# LAZARD CONVERTIBLE GLOBAL
UCITS ORGANISED AS A FRENCH OPEN-END INVESTMENT COMPANY (SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE)
Governed by the French Monetary and Financial Code (Code monétaire et financier)
Management company
LAZARD FRERES GESTION SAS
25, rue Courcelles 75008 PARIS To the Shareholders,
In our capacity as statutory auditors of your company, we hereby present to you our report on related party agreements.
We are required to report to you, based on the information with which we have been provided, on the main characteristics and terms, as well as details of the related benefits for the SICAV, of any agreements disclosed to us or that we may have identified during our audit, without being required to comment on their relevance or substance, or to identify any other agreements. It is your responsibility, pursuant to the terms of Article R.225-31 of the French Commercial Code (Code de commerce), to assess the benefits of entering into these agreements, prior to approving them.
We are also required, where applicable, to report to you as provided for in Article R. 225-31 of the French Commercial Code on the performance over the past year of any agreements already approved by the shareholders' meeting.
We have performed those checks that we considered necessary in accordance with the professional guidance issued by the national auditing body (Compagnie nationale des commissaires aux comptes) relating to this operation.
AGREEMENTS SUBMITTED FOR THE APPROVAL OF THE SHAREHOLDERS' MEETING
We hereby inform you that we have not been advised of any agreement authorised during the past financial year to be submitted to the approval of the shareholders' meeting pursuant to Article L. 225-38 of the French Commercial Code.

## Agreements already approved by the shareholders' meeting
We hereby inform you that we have not been advised of any agreement already approved by the shareholders' meeting that remained effective during the past financial year.
Neuilly-sur-Seine, date of electronic signature

##### Document authenticated by electronic signature 
The statutory auditor PricewaterhouseCoopers Audit
Frédéric Sellam
6. ANNUAL FINANCIAL STATEMENTS
- BALANCE SHEET in 
- euros


##### ASSETS
|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Net non-current assets |  |  |
| Deposits |  |  |
| Financial instruments | 3 852 690 183,46 | 2 585 932 413,42 |
| Equities and similar securities | 139 138 143,05 | 120 732 311,74 |
| Traded on a regulated or equivalent market | 139 138 143,05 | 120 732 311,74 |
| Not traded on a regulated or equivalent market |  |  |
| Bonds and similar securities | 3 703 197 029,28 | 2 458 835 894,36 |
| Traded on a regulated or equivalent market | 3 703 197 029,28 | 2 458 835 894,36 |
| Not traded on a regulated or equivalent market |  |  |
| Debt securities |  |  |
| Traded on a regulated or equivalent market |  |  |
| Negotiable debt securities |  |  |
| Other debt securities |  |  |
| Not traded on a regulated or equivalent market Undertakings for collective investment |  |  |
| General UCITS and general AIFs aimed at non-professionals and their equivalent in other countries |  |  |
| 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 vehicles |  |  |
| Temporary securities transactions |  |  |
| Receivables on securities purchased under repurchase agreements |  |  |
| Receivables on loaned securities |  |  |
| Borrowed securities |  |  |
| Securities sold under repurchase agreements |  |  |
| Other temporary transactions |  |  |
| Forward financial instruments | 10 355 011,13 | 6 364 207,32 |
| Transactions on a regulated or equivalent market | 10 355 01 1,13 | 6 364 207,32 |
| Other transactions |  |  |
| Other financial instruments |  |  |
| Receivables | 1 828 472 314,07 | 999 764 869,75 |
| Currency forward exchange transactions | 1 790 651 163,15 | 988 362 394,63 |
| Other | 37 821 150,92 | 1 1 402 475,12 |
| Financial accounts | 63 355 945,51 | 47 252 568,90 |
| Cash and cash equivalents | 63 355 945,51 | 47 252 568,90 |
| Total assets | 5 744 518 443,04 | 3 632 949 852,07 |

|  | 30/10/2020 | 30/10/2019 |
| --- | --- | --- |
| Shareholders' equity |  |  |
| Share capital | 3 556 660 227,13 | 2 631 878 180,38 |
| Undistributed net capital gains and losses recognised in previous years (a) | 11 162 806,79 | 15 940 506,20 |
| Retained earnings (a) | 124,37 | 163,27 |
| Net capital gains and losses for the year (a, b) | 354 058 648,55 | -8 547 646,91 |
| Net income for the year (a,b) | -7 832 529,95 | - 1 917 803,87 |
| Total shareholders' equity* | 3 914 049 276,89 | 2 637 353 399,07 |
| * Sum representing the net assets |  |  |
| Financial instruments | 10 076 837,86 | 6 794 026,11 |
| Sales of financial instruments |  |  |
| Temporary securities transactions |  |  |
| Liabilities on securities sold under repurchase agreements |  |  |
| Liabilities on borrowed securities |  |  |
| Other temporary transactions |  |  |
| Forward financial instruments | 10 076 837,86 | 6 794 026,11 |
| Transactions on a regulated or equivalent market | 10 076 837,86 | 6 794 026,11 |
| Other transactions |  |  |
| Liabilities | 1 820 392 328,29 | 988 802 426,89 |
| Currency forward exchange transactions | 1 811 338 200,49 | 980 660 448,34 |
| Other | 9 054 127,80 | 8 141 978,55 |
| Financial accounts |  |  |
| Bank overdrafts |  |  |
| Borrowings |  |  |
| Total liabilities and shareholders’ equity | 5 744 518 443,04 | 3 632 949 852,07 |

- Including accrued income
- Less interim dividends paid for the financial year

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Hedging transactions |  |  |
| Commitments on regulated or similar markets |  |  |
| Commitments on OTC markets |  |  |
| Other commitments |  |  |
| Other transactions |  |  |
| Commitments on regulated or similar markets |  |  |
| Futures contracts |  |  |
| BP GBPUSD 1220 | 51 358,01 |  |
| RY EURJPY 1220 | 193 198 904,69 |  |
| EC EURUSD 1220 | 383 921 400,82 |  |
| CME BP GBPUSD 1219 |  | 64 166 562,10 |
| CME EC EURUSD 1219 |  | 231 610 809,84 |
| CME RY EURJPY 1219 |  | 455 274 077,40 |
| Commitments on OTC markets |  |  |
| Other commitments |  |  |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Income from financial transactions |  |  |
| Income from deposits and financial accounts | 200 498,59 | 269 432,59 |
| Income from equities and similar securities | 3 649 451,39 | 5 582 093,82 |
| Income from bonds and similar securities | 20 848 802,06 | 13 174 853,99 |
| Income from debt securities |  |  |
| Income from temporary purchases and sales of securities | 1 012,38 |  |
| Income from forward financial instruments |  |  |
| Other financial income |  |  |
| Total (1) | 24 699 764,42 | 19 026 380,40 |
| Expenses related to financial transactions |  |  |
| Expenses related to temporary purchases and sales of securities |  | 1 012,38 |
| Expenses related to forward financial instruments |  |  |
| Expenses related to financial liabilities | 375 321,23 | 180 894,79 |
| Other financial charges |  |  |
| Total (2) | 375 321,23 | 181 907,17 |
| Income from financial transactions (1 - 2) | 24 324 443,19 | 18 844 473,23 |
| Other income (3) |  |  |
| Management fees and depreciation and amortisation (4) | 31 006 1 17,05 | 20 571 792,27 |
| Net income for the financial year (I. 214-17-1) (1 - 2 + 3 - 4) | -6 681 673,86 | -1 727 319,04 |
| Income adjustment for the financial year (5) | -1 150 856,09 | -190 484,83 |
| Interim dividends paid on net income for the financial year (6) |  |  |
| Net income (1 - 2 + 3 - 4 + 5 - 6) | -7 832 529,95 | -1 917 803,87 |

NOTES TO THE FINANCIAL STATEMENTS

##### Accounting rules and principles
The annual financial statements are presented in accordance with French accounting regulation ANC 2017-05 which amends ANC regulation 2014-01 on the chart of accounts for open-end collective investment undertakings.

##### The general accounting principles apply:
- true and fair view, comparability, business continuity,
- regularity, sincerity,
- prudence,
- consistency of accounting methods from one financial year to the next.


##### Income from fixed-income securities is recorded on the basis of accrued interest. Purchases and sales of securities are recorded excluding expenses.

##### The accounting currency of the portfolio is the euro.

##### The financial year comprises 12 months. Information on the impact of the COVID-19 crisis

##### These financial statements were approved by the Board of Directors on the basis of available information in the context of the evolving Covid-19 crisis.

##### Asset valuation rules

##### Financial instruments and securities traded on a regulated market are valued at their market price.
- Shares and similar securities are valued on the basis of the last known price on their main market.


##### If applicable, prices are translated into euros using the exchange rate prevailing in Paris on the valuation day (as published by WM Closing).
- Fixed-income securities:Fixed-income securities are for the most part marked to market based on either Bloomberg prices (BGN)® derived from averages of contributed prices, or on those of direct contributors.


##### There may be a discrepancy between the carrying amounts, valued as indicated above, and the actual disposal prices that would be obtained if a portion of these portfolio assets were to be sold.
- Bonds and similar instruments are valued on the basis of the average of the closing prices gathered from several contributors.

Financial instruments whose prices have not been determined on the valuation day or whose prices have been adjusted are valued at their probable trading price under the responsibility of the management company. These valuations and the related supporting documentation will be provided to the statutory auditor during audits.

##### However, the following instruments are valued using the following specific methods:
- Negotiable debt securities:
- Negotiable debt securities with a residual maturity of more than three months: Negotiable debt securities traded in large volumes are valued at market price.

In the absence of significant trading volumes, these securities are valued using an actuarial method, with a benchmark rate plus, where applicable, a margin representative of the issuer's intrinsic characteristics.
| Benchmark rate |
| --- |
| Negotiable debt securities in euros | Negotiable debt securities in other currencies |
| Euribor, OISs and BTFs - 3 - 6 - 9 - 12 months BTANs - 18 months, 2 - 3 - 4 - 5 years | Official key rates in the relevant countries |

- Negotiable debt securities with a residual maturity of three months or less:Negotiable debt securities with a residual maturity of three months or less are valued using the straight-line method. However, this method would not be applied if any of these securities were particularly sensitive to market movements.
- UCIs:Units or shares of UCIs are valued at the last known net asset value.


##### Units or shares of UCIs for which net asset values are published monthly may be valued on the basis of interim net asset values calculated from estimated prices.
- Temporary purchases and sales of securities:Securities purchased under repurchase agreements are valued at their contract price using an actuarial method with a benchmark rate (overnight EONIA, one- or two-week interbank rates, one- to 12-month EURIBOR) corresponding to the term of the contract.

Securities sold under repurchase agreements continue to be valued at their market price. Liabilities on securities sold under repurchase agreements are calculated using the same method as that used for securities purchased under repurchase agreements.
- Futures and options:Futures and options are valued on the basis of intraday trading prices the timing of which is based on that of the valuation of the underlying assets.


##### Positions taken on the futures or options markets and over the counter are valued at their market price or at the value of the equivalent underlying asset.
- Financial instruments and securities not traded on a regulated market All of the UCI's financial instruments are traded on regulated markets.
- Valuation methods for off-balance sheet commitmentsOff-balance sheet transactions are valued at the commitment value.


##### The commitment value for futures contracts is equal to the price (in the SICAV's currency) multiplied by the number of contracts multiplied by the face value.
The commitment value for options is equal to the price of the underlying security (in the SICAV's currency) multiplied by the number of contracts multiplied by the delta multiplied by the face value of the underlying security. The commitment value for swaps is equal to the face value of the contract (in the SICAV's currency).

##### Management fees

##### Management fees are calculated on each valuation day.
The annual management fee rate is applied to gross assets (equal to net assets before deduction of the day's management fees) less UCIs managed by Lazard Frires Gestion SAS using the following formula:

##### Gross assets - UCIs managed by Lazard Frires Gestion x operating and management fees rate

##### x no. of days between the calculated NAV and the previous NAV 365 (or 366 in a leap year)
- The SICAV pays the operating fees, which include:. financial management;. administration and accounting;. custody services;. other operating fees:. statutory auditors’ fees;. legal notices (Balo, Petites Affiches, etc.) if applicable. These fees do not include transaction charges.


##### The fees break down as follows, as set out in the regulations:
| Expenses charged to the SICAV | Basis | Rate |
| --- | --- | --- |
| Financial management fees | Net assets excluding UCIs managed by Lazard Frires Gestion SAS | PC EUR shares: Maximum 0,815% incl. taxes RC EUR shares: Maximum 1,465% incl. taxes RD EUR shares: Maximum 1,465% incl. taxes K shares: Maximum 0,815% incl. taxes PD EUR shares: Maximum 0,815% incl. taxes PC USD shares: Maximum 0,815% incl. taxes RC USD shares: Maximum 1,465% incl. taxes RD USD shares: Maximum 1,465% incl. taxes PC H-EUR shares: Maximum 0,865% incl. taxes PD H-EUR shares: Maximum 0,865% incl. taxes PC H-CHF shares: Maximum 0,915% incl. tax PC H-USD shares: Maximum 0,915% incl. taxes RC H-EUR shares: Maximum 1,515% incl. taxes TC EUR shares: Maximum 0,815% incl. taxes TH-EUR shares: Maximum 0,865% incl. taxes TC GBP shares: Maximum 0,815% incl. taxes TD GBP shares: Maximum 0,815% incl. taxes RC H-USD shares: Maximum 1,52% incl. taxes RD H-USD shares: Maximum 1,52% incl. taxes RC H-HKD shares: Maximum 1,52% incl. taxes RC H-SGD shares: Maximum 1,52% incl. taxes |
| Administrative fees external to the management company | Net assets | For all share categories: Maximum 0,035% incl. taxes |
| Turnover commission (0 to 100% received by the management company and 0 to 100% received by the custodian) | Maximum charge incl. taxes on each transaction | Equities, convertible bonds and similar instruments and foreign exchange | From 0% to 0,25% |
| Futures | None |
| Performance fee | n/a | None |


##### The method used to calculate retrocession amounts is set out in the sales and marketing agreements.
- If the amount is significant, a provision is recognised in account 617.
- The final amount is recognised upon settlement of invoices after reversal of any provisions.


##### Allocation of distributable income

#### Definition of distributable income:

#### Net income:
Net income for the financial year is equal to the amount of interest, arrears, bonuses and prizes, dividends, directors' fees and all other income generated by the securities that make up the portfolio, plus income generated by temporary cash holdings, minus the amount of management fees and borrowing costs. Retained earnings are added, plus or minus the balance of the revenue adjustment account.

#### Capital gains and losses:
Realised capital gains, net of expenses, less realised capital losses, net of expenses, recognised for the financial year, plus any net capital gains of the same kind recognised over previous years that have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
| Share(s) | Allocation of net income | Allocation of net realised capital gains or losses |
| --- | --- | --- |
| K shares | Accumulation and/or Distribution and/or Retention as decided by the SICAV | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| PC EUR shares | Accumulation | Accumulation |
| PC H-CHF share | Accumulation | Accumulation |
| PC H-EUR shares | Accumulation | Accumulation |
| PD EUR shares | Distribution | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| PD H-EUR shares | Distribution | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| RC USD shares | Accumulation | Accumulation |
| RD EUR shares | Distribution | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| RD USD shares | Distribution | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| R H-EUR shares | Accumulation | Accumulation |
| PC H-USD shares | Accumulation | Accumulation |
| PC USD shares | Accumulation | Accumulation |
| RC EUR shares | Accumulation | Accumulation |
| RC H-HKD shares | Accumulation | Accumulation |
| RC H-SGD shares | Accumulation | Accumulation |
| RC H-USD shares | Accumulation | Accumulation |
| RD H-USD shares | Distribution | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| TC GBP shares | Accumulation | Accumulation |
| TD GBP shares | Distribution | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| TC EUR shares | Accumulation | Accumulation |
| T H-EUR share | Accumulation and/or Distribution and/or Retention as decided by the SICAV | Accumulation and/or Distribution and/or Retention as decided by the SICAV |
| PC H-GBP share | Accumulation | Accumulation |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Net assets at start of year | 2 637 353 399,07 | 1 742 168 124,20 |
| Subscriptions (including subscription fees retained by the Fund) | 2 309 270 938,91 | 1 492 427 526,84 |
| Redemptions (net of redemption fees retained by the Fund) | -1 555 887 641,47 | -721 809 475,10 |
| Realised capital gains on deposits and financial instruments | 333 216 936,18 | 104 821 621,13 |
| Realised capital losses on deposits and financial instruments | -112 061 082,93 | -50 982 508,56 |
| Realised capital gains on forward financial instruments | 165 725 877,48 | 26 825 160,04 |
| Realised capital losses on forward financial instruments | -60 148 879,41 | -90 188 749,94 |
| Transaction charges | -12 017 966,02 | -7 023 811,47 |
| Exchange rate differences | -137 620 499,90 | 49 729 360,64 |
| Changes in valuation difference of deposits and financial instruments | 354 189 528,94 | 100 408 429,83 |
| Valuation difference for financial year N | 480 433 374,08 | 126 243 845,14 |
| Valuation difference for financial year N-1 | -126 243 845,14 | -25 835 415,31 |
| Changes in valuation difference of forward financial instruments | 2 064 412,38 | -3 186 736,45 |
| Valuation difference for financial year N | -100 161,92 | -2 164 574,30 |
| Valuation difference for financial year N-1 | 2 164 574,30 | -1 022 162,15 |
| Distribution of prior year's net capital gains and losses | -3 321 571,41 | -4 008 996,46 |
| Dividends paid in the previous financial year | -32 501,07 | -99 226,59 |
| Net profit/loss for the financial year prior to income adjustment | -6 681 673,86 | -1 727 319,04 |
| Interim dividend(s) paid on net capital gains/losses during the financial year |  |  |
| Interim dividend(s) paid on net income during the financial year |  |  |
| Other items |  |  |
| Net assets at end of year | 3 914 049 276,89 | 2 637 353 399,07 |

|  | Amount: | % |
| --- | --- | --- |
| Assets |  |  |
| Bonds and similar securities |  |  |
| Fixed-rate bonds traded on a regulated or similar market | 140 253 162,64 | 3,58 |
| Convertible bonds traded on a regulated or equivalent market | 3 562 943 866,64 | 91,03 |
| Total bonds and similar securities | 3 703 197 029,28 | 94,61 |
| Debt securities |  |  |
| Total debt securities |  |  |
| Liabilities |  |  |
| Sales of financial instruments |  |  |
| Total sales of financial instruments |  |  |
| Off-balance sheet items |  |  |
| Hedging transactions |  |  |
| Total hedging transactions |  |  |
| Other transactions |  |  |
| Currency | 577 171 663,52 | 14,75 |
| Total other transactions | 577 171 663,52 | 14,75 |

- 
##### BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS BY INTEREST RATE TYPE

|  | Fixed rate | % | Variable rate | % | Revisable rate | % | Other | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | 3 703 197 029,28 | 94,61 |  |  |  |  | 63 355 945,51 | 1,62 |
| Deposits |
| Bonds and similar securities |
| Debt securities |
| Temporary securities transactions |
| Financial accounts |
| Liabilities |
| Temporary securities transactions |
| Financial accounts |
| Off-balance sheet items |
| Hedging transactions |
| Other transactions |

|  | < 3 months | % | 3 months-1 year | % | 1-3 years | % | 3-5 years | % | > 5 years | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | 63 355 945,51 | 1,62 | 54 100 653,91 | 1,38 | 1 182 984 535,81 | 30,22 | 1 703 189 694,10 | 43,51 | 762 922 145,46 | 19,49 |
| Deposits |
| Bonds and similar securities |
| Debt securities |
| Temporary securities transactions |
| Financial accounts |
| Liabilities |
| Temporary securities transactions |
| Financial accounts |
| Off-balance sheet items |
| Hedging transactions |
| Other transactions |


