcare and staples) posted gains as investors favored traditional companies with tangible earnings over long dominant, if less profitable, technology stocks. European equity markets slipped 4.5% as continued interest rate hikes and a weakening euro weighed on stocks, while in Japan, equities fell 7.5% as plummeting technology stocks and Prime Minister Obuchi s poor health dominated the news. National reforms may be delayed as a new leader is elected, however, this transition is unlikely to slow the momentum of corporate change already taking place in Japan. While market volatility dented the prospects of many Internet start-up hopefuls, established companies continued to unlock value through corporate actions. The collapse of Deutsche Bank and Dresdner Bank s merger did not stem the tide of consolidation in the global banking industry. HSBC bolstered its position as the world s second largest financial institution by securing a foothold in continental Europe by acquiring Credit Comercial de France and forming a non-u.s. private banking joint venture with Merrill Lynch. Japanese banks are also continuing to change as Sumitomo Bank and Sakura Bank agreed to accelerate their merger plans by a full year. Even as telecommunication stock prices fell, companies moved to focus operations and highlight the hidden asset values. Deutsche Telekom successfully completed an IPO of its valuable T-Online Internet business despite the environment of collapsing internet stock prices. The trend to carve out wireless operations also continued. Vodafone and Bell Atlantic announced plans to IPO their recently created wireless joint venture Verizon, while Telefonica also announced plans to IPO its wireless business as well as its undersea cables operations. Even stubborn British Telecom is reorganizing to create four high-growth business segments based on market sector rather than geography. + The portfolio benefited from the continued rotation back to relative value stocks in April. + Financial stock picking helped as United Overseas Bank and Overseas Chinese Bank Corp rose with a cyclical recovery and capital redeployment, while Axa led performance in Europe. + Capital goods stock selection helped as British Aerospace rebounded as it acquired Lockheed Martin s control system business. - Utility stock picking suffered as Vivendi s transformation to a media company, which has driven its tremendous performance over the last two years, had a negative impact in April. April 2000

3 Page 1 Investment Performance Summary Annualized Annualized Current Last Year Last Last Since Inception Month 3 Months To Date 12 Months 5 Years 18-May-1993 YOUR TOTAL RETURN (4.5%) 0.7% (6.2%) 12.4% 14.1% 13.4% EQUITY SEGMENT (4.5%) 0.8% (6.4%) 12.9% 14.8% 14.7% Market Index: MSCI EAFE (net) (5.3%) 1.1% (5.4%) 13.9% 10.4% 10.4% Portfolio Summary Asset Market Percent Of Allocation Value Portfolio Equity 19,925, % Equity excluding Lazard Funds 17,592, % Lazard Emerging Markets Portfolio Instl 903, % Lazard Intl Small Cap Portfolio Instl 1,429, % Cash and Cash Equivalents 647, % Accrued Dividends 34, % TOTAL $20,608, % 05/31/ :23:41:amc2039:apowarm:04/01/2000:04/30/2000:i9999:9999

4 Page 1 Region/Country Distribution Market Value Percent of Country (USD) Portfolio Americas United States 2,333, % Total Americas $2,333, % Europe Denmark 263, % Finland 203, % France 2,423, % Germany 1,992, % Italy 376, % Netherlands 1,149, % Portugal 300, % Spain 693, % Sweden 355, % Switzerland 619, % United Kingdom 3,752, % Total Europe $12,129, % Pacific Australia 305, % Hong Kong 243, % Japan 4,531, % Singapore 382, % Total Pacific $5,463, % Total Cash and Cash Equivalents $647, %

5 Page 2 Region/Country Distribution Market Value Percent of Country (USD) Portfolio Total Accrued Dividends $34, % Total Portfolio $20,608, % 05/31/ :27:42:amc2073:apowarm:04/01/2000:04/30/2000:i9999:9999

6 Page 1 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Security Holdings Region: Americas United States Currency: US Dollar Exchange Rate: Lazard Emerging Markets Portfolio Instl 95, , , , , % Lazard Intl Small Cap Portfolio Instl 100, ,234, ,429, ,234, ,429, % Total United States $2,215, $2,333, % Region: Europe Denmark Currency: Danish Krone Exchange Rate: Tele Danmark AS DKK5 3, ,493, ,160, , , % Total Denmark $210, $263, % Finland Currency: Euro Exchange Rate: UPM Kymmene Corp FIM 10 7, , , , , % Total Finland $197, $203, %

