an open-end investment company under french law lazard

An open-end investment company under French law

LAZARD MULTI ASSETS

3 sub-funds

INTERIM STATEMENT

As at June 30, 2021

Investment management company: Lazard Frères Gestion SAS

Custodian: Caceis Bank

Statutory auditor: Ernst & Young et Autres

Lazard Frères Gestion SAS, 25 Rue de Courcelles, 75008 Paris, France

Sub-fund

LAZARD PATRIMOINE SRI

2

• STATEMENT OF ASSETS AND LIABILITIES

Breakdown of assets and liabilities Amount at period-end*

a) Financial securities Eligible financial securities stipulated in paragraph 1, section I of Article L. 214-20 of the French Monetary and Financial Code

575 221 027,59

b) Bank balances 48 742 408,94

c) Other assets owned by the UCI 109 203 297,70

d) Total assets owned by the UCI 733 166 734,23

e) Liabilities -44 025 363,77

f) Net asset value 689 141 370,46

* Amounts have been approved

• NUMBER OF SHARES OUTSTANDING AND NET ASSET VALUE PER SHARE

Share Share type Net assets per share

Number of shares outstanding

Net asset value

LAZARD PATRIMOINE SRI PC EUR in EUR A 331 364 663,43 255 931,551 1 294,73

LAZARD PATRIMOINE SRI PD EUR in EUR D 24 115 999,27 19 270,091 1 251,47

LAZARD PATRIMOINE SRI RC EUR in EUR A 331 811 254,17 2 620 136,288 126,63

LAZARD PATRIMOINE SRI PC H USD in USD A 2 193 267,01 1 831,344 1 197,62

3

• COMPONENTS OF THE SECURITIES PORTFOLIO

Components of the securities portfolio

Percentage

Net assets*

Total assets**

a) Eligible financial securities and money market instruments admitted to trading

on a regulated market under article L.422-1 of the French monetary and financial code

b) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly and is recognised and open to the public and that has its registered office in a European Union Member State or another State party to the Agreement on the European Economic Area.

c) Eligible financial securities and money market instruments admitted to an official

listing on a stock exchange or are traded on another regulated market of a third country that operates regularly and is recognised and open to the public, provided that this stock exchange or market is not on a list of excluded markets drawn up by the French market authority (Autorité des marchés financiers) or that the choice of the stock exchange or market is provided for by law or by the articles of association of the undertakings for collective investment in transferable securities

d) Newly issued financial securities mentioned in section 4 of article R.214-11 of the French monetary and financial code

e) Other assets

64,07 19,40 8,05

60,22 18,24

7,56

* Refer to section f) of the statement of assets and liabilities ** Refer to section d) of the statement of assets and liabilities

4

ALLOCATION OF ASSETS OF A), B), C), D) OF THE SECURITIES PORTFOLIO, BY CURRENCY

Securities Currency Amount (euros) Percentage of

net assets* Percentage of total net assets

Euro EUR 472 500 889,24 68,56 64,45

US dollars USD 77 784 512,65 11,29 10,61

Yen JPY 13 489 914,58 1,96 1,84

Danish Krone SEK 5 631 085,83 0,82 0,77

Pound Sterling GBP 3 627 652,11 0,53 0,49

Swiss Franc CHF 2 186 973,18 0,32 0,30

TOTAL 575 221 027,59 83,47 78,46

* see section f) of the statement of assets and liabilities

** see section d) of the statement of assets and liabilities

5

ALLOCATION OF ASSETS OF A), B), C), D) OF THE SECURITIES PORTFOLIO, BY COUNTRY OF RESIDENCE OF THE ISSUER

Country Percentage of net

assets* Percentage of total net

assets**

France 24,93 23,43

United States of America 11,49 10,80

Italy 9,14 8,59

Spain 7,01 6,58

Netherlands 6,50 6,11

Germany 5,44 5,11

United Kingdom 4,54 4,27

Belgium 3,60 3,38

Ireland 2,81 2,64

Japan 1,96 1,84

Portugal 1,44 1,35

Swiss 1,34 1,26

Sweden 1,06 1,00

Luxemburg 0,70 0,66

Austria 0,61 0,58

Finland 0,51 0,48

Denmark 0,31 0,29

Mexico 0,08 0,07

TOTAL 83,47 78,46


6

BREAKDOWN OF OTHER ASSETS BY TYPE*

Type of asset Percentage of net assets* Percentage of total net

assets**

Undertakings for collective investment

General UCITS and general AIFs aimed at non-professionals and their equivalent in other countries

8,05 7,56

Other funds aimed at non-professionals and their equivalent in other countries that are Member States of the EU

General funds aimed at professional investors and their equivalent in other Member States of the EU and listed securitisation entities

Other funds aimed at professional investors and their equivalent in other Member States of the EU and unlisted securitisation entities

Other non-European entities

Other

TOTAL 8,05 7,56


7

MOVEMENTS IN THE SECURITIES PORTFOLIO DURING THE PERIOD IN EUROS


Movements (amount)

Purchases Sales

a) Eligible financial securities and money market instruments admitted to

trading on a regulated market under article L.422-1 of the French monetary and financial code

b) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly and is recognised and open to the public and that has its registered office in a European Union Member State or another State party to the Agreement on the European Economic Area.

c) Eligible financial securities and money market instruments admitted to an

official listing on a stock exchange or are traded on another regulated market of a third country that operates regularly and is recognised and open to the public, provided that this stock exchange or market is not on a list of excluded markets drawn up by the French market authority (Autorité des marchés financiers) or that the choice of the stock exchange or market is provided for by law or by the articles of association of the undertakings for collective investment in transferable securities.

d) Newly issued financial securities mentioned in section 4 of article R.214-11 of the French monetary and financial code

e) Other assets

81 574 626,83

6 721 982,17

11 948 046,16

5 488 093,72

2 675 582,26

8

• DISTRIBUTION DURING THE PERIOD

Equities Net amount per

unit € Tax credit (1) €

Gross amount per unit (2)

Dividends paid

22/04/2021 LAZARD PATRIMOINE SRI PD EUR 9,58 9,58

Dividends to be paid

LAZARD PATRIMOINE SRI PD EUR

(1) The tax credit per unit is determined at the date of distribution, in accordance with tax provisions in force

(2) The gross amount per unit is determined at the date of distribution, in accordance with tax provisions in force

MISCELLANEOUS INFORMATION

Custodian: Caceis Bank, 1-3 place Valhubert, 75013 Paris

The interim statement of assets is available eight weeks from the end of the period. It can be obtained on request

to the investment management company: Lazard Frères Gestion SAS, 25 rue de Courcelles, 75008 Paris, France

9

• TRANSPARENCY OF SECURITIES FINANCING TRANSACTIONS AND THE REUSE OF FINANCIAL INSTRUMENTS – SFTR – in the accounting currency of the UCI (€)

The UCI carried out no transactions during the year in the context of the SFTR.