##### (*) Forward interest rate positions are presented according to the maturity of the underlying.
- 
##### BREAKDOWN OF ASSET, LIABILITY AND OFF-BALANCE SHEET ITEMS BY LISTING OR VALUATION CURRENCY

|  | USD | CHF | JPY | Other |
| --- | --- | --- | --- | --- |
| Amount: | Amount: | Amount: | Amount: |
| Assets |  |  |  |  |  |  |  |  |
| Deposits |  |  |  |  |  |  |  |  |
| Equities and similar securities | 139 138 143,05 | 3,55 |  |  |  |  |  |  |
| Bonds and similar securities | 2 742 755 554,35 | 70,07 | 82 998 346,93 | 2,12 | 53 917 966,62 | 1,38 | 183 396 760,15 | 4,69 |
| Debt securities |  |  |  |  |  |  |  |  |
| UCIs |  |  |  |  |  |  |  |  |
| Temporary securities transactions |  |  |  |  |  |  |  |  |
| Receivables | 250 991 316,76 | 6,41 | 137 155 556,07 | 3,50 | 4 884 687,46 | 0,12 | 2 041 377,01 | 0,05 |
| Financial accounts | 12 342 808,03 | 0,32 | 9 201 166,19 | 0,24 | 7 713 871,43 | 0,20 | 1 1 293 884,88 | 0,29 |
| Liabilities |  |  |  |  |  |  |  |  |
| Sales of financial instruments |  |  |  |  |  |  |  |  |
| Temporary securities transactions |  |  |  |  |  |  |  |  |
| Liabilities | 1 369 396 785,60 | 34,99 | 52 418 142,96 | 1,34 | 1 17 502 563,16 | 3,00 | 171 571 437,10 | 4,38 |
| Financial accounts |  |  |  |  |  |  |  |  |
| Off-balance sheet items |  |  |  |  |  |  |  |  |
| Hedging transactions |  |  |  |  |  |  |  |  |
| Other transactions | 383 972 758,83 | 9,81 |  |  | 193 198 904,69 | 4,94 |  |  |

|  | Debit/credit item | 30/10/2020 |
| --- | --- | --- |
| Receivables | Forward currency purchases | 117 355 795,95 |
|  | Receivables on forward currency sales | 1 673 295 367,20 |
|  | Subscription receivables | 3 290 780,82 |
|  | Margin cash deposits | 13 498 938,22 |
|  | Coupons and dividends in cash | 1 331 431,88 |
|  | Collateral | 19 700 000,00 |
| Total receivables |  | 1 828 472 314,07 |
| Liabilities | Forward currency sales | 1 694 734 083,62 |
|  | Payables on forward currency purchases | 1 16 604 1 16,87 |
|  | Redemptions payable | 5 766 604,73 |
|  | Fixed management fees | 3 287 523,07 |
| Total liabilities |  | 1 820 392 328,29 |
| Total liabilities and receivables |  | 8 079 985,78 |

|  | In equity | In amounts |
| --- | --- | --- |
| K shares |  |  |
| Shares subscribed during the financial year | 260,180 | 457 121,90 |
| Shares redeemed during the financial year | -308,291 | -548 040,3 1 |
| Net balance of subscriptions/redemptions | -48,1 11 | -90 918,41 |
| Number of shares outstanding at the end of the financial year | 9 423,820 |  |
| PC EUR shares |  |  |
| Shares subscribed during the financial year | 276 931,891 | 431 934 013,24 |
| Shares redeemed during the financial year | -297 558,595 | -445 986 172,04 |
| Net balance of subscriptions/redemptions | -20 626,704 | -14 052 158,80 |
| Number of shares outstanding at the end of the financial year | 466 817,357 |  |
| PC H-CHF share |  |  |
| Shares subscribed during the financial year | 5013,133 | 66 284 381,39 |
| Shares redeemed during the financial year | -2 464,844 | -30 493 379,78 |
| Net balance of subscriptions/redemptions | 2 548,289 | 35 791 001,61 |
| Number of shares outstanding at the end of the financial year | 8 989,748 |  |
| PC H-EUR shares |  |  |
| Shares subscribed during the financial year | 404 534,737 | 720 994 145,30 |
| Shares redeemed during the financial year | -246 916,308 | -439 1 11 423,99 |
| Net balance of subscriptions/redemptions | 157 618,429 | 281 882 721,31 |
| Number of shares outstanding at the end of the financial year | 665 528,805 |  |
| PD EUR shares |  |  |
| Shares subscribed during the financial year | 1 434,163 | 18 909 841,94 |
| Shares redeemed during the financial year | -2 598,079 | -33 798 925,25 |
| Net balance of subscriptions/redemptions | -1 163,916 | -14 889 083,31 |
| Number of shares outstanding at the end of the financial year | 14 703,885 |  |
| PD H-EUR shares |  |  |
| Shares subscribed during the financial year | 5 607,779 | 63 589 236,91 |
| Shares redeemed during the financial year | -4 149,872 | -43 463 464,31 |
| Net balance of subscriptions/redemptions | 1 457,907 | 20 125 772,60 |
| Number of shares outstanding at the end of the financial year | 13 097,326 |  |
| RC USD shares |  |  |
| Shares subscribed during the financial year | 46 526,414 | 9 688 595,57 |
| Shares redeemed during the financial year | -9 821,574 | -2 043 779,40 |
| Net balance of subscriptions/redemptions | 36 704,840 | 7644816,17 |
| Number of shares outstanding at the end of the financial year | 45 603,030 |  |

|  | In equity | In amounts |
| --- | --- | --- |
| RD EUR shares |  |  |
| Shares subscribed during the financial year | 5 073,959 | 1 198 044,91 |
| Shares redeemed during the financial year | -1 359,188 | -305 450,32 |
| Net balance of subscriptions/redemptions | 3 714,771 | 892 594,59 |
| Number of shares outstanding at the end of the financial year | 4 260,771 |  |
| RD USD shares |  |  |
| Shares subscribed during the financial year | 3 624,344 | 758 393,69 |
| Shares redeemed during the financial year | -407,061 | -85 156,99 |
| Net balance of subscriptions/redemptions | 3 217,283 | 673 236,70 |
| Number of shares outstanding at the end of the financial year | 3 218,283 |  |
| R H-EUR shares |  |  |
| Shares subscribed during the financial year | 423 997,127 | 101 710 341,42 |
| Shares redeemed during the financial year | -165 895,541 | -38 059 640,29 |
| Net balance of subscriptions/redemptions | 258 101,586 | 63 650 701,13 |
| Number of shares outstanding at the end of the financial year | 613 717,652 |  |
| PC H-USD shares |  |  |
| Shares subscribed during the financial year | 5 289,884 | 5 23 1 562,74 |
| Shares redeemed during the financial year | -79,034 | -73 266,02 |
| Net balance of subscriptions/redemptions | 5 210,850 | 5 158 296,72 |
| Number of shares outstanding at the end of the financial year | 5 21 1,850 |  |
| PC USD shares |  |  |
| Shares subscribed during the financial year | 385 834,028 | 480 520 574,63 |
| Shares redeemed during the financial year | -322 440,875 | -395 887 528,63 |
| Net balance of subscriptions/redemptions | 63 393,153 | 84 633 046,00 |
| Number of shares outstanding at the end of the financial year | 380 573,646 |  |
| RC EUR shares |  |  |
| Shares subscribed during the financial year | 661 221,966 | 290 099 822,1 1 |
| Shares redeemed during the financial year | -237 124,050 | -102 983 272,59 |
| Net balance of subscriptions/redemptions | 424 097,916 | 187 116 549,52 |
| Number of shares outstanding at the end of the financial year | 925 628,642 |  |
| RC H-HKD shares | 5,000 |  |
| Shares subscribed during the financial year |
| Shares redeemed during the financial year |
| Net balance of subscriptions/redemptions |
| Number of shares outstanding at the end of the financial year |

|  | In equity | In amounts |
| --- | --- | --- |
| RC H-SGD shares |  |  |
| Shares subscribed during the financial year | 9 951,360 | 1 409 426,3 1 |
| Shares redeemed during the financial year |  |  |
| Net balance of subscriptions/redemptions | 9 951,360 | 1 409 426,3 1 |
| Number of shares outstanding at the end of the financial year | 9 956,360 |  |
| RC H-USD shares |  |  |
| Shares subscribed during the financial year | 90 713,495 | 17 769 240,21 |
| Shares redeemed during the financial year | -692,266 | -142 228,40 |
| Net balance of subscriptions/redemptions | 90 021,229 | 17 627 011,81 |
| Number of shares outstanding at the end of the financial year | 90 026,229 |  |
| RD H-USD shares |  |  |
| Shares subscribed during the financial year | 6 681,687 | 1 309 739,83 |
| Shares redeemed during the financial year | -4 306,818 | -868 937,15 |
| Net balance of subscriptions/redemptions | 2 374,869 | 440 802,68 |
| Number of shares outstanding at the end of the financial year | 2 379,869 |  |
| TC GBP shares |  |  |
| Shares subscribed during the financial year | 2 812,523 | 699 418,04 |
| Shares redeemed during the financial year | -21,000 | -4 658,00 |
| Net balance of subscriptions/redemptions | 2 791,523 | 694 760,04 |
| Number of shares outstanding at the end of the financial year | 3 777,523 |  |
| TD GBP shares | 1,000 |  |
| Shares subscribed during the financial year |
| Shares redeemed during the financial year |
| Net balance of subscriptions/redemptions |
| Number of shares outstanding at the end of the financial year |
| TC EUR shares |  |  |
| Shares subscribed during the financial year | 179 088,430 | 43 585 711,42 |
| Shares redeemed during the financial year | -79 764,452 | -18 336 910,67 |
| Net balance of subscriptions/redemptions | 99 323,978 | 25 248 800,75 |
| Number of shares outstanding at the end of the financial year | 166 071,251 |  |
| T H-EUR share |  |  |
| Shares subscribed during the financial year | 227 024,865 | 52 688 101,80 |
| Shares redeemed during the financial year | -16 210,943 | -3 689 087,99 |
| Net balance of subscriptions/redemptions | 210 813,922 | 48 999 013,81 |
| Number of shares outstanding at the end of the financial year | 257 580,808 |  |

|  | In equity | In amounts |
| --- | --- | --- |
| PC H-GBP share |  |  |
| Shares subscribed during the financial year | 3 581,000 | 433 225,55 |
| Shares redeemed during the financial year | -52,000 | -6 319,34 |
| Net balance of subscriptions/redemptions | 3 529,000 | 426 906,21 |
| Number of shares outstanding at the end of the financial year | 3 529,000 |  |

- SUBSCRIPTION AND/OR REDEMPTION FEES

|  | In amounts |
| --- | --- |
| K shares |  |
| Total fees acquired |
| Subscription fees acquired |
| Redemption fees acquired |
| PC EUR shares |  |
| Total fees acquired |
| Subscription fees acquired |
| Redemption fees acquired |
| PC H-CHF share |  |
| Total fees acquired |
| Subscription fees acquired |
| Redemption fees acquired |
| PC H-EUR shares |  |
| Total fees acquired |
| Subscription fees acquired |
| Redemption fees acquired |
| PD EUR shares |  |
| Total fees acquired |
| Subscription fees acquired |
| Redemption fees acquired |
| PD H-EUR shares |  |
| Total fees acquired |
| Subscription fees acquired |
| Redemption fees acquired |

|  | In amounts |
| --- | --- |
| RC USD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| RD EUR shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| RD USD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| R H-EUR shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| PC H-USD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| PC USD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| RC EUR shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| RC H-HKD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |

|  | In amounts |
| --- | --- |
| RC H-SGD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| RC H-USD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| RD H-USD shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| TC GBP shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| TD GBP shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| TC EUR shares Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| T H-EUR share Total fees acquired Subscription fees acquired Redemption fees acquired |  |
| PC H-GBP share Total fees acquired Subscription fees acquired Redemption fees acquired |  |

|  | 30/10/2020 |
| --- | --- |
| K shares |  |
| Guarantee fees |  |
| Fixed management fees | 148 607,55 |
| Percentage of fixed management fees | 0,85 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| PC EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 6 128 057,23 |
| Percentage of fixed management fees | 0,85 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| PC H-CHF share |  |
| Guarantee fees |  |
| Fixed management fees | 944 560,10 |
| Percentage of fixed management fees | 0,95 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| PC H-EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 9 350 239,82 |
| Percentage of fixed management fees | 0,90 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| PD EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 1 630 311,24 |
| Percentage of fixed management fees | 0,85 |
| Variable management fees |  |
| Retrocessions of management fees |  |

|  | 30/10/2020 |
| --- | --- |
| PD H-EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 1 362 937,25 |
| Percentage of fixed management fees | 0,90 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RC USD shares |  |
| Guarantee fees |  |
| Fixed management fees | 66 385,10 |
| Percentage of fixed management fees | 1,50 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RD EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 4 508,66 |
| Percentage of fixed management fees | 1,50 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RD USD shares |  |
| Guarantee fees |  |
| Fixed management fees | 2 090,58 |
| Percentage of fixed management fees | 1,50 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| R H-EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 1 673 159,92 |
| Percentage of fixed management fees | 1,55 |
| Variable management fees |  |
| Retrocessions of management fees |  |

|  | 30/10/2020 |
| --- | --- |
| PC H-USD shares |  |
| Guarantee fees |  |
| Fixed management fees | 13 213,70 |
| Percentage of fixed management fees | 0,95 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| PC USD shares |  |
| Guarantee fees |  |
| Fixed management fees | 3 904 272,73 |
| Percentage of fixed management fees | 0,85 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RC EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 5 180 535,33 |
| Percentage of fixed management fees | 1,50 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RC H-HKD shares |  |
| Guarantee fees |  |
| Fixed management fees | 18,71 |
| Percentage of fixed management fees | 1,55 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RC H-SGD shares |  |
| Guarantee fees |  |
| Fixed management fees | 6 842,00 |
| Percentage of fixed management fees | 1,55 |
| Variable management fees |  |
| Retrocessions of management fees |  |

|  | 30/10/2020 |
| --- | --- |
| RC H-USD shares |  |
| Guarantee fees |  |
| Fixed management fees | 78 266,45 |
| Percentage of fixed management fees | 1,55 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| RD H-USD shares |  |
| Guarantee fees |  |
| Fixed management fees | 4 585,69 |
| Percentage of fixed management fees | 1,55 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| TC GBP shares |  |
| Guarantee fees |  |
| Fixed management fees | 3 839,21 |
| Percentage of fixed management fees | 0,85 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| TD GBP shares |  |
| Guarantee fees |  |
| Fixed management fees | 2,75 |
| Percentage of fixed management fees | 1,18 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| TC EUR shares |  |
| Guarantee fees |  |
| Fixed management fees | 284 962,06 |
| Percentage of fixed management fees | 0,85 |
| Variable management fees |  |
| Retrocessions of management fees |  |

|  | 30/10/2020 |
| --- | --- |
| T H-EUR share |  |
| Guarantee fees |  |
| Fixed management fees | 218 683,57 |
| Percentage of fixed management fees | 0,90 |
| Variable management fees |  |
| Retrocessions of management fees |  |
| PC H-GBP share |  |
| Guarantee fees |  |
| Fixed management fees | 37,40 |
| Percentage of fixed management fees | 0,03 |
| Variable management fees |  |
| Retrocessions of management fees |  |


##### Guarantees received by the Fund: None.

##### Other commitments received and/or given: None.
|  | 30/10/2020 |
| --- | --- |
| Securities held under repurchase agreements Borrowed securities |  |
|  |
|  | 30/10/2020 |
| Financial instruments given as security and retained under their original classification Financial instruments received as security and not recorded on the balance sheet |  |
|  |
|  | ISIN code | Name | 30/10/2020 |
| Equities |  |  |  |
| Bonds |
| Negotiable debt securities |
| UCIs |
| Forward	financial instruments |
| Total group securities |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Remaining amounts to be allocated |  |  |
| Retained earnings | 124,37 | 163,27 |
| Net income | -7 832 529,95 | -1 917 803,87 |
| Total | -7 832 405,58 | -1917640,60 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| K shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -15 332,05 | 3 052,87 |
| Total | -15 332,05 | 3 052,87 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| PC EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -645 068,92 | 133 438,64 |
| Total | -645 068,92 | 133 438,64 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| PC H-CHF share |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -220421,04 | -59 341,57 |
| Total | -220421,04 | -59341,57 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| PC H-EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -1 654 526,64 | -259 786,50 |
| Total | -1 654526,64 | -259 786,50 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| PD EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  | 34 433,13 |
| Balance brought forward for the financial year |  | 4,13 |
| Accumulation | -164 981,15 | 0,00 |
| Total | -164 981,15 | 34 437,26 |
| Information on shares with dividend rights |  |  |
| Number of shares | 14 703,885 | 15 867,801 |
| Dividend per unit |  | 2,17 |
| Tax credit |  |  |
| Tax credit attached to the distribution of earnings |  | 61 929,20 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PD H-EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  | 106,85 |
| Accumulation | -21 1 946,07 | -40 165,66 |
| Total | -211 946,07 | -40 058,81 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -67 120,63 | -8 092,50 |
| Total | -67 120,63 | -8 092,50 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RD EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -7 100,74 | -595,45 |
| Total | -7 100,74 | -595,45 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| RD USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -5 054,71 | -1,06 |
| Total | -5 054,71 | -1,06 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| R H-EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -1 134 932,79 | -524 183,97 |
| Total | -1 134932,79 | -524 183,97 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC H-USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -8 839,72 | -0,26 |
| Total | -8 839,72 | -0,26 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -421 277,66 | 69 556,62 |
| Total | -421 277,66 | 69 556,62 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -3012 248,82 | -1 265 963,86 |
| Total | -3 012248,82 | -1 265963,86 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| RC H-HKD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -9,56 | -2,89 |
| Total | -9,56 | -2,89 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC H-SGD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -1 1 033,10 | -1,72 |
| Total | -1 1 033,10 | -1,72 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC H-USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -134 879,78 | -2,28 |
| Total | -134 879,78 | -2,28 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RD H-USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -3 595,43 | -2,28 |
| Total | -3 595,43 | -2,28 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| TC GBP shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -782,92 | 11,53 |
| Total | -782,92 | 11,53 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| TD GBP shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -0,98 | -0,16 |
| Total | -0,98 | -0,16 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| TC EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -35 635,33 | 2 871,28 |
| Total | -35 635,33 | 2 871,28 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| T H-EUR share |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Balance brought forward for the financial year |  |  |
| Accumulation | -79 652,86 | -2 975,49 |
| Total | -79 652,86 | -2 975,49 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC H-GBP share |  |  |
| Appropriation |  |
| Distribution |  |
| Balance brought forward for the financial year |  |
| Accumulation | 2 035,32 |
| Total | 2 035,32 |