7 Page 2 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Region: Europe (continued) France Currency: Euro Exchange Rate: Alcatel 2, , , , , % Aventis SA 5, , , , , % AXA EUR9.15 2, , , , , % Banque Nationale Paris EUR4 2, , , , , % Compagnie de St Gobain EUR16 1, , , , , % Suez Lyon Des Eaux EUR10 1, , , , , % Total Fina Elf 3, , , , , % Vivendi EUR5.5 2, , , , , % Total France $1,307, $2,423, % Germany Currency: Euro Exchange Rate: Allianz AG Hldgs NPV , , , , % DaimlerChrysler AG NPV 2, , , , , % Deutsche Lufthansa NPV (Regd)(Vink) 9, , , , , % Deutsche Telekom AG Regd 2, , , , , % Hypovereinsbank 5, , , , , % Siemens AG NPV 3, , , , , % Thyssen Krupp AG NPV 5, , , , , % Veba AG NPV 4, , , , , % Total Germany $1,719, $1,992, %

8 Page 3 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Region: Europe (continued) Italy Currency: Euro Exchange Rate: Eni SPA ITL , , , , , % San Paolo-IMI SPA 13, , , , , % Total Italy $403, $376, % Netherlands Currency: Euro Exchange Rate: Akzo Nobel NV NLG5 4, , , , , % Getronics NV 2, , , , , % Heineken NV NLG5 3, , , , , % ING Groep NV 4, , , , , % Philips Electronics NV 8, , , , , % Total Netherlands $832, $1,149, % Portugal Currency: Euro Exchange Rate: Portugal Telecom SA 26, , , , , % Total Portugal $272, $300, %

9 Page 4 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Region: Europe (continued) Spain Currency: Euro Exchange Rate: Endesa SA EUR , , , , , % Telefonica SA EUR1 17, , , , , % Total Spain $461, $693, % Sweden Currency: Swedish Krona Exchange Rate: Electrolux AB Ser B SEK5 10, , ,628, , , % Svenska Handelsbanken-Ser A SEK4 13, , ,552, , , % Total Sweden $194, $355, % Switzerland Currency: Swiss Franc Exchange Rate: ABB Ltd CHF10 2, , , , , % Roche Holdings AG Genusscheine NPV 21 16, , , , , , % Zurich Allied AG CHF , , , , % Total Switzerland $586, $619, %

10 Page 5 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Region: Europe (continued) United Kingdom Currency: Pound Sterling Exchange Rate: Astrazeneca Plc 5, , , , , % BAE Systems PLC 36, , , , , % BP Amoco Plc Ord USD , , , , , % British Energy PLC Ord GBP , , , , , % British Telecommunications PLC-Ord 25p 12, , , , , % Cadbury Schweppes PLC-Ord 12.5P 34, , , , , % Diageo PLC - Ord /108p 28, , , , , % GKN PLC-Ord 50p 11, , , , , % Granada Group PLC 8, , , , , % Great Universal Stores PLC-Ord 25p 23, , , , , % Halifax Group PLC 19, , , , , % Imperial Chemical Inds PLC-Ord 100p 34, , , , , % Invensys Plc 35, , , , , % National Grid Group PLC - Ord 11 13/17p 19, , , , , % Prudential Plc 5p 11, , , , , % Reed International PLC-Ord 12.5p 27, , , , , % Royal & Sun Alliance Grp PLC Ord 27.5p 15, , , , , % Smithkline Beecham PLC-Ord 6.25p 26, , , , , % Tesco PLC-Ord 5p 45, , , , , % Vodafone Airtouch PLC-Ord $ , , , , , % Total United Kingdom $3,899, $3,752, %

11 Page 6 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Region: Pacific Australia Currency: Australian Dollar Exchange Rate: Broken Hill Proprietary Ltd New AUD1 28, , , , , % Total Australia $265, $305, % Hong Kong Currency: Hong Kong Dollar Exchange Rate: HSBC Hldgs PLC USD0.50 (HK Listed) 21, ,240, ,898, , , % Total Hong Kong $160, $243, % Japan Currency: Japanese Yen Exchange Rate: Acom Co Ltd 1,000 11, , ,883, ,410, , , % Asahi Breweries Ltd 8,000 1, , ,985, ,800, , , % Canon Inc New 8,000 3, , ,468, ,520, , , % Fuji Bank Ltd 18,000 1, ,495, ,200, , , % Fujitsu Ltd 6,000 3, , ,133, ,360, , , % Industrial Bank of Japan Ltd 22, ,579, ,580, , , % Kao Corp 9,000 2, , ,624, ,610, , , % Nintendo Co Ltd 600 6, , ,111, ,800, , , % Nippon Paper Industries 16, ,299, ,944, , , % Nippon Telegraph & Telephone Corp 22 1,146, ,340, ,227, ,480, , , %