10

SECURITIES PORTFOLIO AT 30/06/2021 IN EUR

Designation of securities Currency

Quantity in number

or nominal amount

Current value % Net assets

Shares and similar securities

Shares and similar securities traded on a regulated or

similar market

GERMANY

ADIDAS NOM. EUR 4 900 1 538 110,00 0,22

ALLIANZ SE-REG EUR 12 245 2 575 123,50 0,38

BMW BAYERISCHE MOTOREN WERKE EUR 32 150 2 871 316,50 0,42

DEUTSCHE TELEKOM AG EUR 123 900 2 206 906,80 0,32

SAP SE EUR 25 080 2 980 507,20 0,43

TOTAL GERMANY 12 171 964,00 1,77

SPAIN

BANCO SANTANDER S.A. EUR 1 005 427 3 236 972,23 0,47

TOTAL SPAIN 3 236 972,23 0,47

UNITED STATES OF AMERICA

3M CO USD 12 845 2 151 448,14 0,31

ALPHABET- A USD 2 245 4 622 496,46 0,67

AMAZON. COM INC USD 965 2 799 354,41 0,41

BALL CORP USD 33 860 2 313 295,56 0,33

BANK OF AMERICA CORP USD 117 335 4 079 367,61 0,59

BECTON DICKINSON USD 12 280 2 518 233,58 0,37

CHEVRONTEXACO CORP USD 26 275 2 320 637,07 0,34

CISCO SYSTEMS USD 50 665 2 264 309,81 0,33

ECOLAB USD 9 955 1 729 008,64 0,25

ESTEE LAUDER COMPANIES INC –A- USD 12 515 3 356 751,16 0,49

HOME DEPOT INC COM USD 0.05 USD 6 825 1 835 251,08 0,27

HONEYWELL INTERNATIONAL INC USD 14 895 2 755 053,76 0,40

INTERCONTINENTALEXCHANGE GROUP USD 20 420 2 043 894,09 0,30

MERCK AND USD 40 140 2 632 336,45 0,38

MICROSOFT CORP USD 18 420 4 207 756,13 0,61

MONDELEZ INTERNATIONAL INC USD 33 980 1 789 114,77 0,26

MORGAN STANLEY USD 47 630 3 682 599,46 0,54

MOTOROLA SOL. WI USD 20 470 3 743 080,78 0,54

PARKER-HANNIFIN CORP USD 10 540 2 729 521,38 0,39

RAYTHEON TECHNO USD 34 525 2 483 622,35 0,36

ROSS STORES USD 23 135 2 419 040,39 0,35

TEXAS INSTRUMENTS COM USD 23 065 3 740 112,57 0,54

THE WALT DISNEY USD 20 765 3 077 716,54 0,44

VISA INC CLASS A USD 17 285 3 408 026,56 0,50

TOTAL UNITED STATES OF AMERICA 68 702 028,75 9,97

FRANCE

BNP PARIBAS EUR 55 825 2 951 467,75 0,42

ESSILORLUXOTTICA EUR 15 500 2 412 420,00 0,35

LVMH (LOUIS VUITTON – MOET HENNESSY) EUR 9 615 6 358 399,50 0,92

SANOFI EUR 39 155 3 459 735,80 0,51

VINCI (EX SGE) EUR 18 515 1 666 164,85 0,24

TOTAL FRANCE 16 848 187,90 2,44

IRELAND

11

ACCENTURE PLC - CL A USD 11 585 2 879 789,32 0,42

MEDTRONIC PLC USD 28 900 3 025 008,01 0,44

TOTAL IRELAND 5 904 797,33 0,86

JAPAN

ASAHI GROUP HOLDINGS JPY 62 500 2 464 898,82 0,36

DAIWA HOUSE INDS JPY 94 400 2 391 860,70 0,35

HITACHI JPY50 JPY 72 300 3 494 071,14 0,51

MURATA MFG CO JPY 26 000 1 675 481,61 0,24

ORIX CORP JPY 120 000 1 708 971,19 0,25

TAKEDA CHEM INDS JPY50 JPY 62 100 1 754 631,12 0,25

TOTAL JAPAN 13 489 914,58 1,96

NETHERLANDS

ASML HOLDING NV EUR 10 220 5 921 468,00 0,86

TOTAL NETHERLANDS 5 921 468,00 0,86

UNITED KINGDOM

ASTRAZENECA PLC GBP 35 865 3 627 652,11 0,53

LINDE PLC USD 13 035 3 177 686,57 0,46

UNILEVER PLC EUR 71 915 3 550 083,98 0,51

TOTAL UNITED KINGDOM 10 355 422,66 1,50

SWEDEN

ALFA LAVAL SEK 111 025 3 309 293,78 0,48

SWEDBANK AB SEK 147 875 2 321 792,05 0,33

TOTAL SWEDEN 5 631 085,83 0,81

SWISS

SGS STE GLE SURVEILLANCE NOM CHF 840 2 186 973,18 0,32

TOTAL SWISS 2 186 973,18 0,32

TOTAL shares and similar securities traded on a regulated or similar market 144 448 814,46 20,96