- 
##### TABLE OF ALLOCATION OF DISTRIBUTABLE AMOUNTS PERTAINING TO NET CAPITAL GAINS AND LOSSES

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Remaining amounts to be allocated |  |  |
| Undistributed net capital gains and losses recognised in previous years | 1 1 162 806,79 | 15 940 506,20 |
| Net capital gains and losses for the year | 354 058 648,55 | -8 547 646,91 |
| Interim dividends paid on net capital gains/losses for the financial year |  |  |
| Total | 365 221 455,34 | 7 392 859,29 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| K shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 1 380 249,29 | 351 899,65 |
| Total | 1 380 249,29 | 351 899,65 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 58 071 270,01 | 15 378 061,09 |
| Total | 58 071 270,01 | 15 378 061,09 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC H-CHF share |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 13 420 864,55 | -330 566,52 |
| Total | 13 420 864,55 | -330 566,52 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| PC H-EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 146 496 153,04 | -32 556 895,53 |
| Total | 146 496 153,04 | -32 556 895,53 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PD EUR shares |  |  |
| Appropriation |  |  |
| Distribution | 3 064 289,63 | 1 856 691,40 |
| Undistributed net capital gains and losses | 22 806 298,30 | 1 1 834 71 1,27 |
| Accumulation |  |  |
| Total | 25 870 587,93 | 13 691 402,67 |
| Information on shares with dividend rights |  |  |
| Number of shares | 14 703,885 | 15 867,801 |
| Dividend per unit | 208,40 | 1 17,01 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PD H-EUR shares |  |  |
| Appropriation |  |  |
| Distribution | 2 526 998,08 | 1 259 617,92 |
| Undistributed net capital gains and losses | 16 448 179,85 | 152 887,73 |
| Accumulation |  |  |
| Total | 18 975 177,93 | 1 412 505,65 |
| Information on shares with dividend rights |  |  |
| Number of shares | 13 097,326 | 11 639,419 |
| Dividend per unit | 192,94 | 108,22 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| RC USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 720 582,39 | 32 003,48 |
| Total | 720 582,39 | 32 003,48 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RD EUR shares |  |  |
| Appropriation |  |  |
| Distribution | 15 679,64 | 846,30 |
| Undistributed net capital gains and losses | 71 582,70 | 1 386,84 |
| Accumulation |  | 4,08 |
| Total | 87 262,34 | 2 237,22 |
| Information on shares with dividend rights |  |  |
| Number of shares | 4 260,771 | 546,00 |
| Dividend per unit | 3,68 | 1,55 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RD USD shares |  |  |
| Appropriation |  |  |
| Distribution | 12 100,74 | 1,36 |
| Undistributed net capital gains and losses | 45 825,28 | 2,23 |
| Accumulation |  |  |
| Total | 57 926,02 | 3,59 |
| Information on shares with dividend rights |  |  |
| Number of shares | 3 218,283 | 1,00 |
| Dividend per unit | 3,76 | 1,36 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| R H-EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 17 781 190,46 | -3 022 648,59 |
| Total | 17 781 190,46 | -3 022 648,59 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC H-USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 365 315,32 | 15,97 |
| Total | 365 315,32 | 15,97 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| PC USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 37 924 779,01 | 8 015 935,24 |
| Total | 37 924 779,01 | 8 015 935,24 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 32 337 371,17 | 4 461 127,71 |
| Total | 32 337 371,17 | 4 461 127,71 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| RC H-HKD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 101,01 | 13,78 |
| Total | 101,01 | 13,78 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC H-SGD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 106 834,05 | -1,17 |
| Total | 106 834,05 | -1,17 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RC H-USD shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 1 256 777,12 | 15,97 |
| Total | 1 256 777,12 | 15,97 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| RD H-USD shares |  |  |
| Appropriation |  |  |
| Distribution | 8 448,53 | 2,85 |
| Undistributed net capital gains and losses | 31 001,51 | 13,10 |
| Accumulation |  | 0,02 |
| Total | 39 450,04 | 15,97 |
| Information on shares with dividend rights |  |  |
| Number of shares | 2 379,869 | 5,00 |
| Dividend per unit | 3,55 | 0,57 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| TC GBP shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 70 498,11 | 3 625,92 |
| Total | 70 498,11 | 3 625,92 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| TD GBP shares |  |  |
| Appropriation |  |  |
| Distribution | 3,42 | 0,70 |
| Undistributed net capital gains and losses | 18,18 | 3,01 |
| Accumulation |  |  |
| Total | 21,60 | 3,71 |
| Information on shares with dividend rights |  |  |
| Number of shares | 1,00 | 1,00 |
| Dividend per unit | 3,42 | 0,70 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| TC EUR shares |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 3 208 254,95 | 327 034,46 |
| Total | 3 208 254,95 | 327 034,46 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| T H-EUR share |  |  |
| Appropriation |  |  |
| Distribution |  |  |
| Undistributed net capital gains and losses |  |  |
| Accumulation | 7 052 898,22 | -372 930,98 |
| Total | 7 052 898,22 | -372 930,98 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| PC H-GBP share |  |  |
| Appropriation |  |
| Distribution |  |
| Undistributed net capital gains and losses |  |
| Accumulation | -2 109,22 |
| Total | -2 109,22 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL K EUR shares |  |  |  |  |  |
| Net assets | 1 1 675 356,40 | 13 890 817,11 | 14 665 062,23 | 16 268 575,13 | 19 039 1 15,53 |
| Number of shares | 8 813,442 | 9 140,442 | 9 295,842 | 9 471,931 | 9 423,820 |
| Net asset value per share | 1 324,72 | 1 519,70 | 1 577,59 | 1 717,55 | 2 020,31 |
| Accumulation per share pertaining to net capital gains/losses | 52,42 | 90,49 | 105,16 | 37,15 | 146,46 |
| Accumulation per share pertaining to income | 6,83 | 3,72 | 0,87 | 0,32 | -1,62 |
| LAZARD CONVERTIBLE GLOBAL PC EUR shares |  |  |  |  |  |
| Net assets | 312 972 768,51 | 359 465 797,05 | 555 996 998,73 | 711 077 568,02 | 801 035 187,40 |
| Number of shares | 278 162,608 | 278 493,955 | 414 950,285 | 487 444,061 | 466 817,357 |
| Net asset value per share | 1 125,14 | 1 290,74 | 1 339,91 | 1 458,78 | 1 715,94 |
| Accumulation per share pertaining to net capital gains/losses | 44,52 | 76,85 | 89,31 | 31,54 | 124,39 |
| Accumulation per share pertaining to income | 5,80 | 3,15 | 0,74 | 0,27 | -1,38 |
| LAZARD CONVERTIBLE GLOBAL PC H-CHF share |  |  |  |  |  |
| Net assets | 10 191 154,42 | 22 399 048,35 | 59 061 613,61 | 83 170 888,85 | 138 722 481,15 |
| Number of shares | 970,000 | 1 795,774 | 4 768,114 | 6 441,459 | 8 989,748 |
| Net asset value per share | 10 506,34 | 12 473,20 | 12 386,78 | 12 911,80 | 15 431,18 |
| Accumulation per share pertaining to net capital gains/losses | 164,61 | 483,14 | 589,99 | -51,31 | 1 492,90 |
| Accumulation per share pertaining to income | -3,31 | 16,68 | -4,62 | -9,21 | -24,51 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL PC H-EUR shares |  |  |  |  |  |
| Net assets | 84 960 254,92 | 222 251 619,76 | 586 153 91 1,28 | 838 519 874,99 | 1 318 082 591,1 1 |
| Number of shares | 64 198,000 | 140 924,939 | 371 577,484 | 507 910,376 | 665 528,805 |
| Net asset value per share | 1 323,40 | 1 577,09 | 1 577,47 | 1 650,92 | 1 980,50 |
| Accumulation per share pertaining to net capital gains/losses | 24,01 | 145,45 | 53,49 | -64,09 | 220,1 1 |
| Accumulation per share pertaining to income | -0,39 | 3,06 | 0,07 | -0,51 | -2,48 |
| LAZARD CONVERTIBLE GLOBAL PD EUR shares |  |  |  |  |  |
| Net assets |  | 153 052 795,98 | 163 986 483,91 | 189 108 511,52 | 204 290 754,92 |
| Number of shares |  | 14 186,047 | 14 691,792 | 15 867,801 | 14 703,885 |
| Net asset value per share |  | 10 788,96 | 1 1 161,77 | 1 1 917,75 | 13 893,65 |
| Accumulation per share pertaining to net capital gains/losses |  | 24,80 | 217,07 | 1 17,01 | 208,40 |
| net capital gains/losses per share not distributed |  | 76,86 | 605,16 | 745,83 | 1 551,03 |
| Distribution of income per share: |  | 1 1,17 | 6,17 | 2,17 |  |
| Tax credit per share |  |  |  |  | * |
| Accumulation per share pertaining to income |  |  |  |  | -1 1,22 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL PD H-EUR shares |  |  |  |  |
| Net assets | 33 158 416,11 | 41 067 910,67 | 125 957 933,52 | 168 470 357,41 |
| Number of shares | 3 134,731 | 3 894,356 | 1 1 639,419 | 13 097,326 |
| Net asset value per share | 10 577,75 | 10 545,49 | 10 821,66 | 12 862,95 |
| Accumulation per share pertaining to net capital gains/losses | 24,98 | 210,39 | 108,22 | 192,94 |
| net capital gains/losses per share not distributed | 396,24 | 544,51 | 13,13 | 1 255,84 |
| Distribution of income per share: | 10,28 | 0,52 |  |  |
| Tax credit per share |  |  |  | * |
| Accumulation per share pertaining to income |  |  | -3,45 | -16,18 |
| LAZARD CONVERTIBLE GLOBAL RC USD shares |  |  |  |  |
| Net assets |  |  | 1 843 927,33 | 1 1 529 225,63 |
| Number of shares |  |  | 8 898,190 | 45 603,030 |
| Net asset value per share |  |  | 207,22 | 252,81 |
| Accumulation per share pertaining to net capital gains/losses |  |  | 3,59 | 15,80 |
| Accumulation per share pertaining to income |  |  | -0,90 | -1,47 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL RD EUR shares |  |  |
| Net assets | 1 15 369,39 | 1 045 065,56 |
| Number of shares | 546,000 | 4 260,771 |
| Net asset value per share | 21 1,29 | 245,27 |
| Accumulation per share pertaining to net capital gains/losses | 1,55 | 3,68 |
| net capital gains/losses per share not distributed | 2,54 | 16,80 |
| Accumulation per share pertaining to income | -1,09 | -1,66 |
| LAZARD CONVERTIBLE GLOBAL RD USD shares |  |  |
| Net assets | 207,02 | 806 979,76 |
| Number of shares | 1,000 | 3 218,283 |
| Net asset value per share | 207,02 | 250,74 |
| Accumulation per share pertaining to net capital gains/losses | 1,36 | 3,76 |
| net capital gains/losses per share not distributed | 2,23 | 14,23 |
| Accumulation per share pertaining to income | -1,06 | -1,57 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL R H-EUR shares |  |  |  |  |  |
| Net assets |  | 6 053 218,38 | 53 318 351,82 | 77 545 563,95 | 159 477 604,52 |
| Number of shares |  | 28 683,605 | 254 238,91 1 | 355 616,066 | 613 717,652 |
| Net asset value per share |  | 21 1,03 | 209,71 | 218,05 | 259,85 |
| Accumulation per share pertaining to net capital gains/losses |  | 8,04 | 7,19 | -8,49 | 28,97 |
| Accumulation per share pertaining to income |  | -0,27 | -1,39 | -1,47 | -1,84 |
| LAZARD CONVERTIBLE GLOBAL PC H-USD shares |  |  |  |  |  |
| Net assets |  |  |  | 977,79 | 6 238 263,43 |
| Number of shares |  |  |  | 1,000 | 5 21 1,850 |
| Net asset value per share |  |  |  | 977,79 | 1 196,93 |
| Accumulation per share pertaining to net capital gains/losses |  |  |  | 15,97 | 70,09 |
| Accumulation per share pertaining to income |  |  |  | -0,26 | -1,69 |
| LAZARD CONVERTIBLE GLOBAL PC USD shares |  |  |  |  |  |
| Net assets | 987,90 | 1 845 351,33 | 111 047 125,86 | 413 521 276,21 | 609 371 448,50 |
| Number of shares | 1,000 | 1 532,000 | 91 308,381 | 317 180,493 | 380 573,646 |
| Net asset value per share | 987,90 | 1 204,53 | 1 216,17 | 1 303,74 | 1 601,19 |
| Accumulation per share pertaining to net capital gains/losses | 18,35 | 61,63 | 71,55 | 25,27 | 99,65 |
| Accumulation per share pertaining to income | -0,30 | 2,77 | 0,59 | 0,21 | -1,10 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL RC EUR shares |  |  |  |  |  |
| Net assets | 9 124 638,45 | 127 201 143,60 | 154 552 644,78 | 205 952 876,36 | 444 185 753,52 |
| Number of shares | 28 252,781 | 345 561,135 | 407 097,879 | 501 530,726 | 925 628,642 |
| Net asset value per share | 322,96 | 368,10 | 379,64 | 410,64 | 479,87 |
| Accumulation per share out of net capital gains/losses | 12,82 | 22,01 | 25,41 | 8,89 | 34,93 |
| Accumulation per share pertaining to income | -0,31 | -1,35 | -2,22 | -2,52 | -3,25 |
| LAZARD CONVERTIBLE GLOBAL RC H-HKD shares |  |  |  |  |  |
| Net assets |  |  |  | 9 748,80 |  |
| Number of shares |  |  |  | 5,000 | 5,000 |
| Net asset value per share |  |  |  | 1 949,76 |  |
| Accumulation per share pertaining to net capital gains/losses |  |  |  | 2,75 | 20,20 |
| Accumulation per share pertaining to income |  |  |  | -0,57 | -1,91 |
| LAZARD CONVERTIBLE GLOBAL RC H-SGD shares |  |  |  |  |  |
| Net assets |  |  |  | 972,32 |  |
| Number of shares |  |  |  | 5,000 | 9 956,360 |
| Net asset value per share |  |  |  | 194,46 |  |
| Accumulation per share pertaining to net capital gains/losses |  |  |  | -0,23 | 10,73 |
| Accumulation per share pertaining to income |  |  |  | -0,34 | -1,10 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL RC H-USD shares |  |  |
| Net assets | 975,60 | 21 368 817,80 |
| Number of shares | 5,000 | 90 026,229 |
| Net asset value per share | 195,12 | 237,36 |
| Accumulation per share pertaining to net capital gains/losses | 3,19 | 13,96 |
| Accumulation per share pertaining to income | -0,45 | -1,49 |
| LAZARD CONVERTIBLE GLOBAL RD H-USD shares |  |  |
| Net assets | 975,57 | 563 131,68 |
| Number of shares | 5,000 | 2 379,869 |
| Net asset value per share | 195,11 | 236,62 |
| Accumulation per share pertaining to net capital gains/losses | 0,57 | 3,55 |
| net capital gains/losses per share not distributed | 2,62 | 13,02 |
| Accumulation per share pertaining to income | -0,45 | -1,51 |
| LAZARD CONVERTIBLE GLOBAL TC GBP shares |  |  |
| Net assets | 186 053,94 |  |
| Number of shares | 986,000 | 3 777,523 |
| Net asset value per share | 188,69 |  |
| Accumulation per share pertaining to net capital gains/losses | 3,67 | 18,66 |
| Accumulation per share pertaining to income | 0,01 | -0,20 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL TD GBP shares Net assets |  | 187,84 |  |
| Number of shares |  | 1,000 | 1,000 |
| Net asset value per share |  | 187,84 |  |
| Accumulation per share pertaining to net capital gains/losses |  | 0,70 | 3,42 |
| net capital gains/losses per share not distributed |  | 3,01 | 18,18 |
| Accumulation per share pertaining to income |  | -0,16 | -0,98 |
| LAZARD CONVERTIBLE GLOBAL TC EUR shares |  |  |  |
| Net assets | 12 402 589,65 | 15 122 184,63 | 44 251 072,42 |
| Number of shares | 59 600,364 | 66 747,273 | 166 071,251 |
| Net asset value per share | 208,09 | 226,55 | 266,45 |
| Accumulation per share pertaining to net capital gains/losses | 6,66 | 4,89 | 19,31 |
| Accumulation per share pertaining to income | 0,11 | 0,04 | -0,21 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Global net assets in euros | 428 134 919,82 | 935 947 438,24 | 1 742 168 124,20 | 2 637 353 399,07 | 3 914 049 276,88 |
| LAZARD CONVERTIBLE GLOBAL TH EUR shares |  |  |  |
| Net assets | 10 197 1 14,22 | 9 605 031,17 | 63 454 259,92 |
| Number of shares | 51 961,414 | 46 766,886 | 257 580,808 |
| Net asset value per share | 196,24 | 205,38 | 246,34 |
| Accumulation per share pertaining to net capital gains/losses | 0,65 | -7,97 | 27,38 |
| Accumulation per share pertaining to income | 0,07 | -0,06 | -0,30 |
| LAZARD CONVERTIBLE GLOBAL PC H-GBP share |  |  |  |
| Number of shares |  |  | 3 529,000 |
| Accumulation per share pertaining to net capital gains/losses |  |  | -0,59 |
| Accumulation per share pertaining to income |  |  | 0,57 |


##### * Tax credit per share will only be calculated on the distribution date, in accordance with applicable tax regulations.
| Description of security | Currenc y | Quantity No. or nominal | Present value | % Net assets |
| --- | --- | --- | --- | --- |
| Equities and similar securities |  |  |  |  |
| Equities and similar securities traded on a regulated or similar market |  |  |  |  |
| CAYMAN, ISLANDS |  |  |  |  |
| ALIBABA GROUP HOLDING LTD ADR | USD | 214 882 | 56 206 718,96 | 1,44 |
| TOTAL CAYMAN, ISLANDS |  |  | 56 206 718,96 | 1,44 |
| UNITED STATES |  |  |  |  |
| AMERICAN TOWER CORP | USD | 56 022 | 11 044 728,76 | 0,28 |
| BANK OF AMER 7.25% 31-12-99 | USD | 49 685 | 62 395 483,80 | 1,60 |
| SBA COMMUNICATIONS | USD | 38 075 | 9491 211,53 | 0,24 |
| TOTAL UNITED STATES |  |  | 82 931 424,09 | 2,12 |
| TOTAL Equities and similar securities traded on a regulated or similar market |  |  | 139 138 143,05 | 3,56 |
| TOTAL Equities and similar securities |  |  | 139 138 143,05 | 3,56 |
| Bonds and similar securities |  |  |  |  |
| Bonds and similar securities traded on a regulated or similar market |  |  |  |  |
| GERMANY |  |  |  |  |
| ADIDAS AG 0.05% 12/09/2023 CV | in | 47 200 000 | 55 155 604,03 | 1,41 |
| DELIVERY HERO SE 0.25% 23-01-24 | in | 67 800 000 | 81 217 707,34 | 2,07 |
| LEG IMMOBILIEN AG 0.875% 01-09-25 | in | 28 800 000 | 35 106 939,07 | 0,90 |
| MTU AERO ENGINES GMBH 0.05% 18-03-27 | in | 43 700 000 | 38 756 627,09 | 0,99 |
| TOTAL GERMANY |  |  | 210 236 877,53 | 5,37 |
| BERMUDA |  |  |  |  |
| JAZZ INVESTMENTS I 1.5% 15-08-24 | USD | 39 300 000 | 34 621 361,40 | 0,89 |
| TOTAL BERMUDA |  |  | 34 621 361,40 | 0,89 |
| CAYMAN, ISLANDS |  |  |  |  |
| HUAZHU GROUP 0.375% 01-11-22 | USD | 32 619 000 | 29 706 166,10 | 0,76 |
| HUAZHU GROUP 3.0% 01-05-26 CV | USD | 20 559 000 | 20 508 105,54 | 0,53 |
| PINDUODUO ZCP 01-10-24 CV | USD | 26 864 000 | 49 540 399,05 | 1,26 |
| WEIBO 1.25% 15-11-22 CV | USD | 81 607 000 | 68 23 1 340,06 | 1,74 |
| ZHONGSHENG GROUP ZCP 21-05-25 | HKD | 491 000 000 | 73 024 603,00 | 1,87 |
| TOTAL CAYMAN, ISLANDS |  |  | 241 010 613,75 | 6,16 |
| CANADA |  |  |  |  |
| AIR CANADA 4.0% 01 -07-25 CV | USD | 44 981 000 | 42 902 724,80 | 1,10 |
| SHOPIFY 0.125% 01-11-25 CV | USD | 53 033 000 | 49 436 471,62 | 1,26 |
| TOTAL CANADA |  |  | 92 339 196,42 | 2,36 |
| CHINA |  |  |  |  |
| CHINA YUHUA EDUCATION 0.9% 27-12-24 | HKD | 186 000 000 | 22 083 596,11 | 0,56 |

| Description of security | Currency | Quantity No. or nominal | Present value | % Net assets |
| --- | --- | --- | --- | --- |
| SMART INSIGHT INTL 4.5% 05-12-23 | HKD | 382 000 000 | 49 407 471,71 | 1,27 |
| STRATEGIC INTL GROUP ZCP 29-06-25 | in euros | 15 400 000 | 14 343 978,57 | 0,37 |
| YY INCORPORATION 0.75% 15-06-25 | USD | 72 934 000 | 73 601 041,96 | 1,88 |
| TOTAL CHINA |  |  | 159 436 088,35 | 4,08 |
| SPAIN |  |  |  |  |
| AMADEUS CM 1.5% 09-04-25 CV | in euros | 47 800 000 | 55 813 865,49 | 1,42 |
| CELLNEX TELECOM 0.5% 05-07-28 CV | in euros | 54 200 000 | 75 477 415,10 | 1,93 |
| TOTAL SPAIN |  |  | 131 291 280,59 | 3,35 |
| UNITED STATES |  |  |  |  |
| AKAMAI TECHNOLOGIES INC 0.125% 01-05-25 | USD | 64 307 000 | 64 711 170,85 | 1,66 |
| ALTERYX 0.5% 01-08-24 | USD | 34 082 000 | 30 787 671,19 | 0,79 |
| BIOMARIN PHARMACEUTICAL 0.599% 01 -08-24 | USD | 27 800 000 | 24 713 41 1,43 | 0,63 |
| BOOKING 0.75% 01-05-25 CV | USD | 59 510 000 | 64 363 619,29 | 1,65 |
| CREE 0.875% 01-09-23 CV | USD | 29 918 000 | 32 351 421,62 | 0,82 |
| DEXCOM INC 0.75% 01-12-23 CV | USD | 16 155 000 | 27 669 503,28 | 0,70 |
| DOCUSIGN INC 0.5% 15-09-23 CV | USD | 15 591 000 | 38 004 399,64 | 0,97 |
| ETSY 0.125% 01-09-27 CV | USD | 54 679 000 | 48 914 028,21 | 1,25 |
| correct SCIENCES 0.375% 15-03-27 | USD | 1 1 325 000 | 12 896 518,20 | 0,33 |
| EXACT SCIENCES 1.0% 15-01-25 | USD | 48 787 000 | 74 829 173,08 | 1,91 |
| FIREEYE 0.875% 01 -06-24 CV | USD | 28 100 000 | 23 369 855,72 | 0,60 |
| FORTIVE 0.875% 15-02-22 CV | USD | 30 000 000 | 25 721 708,80 | 0,66 |
| HUBSPOT 0.375% 01-06-25 CV | USD | 3 7 773 000 | 40 859 315,73 | 1,04 |
| IAC FINANCECO 2 INC 0.875% 15-06-26 | USD | 50 500 000 | 65 093 854,32 | 1,66 |
| ILLUMINA INC ZCP 15-08-23 CV | USD | 65 284 000 | 59 124 627,64 | 1,51 |
| LIVE NATION 2.5% 15-03-23 CV | USD | 15 646 000 | 14 439 024,61 | 0,37 |
| LYFT 1.5% 15-05-25 CV | USD | 29 592 000 | 24 599 493,38 | 0,63 |
| MACQUARIE INFRASTRUCTURE COMPANY LLC 2.0% 01- 10-23 | USD | 39 600 000 | 3 1 265 782,94 | 0,80 |
| MERCADOLIBRE INC 2.0% 15-08-28 | USD | 27 285 000 | 66 191 530,57 | 1,69 |
| MERITOR INC 3.25% 15-10-37 CV | USD | 25 867 000 | 24 174 948,01 | 0,62 |
| MICROCHIP TECHNOLOGY 1.625% 15-02-27 | USD | 34 160 000 | 46 251 009,59 | 1,18 |
| MONGODB 0.25% 15-01-26 CV | USD | 51 945 000 | 58 635 1 10,19 | 1,50 |
| NUAN COMM 1.5% 01-11-35 | USD | 29 800 000 | 40 809 929,55 | 1,04 |
| NUVASIVE 1.0% 01-06-23 CV | USD | 47 906 000 | 39 208 487,20 | 1,00 |
| OKTA 0.125% 01-09-25 CV | USD | 44 849 000 | 50 554 464,57 | 1,29 |
| ON SEMICONDUCTOR 1.625% 15-10-23 | USD | 40 100 000 | 49 310 157,39 | 1,26 |
| PALO ALTO NETWORKS INC 0.75% 01-07-23 | USD | 117 632 000 | 109 084 012,40 | 2,79 |
| PIONEER NATURAL RESOURCES 0.25% 15-05-25 | USD | 99 621 000 | 91 388 967,55 | 2,33 |
| SERVICENOW INC ZCP 01 -06-22 CV | USD | 11 116 000 | 34 924 206,52 | 0,90 |

| Description of security | Currenc y | Quantity No. or nominal | Present value | % Net assets |
| --- | --- | --- | --- | --- |
| SNAP 0.75% 01-08-26 CV | USD | 58 584 000 | 93 685 807,58 | 2,40 |
| SOUTHWEST AIRLINES 1.25% 01-05-25 | USD | 110 766 000 | 126 720 216,44 | 3,24 |
| SPLUNK INC 0.5% 15-09-23 CV | USD | 3 1 040 000 | 38 489 009,68 | 0,98 |
| SQUARE 0.5% 15-05-23 CV | USD | 23 998 000 | 42 564 229,07 | 1,09 |
| STARWOOD PROPERTY TRUST 4.375% 01 -04-23 | USD | 33 206 000 | 27 661 082,01 | 0,70 |
| TELADOC HEALTH 1.25% 01-06-27 | USD | 22 925 000 | 23 149 266,76 | 0,59 |
| TESLA 2.375% 15/03/2022 | USD | 7 156 000 | 36 336 673,01 | 0,93 |
| TWITTER 0.25% 15-06-24 CV | USD | 48 350 000 | 45 551 671,41 | 1,17 |
| WELLS FARGO AND CO 7.5% 31-12-99 | USD | 49 610 | 57 901 705,99 | 1,48 |
| WORKDAY INC 0.25% 01-10-22 CV | USD | 39 709 000 | 51 563 785,46 | 1,32 |
| ZENDESK 0.625% 15-06-25 CV | USD | 72 191 000 | 77 776 898,45 | 1,98 |
| ZILLOW 1.5% 01-07-23 CV | USD | 70 034 000 | 78 907 687,08 | 2,01 |
| TOTAL UNITED STATES |  |  | 2 014 555 436,41 | 51,47 |
| FRANCE |  |  |  |  |
| CIE GEN DES ETS MICHELIN ZCP 10-11-23 | USD | 37 000 000 | 30 536 534,69 | 0,78 |
| EDF ZCP 14-09-24 CV | in euros | 3 020 185 | 40 034 210,26 | 1,03 |
| LVMH MOET HENN ZCP 16-02-21 CV | USD | 125 898 | 54 100 653,91 | 1,38 |
| ORPAR ZCP 20-06-24 CV | in euros | 16 100 000 | 18 170 054,92 | 0,46 |
| SAFRAN SA ZCP 21 -06-23 CV | in euros | 410 627 | 57 33 1 770,48 | 1,46 |
| T 0.5% 02-12-22 EMTN | USD | 86 200 000 | 72 991 944,58 | 1,87 |
| UBISOFT ZCP 24-09-24 CV | in euros | 255 480 | 31 511 165,83 | 0,80 |
| WORLDLINE ZCP 30-07-26 CV | in euros | 111 383 | 12 721 506,20 | 0,33 |
| TOTAL FRANCE |  |  | 317 397 840,87 | 8,11 |
| HONG KONG |  |  |  |  |
| CHINA EDUCATION GROUP 2.0% 28-03-24 | HKD | 122 000 000 | 14 985 298,99 | 0,38 |
| LENOVO GROUP 3.375% 24-01-24 | USD | 39 800 000 | 37 202 675,95 | 0,95 |
| TOTAL HONG KONG |  |  | 52 187 974,94 | 1,33 |
| BRITISH VIRGIN ISLANDS |  |  |  |  |
| ANLLIAN CAPITAL LTD ZCP 05-02-25 | in euros | 75 100 000 | 75 769 747,06 | 1,94 |
| TOTAL BRITISH VIRGIN ISLANDS |  |  | 75 769 747,06 | 1,94 |
| ISRAEL |  |  |  |  |
| WIXCOM ZCP 15-08-25 CV | USD | 63 074 000 | 53 545 717,27 | 1,37 |
| TOTAL ISRAEL |  |  | 53 545 717,27 | 1,37 |
| JAPAN |  |  |  |  |
| SONY ZCP 30-09-22 | JPY | 3 771 000 000 | 53 917 966,62 | 1,37 |
| TOTAL JAPAN |  |  | 53 917 966,62 | 1,37 |
| LIBERIA |  |  |  |  |
| ROYAL CARIBBEAN CRUISES 2.875% 15-11-23 | USD | 23 200 000 | 18 876 821,33 | 0,48 |
| ROYAL CARIBBEAN CRUISES 4.25% 15-06-23 | USD | 70 513 000 | 64 079 848,74 | 1,64 |
| TOTAL LIBERIA |  |  | 82 956 670,07 | 2,12 |

| Description of security | Currenc y | Quantity No. or nominal | Present value | % Net assets |
| --- | --- | --- | --- | --- |
| NETHERLANDS |  |  |  |  |
| IBERDROLA INTERNATIONAL BV ZCP 11-11-22 CV | in euros | 39 100 000 | 48 717 809,79 | 1,24 |
| STMICROELECTRONICS NV 0.0000010% 04-08-27 | USD | 30 200 000 | 28 318 310,94 | 0,72 |
| TOTAL NETHERLANDS |  |  | 77 036 120,73 | 1,96 |
| UNITED KINGDOM |  |  |  |  |
| BP CAP MK 1.0% 28-04- | GBP | 21 500 000 | 23 895 790,34 | 0,61 |
| TOTAL UNITED KINGDOM |  |  | 23 895 790,34 | 0,61 |
| SWITZERLAND |  |  |  |  |
| SIKA AG 0.15% 05-06-25 CV | CHF | 68 180 000 | 82 998 346,93 | 2,12 |
| TOTAL SWITZERLAND |  |  | 82 998 346,93 | 2,12 |
| TOTAL Bonds and similar securities traded on a regulated or similar market |  |  | 3 703 197 029,28 | 94,61 |
| TOTAL Bonds and similar securities |  |  | 3 703 197 029,28 | 94,61 |
| Forward financial instruments |  |  |  |  |
| Futures contracts |  |  |  |  |
| Futures contracts on a regulated or equivalent market |  |  |  |  |
| BP GBPUSD 1220 | USD | 74 | -40 101,73 | 0,00 |
| EC EURUSD 1220 | USD | 3 069 | -5 151 484,10 | -0,13 |
| RY EURJPY 1220 | JPY | -1 545 | 5 091 423,91 | 0,13 |
| TOTAL Futures contracts on a regulated or equivalent market |  |  | -100 161,92 | 0,00 |
| TOTAL Futures contracts |  |  | -100 161,92 | 0,00 |
| TOTAL Forward financial instruments |  |  | -100 161,92 | 0,00 |
| Margin call |  |  |  |  |
| CACEIS MARGIN CALL | USD | 6 131 289,57 | 5 263 587,22 | 0,13 |
| CACEIS MARGIN CALL | JPY | -594 893 750 | -4 885 252,03 | -0,13 |
| TOTAL Margin call |  |  | 378 335,19 | 0,00 |
| Receivables |  |  | 1 828 472 314,07 | 46,72 |
| Liabilities |  |  | -1 820 392 328,29 | -46,51 |
| Financial accounts |  |  | 63 355 945,51 | 1,62 |
| Net assets |  |  | 3 914 049 276,89 | 100,00 |

| LAZARD CONVERTIBLE GLOBAL TD GBP shares | GBP | 1,000 | 0,00 |
| --- | --- | --- | --- |
| LAZARD CONVERTIBLE GLOBAL RD H USD shares | USD | 2 379,869 | 236,62 |
| LAZARD CONVERTIBLE GLOBAL RD USD shares | USD | 3 218,283 | 250,74 |
| LAZARD CONVERTIBLE GLOBAL RC H USD shares | USD | 90 026,229 | 237,36 |
| LAZARD CONVERTIBLE GLOBAL PD H-EUR shares | in euros | 13 097,326 | 12 862,95 |
| LAZARD CONVERTIBLE GLOBAL K shares | in euros | 9 423,820 | 2 020,31 |
| LAZARD CONVERTIBLE GLOBAL RD EUR shares | in euros | 4 260,771 | 245,27 |
| LAZARD CONVERTIBLE GLOBAL PC H USD shares | USD | 5 21 1,850 | 1 196,93 |
| LAZARD CONVERTIBLE GLOBAL T H-EUR shares | in euros | 257 580,808 | 246,34 |
| LAZARD CONVERTIBLE GLOBAL PD EUR shares | in euros | 14 703,885 | 13 893,65 |
| LAZARD CONVERTIBLE GLOBAL PC H-GBP shares | GBP | 3 529,000 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL TC EUR shares | in euros | 166 071,251 | 266,45 |
| LAZARD CONVERTIBLE GLOBAL RC H HKD shares | HKD | 5,000 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL PC EUR shares | in euros | 466 817,357 | 1 715,94 |
| LAZARD CONVERTIBLE GLOBAL R H-EUR shares | in euros | 613 717,652 | 259,85 |
| LAZARD CONVERTIBLE GLOBAL PC H-EUR shares | in euros | 665 528,805 | 1 980,50 |
| LAZARD CONVERTIBLE GLOBAL RC EUR shares | in euros | 925 628,642 | 479,87 |
| LAZARD CONVERTIBLE GLOBAL TC GBP shares | GBP | 3 777,523 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL PC USD shares | USD | 380 573,646 | 1 601,19 |
| LAZARD CONVERTIBLE GLOBAL RC USD shares | USD | 45 603,030 | 252,81 |
| LAZARD CONVERTIBLE GLOBAL RC H SGD shares | SGD | 9 956,360 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL PC H-CHF shares | CHF | 8 989,748 | 15 431,18 |


##### BREAKDOWN OF INTEREST: PD EUR shares:
|  | NET OVERALL | CURRENCY | NET PER SHARE | CURRENCY |
| --- | --- | --- | --- | --- |
| Revenue subject to non-definitive withholding tax |  |  |  |  |
| Equities eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Other income not eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Non-declarable and non-taxable income |  |  |  |  |
| Amounts paid out in relation to capital gains and losses | 3 064 289,63 | in euros | 208,40 | in euros |
| TOTAL | 3 064 289,63 | in euros | 208,40 | in euros |


##### BREAKDOWN OF INTEREST: PD H-EUR shares
|  | NET OVERALL | CURRENCY | NET PER SHARE | CURRENCY |
| --- | --- | --- | --- | --- |
| Revenue subject to non-definitive withholding tax |  |  |  |  |
| Equities eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Other income not eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Non-declarable and non-taxable income |  |  |  |  |
| Amounts paid out in relation to capital gains and losses | 2 526 998,08 | in euros | 192,94 | in euros |
| TOTAL | 2 526 998,08 | in euros | 192,94 | in euros |


##### BREAKDOWN OF INTEREST: RD EUR shares
|  | NET OVERALL | CURRENCY | NET PER SHARE | CURRENCY |
| --- | --- | --- | --- | --- |
| Revenue subject to non-definitive withholding tax |  |  |  |  |
| Equities eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Other income not eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Non-declarable and non-taxable income |  |  |  |  |
| Amounts paid out in relation to capital gains and losses | 15 679,64 | in euros | 3,68 | in euros |
| TOTAL | 15 679,64 | in euros | 3,68 | in euros |


##### BREAKDOWN OF INTEREST: RD USD shares
|  | NET OVERALL | CURRENCY | NET PER SHARE | CURRENCY |
| --- | --- | --- | --- | --- |
| Revenue subject to non-definitive withholding tax |  |  |  |  |
| Equities eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Other income not eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Non-declarable and non-taxable income |  |  |  |  |
| Amounts paid out in relation to capital gains and losses | 12 100,74 | in euros | 3,76 | in euros |
| TOTAL | 12 100,74 | in euros | 3,76 | in euros |


##### BREAKDOWN OF INTEREST: RD H-USD shares
|  | NET OVERALL | CURRENCY | NET PER SHARE | CURRENCY |
| --- | --- | --- | --- | --- |
| Revenue subject to non-definitive withholding tax |  |  |  |  |
| Equities eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Other income not eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Non-declarable and non-taxable income |  |  |  |  |
| Amounts paid out in relation to capital gains and losses | 8 448,53 | in euros | 3,55 | in euros |
| TOTAL | 8 448,53 | in euros | 3,55 | in euros |


##### BREAKDOWN OF INTEREST: TD GBP shares
|  | NET OVERALL | CURRENCY | NET PER SHARE | CURRENCY |
| --- | --- | --- | --- | --- |
| Revenue subject to non-definitive withholding tax |  |  |  |  |
| Equities eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Other income not eligible for a tax allowance and subject to non-definitive withholding tax |  |  |  |  |
| Non-declarable and non-taxable income |  |  |  |  |
| Amounts paid out in relation to capital gains and losses | 3,42 | in euros | 3,42 | in euros |
| TOTAL | 3,42 | in euros | 3,42 | in euros |


####

##### French open-end investment company (Sociiti d'Investissement a Capital Variable) Registered office: 121, Boulevard Haussmann, 75008 Paris, France

##### 333 455 459 Paris Trade and Companies Register Paris

##### RESOLUTION CONCERNING THE ALLOCATION OF DISTRIBUTABLE INCOME PROPOSED AT THE ORDINARY SHAREHOLDERS' MEETING

##### FINANCIAL YEAR ENDED October 30th, 2020

##### Second resolution

##### The Shareholders' Meeting approves the distributable income for the financial year, which amounts to:

##### -€7 832 405,58	distributable amount pertaining to net income.

##### €365 221 455,34	distributable amount pertaining to net capital gains and losses. and decides that they shall be allocated as follows:
- Distributable amount relating to net income

| - K shares: | Accumulation: | -15 332,05 € |
| --- | --- | --- |
| - PC EUR shares: | Accumulation: | -645 068,92 € |
| - PC H-CHF shares | Accumulation: | -220 421,04 € |
| - PC H-EUR shares | Accumulation: | -1 654 526,64€ |
| - PD EUR shares: | Accumulation: | -164 981,15 € |
| - PD H-EUR shares | Accumulation: | -211 946,07 € |
| - RC USD shares: | Accumulation: | -67 120,63 € |
| - RD EUR shares: | Accumulation: | -7 100,74 € |
| - RD USD shares: | Accumulation: | -5 054,71 € |
| - R H-EUR shares: | Accumulation: | -1 134 932,79€ |
| - PC H-USD shares: | Accumulation: | -8 839,72 € |
| - PC USD shares: | Accumulation: | -421 277,66 € |
| - RC EUR shares: | Accumulation: | -3 012 248,82€ |
| - RC H-HKD shares: | Accumulation: | -9,56 € |
| - RC H-SGD shares: | Accumulation: | -11 033,10 € |
| - RC H-USD shares: | Accumulation: | -134 879,78 € |
| - RD H-USD shares: | Accumulation: | -3 595,43 € |
| - TC GBP shares: | Accumulation: | -782,92 € |
| - TD GBP shares: | Accumulation: | -0,98 € |
| - TC EUR shares: | Accumulation: | -35 635,33 € |
| - T H-EUR shares: | Accumulation: | -79 652,86 € |
| - PC H-GBP shares | Accumulation: | 2 035,32 € |

- Distributable income relating to net capital gains and losses

| - K shares: | Accumulation: | 1 380 249,29 € |
| --- | --- | --- |
| - PC EUR shares: | Accumulation: | 58 071 270,01 € |
| - PC H-CHF shares | Accumulation: | 13 420 864,55 € |
| - PC H-EUR shares | Accumulation: | 146 496 153,04€ |
| - PD EUR shares: | Distribution/Retention: | 25 870 587,93 € |
| - PD H-EUR shares | Distribution/Retention: | 18 975 177,93 € |
| - RC USD shares: | Accumulation: | 720 582,39 € |
| - RD EUR shares: | Distribution/Retention: | 87 262,34 € |
| - RD USD shares: | Distribution/Retention: | 57 926,02 € |
| - R H-EUR shares: | Accumulation: | 17 781 190,46 € |
| - PC H-USD shares: | Accumulation: | 365 315,32 € |
| - PC USD shares: | Accumulation: | 37 924 779,01 € |
| - RC EUR shares: | Accumulation: | 32 337 371,17 € |
| - RC H-HKD shares: | Accumulation: | 101,01 € |
| - RC H-SGD shares: | Accumulation: | 106 834,05 € |
| - RC H-USD shares: | Accumulation: | 1 256 777,12 € |
| - RD H-USD shares: | Distribution/Retention: | 39 450,04 € |
| - TC GBP shares: | Accumulation: | 70 498,11 € |
| - TD GBP shares: | Distribution/Retention: | 21,60 € |
| - TC EUR shares: | Accumulation: | 3 208 254,95 € |
| - T H-EUR shares: | Accumulation: | 7 052 898,22 € |
| - PC H-GBP shares | Accumulation: | -2 109,22 € |

| Undistributed net capital gains and losses PD EUR shares: | 22 806 298,30€. |
| --- | --- |
| Undistributed net capital gains and losses PD H-EUR shares: | 16 448 179,85€ . |
| Undistributed net capital gains and losses RD EUR shares: | 71 582,70€ . |
| Undistributed net capital gains and losses RD USD shares: | 45 825,28 €. |
| Undistributed net capital gains and losses RD H-USD shares: | 31 001,51 € . |
| Undistributed net capital gains and losses TD GBP shares: | 18,18 €. |


##### Each shareholder holding PD EUR shares on the detachment date will receive a dividend of €208,40 which will be detached on February 17th, 2021 and paid on February 19th, 2021.

##### Each shareholder holding PD H-EUR shares on the detachment date will receive a dividend of €192,94 which will be detached on February 17th, 2021 and paid on February 19th, 2021.

##### Each shareholder holding RD EUR shares on the detachment date will receive a dividend of €3,68 which will be detached on February 17th, 2021 and paid on February 19th, 2021.

##### Each shareholder holding RD USD shares on the detachment date will receive a dividend of €3,76 which will be detached on February 17th, 2021 and paid on February 19th, 2021.

##### Each shareholder holding RD H-USD shares on the detachment date will receive a dividend of €3,55 which will be detached on February 17th, 2021 and paid on February 19th, 2021.

##### Each shareholder holding TD GBP shares on the detachment date will receive a dividend of €3,42 which will be detached on February 17th, 2021 and paid on February 19th, 2021.

Translation (ENES, 2020-10-30):
# LAZARD CONVERTIBLE GLOBAL
#### OICVM CONSTITUIDO EN FORMA DE SOCIEDAD DE INVERSIÓN DE CAPITAL VARIABLE
Regido por el Código Monetario y Financiero francés
Sociedad gestora

#### LAZARD FRERES GESTION SAS
25, rue de Courcelles 75008 París (Francia) A la atención de los Accionistas:
En nuestra calidad de auditores de cuentas de su sociedad, les presentamos nuestro informe sobre los contratos con partes vinculadas.
Nos corresponde informarles, sobre la base de la información que se nos ha facilitado, acerca de las características y condiciones esenciales de los contratos, así como los motivos que justifican su interés para la SICAV, que se nos han comunicado o que hemos identificado durante nuestra misión, sin tener que pronunciarnos sobre su utilidad o conveniencia ni tener que investigar si existen otros contratos. Corresponde a los accionistas, conforme a lo establecido en el artículo R225-31 del código de comercio francés, valorar el interés de la conclusión de dichos contratos a efectos de su aprobación.
Por otra parte, nos corresponde, en su caso, comunicarles la información prevista en el artículo R225- 31 del código de comercio francés relativa a la ejecución, durante el ejercicio transcurrido, de contratos ya autorizados por la junta general.
Hemos realizado las diligencias que hemos considerado necesarias conforme a la doctrina profesional de la «Compagnie nationale des commissaires aux comptes» (Asociación nacional de auditores) relativa a esta misión.
CONTRATOS SUJETOS A LA APROBACIÓN DE LA JUNTA GENERAL
Les informamos de que no se nos ha comunicado ningún contrato autorizado durante el ejercicio transcurrido que deba someterse a la aprobación de la junta general en aplicación de las disposiciones del artículo L225-38 del código de comercio francés.