12 Page 7 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Region: Pacific (continued) Japan (continued) Nissan Motor Co Ltd 98, ,446, ,118, , , % NTT Docomo Inc 8 836, ,610, ,689, ,880, , , % Orix Corp 2,640 3, , ,262, ,708, , , % Sakura Bank Ltd 31, ,321, ,498, , , % Sankyo Co Ltd 7,000 2, , ,917, ,660, , , % Sony Corp 4,000 3, , ,473, ,640, , , % Sumitomo Electric Industries Ltd 8,000 1, , ,258, ,512, , , % Sumitomo Trust & Banking Co Ltd 42, ,042, ,180, , , % TDK Corp 3,000 11, , ,161, ,410, , , % Total Japan $3,249, $4,531, % Singapore Currency: Singapore Dollar Exchange Rate: Overseas Chinese Bank Corp (Local) 25, , , , , % United Overseas Bank SGD1 29, , , , , % Total Singapore $333, $382, % Total Security Holdings $16,312, $19,925, %

13 Page 8 Holdings by Country Unit Cost Market Total Market Total Market (Security Price Cost Value Cost Value Percent of Quantity Currency) (Sec Cur) (Sec Cur) (Sec Cur) (USD) (USD) Portfolio Cash and Cash Equivalents United States Currency: US Dollar Exchange Rate: Cash 647, , , , % Total Cash and Cash Equivalents $647, $647, % Total Accrued Dividends $34, % Total Portfolio $16,960, $20,608, % 05/31/ :21:58:amc2038:apowarm:04/01/2000:04/30/2000:i9999:9999

14 Purchase Ledger Security Unit Price Total Amount Unit Price Total Amount Security Country Currency Quantity (Sec Cur) (Sec Cur) (USD) (USD) Page 1 Fujitsu Ltd Japan Japanese Yen 4,000 3, ,346, , Hypovereinsbank Germany Euro 1, , , Imperial Chemical Inds PLC-Ord 100p United Kingdom Pound Sterling 5, , , National Grid Group PLC - Ord 11 13/17p United Kingdom Pound Sterling 3, , , Smithkline Beecham PLC-Ord 6.25p United Kingdom Pound Sterling 6, , , Tesco PLC-Ord 5p United Kingdom Pound Sterling 17, , , Total Purchases $467, /31/ :29:33:amc2074:apowarm:04/01/2000:04/30/2000:i9999:9999

15 Sell Ledger Realized Security Average Cost Unit Price Unit Price Total Amount Gain/(Loss) Security Country Currency Quantity (Sec Cur) (Sec Cur) (USD) (USD) (USD) Page 1 Asahi Breweries Ltd Japan Japanese Yen 10,000 1, , , (27,150.39) Aventis SA France Euro 1, , , Canon Inc New Japan Japanese Yen 2,000 3, , , , Granada Group PLC United Kingdom Pound Sterling 14, , , NTT Docomo Inc Japan Japanese Yen 3 836, ,475, , , , Royal & Sun Alliance Grp PLC Ord 27.5p United Kingdom Pound Sterling 11, , (64,283.12) Tele Danmark AS DKK5 Denmark Danish Krone , , Vivendi EUR5.5 France Euro , , Total Sales $686, $133, /31/ :29:39:amc2075:apowarm:04/01/2000:04/30/2000:i9999:9999

16 Corporate Action Ledger Total Amount Security Country Date Quantity (USD) Page 1 Dividend Akzo Nobel NV NLG5 Netherlands 15-May-00 2, DaimlerChrysler AG NPV Germany 20-Apr-00 6, Electrolux AB Ser B SEK5 Sweden 04-May-00 3, Getronics NV Netherlands 17-Apr Heineken NV NLG5 Netherlands 08-May Svenska Handelsbanken-Ser A SEK4 Sweden 26-Apr-00 3, Tele Danmark AS DKK5 Denmark 19-Apr-00 3, Telecom Italia SPA-Svgs Shs ITL1000 Italy 28-Apr Tesco PLC-Ord 5p United Kingdom 30-Jun-00 1, Total Dividend $23, Income US Dollar United States 30-Apr-00 (22,074.57) Total Income ($22,074.57) Split Philips Electronics NV Netherlands 17-Apr-00 6, Total Split $0.00

17 Corporate Action Ledger Total Amount Security Country Date Quantity (USD) Page 2 Total Split (continued) NET CASH FLOW FROM CORPORATE ACTIONS $1, /31/ :26:35:amc2046:apowarm:04/01/2000:04/30/2000:i9999:9999

18 Net Capital Contribution and Withdrawal Ledger Trade Coupon Maturity Total Date Activity Security Rate Date Quantity Amount Page 1 13-Apr-00 Contribution US Dollar Apr-00 Withdrawal US Dollar (6,624.36) Net Capital Contributions and Withdrawals ($6,338.82) 05/31/ :30:7:amc2084:apowarm:04/01/2000:04/30/2000:i9999:9999

JPMorgan International Value Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited)

JPMorgan International Value Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) Schedule of Portfolio Investments as of January 31, 2018 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED