Portfolio Review May 27, 2001 05/31/2000 12:30:45:amc2085:apowarm:04/01/2000:04/30/2000:i9999:9999
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
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 19,925,895.70 96.7% Equity excluding Lazard Funds 17,592,394.37 85.4% Lazard Emerging Markets Portfolio Instl 903,618.00 4.4% Lazard Intl Small Cap Portfolio Instl 1,429,883.33 6.9% Cash and Cash Equivalents 647,946.28 3.1% Accrued Dividends 34,370.42 0.2% TOTAL $20,608,212.40 100.0% 05/31/2000 12:23:41:amc2039:apowarm:04/01/2000:04/30/2000:i9999:9999
Page 1 Region/Country Distribution Market Value Percent of Country (USD) Portfolio Americas United States 2,333,501.33 11.3% Total Americas $2,333,501.33 11.3% Europe Denmark 263,626.82 1.3% Finland 203,129.30 1.0% France 2,423,479.08 11.8% Germany 1,992,185.38 9.7% Italy 376,200.13 1.8% Netherlands 1,149,336.98 5.6% Portugal 300,060.27 1.5% Spain 693,735.08 3.4% Sweden 355,019.53 1.7% Switzerland 619,474.65 3.0% United Kingdom 3,752,847.24 18.2% Total Europe $12,129,094.46 58.9% Pacific Australia 305,440.01 1.5% Hong Kong 243,725.54 1.2% Japan 4,531,914.42 22.0% Singapore 382,219.93 1.9% Total Pacific $5,463,299.90 26.5% Total Cash and Cash Equivalents $647,946.28 3.1%
Page 2 Region/Country Distribution Market Value Percent of Country (USD) Portfolio Total Accrued Dividends $34,370.42 0.2% Total Portfolio $20,608,212.40 100.0% 05/31/2000 12:27:42:amc2073:apowarm:04/01/2000:04/30/2000:i9999:9999
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: 1.00000 Lazard Emerging Markets Portfolio Instl 95,520 10.27 9.460 980,988.44 903,618.00 980,988.44 903,618.00 4.4% Lazard Intl Small Cap Portfolio Instl 100,554 12.28 14.220 1,234,391.60 1,429,883.33 1,234,391.60 1,429,883.33 6.9% Total United States $2,215,380.04 $2,333,501.33 11.3% Region: Europe Denmark Currency: Danish Krone Exchange Rate: 8.19340 Tele Danmark AS DKK5 3,600 414.74 600.000 1,493,059.52 2,160,000.00 210,970.73 263,626.82 1.3% Total Denmark $210,970.73 $263,626.82 1.3% Finland Currency: Euro Exchange Rate: 1.09999 UPM Kymmene Corp FIM 10 7,840 24.45 28.500 191,682.15 223,440.00 197,782.27 203,129.30 1.0% Total Finland $197,782.27 $203,129.30 1.0%
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: 1.09999 Alcatel 2,300 86.96 255.000 200,013.08 586,500.00 243,249.26 533,187.15 2.6% Aventis SA 5,736 39.69 60.500 227,661.78 347,028.00 248,284.72 315,483.15 1.5% AXA EUR9.15 2,000 59.64 163.100 119,282.75 326,200.00 130,248.10 296,548.42 1.4% Banque Nationale Paris EUR4 2,300 34.24 88.900 78,754.48 204,470.00 99,941.46 185,883.68 0.9% Compagnie de St Gobain EUR16 1,160 107.48 150.100 124,681.72 174,116.00 153,921.67 158,288.86 0.8% Suez Lyon Des Eaux EUR10 1,200 120.03 172.500 144,030.12 207,000.00 155,433.00 188,183.70 0.9% Total Fina Elf 3,021 46.17 166.900 139,478.58 504,204.73 172,872.55 458,372.52 2.2% Vivendi EUR5.5 2,907 28.47 108.800 82,767.50 316,281.60 103,985.44 287,531.60 1.4% Total France $1,307,936.20 $2,423,479.08 11.8% Germany Currency: Euro Exchange Rate: 1.09999 Allianz AG Hldgs NPV 801 300.47 423.500 240,677.26 339,223.50 264,558.08 308,388.08 1.5% DaimlerChrysler AG NPV 2,983 49.98 64.000 149,097.36 190,912.00 180,256.97 173,558.10 0.8% Deutsche Lufthansa NPV (Regd)(Vink) 9,800 18.98 23.100 185,982.57 226,380.00 195,111.28 205,802.06 1.0% Deutsche Telekom AG Regd 2,763 50.77 70.500 140,277.41 194,791.50 149,336.59 177,084.95 0.9% Hypovereinsbank 5,900 66.68 68.100 393,412.02 401,790.00 383,848.13 365,267.29 1.8% Siemens AG NPV 3,050 65.46 162.300 199,656.78 495,015.00 218,440.35 450,018.14 2.2% Thyssen Krupp AG NPV 5,000 14.89 23.000 74,461.56 115,000.00 96,644.87 104,546.50 0.5% Veba AG NPV 4,200 51.16 54.350 214,861.54 228,270.00 231,488.73 207,520.26 1.0% Total Germany $1,719,684.98 $1,992,185.38 9.7%