## Contratos ya aprobados por la junta general
Les informamos de que no se nos ha comunicado ningún contrato ya autorizado por la junta general que haya sido ejecutado durante el ejercicio transcurrido.
Neuilly sur Seine, fecha de la firma electrónica

###### Documento autentificado mediante firma electrónica
El auditor PricewaterhouseCoopers Audit Frédéric SELLAM
6. CUENTAS ANUALES
- BALANCE 
- en EUR


###### ACTIVO
|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Inmovilizado neto |  |  |
| Depósitos |  |  |
| Instrumentos financieros | 3.852.690.183,46 | 2.585.932.413,42 |
| Acciones y valores asimilados | 139.138.143,05 | 120.732.311,74 |
| Negociados en un mercado regulado o asimilado | 139.138.143,05 | 120.732.311,74 |
| No negociados en un mercado regulado asimilado |  |  |
| Obligaciones y valores asimilados | 3.703.197.029,28 | 2.458.835.894,36 |
| Negociados en un mercado regulado o asimilado | 3.703.197.029,28 | 2.458.835.894,36 |
| No negociados en un mercado regulado asimilado |  |  |
| Títulos de deuda |  |  |
| Negociados en un mercado regulado o asimilado |  |  |
| Títulos de deuda negociables |  |  |
| Otros títulos de deuda |  |  |
| No negociados en un mercado regulado o asimilado Instituciones de inversión colectiva |  |  |
| OICVM y FIA de carácter general destinados a los no profesionales y equivalentes de otros países |  |  |
| Otros Fondos destinados a no profesionales y equivalentes de otros países Estados miembros de la UE |  |  |
| Fondos profesionales de carácter general y equivalentes de otros Estados miembros de la UE y organismos de titulizaciones cotizados |  |  |
| Otros fondos de inversión profesionales y equivalentes de otros Estados miembros de la UE y organismos de titulizaciones no cotizados Otras instituciones no europeas |  |  |
| Operaciones temporales con valores |  |  |
| Criditos representativos de valores recibidos con pacto de recompra |  |  |
| Criditos representativos de valores prestados |  |  |
| Títulos tomados en pristamo |  |  |
| Títulos cedidos con pacto de recompra |  |  |
| Otras operaciones temporales |  |  |
| Instrumentos financieros a plazo | 10.355.011,13 | 6.364.207,32 |
| Operaciones en un mercado regulado o asimilado | 10.355.011,13 | 6.364.207,32 |
| Otras operaciones |  |  |
| Otros instrumentos financieros |  |  |
| Criditos | 1.828.472.314,07 | 999.764.869,75 |
| Operaciones a plazo sobre divisas | 1.790.651.163,15 | 988.362.394,63 |
| Otros | 37.821.150,92 | 11.402.475,12 |
| Cuentas financieras | 63.355.945,51 | 47.252.568,90 |
| Efectivo | 63.355.945,51 | 47.252.568,90 |
| Total del activo | 5.744.518.443,04 | 3.632.949.852,07 |

|  | 30/10/2020 | 30/10/2019 |
| --- | --- | --- |
| Fondos propios |  |  |
| Capital | 3.556.660.227,13 | 2.631.878.180,38 |
| Plusvalías y minusvalías netas anteriores no distribuidas (a) | 11.162.806,79 | 15.940.506,20 |
| Remanente (a) | 124,37 | 163,27 |
| Plusvalías y minusvalías netas del ejercicio (a,b) | 354.058.648,55 | -8.547.646,91 |
| Resultado del ejercicio (a,b) | -7.832.529,95 | - 1.917.803,87 |
| Total de los capitales propios * | 3.914.049.276,89 | 2.637.353.399,07 |
| * Importe representativo del patrimonio |  |  |
| Instrumentos financieros | 10.076.837,86 | 6.794.026,11 |
| Operaciones de cesión de instrumentos financieros |  |  |
| Operaciones temporales con valores |  |  |
| Deudas representativas de valores entregados con pacto de recompra |  |  |
| Deudas representativas de valores prestados |  |  |
| Otras operaciones temporales |  |  |
| Instrumentos financieros a plazo | 10.076.837,86 | 6.794.026,11 |
| Operaciones en un mercado regulado o asimilado | 10.076.837,86 | 6.794.026,11 |
| Otras operaciones |  |  |
| Deudas | 1.820.392.328,29 | 988.802.426,89 |
| Operaciones a plazo sobre divisas | 1.811.338.200,49 | 980.660.448,34 |
| Otros | 9.054.127,80 | 8.141.978,55 |
| Cuentas financieras |  |  |
| Pristamos bancarios corrientes |  |  |
| Pristamos |  |  |
| Total del pasivo | 5.744.518.443,04 | 3.632.949.852,07 |

- Incluidas cuentas de regularización
- Reducción de las cantidades abonadas a cuenta del ejercicio

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Operaciones de cobertura |  |  |
| Compromiso en mercados regulados o asimilados |  |  |
| Compromiso en mercados extrabursátiles |  |  |
| Otros compromisos |  |  |
| Otras operaciones |  |  |
| Compromiso en mercados regulados o asimilados |  |  |
| Contratos de futuros |  |  |
| BP GBPUSD 1220 | 51.358,01 |  |
| RY EURJPY 1220 | 193.198.904,69 |  |
| EC EURUSD 1220 | 383.921.400,82 |  |
| CME BP GBPUSD 1219 |  | 64.166.562,10 |
| CME EC EURUSD 1219 |  | 231.610.809,84 |
| CME RY EURJPY 1219 |  | 455.274.077,40 |
| Compromiso en mercados extrabursátiles |  |  |
| Otros compromisos |  |  |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Ingresos de operaciones financieras |  |  |
| Ingresos de depósitos y de cuentas financieras | 200.498,59 | 269.432,59 |
| Ingresos de acciones y valores asimilados | 3.649.451,39 | 5.582.093,82 |
| Ingresos de obligaciones y valores asimilados | 20.848.802,06 | 13.174.853,99 |
| Ingresos de títulos de deuda |  |  |
| Ingresos de operaciones de financiación de valores | 1.012,38 |  |
| Ingresos de instrumentos financieros a plazo |  |  |
| Otros ingresos financieros |  |  |
| Total (1) | 24.699.764,42 | 19.026.380,40 |
| Gastos de operaciones financieras |  |  |
| Gastos de operaciones de financiación de valores |  | 1.012,38 |
| Gastos de instrumentos financieros a plazo |  |  |
| Gastos de deudas financieras | 375.321,23 | 180.894,79 |
| Otros gastos financieros |  |  |
| Total (2) | 375.321,23 | 181.907,17 |
| Resultado de operaciones financieras (1-2) | 24.324.443,19 | 18.844.473,23 |
| Otros ingresos (3) |  |  |
| Gastos de gestión y dotaciones para amortizaciones (4) | 31.006.117,05 | 20.571.792,27 |
| Resultado neto del ejercicio (l. 214-17-1) (1 - 2 + 3 - -4) | -6.681.673,86 | -1.727.319,04 |
| Regularización de los ingresos del ejercicio (5) | -1.150.856,09 | -190.484,83 |
| Pagos a cuenta realizados en concepto del ejercicio (6) |  |  |
| Resultado (1 - 2 + 3 - 4 + 5 - 6) | -7.832.529,95 | -1.917.803,87 |

ANEXO CONTABLE

###### Reglas y mitodos contables
Las cuentas anuales se presentan en la forma prevista por el reglamento ANC 2017-05 que modifica el reglamento ANC 2014-01 relativo al plan contable de los organismos de inversión colectiva de capital variable.

###### Se aplican los principios generales de la contabilidad:
- imagen fiel, comparabilidad, continuidad de la actividad,
- regularidad, sinceridad,
- prudencia,
- permanencia de los mitodos de un ejercicio a otro.


###### El modo de contabilización elegido para el registro de los ingresos de los títulos de renta fija es el de los intereses cobrados.

###### Las entradas y las cesiones de títulos se contabilizan con gastos excluidos. La divisa de referencia de la contabilidad de la cartera es el EURO.

###### La duración del ejercicio es de 12 meses.

###### Información sobre las incidencias relacionadas con la crisis de la COVID-19

###### Las cuentas fueron aprobadas por el Consejo de Administración sobre la base de los elementos disponibles en un contexto evolutivo de crisis sanitaria relacionada con el Covid-19.

###### Reglas de valoración de los activos

###### Los instrumentos financieros y valores negociados en un mercado regulado se valoran por el precio de mercado.
o	

###### Los instrumentos del tipo «acciones y valores asimilados» se valoran por el último precio conocido en su mercado principal.

###### En su caso, los precios se convierten en euros al tipo de cambio de París del día de valoración (fuente: WM Closing).
- Instrumentos financieros de renta fija:Los instrumentos de renta fija se valoran esencialmente a precio de mercado (mark-to-market), sobre la base de los precios publicados en Bloomberg (BGN)® a partir de medias proporcionadas, o de proveedores de precios directamente.

Puede existir una diferencia entre los valores del balance conforme a la valoración arriba indicada y los precios a los que se realizarían efectivamente las cesiones si se liquidara una parte de estos activos en cartera.
- Los instrumentos del tipo «obligaciones y valores asimilados» se valoran sobre la base de una media de los precios obtenidos de varios proveedores al final del día.

Los instrumentos financieros para los que no se ha registrado una cotización el día de valoración o cuya cotización se ha corregido se valoran por su valor probable de negociación bajo la responsabilidad de la sociedad gestora. Estas valoraciones y su justificación se comunican al auditor cuando efectúa sus controles.

###### No obstante, los siguientes instrumentos se valoran según los mitodos específicos que se indican a continuación:
- Los instrumentos del tipo «títulos de deuda negociables»:
- Con una vida residual superior a 3 meses:Los títulos de deuda negociables que sean objeto de transacciones significativas se valoran al precio de mercado.

Si no hay transacciones significativas, se valoran aplicando un mitodo actuarial, mediante un tipo de referencia ajustado en su caso por un margen representativo de las características intrínsecas del emisor.
| Tipo de referencia |
| --- |
| Títulos de deuda negociables en euros | Títulos de deuda negociables en divisas |

| EURIBOR, Swaps OIS y bonos del Tesoro francis a tipo fijo - 3 - 6 - 9 - 12 meses Bonos del Tesoro francis de interis anual - 18 meses, 2 - 3 - 4 - 5 años | Principales tipos oficiales de los países correspondientes. |
| --- | --- |

- Títulos de deuda con una vida residual igual o inferior a 3 meses:Los títulos de deuda negociables con una vida residual igual o inferior a 3 meses se valoran de manera lineal. No obstante, en caso de sensibilidad particular de algunos de estos títulos al mercado, no se aplicará este mitodo.
- II
- C:Las participaciones o acciones de instituciones de inversión colectiva se valoran por el valor liquidativo más reciente.

Las participaciones o acciones de instituciones de inversión colectiva cuyo valor liquidativo se publica mensualmente podrán valorarse sobre la base de valores liquidativos intermedios calculados a partir de precios estimados.
- Adquisiciones/Cesiones temporales de valores:Los valores recibidos en operaciones con pacto de recompra (repo) se valoran al precio de contrato aplicando un mitodo actuarial, mediante un tipo de referencia (Eonia diario, tipo interbancario a 1 o 2 semanas, Euribor 1 a 12 meses) correspondiente a la duración del contrato.

Los valores entregados en operaciones repo se continúan valorando a su precio de mercado. La deuda representativa de los valores entregados en operaciones repo se calcula conforme al mismo mitodo que el utilizado para los valores recibidos en operaciones repo.
- Operaciones con contratos de futuros y opciones:Las operaciones en contratos de futuros y opciones se valoran en función de un precio de la sesión en el que la hora considerada se establece con base a la utilizada para valorar los instrumentos subyacentes.


###### Las posiciones tomadas en contratos de futuros y opciones y operaciones a plazo negociadas en mercados extrabursátiles se valoran al precio de mercado o al equivalente del activo subyacente.
- Instrumentos financieros y valores no negociados en un mercado reguladoTodos los instrumentos financieros de la IIC se negocian en mercados regulados.
- Mitodo de valoración de los compromisos fuera de balanceLas operaciones fuera de balance se valoran conforme al valor de compromiso.


###### El valor de compromiso para los contratos de futuros es igual al precio (en la divisa de la SICAV) multiplicado por el número de contratos multiplicado por el nominal.
El valor de compromiso para los contratos de opciones es igual al precio del valor subyacente (en la divisa de la SICAV) multiplicado por el número de contratos, multiplicado por el delta y multiplicado por el nominal del subyacente. El valor de compromiso para los contratos de permuta financiera es igual al importe nominal del contrato (en la divisa de la SICAV)

###### Gastos de gestión

###### Los gastos de gestión se calculan en cada valoración.
Se aplica el tipo anual de los gastos de gestión al activo bruto (igual al activo neto antes de la deducción de los gastos de gestión del día), excluidas las IIC gestionadas por Lazard Frires Gestion SAS poseídas, según la fórmula siguiente:

###### Activo bruto - IIC Lazard Frires Gestion

###### x porcentaje de los gastos de funcionamiento y gestión x n.º de días entre el VL calculado y el VL anterior

###### 365 (o 366 en los años bisiestos)

###### La Sicav sufraga los gastos de funcionamiento, y concretamente:

###### . los de gestión financiera;

###### . los de gestión administrativa y contable;

###### . los de la prestación del depositario;

###### . los demás gastos de funcionamiento:

###### . los honorarios de auditoría;
- los de publicaciones legales (Balo, Petites Affiches, etc.) en su caso.


###### Estos gastos no incluyen los gastos de transacción.

###### Los gastos se desglosan de la siguiente manera, según las modalidades previstas en el reglamento:
| Gastos facturados a la SICAV | Base | Porcentaje/importe |
| --- | --- | --- |
| Gastos de gestión financiera | Activo neto excluidas las IIC gestionadas por Lazard Frires Gestion SAS | Acción PC EUR: 0,815% IVA incluido (Tipo máximo) Acción RC EUR: 1,465% IVA incluido (Tipo máximo) Acción RD EUR: 1,465% IVA incluido (Tipo máximo) Acción K: 0,815% IVA incluido (Tipo máximo) Acción PD EUR: 0,815% IVA incluido (Tipo máximo) Acción PC USD: 0,815% IVA incluido (Tipo máximo) Acción RC USD: 1,465% IVA incluido (Tipo máximo) Acción RD USD: 1,465% IVA incluido (Tipo máximo) Acción PC H-EUR: 0,865% IVA incluido (Tipo máximo) Acción PD H-EUR: 0,865% IVA incluido (Tipo máximo) Acción PC H-CHF: 0,915% IVA incluido (Tipo máximo) Acción PC H-USD: 0,915% IVA incluido (Tipo máximo) Acción RC H-EUR: 1,515% IVA incluido (Tipo máximo) Acción TC EUR: 0,815% IVA incluido (Tipo máximo) Acción T H-EUR: 0,865% IVA incluido (Tipo máximo) Acción TC GBP: 0,815% IVA incluido (Tipo máximo) Acción TD GBP: 0,815% IVA incluido (Tipo máximo) Acción RC H-USD: 1,52% IVA incluido (Tipo máximo) Acción RD H-USD: 1,52% IVA incluido (Tipo máximo) Acción RC H-HKD: 1,52% IVA incluido (Tipo máximo) Acción RC H-SGD: 1,52% IVA incluido (Tipo máximo) |
| Gastos administrativos externos a la sociedad gestora | Patrimonio | Para todas las categorías de acciones: 0,035% IVA incluido (Tipo máximo) |
| Comisiones sobre movimientos (del 0 al 100% percibida por la sociedad gestora y del 0 al 100% percibida por el depositario) | Deducción máxima IVA incluido en cada transacción | Acciones, obligaciones convertibles, instrumentos asimilados, divisas | Del 0 al 0,25% |
| Instrumentos de contratos a plazo | Ninguna |
| Comisión de rentabilidad | N.A. | Ninguna |


###### El modo de cálculo del importe de las retrocesiones se define en los contratos de comercialización.
- Si el importe calculado es significativo, se dota una provisión en la cuenta 617.
- El importe definitivo se contabiliza en el momento del pago de las facturas, despuis de revertir las provisiones, en su caso.


###### Asignación de las cantidades distribuibles 

##### Definición de las cantidades distribuibles El resultado:
El resultado neto del ejercicio es igual al importe de los intereses, intereses de demora, primas y premios, dividendos, primas de asistencia así como cualesquiera otros ingresos relativos a los títulos que componen la cartera, más los ingresos de las cantidades temporalmente disponibles, menos el importe de los gastos de gestión y los costes de los pristamos. Se suma el remanente más/menos el saldo de la cuenta de periodificación de los ingresos.

##### Las plusvalías y minusvalías:
Las plusvalías realizadas, netas de gastos, menos las minusvalías realizadas, netas de gastos, registradas durante el ejercicio, más las plusvalías netas de la misma naturaleza registradas en ejercicios anteriores que no hayan sido objeto de distribución o capitalización más/menos el saldo de la cuenta de periodificación de las plusvalías.

##### Modalidades de asignación de las cantidades distribuibles:
| Acción(es) | Asignación del resultado neto | Asignación de las plusvalías o minusvalías netas realizadas |
| --- | --- | --- |
| Acción K | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción PC EUR | Capitalización | Capitalización |
| Acción PC H-CHF | Capitalización | Capitalización |
| Acción PC H-EUR | Capitalización | Capitalización |
| Acción PD EUR | Distribución | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción PD H-EUR | Distribución | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción RC USD | Capitalización | Capitalización |
| Acción RD EUR | Distribución | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción RD USD | Distribución | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción R H-EUR | Capitalización | Capitalización |
| Acción PC H USD | Capitalización | Capitalización |
| Acción PC USD | Capitalización | Capitalización |
| Acción RC EUR | Capitalización | Capitalización |
| Acción RC H HKD | Capitalización | Capitalización |
| Acción RC H SGD | Capitalización | Capitalización |
| Acción RC H USD | Capitalización | Capitalización |

| Acción RD H USD | Distribución | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| --- | --- | --- |
| Acción TC GBP | Capitalización | Capitalización |
| Acción TD GBP | Distribución | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción TC EUR | Capitalización | Capitalización |
| Acción T H-EUR | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV | Capitalización y/o distribución y/o traslado a cuenta por decisión de la SICAV |
| Acción PC H-GBP | Capitalización | Capitalización |

- EVOLUCIÓN DEL ACTIVO NETO 
- en EUR

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Activo neto al principio del ejercicio | 2.637.353.399,07 | 1.742.168.124,20 |
| Suscripciones (incluidas las comisiones de suscripción percibidas por la IIC) | 2.309.270.938,91 | 1.492.427.526,84 |
| Reembolsos (previa deducción de las comisiones de reembolso percibidas por la IIC) | -1.555.887.641,47 | -721.809.475,10 |
| Plusvalías realizadas en depósitos e instrumentos financieros | 333.216.936,18 | 104.821.621,13 |
| Minusvalías realizadas en depósitos e instrumentos financieros | -112.061.082,93 | -50.982.508,56 |
| Plusvalías realizadas en instrumentos financieros a plazo | 165.725.877,48 | 26.825.160,04 |
| Minusvalías realizadas en instrumentos financieros a plazo | -60.148.879,41 | -90.188.749,94 |
| Gastos de transacciones | -12.017.966,02 | -7.023.811,47 |
| Diferencias de cambio | -137.620.499,90 | 49.729.360,64 |
| Variaciones de la diferencia de estimación de depósitos e instrumentos financieros | 354.189.528,94 | 100.408.429,83 |
| Diferencia de estimación ejercicio N | 480.433.374,08 | 126.243.845,14 |
| Diferencia de estimación ejercicio N-1 | -126.243.845,14 | -25.835.415,31 |
| Variaciones de la diferencia de estimación de los instrumentos financieros a plazo | 2.064.412,38 | -3.186.736,45 |
| Diferencia de estimación ejercicio N | -100.161,92 | -2.164.574,30 |
| Diferencia de estimación ejercicio N-1 | 2.164.574,30 | -1.022.162,15 |
| Distribución del ejercicio anterior de plusvalías y minusvalías netas | -3.321.571,41 | -4.008.996,46 |
| Distribución del ejercicio anterior del resultado | -32.501,07 | -99.226,59 |
| Resultado neto del ejercicio antes de la cuenta de periodificación | -6.681.673,86 | -1.727.319,04 |
| Anticipos pagados en el ejercicio a cuenta de plusvalías y minusvalías netas |  |  |
| Anticipos pagados en el ejercicio a cuenta del resultado |  |  |
| Otros elementos |  |  |
| Activo neto al final del ejercicio | 3.914.049.276,89 | 2.637.353.399,07 |

|  | Importe | % |
| --- | --- | --- |
| Activo |  |  |
| Obligaciones y valores asimilados |  |  |
| Obligaciones a tipo fijo negociadas en un mercado regulado o asimilado | 140.253.162,64 | 3,58 |
| Obligaciones convertibles negociadas en un mercado regulado o asimilado | 3.562.943.866,64 | 91,03 |
| TOTAL obligaciones y valores asimilados | 3.703.197.029,28 | 94,61 |
| Títulos de deuda |  |  |
| Total títulos de deuda |  |  |
| Pasivo |  |  |
| Operaciones de cesión de instrumentos financieros |  |  |
| Total operaciones de cesión de instrumentos financieros |  |  |
| Fuera de balance |  |  |
| Operaciones de cobertura |  |  |
| Total operaciones de cobertura |  |  |
| Otras operaciones |  |  |
| Divisas | 577.171.663,52 | 14,75 |
| Total otras operaciones | 577.171.663,52 | 14,75 |

- DESGLOSE POR NATURALEZA DE TIPOS DE LAS PARTIDAS DE ACTIVO, PASIVO Y FUERA DE BALANCE

|  | Tipo fijo | % | Tipo variable | % | Tipo revisable | % | Otros | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Activo | 3.703.197.029,28 | 94,61 |  |  |  |  | 63.355.945,51 | 1,62 |
| Depósitos |
| Obligaciones y valores asimilados |
| Títulos de deuda |
| Operaciones temporales con valores |
| Cuentas financieras |
| Pasivo |
| Operaciones temporales con valores |
| Cuentas financieras |
| Fuera de balance |
| Operaciones de cobertura |
| Otras operaciones |

|  | < 3 meses | % | ]3 meses - 1 año] | % | ]1 - 3 años] | % | ]3 - 5 años] | % | > 5 años | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Activo | 63.355.945,51 | 1,62 | 54.100.653,91 | 1,38 | 1.182.984.535,81 | 30,22 | 1.703.189.694,10 | 43,51 | 762.922.145,46 | 19,49 |
| Depósitos |
| Obligaciones y valores asimilados |
| Títulos de deuda |
| Operaciones temporales con valores |
| Cuentas financieras |
| Pasivo |
| Operaciones temporales con valores |
| Cuentas financieras |
| Fuera de balance |
| Operaciones de cobertura |
| Otras operaciones |