TOTAL shares and similar securities 144 448 814,46 20,96

Bonds and similar securities

Bonds and similar securities traded on a regulated or similar market

GERMANY

ALLIANZ SE 4.75% PERP EMTN EUR 3 000 000 3 408 103,15 0,49

CMZB FRANCFORT 0.75% 24-03-26 EUR 500 000 510 537,40 0,08

CMZB FRANCFORT 4.0% 05-12-30 EUR EUR 1 500 000 1 729 753,36 0,25

CMZB FRANCFORT 6.125% PERP EUR 1 200 000 1 342 483,07 0,19

DBR 0 08/15/30 EUR 10 000 000 10 329 600,00 1,50

DEUTSCHE BK 0.75% 17-02-27 EUR 3 000 000 3 029 126,92 0,44

DEUTSCHE BK 4.625% PERP EUR 1 600 000 1 676 379,73 0,25

DEUTSCHE LUFTHANSA AG 3.75% 11-02-28 EUR 500 000 524 265,65 0,07

HOCHTIEF AG 0.625% 26-04-29 EUR 2 000 000 1 965 284,52 0,28

INFINEON TECHNOLOGIES AG 3.625% PERP EUR 500 000 555 093,49 0,08

THYSSENKRUPP AG 2.875% 22-02-24 EUR 250 000 256 561,18 0,04

TOTAL GERMANY 25 327 188,47 3,67

AUSTRIA

ERSTE GR BK 3.375% PERP EMTN EUR 2 000 000 1 987 345,25 0,29

ERSTE GR BK 5.125% PERP EMTN EUR 2 000 000 2 236 544,26 0,32

TOTAL AUSTRIA 4 223 889,51 0,61

BELGIUM

AGEAS NV 3.875% PERP EUR 3 000 000 3 204 256,85 0,46

12

ANHEUSER INBEV SANV 2.125% 02-12-27 EUR 2 000 000 2 265 574,93 0,33

BELFIUS BANK 3.625% PERP EUR 3 000 000 2 996 689,10 0,44

BELGIUM GOVERNMENT BOND 1.25% 22-04-33 EUR 10 000 000 11 305 415,07 1,64

CCBGBB 1 10/26/24 EUR 500 000 519 758,46 0,08

FORTIS BK TV07-191272 CV EUR 1 000 000 915 364,70 0,13

KBC GROUPE 4.25% PERP EUR 2 000 000 2 142 994,59 0,31

KBC GROUPE SA 1.625% 18-09-29 EUR 1 000 000 1 053 672,40 0,15

SOLVAY 1.625% 02-12-22 EUR 400 000 412 903,34 0,06

TOTAL BELGIUM 24 816 629,44 3,60

DENMARK

DANSKE BK 2.5% 21-06-29 EMTN EUR 2 000 000 2 110 336,85 0,31

TOTAL DENMARK 2 110 336,85 0,31

SPAIN

BANCO DE SABADELL SA 0.0625% 07-11-25 EUR 1 400 000 1 417 826,51 0,21

BANCO DE SABADELL SA 6.5% PERP EUR 2 000 000 2 074 306,74 0,30

BANCO NTANDER 1.125% 23-06-27 EUR 2 000 000 2 087 104,79 0,31

BANCO NTANDER 1.375% 05-01-26 EUR 1 200 000 1 266 768,58 0,18

BANCO NTANDER 1.375% 09-02-22 EUR 500 000 508 245,99 0,07

BANCO NTANDER 4.375% PERP EUR 2 000 000 2 088 660,38 0,30

BANCO NTANDER E3R+0.75% 28-03-23 EUR 400 000 403 875,42 0,06

BANKIA SA 3.75% 15-02-29 EMTN EUR 2 000 000 2 185 410,68 0,32

BANKINTER 0.625% 06-10-27 EUR 1 000 000 1 013 221,16 0,15

BBVA 2.575% 22-02-29 EMTN EUR 2 000 000 2 127 462,47 0,31

BBVA 6.0% PERP EUR 2 000 000 2 194 358,26 0,32

BBVA 6.0% PERP EUR 2 600 000 3 009 375,57 0,44

CAIXABANK 5.25% PERP EUR 2 000 000 2 153 347,93 0,31

CAIXABANK SA 2.75% 14-07-28 EUR 2 000 000 2 142 731,78 0,31

COMUNIDAD MADRID 0.827% 30-07-27 EUR 3 000 000 3 163 141,77 0,46

GRIFOLS 3.2% 01-05-25 EUR 250 000 253 921,77 0,46

IBERCAJA 7.0% PERP EUR 2 000 000 2 168 121,54 0,31

IBERDROLA FINANZAS SAU 0.875% 16-06-25 EUR 3 000 000 3 112 795,68 0,45

IBESM 1 03/07/24 EUR 200 000 206 908,10 0,03

INSTITUTO DE CREDITO OFICIAL 0.2% 31-01-24 EUR 7 000 000 7 119 825,14 1,03

INTL CONSOLIDATED AIRLINES GROU 3.75% 25-03-29 EUR 500 000 507 605,62 0,07

TELEFONICA EMISIONES SAU 1.069% 05-02-24 EUR 600 000 620 538,17 0,09

TELEFONICA EMISIONES SAU 1.201% 21-08-27 EUR 3 000 000 3 215 540,92 0,47

TOTAL SPAIN 45 041 095,01 6,54

UNITED STATES

ARDAGH METAL PACKAGING FINANCE USA LLC 3.0% 09-09-29

EUR 500 000 504 948,33 0,08

AT T 0.8% 04-03-30 EUR 1 875 000 1 896 469,01 0,27

AT T 1.6% 19-05-28 EUR 1 125 000 1 209 480,49 0,17

FORD MOTOR CREDIT 1.744% 19-07-24 EUR 500 000 516 588,86 0,07

INTL BK FOR RECONS DEVELOP 0.625% 22-11-27 EUR 6 000 000 6 344 168,22 0,92

TOTAL UNITED STATES 10 471 564,91 1,51

FINLAND

NOKIA OYJ 3.125% 15-05-28 EMTN EUR 300 000 335 606,88 0,05

NORDEA BANK AB PUBL 3.5% PERP EUR 3 000 000 3 183 824,18 0,46

TOTAL FINLAND 3 519 431,06 0,51

FRANCE

ACCOR 4.375% PERP EUR 200 000 211 871,27 0,03

13

ADP 2.125% 02-10-26 EUR 2 000 000 2 267 795n89 0,33

AGEN FRA 1.375% 17-09-24 EMTN EUR 7 000 000 7 475 120,21 1,09

AIRBUS GROUP SE 1.625% 07-04-25 EUR 1 500 000 1 596 620,65 0,24

AIR FRANCEKLM 3.75% 12-10-22 EUR 300 000 314 977,66 0,04

AIR FR KLM 3.875% 01-07-26 EUR 400 000 395 044,47 0,05

AIR LIQ FIN 1.375% 02-04-30 EUR 1 000 000 1 103 183,08 0,16

ALD 0.875% 18-07-22 EMTN EUR 600 000 612 258,86 0,09

AUCHAN 2.375% 25-04-25 EMTN EUR 1 000 000 1 084 869,66 0,16

AXA 3.25% 28-05-49 EMTN EUR 4 000 000 4 599 625,75 0,66

BFCM BANQUE FEDERATIVE CREDIT MUTUEL 1.75% 15-03-29

EUR 1 000 000 1 094 596,03 0,15

BNP PAR 1.0% 27-06-24 EMTN EUR 200 000 206 294,40 0,03

BNP PAR 1.125% 17-04-29 EMTN EUR 1 200 000 1 245 488,96 0,18

BNP PAR 2.125% 23-01-27 EMTN EUR 700 000 762 352,55 0,11

BNP PAR 2.375% 20-11-30 EMTN EUR 2 000 000 2 180 300,68 0,31

BNP PAR CARDIF 1.0% 29-11-24 EUR 500 000 515 770,21 0,08

BNP PARIBAS 0.5% 15-07-25 EMTN EUR 2 200 000 2 240 418,22 0,33

BOUYGUES 1.125% 24-07-28 EUR 1 600 000 1 731 391,89 0,25

BPCE 1.0% 01-04-25 EMTN EUR 1 100 000 1 140 480,60 0,16

BPCE 1.125% 18-01-23 EMTN EUR 500 000 513 057,81 0,08

BPCE 2.875% 22-04-26 EMTN EUR 2 000 000 2 247 734,93 0,32

BPCE 4.625% 18/07/23 EUR 1 000 000 1 140 677,60 0,17

BPCE E3R+1.05% 09-03-22 EMTN EUR 300 000 302 123,10 0,05

BQ POSTALE 1.0% 16-10-24 EMTN EUR 1 000 000 1 040 965,89 0,15

CA 1.0% 22-04-26 EMTN EUR 1 600 000 1 654 896,33 0,24

CA ASSURANCES 4.25% PERP EUR 2 000 000 2 266 159,04 0,33

CAFP 2 5/8 12/15/27 EUR 2 000 000 2 327 883,29 0,34

CAPGEMINI SE 1.625% 15-04-26 EUR 1 600 000 1 722 444,16 0,25

CASINO GUICHARD PERRACHON 4.498% 07-03-24 EUR 200 000 206 623,65 0,03

CMA CGM 7.5% 15-01-26 EUR 500 000 583 393,33 0,08

CNP ASSURANCES 2.0% 27-07-50 EUR 2 000 000 2 119 170,27 0,31

CNP ASSURANCES 4.75% PERP EUR 2 000 000 2 304 437,81 0,33

CRED AGRI SA 2.625% 17-03-27 EUR 2 000 000 2 237 900,41 0,32

CREDIT MUTUEL ARKEA 1.25% 11-06-29 EUR 1 000 000 1 044 209,18 0,15

CREDIT MUTUEL ARKEA 3.375% 11-03-31 EUR 1 800 000 2 194 773,53 0,32

DASSAULT SYSTMES 0.375% 16-09-29 EUR 1 700 000 1 726 544,10 0,25

EDF 5% 3/12/2099 EUR 500 000 573 577,40 0,09

ELIS EX HOLDELIS 1.0% 03-04-25 EUR 300 000 299 763,23 0,05

ENGIE 2.125% 30-03-32 EMTN EUR 2 000 000 2 327 675,21 0,34

ENGIE 3.25% PERP EUR 2 300 000 2 521 113,02 0,37

ESSILORLUXOTTICA 2.375% 09-04-24 EUR 500 000 537 217,88 0,07

FAURECIA 3.125% 15-06-26 EUR 500 000 518 435,35 0,08

FNAC DARTY 2.625% 30-05-26 EUR 300 000 309 688,00 0,04

FRANCE GOVERNMENT BOND OAT 1.75% 25-06-39 EUR 19 000 000 23 077 411,71 3,35


GROUPE DANONE 1.75% PERP EMTN EUR 600 000 616 413,90 0,09

INDIGO GROUP SAS 2.125% 16-04-25 EUR 200 000 214 252,58 0,03

JCDECAUX 2.625% 24-04-28 EUR 1 600 000 1 793 275,73 0,26

KERFP 2 3/4 04/08/24 EUR 500 000 544 924,55 0,08

KERING 0.75% 13-05-28 EMTN EUR 1 000 000 1 042 192,40 0,15

LIFP 1 04/17/23 EUR 500 000 510 623,60 0,08

14

LOXAM 6.0% 15-04-25 EUR 300 000 310 052,50 0,05

MUTUELLE ASSUR DES COMMERC ET IND FR 3.5% PERP EUR 800 000 806 789,53 0,11

MWDP 1 04/20/23 EUR 500 000 510 895,00 0,08

ORANGE 1.625% 07-04-32 EMTN EUR 600 000 670 916,26 0,10

ORANGE 2.375% PERP EUR 800 000 846 096,27 0,12

ORANGE 5.25% PERP EUR 1 000 000 1 145 236,16 0,16

QUATRIM SASU 5.875% 31-01-24 EUR 250 000 262 250,03 0,04

RATP 0.875% 25-05-27 EMTN EUR 3 000 000 3 168 872,88 0,46

RENAULT CREDIT INTERNATIONAL BANQUE SA 2.625% 18-02-30

EUR 2 500 000 2 547 117,47 0,37

REXEL 2.75% 15-06-26 EUR 300 000 308 777,58 0,08

SANOFI 1.0% 01-04-25 EMTN EUR 800 000 837 840,44 0,12

SCHNEIDER ELECTRIC SE 1.0% 09-04-27 EUR 400 000 424 016,55 0,06

SG 0.5% 13-01-23 EMTN EUR 1 000 000 1 013 563,77 0,15

SG 1.125% 21-04-26 EMTN EUR 4 300 000 4 446 948,97 0,65

SG 1.125% 30-06-31 EMTN EUR 4 800 000 4 803 343,89 0,70

SG 1.75% 22-03-29 EMTN EUR 1 000 000 1 077 700,41 0,16

SG E3R+0.8% 22-05-24 EMTN EUR 400 000 405 852,50 0,06

SNCF EPIC 0.625% 17-04-30 EMTN EUR 5 200 000 5 381 825,12 0,78

SOGECAP SA 4.125% 29-12-49 EUR 2 000 000 2 294 947,67 0,33

SOLVAY FINANCE 5.869% PERP EUR 500 000 566 931,52 0,08

SPCM 2.625% 01-02-29 EUR 200 000 206 108,85 0,03

SPIE 2.625% 18-06-26 EUR 300 000 311 856,55 0,04

STE DES 1.5% 15-01-24 EMTN EUR 500 000 523 407,05 0,07

SUEZ 1.625% PERP EUR 1 300 000 1 326 025,38 0,19

TOTALENERGIES SE 2.0% PERP EUR 1 750 000 1 793 843,01 0,26

TOTALENERGIES SE 2.125% PERP EUR 1 000 000 996 368,63 0,15

TOTALENERGIES SE 3.875% PERP EUR 1 000 000 1 037 937,40 0,15

UNIBAIL RODAMCO SE 2.125% PERP EUR 800 000 806 279,84 0,12

UNIB ROD 1.375% 31-12-26 EMTN EUR 300 000 319 836,66 0,05

VALE ELE 1.625% 18-03-26 EMTN EUR 300 000 312 473,75 0,05

VEOLIA ENVIRONNEMENT 0.672% 30-03-22 EUR 300 000 302 100,19 0,04

TOTAL FRANCE 154 957 879,12 29,50

IRELAND

AIB GROUP 1.875% 19-11-29 EMTN EUR 4 000 000 4 150 312,88 0,61

BK IRELAND 2.375% 14-10-29 EUR 2 000 000 2 122 095,75 0,31

BK IRELAND GROUP 0.75% 08-07-24 EUR 1 500 000 1 534 810,07 0,22

IRELAND GOVERNMENT BOND 1.35% 18-03-31 EUR 5 000 000 5 644 577,74 0,82

TOTAL IRLANDE 13 451 796,44 1,96

ITALY

ASS GENERALI 1.713% 30-06-32 EUR 1 200 000 1 201 846,64 0,18

ASS GENERALI 2.124% 01-10-30 EUR 1 000 000 1 077 129,55 0,16

ASS GENERALI 3.875% 29-01-29 EUR 2 500 000 2 997 885,79 0,44

ENEL 2.25% PERP EUR 750 000 791 671,80 0,11

ENEL 2.5% 24-11-78 EUR 1 000 000 1 064 398,49 0,15

ENI 1.25% 18-05-26 EMTN EUR 3 000 000 3 178 533,29 0,46

ENI 3.375% PERP EUR 750 000 816 555,77 0,11

IGIM 0 1/4 06/24/25 EUR 3 000 000 3 019 319,38 0,44

INTE 1.0% 19-11-26 EMTN EUR 2 000 000 2 074 878,77 0,30

INTE 2.125% 26-05-25 EMTN EUR 2 000 000 2 153 018,22 0,31

INTE 3.75% PERP EUR 4 000 000 4 046 515,58 0,58

15

ITALY BUONI POLIENNALI DEL TESORO 1.5% 30-04-45 EUR 20 000 000 19 507 358,70 2,83

MEDIOBANCABCA CREDITO FINANZ 1.125% 23-04-25 EUR 850 000 878 226,40 0,13

MEDIOBANCABCA CREDITO FINANZ 1.625% 07-01-25 EUR 1 500 000 1 591 155,92 0,23

SAIP FIN 3.75% 08-09-23 EMTN EUR 500 000 546 484,35 0,08

SNAM 0.875% 25-10-26 EMTN EUR 3 000 000 3 127 134,45 0,46

TELECOM ITALIA 5.25% 10/02/22 EUR 300 000 315 292,90 0,05

TELECOM ITALIA SPA EX OLIVETTI 4.0% 11-04-24 EUR 500 000 544 795,65 0,08

TRASMISSIONE ELETTRICITA RETE NAZIONALE 0.125% 25-07-25

EUR 3 000 000 3 023 238,70 0,44

UNICREDIT 1.25% 16-06-26 EMTN EUR 4 000 000 4 141 931,78 0,60

UNICREDIT 3.875% PERP EMTN EUR 1 000 000 961 670,36 0,14

UNICREDIT 4.45% PERP EMTN EUR 1 600 000 1 600 000,00 0,24

UNICREDIT SPA 6.95% 31/10/2022 EUR 500 000 568 512,64 0,08

UNICREDIT SPA 7.5% PERP EUR 2 000 000 2 389 075,25 0,34

UNIPOL GRUPPO SPA EX UNIPOL SPA CIA 3.25% 23-09-30 EUR 1 200 000 1 383 143,51 0,21

TOTAL ITALY 63 000 410,89 9,15

LUXEMBOURG

AGEASFINLUX SA E3M 12/99 CV EUR 1 750 000 1 473 400,88 0,22

ALTICE FRANCE 8.0% 15-05-27 EUR 500 000 545 534,72 0,08

ARCELLOR MITTAL 2.25% 17-01-24 EUR 250 000 265 019,47 0,03

ARD FINANCE SA 5.0% 30-06-27 EUR 250 000 257 146,94 0,04

HANE FINA LUX 3.5% 15-06-24 EUR 300 000 319 664,33 0,05

SES 2.875% PERP EUR 750 000 759 165,46 0,11

STELLANTIS 4.75% 150722 EUR 500 000 548 626,61 0,08

ZF FINANCE 3.75% 21-09-28 EMTN EUR 600 000 675 856,85 0,09

TOTAL LUXEMBOURG 4 844 415,26 0,70

NETHERLANDS

ABN AMRO BANK NV 4.75% PERP EUR 3 000 000 3 356 897,28 0,49

AEGON 5.625% 29-12-49 EUR 3 000 000 3 649 126,64 0,53

EASYJET FINCO BV 1.875% 03-03-28 EUR 1 000 000 1 009 345,75 0,15

ED 2.375% 23-03-23 EMTN EUR 400 000 421 008,77 0,06

ENEL FINA INTL NV 0.0% 17-06-27 EUR 3 000 000 2 966 295,00 0,44

ENEL FINANCE INTL NV 0.375% 17-06-27 EUR 3 000 000 3 038 607,33 0,44

GAS NATU FENO 4.125% 30-11-49 EUR 1 000 000 1 077 256,10 0,15

IBERDROLA INTL BV 2.625% PERP EUR 500 000 533 413,97 0,08

IBERDROLA INTL BV 3.25% PERP EUR 500 000 550 802,88 0,08

ING GROEP NV 1.0% 20-09-23 EUR 300 000 310 748,47 0,04

ING GROEP NV 1.125% 14-02-25 EUR 500 000 522 471,71 0,08

NATURGY FINANCE BV 1.25% 15-01-26 EUR 2 000 000 2 119 486,85 0,30

NETHERLANDS GOVERNMENT 0.5% 15-01-40 EUR 12 000 000 12 694 936,44 1,85

RABOBK 0.75% 29-08-23 EUR 400 000 411 167,29 0,06

RABOBK 4.625% PERP EUR 2 000 000 2 201 708,20 0,31

REPSOL INTL FINANCE BV 2.0% 15-12-25 EUR 1 000 000 1 095 679,11 0,16

REPSOL INTL FINANCE BV 4.247% PERP EUR 750 000 844 470,23 0,12

TELEFONICA EUROPE BV 4.375% PERP EUR 1 000 000 1 100 014,93 0,16

TEVA PHAR FIN 1.125% 15-10-24 EUR 500 000 473 619,35 0,06

ZF EUROPE FINANCE BV 2.5% 23-10-27 EUR 300 000 313 761,08 0,05

ZIGGO BV 4.25% 15-01-27 EUR 250 000 211 557,06 0,03


PORTUGAL

BCP 3.871% 27-03-30 EMTN EUR 3 500 000 3 583 500,60 0,52

16

CAIXA GEN 1.25% 25-11-24 EMTN EUR 1 500 000 1 560 120,00 0,23

CAIXA GERAL DE DEPOSITOS 10.75% PERP EUR 2 000 000 2 144 904,44 0,31

ENERGIAS DE PORTUGAL EDP 1.625% 15-04-27 EUR 1 500 000 1 619 381,40 0,23

ENERGIAS DE PORTUGAL EDP 1.7% 20-07-80 EUR 500 000 511 600,82 0,08

NOS SGPS 1.125% 02-05-23 EUR 500 000 509 082,57 0,07

TOTAL PORTUGAL 9 928 589,83 1,44

UNITED KINGDOM

AVIS BUDGET FINANCE 4.75% 30-01-26 EUR 250 000 261 226,39 0,04

BARCLAYS 0.625% 14-11-23 EMTN EUR 1 000 000 1 015 818,36 0,15

BARCLAYS 3.375% 02-04-25 EMTN EUR 1 800 000 1 977 010,89 0,29

BARCLAYS PLC 2.0% 07-02-28 EUR 1 500 000 1 550 437,81 0,23

HSBC 0.875% 06-09-24 EUR 500 000 518 151,40 0,07

HSBC HOLDINGS PLC 4.75% PERP EUR 2 000 000 2 314 645,14 0,33

HSBC HOLDINGS PLC 5.25% PERP EUR 2 000 000 2 127 125,22 0,30

INEOS GROUP 5.375% 01-08-24 EUR 300 000 308 115,04 0,05

JAGUAR LAND ROVER 6.875% 15-11-26 EUR 200 000 234 990,14 0,03

LLOYDS BANKING GROUP 1.0% 09-11-23 EUR 1 000 000 1 033 743,36 0,15

LLOYDS BANKING GROUP 3.5% 01-04-26 EUR 2 000 000 2 269 183,84 0,33

NATIONWIDE BUILDING SOCIETY 1.5% 08-03-26 EUR 1 500 000 1 585 465,68 0,23

ROYAL BANK OF SCOTLAND GROUP 2.0% 08-03-23 EUR 300 000 306 382,85 0,05

STAN 3.125% 19-11-24 EMTN EUR 1 000 000 1 121 033,70 0,16

STANDARD CHARTERED 2.5% 09-09-30 EUR 1 300 000 1 407 229,16 0,21

VIRGIN MONEY UK 2.875% 24-06-25 EUR 2 000 000 2 150 966,83 0,32

VODAFONE GROUP 3.1% 03-01-79 EUR 700 000 740 748,87 0,10


SWEDEN

AKELIUS RESIDENTIAL PROPERTY AB 3.875% 05-10-78 EUR 300 000 326 680,32 0,04

DOMETIC GROUP AB 3.0% 08-05-26 EUR 500 000 534 075,27 0,08

SAMHALLSBYGGNADSBOLAGET I NORDEN AB 2.624% PERP

EUR 500 000 504 689,56 0,07

VOLVO CAR AB 2.125% 02-04-24 EUR 300 000 315 473,38 0,05

TOTAL SWEDEN 1 680 918,53 0,24

SWITZERLAND

CRED SUIS SA GROUP AG 1.0% 24-06-27 EUR 5 000 000 5 105 745,89 0,74

CRED SUIS SA GROUP AG 3.25% 02-04-26 EUR 1 000 000 1 110 672,74 0,16

UBS GROUP AG 1.5% 30-11-24 EUR 300 000 314 137,360 0,05

UBS GROUP AG 1.75% 16-11-22 EUR 500 000 519 938,25 0,08

TOTAL SWITZERLAND 7 050 494,24 1,03

TOTAL Obligaciones y valores asimilados negociados en un mercado regulado o asimilado

430 772 213,13 62,51

TOTAL Obligaciones y valores asimilados 430 772 213,13 62,51 Undertakings for collective investment General UCITS and general AIFs aimed at non-professionals and their equivalent in other countries

FRANCE

LAZARD EURO CORP HIGH YIELD PC EUR EUR 3 747 7 030 046,46 1,02

LAZARD EURO MONEY MARKET “B” EUR 9,87 10 078 706,78 1,47

LAZARD SMALL CAPS EURO SRI I EUR 20 878 20 144 347,08 2,92

LAZARD WORLD INNOVATION IC EUR 87 967 18 195 973,95 2,64

TOTAL FRANCE 55 449 074,27 8,05

TOTAL General UCITS and general AIFs aimed at non-professionals and their equivalent in other countries

55 449 074,27 8,05

17

TOTAL Undertakings for collective investment 55 449 074,27 8,05 Forward financial instruments Futures contracts Futures contracts on a regulated or equivalent market

CBOT USUL 30A 0921 USD -716 -4 532 738,85 -0,66

EC EURUSD 0921 USD 37 -125 384,73 -0,02

EURO STOXX 50 0921 EUR -142 57 000,00 0,01

FGBL BUND 10A 0921 EUR -532 -410 180,00 -0,06

MME MSCI EMER 0921 USD 660 138 186,19 0,02

NI TOKYO NIKK 0921 JPY 26 -29 212,21

RY EURJPY 0921 JPY -21 33 086,91

SP 500 MINI 0921 USD -27 -58 967,87 -0,01

XEUR FGBX BUX 0921 EUR -240 -557 040,00 -0,08

TOTAL Futures contracts on a regulated or equivalent market

-5 485 250,56 -0,80

TOTAL futures contracts -5 485 250,56 -0,80 Others Forward financial instruments Credit Default Swap

ITRAXX EUR S35 EUR -23 900 000 -2 991 806,78 -0,43

ITRAXX EUR XOVER S35 EUR -6 300 000 -788 635,26 -0,12

ITRAXX EUR XOVER S35 EUR -15 200 000 -1 902 739,04 -0,28

TOTAL Credit Default Swap

TOTAL others Forward financial instruments

TOTAL Futures contracts

Margin call

CACEIS Margin call USD 5 435 437,02 4 583 385,63 0,67

CACEIS Margin call JPY -536 250 -4 074,13 -0,01

CACEIS Margin call EUR 910 220 910 220,00 0,14

TOTAL Margin call 5 489 531,50 0,80

Receivables 48 032 344,70 6,97

Liabilities -32 624 584,90 -4,73

Financial accounts 48 742 408,94 7,07

Net assets 689 141 370,46 100,00

18

Sub-fund

LAZARD PATRIMOINE MODERATO

2




3 942 151,12

b) Bank balances 636 006,97



e) Liabilities -5 901,74






Net asset value

LAZARD PATRIMOINE MODERATO PD EUR in EUR

D 508 856,70 483,000 1 053,53

LAZARD PATRIMOINE MODERATO RC EUR in EUR

A 270 146,51 256,264 1 054,17

LAZARD PATRIMOINE MODERATO PC EUR in EUR A 9 018 481,62 7 570,270 1 191,30

3



Percentage

Net assets*

Total assets**

f) Eligible financial securities and money market instruments admitted to trading


g) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly and is recognised and open to the public and that has its registered office in a European Union Member State or another State party to the Agreement on the European Economic Area.

h) Eligible financial securities and money market instruments admitted to an official


i) Newly issued financial securities mentioned in section 4 of article R.214-11 of the French monetary and financial code

j) Other assets

40,24 52,99

40,21 52,96


4




Euro EUR 3 942 151,12 40,24 40,21

TOTAL 3 942 151,12 40,24 40,21



5




assets**

France 30,67 30,65

Germany 9,57 9,56

TOTAL 40,24 40,21


6



assets**



52,99 52,96





Other

TOTAL 52,99 52,96


7



Movements (amount)

Purchases Sales

f) Eligible financial securities and money market instruments admitted to


g) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly and is recognised and open to the public and that has its registered office in a European Union Member State or another State party to the Agreement on the European Economic Area.

h) Eligible financial securities and money market instruments admitted to an


i) Newly issued financial securities mentioned in section 4 of article R.214-11 of the French monetary and financial code

j) Other assets

882 056,14

3 690 266,73

2 617 915,44

8





Dividends paid

22/04/2021 LAZARD PATRIMOINE MODERATO PD EUR 1,69 1,69


LAZARD PATRIMOINE MODERATO PD EUR







9



10



Quantity in number

or nominal amount




GERMANY

ALLEMAGNE 1.50% 02/23 EUR 900 000 937 287,12 9,57

TOTAL GERMANY 937 287,12 9,57

FRANCE

FRAN GOVE BON 0.25% 25-11-26 EUR 2 900 000 3 004 864,00 30,67

TOTAL FRANCE 3 004 864,00 30,67


3 942 151,12 40,24


FRANCE

LAZARD ACT AMERIC PC-EUR EUR 1 265 438 208,65 4,47

LAZARD ACT AMERIC PC H-EUR EUR 619 180 042,34 1,84

LAZARD ACTIONS EMERGENTES I EUR 3 268 402,80 2,74

LAZARD ACTIONS EMERGENTES R EUR 23,5 38 903,31 0,40

LAZARD CAPITAL FI SRI PVC EUR EUR 121,5 264 236,99 2,69

LAZARD CREDIT FI SRI PVC EUR EUR 17,8 305 109,98 3,11

LAZARD CREDIT OPPORTUNITIES PC EUR EUR 41 55 803,87 0,57

LAZARD EQUITY SRI C EUR 231 491 946,84 5,02

LAZARD EURO CORP HIGH YIELD PC EUR EUR 72 135 084,96 1,38

LAZARD EURO SHORT TERM MONEY MARKET “C” EUR 934 1 851 001,20 18,89

LAZARD JAPON NEXT GEN EUR 998 130 239,00 1,33

LAZARD SUSTAINABLE EURO CREDIT EUR 697 1 033 107,34 10,55

TOTAL FRANCE 5 192 087,28 52,99


5 192 087,28 52,99


XEUR FGBM BOB 0921 EUR 31 3 100,00 0,03


3 100,00 0,03

TOTAL futures contracts 3 100,00 0,03

TOTAL Forward financial instruments 3 100,00 0,03

Margin call

CACEIS Margin call EUR -3 100 -3 100,00 -0,03

TOTAL Margin call -3 100,00 -0,03

Receivables 30 041,20 0,31

Liabilities -2 801,74 -0,03

Financial accounts 636 006,97 6,49

Net assets 9 797 484,83 100,00

11

Sub-fund

LAZARD PATRIMOINE OPPORTUNITIES SRI

2




96 288 159,57

b) Bank balances 5 434 285,45



e) Liabilities -7 070 917,58






Net asset value

LAZARD PATRIMOINE OPPORTUNITIES SRI PD EUR in EUR

D 16 267 287,93 127 128 438,80

LAZARD PATRIMOINE OPPORTUNITIES SRI RC EUR in EUR

A 92 363 723,08 1 019 928 90,55

LAZARD PATRIMOINE OPPORTUNITIES SRI PC EUR in EUR

A 5 550 287,30 44 126 124,89

3



Percentage

Net assets*

Total assets**

k) Eligible financial securities and money market instruments admitted to trading


l) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly and is recognised and open to the public and that has its registered office in a European Union Member State or another State party to the Agreement on the European Economic Area.