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: 1.09999 Eni SPA ITL 1000 36,800 4.60 5.470 169,355.46 201,296.00 198,059.60 182,998.19 0.9% San Paolo-IMI SPA 13,800 13.58 15.400 187,413.95 212,520.00 205,410.61 193,201.93 0.9% Total Italy $403,470.21 $376,200.13 1.8% Netherlands Currency: Euro Exchange Rate: 1.09999 Akzo Nobel NV NLG5 4,100 46.62 45.030 191,162.41 184,623.00 192,433.18 167,840.77 0.8% Getronics NV 2,300 83.47 65.600 191,989.02 150,880.00 187,008.71 137,165.01 0.7% Heineken NV NLG5 3,750 17.36 61.000 65,096.70 228,750.00 86,279.83 207,956.62 1.0% ING Groep NV 4,900 50.60 60.020 247,938.47 294,098.00 272,160.09 267,364.49 1.3% Philips Electronics NV 8,272 9.94 49.070 82,186.92 405,907.04 94,858.43 369,010.09 1.8% Total Netherlands $832,740.23 $1,149,336.98 5.6% Portugal Currency: Euro Exchange Rate: 1.09999 Portugal Telecom SA 26,900 9.88 12.270 265,710.40 330,063.00 272,527.60 300,060.27 1.5% Total Portugal $272,527.60 $300,060.27 1.5%
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: 1.09999 Endesa SA EUR1.20 14,000 20.44 23.860 286,175.07 334,040.00 323,984.18 303,675.76 1.5% Telefonica SA EUR1 17,527 7.00 24.480 122,746.43 429,060.96 138,004.77 390,059.32 1.9% Total Spain $461,988.94 $693,735.08 3.4% Sweden Currency: Swedish Krona Exchange Rate: 8.96000 Electrolux AB Ser B SEK5 10,750 78.56 151.500 844,509.38 1,628,625.00 116,916.85 181,766.18 0.9% Svenska Handelsbanken-Ser A SEK4 13,100 39.77 118.500 520,931.37 1,552,350.00 77,487.99 173,253.35 0.8% Total Sweden $194,404.84 $355,019.53 1.7% Switzerland Currency: Swiss Franc Exchange Rate: 1.72455 ABB Ltd CHF10 2,430 156.78 193.500 380,983.30 470,205.00 251,523.93 272,653.74 1.3% Roche Holdings AG Genusscheine NPV 21 16,226.38 18,010.000 340,754.08 378,210.00 247,774.04 219,309.39 1.1% Zurich Allied AG CHF10 300 423.73 733.000 127,120.18 219,900.00 87,122.23 127,511.52 0.6% Total Switzerland $586,420.20 $619,474.65 3.0%
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: 0.64232 Astrazeneca Plc 5,658 27.64 26.890 156,399.28 152,143.62 253,937.82 236,864.79 1.1% BAE Systems PLC 36,380 1.52 3.940 55,177.74 143,337.20 85,015.99 223,154.52 1.1% BP Amoco Plc Ord USD0.25 29,400 4.06 5.545 119,247.55 163,023.00 198,894.01 253,802.36 1.2% British Energy PLC Ord GBP0.44651162 18,095 5.50 1.710 99,602.15 30,942.45 156,709.88 48,172.75 0.2% British Telecommunications PLC-Ord 25p 12,300 11.00 11.510 135,252.42 141,573.00 219,393.98 220,407.93 1.1% Cadbury Schweppes PLC-Ord 12.5P 34,916 3.34 4.390 116,726.63 153,281.24 185,411.46 238,635.90 1.2% Diageo PLC - Ord 28 101/108p 28,811 4.81 5.195 138,656.69 149,673.14 224,116.46 233,018.64 1.1% GKN PLC-Ord 50p 11,200 8.58 8.880 96,086.19 99,456.00 154,482.70 154,838.07 0.8% Granada Group PLC 8,900 4.33 6.260 38,498.09 55,714.00 61,670.17 86,738.34 0.4% Great Universal Stores PLC-Ord 25p 23,300 7.34 3.875 171,023.18 90,287.50 280,201.50 140,564.09 0.7% Halifax