###### (*) Las posiciones a plazo de tipos se presentan en función del vencimiento del subyacente.
- DESGLOSE POR DIVISA DE COTIZACIÓN O EVALUACIÓN DE LAS PARTIDAS DE ACTIVO, PASIVO Y FUERA DE BALANCE

|  | USD | CHF | JPY | Otro(s) |
| --- | --- | --- | --- | --- |
| Importe | Importe | Importe | Importe |
| Activo |  |  |  |  |  |  |  |  |
| Depósitos |  |  |  |  |  |  |  |  |
| Acciones y valores asimilados | 139.138.143,05 | 3,55 |  |  |  |  |  |  |
| Obligaciones y valores asimilados | 2.742.755.554,35 | 70,07 | 82.998.346,93 | 2,12 | 53.917.966,62 | 1,38 | 183.396.760,15 | 4,69 |
| Títulos de deuda |  |  |  |  |  |  |  |  |
| IIC |  |  |  |  |  |  |  |  |
| Operaciones temporales con valores |  |  |  |  |  |  |  |  |
| Criditos | 250.991.316,76 | 6,41 | 137.155.556,07 | 3,50 | 4.884.687,46 | 0,12 | 2.041.377,01 | 0,05 |
| Cuentas financieras | 12.342.808,03 | 0,32 | 9.201.166,19 | 0,24 | 7.713.871,43 | 0,20 | 1 1.293.884,88 | 0,29 |
| Pasivo |  |  |  |  |  |  |  |  |
| Operaciones de cesión de instrumentos financieros |  |  |  |  |  |  |  |  |
| Operaciones temporales con valores |  |  |  |  |  |  |  |  |
| Deudas | 1.369.396.785,60 | 34,99 | 52.418.142,96 | 1,34 | 1 17.502.563,16 | 3,00 | 171.571.437,10 | 4,38 |
| Cuentas financieras |  |  |  |  |  |  |  |  |
| Fuera de balance |  |  |  |  |  |  |  |  |
| Operaciones de cobertura |  |  |  |  |  |  |  |  |
| Otras operaciones | 383.972.758,83 | 9,81 |  |  | 193.198.904,69 | 4,94 |  |  |

|  | Naturaleza de dibito/cridito | 30/10/2020 |
| --- | --- | --- |
| Criditos | Compra a plazo de divisa | 117.355.795,95 |
|  | Importes a cobrar por venta a plazo de divisas | 1.673.295.367,20 |
|  | Suscripciones a recibir | 3.290.780,82 |
|  | Depósitos de garantía en efectivo | 13.498.938,22 |
|  | Cupones y dividendos en efectivo | 1.331.431,88 |
|  | Garantías | 19.700.000,00 |
| Total de criditos |  | 1.828.472.314,07 |
| Deudas | Venta a plazo de divisas | 1.694.734.083,62 |
|  | Fondos a abonar sobre compra a plazo de divisas | 116.604.116,87 |
|  | Reembolsos por pagar | 5.766.604,73 |
|  | Gastos de gestión fijos | 3.287.523,07 |
| Total de deudas |  | 1.820.392.328,29 |
| Total deudas y criditos |  | 8.079.985,78 |

|  | En acción | En importe |
| --- | --- | --- |
| Acción K |  |  |
| Acciones suscritas durante el ejercicio | 260,180 | 457.121,90 |
| Acciones reembolsadas durante el ejercicio | -308,291 | -548.040,3 1 |
| Saldo neto de suscripciones/reembolsos | -48,1 11 | -90.918,41 |
| Número de acciones en circulación al final del ejercicio | 9.423,820 |  |
| Acción PC EUR |  |  |
| Acciones suscritas durante el ejercicio | 276.931,891 | 431.934.013,24 |
| Acciones reembolsadas durante el ejercicio | -297.558,595 | -445.986.172,04 |
| Saldo neto de suscripciones/reembolsos | -20.626,704 | -14.052.158,80 |
| Número de acciones en circulación al final del ejercicio | 466.817,357 |  |
| Acción PC H-CHF |  |  |
| Acciones suscritas durante el ejercicio | 5013,133 | 66.284.381,39 |
| Acciones reembolsadas durante el ejercicio | -2.464,844 | -30.493.379,78 |
| Saldo neto de suscripciones/reembolsos | 2.548,289 | 35.791.001,61 |
| Número de acciones en circulación al final del ejercicio | 8.989,748 |  |
| Acción PC H-EUR |  |  |
| Acciones suscritas durante el ejercicio | 404.534,737 | 720.994.145,30 |
| Acciones reembolsadas durante el ejercicio | -246.916,308 | -439.111.423,99 |
| Saldo neto de suscripciones/reembolsos | 157.618,429 | 281.882.721,31 |
| Número de acciones en circulación al final del ejercicio | 665.528,805 |  |
| Acción PD EUR |  |  |
| Acciones suscritas durante el ejercicio | 1.434,163 | 18.909.841,94 |
| Acciones reembolsadas durante el ejercicio | -2.598,079 | -33.798.925,25 |
| Saldo neto de suscripciones/reembolsos | -1.163,916 | -14.889.083,31 |
| Número de acciones en circulación al final del ejercicio | 14.703,885 |  |
| Acción PD H-EUR |  |  |
| Acciones suscritas durante el ejercicio | 5.607,779 | 63.589.236,91 |
| Acciones reembolsadas durante el ejercicio | -4.149,872 | -43.463.464,31 |
| Saldo neto de suscripciones/reembolsos | 1.457,907 | 20.125.772,60 |
| Número de acciones en circulación al final del ejercicio | 13.097,326 |  |
| Acción RC USD |  |  |
| Acciones suscritas durante el ejercicio | 46.526,414 | 9.688.595,57 |
| Acciones reembolsadas durante el ejercicio | -9.821,574 | -2.043.779,40 |
| Saldo neto de suscripciones/reembolsos | 36.704,840 | 7644816,17 |
| Número de acciones en circulación al final del ejercicio | 45.603,030 |  |

|  | En acción | En importe |
| --- | --- | --- |
| Acción RD EUR |  |  |
| Acciones suscritas durante el ejercicio | 5.073,959 | 1.198.044,91 |
| Acciones reembolsadas durante el ejercicio | -1.359,188 | -305.450,32 |
| Saldo neto de suscripciones/reembolsos | 3.714,771 | 892.594,59 |
| Número de acciones en circulación al final del ejercicio | 4.260,771 |  |
| Acción RD USD |  |  |
| Acciones suscritas durante el ejercicio | 3.624,344 | 758.393,69 |
| Acciones reembolsadas durante el ejercicio | -407,061 | -85.156,99 |
| Saldo neto de suscripciones/reembolsos | 3.217,283 | 673.236,70 |
| Número de acciones en circulación al final del ejercicio | 3.218,283 |  |
| Acción R H-EUR |  |  |
| Acciones suscritas durante el ejercicio | 423.997,127 | 101.710.341,42 |
| Acciones reembolsadas durante el ejercicio | -165.895,541 | -38.059.640,29 |
| Saldo neto de suscripciones/reembolsos | 258.101,586 | 63.650.701,13 |
| Número de acciones en circulación al final del ejercicio | 613.717,652 |  |
| Acción PC H USD |  |  |
| Acciones suscritas durante el ejercicio | 5.289,884 | 5.231.562,74 |
| Acciones reembolsadas durante el ejercicio | -79,034 | -73.266,02 |
| Saldo neto de suscripciones/reembolsos | 5.210,850 | 5.158.296,72 |
| Número de acciones en circulación al final del ejercicio | 5.211,850 |  |
| Acción PC USD |  |  |
| Acciones suscritas durante el ejercicio | 385.834,028 | 480.520.574,63 |
| Acciones reembolsadas durante el ejercicio | -322.440,875 | -395.887.528,63 |
| Saldo neto de suscripciones/reembolsos | 63.393,153 | 84.633.046,00 |
| Número de acciones en circulación al final del ejercicio | 380.573,646 |  |
| Acción RC EUR |  |  |
| Acciones suscritas durante el ejercicio | 661.221,966 | 290.099.822,1 1 |
| Acciones reembolsadas durante el ejercicio | -237.124,050 | -102.983.272,59 |
| Saldo neto de suscripciones/reembolsos | 424.097,916 | 187.116.549,52 |
| Número de acciones en circulación al final del ejercicio | 925.628,642 |  |
| Acción RC H HKD | 5,000 |  |
| Acciones suscritas durante el ejercicio |
| Acciones reembolsadas durante el ejercicio |
| Saldo neto de suscripciones/reembolsos |
| Número de acciones en circulación al final del ejercicio |

|  | En acción | En importe |
| --- | --- | --- |
| Acción RC H SGD |  |  |
| Acciones suscritas durante el ejercicio | 9.951,360 | 1.409.426,3 1 |
| Acciones reembolsadas durante el ejercicio |  |  |
| Saldo neto de suscripciones/reembolsos | 9.951,360 | 1.409.426,3 1 |
| Número de acciones en circulación al final del ejercicio | 9.956,360 |  |
| Acción RC H USD |  |  |
| Acciones suscritas durante el ejercicio | 90.713,495 | 17.769.240,21 |
| Acciones reembolsadas durante el ejercicio | -692,266 | -142.228,40 |
| Saldo neto de suscripciones/reembolsos | 90.021,229 | 17.627.011,81 |
| Número de acciones en circulación al final del ejercicio | 90.026,229 |  |
| Acción RD H USD |  |  |
| Acciones suscritas durante el ejercicio | 6.681,687 | 1.309.739,83 |
| Acciones reembolsadas durante el ejercicio | -4.306,818 | -868.937,15 |
| Saldo neto de suscripciones/reembolsos | 2.374,869 | 440.802,68 |
| Número de acciones en circulación al final del ejercicio | 2.379,869 |  |
| Acción TC GBP |  |  |
| Acciones suscritas durante el ejercicio | 2.812,523 | 699.418,04 |
| Acciones reembolsadas durante el ejercicio | -21,000 | -4.658,00 |
| Saldo neto de suscripciones/reembolsos | 2.791,523 | 694.760,04 |
| Número de acciones en circulación al final del ejercicio | 3.777,523 |  |
| Acción TD GBP | 1,000 |  |
| Acciones suscritas durante el ejercicio |
| Acciones reembolsadas durante el ejercicio |
| Saldo neto de suscripciones/reembolsos |
| Número de acciones en circulación al final del ejercicio |
| Acción TC EUR |  |  |
| Acciones suscritas durante el ejercicio | 179.088,430 | 43.585.711,42 |
| Acciones reembolsadas durante el ejercicio | -79.764,452 | -18.336.910,67 |
| Saldo neto de suscripciones/reembolsos | 99.323,978 | 25.248.800,75 |
| Número de acciones en circulación al final del ejercicio | 166.071,251 |  |
| Acción T H-EUR |  |  |
| Acciones suscritas durante el ejercicio | 227.024,865 | 52.688.101,80 |
| Acciones reembolsadas durante el ejercicio | -16.210,943 | -3.689.087,99 |
| Saldo neto de suscripciones/reembolsos | 210.813,922 | 48.999.013,81 |
| Número de acciones en circulación al final del ejercicio | 257.580,808 |  |

|  | En acción | En importe |
| --- | --- | --- |
| Acción PC H-GBP |  |  |
| Acciones suscritas durante el ejercicio | 3.581,000 | 433.225,55 |
| Acciones reembolsadas durante el ejercicio | -52,000 | -6.319,34 |
| Saldo neto de suscripciones/reembolsos | 3.529,000 | 426.906,21 |
| Número de acciones en circulación al final del ejercicio | 3.529,000 |  |

- COMISIONES DE SUSCRIPCIÓN Y/O REEMBOLSO

|  | En importe |
| --- | --- |
| Acción K |  |
| Total de comisiones percibidas |
| Comisiones de suscripción percibidas |
| Comisiones de reembolso percibidas |
| Acción PC EUR |  |
| Total de comisiones percibidas |
| Comisiones de suscripción percibidas |
| Comisiones de reembolso percibidas |
| Acción PC H-CHF |  |
| Total de comisiones percibidas |
| Comisiones de suscripción percibidas |
| Comisiones de reembolso percibidas |
| Acción PC H-EUR |  |
| Total de comisiones percibidas |
| Comisiones de suscripción percibidas |
| Comisiones de reembolso percibidas |
| Acción PD EUR |  |
| Total de comisiones percibidas |
| Comisiones de suscripción percibidas |
| Comisiones de reembolso percibidas |
| Acción PD H-EUR |  |
| Total de comisiones percibidas |
| Comisiones de suscripción percibidas |
| Comisiones de reembolso percibidas |

|  | En importe |
| --- | --- |
| Acción RC USD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción RD EUR Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción RD USD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción R H-EUR Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción PC H USD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción PC USD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción RC EUR Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción RC H HKD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |

|  | En importe |
| --- | --- |
| Acción RC H SGD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción RC H USD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción RD H USD Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción TC GBP Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción TD GBP Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción TC EUR Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción T H-EUR Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |
| Acción PC H-GBP Total de comisiones percibidas Comisiones de suscripción percibidas Comisiones de reembolso percibidas |  |

|  | 30/10/2020 |
| --- | --- |
| Acción K |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 148.607,55 |
| Porcentaje de gastos de gestión fijos | 0,85 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción PC EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 6.128.057,23 |
| Porcentaje de gastos de gestión fijos | 0,85 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción PC H-CHF |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 944.560,10 |
| Porcentaje de gastos de gestión fijos | 0,95 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción PC H-EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 9.350.239,82 |
| Porcentaje de gastos de gestión fijos | 0,90 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción PD EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 1.630.311,24 |
| Porcentaje de gastos de gestión fijos | 0,85 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |

|  | 30/10/2020 |
| --- | --- |
| Acción PD H-EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 1.362.937,25 |
| Porcentaje de gastos de gestión fijos | 0,90 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RC USD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 66.385,10 |
| Porcentaje de gastos de gestión fijos | 1,50 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RD EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 4.508,66 |
| Porcentaje de gastos de gestión fijos | 1,50 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RD USD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 2.090,58 |
| Porcentaje de gastos de gestión fijos | 1,50 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción R H-EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 1.673.159,92 |
| Porcentaje de gastos de gestión fijos | 1,55 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |

|  | 30/10/2020 |
| --- | --- |
| Acción PC H USD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 13.213,70 |
| Porcentaje de gastos de gestión fijos | 0,95 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción PC USD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 3.904.272,73 |
| Porcentaje de gastos de gestión fijos | 0,85 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RC EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 5.180.535,33 |
| Porcentaje de gastos de gestión fijos | 1,50 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RC H HKD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 18,71 |
| Porcentaje de gastos de gestión fijos | 1,55 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RC H SGD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 6.842,00 |
| Porcentaje de gastos de gestión fijos | 1,55 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |

|  | 30/10/2020 |
| --- | --- |
| Acción RC H USD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 78.266,45 |
| Porcentaje de gastos de gestión fijos | 1,55 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción RD H USD |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 4.585,69 |
| Porcentaje de gastos de gestión fijos | 1,55 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción TC GBP |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 3.839,21 |
| Porcentaje de gastos de gestión fijos | 0,85 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción TD GBP |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 2,75 |
| Porcentaje de gastos de gestión fijos | 1,18 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción TC EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 284.962,06 |
| Porcentaje de gastos de gestión fijos | 0,85 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |

|  | 30/10/2020 |
| --- | --- |
| Acción T H-EUR |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 218.683,57 |
| Porcentaje de gastos de gestión fijos | 0,90 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |
| Acción PC H-GBP |  |
| Comisiones de garantía |  |
| Gastos de gestión fijos | 37,40 |
| Porcentaje de gastos de gestión fijos | 0,03 |
| Gastos de gestión variables |  |
| Retrocesión de los gastos de gestión |  |


###### Garantías recibidas por la IIC: Ninguna.

###### Otros compromisos recibidos y/o contraídos: Ninguno.
|  | 30/10/2020 |
| --- | --- |
| Títulos adquiridos con pacto de recompra Títulos tomados en pristamo |  |
|  |
|  | 30/10/2020 |
| Instrumentos financieros dados en garantía y mantenidos en su partida de origen Instrumentos financieros recibidos como garantía y no registrados en el balance |  |
|  |
|  | Código ISIN | Denominaciones | 30/10/2020 |
| Acciones |  |  |  |
| Obligaciones |
| Títulos de deuda negociables |
| IIC |
| Instrumentos financieros a plazo |
| Total de títulos del grupo |

- 
###### TABLA DE ASIGNACIÓN DE LA CUOTA DE LAS CANTIDADES DISTRIBUIBLES CORRESPONDIENTE AL RESULTADO

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Saldos pendientes de asignación |  |  |
| Remanente de ejercicios anteriores | 124,37 | 163,27 |
| Resultado | -7.832.529,95 | -1.917.803,87 |
| Total | -7.832.405,58 | -1917640,60 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción K |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -15.332,05 | 3.052,87 |
| Total | -15.332,05 | 3.052,87 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción PC EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -645.068,92 | 133.438,64 |
| Total | -645.068,92 | 133.438,64 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción PC H-CHF |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -220421,04 | -59.341,57 |
| Total | -220421,04 | -59341,57 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción PC H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -1.654.526,64 | -259.786,50 |
| Total | -1 654526,64 | -259.786,50 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción PD EUR |  |  |
| Asignación |  |  |
| Distribución |  | 34.433,13 |
| Remanente del ejercicio |  | 4,13 |
| Capitalización | -164.981,15 | 0,00 |
| Total | -164.981,15 | 34.437,26 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 14.703,885 | 15.867,801 |
| Distribución unitaria |  | 2,17 |
| Cridito fiscal |  |  |
| Cridito fiscal asociado a la distribución del resultado |  | 61.929,20 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PD H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  | 106,85 |
| Capitalización | -21 1.946,07 | -40.165,66 |
| Total | -211.946,07 | -40.058,81 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -67.120,63 | -8.092,50 |
| Total | -67.120,63 | -8.092,50 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RD EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -7.100,74 | -595,45 |
| Total | -7.100,74 | -595,45 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción RD USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -5.054,71 | -1,06 |
| Total | -5.054,71 | -1,06 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción R H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -1.134.932,79 | -524.183,97 |
| Total | -1 134932,79 | -524.183,97 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC H USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -8.839,72 | -0,26 |
| Total | -8.839,72 | -0,26 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -421.277,66 | 69.556,62 |
| Total | -421.277,66 | 69.556,62 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -3012 248,82 | -1.265.963,86 |
| Total | -3 012248,82 | -1 265963,86 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción RC H HKD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -9,56 | -2,89 |
| Total | -9,56 | -2,89 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC H SGD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -1 1.033,10 | -1,72 |
| Total | -1 1.033,10 | -1,72 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC H USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -134.879,78 | -2,28 |
| Total | -134.879,78 | -2,28 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RD H USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -3.595,43 | -2,28 |
| Total | -3.595,43 | -2,28 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción TC GBP |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -782,92 | 11,53 |
| Total | -782,92 | 11,53 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción TD GBP |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -0,98 | -0,16 |
| Total | -0,98 | -0,16 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción TC EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -35.635,33 | 2.871,28 |
| Total | -35.635,33 | 2.871,28 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción T H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Remanente del ejercicio |  |  |
| Capitalización | -79.652,86 | -2.975,49 |
| Total | -79.652,86 | -2.975,49 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC H-GBP |  |  |
| Asignación |  |
| Distribución |  |
| Remanente del ejercicio |  |
| Capitalización | 2.035,32 |
| Total | 2.035,32 |