m) Eligible financial securities and money market instruments admitted to an official


n) Newly issued financial securities mentioned in section 4 of article R.214-11 of the French monetary and financial code

o) Other assets

43,07 41,26 9,30

40,56 38,85

8,75


4




Euro EUR 48 273 822,68 42,28 39,81

US dollars USD 36 361 247,94 31,85 29,99

Yen JPY 6 303 906,50 5,52 5,20

Danish Krone SEK 2 635 536,91 2,37 2,17

Pound Sterling GBP 1 698 265,13 1,49 1,40

Swiss Franc CHF 1 015 380,41 0,89 0,84

TOTAL 96 288 159,57 84,33 79,41



5




assets**

United States of America 28,46 26,80

France 19,18 18,06

United Kingdom 6,39 6,02

Japan 5,52 5,20

Spain 5,43 5,11

Germany 5,18 4,88

Netherlands 3,90 3,67

Italy 3,37 3,17

Ireland 2,42 2,28

Sweden 2,31 2,17

Swiss 0,89 0,84

Belgium 0,46 0,43

Portugal 0,46 0,43

Luxemburg 0,37 0,35

TOTAL 84,33 79,41


6



assets**



9,30 8,75





Other

TOTAL 9,30 8,75


7



Movements (amount)

Purchases Sales

k) Eligible financial securities and money market instruments admitted to


l) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly and is recognised and open to the public and that has its registered office in a European Union Member State or another State party to the Agreement on the European Economic Area.

m) Eligible financial securities and money market instruments admitted to an


n) Newly issued financial securities mentioned in section 4 of article R.214-11 of the French monetary and financial code

o) Other assets

1 738 016,36

211 749,86

293 798,42

1 433 787,47

484 385,91

379 517,73

8





Dividends paid

22/04/2021 LAZARD PATRIMOINE OPPORTUNITIES SRI « PD EUR »

3 574,51 131,454 3 705,964

LAZARD PATRIMOINE OPPORTUNITIES SRI « RC EUR »


LAZARD PATRIMOINE OPPORTUNITIES SRI « PD EUR »

LAZARD PATRIMOINE OPPORTUNITIES SRI « RC EUR »







9



10



Quantity in number

or nominal amount


Shares and similar securities

Shares and similar securities traded on a regulated or

similar market

GERMANY

ADIDAS NOM. EUR 2 300 721 970,00 0,63

ALLIANZ SE-REG EUR 5 730 1 205 019,00 1,06

BMW BAYERISCHE MOTOREN WERKE EUR 14 890 1 329 825,90 1,16

DEUTSCHE TELEKOM AG EUR 58 120 1 035 233,44 0,90

SAP SE EUR 11 745 1 395 775,80 1,23

TOTAL GERMANY 5 687 824,14 4,98

SPAIN

BANCO SANTANDER S.A. EUR 470 765 1 515 627,92 1,32

TOTAL SPAIN 1 515 627,92 1,32

UNITED STATES OF AMERICA

3M CO USD 6 050 1 013 332,91 0,89

ALPHABET- A USD 1 050 2 161 969,39 1,90

AMAZON. COM INC USD 450 1 305 398,43 1,14

BALL CORP USD 15 810 1 080 130,03 0,95

BANK OF AMERICA CORP USD 54 750 1 903 484,70 1,67

BECTON DICKINSON USD 5 740 1 177 089,64 1,03

CHEVRONTEXACO CORP USD 12 290 1 085 466,40 0,95

CISCO SYSTEMS USD 23 510 1 050 704,11 0,92

ECOLAB USD 4 638 805 539,13 0,71

ESTEE LAUDER COMPANIES INC –A- USD 5 840 1 566 394,47 1,37

HOME DEPOT INC COM USD 0.05 USD 3 190 857 795,01 0,75

HONEYWELL INTERNATIONAL INC USD 6 990 1 292 905,39 1,13

INTERCONTINENTALEXCHANGE GROUP USD 9 530 953 883,97 0,83

MERCK AND USD 18 890 1 238 785,14 1,09

MICROSOFT CORP USD 8 640 1 973 670,63 1,73

MONDELEZ INTERNATIONAL INC USD 15 860 835 060,63 0,73

MORGAN STANLEY USD 22 270 1 721 845,27 1,50

MOTOROLA SOL. WI USD 9 550 1 746 283,41 1,53

PARKER-HANNIFIN CORP USD 4 930 1 276 711,61 1,12

RAYTHEON TECHNO USD 16 140 1 161 061,98 1,01

ROSS STORES USD 10 820 1 131 360,15 0,99

TEXAS INSTRUMENTS COM USD 10 780 1 748 034,40 1,53

THE WALT DISNEY USD 9 690 1 436 218,32 1,26

VISA INC CLASS A USD 8 080 1 593 107,01 1,40

TOTAL UNITED STATES OF AMERICA 32 116 232,13 28,13

FRANCE

BNP PARIBAS EUR 26 140 1 382 021,80 1,21

ESSILORLUXOTTICA EUR 7 270 1 131 502,80 0,99

LVMH (LOUIS VUITTON – MOET HENNESSY) EUR 4 510 2 982 463,00 2,62

SANOFI EUR 18 370 1 623 173,20 1,42

VINCI (EX SGE) EUR 8 670 780 213,30 0,68

TOTAL FRANCE 7 899 374,10 6,92

IRELAND

ACCENTURE PLC - CL A USD 5 425 1 348 541,82 1,18

11

MEDTRONIC PLC USD 13 500 1 413 066,03 1,24

TOTAL IRELAND 2 761 607,85 2,42

JAPAN

ASAHI GROUP HOLDINGS JPY 29 100 11 47 656,89 1,00

DAIWA HOUSE INDS JPY 44 000 1 114 850,32 0,97

HITACHI JPY50 JPY 33 900 1 638 298,91 1,44

MURATA MFG CO JPY 12 200 786 187,53 0,69

ORIX CORP JPY 56 000 797 519,89 0,70

TAKEDA CHEM INDS JPY50 JPY 29 000 819 392,96 0,72

TOTAL JAPAN 6 303 906,50 5,52

NETHERLANDS

ASML HOLDING NV EUR 4 780 2 769 532,00 2,43


UNITED KINGDOM

ASTRAZENECA PLC GBP 16 790 1 698 265,13 1,49

LINDE PLC USD 6 085 1 483 407,96 1,30

UNILEVER PLC EUR 33 630 1 660 144,95 1,45


SWEDEN

ALFA LAVAL SEK 51 990 1 549 652,63 1,36

SWEDBANK AB SEK 69 160 1 085 884,28 0,95

TOTAL SWEDEN 2 635 536,91 2,31

SWISS

SGS STE GLE SURVEILLANCE NOM CHF 390 1 015 380,41 0,89

TOTAL SWISS 1 015 380,41 0,89

TOTAL shares and similar securities traded on a regulated or similar market 67 546 840,00 59,16