Group PLC 19,200 7.33 5.990 140,814.42 115,008.00 230,086.91 179,050.20 0.9% Imperial Chemical Inds PLC-Ord 100p 34,100 6.74 5.500 229,778.58 187,550.00 373,682.40 291,987.22 1.4% Invensys Plc 35,300 2.39 3.075 84,446.10 108,547.50 139,838.51 168,992.18 0.8% National Grid Group PLC - Ord 11 13/17p 19,600 5.67 5.275 111,055.44 103,390.00 175,354.09 160,962.72 0.8% Prudential Plc 5p 11,900 6.61 9.860 78,681.79 117,334.00 127,195.79 182,671.44 0.9% Reed International PLC-Ord 12.5p 27,600 4.58 4.445 126,301.06 122,682.00 198,538.22 190,997.47 0.9% Royal & Sun Alliance Grp PLC Ord 27.5p 15,601 6.65 3.585 103,822.89 55,929.58 172,264.64 87,073.97 0.4% Smithkline Beecham PLC-Ord 6.25p 26,100 8.16 8.785 212,985.75 229,288.50 342,938.01 356,967.80 1.7% Tesco PLC-Ord 5p 45,700 1.98 2.190 90,675.26 100,083.00 145,877.21 155,814.22 0.8% Vodafone Airtouch PLC-Ord $0.10 31,000 3.52 2.945 109,140.84 91,295.00 174,173.23 142,132.62 0.7% Total United Kingdom $3,899,782.97 $3,752,847.24 18.2%
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: 1.71233 Broken Hill Proprietary Ltd New AUD1 28,363 14.50 18.440 411,241.85 523,013.72 265,846.29 305,440.01 1.5% Total Australia $265,846.29 $305,440.01 1.5% Hong Kong Currency: Hong Kong Dollar Exchange Rate: 7.78920 HSBC Hldgs PLC USD0.50 (HK Listed) 21,821 56.87 87.000 1,240,956.73 1,898,427.00 160,688.07 243,725.54 1.2% Total Hong Kong $160,688.07 $243,725.54 1.2% Japan Currency: Japanese Yen Exchange Rate: 107.97000 Acom Co Ltd 1,000 11,883.65 10,410.000 11,883,645.15 10,410,000.00 110,472.39 96,415.67 0.5% Asahi Breweries Ltd 8,000 1,748.16 1,100.000 13,985,298.52 8,800,000.00 106,850.65 81,504.12 0.4% Canon Inc New 8,000 3,183.54 4,940.000 25,468,336.85 39,520,000.00 212,926.95 366,027.60 1.8% Fuji Bank Ltd 18,000 1,083.11 900.000 19,495,990.44 16,200,000.00 172,790.25 150,041.68 0.7% Fujitsu Ltd 6,000 3,522.28 3,060.000 21,133,681.65 18,360,000.00 198,790.84 170,047.24 0.8% Industrial Bank of Japan Ltd 22,000 980.90 890.000 21,579,815.58 19,580,000.00 179,128.95 181,346.67 0.9% Kao Corp 9,000 2,624.90 3,290.000 23,624,084.07 29,610,000.00 201,764.93 274,242.85 1.3% Nintendo Co Ltd 600 6,852.16 18,000.000 4,111,295.89 10,800,000.00 39,642.55 100,027.79 0.5% Nippon Paper Industries 16,000 706.20 684.000 11,299,154.60 10,944,000.00 104,725.97 101,361.49 0.5% Nippon Telegraph & Telephone Corp 22 1,146,691.72 1,340,000.000 25,227,217.77 29,480,000.00 220,003.32 273,038.81 1.3%
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 98,000 463.74 491.000 45,446,672.69 48,118,000.00 384,022.00 445,660.83 2.2% NTT Docomo Inc 8 836,149.10 3,610,000.000 6,689,192.78 28,880,000.00 56,682.92 267,481.71 1.3% Orix Corp 2,640 3,129.73 15,420.000 8,262,491.64 40,708,800.00 81,029.30 377,038.07 1.8% Sakura Bank Ltd 31,000 655.53 758.000 20,321,457.79 23,498,000.00 191,346.06 217,634.53 1.1% Sankyo Co Ltd 7,000 2,559.66 2,380.000 17,917,612.68 16,660,000.00 153,639.14 154,302.12 0.7% Sony Corp 4,000 3,118.33 12,410.000 12,473,324.52 49,640,000.00 117,027.31 459,757.34 2.2% Sumitomo Electric Industries Ltd 8,000 1,407.26 1,439.000 11,258,110.18 11,512,000.00 105,915.86 106,622.21 0.5% Sumitomo Trust & Banking Co Ltd 42,000 905.78 790.000 38,042,814.84 33,180,000.00 340,776.75 307,307.59 1.5% TDK Corp 3,000 11,053.73 14,470.000 33,161,182.39 43,410,000.00 271,969.76 402,056.13 2.0% Total Japan $3,249,505.88 $4,531,914.42 22.0% Singapore Currency: Singapore Dollar Exchange Rate: 1.70420 Overseas Chinese Bank Corp (Local) 25,600 12.74 11.700 326,129.10 299,520.00 192,375.55 175,754.02 0.9% United Overseas Bank SGD1 29,568 7.91 11.900 233,773.47 351,859.20 140,709.88 206,465.91 1.0% Total Singapore $333,085.43 $382,219.93 1.9% Total Security Holdings $16,312,214.88 $19,925,895.70 96.7%