- TABLA DE ASIGNACIÓN DE LA CUOTA DE LAS CANTIDADES DISTRIBUIBLES CORRESPONDIENTE A LAS PLUSVALÍAS Y MINUSVALÍAS NETAS

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Saldos pendientes de asignación |  |  |
| Plusvalías y minusvalías netas anteriores no distribuidas | 1 1.162.806,79 | 15.940.506,20 |
| Plusvalías y minusvalías netas del ejercicio | 354.058.648,55 | -8.547.646,91 |
| Pagos a cuenta de plusvalías y minusvalías netas del ejercicio |  |  |
| Total | 365.221.455,34 | 7.392.859,29 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción K |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 1.380.249,29 | 351.899,65 |
| Total | 1.380.249,29 | 351.899,65 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 58.071.270,01 | 15.378.061,09 |
| Total | 58.071.270,01 | 15.378.061,09 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC H-CHF |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 13.420.864,55 | -330.566,52 |
| Total | 13.420.864,55 | -330.566,52 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción PC H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 146.496.153,04 | -32.556.895,53 |
| Total | 146.496.153,04 | -32.556.895,53 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PD EUR |  |  |
| Asignación |  |  |
| Distribución | 3.064.289,63 | 1.856.691,40 |
| Plusvalías y minusvalías netas no distribuidas | 22.806.298,30 | 11.834.711,27 |
| Capitalización |  |  |
| Total | 25.870.587,93 | 13.691.402,67 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 14.703,885 | 15.867,801 |
| Distribución unitaria | 208,40 | 1 17,01 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PD H-EUR |  |  |
| Asignación |  |  |
| Distribución | 2.526.998,08 | 1.259.617,92 |
| Plusvalías y minusvalías netas no distribuidas | 16.448.179,85 | 152.887,73 |
| Capitalización |  |  |
| Total | 18.975.177,93 | 1.412.505,65 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 13.097,326 | 11.639,419 |
| Distribución unitaria | 192,94 | 108,22 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción RC USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 720.582,39 | 32.003,48 |
| Total | 720.582,39 | 32.003,48 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RD EUR |  |  |
| Asignación |  |  |
| Distribución | 15.679,64 | 846,30 |
| Plusvalías y minusvalías netas no distribuidas | 71.582,70 | 1.386,84 |
| Capitalización |  | 4,08 |
| Total | 87.262,34 | 2.237,22 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 4.260,771 | 546,00 |
| Distribución unitaria | 3,68 | 1,55 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RD USD |  |  |
| Asignación |  |  |
| Distribución | 12.100,74 | 1,36 |
| Plusvalías y minusvalías netas no distribuidas | 45.825,28 | 2,23 |
| Capitalización |  |  |
| Total | 57.926,02 | 3,59 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 3.218,283 | 1,00 |
| Distribución unitaria | 3,76 | 1,36 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción R H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 17.781.190,46 | -3.022.648,59 |
| Total | 17.781.190,46 | -3.022.648,59 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC H USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 365.315,32 | 15,97 |
| Total | 365.315,32 | 15,97 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción PC USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 37.924.779,01 | 8.015.935,24 |
| Total | 37.924.779,01 | 8.015.935,24 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 32.337.371,17 | 4.461.127,71 |
| Total | 32.337.371,17 | 4.461.127,71 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción RC H HKD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 101,01 | 13,78 |
| Total | 101,01 | 13,78 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC H SGD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 106.834,05 | -1,17 |
| Total | 106.834,05 | -1,17 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RC H USD |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 1.256.777,12 | 15,97 |
| Total | 1.256.777,12 | 15,97 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción RD H USD |  |  |
| Asignación |  |  |
| Distribución | 8.448,53 | 2,85 |
| Plusvalías y minusvalías netas no distribuidas | 31.001,51 | 13,10 |
| Capitalización |  | 0,02 |
| Total | 39.450,04 | 15,97 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 2.379,869 | 5,00 |
| Distribución unitaria | 3,55 | 0,57 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción TC GBP |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 70.498,11 | 3.625,92 |
| Total | 70.498,11 | 3.625,92 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción TD GBP |  |  |
| Asignación |  |  |
| Distribución | 3,42 | 0,70 |
| Plusvalías y minusvalías netas no distribuidas | 18,18 | 3,01 |
| Capitalización |  |  |
| Total | 21,60 | 3,71 |
| Información sobre las participaciones que dan derecho a distribución |  |  |
| Número de participaciones | 1,00 | 1,00 |
| Distribución unitaria | 3,42 | 0,70 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción TC EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 3.208.254,95 | 327.034,46 |
| Total | 3.208.254,95 | 327.034,46 |
|  |
|  | 30/10/2020 | 31/10/2019 |
| Acción T H-EUR |  |  |
| Asignación |  |  |
| Distribución |  |  |
| Plusvalías y minusvalías netas no distribuidas |  |  |
| Capitalización | 7.052.898,22 | -372.930,98 |
| Total | 7.052.898,22 | -372.930,98 |

|  | 30/10/2020 | 31/10/2019 |
| --- | --- | --- |
| Acción PC H-GBP |  |  |
| Asignación |  |
| Distribución |  |
| Plusvalías y minusvalías netas no distribuidas |  |
| Capitalización | -2.109,22 |
| Total | -2.109,22 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción K EUR |  |  |  |  |  |
| Patrimonio | 1 1.675.356,40 | 13.890.817,11 | 14.665.062,23 | 16.268.575,13 | 19.039.115,53 |
| Número de títulos | 8.813,442 | 9.140,442 | 9.295,842 | 9.471,931 | 9.423,820 |
| Valor liquidativo unitario | 1.324,72 | 1.519,70 | 1.577,59 | 1.717,55 | 2.020,31 |
| Capitalización unitaria sobre +/- valías netas | 52,42 | 90,49 | 105,16 | 37,15 | 146,46 |
| Capitalización unitaria según resultado | 6,83 | 3,72 | 0,87 | 0,32 | -1,62 |
| LAZARD CONVERTIBLE GLOBAL Acción PC EUR |  |  |  |  |  |
| Patrimonio | 312.972.768,51 | 359.465.797,05 | 555.996.998,73 | 711.077.568,02 | 801.035.187,40 |
| Número de títulos | 278.162,608 | 278.493,955 | 414.950,285 | 487.444,061 | 466.817,357 |
| Valor liquidativo unitario | 1.125,14 | 1.290,74 | 1.339,91 | 1.458,78 | 1.715,94 |
| Capitalización unitaria sobre +/- valías netas | 44,52 | 76,85 | 89,31 | 31,54 | 124,39 |
| Capitalización unitaria según resultado | 5,80 | 3,15 | 0,74 | 0,27 | -1,38 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H-CHF |  |  |  |  |  |
| Patrimonio | 10.191.154,42 | 22.399.048,35 | 59.061.613,61 | 83.170.888,85 | 138.722.481,15 |
| Número de títulos | 970,000 | 1.795,774 | 4.768,114 | 6.441,459 | 8.989,748 |
| Valor liquidativo unitario | 10.506,34 | 12.473,20 | 12.386,78 | 12.911,80 | 15.431,18 |
| Capitalización unitaria sobre +/- valías netas | 164,61 | 483,14 | 589,99 | -51,31 | 1.492,90 |
| Capitalización unitaria según resultado | -3,31 | 16,68 | -4,62 | -9,21 | -24,51 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H-EUR |  |  |  |  |  |
| Patrimonio | 84.960.254,92 | 222.251.619,76 | 586.153.911,28 | 838.519.874,99 | 1.318.082.591,1 1 |
| Número de títulos | 64.198,000 | 140.924,939 | 371.577,484 | 507.910,376 | 665.528,805 |
| Valor liquidativo unitario | 1.323,40 | 1.577,09 | 1.577,47 | 1.650,92 | 1.980,50 |
| Capitalización unitaria sobre +/- valías netas | 24,01 | 145,45 | 53,49 | -64,09 | 220,1 1 |
| Capitalización unitaria según resultado | -0,39 | 3,06 | 0,07 | -0,51 | -2,48 |
| LAZARD CONVERTIBLE GLOBAL Acción PD EUR |  |  |  |  |  |
| Patrimonio |  | 153.052.795,98 | 163.986.483,91 | 189.108.511,52 | 204.290.754,92 |
| Número de títulos |  | 14.186,047 | 14.691,792 | 15.867,801 | 14.703,885 |
| Valor liquidativo unitario |  | 10.788,96 | 1 1.161,77 | 1 1.917,75 | 13.893,65 |
| Capitalización unitaria sobre +/- valías netas |  | 24,80 | 217,07 | 1 17,01 | 208,40 |
| +/- valías netas unitarias no distribuidas |  | 76,86 | 605,16 | 745,83 | 1.551,03 |
| Distribución unitaria según resultado |  | 1 1,17 | 6,17 | 2,17 |  |
| Cridito fiscal unitario |  |  |  |  | * |
| Capitalización unitaria según resultado |  |  |  |  | -1 1,22 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción PD H-EUR |  |  |  |  |
| Patrimonio | 33.158.416,11 | 41.067.910,67 | 125.957.933,52 | 168.470.357,41 |
| Número de títulos | 3.134,731 | 3.894,356 | 1 1.639,419 | 13.097,326 |
| Valor liquidativo unitario | 10.577,75 | 10.545,49 | 10.821,66 | 12.862,95 |
| Capitalización unitaria sobre +/- valías netas | 24,98 | 210,39 | 108,22 | 192,94 |
| +/- valías netas unitarias no distribuidas | 396,24 | 544,51 | 13,13 | 1.255,84 |
| Distribución unitaria según resultado | 10,28 | 0,52 |  |  |
| Cridito fiscal unitario |  |  |  | * |
| Capitalización unitaria según resultado |  |  | -3,45 | -16,18 |
| LAZARD CONVERTIBLE GLOBAL Acción RC USD |  |  |  |  |
| Patrimonio |  |  | 1.843.927,33 | 1 1.529.225,63 |
| Número de títulos |  |  | 8.898,190 | 45.603,030 |
| Valor liquidativo unitario |  |  | 207,22 | 252,81 |
| Capitalización unitaria sobre +/- valías netas |  |  | 3,59 | 15,80 |
| Capitalización unitaria según resultado |  |  | -0,90 | -1,47 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción RD EUR |  |  |
| Patrimonio | 1 15.369,39 | 1.045.065,56 |
| Número de títulos | 546,000 | 4.260,771 |
| Valor liquidativo unitario | 21 1,29 | 245,27 |
| Capitalización unitaria sobre +/- valías netas | 1,55 | 3,68 |
| +/- valías netas unitarias no distribuidas | 2,54 | 16,80 |
| Capitalización unitaria según resultado | -1,09 | -1,66 |
| LAZARD CONVERTIBLE GLOBAL Acción RD USD |  |  |
| Patrimonio | 207,02 | 806.979,76 |
| Número de títulos | 1,000 | 3.218,283 |
| Valor liquidativo unitario | 207,02 | 250,74 |
| Capitalización unitaria sobre +/- valías netas | 1,36 | 3,76 |
| +/- valías netas unitarias no distribuidas | 2,23 | 14,23 |
| Capitalización unitaria según resultado | -1,06 | -1,57 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción R H-EUR |  |  |  |  |  |
| Patrimonio |  | 6.053.218,38 | 53.318.351,82 | 77.545.563,95 | 159.477.604,52 |
| Número de títulos |  | 28.683,605 | 254.238,91 1 | 355.616,066 | 613.717,652 |
| Valor liquidativo unitario |  | 21 1,03 | 209,71 | 218,05 | 259,85 |
| Capitalización unitaria sobre +/- valías netas |  | 8,04 | 7,19 | -8,49 | 28,97 |
| Capitalización unitaria según resultado |  | -0,27 | -1,39 | -1,47 | -1,84 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H USD |  |  |  |  |  |
| Patrimonio |  |  |  | 977,79 | 6.238.263,43 |
| Número de títulos |  |  |  | 1,000 | 5.211,850 |
| Valor liquidativo unitario |  |  |  | 977,79 | 1.196,93 |
| Capitalización unitaria sobre +/- valías netas |  |  |  | 15,97 | 70,09 |
| Capitalización unitaria según resultado |  |  |  | -0,26 | -1,69 |
| LAZARD CONVERTIBLE GLOBAL Acción PC USD |  |  |  |  |  |
| Patrimonio | 987,90 | 1.845.351,33 | 111.047.125,86 | 413.521.276,21 | 609.371.448,50 |
| Número de títulos | 1,000 | 1.532,000 | 91.308,381 | 317.180,493 | 380.573,646 |
| Valor liquidativo unitario | 987,90 | 1.204,53 | 1.216,17 | 1.303,74 | 1.601,19 |
| Capitalización unitaria sobre +/- valías netas | 18,35 | 61,63 | 71,55 | 25,27 | 99,65 |
| Capitalización unitaria según resultado | -0,30 | 2,77 | 0,59 | 0,21 | -1,10 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción RC EUR |  |  |  |  |  |
| Patrimonio | 9.124.638,45 | 127.201.143,60 | 154.552.644,78 | 205.952.876,36 | 444.185.753,52 |
| Número de títulos | 28.252,781 | 345.561,135 | 407.097,879 | 501.530,726 | 925.628,642 |
| Valor liquidativo unitario | 322,96 | 368,10 | 379,64 | 410,64 | 479,87 |
| Capitalización unitaria sobre +/- valías netas | 12,82 | 22,01 | 25,41 | 8,89 | 34,93 |
| Capitalización unitaria según resultado | -0,31 | -1,35 | -2,22 | -2,52 | -3,25 |
| LAZARD CONVERTIBLE GLOBAL Acción RC H HKD |  |  |  |  |  |
| Patrimonio |  |  |  | 9.748,80 |  |
| Número de títulos |  |  |  | 5,000 | 5,000 |
| Valor liquidativo unitario |  |  |  | 1.949,76 |  |
| Capitalización unitaria sobre +/- valías netas |  |  |  | 2,75 | 20,20 |
| Capitalización unitaria según resultado |  |  |  | -0,57 | -1,91 |
| LAZARD CONVERTIBLE GLOBAL Acción RC H SGD |  |  |  |  |  |
| Patrimonio |  |  |  | 972,32 |  |
| Número de títulos |  |  |  | 5,000 | 9.956,360 |
| Valor liquidativo unitario |  |  |  | 194,46 |  |
| Capitalización unitaria sobre +/- valías netas |  |  |  | -0,23 | 10,73 |
| Capitalización unitaria según resultado |  |  |  | -0,34 | -1,10 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción RC H USD |  |  |
| Patrimonio | 975,60 | 21.368.817,80 |
| Número de títulos | 5,000 | 90.026,229 |
| Valor liquidativo unitario | 195,12 | 237,36 |
| Capitalización unitaria sobre +/- valías netas | 3,19 | 13,96 |
| Capitalización unitaria según resultado | -0,45 | -1,49 |
| LAZARD CONVERTIBLE GLOBAL Acción RD H USD |  |  |
| Patrimonio | 975,57 | 563.131,68 |
| Número de títulos | 5,000 | 2.379,869 |
| Valor liquidativo unitario | 195,11 | 236,62 |
| Capitalización unitaria sobre +/- valías netas | 0,57 | 3,55 |
| +/- valías netas unitarias no distribuidas | 2,62 | 13,02 |
| Capitalización unitaria según resultado | -0,45 | -1,51 |
| LAZARD CONVERTIBLE GLOBAL Acción TC GBP |  |  |
| Patrimonio | 186.053,94 |  |
| Número de títulos | 986,000 | 3.777,523 |
| Valor liquidativo unitario | 188,69 |  |
| Capitalización unitaria sobre +/- valías netas | 3,67 | 18,66 |
| Capitalización unitaria según resultado | 0,01 | -0,20 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción TD GBP Patrimonio |  | 187,84 |  |
| Número de títulos |  | 1,000 | 1,000 |
| Valor liquidativo unitario |  | 187,84 |  |
| Capitalización unitaria sobre +/- valías netas |  | 0,70 | 3,42 |
| +/- valías netas unitarias no distribuidas |  | 3,01 | 18,18 |
| Capitalización unitaria según resultado |  | -0,16 | -0,98 |
| LAZARD CONVERTIBLE GLOBAL Acción TC EUR |  |  |  |
| Patrimonio | 12.402.589,65 | 15.122.184,63 | 44.251.072,42 |
| Número de títulos | 59.600,364 | 66.747,273 | 166.071,251 |
| Valor liquidativo unitario | 208,09 | 226,55 | 266,45 |
| Capitalización unitaria sobre +/- valías netas | 6,66 | 4,89 | 19,31 |
| Capitalización unitaria según resultado | 0,11 | 0,04 | -0,21 |

|  | 31/10/2016 | 31/10/2017 | 31/10/2018 | 31/10/2019 | 30/10/2020 |
| --- | --- | --- | --- | --- | --- |
| Activo neto Global en EUR | 428.134.919,82 | 935.947.438,24 | 1.742.168.124,20 | 2.637.353.399,07 | 3.914.049.276,88 |
| LAZARD CONVERTIBLE GLOBAL Acción TH EUR |  |  |  |
| Patrimonio | 10.197.114,22 | 9.605.031,17 | 63.454.259,92 |
| Número de títulos | 51.961,414 | 46.766,886 | 257.580,808 |
| Valor liquidativo unitario | 196,24 | 205,38 | 246,34 |
| Capitalización unitaria sobre +/- valías netas | 0,65 | -7,97 | 27,38 |
| Capitalización unitaria según resultado | 0,07 | -0,06 | -0,30 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H-GBP |  |  |  |
| Número de títulos |  |  | 3.529,000 |
| Capitalización unitaria sobre +/- valías netas |  |  | -0,59 |
| Capitalización unitaria según resultado |  |  | 0,57 |


###### (*) El cridito fiscal unitario solo se determinará en la fecha de distribución de conformidad con las disposiciones fiscales en vigor.
| Designación de los valores | Divisa | Cantidad Número o nominal | Valor actual | % Patrimoni o |
| --- | --- | --- | --- | --- |
| Acciones y valores asimilados |  |  |  |  |
| Acciones y valores asimilados negociados en un mercado regulado o asimilado |  |  |  |  |
| CAIMANES, ISLAS |  |  |  |  |
| ALIBABA GROUP HOLDING LTD ADR | USD | 214.882 | 56.206.718,96 | 1,44 |
| TOTAL CAIMANES, ISLAS |  |  | 56.206.718,96 | 1,44 |
| ESTADOS UNIDOS |  |  |  |  |
| AMERICAN TOWER CORP | USD | 56.022 | 11.044.728,76 | 0,28 |
| BANK OF AMER 7,25% 31-12-99 | USD | 49.685 | 62.395.483,80 | 1,60 |
| SBA COMMUNICATIONS | USD | 38.075 | 9491 211,53 | 0,24 |
| TOTAL ESTADOS UNIDOS |  |  | 82.931.424,09 | 2,12 |
| TOTAL Acciones y valores asimilados negociados en mercados regulados o asimilados |  |  | 139.138.143,05 | 3,56 |
| TOTAL Acciones y valores asimilados |  |  | 139.138.143,05 | 3,56 |
| Obligaciones y valores asimilados |  |  |  |  |
| Obligaciones y valores asimilados negociados en un mercado regulado o asimilado |  |  |  |  |
| ALEMANIA |  |  |  |  |
| ADIDAS AG 0.05% 12-09-23 CV | EUR | 47.200.000 | 55.155.604,03 | 1,41 |
| DELIVERY HERO SE 0,25% 23-01-24 | EUR | 67.800.000 | 81.217.707,34 | 2,07 |
| LEG IMMOBILIEN AG 0.875% 01-09-25 | EUR | 28.800.000 | 35.106.939,07 | 0,90 |
| MTU AERO ENGINES GMBH 0.05% 18-03-27 | EUR | 43.700.000 | 38.756.627,09 | 0,99 |
| TOTAL ALEMANIA |  |  | 210.236.877,53 | 5,37 |
| BERMUDAS |  |  |  |  |
| JAZZ INVESTMENTS 1 1,5% 15-08-24 | USD | 39.300.000 | 34.621.361,40 | 0,89 |
| TOTAL BERMUDAS |  |  | 34.621.361,40 | 0,89 |
| CAIMANES, ISLAS |  |  |  |  |
| HUAZHU GROUP 0,375% 01-11-22 | USD | 32.619.000 | 29.706.166,10 | 0,76 |
| HUAZHU GROUP 3,0% 01-05-26 CV | USD | 20.559.000 | 20.508.105,54 | 0,53 |
| PINDUODUO ZCP 01-10-24 CV | USD | 26.864.000 | 49.540.399,05 | 1,26 |
| WEIBO 1,25% 15-11-22 CV | USD | 81.607.000 | 68.231.340,06 | 1,74 |
| ZHONGSHENG GROUP ZCP 21-05-25 | HKD | 491.000.000 | 73.024.603,00 | 1,87 |
| TOTAL CAIMANES, ISLAS |  |  | 241.010.613,75 | 6,16 |
| CANADÁ |  |  |  |  |
| AIR CANADA 4,0 % 01-07-25 CV | USD | 44.981.000 | 42.902.724,80 | 1,10 |
| SHOPIFY 0,125% 01-11-25 CV | USD | 53.033.000 | 49.436.471,62 | 1,26 |
| TOTAL CANADÁ |  |  | 92.339.196,42 | 2,36 |
| CHINA |  |  |  |  |
| CHINA YUHUA EDUCATION 0,9% 27-12-24 | HKD | 186.000.000 | 22.083.596,11 | 0,56 |

| Designación de los valores | Divisa | Cantidad Número o | Valor actual | % Patrimon |
| --- | --- | --- | --- | --- |
| SMART INSIGHT INTL 4,5% 05-12-23 | HKD | 382.000.000 | 49.407.471,71 | 1,27 |
| STRATEGIC INTL GROUP ZCP 29-06-25 | EUR | 15.400.000 | 14.343.978,57 | 0,37 |
| YY INCORPORATION 0,75% 15-06-25 | USD | 72.934.000 | 73.601.041,96 | 1,88 |
| TOTAL CHINA |  |  | 159.436.088,35 | 4,08 |
| ESPAÑA |  |  |  |  |
| AMADEUS CM 1,5% 09-04-25 CV | EUR | 47.800.000 | 55.813.865,49 | 1,42 |
| CELLNEX TELECOM 0.5% 05/07/2028 CV | EUR | 54.200.000 | 75.477.415,10 | 1,93 |
| TOTAL ESPAÑA |  |  | 131.291.280,59 | 3,35 |
| ESTADOS UNIDOS |  |  |  |  |
| AKAMAI TECHNOLOGIES INC 0,125% 01-05-25 | USD | 64.307.000 | 64.711.170,85 | 1,66 |
| ALTERYX 0,5% 01-08-24 | USD | 34.082.000 | 30.787.671,19 | 0,79 |
| BIOMARIN PHARMACEUTICAL 0,599% 01-08-24 | USD | 27.800.000 | 24.713.411,43 | 0,63 |
| BOOKING 0,75% 01-05-25 CV | USD | 59.510.000 | 64.363.619,29 | 1,65 |
| CREE 0,875% 01-09-23 CV | USD | 29.918.000 | 32.351.421,62 | 0,82 |
| DEXCOM INC 0,75% 01-12-23 CV | USD | 16.155.000 | 27.669.503,28 | 0,70 |
| DOCUSIGN INC 0,5% 15-09-23 CV | USD | 15.591.000 | 38.004.399,64 | 0,97 |
| ETSY 0,125% 01/09/2027 CV | USD | 54.679.000 | 48.914.028,21 | 1,25 |
| EXACT SCIENCES 0,375% 15-03-27 | USD | 1 1.325.000 | 12.896.518,20 | 0,33 |
| EXACT SCIENCES 1,0% 15-01-25 | USD | 48.787.000 | 74.829.173,08 | 1,91 |
| FIREEYE 0,875% 01-06-24 CV | USD | 28.100.000 | 23.369.855,72 | 0,60 |
| FORTIVE 0,875% 15-02-22 CV | USD | 30.000.000 | 25.721.708,80 | 0,66 |
| HUBSPOT 0,375% 01-06-25 CV | USD | 37.773.000 | 40.859.315,73 | 1,04 |
| IAC FINANCECO 2 INC 0,875% 15-06-26 | USD | 50.500.000 | 65.093.854,32 | 1,66 |
| ILLUMINA INC ZCP 15-08-23 CV | USD | 65.284.000 | 59.124.627,64 | 1,51 |
| LIVE NATION 2,5% 15-03-23 CV | USD | 15.646.000 | 14.439.024,61 | 0,37 |
| LYFT 1,5% 15-05-25 CV | USD | 29.592.000 | 24.599.493,38 | 0,63 |
| MACQUARIE INFRASTRUCTURE COMPANY LLC 2,0% 01- 10-23 | USD | 39.600.000 | 3 1.265.782,94 | 0,80 |
| MERCADOLIBRE INC 2,0% 15-08-28 | USD | 27.285.000 | 66.191.530,57 | 1,69 |
| MERITOR INC 3,25% 15-10-37 CV | USD | 25.867.000 | 24.174.948,01 | 0,62 |
| MICROCHIP TECHNOLOGY 1,625% 15-02-27 | USD | 34.160.000 | 46.251.009,59 | 1,18 |
| MONGODB 0,25% 15-01-26 CV | USD | 51.945.000 | 58.635.110,19 | 1,50 |
| NUAN COMM 1,5 % 01-11-35 | USD | 29.800.000 | 40.809.929,55 | 1,04 |
| NUVASIVE 1,0% 01-06-23 CV | USD | 47.906.000 | 39.208.487,20 | 1,00 |
| OKTA 0,125% 01-09-25 CV | USD | 44.849.000 | 50.554.464,57 | 1,29 |
| ON SEMICONDUCTOR 1,625 % 15-10-23 | USD | 40.100.000 | 49.310.157,39 | 1,26 |
| PALO ALTO NETWORKS INC 0,75% 01-07-23 | USD | 117.632.000 | 109.084.012,40 | 2,79 |
| PIONEER NATURAL RESOURCES 0,25% 15-05-25 | USD | 99.621.000 | 91.388.967,55 | 2,33 |
| SERVICENOW INC ZCP 01-06-22 CV | USD | 11.116.000 | 34.924.206,52 | 0,90 |