TOTAL shares and similar securities 67 546 840,00 59,16



GERMANY

CMZB FRANCFORT 4.0% 05-12-30 EUR EUR 200 000 230 633,78 0,21

TOTAL GERMANY 230 633,78 0,21

BELGIUM

KBC GROUPE SA 1.625% 18-09-29 EUR 500 000 526 836,20 0,46

TOTAL BELGIUM 526 836,20 0,46

SPAIN

BANCO DE SABADELL SA 0.0625% 07-11-25 EUR 500 000 506 366,61 0,44



BANCO NTANDER 4.375% PERP EUR 200 000 208 866,04 0,18

BBVA 0.75% 11-09-22 EMTN EUR 400 000 407 790,44 0,36

BBVA 2.575% 22-02-29 EMTN EUR 200 000 212 746,25 0,19

CAIXABANK 1.75% 24-10-23 EMTN EUR 600 000 632 462,55 0,55

INSTITUTO DE CREDITO OFICIAL 0.2% 31-01-24 EUR 1 500 000 1 525 676,82 1,34

TOTAL SPAIN 4 680 781,28 4,10

UNITED STATES

AT T 0.8% 04-03-30 EUR 375 000 379 293,80 0,34

TOTAL UNITED STATES 379 293,80 0,34

FRANCE

AGEN FRA 1.375% 17-09-24 EMTN EUR 1 000 000 1 067 874,32 0,94

12

AXA 3.25% 28-05-49 EMTN EUR 700 000 804 934,51 0,71

BFCM BANQUE FEDERATIVE CREDIT MUTUEL 1.625% 15-11-27

EUR 600 000 641 079,12 0,56

BNP PAR 1.0% 27-06-24 EMTN EUR 500 000 515 735,99 0,45

BNP PAR 2.125% 23-01-27 EMTN EUR 200 000 217 815,01 0,19

BNP PAR CARDIF 1.0% 29-11-24 EUR 800 000 825 232,33 0,72

BOUYGUES 1.125% 24-07-28 EUR 300 000 324 635,98 0,29

BPCE 1.0% 01-04-25 EMTN EUR 600 000 622 080,33 0,54

BPCE 1.125% 18-01-23 EMTN EUR 500 000 513 057,81 0,45

CAPGEMINI SE 1.625% 15-04-26 EUR 100 000 107 652,76 0,09

CARR 1.75% 15-07-22 EMTN EUR 200 000 206 716,34 0,18

CASA ASSURANCES 2.625% 29-01-48 EUR 400 000 433 526,14 0,38

CNP ASSURANCES 1.875% 20-10-22 EUR 500 000 519 472,16 0,45

CNP ASSURANCES 2.0% 27-07-50 EUR 200 000 211 917,03 0,19

CREDIT MUTUEL ARKEA 1.25% 31-05-24 EUR 300 000 311 064,27 0,27

CREDIT MUTUEL ARKEA 3.375% 11-03-31 EUR 400 000 487 727,45 0,43

DASSAULT SYSTMES 0.375% 16-09-29 EUR 300 000 304 684,25 0,26

ENGIE 3.25% PERP EUR 100 000 109 613,61 0,10


MUTUELLE ASSUR DES COMMERC ET IND FR 3.5% PERP EUR 100 000 100 848,69 0,10

ORANGE 2.375% PERP EUR 200 000 211 524,07 0,19

SCOR 3.875% PERP EUR 500 000 584 979,52 0,51

SG 1.375% 23-02-28 EMTN EUR 400 000 408 449,84 0,36

SG 1.75% 22-03-29 EMTN EUR 400 000 431 080,16 0,37

SOGECAP SA 4.125% 29-12-49 EUR 300 000 344 242,15 0,30

SUEZ 1.625% PERP EUR 200 000 204 003,90 0,18

TOTALENERGIES SE 2.0% PERP EUR 250 000 256 263,29 0,22

TOTALENERGIES SE 2.125% PERP EUR 200 000 199 273,73 0,18

TOTAL FRANCE 14 001 986,30 12,27

ITALY

ENI 0.75% 17-05-22 EMTN EUR 150 000 151 628,28 0,12

ENI 3.375% PERP EUR 125 000 136 092,63 0,12

IGIM 0 1/4 06/24/25 EUR 500 000 503 219,90 0,45

INTE 3.75% PERP EUR 500 000 505 814,45 0,45

MEDIOBANCABCA CREDITO FINANZ 1.625% 07-01-25 EUR 300 000 318 231,18 0,28

SNAM 0.875% 25-10-26 EMTN EUR 500 000 521 189,08 0,45

TRASMISSIONE ELETTRICITA RETE NAZIONALE 1.0% 10-04-26

EUR 500 000 523 881,99 0,45

UNICREDIT 2.731% 15-01-32 EUR 700 000 725 697,06 0,63

UNICREDIT 4.875% 20-02-29 EMTN EUR 200 000 221 887,03 0,20

UNICREDIT SPA 7.5% PERP EUR 200 000 238 907,52 0,21

TOTAL ITALY 3 846 549,12 3,36

LUXEMBOURG

AGEASFINLUX SA E3M 12/99 CV EUR 500 000 420 971,68 0,37

TOTAL LUXEMBOURG 420 971,68 0,37

NETHERLANDS

AEGON 5.625% 29-12-49 EUR 200 000 243 275,11 0,21

ASR NEDERLAND NV 3.375% 02-05-49 EUR 100 000 112 819,04 0,10

ED 2.375% 23-03-23 EMTN EUR 300 000 315 756,58 0,28

ENEL FINANCE INTL NV 0.0% 17-06-27 EUR 300 000 296 629,50 0,26

ENEL FINANCE INTL NV 0.375% 17-06-27 EUR 500 000 506 434,55 0,44

GAS NATURAL FENOSA FINANCE BV 0.875% 15-05-25 EUR 100 000 103 534,07 0,09

13

ING GROEP NV 1.0% 20-09-23 EUR 100 000 103 582,82 0,09


PORTUGAL

CAIXA GEN 1.25% 25-11-24 EMTN EUR 500 000 520 040,00 0,45

TOTAL PORTUGAL 520 040,00 0,45

UNITED KINGDOM

BARCLAYS 0.625% 14-11-23 EMTN EUR 300 000 304 745,51 0,27

CASA LONDON 1.375% 13-03-25 EUR 400 000 420 692,60 0,18

LLOYDS BANKING GROUP 1.0% 09-11-23 EUR 200 000 206 748,67 0,18

LLOYDS BANKING GROUP 1.75% 07-09-28 EUR 700 000 735 285,37 0,65

STAN 3.125% 19-11-24 EMTN EUR 700 00 784 723,59 0,68



28 741 319,57 25,17


FRANCE

LAZARD CAPITAL FI SRI PVC EUR EUR 884 1 922 514,36 1,69

LAZARD EURO CORP HIGH YIELD PC EUR EUR 2 178 4 086 320,04 3,57

LAZARD SMALL CAPS EURO SRI I EUR 2 905 2 802 918,30 2,45

LAZ GL HYBR BD EV EUR EUR 16 1 802 269,76 1,58

TOTAL FRANCE 10 614 022,46 9,29


10 614 022,46 9,29


CBOT USUL 30A 0921 USD -120 -764 029,43 -0,67

EC EURUSD 0921 USD 7 -2 397,97

EURO STOXX 50 0921 EUR -170 105 920,00 0,09

FGBL BUND 10A 0921 EUR 31 24 180,00 0,02

MME MSCI EMER 0921 USD 226 45 737,41 0,04

NI TOKYO NIKK 0921 JPY 2 -2 393,20

RY EURJPY 0921 JPY -2 3 361,87

SP 500 MINI 0921 USD -3 -6 551,99 0,01

XEUR FGBX BUX 0921 EUR -2 -5 120,00


-601 293,31 -0,53

TOTAL futures contracts -601 293,31 -0,53 Others Forward financial instruments Credit Default Swap




TOTAL Credit Default Swap -813 671,30 -0,70

TOTAL others Forward financial instruments -813 671,30 -0,70

TOTAL Futures contracts -1 414 964,61 -1,23

Margin call

CACEIS Margin call USD 863 442,1 728 090,14 0,64

CACEIS Margin call JPY -130 000 -987,67

14

CACEIS Margin call EUR -131 160 -131 160,00 -0,12

TOTAL Margin call 595 942,47 0,52

Receivables 8 008 458,99 7,01

Liabilities -5 344 606,02 -4,68

Financial accounts 5 434 285,45 4,76

Net assets 114 181 298,31 100,00

an open-end investment company under french law lazard

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