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: 1.00000 Cash 647,946.28 647,946.28 647,946.28 647,946.28 3.1% Total Cash and Cash Equivalents $647,946.28 $647,946.28 3.1% Total Accrued Dividends $34,370.42 0.2% Total Portfolio $16,960,161.16 $20,608,212.40 100.0% 05/31/2000 12:21:58:amc2038:apowarm:04/01/2000:04/30/2000:i9999:9999
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 3,329.95 13,346,463.65 31.54 126,408.83 Hypovereinsbank Germany Euro 1,800 67.58 121,947.11 63.36 114,329.64 Imperial Chemical Inds PLC-Ord 100p United Kingdom Pound Sterling 5,500 5.64 31,228.95 8.97 49,628.94 National Grid Group PLC - Ord 11 13/17p United Kingdom Pound Sterling 3,400 5.21 17,822.11 8.23 28,160.48 Smithkline Beecham PLC-Ord 6.25p United Kingdom Pound Sterling 6,500 8.70 56,900.74 13.74 89,899.17 Tesco PLC-Ord 5p United Kingdom Pound Sterling 17,300 2.12 36,964.54 3.38 58,778.26 Total Purchases $467,205.33 05/31/2000 12:29:33:amc2074:apowarm:04/01/2000:04/30/2000:i9999:9999
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 1,748.16 1,126.62 10.66 106,412.92 (27,150.39) Aventis SA France Euro 1,600 39.69 60.52 56.77 90,606.09 21,349.54 Canon Inc New Japan Japanese Yen 2,000 3,183.54 4,907.79 46.16 92,127.78 38,896.04 Granada Group PLC United Kingdom Pound Sterling 14,000 4.33 6.31 9.99 139,729.00 42,719.75 NTT Docomo Inc Japan Japanese Yen 3 836,149.10 3,475,017.85 33,119.06 99,158.48 77,902.39 Royal & Sun Alliance Grp PLC Ord 27.5p United Kingdom Pound Sterling 11,400 6.65 3.43 5.41 61,594.53 (64,283.12) Tele Danmark AS DKK5 Denmark Danish Krone 600 414.74 603.50 78.17 46,782.04 11,620.25 Vivendi EUR5.5 France Euro 500 28.47 106.05 101.40 50,571.15 32,685.79 Total Sales $686,981.98 $133,740.26 05/31/2000 12:29:39:amc2075:apowarm:04/01/2000:04/30/2000:i9999:9999
Corporate Action Ledger Total Amount Security Country Date Quantity (USD) Page 1 Dividend Akzo Nobel NV NLG5 Netherlands 15-May-00 2,215.55 DaimlerChrysler AG NPV Germany 20-Apr-00 6,905.62 Electrolux AB Ser B SEK5 Sweden 04-May-00 3,615.99 Getronics NV Netherlands 17-Apr-00 450.08 Heineken NV NLG5 Netherlands 08-May-00 763.94 Svenska Handelsbanken-Ser A SEK4 Sweden 26-Apr-00 3,831.73 Tele Danmark AS DKK5 Denmark 19-Apr-00 3,450.35 Telecom Italia SPA-Svgs Shs ITL1000 Italy 28-Apr-00 0.00 Tesco PLC-Ord 5p United Kingdom 30-Jun-00 1,852.82 Total Dividend $23,086.08 Income US Dollar United States 30-Apr-00 (22,074.57) Total Income ($22,074.57) Split Philips Electronics NV Netherlands 17-Apr-00 6,204 0.00 Total Split $0.00
Corporate Action Ledger Total Amount Security Country Date Quantity (USD) Page 2 Total Split (continued) NET CASH FLOW FROM CORPORATE ACTIONS $1,011.51 05/31/2000 12:26:35:amc2046:apowarm:04/01/2000:04/30/2000:i9999:9999
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 285.54 27-Apr-00 Withdrawal US Dollar (6,624.36) Net Capital Contributions and Withdrawals ($6,338.82) 05/31/2000 12:30:7:amc2084:apowarm:04/01/2000:04/30/2000:i9999:9999