| Designación de los valores | Divisa | Cantidad Número o nominal | Valor actual | % Patrimoni o |
| --- | --- | --- | --- | --- |
| SNAP 0,75% 01-08-26 CV | USD | 58.584.000 | 93.685.807,58 | 2,40 |
| SOUTHWEST AIRLINES 1,25% 01-05-25 | USD | 110.766.000 | 126.720.216,44 | 3,24 |
| SPLUNK INC 0,5% 15-09-23 CV | USD | 31.040.000 | 38.489.009,68 | 0,98 |
| SQUARE 0,5% 15-05-23 CV | USD | 23.998.000 | 42.564.229,07 | 1,09 |
| STARWOOD PROPERTY TRUST 4,375% 01-04-23 | USD | 33.206.000 | 27.661.082,01 | 0,70 |
| TELADOC HEALTH 1,25% 01-06-27 | USD | 22.925.000 | 23.149.266,76 | 0,59 |
| TESLA 2.375% 15/03/2022 | USD | 7.156.000 | 36.336.673,01 | 0,93 |
| TWITTER 0,25% 15-06-24 CV | USD | 48.350.000 | 45.551.671,41 | 1,17 |
| WELLS FARGO AND CO 7,5% 31-12-99 | USD | 49.610 | 57.901.705,99 | 1,48 |
| WORKDAY INC 0,25% 01-10-22 CV | USD | 39.709.000 | 51.563.785,46 | 1,32 |
| ZENDESK 0,625% 15-06-25 CV | USD | 72.191.000 | 77.776.898,45 | 1,98 |
| ZILLOW 1,5% 01-07-23 CV | USD | 70.034.000 | 78.907.687,08 | 2,01 |
| TOTAL ESTADOS UNIDOS |  |  | 2.014.555.436,41 | 51,47 |
| FRANCIA |  |  |  |  |
| CIE GEN DES ETS MICHELIN ZCP 10-11-23 | USD | 37.000.000 | 30.536.534,69 | 0,78 |
| EDF ZCP 14-09-24 CV | EUR | 3.020.185 | 40.034.210,26 | 1,03 |
| LVMH MOET HENN ZCP 16-02-21 CV | USD | 125.898 | 54.100.653,91 | 1,38 |
| ORPAR ZCP 20-06-24 CV | EUR | 16.100.000 | 18.170.054,92 | 0,46 |
| SAFRAN SA ZCP 21-06-23 CV | EUR | 410.627 | 57.331.770,48 | 1,46 |
| T 0,5% 02-12-22 EMTN | USD | 86.200.000 | 72.991.944,58 | 1,87 |
| UBISOFT ZCP 24-09-24 CV | EUR | 255.480 | 31.511.165,83 | 0,80 |
| WORLDLINE ZCP 30-07-26 CV | EUR | 111.383 | 12.721.506,20 | 0,33 |
| TOTAL FRANCIA |  |  | 317.397.840,87 | 8,11 |
| HONG KONG |  |  |  |  |
| CHINA EDUCATION GROUP 2,0% 28-03-24 | HKD | 122.000.000 | 14.985.298,99 | 0,38 |
| LENOVO GROUP 3,375% 24-01-24 | USD | 39.800.000 | 37.202.675,95 | 0,95 |
| TOTAL HONG KONG |  |  | 52.187.974,94 | 1,33 |
| ISLAS VÍRGENES BRITÁNICAS |  |  |  |  |
| ANLLIAN CAPITAL LTD ZCP 05-02-25 | EUR | 75.100.000 | 75.769.747,06 | 1,94 |
| TOTAL ISLAS VÍRGENES BRITÁNICAS |  |  | 75.769.747,06 | 1,94 |
| ISRAEL |  |  |  |  |
| WIXCOM ZCP 15-08-25 CV | USD | 63.074.000 | 53.545.717,27 | 1,37 |
| TOTAL ISRAEL |  |  | 53.545.717,27 | 1,37 |
| JAPÓN |  |  |  |  |
| SONY ZCP 30-09-22 | JPY | 3.771.000.000 | 53.917.966,62 | 1,37 |
| TOTAL JAPÓN |  |  | 53.917.966,62 | 1,37 |
| LIBERIA |  |  |  |  |
| ROYAL CARIBBEAN CRUISES 2,875% 15-11-23 | USD | 23.200.000 | 18.876.821,33 | 0,48 |
| ROYAL CARIBBEAN CRUISES 4,25% 15-06-23 | USD | 70.513.000 | 64.079.848,74 | 1,64 |
| TOTAL LIBERIA |  |  | 82.956.670,07 | 2,12 |

| Designación de los valores | Divisa | Cantidad Número o | Valor actual | % Patrimoni |
| --- | --- | --- | --- | --- |
| PAÍSES BAJOS |  |  |  |  |
| IBERDROLA INTERNATIONAL BV ZCP 11-11-22 CV | EUR | 39.100.000 | 48.717.809,79 | 1,24 |
| STMICROELECTRONICS NV 0,0000010% 04-08-27 | USD | 30.200.000 | 28.318.310,94 | 0,72 |
| TOTAL PAÍSES BAJOS |  |  | 77.036.120,73 | 1,96 |
| REINO UNIDO |  |  |  |  |
| BP CAP MK 1,0% 28-04- | GBP | 21.500.000 | 23.895.790,34 | 0,61 |
| TOTAL REINO UNIDO |  |  | 23.895.790,34 | 0,61 |
| SUIZA |  |  |  |  |
| SIKA AG 0,15% 05-06-25 CV | CHF | 68.180.000 | 82.998.346,93 | 2,12 |
| TOTAL SUIZA |  |  | 82.998.346,93 | 2,12 |
| TOTAL Obligaciones y valores equivalentes negociados en mercados regulados o asimilados |  |  | 3.703.197.029,28 | 94,61 |
| TOTAL Obligaciones y valores asimilados |  |  | 3.703.197.029,28 | 94,61 |
| Instrumentos financieros a plazo |  |  |  |  |
| Compromisos a plazo firmes |  |  |  |  |
| Compromisos a plazo firmes en mercados regulados o asimilados |  |  |  |  |
| BP GBPUSD 1220 | USD | 74 | -40.101,73 | 0,00 |
| EC EURUSD 1220 | USD | 3.069 | -5.151.484,10 | -0,13 |
| RY EURJPY 1220 | JPY | -1.545 | 5.091.423,91 | 0,13 |
| TOTAL Compromisos a plazo firmes en mercados regulados o asimilados |  |  | -100.161,92 | 0,00 |
| TOTAL Compromisos a plazo firmes |  |  | -100.161,92 | 0,00 |
| TOTAL Instrumentos financieros a plazo |  |  | -100.161,92 | 0,00 |
| Constitución de márgenes |  |  |  |  |
| CONSTITUCIÓN MARGEN CACEIS | USD | 6.131.289,57 | 5.263.587,22 | 0,13 |
| CONSTITUCIÓN MARGEN CACEIS | JPY | -594.893.750 | -4.885.252,03 | -0,13 |
| TOTAL Constitución de márgenes |  |  | 378.335,19 | 0,00 |
| Criditos |  |  | 1.828.472.314,07 | 46,72 |
| Deudas |  |  | -1.820.392.328,29 | -46,51 |
| Cuentas financieras |  |  | 63.355.945,51 | 1,62 |
| Patrimonio |  |  | 3.914.049.276,89 | 100,00 |

| LAZARD CONVERTIBLE GLOBAL Acción TD GBP | GBP | 1,000 | 0,00 |
| --- | --- | --- | --- |
| LAZARD CONVERTIBLE GLOBAL Acción RD H USD | USD | 2.379,869 | 236,62 |
| LAZARD CONVERTIBLE GLOBAL Acción RD USD | USD | 3.218,283 | 250,74 |
| LAZARD CONVERTIBLE GLOBAL Acción RC H USD | USD | 90.026,229 | 237,36 |
| LAZARD CONVERTIBLE GLOBAL Acción PD H-EUR | EUR | 13.097,326 | 12.862,95 |
| LAZARD CONVERTIBLE GLOBAL Acción K | EUR | 9.423,820 | 2.020,31 |
| LAZARD CONVERTIBLE GLOBAL Acción RD EUR | EUR | 4.260,771 | 245,27 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H USD | USD | 5.211,850 | 1.196,93 |
| LAZARD CONVERTIBLE GLOBAL Acción T H- EUR | EUR | 257.580,808 | 246,34 |
| LAZARD CONVERTIBLE GLOBAL Acción PD EUR | EUR | 14.703,885 | 13.893,65 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H-GBP | GBP | 3.529,000 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL Acción TC EUR | EUR | 166.071,251 | 266,45 |
| LAZARD CONVERTIBLE GLOBAL Acción RC H HKD | HKD | 5,000 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL Acción PC EUR | EUR | 466.817,357 | 1.715,94 |
| LAZARD CONVERTIBLE GLOBAL Acción R H-EUR | EUR | 613.717,652 | 259,85 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H-EUR | EUR | 665.528,805 | 1.980,50 |
| LAZARD CONVERTIBLE GLOBAL Acción RC EUR | EUR | 925.628,642 | 479,87 |
| LAZARD CONVERTIBLE GLOBAL Acción TC GBP | GBP | 3.777,523 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL Acción PC USD | USD | 380.573,646 | 1.601,19 |
| LAZARD CONVERTIBLE GLOBAL Acción RC USD | USD | 45.603,030 | 252,81 |
| LAZARD CONVERTIBLE GLOBAL Acción RC H SGD | SGD | 9.956,360 | 0,00 |
| LAZARD CONVERTIBLE GLOBAL Acción PC H-CHF | CHF | 8.989,748 | 15.431,18 |


###### DESGLOSE DEL CUPÓN: Acción PD EUR
|  | NETO GLOBAL | DIVISA | NETO UNITARIO | DIVISA |
| --- | --- | --- | --- | --- |
| Ingresos sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Acciones que dan derecho a reducción y están sujetas a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Otros ingresos que no dan derecho a reducción y sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Ingresos no declarables y que no tributan |  |  |  |  |
| Importe de las cantidades distribuidas de las plusvalías y minusvalías | 3.064.289,63 | EUR | 208,40 | EUR |
| TOTAL | 3.064.289,63 | EUR | 208,40 | EUR |


###### DESGLOSE DEL CUPÓN: ACCIÓN PD H-EUR
|  | NETO GLOBAL | DIVISA | NETO UNITARIO | DIVISA |
| --- | --- | --- | --- | --- |
| Ingresos sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Acciones que dan derecho a reducción y están sujetas a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Otros ingresos que no dan derecho a reducción y sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Ingresos no declarables y que no tributan |  |  |  |  |
| Importe de las cantidades distribuidas de las plusvalías y minusvalías | 2.526.998,08 | EUR | 192,94 | EUR |
| TOTAL | 2.526.998,08 | EUR | 192,94 | EUR |


###### DESGLOSE DEL CUPÓN: ACCIÓN RD EUR
|  | NETO GLOBAL | DIVISA | NETO UNITARIO | DIVISA |
| --- | --- | --- | --- | --- |
| Ingresos sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Acciones que dan derecho a reducción y están sujetas a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Otros ingresos que no dan derecho a reducción y sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Ingresos no declarables y que no tributan |  |  |  |  |
| Importe de las cantidades distribuidas de las plusvalías y minusvalías | 15.679,64 | EUR | 3,68 | EUR |
| TOTAL | 15.679,64 | EUR | 3,68 | EUR |


###### DESGLOSE DEL CUPÓN: ACCIÓN RD USD
|  | NETO GLOBAL | DIVISA | NETO UNITARIO | DIVISA |
| --- | --- | --- | --- | --- |
| Ingresos sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Acciones que dan derecho a reducción y están sujetas a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Otros ingresos que no dan derecho a reducción y sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Ingresos no declarables y que no tributan |  |  |  |  |
| Importe de las cantidades distribuidas de las plusvalías y minusvalías | 12.100,74 | EUR | 3,76 | EUR |
| TOTAL | 12.100,74 | EUR | 3,76 | EUR |


###### DESGLOSE DEL CUPÓN: ACCIÓN RC H-USD
|  | NETO GLOBAL | DIVISA | NETO UNITARIO | DIVISA |
| --- | --- | --- | --- | --- |
| Ingresos sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Acciones que dan derecho a reducción y están sujetas a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Otros ingresos que no dan derecho a reducción y sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Ingresos no declarables y que no tributan |  |  |  |  |
| Importe de las cantidades distribuidas de las plusvalías y minusvalías | 8.448,53 | EUR | 3,55 | EUR |
| TOTAL | 8.448,53 | EUR | 3,55 | EUR |


###### DESGLOSE DEL CUPÓN: ACCIÓN TD GBP
|  | NETO GLOBAL | DIVISA | NETO UNITARIO | DIVISA |
| --- | --- | --- | --- | --- |
| Ingresos sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Acciones que dan derecho a reducción y están sujetas a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Otros ingresos que no dan derecho a reducción y sujetos a una retención en origen obligatoria no liberatoria |  |  |  |  |
| Ingresos no declarables y que no tributan |  |  |  |  |
| Importe de las cantidades distribuidas de las plusvalías y minusvalías | 3,42 | EUR | 3,42 | EUR |
| TOTAL | 3,42 | EUR | 3,42 | EUR |


#####

###### Sociedad de inversión de capital variable

###### Domicilio social: 121, Boulevard Haussmann, 75008 París (Francia) Inscrita con el n.° 333.455.459 en el Registro Mercantil de París

###### RESOLUCIÓN DE ASIGNACIÓN DE LAS CANTIDADES DISTRIBUIBLES PROPUESTA POR LA JUNTA GENERAL ORDINARIA

###### EJERCICIO CERRADO EL 30 DE OCTUBRE DE 2020

###### Segunda resolución

###### La Junta General aprueba los importes distribuibles del ejercicio que ascienden a:

###### -7.832.405,58 €	cantidad distribuible correspondiente al resultado.

###### 365.221.455,34€	cantidad distribuible correspondiente a las plusvalías y minusvalías netas. Y decide su asignación de la siguiente forma:
- Cantidades distribuibles relativas al resultado

| - Acción «K»: | Capitalización: | -15.332,05 € |
| --- | --- | --- |
| - Acción «PC EUR»: | Capitalización: | -645.068,92 € |
| - Acción «PC H-CHF»: | Capitalización: | -220.421,04 € |
| - Acción «PC H-EUR»: | Capitalización: | -1.654.526,64€ |
| - Acción «PD EUR»: | Capitalización: | -164.981,15 € |
| - Acción «PD H-EUR»: | Capitalización: | -211.946,07 € |
| - Acción «RC USD»: | Capitalización: | -67.120,63 € |
| - Acción «RD EUR»: | Capitalización: | -7.100,74 € |
| - Acción «RD USD»: | Capitalización: | -5.054,71 € |
| - Acción (R H-EUR»: | Capitalización: | -1.134.932,79€ |
| Acción «PC H-USD»: | Capitalización: | -8.839,72 € |
| - Acción «PC USD»: | Capitalización: | -421.277,66 € |
| - Acción «RC EUR»: | Capitalización: | -3.012.248,82€ |
| - Acción «RC H-HKD»: | Capitalización: | -9,56 € |
| - Acción «RC H-SGD»: | Capitalización: | -11.033,10 € |
| - Acción «RC H-USD»: | Capitalización: | -134.879,78 € |
| - Acción «RD H-USD»: | Capitalización: | -3.595,43 € |
| - Acción «TC GBP»: | Capitalización: | -782,92 € |
| - Acción «TD GBP»: | Capitalización: | -0,98 € |
| - Acción «TC EUR»: | Capitalización: | -35.635,33 € |
| - Acción «T H-EUR»: | Capitalización: | -79.652,86 € |
| - Acción «PC H-GBP»: | Capitalización: | 2.035,32 € |

- Sumas distribuibles correspondientes a las plusvalías y minusvalías netas

| - Acción «K»: | Capitalización: | 1.380.249,29 € |
| --- | --- | --- |
| - Acción «PC EUR»: | Capitalización: | 58.071.270,01 € |
| - Acción «PC H-CHF»: | Capitalización: | 13.420.864,55 € |
| - Acción «PC H-EUR»: | Capitalización: | 146.496.153,04€ |
| - Acción «PD EUR»: | Distribución/Traslado	a cuenta nueva: | 25.870.587,93 € |
| - Acción «PD H-EUR»: | Distribución/Traslado	a cuenta nueva: | 18.975.177,93 € |
| - Acción «RC USD»: | Capitalización: | 720.582,39 € |
| - Acción «RD EUR»: | Distribución/Traslado	a cuenta nueva: | 87.262,34 € |
| - Acción «RD USD»: | Distribución/Traslado	a cuenta nueva: | 57.926,02 € |
| - Acción (R H-EUR»: | Capitalización: | 17.781.190,46 € |
| Acción «PC H-USD»: | Capitalización: | 365.315,32 € |
| - Acción «PC USD»: | Capitalización: | 37.924.779,01 € |
| - Acción «RC EUR»: | Capitalización: | 32.337.371,17 € |
| - Acción «RC H-HKD»: | Capitalización: | 101,01 € |
| - Acción «RC H-SGD»: | Capitalización: | 106.834,05 € |
| - Acción «RC H-USD»: | Capitalización: | 1.256.777,12 € |
| - Acción «RD H-USD»: | Distribución/Traslado	a cuenta nueva: | 39.450,04 € |
| - Acción «TC GBP»: | Capitalización: | 70.498,11 € |
| - Acción «TD GBP»: | Distribución/Traslado	a cuenta nueva: | 21,60 € |
| - Acción «TC EUR»: | Capitalización: | 3.208.254,95 € |
| - Acción «T H-EUR»: | Capitalización: | 7.052.898,22 € |
| - Acción «PC H-GBP»: | Capitalización: | -2.109,22 € |

| Plusvalías y minusvalías netas no distribuidas y trasladadas a cuenta nueva acción «PD EUR»: | 22.806.298,30€. |
| --- | --- |
| Plusvalías y minusvalías netas no distribuidas y trasladadas a cuenta nueva acción «PD H-EUR»: | 16.448.179,85€. |
| Plusvalías y minusvalías netas no distribuidas y trasladadas a cuenta nueva acción «RD EUR»: | 71.582,70€. |
| Plusvalías y minusvalías netas no distribuidas y trasladadas a cuenta nueva acción «RD USD»: | 45.825,28 €. |
| Plusvalías y minusvalías netas no distribuidas y trasladadas a cuenta nueva acción «RD H-USD»: | 31.001,51 €. |
| Plusvalías y minusvalías netas no distribuidas y trasladadas a cuenta nueva acción «TD GBP»: | 18,18 €. |

Cada accionista titular de acciones de la categoría «PD EUR» en la fecha de separación recibirá un dividendo de 208,40€ que se desdoblará el 17 de febrero de 2021 y se abonará el 19 de febrero de 2021.
Cada accionista titular de acciones de la categoría «PD H-EUR» en la fecha de separación recibirá un dividendo de 192,94€ que se desdoblará el 17 de febrero de 2021 y se abonará el 19 de febrero de 2021.

###### Cada accionista titular de acciones de la categoría «RD EUR» en la fecha de separación recibirá un dividendo de 3,68€ que se desdoblará el 17 de febrero de 2021 y se abonará el 19 de febrero de 2021.

###### Cada accionista titular de acciones de la categoría «RD USD» en la fecha de separación recibirá un dividendo de 3,76€ que se desdoblará el 17 de febrero de 2021 y se abonará el 19 de febrero de 2021.
Cada accionista titular de acciones de la categoría «RD H-USD» en la fecha de separación recibirá un dividendo de 3,55€ que se desdoblará el 17 de febrero de 2021 y se abonará el 19 de febrero de 2021.

###### Cada accionista titular de acciones de la categoría «TD GBP» en la fecha de separación recibirá un dividendo de 3,42€ que se desdoblará el 17 de febrero de 2021 y se abonará el 19 de febrero de 2021.